Ladder Capital Corp (NYSE:LADR) Q2 2022 Earnings Conference Call July 28, 2022 5:00 PM ET
Company Representatives
Brian Harris - Founder & Chief Executive Officer
Pamela Mccormack - Founder & President
Conference Call Participants
Steven Delaney - JMP Securities
Jade Rahmani - KBW
Ricardo Chinchilla - Deutsche Bank
Eric Hagen - BTIG
Matthew Howlett - B. Riley
Operator
Good afternoon! And welcome to Ladder Capital Corp's Earnings Call for the Second Quarter of 2022. As a reminder, today's call is being recorded. This afternoon Ladder released its financial results for the quarter ended June 30, 2022.
Before the call begins I'd like to call your attention to the customary Safe Harbor disclosure in our Earnings Release regarding forward-looking statements. Today's call may include forward-looking statements and projections, and we refer you to our most recent Form 10-K for important factors that could cause actual results to differ materially from these statements and projections. We do not undertake any obligation to update our forward-looking statements or projections unless required by law.
In addition, Ladder will discuss certain non-GAAP financial measures on this call, which management believes are relevant to assessing the company's financial performance. The company's presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. These measures are reconciled to GAAP figures in our supplemental presentation, which is available in the Investor Relations section of our website.
At this time, I'd like to turn the call over to Ladder's President, Pamela McCormack.
Pamela McCormack
Thank you and good evening everyone. For the second quarter of 2022 Ladder generated distributable earnings of $43.7 million or $0.34 per share. In June, following five successive quarters of earnings and portfolio growth, we increased our quarterly dividend by 10% to $0.22 per share. Rising rates continue to provide a strong tailwind to our earnings given our $4 billion predominately floating rate loan portfolio and large component of long term fixed rate unsecured bonds in our liability structure.
As Paul will discuss in more detail, our earnings in the quarter were again supplemented by real-estate sales, with our assets continuing to sell at a significant premium to underappreciated book value. In the second quarter we originated $371 million of loans, including 17 balance sheet loans totaling $365 million. More than 40% of those loans were made to repeat Ladder borrowers, 77% of our second quarter originations with a multi-family or manufactured housing with our multi-family originations focused on newly constructed properties.