Ladder Capital Corp (NYSE:LADR) Q3 2023 Earnings Conference Call October 26, 2023 10:00 AM ET
Company Participants
Pamela McCormack - President
Paul Miceli - CFO
Brian Harris - Founder and CEO
Conference Call Participants
Sarah Barcomb - BTIG
Jade Rahmani - KBW
Steve DeLaney - JMP Securities
Matthew Howlett - B. Riley Securities
Stephen Laws - Raymond James
Operator
Good afternoon and welcome to Ladder Capital Corp.'s Earnings Call for the Third Quarter of 2023. As a reminder, today's call is being recorded. This afternoon, Ladder released its financial results for the quarter ended September 30th, 2023.
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. We also refer you to our Form 10-K and earnings supplement presentation for definitions of certain metrics, which we may cite on today's call.
At this time, I'd like to turn the call over to Ladder's President, Pamela McCormack.
Pamela McCormack
Good morning. We are pleased to provide an overview of Ladder's financial performance for the third quarter of 2023. During the quarter, Ladder generated distributable earnings of $39 million or $0.31 per share. It is worth emphasizing that these results, which yielded an after-tax return on equity of 10.1%, were achieved while maintaining a modest adjusted leverage ratio of just 1.6 times.
Our book value has remained steady even as we continue to add to our seasonal reserves to align with the current market environment. Our dividend also remains well-supported by net interest margin and net rental income. And we will endeavor to prioritize credit optimization in the upcoming quarters in order to continue to deliver these results.