Ladder Capital Corp (NYSE:LADR) Q2 2024 Earnings Conference Call July 25, 2024 10:00 AM ET
Company Participants
Pamela McCormack - President
Paul Miceli - CFO
Brian Harris - CEO
Conference Call Participants
Stephen Laws - Raymond James
Steve DeLaney - JMP Securities
Jade Rahmani - KBW
Tom Catherwood - BTIG
Matt Howlett - B. Riley Securities
Operator
Good morning, and welcome to Ladder Capital Corp's Earnings Call for the Second Quarter of 2024. As a reminder, today's call is being recorded.
This morning, Ladder released its financial results for the quarter ended June 30, 2024.
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 earnings supplement 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 present an overview of Ladder's performance for the second quarter of 2024 and an update on our progress towards becoming an investment grade company. During the quarter, Ladder generated distributable earnings of $40.4 million, or $0.31 per share. This performance yielded a return on equity of 10.2%, supported by modest adjusted leverage of 1.4x.
In addition, we successfully priced a $500 million, seven-year unsecured corporate bond offering, resulting in positive rating actions from all three rating agencies. We're pleased to note that both Moody's and Fitch placed Ladder on positive outlook and S&P upgraded both our corporate credit rating and our bonds. Moody's and Fitch are one notch away from assigning Ladder investment grade rating. We believe this milestone will enhance our distinction among peers in the commercial mortgage REIT space and position us as an attractive option for traditional equity REIT investors.