Ladder Capital Corp (NYSE:LADR) Q3 2024 Earnings Conference Call October 24, 2024 10:00 AM ET
Company Participants
Pamela McCormack - Founder and President
Paul Miceli - CFO
Brian Harris - Founder and CEO
Adam Siper - Head of Origination
Conference Call Participants
Stephen Laws - Raymond James
Tom Catherwood - BTIG
Steve DeLaney - JMP Securities
Jade Rahmani - KBW
Matthew Howlett - B. Riley Securities FBR
Operator
Good morning, and welcome to Ladder Capital Corp's Earnings Call for the Third Quarter of 2024. As a reminder, today's call is being recorded. This morning, Ladder released its financial results for the quarter ended September 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. 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're pleased with Ladder's results in the third quarter of 2024. During this period, Ladder generated distributable earnings of $37.7 million, or $0.30 per share, resulting in a return on equity of 9.8%, supported by modest adjusted leverage of 1.6 times.
Ladder has maintained a steady book value throughout the broader volatile commercial real estate market, and our balance sheet remains robust, with significant liquidity to pursue new investments. As of September 30, 2024, Ladder has $1.9 billion in liquidity, with $1.6 billion, or approximately 30% of our balance sheet, comprised of cash and cash equivalents. We successfully closed a $500 million seven-year unsecured corporate bond offering in the third quarter.