The following is a summary of the Ladder Capital Corp (LADR) Q3 2024 Earnings Conference Call Transcript:

Financial Performance:

• Ladder Capital reported distributable earnings of $37.7 million or $0.30 per share for Q3 2024.

• Return on equity stood at 9.8%, with an adjusted leverage of 1.6 times.

• The company achieved a large liquidity position by the end of September 30, 2024, with $1.9 billion in liquidity, and $1.6 billion in cash and cash equivalents.

• Closed a $500 million seven-year unsecured corporate bond offering, contributing to 57% of total debt from unsecured corporate bonds.

Business Progress:

• Focus shifting towards bridge lending, with increased activity in acquisitions and recaps for properties across the U.S.

• Transitioning from holding CUSIPs to making new loans as part of recovery strategy.

• Continued acquisition of AAA securities, with the portfolio expanding to $853 million by quarter end at an unlevered yield of 6.8%.

• Sold a multifamily property in Texas realizing a $300,000 gain, and another multifamily property under contract expected to close in Q4 2024.

Opportunities:

• Beginning to capitalize on market conditions for origination as securities spread tighten, indicating improved conditions for loan origination.

• Actively pursuing new loan investments with conservative approach amidst growing transaction levels and market recovery.

Risks:

• Gradual recovery in AI services may impact the pace of new market acquisitions.

• Potential challenges in areas like Oakland, California where an office property was taken over but faces market and socioeconomic dynamics.

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