Ladder Capital Corp-A 2025年季度报告

Form 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 Or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the transition period fromto Commission file number:001-36299 Ladder Capital Corp (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction ofincorporation or organization) (IRS EmployerIdentification No.) (212) 715-3170(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Table of ContentsIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrantwas required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the ExchangeAct: If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):Yes☐No☒ Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latestpracticable date. Outstanding at April 18, 2025 Table of Contents LADDER CAPITAL CORP FORM 10-QMarch 31, 2025 Index Page PART I - FINANCIAL INFORMATIONItem 1.Financial Statements (Unaudited)Consolidated Balance Sheets Consolidated Statements of Income4Consolidated Statements of Comprehensive Income5Consolidated Statements of Changes in Equity6Consolidated Statements of Cash Flows8Notes to Consolidated Financial Statements10Item 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations43Item 3.Quantitative and Qualitative Disclosures about Market Risk72Item 4.Controls and Procedures75PART II - OTHER INFORMATION76Item 1.Legal Proceedings76Item 1A.Risk Factors76Item 2.Unregistered Sales of Equity Securities and Use of Proceeds76Item 3.Defaults Upon Senior Securities76Item 4.Mine Safety Disclosures76Item 5.Other Information76Item 6.Exhibits77SIGNATURES78 Table of ContentsCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this “Quarterly Report”) includes forward-looking statements within themeaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of theSecurities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements ofhistorical fact contained in this Quarterly Report, including statements regarding our future results of operations andfinancial position, strategy and plans, and our expectations for future operations, are forward-looking statements.The words “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,”“should,” “can have,” “likely,” “continue,” “design,” and other words and terms of similar expressions are intendedto identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about futureevents and trends that we believe may affect our financial condition, results of operations, strategy, short-term andlong-term business operations and objectives and financial needs. Although we believe that the expectationsreflected in our forward-looking statements are reasonable, actual results could differ from those expressed in ourforward-looking statements. Our future financial position and results of operations, as well as any forward-lookingstatements are subject to change and inherent risks and uncertainties. You should consider our forward-lookingstatements in light of a number of factors that may cause actual results to vary from our forward-looking statementsincluding, but not limited to: •risks discussed under the heading “Risk Factors” herein and in our Annual Report on Form 10-K for the yearended December 31, 2024 (“the Annual Report”), as well as our consolidated financial statements, relatednotes, and the oth