Profile: Ladder Capital Corp (LADR.N)
25 Apr 2017
Ladder Capital Corp, incorporated on May 21, 2013, is a commercial real estate finance company. The Company's segments include loans, securities, real estate and corporate/other. The loans segment includes mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans). The securities segment consists of all of its activities related to commercial real estate securities, which include investments in commercial mortgage-backed securities (CMBS) and United States Agency Securities. The real estate segment includes net leased properties, office buildings, a warehouse and condominium units. The Corporate/other segment includes the Company's investments in joint ventures, other asset management activities and operating expenses. The Company invests primarily in loans, securities and other interests in the United States commercial real estate, with a focus on senior secured assets.
The loans segment consists of conduit first mortgage loans, balance sheet first mortgage loans and other commercial real estate-related loans. The Company originates conduit loans, which are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. As of December 31, 2016, these first mortgage loans were structured with fixed interest rates and had 5- to 10-year terms. It intends to sell its conduit first mortgage loans to CMBS trusts. As of December 31, 2016, it held 10 first mortgage loans that were available for contribution into a securitization. It also originates and invests in balance sheet first mortgage loans secured by commercial real estate properties that are undergoing transition, including lease-up, sell-out and renovation or repositioning. As of December 31, 2016, it held a portfolio of 84 balance sheet first mortgage loans. It invests in note purchase financings, subordinated debt, mezzanine debt and other structured finance products related to commercial real estate that are held for investment. As of December 31, 2016, it held a portfolio of 35 other commercial real estate-related loans.
The Company invests in CMBS secured by first mortgage loans on commercial real estate and owns AAA-rated securities. It is engaged in the evaluation and trading of CMBS, in originating and underwriting mortgage loans that comprise assets within CMBS trusts, as well as in structuring CMBS transactions. The commercial real estate collateral underlying its CMBS investment portfolio is located throughout the United States. Its United States Agency Securities portfolio consists of securities for which the principal and interest payments are guaranteed by a United States Government agency, such as the Government National Mortgage Association (Ginnie Mae), or by a government-sponsored enterprise (a GSE), such as the Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac). In addition, these securities are secured by first mortgage loans on commercial real estate. The commercial real estate collateral underlying its United States Agency Securities portfolio is located throughout the United States. As of December 31, 2016, the estimated fair value of its portfolio of CMBS investments totaled $2.0 billion. As of December 31, 2016, the estimated fair value of its portfolio of United States Agency Securities was $57.4 million.
As of December 31, 2016, the Company owned 115 single tenant net leased properties. These properties are leased on a net basis where the tenant is responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance expenses. As of December 31, 2016, through separate joint ventures, it owned a portfolio of 13 office buildings in Richmond; a portfolio of four office buildings in St. Paul; an office building in Ewing; a portfolio of seven office buildings in Richmond; a 13-story office building in Oakland County; a two-story office building in Grand Rapids, and a warehouse in Grand Rapids. As of December 31, 2016, it also owned a two-story office building in Wayne, a shopping center in Carmel and an office building in Peoria. As of December 31, 2016, it owned 59 residential condominium units at Veer Towers in Las Vegas. As of December 31, 2016, it owned 88 residential condominium units at Terrazas River Park Village in Miami.
Ladder Capital Corp
345 Park Ave
NEW YORK NY 10154-0004
Company Web Links
- BRIEF-Ladder Capital issues $500 mln of 5.250% senior notes due 2022
- BRIEF-Related Fund Management reports 7.8 pct stake in Ladder Capital as of March 3, 2017
- BRIEF-Ladder Capital announces secondary public offering of class A common stock
- BRIEF-Ladder announces pricing of $500 mln senior notes due 2022
- BRIEF-Ladder Capital says Related has made a strategic investment in Ladder