Profile: Ladder Capital Corp (LADR.N)
22 Jul 2016
Ladder Capital Corp, incorporated on May 21, 2013, is a commercial real estate finance company. The Company's segments include loans, securities and real estate. 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 comprises all of the Company's 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 Company invests primarily in loans, securities and other interests in the United States commercial real estate, with a focus on senior secured assets.
The Company's 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. These first mortgage loans are structured with fixed interest rates and have 5- to 10-year terms. It intends to sell its conduit first mortgage loans to CMBS trusts. The Company holds approximately 30 first mortgage loans that are 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. It holds a portfolio of approximately 70 balance sheet first mortgage loans. The Company selectively invests in note purchase financings, subordinated debt, mezzanine debt and other structured finance products related to commercial real estate that are held for investment. It holds a portfolio of approximately 40 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. The Company 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.
The Company's 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. The estimated fair value of its portfolio of CMBS investments is totaled to approximately $2.3 billion. The estimated fair value of its portfolio of United States Agency Securities is approximately $71.3 million.
The Company owns approximately 100 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. In addition, the Company owns approximately 30 other properties. Through separate joint ventures, it owns a portfolio of approximately 10 office buildings in Richmond; a portfolio of approximately four office buildings in St. Paul; a portfolio of over seven office buildings in Richmond; an approximately 13-story office building in Oakland County; an approximately two-story office building in Grand Rapids, and a warehouse in Grand Rapids. It also owns a two-story office building in Wayne and a shopping center in Carmel. The Company owns approximately 130 residential condominium units at Veer Towers in Las Vegas. It owns approximately 150 residential condominium units at Terrazas River Park Village in Miami.
Ladder Capital Corp
345 Park Ave
NEW YORK NY 10154-0004