NEW YORK - Ladder Capital Corp (NYSE: NYSE:LADR), a commercial real estate investment trust, announced today that its board of directors has approved a quarterly dividend of $0.23 per share for the second quarter of 2024. This dividend is payable to shareholders of record as of June 28, 2024, and will be distributed on July 15, 2024.
The company, which reported $5.3 billion in assets as of March 31, 2024, focuses on preserving shareholder capital while aiming for attractive risk-adjusted returns. Ladder Capital is known for providing flexible capital solutions for commercial real estate across the United States.
With a business strategy that includes originating senior first mortgage loans and investing in commercial properties and investment-grade securities, Ladder Capital has established a diversified portfolio. The company's management team, which has substantial industry experience, is significantly invested in the company, holding over 11% of the equity.
Ladder Capital was founded in 2008 and is headquartered in New York City, with additional regional offices in Miami, Florida, and Los Angeles, California.
This dividend announcement is based on a press release statement from Ladder Capital Corp.
In other recent news, Ladder Capital Corp reported strong earnings for the first quarter of 2024. The company celebrated its 10th anniversary as a public company with a robust 10.8% return on equity. It reported distributable earnings of $42.3 million, or $0.33 per share, and successfully increased its liquidity to over $1.5 billion while reducing its adjusted leverage to 1.5x.
Despite challenges in the commercial real estate sector, Ladder's management expressed cautious optimism about its ability to navigate the current credit cycle. The company received approximately $400 million in payoffs in their loan and securities portfolio, marking the highest since Q1 2022. In addition, the balance sheet loan portfolio totaled $2.8 billion with a weighted average yield of 9.42%.
Ladder declared a $0.23 per share dividend for Q1 2024, maintaining a well-covered dividend. The company's management is actively quoting new investments and expects loan closings to increase in the future given the current steepening yield curve.
These are the recent developments that have shaped the company's current standing.
InvestingPro Insights
Ladder Capital Corp (NYSE: LADR) has recently made headlines with its announcement of a quarterly dividend of $0.23 per share for the upcoming second quarter. This move underscores Ladder Capital's commitment to shareholder returns, which is further evidenced by the company's significant dividend yield. According to the latest data from InvestingPro, Ladder Capital boasts a robust dividend yield of 8.36%, which is particularly attractive for income-focused investors.
Delving deeper into the company's financial health, an InvestingPro Tip indicates that Ladder Capital's liquid assets surpass its short-term obligations, suggesting a strong liquidity position. This is a reassuring sign for shareholders, as it implies that the company is well-equipped to meet its financial commitments in the near term.
InvestingPro Data also reveals a P/E ratio of 14.42 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at 15.03. While the company has experienced a revenue decline of 23.0% over the last twelve months, it has managed to maintain a gross profit margin of 75.39%, which is indicative of its ability to control costs and preserve profitability in a challenging environment.
For those interested in gaining more insights and tips, there are additional InvestingPro Tips available for Ladder Capital Corp, which can be accessed at https://www.investing.com/pro/LADR. These tips provide valuable perspectives on the company's stock price volatility, profitability, and dividend consistency. For those considering an in-depth analysis, use coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a wealth of professional investment data and insights.
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