UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported):
January
28, 2016
Ladder
Capital Corp
(Exact
name of registrant as specified in its charter)
|
Delaware |
001-36299 |
80-0925494 |
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
|
345 Park Avenue, 8th Floor New York, New York |
10154 (Zip Code) |
|
|
(Address of principal executive
|
Registrant’s telephone number, including area code:
212-715-3170
Not
Applicable
Former name or former address, if changed since last
report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On January 28, 2016, Ladder Capital Corp (“Ladder”) issued a press release disclosing certain preliminary unaudited financial results for the quarter and year ended December 31, 2015. The information contained herein and in the accompanying exhibit shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press release of Ladder Capital Corp dated January 28, 2016.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
LADDER CAPITAL CORP |
|
|
/s/ Marc Fox |
|
Marc Fox |
|
|
Chief Financial Officer |
Date: January 28, 2016
Exhibit 99.1
Ladder Capital Corp Reports Preliminary Financial Results for Fourth Quarter and Year Ended December 31, 2015
NEW YORK--(BUSINESS WIRE)--January 28, 2016--Ladder Capital Corp (NYSE:LADR) (“we,” “Ladder,” or the “Company”) today announced certain preliminary financial results for the fourth quarter and year ended December 31, 2015. All 2015 figures in this release are approximate due to the preliminary nature of this release.
Preliminary 2015 Results
Based on management’s analysis, we expect to report Core Earnings between $47 million and $51 million for the fourth quarter and between $188 million and $192 million for the year ended December 31, 2015 and Core Earnings per Share between $0.41 and $0.47 per share for the fourth quarter and between $1.81 and $1.87 per share for the year ended December 31, 2015. We also expect to report Book Value per share between $14.96 and $15.11 as of December 31, 2015, and between $13.58 and $13.73, adjusted for the stock dividend distributed in January 2016.
These preliminary, unaudited results are based on management's initial review of operations for the fourth quarter and year ended December 31, 2015 and remain subject to the completion of the Company's customary annual closing and review procedures. Final adjustments and other material developments may arise between the date of this press release and the dates that the Company announces fourth quarter and year ended December 31, 2015 results and the filing of the Company's Annual Report on Form 10-K.
Stock Repurchases
Our Board Authorization Policy, adopted by the board of directors on October 30, 2014, authorizes the Company to make up to $50.0 million in repurchases of the Company’s Class A common stock from time to time without further approval. Stock repurchases by the Company are generally made for cash in open market transactions at prevailing market prices but may also be made in privately negotiated transactions or otherwise. The timing and amount of purchases are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.
About Ladder
Ladder is an internally-managed real estate investment trust that is a leader in commercial real estate finance. Ladder originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Ladder’s investment activities include: (i) direct origination of commercial real estate first mortgage loans; (ii) investments in investment grade securities secured by first mortgage loans on commercial real estate; and (iii) investments in net leased and other commercial real estate. Founded in 2008, Ladder is run by a highly experienced management team with extensive expertise in all aspects of the commercial real estate industry, including origination, credit, underwriting, structuring, capital markets and asset management. Led by Brian Harris, the Company’s Chief Executive Officer, Ladder is headquartered in New York City and has branches in Los Angeles and Boca Raton.
Forward-Looking Statements
Certain statements in this release may constitute “forward-looking” statements. These statements are based on management’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical facts, and involve certain risks and uncertainties, as well as assumptions. Investors are cautioned to review the risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, as well as its consolidated financial statements, related notes, and other financial information appearing therein, and its other filings with the Securities and Exchange Commission.
CONTACT:
Investor Contact
Ladder Capital Corp Investor
Relations
(917) 369-3207
investor.relations@laddercapital.com