Ladder Capital Corp (0JSZ.L) Q3 2024 Earnings Report

Ladder Capital Corp reported a solid QQ3 2024 results profile characterized by continued cash flow generation and a strong liquidity position, tempered by a year-over-year and quarter-over-quarter backdrop of modest revenue and profitability headwinds. Revenue declined to $67.883 million in Q3 2024, down 4.87% year-over-year and 8.78% sequentially, while net income stepped down to $27.913 million (EPS $0.22), reflecting a stable but lean operating cushion in a rising-rate CRE environment. Despite a softer top line, the company delivered substantial operating cash flow of $169.0 million and free cash flow of $170.8 million, underpinning a robust liquidity runway (cash and cash equivalents of $1.607 billion; total cash at end of period $1.699 billion) and a net debt position of roughly $1.733 billion. The balance sheet remains heavily funded, with total assets of $5.38 billion and a long-term debt load of $3.356 billion, yielding a debt-to-capitalization metric near 0.69 and a debt ratio of 0.67. The quarterly results translate into a net income margin of about 41.1% on $67.9 million revenue, supported by an EBITDA of approximately $94.389 million and an operating margin of roughly 37.3%. The dividend policy remains a key feature of Ladder’s capital allocation, with a reported payout ratio around 1.04x, implying distributions track taxable income closely. The quarter shows a mixed signal: strong cash generation and balance sheet resilience against a backdrop of modest growth in lending/CRE activity, suggesting Ladder is well positioned to opportunistically deploy liquidity while maintaining dividend discipline. Management commentary is not included in the provided transcript dataset, limiting the ability to quote direct guidance or nuanced commentary for QQ3 2024. Investors should monitor origination environments, funding costs, and CRE market cycles as key drivers of future performance.