NEW YORK--(BUSINESS WIRE)--
Ladder Capital Corp (“Ladder” or the “Company”) (NYSE:LADR) today
announced the declaration by its Board of Directors of a fourth quarter
2015 dividend of $1.45 per share of Class A common stock. The dividend
will be paid in a combination of cash and stock (as previously
announced) on January 21, 2016 to stockholders of record as of the close
of business on December 10, 2015.
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Stockholders may elect to receive the fourth quarter 2015 dividend in
all cash (a “Cash Election”), or all shares of Ladder’s Class A common
stock (a “Share Election”). Election forms and materials will be mailed
to registered shareholders promptly after the record date of December
10, 2015, and will be due by January 8, 2016. Stockholders who do not
return an election form, or who otherwise fail to properly complete an
election form, will be deemed to have made a Share Election.
The total amount of cash payable to all stockholders is limited to a
maximum of 20% of the total value of the fourth quarter 2015 dividend
(the “Cash Amount”). If the aggregate amount of cash to be distributed
to stockholders making Cash Elections exceeds the Cash Amount, then the
Cash Amount will be prorated among such stockholders, and the remaining
portion of the fourth quarter 2015 dividend will be paid to such
stockholders in shares of Ladder’s Class A common stock plus cash in
lieu of any fractional shares. In no event will any stockholder making a
Cash Election receive less than 20% of such stockholder’s dividend in
cash.
The total number of shares of Class A common stock to be distributed
pursuant to the fourth quarter 2015 dividend will be determined based on
stockholder elections and the volume weighted average price per share of
Class A common stock on the New York Stock Exchange for the three
trading days after the date that election forms are due. Shares of Class
A common stock distributed as part of Ladder’s fourth-quarter 2015
dividend shall accrue dividend and other benefits together with all
other shares of Ladder’s Class A common stock.
The fourth quarter 2015 dividend includes a one-time earnings and
profits distribution of approximately $0.90 per share of Class A common
stock. The portion of the dividend that is attributable to the
accumulated earnings and profits distribution should be treated as
“qualified dividend income” for U.S. federal income tax purposes.
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 Boca Raton, Los Angeles and San Francisco.
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.
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Investors
Ladder Capital Corp Investor Relations
917-369-3207
investor.relations@laddercapital.com
Source: Ladder Capital Corp