NEW YORK--(BUSINESS WIRE)--
Ladder Capital Corp (“Ladder” or the “Company”) (NYSE: LADR) today
announced that it has completed the payment of its previously announced
fourth quarter 2018 dividend of $0.57 per share of Class A common stock.
The dividend was paid in a combination of cash and stock on January 24,
2019 to stockholders of record as of the close of business on December
10, 2018.
In payment of the dividend, Ladder issued 1,433,647 shares of its Class
A common stock, par value $0.01 per share, and paid approximately $35.3
million in cash to its Class A shareholders. The number of shares issued
was determined based on the volume weighted average price of the
Company’s common stock for the three trading days commencing on January
11, 2019, or $16.674243 per share.
Class A shareholders electing cash will receive $0.422942 in cash plus
0.008819 shares of the Company’s Class A common stock, per share of
Class A common stock held on the record date, which together represents
$0.57 per share of Class A common stock. Class A shareholders electing
stock or not making an election will receive 0.034184 shares of the
Company’s Class A common stock, per share of Class A common stock held
on the record date, which represents $0.57 per share of Class A common
stock. Stockholders will also receive cash in lieu of fractional shares.
In total, in connection with the dividend, Ladder issued 1,433,647
shares of Class A common stock and 180,925 shares of Class B common
stock. Each of Series REIT and Series TRS of Ladder Capital Finance
Holdings LLLP, Ladder’s consolidated subsidiary, issued 1,614,572 Series
LP units corresponding to these Class A and Class B shares.
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 equity.
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 with
regional offices in California and Florida.
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 fact, and involve
certain risks and uncertainties, as well as assumptions. Actual results,
levels of activity, performance, achievements and events could differ
materially from those stated, anticipated or implied by such
forward-looking statements. While Ladder believes that its assumptions
are reasonable, it is very difficult to predict the impact of known
factors, and, of course, it is impossible to anticipate all factors that
could affect actual results. There are a number of risks and
uncertainties that could cause actual results to differ materially from
forward-looking statements made herein including, most prominently, the
risks discussed under the heading “Risk Factors” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2017, as well as its
consolidated financial statements, related notes, and other financial
information appearing therein, and its other filings with the U.S.
Securities and Exchange Commission. Such forward-looking statements are
made only as of the date of this release. Ladder expressly disclaims any
obligation or undertaking to release any updates or revisions to any
forward-looking statements contained herein to reflect any change in its
expectations with regard thereto or changes in events, conditions, or
circumstances on which any such statement is based.
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Investor Contact
Ladder Capital Corp Investor Relations
(917)
369-3207
investor.relations@laddercapital.com
Source: Ladder Capital Corp