Ladder capital corp (LADR)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12
Cash flows from operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

137,001

221,676

125,879

113,720

146,134

97,626

188,733

169,454

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Gain (Loss) on Extinguishment of Debt

-1,070

-4,392

-73

5,382

0

-150

0

0

Depreciation, Depletion and Amortization

38,511

41,959

40,332

39,447

39,061

28,447

21,515

3,640

Unrealized (gain) loss on derivative instruments

1,542

705

-3,432

4,224

10,182

-14,378

14,014

12,694

Equity Securities, FV-NI, Unrealized Gain (Loss)

1,737

-1,605

0

0

-

-

-

-

Debt Securities, Unrealized Gain (Loss)

84

555

1,405

-56

-1,249

2,144

-2,665

-5,680

Unrealized (gain) loss on investment in mutual fund

-

-

-

-14

0

0

-

-

Financing Receivable, Credit Loss, Expense (Reversal)

2,600

13,900

0

300

600

600

600

448

Impairment of Real Estate

1,350

0

0

-

-

-

-

-

Amortization of equity based compensation

21,777

8,831

18,965

17,640

13,788

14,451

2,881

2,407

Amortization of deferred financing costs included in interest expense

10,987

10,906

7,856

7,459

5,757

5,802

4,600

3,133

Amortization of premium on mortgage loan financing

-1,584

-1,023

-1,025

-894

-902

-629

-534

0

Amortization of above- and below-market lease intangibles

-1,359

-1,739

-786

-108

-249

652

854

0

Amortization of premium/(accretion) of discount and other fees on loans

17,845

19,820

11,180

8,941

12,241

6,918

3,701

2,878

Amortization of premium/(accretion) of discount and other fees on securities

-217

-3,124

-5,241

-6,422

-8,774

-91,306

-60,321

-38,212

Gain (Loss) on Sales of Loans, Net

54,758

16,511

54,046

26,009

71,066

145,275

146,708

151,661

Realized (gain) loss on disposition of loan

2,250

0

0

-

820

0

0

-

Debt and Equity Securities, Realized Gain (Loss)

14,911

-5,808

17,209

7,724

24,007

26,977

4,231

19,013

Gain (Loss) on Sale of Properties

1,392

95,881

11,423

20,636

40,386

29,760

13,565

1,275

Realized gain on assignment of mortgage loan financing

-

-

-

-

-

432

0

0

Realized gain on sale of derivative instruments

-84

242

-199

-24

0

0

-

-

Origination of mortgage loan receivables held for sale

946,178

1,297,221

1,465,635

1,128,651

2,594,141

3,345,372

2,013,674

2,036,138

Purchases of mortgage loan receivables held for sale

9,934

0

0

73,421

0

0

-

-

Repayment of mortgage loan receivables held for sale

667

14,242

2,083

1,768

2,308

1,293

5,840

75,654

Proceeds from sales of mortgage loan receivables held for sale

1,024,357

1,292,442

1,375,733

1,440,195

2,509,090

3,523,689

2,345,705

1,815,995

Income (Loss) from Equity Method Investments

3,432

790

89

426

371

1,990

3,203

1,256

Distributions from operations of investment in unconsolidated joint ventures

3,317

1,250

0

1,017

294

1,957

3,894

1,403

Deferred tax asset (liability)

-4,814

7,525

-5,591

-1,868

-2,900

7,175

0

0

Payments pursuant to tax receivable agreement

0

0

1,013

0

0

-

-

-

Changes in operating assets and liabilities:
Accrued interest receivable

-5,556

1,339

1,437

1,662

-621

9,687

2,889

318

Due to brokers

-

-

-

-

-

-

-

-871

Due from brokers

-

-

-

-

-

-

-

1,683

Other assets

-1,502

-3,369

3,275

4,340

1,533

17,446

17,325

5,890

Accrued expenses and other liabilities

-13,192

20,436

-4,576

-9,085

-12,985

22,126

57,318

1,642

Net cash provided by (used in) operating activities

183,207

200,433

11,985

338,427

-38,307

208,672

475,082

-116,006

Cash flows from investing activities:
Origination of mortgage loan receivables held for investment

1,452,049

1,478,771

1,407,669

919,023

963,023

1,201,968

486,072

341,947

Purchases of mortgage loan receivables held for investment

0

0

94,079

0

0

-

-

-

Repayment of mortgage loan receivables held for investment

1,639,101

1,411,862

404,584

649,914

752,452

214,511

268,093

204,913

Purchases of real estate securities

1,645,640

770,039

210,903

977,062

725,888

2,157,391

1,193,816

425,796

Repayment of real estate securities

491,880

109,446

138,413

684,143

186,902

186,310

390,628

951,150

Basis recovery of Agency interest-only securities

12,086

18,349

51,989

70,053

79,131

-

-

-

Proceeds from sales of real estate securities

855,618

324,798

1,025,710

539,295

845,648

768,590

194,287

279,275

Capital contributions to investment in mutual fund

-

-

-

10,001

0

0

-

-

Purchases of real estate

20,235

122,707

236,932

62,495

197,501

254,497

289,268

428,651

Capital improvements of real estate

7,592

7,782

5,640

10,640

8,375

5,192

115

0

Proceeds from sale of real estate

12,123

157,008

29,519

72,953

98,558

123,444

36,930

75,646

Reduction (addition) of cash collateral held by broker

-

-

-

-

-

53

-45,719

14,351

Addition (reduction) of deposits received for loan originations

-

-

-

-

-

91

0

0

Escrow cash and title deposits included in other assets

-

-

-

-

-

9,621

4,356

0

Capital contributions and advances to investment in unconsolidated joint ventures

56,337

3,865

0

0

31,085

0

4,696

9,265

Capital distribution from investment in unconsolidated joint ventures

48,514

0

0

-

-

-

-

-

Distributions received from investments in unconsolidated joint ventures in excess of income

-

-

-

48

3,747

3,255

7,417

6,169

Capitalization of interest on investment in unconsolidated joint ventures

142

1,507

1,327

867

341

0

0

-

Purchase of FHLB stock

3,704

0

0

-

7,984

22,890

36,350

13,100

Proceeds from sale of FHLB stock

0

20,000

0

0

2,409

0

0

-

Purchase of derivative instruments

310

545

300

73

0

7

20

226

Reduction (addition) of cash collateral held by broker for derivatives

-

-

-

-

-

-13,864

-10,249

4,640

Acquisition of fixed assets

-

-

-

-

-

-

-

351

Sale of derivative instruments

100

888

0

39

0

0

-

-

Net cash provided by (used in) investing activities

-126,587

-342,865

-306,635

36,284

34,650

-2,369,464

-1,081,868

288,106

Deferred financing costs paid

6,910

3,509

26,330

5,927

2,330

9,863

3,191

10,599

Proceeds from borrowings under debt obligations

14,402,852

5,806,914

10,080,341

12,359,830

16,280,023

16,885,636

9,095,845

-

Repayment of borrowings under debt obligations

14,022,875

5,681,604

9,510,272

12,689,064

16,137,339

14,907,233

8,368,016

-

Cash dividends paid to Class A common shareholders

144,530

122,772

100,076

67,166

39,934

0

0

-

Retirement of Notes issued

-

-

-

-

-

-

-

0

Partners capital contributions

-

-

-

-

-

-

1,800

3,000

Proceeds from repurchase agreements

-

-

-

-

-

-

-

11,348,169

Repayment of repurchase agreements

-

-

-

-

-

-

-

12,151,329

Proceeds from borrowings under credit agreements

-

-

-

-

-

-

-

0

Repayment of borrowings under credit agreements

-

-

-

-

-

-

-

0

Proceeds from borrowings under credit and security agreement

-

-

-

-

-

-

-

0

Proceeds from revolving credit facility

-

-

-

-

-

-

-

0

Repayment of revolving credit facility

-

-

-

-

-

-

-

0

Proceeds from mortgage loan financing

-

-

-

-

-

-

-

88,180

Repayment of mortgage loan financing

-

-

-

-

-

-

-

36

Proceeds from FHLB borrowings

-

-

-

-

-

-

-

362,000

Repayments of FHLB borrowings

-

-

-

-

-

-

-

100,000

Proceeds from Notes issued

-

-

-

-

-

-

-

325,000

Partners capital distributions

-

-

-

-

-

369

95,442

76,161

Capital contributed by noncontrolling interests in consolidated joint ventures

-

-

-

-

-

-

9,846

521

Capital distributed to noncontrolling interests

-

-

-

-

-

-

0

0

Capital distributed to noncontrolling interests in consolidated joint ventures

-

-

-

-

-

-

493

15

Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock

9,247

858

18,125

786

4,897

125

0

0

Purchase of treasury stock

637

0

2,588

4,652

994

0

0

-

Issuance of common stock

0

99,006

0

0

-

259,037

0

0

Common stock offering costs

0

499

0

0

-

20,523

0

0

Net cash provided by (used in) financing activities

200,676

58,199

387,905

-448,077

22,000

2,158,268

640,349

-211,272

Net increase (decrease) in cash, cash equivalents and restricted cash

257,296

-84,233

93,255

-73,366

18,343

-

-

-

Supplemental information:
Cash paid for interest, net of amounts capitalized

195,061

183,215

130,795

115,246

107,362

63,171

45,317

27,179

Cash paid (received) for income taxes

885

9,839

-214

8,775

7,306

45,981

5,392

589

Non-cash investing and financing activities:
Securities and derivatives purchased, not settled

-

-

-

394

-

0

-

-

Securities and derivatives sold, not settled

-

-

-

0

-

3

1,900

-

Origination of mortgage loans receivable held for investment

-

-

-

50,378

0

0

-

-

Repayment in transit of mortgage loans receivable held for investment (other assets)

0

106,205

0

-70,678

-

-

-

-

Settlement of mortgage loan receivable held for investment by real estate, net

-44,183

0

0

-

4,620

0

0

-

Transfer from mortgage loans receivable held for sale to mortgage loans receivable held for investment, net, at amortized cost

45,832

55,403

153,722

0

-

-

-

0

Proceeds from sale of real estate

0

1,421

0

0

-

-

-

-

Acquisitions

-

-

-

-

15,249

0

0

-

Dispositions

-

-

-

-

62,093

0

0

0

Receivable from qualified intermediary - other assets

-

-

-

-

6,483

0

0

-

Real estate acquired in settlement of mortgage loan receivable held for investment, net

84,356

0

0

-

6,700

0

0

-

Net settlement of sale of real estate, subject to debt - real estate

-

-

-

-

11,310

0

0

-

Net settlement of sale of real estate, subject to debt - real estate

11,943

0

0

-

51,060

0

0

-

Net settlement of sale of real estate, subject to debt - debt obligations

11,943

0

0

-

-

-

-

-

Repayment of mortgage loans receivable held for investment

-

-

-

-

0

0

-

-

Reduction in proceeds from sales of real estate

0

62,417

115,359

0

0

-

-

-

Assumption of debt obligations by real estate buyer/defeasance of debt and related costs

0

62,417

115,359

0

-

-

-

-

Repayment of borrowings under debt obligations

-

-

-

-

0

-

-

-

Supplemental disclosure of non-cash financing activities:
Exchange of capital for common stock

-

-

-

-

-

-

0

0

Exchange of predecessor LP Units for common stock

-

-

-

-

-

-

0

-

Exchange of noncontrolling interest for common stock

16,110

62,433

284,783

145,841

53,659

0

0

0

Mortgage loan financing acquired in settlement of mortgage loan receivable held for investment, net

-33,904

0

0

-

-

-

-

-

Change in deferred tax asset related to exchanges of noncontrolling interest for common stock

394

428

2,203

980

-320

1,014

0

0

Increase in amount payable pursuant to tax receivable agreement

-11

-86

149

610

1,048

-

-

0

Rebalancing of ownership percentage between Company and Operating Partnership

803

5,480

3,524

-8,096

544

-

-

0

Dividends declared, not paid

38,696

37,316

30,528

23,364

17,456

0

0

-

Stock dividends

23,823

0

17,319

64,100

0

0

-

-

Proceeds from sale of real estate held-for-investment from prior years

-

-

-

6,500

-

-

-

-

Net increase (decrease) in cash, cash equivalents and restricted cash

-

-

-

-73,366

18,343

-2,524

33,563

-39,172

Equity Securities
Equity Securities, FV-NI, Unrealized Gain (Loss)

1,737

-1,605

0

-

-

-

-

-

Mutual Fund
Equity Securities, FV-NI, Unrealized Gain (Loss)

405

156

300

-

-

-

-

-

Operating Partnership
Capital contributed by noncontrolling interests in consolidated joint ventures

-

-

-

250

-

-

-

-

Capital distributed to noncontrolling interests

17,262

20,353

42,218

39,805

-

-

-

-

Consolidated Joint Venture
Capital contributed by noncontrolling interests in consolidated joint ventures

498

7,604

7,479

0

-

-

-

-

Capital distributed to noncontrolling interests

1,213

25,730

306

757

-

-

-

-