LADR - Earnings call transcript Q3 2021

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Operator

Good afternoon and welcome to Ladder Capital Corp.'s Earnings Call for the Third Quarter of 2021.

As a reminder, today's call is being recorded. This afternoon, Ladder released its financial results for the quarter ended September 30th, 2021.

Before the call begins, I'd like to call your attention to the customary Safe Harbor disclosure in our earnings release regarding forward-looking statements. Today's call may include forward-looking statements and projections, and we refer you to our most recent Form 10-K for important factors that could cause actual results to differ materially from these statements and projections. any required update by undertake or forward-looking not unless projections, law. do obligation our to statements We

the In addition, to to turn information the Ladder which this in I'd accordance on financial this in isolation with in will The information Relations presented discuss certain ahead. which performance. a to believes non-GAAP is is figures management presentation, or President, our supplemental like over measures our reconciled not are GAAP. of go be Ladder's presentation in GAAP are time, as financial available McCormack. relevant company's assessing website. intended the company's call, the Investor section of financial considered this measures Please Pamela for to These substitute At call to

Pamela McCormack

good and you evening, Thank everyone.

Ladder estate resuming we our volume quarter, those sheet reflecting through borrowers, both that of the conduit September office sheet originated this suburban to manufactured to franchise and Ladder's loans originated pleased distributable value industrial multifamily, loan loan balance annual our originated our growth. highest of Approximately originations and expect additional of strength by Ladder loans, generated billion making the share. of XX% portfolio balance relationships. year sheet $XX of supplemented collateralized by housing, businesses. loans XXth, we $X.X driving one-third end earnings we quarter made strong earnings report and March, originations real XX history. our per repeat balance $X.XX were properties. million in quarter, of totaling to third third are $XXX securitization the loans In million, of by the from in having loans equity Year-to-date After For or I'm we another had of gains and

ended and strong weighted continue consistent applications. loan loans prior loan value comprised growing the lightly a last quarters, primarily our outpace we comprised pipeline billion $X.X of composition addition, was sheet a with have our with experiencing The with sheet a we portfolio repayments September $X.X portfolio over to under our remains we billion loans of loan In with XX%. of balance Furthermore, After of post-COVID of of portfolio and additional transitional XX% quarters. balance expect payoff sheet robust coming average now originations. loan year, production to over comfortably to balance

Our management proactive and very loan underwriting our well demonstrating XXX% strength of the performing portfolio is with process. collections, asset the our of success remaining conservative

constructive trends We lend on shifts credit continue to focus market to that experiencing are and in fundamentals. high opportunities the growth and we're seeing markets demographic where middle strong positive

the building originated Our during $XX of compelling million risk diverse of strategy quarter, gain returns business while loans million. million. allows comprised an In average new $XX for and $XX to our achieve loans $X.X of conduit loan portfolio million of size a adjusted granular approximately of a us loan we loans with third securitized

we the estate sold portfolio. in over gains pipeline are value, undepreciated continuing quarters. value In our of generating segment, estate of real the million illustrating our We to our coming of three embedded the above sale which build loans we target real will securitization equity further conduit assets $X.X also book

Turning to capitalization. our

sell. times our times of stock, and and net and total over adjusted of net and securities, $X.X and or cash As September cash buying intend after continue of back to of stood X.X amortize $X of leverage XXth we million billion liquidity which we down X.X to had at

$XXX we closed million amount cost LIBOR of a quarter, a points. CLO of at the plus basis During XXX

of financing by additional unsecured available the to we unencumbered of cash market. accompanied and corporate quality commitment comprised loans. market attractive CLO assets, to mortgage source an While primarily to Which the bond pool remain continue first is we of plan Ladder, take to of advantage as our committed high

and we portfolio expect earnings forward, continued growth. Looking

In are investment strong In well by benefit as way liabilities. base well our the short, to Paul. origination's environment, of in I'll momentum from coming and we a to significant and growing of expect rising the as capital both a our our call in floating over With rate that, fixed to potential quarters long-term years. Ladder well for portfolio the structure positioned bode of rate loans, addition, turn rate we large and

Paul Miceli

Thank Pamela. you,

or distributable earnings As per discussed the third quarter, in million share. $X.XX of generated Ladder $XX

format. As two-year of period, our and investors The years. a rate, broad average average an closed a and and basis complemented LIBOR a provides attracted an range heavily The institutional the non-mark-to-market reinvestment flexible cost capital very quarter. expected we highly duration and cost points are was managed attractive offering advance all-in CLO weighted by four leading approximately that Ladder third financing $XXX and mentioned, non-recourse has weighted with of originations plus oversubscribed, a strong for Pamela in CLO of XX% provides and of the XXX pipeline million a

years. our XXXX. to bonds to effectively par the of bonds bonds $XXX coupon were redeemed The financing. at Turning that we were eight-year tenor call of due X.XX% with with our that the refinanced corporate after an $XXX September, offering million to X.XX% of had June three In bond ability million mature in

and cornerstone non-recourse maturity a Unsecured be bonds of continue capital our funding Our nearest of to structure. sources is bond XXXX. now October

have both reducing liability of or Our recent financing. usage successful offerings mark-to-market our structure further our in and solidified lengthened markets

liability we rating investment and notch towards three rated becoming one company. march management grade an from bond with to the our We investment are rating grade two We major of agencies. an continue market committed unsecured as remain away conservative the

capital our structure three for our a loan non-mark-to-market continues continue well. of comprised Furthermore, are the goal of segments and of Complementing bonds fully deployment XXth, of the sheet September area with origination deployed of debt. in unsecured capital into works our approximately which new of strength of structure equity, capital As non-recourse, and this our crisis our to to is Timing more perform quarters. aggressively. coming balance a expensive XX% amortize well financing

collateral in balance geography, a Our $X.X with and was less weighted sheet of loans, XX% remaining first billion loan than average mortgage portfolio duration. terms two-year diverse

activity During quarter, sheet loan million the origination as net outpaced a $XXX payoffs loans. balance in we third added

Our our the loans Furthermore, loan our the balance decreased default being valuations reserve with we payoff driven a The the collections the are received the new XXXX XXX% sheet comprised interest CECL Moreover, of significant and sheet portfolio as overall loan paid at late to of reduced non-accrual XX we non-accrual balance by third $XX points. par during well basis The perform by to loan the the our the interest portion now and portion collection macroeconomic during added off originations as continues of no outlook. one, were balance portfolio decrease included was quarter. quarter, and general of status. loan in due. new hotel improvement million fees all to

generated million As distributable of during mortgage our conduit gains, first of the mentioned, a Pamela quarter. $X.X loans contribution securitization of business million $XX to with the

two the XXX% we generating partner real Our sales $X properties portfolio contributed continued the demonstrate rent $X.X includes venture our with estate segment portfolio. collections. student $X.X property estate we REO joint of combined sale sold quarter, property, diverse The earnings, which of with a above XXX the housing period. equity the generating two-thirds to a leased million acquired well real gain perform properties, billion is whole our our that for of value a net return during the in quarter over represents distributable million and to and leased The basis. housing further of net And embedded on third Also our during million. an successfully student XX.X% original granular a $XX of

our to Turning portfolio. securities

front and entirely AAA grade average is rated years. million duration of with financial the positions a as loans. cash continues excellent $X.X to securities as Ladder and comprised liquidity, asset majority benefit the approximately This mortgage As bonds. of from are almost September portfolio and unencumbered of stands our and our it's provide quality investment September of rated, billion XXth, to our first of natural size $XXX asset The strong XXth, continues two flexibility. XX% unencumbered at pool portfolio pay XX% weighted pool of amortization Also

XXth. Undepreciated We per an value quarter, paid authorization program to our XXX.X to declared level share third per in quarter September Board shares buyback $XX the Directors at outstanding $X.XX value buyback while outstanding based quarter share $XX $XX.XX we GAAP effectively million, ability of book our book was was the end, was a the $XX.XX in per increased October price of of $XX.XX. which authorization. repurchased of XXX,XXX And as During in XXth. million of million stock the third dividend previous share shares average adding at on share

of XXXX. quarter in We expect dividends remain our the fourth unchanged

earnings For third available expect XXXX refer now our call tomorrow. more to over supplements to details is turn we as I'll on results, which well on website, our Brian. as the our operating which file our quarter to please XX-Q quarterly

Brian Harris

Paul. Thanks,

that for stage in maturity, response ago. about plan assets earliest the finance business corporate earnings I preparing our thoughts It's last As realized I spoke in how similar just are to final call, I pandemic were was the we this my what call. of remarks apparent our ahead. our foundation a built earning about not With until XX set planned our and in months strong forth we'd increase bond XXXX, years in we that to now

This have momentum we combination liquidity the the and provide the ahead at us of enter to continue with and lightly end we planned years runway will loan now As underway increase Ladder. are leveraged. XXXX, plenty have portfolio in our of earnings

by loan will look originated pace earnings and business will growth simple earnings we continue. our investing growth loans second second I that a as the in positive and that began into to follow momentum in each be accompanied at four cash third exceeds sheet think This the pace the plan the balance quarters next the quarters of of similar lending in newly our quarter. quarter we expect to payoffs

we cash have We and quarterly into additional billion assets currently of we our earnings reinvestment as and our As momentum those supplement on hand, to assets unencumbered mortgage should are continue capital of select persist sell assets to our $X.X commercial yielding estate XXX for and earnings securities provide higher million real invest loans. securities.

Over as invested modest using leverage. I the fully anticipate we earnings net increased growth become year, and next would loan

unsecured, at this to longer-term that count. a signs safely are in prevail benefit from opportunities As to with rising lend large pipeline the our rates substantial a We've as they're are so rate, post-pandemic plenty we here be balance won't extension, evidenced clear constructed think of many There we near-term, transitory under seeing we is of growing a and to amount to that think. differentiating in numerous feature as too fixed many sheet by world. interest debt of as application our By expect almost inflation of and loans Ladder.

While move of living can for commodity shelter as the apartment home prices the rates security social announced economy. recipients normal the rental as XX in adjustment down the largest rapidly, react up in cost and in prices don't States The and X.X% years. United at was nearly costs of fast recent

that by should pave continued the selling is loan end I'll a seeing portfolio the go Fed. for Ladder. to strong of growth growing rate higher mortgage-backed So government securities way I'll floating things and Q&A. now for that earnings markets rates, part at differently than the estate here saying and real

Operator

comes be with conducting we'll from BTIG. [Operator session. question Instructions] first time, this Hayes line Tim a of Our At question-and-answer

proceed may You your with question.

Tim Hayes

evening, guys. good Hey,

Would of just bit different pipeline. close And $X.X to you're closing? comment to clearly been still quarter expect around first be on much the on closed First much loans then question you maybe that maybe know color how or one the how lot of now. has of little at actually looking asset in or billion of you first right here just a the breakout. two in you a the process versus able

office You looked bit. up loans doing. as the you I quarter a And it think here of the know, allocation, like, the you were suburban this mentioned went past portfolio some

office more Thanks. or opportunities curious some get if helpful. still given So know on spread are are guys that little a finding you're any if would be bit other cautious I'm to that details you lenders there, - just in taking you

Brian Harris

the Can is I or me? of Brian. the month clarify you quarter this you mean the fourth the first quarter, - Tim, but you think you asked for did did about mean first

Tim Hayes

sorry, I - first, quarter. must have fourth I said meant I

Brian Harris

- total Okay, in

Tim Hayes

just question So of jumbling. do with mumbling expect quarter? [indiscernible] much How repeat the pipeline close you the less or to the in to fourth

Brian Harris

going mind. I'm to over to Pamela, don't one you, All right, punt you that if

Pamela McCormack

no Yeah, problem.

too. we you probably this So point know X have at over billion

the end. office like? and by I was, composition the And same looks and it done and same mixed it quarter lot use other between year-to-date. think We're know question what composition. our like to It's billion looks goal a primarily everything look lot close multifamily it does was like you $XXX we've your I somewhere a million $X think

Tim Hayes

But on question. guess fair B that Okay, that I enough. just harping part maybe of

the know and a opportunities know in range you anything Or office Just side are receiving from on same side? wider kind to office as know, where markets little of stiffer? side? doing is defensive certain urban maybe the where more the bit the you finding are on Are a little - office of in much aren't competition's suburban you lending attention assets that spread providing you capital most lend you you're on are of that hotel the types

Brian Harris

I'll one. Okay. take that Sure,

As you we specifically. don't target know, CLO

the fit into moment. perhaps credit per foot, basis, and that areas room at oftentimes a dollars we on But we'll per focus focus unit dollars per for do So on dollars CLO into know we apartment current for hotels, you don't buildings. typical drift right always

that and pretty So my know are better chasing they've and answer, few Francisco say, we're me there. would there's San openings to cautious own view, we're around. be Chicago office bit seeing some cities side on still a in you because definitely personal particular, than aggressive I the with historically I even not the that cautious a from overly little been. In concern have

isn't benefit And interesting. does York a But of back in - nicer York up last thought is quite Francisco, hybrid crime of moving City, city a little up Mayor have would. we're crowded, York New York San while York the given Mayor one New I rents the new a than New one. business The in that scenario. It hopeful quite back. the perhaps is till it's City And of has New opened the the and are the side on has areas a York time same will much of focus here getting Chicago some we New the of throughout and way a as very more November. think new while residential New in are than it feeling we wind it bit problems matter

just most or we're seeing in place of at that's and So, acquiring a about that but you California not we're that Florida, we're loans a plan seeing acquisitions, the our because safer plenty what is the up, that new from capital we're an office asset of actually Texas, a Florida, also some I'm lower-tax are states, generally getting putting an we new we're plan, seeing activity happy a in somebody down seeing COVID, look business - that When a of it to doing business to of us. like is sorry, things. slowed very And they're there. like of with in. to easy loan - lender be it into should sale be New thing it's and on looks compared these grow relatively York And California. it other And looks the building refinances

the does than multifamily definitely multifamily my in market little is The more the some market I with mentioned going inflation technicals office opinion, in that so have that fundamentals but there. are conversation But overheated direction, the yielding a right supportive. an market. along goes is that it are And

in even might these have cash quarter. them the really two of do the did we you you yes, underwrite loans the situations, was you Chicago. where property one think to the of be. Strangely, special are as know, you value hotel in know flows opposed So But to

to is two, capital look expensive actively So we of own We're happy and XX we for a And own of it. seeking yielding lot to fine. but at know don't want it that's hotels, do you some it, you not - us. high hotels do but if you to we're

it and it use, property or And the looks use are so retail XX% neighborhood mixed office but might me There all shaking flows of portfolio in apartments. very mixed as almost the multifamily. Ladder Pamela cash the a when at is mentioned, And - then of well the out the mostly say from we're be the multifamily lion's rest, really I coming use. a component in it's like of share office, mixed to is component

Tim Hayes

some that off packaged clarifying That's my and and Thanks hop back - my I'll into color. good for there Thanks, all tackling questions there one. the queue. drop I in guys.

Brian Harris

Sure.

Operator

Our next of line Raymond question James. comes the Laws from Stephen with

You may proceed with your question.

Stephen Laws

second assets whether afternoon. that you the about how a quarter quarters guys in continue row Can you Brian, and good Hi, harvested you there know, you have the remaining question to guess should You gains? first we estate in you we're know, think to see from how amount decent of ahead? view know talk the I real gains sales. going a about

Brian Harris

Sure.

portfolio, could pandemic, it of We XX we appreciated audited are, we could now seller than performed in backed know right say invested over think the has I be, private with happen we've based as more But be, really public be, And we it the have XX could because financials. companies is a left necessity nature interested so to it paying of are the off it real several estate years an in our what on would That in because years leases. now. that the prior entity well a because you greatly. because

And so attractive them we own very levels. at

some at who REITs So rent. now, the, in a higher yielding. because the lower look lease net our know if you living, buy increases much And the lot - are guys they are we've of a cash taken you flows for

there rather So dramatically. have appreciated - there's they -

transaction a price, sell we this fair And where to And seems is there's to we a those you always it's prices, unless when. gains go will become perspective, a start it know our we and harvest reason think exceed so we it we for towards when that we every into view change going a seller. with like from would when will

that The we value. period where our unfortunately, stock did was well trading a we and too, had book other thing below there time in

say here. so yourself, see you right, problem you all that, to And where's the anytime

of securities know, they we We had market about piled probably up a problem. anymore people really in lot the it day hoard day returns worried seems a during And get are you little we as the about to with These wasn't cash gains, take doesn't a that portfolio. to had So convince them can. bit, of that our that worry that We of a and COVID. a generate portfolio estate mention, don't silent fine. double-digit no billion things about these $X that but had and heroes want some portfolio real out, if the we problems we

We have in properties. the multiple labels same

owned three probably a are we're And we we there grocery finding store And own up and and where clubs for wholesale So, we those, those, or private other of or some at we sold we nine what and out. instance, eight well, XX% five one We of eight the sold have is own and point really that of them. a seven them them. if the XX% three of also. largely is, of gain, we sold that's

know fact, some and rates to they here the cap make had did that right you and sure we we compressing, We we in were checking it are. So wanted thought there.

wholesale would should expect to I from see you see I think but continue So selling. some expect us, to don't to sales

gains - rush. not we're modest that no we're there's think - I taking real

to we've are to we it don't in somebody gains convinced hear want Sometimes portfolio. we're a it. and to about and relatively that quite price then embedded decide we not sizable get that got they sell But from you buy

Stephen Laws

of And X% States like on doubled last increased follow-up like exposure than color Tim's the allocation your basis South XX%. points. of question two looks million from greater the kind as to the loans portfolio, And appreciate $XXX to the supplements, a Great, there. XXX to maybe comparing United

characteristics know It touch you on you appetite So of given shifts for have was much guys or portfolio? So the liquidity the know seems versus you you on larger know is how an can how you two targeted maybe coincidental? trends that on the sidelines? there loans, those like

Brian Harris

going are really of when an lending as you you And opposed have some pretty we're the replacement hundred in some to will trading. in a at to properties a country, the southeast about frankly, buildings you're office these Well in X,XXX convert and But costs, know couple housing foot very by state good how especially But driven certain you're Sure. to office of apartments Downtown things think below with X,XXX are dollar when you tectonic place mostly to positive parts in the if in some generally things office a shift property go building, and seeing a range, continued, these Miami, types that's we on unless that foot safe know know crisis general. these feel apartments you're point. used. I of of even

into from and more So you that years is, the to a because I competitors doing there's we plus a getting obviously there. a back many setting the wouldn't of large some actually were shaky, know - rather what mortgages say I we're crossover in million But think larger and seam in days would you fact traffic they've a to, we're know bit in larger else. able anything see here do the to, of for we how that $XXX you is their know tenancy plenty of ours got with know - banks than little portfolio. coincidental it the lot possibilities are of estate do a some pre-COVID call we we're And little office portfolio has I and real that

able - look don't because you analysis market So safer we're a that for for and higher the at them, that always take a to getting we've held yielding usually has loans can't it's we And us. a compete middle for. compete we we're not know chance

a keep XX safe. lot people, loan. it crazy, know rather million sounds then $XX actually that you need a do we'd that does million $XXX you trades of So at but but it pretty I like sounds

reasons or when our while perhaps any through and there. more a know in step busy in we'll openings we various on given other you once little competitors customers a see know for day, do you some repeat However,

no having I of Ladder, Michigan think largest and the we And a because the in of time, in was Michigan a it in that lenders hell that when happened wasn't lot Florida. actively companies were were Michigan, we argue at were there were the one Michigan because area time first were I of banks we auto targeting opened thing lending. it's trouble. in same just would a the

know you have so $XXX loans million buildings. in see York happen to New we in and Florida us on And just too, the we're won't actually comfortable usually pretty you but trophy

in us see some know, to you the when government very properties. rents, but so aren't B the buildings center, You'll the A especially compared of the, affordable financial district, pretty, the that

Pamela McCormack

I would - just add

Stephen Laws

- Great

Pamela McCormack

Notwithstanding below is size the $XX a large well our still on loan of loans, average million portfolio. couple

Stephen Laws

you evening. that changed for million comments I and really sequentially, notice the thank out, point a even Pamela, this to the much $XXX Yeah, though that appreciate as did but plus doubled mix,

Brian Harris

question quarter, close answered. $XXX we, on think And quarter something I how also, comes don't Ladder, if which doesn't to a things, just just me, that, loan, in I $XXX if to I quarter the Pamela the that. point like we'll high close the around we in bit side I'd much the Steve, than it's be in things. some going other the be million loan the this normal places, little know and which to that we numbers, we're first closed Obviously, think remember And you at out different of going that quarter too when second you like you're million the $XXX or on think million side close, of know you

And the overnight reasons or don't it believe this FedEx one of I getting a thought supply the also. slow, quarter that was in oftentimes So carriers a we're was, chain deliver actually. I was it and little overnight. slow little know not, caught

few wait because real of sometimes closings estate And have days a that. to

So to right now. there's quickly - tough it's close

control. is more So it but of we're our the beyond closing some trying of to become process, efficient

Stephen Laws

Brian. you. comments, Sure. Appreciate the Thank

Brian Harris

Yep.

Operator

Our next with from Steve line the DeLaney question JMP comes of Securities.

You with proceed your may question.

Steve DeLaney

kind on is just gains Thanks. like second the statement well. the sale And - GAAP gain there's to it everybody like Ladder percent Paul, on were some on the loans you out loans of with that figure hope there mentioned. sold looks start gain income straight a $X.X loans in here $X.X million I of were Pamela progress the for says on a congrats sale works million I'd at the mentioned of sale the shows quarter. $XX three a plus that which statement, conduit that And the to And million. in But, Pamela that income broad weren't quarter?

Paul Miceli

No, the impact hedging, is the Steve.

So -

Steve DeLaney

I see -

Paul Miceli

The show - GAAP sales will and those associated is the with gross hedge the amount

Steve DeLaney

line I and that's it. hedges. so That mean Got gross in another - - including then they're in not the there.

So Pamela's figure was, okay, great. X.X%.

of then of $XX.X there delta the $X gains something comparison, And million. Okay, with that's Is triple and distributable million the depreciation? are the do that lease sales kind to so on of helpful. net recapture then maybe while same we're to on GAAP

Paul Miceli

That's - exactly. those all Exactly,

Steve DeLaney

guess. good I chose a

Paul Miceli

Yeah.

Brian Harris

amount of CPA. This is the

Steve DeLaney

but $X Yeah, that problem. million okay. Well will the $XX million nice, for sure. No take was the

the thing cash Thanks really rates. and advance know CLOs getting you just that last see Okay, And you Guess to million $XXX then that. quarter-over-quarter. nice you're up, you're now to I'm thinking after it out wrap great and using that's helpful. down you very for know know, come Brian,

obviously, you be doing range? guys settling you on, in in still least $X.X a you know CLO look see pre-COVID, end said see kind we're where November, - might - you Mueller know of Chris you going million carry that's me, at cash. we're bigger. million. to cash with But at a you do fact, where mentioned like quarter now usually another showed well over in about $XXX everything But In FLX I even

model settle. curious you might X, you as out X, months know cash Just from where now know where we XX

Brian Harris

area. it'll that probably still I $XXX think be million in

Steve DeLaney

Okay.

Brian Harris

to was US you keep not. pretty you a let's I eye - on that what when government it you. can't won't know lesson, But have the really to But hope really I unique I Admittedly the took hurt you again. think can have place off that a situation also I've learned happen an turned economy. say know And US

what, in what move know You basis can on a price. mark-to-market really

for in really it that And broken - so a credit-based we're is here all would to be little and started securities. feeling the similar which calls here you saying margin we're you and travel awfully why have going I last have to you've I the I doing by as get quarters if to facility, quarter your a got imagine record the cash got repo mark-to-market we're correctly noted more next sounds that to the extent securities, you've you two

Steve DeLaney

fine. That's

Brian Harris

And doing really all payoffs are the everybody mortgages. as had the we we slowed, else, shorter we're of to dates, payoffs because we activity have because moving - than think keep it maturity we faster still, lots said, what's I had cash targets Because because we have we I don't into is required. CLOs. commercial And

So give foot foot for if five doesn't guy with months a you vacant, shopping square know years, that. a center we'll XX,XXX get XX has XX,XXX them square he

mortgage that around bonds the securities. are the rinse, we're with unlevered. levered scripts, repeat, We're that not was and we're we that to going saleable lather, you rid you're leverage commercial us, see get going at are which have to same and X% nothing cash, of were loans, cash. around was just just $XXX know, say And million X.X of times Pamela earn earns when moving I which of we we I securities you And the because rid into think have I to all. going So kidding reason saying, our get just do is And we if it's thing. writing

it, if And cash a haven't revolver we we need to drawn. we have can we in $XXX million so that's $XXX go million

going grade in looks leverage next is that months, will think And when mortgage machine just much portfolio investment trying I So think. an for we I to Governor question a we like lending get knowing it our be to be, a going push size how are become the company. certain to is, the is, we're the this XX and what really to

for don't I that pressure is that will months. think So I where in. the come points see But nine

Steve DeLaney

- Well

Pamela McCormack

I dating you the add - us But wanted you're lather, the know, you in I revolver, what about I with position this, don't add combination to $XXX rinse I to you the know with repeat million when undrawn think that's wanted so just I and Brian, but cash caught shampoo And, just if talked commercial.

Steve DeLaney

right, point. All good

Pamela McCormack

cash. the versus Security

Steve DeLaney

that sense. makes good yeah, Yeah, a

Okay.

So comments. listen, the for thanks

You progress. know great

see is exactly couple think I tackling wants to blocking the stock and what really quarter, bridge next the lending price months. basic another with Street within help see going real estate to here to it's the in solid going and commercial the you're of that

that for congrats thanks. So and

Brian Harris

Okay, thank you.

Pamela McCormack

Thank you.

Operator

the Howlett B. Matthew from comes of line next with Our Riley. question

with You may proceed question. your

Matthew Howlett

once redo The How Brian that's stuff a to the long debt how follow-up legacy your you just stack? on would it And to long would typically grade. Hey, the to investment it it? you take get get called grade? investment take unsecured

Brian Harris

Well, jail are if year I wait. answer that a make know in for two agencies there or me a will three cell question, that put me you and

corner, it the around head. in in lifetime. my model So your not my I It's hoping do have to we're but own

Matthew Howlett

And that still on facility a something track you're that's CLO Koch then and the the because I've on track legacy debt, extinguished Very that's to lot. pay seen to that from fully helpful. Goldman down, just

Brian Harris

facility, about tell that out. facility And Koch that's the runs him I yesterday Yeah, Paul Goldman that I down you But think think when I'll $XX checked know million, that $XX I answer. Paul, that I let million. can

Paul Miceli

and through first combined quarter very Koch those could us. likely two it'll behind this XX% amortized have now. well Yeah, the down XX%, be The Goldman quarter all-in fourth in behind over and facility be facilities the

Brian Harris

Most them associated absorbed. with of gone. of They're already both are costs the

Matthew Howlett

Well you. thank great. you, Got

Brian Harris

you. Thank

Operator

gentlemen, for to this back Mr. [Operator like over would closing Brian remarks. to reached question-and-answer turn and we today's Instructions] call Ladies Harris I session. of end the have

Brian Harris

evening Okay. the for over to later and listen we're this quarters. would we and make of going earnings joining continue Thanks, that you've I deliver we're early seen the to those everybody to way in keep to every I say effort us going out that doing appreciate progress you And suspect report just who'll it'll last of it. just direction. Ladder to on this continue earlier year, its is around hopefully February. our yearend the mid-part two I would point what in and

all. to forward Thanks Other than Okay, so get back got that, work. you then. to talking I to look I to

Operator

conference. concludes This today's

day. You may rest Thank your disconnect your this Enjoy lines the your time. participation. at of you for

Ladder Capital (LADR) 29 Oct 212021 Q3 Earnings call transcript