ladder capital corp re-elects directors and ratifies auditor appointment

Ladder Capital Corp (NYSE:LADR), a commercial real estate investment trust with a market capitalization of $1.35 billion and a "GOOD" financial health rating according to InvestingPro, held its annual stockholders meeting on Thursday, where key decisions were made regarding the company’s leadership and auditing processes. The meeting resulted in the re-election of three directors and the ratification of the company’s auditing firm.

Alan H. Fishman, Pamela McCormack, and David Weiner were re-elected to the Board of Directors as Class II Directors. Each will serve a term expiring at the 2028 annual meeting. The voting results showed varied support for the nominees: Fishman received 40,108,074 votes for and 44,445,921 votes withheld, while McCormack and Weiner garnered 66,226,347 and 66,922,130 votes in favor, respectively. Votes withheld for McCormack totaled 18,327,648, and for Weiner, 17,631,865. Additionally, there were 24,073,690 broker non-votes for each director. The company, which maintains an impressive 8.75% dividend yield and has sustained dividend payments for 11 consecutive years, continues to demonstrate strong shareholder returns.

In another significant decision, stockholders ratified the appointment of Ernst & Young LLP as Ladder Capital’s independent registered public accounting firm for 2025. The decision was supported by 108,310,714 votes, with 208,531 against and 108,440 abstentions.

The meeting did not address any additional matters, focusing solely on the re-election of directors and the auditor appointment. This information is based on the company’s recent SEC filing.

In other recent news, Ladder Capital Corp reported its first-quarter 2025 earnings, missing analyst expectations. The company posted an earnings per share (EPS) of $0.09, falling short of the anticipated $0.24, while revenue reached $51.2 million, below the forecasted $68.98 million. Despite the earnings miss, Ladder Capital maintains a strong liquidity position with $1.3 billion in cash, liquid assets, and undrawn facilities. Fitch Ratings recently upgraded Ladder Capital’s credit rating to ’BBB-’ from ’BB+’, citing improved funding profiles and a decrease in reliance on confidence-sensitive funding. This upgrade reflects Ladder’s strategic shift towards unsecured debt, which now constitutes 72.6% of total debt, and aligns with investment-grade peers. BTIG research firm continues to maintain a Buy rating for Ladder Capital, with a price target of $13.50, acknowledging the firm’s strategic goals and potential for sustainable growth. The company’s CEO, Brian Harris, emphasized the significance of the credit rating upgrade, noting it could lead to lower-cost and more flexible financing options. Despite challenging real estate trends, Ladder Capital has managed to maintain strong asset quality metrics compared to its peers.

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