Investor Presentaiton
SELECTED DEFINITIONS
.
Adjusted Leverage Ratio (non-GAAP)
LC
LADDER
CAPITAL
Total debt obligations, net of deferred financing costs, adjusted for non-recourse indebtedness related to securitizations that is consolidated on
our GAAP balance sheet and liability for transfers not considered sales, divided by GAAP total equity.
After-Tax Distributable Return on Average Equity (After-Tax Distributable ROAE) (non-GAAP)
-
After-Tax Distributable Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures.
Distributable Earnings (non-GAAP)
Income before taxes adjusted for: (i) real estate depreciation and amortization; (ii) the impact of derivative gains and losses related to the hedging
of assets on our balance sheet as of the end of the specified accounting period; (iii) unrealized gains/(losses) related to our investments in fair
value securities and passive interest in unconsolidated joint ventures; (iv) economic gains on loan sales not recognized under GAAP accounting
for which risk has substantially transferred during the period and the exclusion of resultant GAAP recognition of the related economics during the
subsequent periods; (v) unrealized provision for loan losses and unrealized real estate impairment; (vi) realized provisions for loan losses and
realized real estate impairment; (vii) non-cash stock-based compensation; and (viii) certain transactional items.
Distributable EPS (non-GAAP)
-
After-Tax Distributable Earnings divided by adjusted weighted-average shares outstanding.
GAAP Book Value per Share
Total shareholders' equity divided by Class A common shares outstanding.
Other Assets
-
Includes cash collateral held by broker, allowance for loan losses, investments in unconsolidated joint ventures, FHLB stock, derivative instrument
assets, amount due from brokers, accrued interest receivable, mortgage loans transferred but not considered sold and other assets.
Other Liabilities
Includes amount due to brokers, derivative instrument liabilities, amount payable pursuant to tax receivable agreement, dividend payable,
accrued expenses, liabilities for transfers not considered sales and other liabilities.
Pre-Tax Distributable Return on Average Equity (Pre-Tax Distributable ROAE) (non-GAAP)
-
Distributable Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures.
Undepreciated Book Equity and Undepreciated Book Value per Share (non-GAAP)
Total equity, adjusted to exclude total noncontrolling interest in consolidated joint ventures and adjusted to include our share of total real estate
accumulated depreciation and amortization. Per share information is derived by dividing the preceding amount by total diluted shares
outstanding.
31View entire presentation