Ladder Capital Corp., a real estate investment trust (REIT), reported a net income of $107.4 million for the year ended December 31, 2024, a $6.9 million increase compared to the $100.5 million reported for the year ended December 31, 2023. Net interest income decreased by $25.1 million to $123.2 million, primarily due to lower average loan investments and a decrease in interest income, partially offset by a decrease in interest expense. Other income increased by $21.1 million to $148.2 million, driven by gains on real estate and fee income. Total costs and expenses increased slightly by $1 million to $160.5 million.
Significant changes in the Company's investment portfolio contributed to the year-over-year financial performance. Commercial mortgage loans decreased by $1.6 billion, while securities investments increased by $595.3 million. Real estate investments saw net sales of $102.3 million and acquisitions of $48.8 million through foreclosure. The Company also purchased and matured $10 billion in short-term U.S. Treasury securities during the year. The provision for loan loss reserves decreased by $11.2 million to $13.9 million, reflecting repayments within the loan portfolio and offset by continued uncertainty in macroeconomic market conditions.
No significant acquisitions or product launches were reported in the filing. However, the Company did increase its unsecured corporate bonds outstanding by $400 million to $2 billion during the year, issuing $500 million in 7.00% senior notes due 2031. The Company also repurchased $8 million of its Class A common stock during the year, leaving $67.6 million remaining under its repurchase authorization. The Company's management team and directors held interests in the Company comprising over 11% of total equity as of December 31, 2024.
Ladder Capital Corp. employed 54 full-time employees as of December 31, 2024. The company's operations are subject to various laws and regulations, including those governing REIT qualification and exemption from registration under the Investment Company Act. The company's operations are also subject to supervision and regulation by U.S. federal and state governmental authorities. The filing notes that the company maintains a captive insurance subsidiary, Tuebor, which is regulated by the state of Michigan.
The 10-K filing includes several forward-looking statements, highlighting risks related to the company's operations, investments, indebtedness, regulatory compliance, and taxation as a REIT. These risks include competition, market volatility, credit risk, interest rate fluctuations, prepayment rates, and the potential for changes in government policies and regulations. The company emphasizes that actual results may differ materially from these forward-looking statements.
About Ladder Capital Corp
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