Ladder Capital Corp Earnings Recaps
Q3 2026
Oct 20, 2026
Ladder shares rose 3.3% after earnings. The quarter featured $0.35 per share of distributable earnings and a $31 million property-sale gain, alongside continued loan and securities portfolio growth.
Key takeaways
- Distributable earnings were $44.7 million, or $0.35 per share; excluding a previously reserved realized loan loss, earnings were $0.38 per share.
- The Jacksonville office-campus sale contributed $31 million to distributable earnings and generated an 18% IRR. Undepreciated book value per share rose to $13.50 from $13.44.
- New investments totaled $703 million, including $222 million in seven balance-sheet loans and $481 million in predominantly AAA-rated securities. Combined loan and securities portfolios grew by about $570 million net of payoffs, sales, and amortization.
- About 90% of loans were originated since late 2024; the loan portfolio grew more than 50% over the trailing 12 months. Management said higher rates began to slow lending activity in September.
- Adjusted leverage was 2.5x. The company repurchased $8 million of shares at an average $9.38, which management said was a 31% discount to undepreciated book value.
Q2 2026
Jul 26, 2026
Ladder Capital's shares were essentially unchanged following the quarter, reflecting a steady performance with ongoing portfolio rotation and modest gains without significant surprises in outlook or execution.
Key takeaways
- Distributable earnings reached $30.8 million, or $0.24 per share, supported by a loan portfolio that grew 75% over the past 12 months.
- Loans now comprise about 50% of assets, with new loan originations continuing to trend higher at a weighted average yield of 7.2%.
- Net interest margin improved year-over-year due to rotation from lower yielding securities into higher-yielding floating rate loans.
- Gains from the multi-cylinder strategy totaled approximately $4.1 million, including securities sales, real estate equity refinancing, and conduit business contributions.
- Continued opportunistic share repurchases at a discount to book value aim to enhance book value per share; pipeline remains active with $500 million in loans under application.