Ladder Capital Corp Q3 2026 Earnings Recap

Ladder reported distributable earnings of $0.35 per share, including a $31 million gain from selling its Jacksonville office campus, while undepreciated book value per share edged up to $13.50. The stock was essentially flat after earnings (+0.1%); management noted that higher rates began slowing lending activity in September, tempering the growth outlook.

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 sale contributed $31 million to distributable earnings and generated an 18% IRR. Undepreciated book value per share rose to $13.50 from $13.44.
• Ladder made $703 million of new investments: $481 million of primarily AAA-rated securities and $222 million across seven new balance-sheet loans. Net of payoffs, sales and amortization, loan and securities portfolios grew by about $570 million.
• Year-to-date loan originations reached $1.4 billion, matching all of 2025, and the loan portfolio grew more than 50% over the trailing 12 months. Management said higher rates began slowing lending activity in September.
• Adjusted leverage was 2.5x. The securities portfolio totaled $2.3 billion, with a 5.5% weighted-average yield; 99% was investment grade and 97% AAA-rated.