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Ladder Capital (LADR)
NYSE:LADR
Earnings Data
Report Date
Apr 23, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.24Last Year’s EPS
0.2Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call emphasized a strong, constructive narrative: Ladder achieved investment-grade ratings, improved access to unsecured capital, demonstrated meaningful loan origination momentum and high-quality securities positioning, and maintained conservative leverage and liquidity. Management acknowledged isolated credit issues (a $5 million realized loss, four nonaccruals totaling ~2.5% of assets) and near-term timing pressures on net interest income, but positioned these as manageable within a solid balance sheet and growing loan pipeline. Given the breadth and materiality of positive developments (ratings, funding, origination growth, liquidity, high-quality securities) relative to contained credit and timing headwinds, the tone and facts point to a predominantly positive outlook heading into 2026.Company Guidance
Investment-Grade Ratings Achieved
In 2025 Ladder obtained investment-grade ratings from Moody's (BAA3) and Fitch (BBB-); S&P upgraded the company to BB+ in January. Management emphasized this as a key milestone that lowers cost of funds and broadens access to stable capital markets.
Strong Distributable Earnings and ROE
Q4 distributable earnings of $21.4 million ($0.17/share); adjusted for a previously reserved $5 million realized loan loss, Q4 earnings were $26.4 million ($0.21/share). Full-year distributable earnings were $109.9 million with a reported return on equity of 7.1%.
Record Loan Originations and Accelerating Pipeline
Originated $1.4 billion in new loans in 2025 (highest annual volume since 2021). H2 2025 originations were nearly $950 million. Q4 included more than $430 million in new loans at a weighted average spread of 340 basis points. Early 2026 momentum: over $250 million closed and more than $450 million under application/in closing.
Loan Portfolio Size and Yield
Year-end loan portfolio totaled $2.2 billion (42% of total assets) with a weighted average loan yield of 7.8%.
High-Quality Securities Portfolio
Securities portfolio increased to $2.1 billion (39% of total assets), up over 90% following reallocation from T-bills. Portfolio yield 5.3%; 99% investment-grade and 97% AAA. Approximately 66% ($1.4 billion) of securities remain unencumbered.
Improved Capital Structure and Liquidity
Issued inaugural $500 million unsecured investment-grade bond at 5.5% (167 bps over treasuries at issuance); secondary trading tightened to ~100 bps (tightened >60 bps). Unsecured $850 million revolver with accordion to $1.25 billion; recently secured $100 million additional commitments toward accordion. Total liquidity $608 million, including $570 million undrawn revolver capacity. 71% of debt unsecured and 81% of assets unencumbered.
Asset Growth and Balance Sheet Metrics
Assets increased 16% in 2025 and 10% in Q4. Adjusted leverage reported at 2.0x. Undepreciated book value per share $13.69 (net of $0.37/share CECL reserve). CECL reserve stands at $47 million (0.37/share).
Real Estate Segment Performance
Real estate portfolio (~$966 million) delivered stable net operating income of $14.8 million in Q4 and $57.3 million for the full year; net-lease segment (~$66 million) continued to generate stable NOI with long-term leases (average lease term ~6.7 years).
Capital Return Actions
Repurchased $10.2 million of common stock in 2025 (965,000 shares at weighted avg $10.60); $90.6 million remains available under repurchase program. Declared a $0.23/share dividend in Q4 (paid Jan 15, 2026); full-year dividend coverage was ~96% excluding the loan write-off.
Asset Allocation Execution and Funding Strategy
Management successfully reallocated cash/T-bills into AAA securities and is positioned to deploy proceeds and unsecured capital to fund loan growth, reflecting a deliberate shift back to lending with a predominantly unsecured liability structure.
LADR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
LADR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 05, 2026 | $11.06 | $10.34 | -6.51% |
Oct 23, 2025 | $10.97 | $11.03 | +0.55% |
Jul 24, 2025 | $10.87 | $10.99 | +1.09% |
Apr 24, 2025 | $9.80 | $9.83 | +0.30% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Ladder Capital (LADR) report earnings?
Ladder Capital (LADR) is schdueled to report earning on Apr 23, 2026, After Close (Confirmed).
What is Ladder Capital (LADR) earnings time?
Ladder Capital (LADR) earnings time is at Apr 23, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is LADR EPS forecast?
LADR EPS forecast for the fiscal quarter 2026 (Q1) is 0.24.