Ladder Capital (NYSE:LADR) Posts Earnings Results

Key Points

• EPS miss: Ladder Capital reported $0.22 EPS vs. a $0.25 consensus and $51.9M revenue vs. $57.0M, but management said Distributable Earnings were $28M ($0.22/sh) and expects Distributable Earnings to exceed the dividend as soon as next quarter.
• Rapid balance‑sheet growth and stronger liquidity: Loan book has grown nearly 60% since March 31, 2025 with ~46% of assets on the balance sheet and ~$900M deployed in Q1, while funding improved via $675M of new unsecured commitments, a $1.25B revolver and roughly $1.1B of same‑day liquidity (S&P upgraded to BB+).
• Dividend and credit risks: The firm paid a $0.23 quarterly dividend (≈8.8% yield) despite a 180% payout ratio, and still has one ~ $51M non‑accrual with a $47M CECL reserve after resolving three foreclosed assets.

Ladder Capital (NYSE:LADR - Get Free Report) posted its earnings results on Thursday. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.03), FiscalAI reports. The business had revenue of $51.88 million for the quarter, compared to the consensus estimate of $57.03 million. Ladder Capital had a return on equity of 5.89% and a net margin of 16.44%.During the same period in the previous year, the firm earned $0.20 earnings per share.

Here are the key takeaways from Ladder Capital's conference call:

• Distributable Earnings of $28 million ($0.22 per share) were reported and management expects Distributable Earnings to exceed the dividend as soon as next quarter.
• The company has rapidly expanded its loan book—nearly 60% growth since March 31, 2025—with balance‑sheet loans now ~46% of assets and ~ $900 million deployed in Q1 (>$620M in new loans), with strong early Q2 momentum.
• Liquidity and funding improved materially—$675 million of new unsecured capital commitments, revolver expanded to $1.25B, a $275M delayed‑draw term loan (140 bps over SOFR), an S&P upgrade to BB+, and roughly $1.1 billion of same‑day liquidity.
• Credit actions included resolution of three foreclosed assets (aggregate carrying values ~$80 million) and one remaining non‑accrual of ~$51M; management maintains a $47 million CECL reserve and says it is sufficient.
• Management says macro volatility and geopolitical uncertainty are creating selective opportunities (including in office), but remains cautious and expects broader conduit/refinance market normalization to be gradual (potentially into 2027).

Ladder Capital Trading Up 1.8%

Ladder Capital stock traded up $0.19 during mid-day trading on Thursday, reaching $10.44. 227,097 shares of the company traded hands, compared to its average volume of 841,171. Ladder Capital has a 52-week low of $9.61 and a 52-week high of $11.92. The company has a debt-to-equity ratio of 2.37, a current ratio of 29.65 and a quick ratio of 29.65. The firm's 50 day moving average price is $10.15 and its 200 day moving average price is $10.63. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 20.42, a P/E/G ratio of 0.85 and a beta of 1.00.

Ladder Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a $0.23 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $0.92 annualized dividend and a yield of 8.8%. Ladder Capital's dividend payout ratio (DPR) is 180.39%.

Analysts Set New Price Targets

A number of research firms have recently commented on LADR. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ladder Capital in a report on Friday, March 27th. HSBC set a $13.00 target price on shares of Ladder Capital in a research note on Wednesday, January 21st. Citigroup reissued a "market outperform" rating on shares of Ladder Capital in a report on Wednesday, January 21st. Zacks Research lowered shares of Ladder Capital from a "hold" rating to a "strong sell" rating in a research report on Monday, February 16th. Finally, B. Riley Financial initiated coverage on Ladder Capital in a research report on Monday, January 5th. They issued a "buy" rating and a $13.00 target price for the company. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $12.75.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in LADR. AQR Capital Management LLC grew its stake in Ladder Capital by 111.7% in the first quarter. AQR Capital Management LLC now owns 22,189 shares of the real estate investment trust's stock worth $253,000 after purchasing an additional 11,709 shares during the period. Caxton Associates LLP bought a new stake in shares of Ladder Capital during the 1st quarter valued at $209,000. Jane Street Group LLC grew its position in shares of Ladder Capital by 997.0% in the 1st quarter. Jane Street Group LLC now owns 180,230 shares of the real estate investment trust's stock worth $2,056,000 after buying an additional 163,800 shares during the period. Norges Bank purchased a new stake in shares of Ladder Capital in the 2nd quarter worth about $1,133,000. Finally, Marshall Wace LLP bought a new position in shares of Ladder Capital in the 2nd quarter worth about $183,000. Hedge funds and other institutional investors own 62.25% of the company's stock.

About Ladder Capital

Ladder Capital Corp NYSE: LADR is a publicly traded commercial real estate finance company structured as a real estate investment trust. The firm specializes in originating, acquiring and managing a diversified portfolio of commercial mortgage loans, subordinate financings such as mezzanine loans and B-notes, and equity investments. In addition to direct lending activities, Ladder Capital invests in and manages commercial mortgage‐backed securities (CMBS) and commercial real estate collateralized loan obligations (CRE CLOs), providing financing across a range of property types including office, retail, multifamily, industrial and hospitality assets.

Since its inception in 2008, Ladder Capital has developed a platform that supports both balance-sheet lending and structured securitization.

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