Ladder Capital (LD1A) Q3 2026 Earnings Report
DE:LD1A Q3 2026 EPS Results
- Actual EPS
- EUR 0.31
- Consensus EPS
- EUR 0.30
- Beat/Miss
- Beat by +EUR 0.01
- One Year Ago EPS
- EUR 0.22
DE:LD1A Q3 2026 Revenue Results
- Actual Revenue
- EUR 97.30M
- Expected Revenue
- EUR 71.61M
- Beat/Miss
- Beat by +EUR 25.69M
- YoY Revenue Growth
- +5.68%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/16/2026
- Time
- Before Open
- Conference Call
- Friday, October 16, 2026
Ladder Capital's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Ladder reported solid earnings, higher book value, substantial portfolio growth, strong liquidity, conservative leverage, and meaningful real estate gains. Management emphasized that the company's newer loan portfolio, floating-rate assets, fixed-rate liabilities, and diversified investment platform position it well for higher rates. The main challenges were higher rates slowing originations and refinancing, market volatility, declining multifamily rents, and a limited number of credit and legacy asset losses, but management characterized credit as stable and reserves as adequate.
Management said its plan for the coming quarters is unchanged: grow the loan portfolio, deploy capital where it sees the best risk-adjusted returns, and realize gains across its businesses, which it believes will drive higher earnings and support the dividend; payoff is expected to remain light in coming quarters, over $100 million of loans from the earlier era are expected to pay off before year-end, and the final office loan from the 2022 group is expected to pay off in full before year-end. Management hopes to continue migrating capital out of securities and into higher-yielding loans, with unlevered securities totaling over $1 billion serving as a source of liquidity for higher-yielding loan origination in the quarters ahead, while levered AAA CLO securities are reaching into the 14%-15% range and other securities yield about 5.5%; it expects to continue picking up stock each quarter as long as it is anywhere near where it is now, will keep buying real estate when it has the right price, and expects a strong fourth quarter, to finish this year in very good shape, and to invest its remaining capital into the higher rate market for earnings benefits in the quarters ahead.
- Strong Third-Quarter EarningsLadder generated distributable earnings of $44.7 million, or $0.35 per share. Excluding a realized loan loss that had been previously reserved for, third-quarter earnings were $0.38 per share.
- Book Value IncreasedUndepreciated book value per share rose to $13.50 from $13.44, driven primarily by the gain on the sale of the Jacksonville office campus. Management said book value has held firm since the end of 2022, reflecting strong credit performance.
- Jacksonville Asset Sale Generated Significant ValueThe sale of Ladder's largest net lease asset, an office campus in Jacksonville, Florida, contributed a $31 million gain to distributable earnings, generated a GAAP gain of $66 million, and produced an 18% IRR over the life of the investment. The property was sold well above its carrying value.
- Loan Portfolio Growth and Newer VintageLadder made $703 million of new investments during the quarter, including seven new balance sheet loans totaling $222 million. Year to date, the company originated $1.4 billion in new loans, already matching its 2025 volume, while the loan portfolio grew more than 50% over the trailing 12 months. Approximately 90% of loans were originated since late 2024, and 99% of multifamily loans were originated after late 2024.
- Portfolio Expansion Through Selective Capital DeploymentNet of payoff sales and amortization, Ladder's combined loan and securities portfolios grew by approximately $570 million. Balance sheet loans now represent approximately half of total assets, and management intends to continue increasing that share while remaining flexible when lending activity slows.
- High-Quality Securities PortfolioLadder acquired $481 million of primarily AAA-rated securities during the quarter and continued buying into October. As of September 30, the securities portfolio totaled $2.3 billion, or 37% of total assets, with a 5.5% weighted average yield, 99% investment-grade exposure, 97% AAA-rated exposure, 96% floating-rate exposure, and approximately three years of weighted average duration.
- Positioned for Higher Interest RatesAt quarter end, 92%, or $4.8 billion, of interest-earning assets were floating rate, while 57% of debt was fixed rate with a 5.3% weighted average coupon. Management estimates that each 25-basis-point increase in SOFR adds approximately $0.01 per share per quarter to distributable earnings.
- Strong Liquidity and Conservative Capital StructureAdjusted leverage was 2.5x, liquidity was $784 million including same-day revolver capacity, and $1.2 billion of primarily AAA securities was unencumbered. Unsecured debt represented 69% of total debt, while the unencumbered asset pool represented 73% of total assets; 88% of that pool consisted of first mortgage loans, investment-grade securities, and unrestricted cash.
- Share Repurchases at a Discount to Book ValueDuring the third quarter, Ladder repurchased $8.2 million of common stock, or 871,000 shares, at an average price of $9.38 per share, representing a 31% discount to the $13.50 undepreciated book value per share. Year to date, the company repurchased $29.6 million, or three million shares, and $83.8 million remained available under the repurchase program.
- Dividend Supported by Asset and Liability StructureLadder declared and paid a $0.23 per share dividend for the quarter. Management said the largely floating-rate asset base, fixed-rate debt, and continued loan growth are expected to support a durable dividend.
- Stable Real Estate Income and Long-Term GainsThe $900 million real estate segment generated stable net operating income during the quarter. It includes 148 net lease properties, primarily backed by investment-grade credits, with an average remaining lease term of 6.4 years. Over the last 13 years, Ladder reported $250 million of profits from selling 69 assets, including $76 million of gains over the last five years after the pandemic.
- Office Exposure Progressing Without Losses to DateOf the five largest office exposures identified in 2022, four have paid off, including the Jacksonville asset, and management said there have been no losses to date from those five larger exposures. The final office loan from that group is expected to pay off in full before year-end.
- Multifamily Book Focused on Recent OriginationsManagement said it does not expect meaningful stress in Ladder's multifamily portfolio because it backed away from the 2021 and 2022 vintage market. The company has one legacy multifamily loan, with a $10.2 million balance, and does not expect an impairment on it.
- Credit Reserves Considered AdequateThe CECL reserve was $44 million, or $0.35 per share, equal to 1.48% of the loan portfolio. Management said the reserve reflects current market conditions and the newer loan vintage and believes the reserve level is adequate.
- Opportunities to Acquire Real Estate and Distressed AssetsManagement said it has a strong desire to acquire additional real estate equity, particularly high-quality properties such as new or recently built assets in lease-up. Ladder is also interested in merger and acquisition activity, purchasing assets from sellers needing liquidity, and participating as an owner, partner, mezzanine lender, or buyer of companies.
- Alignment of Management and ShareholdersManagement and the board collectively own 13% of Ladder, making them the company's largest shareholder group. Management said its priorities are protecting principal, growing earnings, and building long-term value.
- Positive Outlook for Higher-Rate EnvironmentManagement expects the company's diverse earnings streams and ability to shift among loans, securities, and real estate to support a strong fourth quarter. It said Ladder is well positioned to benefit from a higher-for-longer interest-rate environment and expects to invest remaining capital in the higher-rate market.
DE:LD1A Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 11, 2027 | 2026 (Q4) | 0.23- | 0.15 | ― | ― |
| Oct 16, 2026 | 2026 (Q3) | 0.300.31 | 0.22 | 40.00% (+0.09) | |
| Jul 23, 2026 | 2026 (Q2) | 0.210.22 | 0.21 | 4.35% (+0.01) | |
| Apr 23, 2026 | 2026 (Q1) | 0.200.20 | 0.18 | 10.00% (+0.02) | |
| Feb 05, 2026 | 2025 (Q4) | 0.210.15 | 0.24 | -37.04% (-0.09) | |
| Oct 23, 2025 | 2025 (Q3) | 0.210.22 | 0.31 | -26.47% (-0.08) | |
| Jul 24, 2025 | 2025 (Q2) | 0.200.21 | 0.28 | -25.81% (-0.07) | |
| Apr 24, 2025 | 2025 (Q1) | 0.180.18 | 0.3 | -39.39% (-0.12) | |
| Feb 06, 2025 | 2024 (Q4) | 0.240.24 | 0.29 | -15.63% (-0.04) | |
| Oct 24, 2024 | 2024 (Q3) | 0.240.31 | 0.28 | 9.68% (+0.03) |
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.
