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Ladder Capital (LADR) investor relations material
Ladder Capital Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved investment grade ratings (Baa3/BBB-) and completed inaugural $500M unsecured bond issuance at 5.5% coupon, 5.5x oversubscribed.
Distributable earnings for Q2 2025 were $30.9M ($0.23/share), with a 7.7% after-tax ROAE and declared $0.23/share dividend.
Maintained strong liquidity of $1B, including an undrawn $850M unsecured revolver, and $3.7B unencumbered assets (83% of total assets).
Portfolio comprised $4.7B in investment assets and cash, with 82% of assets senior secured or investment grade.
Management and board alignment with over 11% insider ownership.
Financial highlights
Q2 2025 net income was $17.1M, down from $32.1M in Q2 2024; net interest income was $21.5M.
Distributable EPS was $0.23, up from $0.20 in Q1 2025; after-tax distributable ROAE was 7.7%.
Undepreciated book value per share was $13.68; GAAP book value per share was $11.78 as of June 30, 2025.
Total assets as of June 30, 2025 were $4.46B, down from $4.85B at year-end 2024.
Dividends declared for the first half of 2025 totaled $0.46 per share.
Outlook and guidance
Anticipates continued tightening of bond spreads and further reduction in cost of capital as investment grade status is recognized.
Expects portfolio growth in the second half of 2025, with a target of $1B in new loans by year-end.
May issue another unsecured bond before year-end if market conditions remain favorable.
Management highlights focus on liquidity, conservative leverage, and risk management amid market volatility.
Reduced cost of capital expected to support attractive, risk-adjusted returns.
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