Ladder Capital (LADR) Q1 2026 earnings summary

Executive summary

• Distributable earnings reached $28.0 million ($0.22 per share) in Q1 2026, driven by the highest quarterly loan origination volume in four years and robust portfolio growth.

• Net income for Q1 2026 was $2.6 million, down from $15.9 million in Q4 2025, reflecting higher expenses and lower fee and other income.

• Declared a $0.23 per share dividend, representing a 9.0% annual yield, with undepreciated book value per share at $13.42.

• Maintained a diversified $5.8 billion investment portfolio, with 84% of assets senior secured or investment grade-rated.

• Board authorized a $100 million share repurchase program, increasing the prior authorization.

Financial highlights

• Distributable earnings for Q1 2026 were $28.0 million, or $0.22 per share, up from $21.4 million in Q4 2025.

• Net interest income was $23.0 million, and total other income was $28.9 million.

• $900 million deployed in new investments in Q1, including $620 million in new loans (300 bps spread) and $264 million in securities (5.22% yield).

• Real estate portfolio generated $15.9 million in net operating income in Q1.

• Basic and diluted EPS for Q1 2026 were $0.02, compared to $0.09 in Q1 2025.

Outlook and guidance

• Management expects distributable earnings to exceed the dividend next quarter and continued portfolio and earnings growth as loan payoffs normalize and origination accelerates.

• Plan to fully draw $275 million term loan in Q2 to fund further loan origination.

• Securities portfolio expected to shrink as more capital is redeployed into higher-yielding loans.

• Management and directors own over 12% of shares, aligning interests with shareholders.

• Company remains focused on maintaining liquidity, managing risk, and opportunistically allocating capital among loans, securities, and real estate segments.