Ladder Capital (LADR) Q2 2026 earnings summary

Executive summary

• Delivered strong Q2 2026 results with distributable earnings of $30.8 million ($0.24/share), robust loan origination activity, and stable book value, supporting continued earnings growth and total shareholder return.

• Originated $550 million in new loans in Q2 2026, $1.2 billion year-to-date, with $500 million in the pipeline.

• Maintains investment grade credit ratings: Baa3 (Moody's), BBB- (Fitch), BB+ (S&P), with S&P revising its outlook to positive in July 2026.

• Declared a $0.23 per share dividend, representing a yield over 9%.

• Repurchased $8 million of stock in Q2 at a 25% discount to book value; $92 million remains on buyback program.

Financial highlights

• Distributable earnings for Q2 2026 were $30.8 million ($0.24/share), with after-tax distributable earnings of $29.8 million and net income of $14.6 million.

• Loan portfolio grew 75% year-over-year, with $2.8 billion in loans, $1.1 billion in equity, and $1.9 billion in securities as of Q2 2026.

• Net interest margin increased year-over-year due to rotation into higher-yielding loans; net interest income was $22.6 million.

• Book value per share: $13.44 (undepreciated), $11.27 (GAAP); dividend per share: $0.23.

• Total assets stood at $5.6 billion; liquidity remained strong at $1.1 billion.

Outlook and guidance

• Expect continued net portfolio growth each quarter for the remainder of 2026, with over $500 million in new loans under application.

• Securities portfolio likely to contract as capital is rotated into loans; net interest income projected to rise gradually.

• Targeting $400–$500 million in new loan originations per quarter at ~300 basis point spreads.

• Focus remains on delivering strong total returns and preserving shareholder capital.