Ladder Capital (LADR) Q3 2026 earnings summary

Executive summary

• Q3 net income was $65.9M, or $0.53/share; distributable earnings were $44.7M, or $0.35/share, including a $3.5M credit-loss allowance charge-off.

• Investment assets and unrestricted cash totaled $6.2B; liquidity was $784M and adjusted leverage was 2.5x.

Financial highlights

• Distributable earnings before the $3.5M allowance charge-off were $48.2M, or $0.38/share; reported distributable ROAE was 12.1%.

• Jacksonville sale generated a $65.6M GAAP real estate gain and $31M of distributable earnings; undepreciated book value rose to $13.50/share from $13.44 in Q2.

• Net interest income was $28.8M; total other income was $90.1M, including $65.6M of net real estate gains.

Outlook and guidance

• Management plans to grow loans, deploy capital into attractive risk-adjusted opportunities, and realize gains while maintaining credit discipline; it expects these levers to support earnings and the dividend.

• Management expects a strong Q4; each 25-bp SOFR increase was estimated to add $0.01/share per quarter to distributable earnings, based on the September 30 balance sheet.