Ladder Capital Stock Earnings Reports

Ladder Capital reported distributable earnings of $32.1 million ($0.25/share) in Q3 2025, with ROE of 8.3% and modest adjusted leverage (1.7x). Origination activity accelerated: $511 million of new loans across 17 transactions (weighted average spread 279 bps), growing the loan portfolio to $1.9 billion (40% of assets) after $129 million of paydowns; year-to-date originations exceed $1 billion with ~$500 million under application. Office exposure continued to be reduced (now $652 million, 14% of assets). The securities portfolio was $1.9 billion (40% of assets) with $365 million of AAA purchases, $164 million of paydowns and $257 million of sales; management is selectively not replacing runoffs given potential spread widening. The $960 million real estate (net-lease) portfolio produced stable NOI ($15.1 million). A milestone: Ladder closed its inaugural $500 million 5-year investment-grade unsecured bond at 5.5%, tightening in the secondary market and shifting the funding mix toward unsecured corporate bonds (75% of debt). Liquidity remained ample ($879 million: $49M cash + $830M undrawn revolver). Management expects continued loan origination acceleration (Q4 to exceed Q3), lower cost of debt and the ability to redeploy securities/cash into higher-yielding loans, targeting meaningful loan book growth (management cited a likely +$1 billion) and higher ROE over time while maintaining conservative credit metrics (3 non-accruals totaling $123M, CECL reserve $52M). Capital return activity included ~$1.9M of buybacks in Q3 and a declared $0.23/share dividend (current yield ≈ 8.5%). Overall, the company emphasizes its investment-grade funding advantage, conservative balance sheet, strong liquidity, and a strategy to grow higher-yielding loan assets to drive earnings and shareholder value.