Ladder Capital (LADR) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw robust loan origination, with $550 million in new loans and $1.2 billion year-to-date, driving distributable earnings of $30.8 million ($0.24 per share) and an after-tax distributable ROAE of 8.3%.

• Dividend yield remained above 9%, with a declared $0.23 per share dividend and strong liquidity of $1.1 billion.

• The loan portfolio grew 75% year-over-year, now comprising 50% of total assets, supported by a multi-cylinder strategy across loans, securities, and real estate.

• Stock trades at a 25% discount to book value, with ongoing share repurchases and a $100 million buyback program, $91.9 million of which remains available.

• Maintains investment grade ratings from Moody’s, Fitch, and S&P, with S&P revising its outlook to positive in July 2026.

Financial highlights

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

• Total assets reached $5.61 billion, with $2.8 billion in loans, $1.1 billion in equity, and $1.9 billion in securities.

• Net interest income for Q2 2026 was $22.6 million; real estate operating income was $30.9 million.

• Book value per share was $13.44 (undepreciated), with a GAAP book value per share of $11.27.

• Weighted average yield on mortgage loan receivables was 7.2% as of June 30, 2026.

Outlook and guidance

• Management expects continued net portfolio growth, with over $500 million in new loans in the pipeline for Q3 and ongoing capital rotation into higher-yielding loans.

• Dividend coverage and distributable EPS are anticipated to improve, with management targeting $0.26–$0.27 EPS and high single-digit to low double-digit ROE.

• S&P revised its outlook to positive, reflecting improved credit quality.

• The company plans to maintain a defensive asset mix and prudent leverage amid market volatility.