Ladder Capital Q3 2025 slides: record loan originations amid earnings miss
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 23 2025
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Source: Investing
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Analyst Views on LADR
Wall Street analysts forecast LADR stock price to rise
3 Analyst Rating
2 Buy
1 Hold
0 Sell
Moderate Buy
Current: 10.350
Low
11.50
Averages
12.33
High
13.50
Current: 10.350
Low
11.50
Averages
12.33
High
13.50
About LADR
Ladder Capital Corp is an internally-managed commercial real estate investment trust. The Company's segments include loans, securities, and real estate. The loans segment includes mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans). The securities segment is composed of all of the Company’s activities related to commercial real estate securities, which include investments in commercial mortgage-backed securities, United States Agency Securities, corporate bonds and equity securities. The real estate segment includes net leased properties, office buildings, student housing portfolios, hotels, industrial buildings, a shopping center and condominium units. Corporate/other includes cash and cash equivalents, senior unsecured notes, compensation and employee benefits. It invests primarily in senior first mortgage fixed, and floating rate loans collateralized by commercial real estate with flexible loan structures.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Ladder Capital Reports Strong Q4 2025 Earnings and Growth Outlook
- Earnings Growth: Ladder Capital achieved distributable earnings of $21.4 million or $0.17 per share in Q4 2025, adjusted to $26.4 million or $0.21 per share, indicating a sustained enhancement in profitability that is expected to drive future shareholder returns.
- Loan Origination Innovation: New loan originations reached $1.4 billion in 2025, the highest level since 2021, with office loan exposure reduced from 14% to 11%, demonstrating significant progress in optimizing the asset portfolio and enhancing resilience against market volatility.
- Capital Structure Optimization: The company successfully issued $500 million in senior unsecured notes, oversubscribed by 5.5 times with orders exceeding $3.5 billion, reflecting strong market confidence in its investment-grade rating and further reducing borrowing costs.
- Future Outlook: Management expects the loan portfolio to exceed $6 billion by year-end 2026 and plans to maintain strong acquisition activity early in the year, having already closed over $250 million in new loans, showcasing the company's aggressive expansion strategy in the market.
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Ladder Capital (LADR) Q4 2025 Earnings Transcript
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Ladder Capital Q4 Earnings Miss Expectations
- Earnings Decline: Ladder Capital (LADR) reported a Q4 distributable EPS of $0.17, missing Wall Street's expectation of $0.24, indicating a decline in profitability that could affect investor confidence.
- Yield Decline: As of December 31, 2025, the weighted average yield of the loan portfolio decreased to 7.7% from 8.1% on September 30, 2025, reflecting increased market competition and changes in the interest rate environment.
- Reduced Loan Originations: The total loan originations in Q4 amounted to $433 million, down from $511 million in Q3, indicating a decrease in the company's activity in the loan market that may impact future revenue growth.
- Improved Cost Control: Although net interest income was $22.3 million, below the market expectation of $25.6 million, total costs and operating expenses decreased to $34.9 million, demonstrating the company's efforts in cost management that may support future profitability.
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Ladder Capital Reports Q4 Non-GAAP EPS of $0.17
- Earnings Highlight: Ladder Capital reported a non-GAAP EPS of $0.17 for Q4, indicating stability in the company's performance amidst current market conditions, although year-over-year growth data was not provided.
- Yield Appeal: With an 8% yield and a 21% discount, Ladder Capital's stock is considered attractive, potentially drawing in income-seeking investors and boosting market confidence.
- Market Expectations: Analysts maintain an optimistic outlook for Ladder Capital's future earnings, particularly as the upcoming fiscal year 2025 approaches, with expectations of continued benefits from a recovering real estate market.
- Investment Rating: Seeking Alpha's quant rating reflects Ladder Capital's popularity among investors, indicating market recognition of its financial health, which could drive stock price appreciation.
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Ladder Capital Reports Strong 2025 Operating Results
- Strong Financial Performance: In Q4 2025, Ladder Capital reported GAAP income before taxes of $15.5 million, translating to a diluted EPS of $0.13, indicating robust market performance that is expected to drive future shareholder value growth.
- Distributable Earnings Growth: For the full year 2025, distributable earnings reached $109.9 million, with a diluted EPS of $0.84, significantly up from the previous year, reflecting the company's success in optimizing loan originations and capital structure.
- Credit Rating Upgrade: Ladder achieved investment-grade credit ratings in 2025, which reduced its cost of capital and expanded access to the unsecured corporate bond market, enhancing its financing capabilities and competitive position in the market.
- Positive Future Outlook: CEO Brian Harris noted that the company is well-positioned for continued growth in loan originations, with expectations for 2026 to further drive earnings growth and enhance shareholder value.
See More
Ladder Capital to Announce Q4 Earnings on February 5
- Earnings Announcement: Ladder Capital is set to announce its Q4 2023 earnings on February 5 before market open, with consensus EPS estimate at $0.24, reflecting an 11.1% year-over-year decline, which may impact investor sentiment.
- Revenue Expectations: The anticipated revenue for Q4 is $58.67 million, down 14.5% year-over-year, indicating challenges the company faces in the current economic environment, potentially leading to stock price volatility.
- Historical Performance Review: Over the past two years, Ladder Capital has beaten EPS estimates 75% of the time and revenue estimates 50% of the time, suggesting relative stability in profitability despite recent downward revisions in expectations.
- Revision Trends: In the last three months, EPS estimates have seen one upward revision and four downward revisions, while revenue estimates have had no upward revisions and two downward revisions, reflecting analysts' cautious outlook on the company's future performance.
See More
Ladder Capital Reports Strong Q4 2025 Earnings and Growth Outlook
- Earnings Growth: Ladder Capital achieved distributable earnings of $21.4 million or $0.17 per share in Q4 2025, adjusted to $26.4 million or $0.21 per share, indicating a sustained enhancement in profitability that is expected to drive future shareholder returns.
- Loan Origination Innovation: New loan originations reached $1.4 billion in 2025, the highest level since 2021, with office loan exposure reduced from 14% to 11%, demonstrating significant progress in optimizing the asset portfolio and enhancing resilience against market volatility.
- Capital Structure Optimization: The company successfully issued $500 million in senior unsecured notes, oversubscribed by 5.5 times with orders exceeding $3.5 billion, reflecting strong market confidence in its investment-grade rating and further reducing borrowing costs.
- Future Outlook: Management expects the loan portfolio to exceed $6 billion by year-end 2026 and plans to maintain strong acquisition activity early in the year, having already closed over $250 million in new loans, showcasing the company's aggressive expansion strategy in the market.
See More
Ladder Capital (LADR) Q4 2025 Earnings Transcript
See More
Ladder Capital Q4 Earnings Miss Expectations
- Earnings Decline: Ladder Capital (LADR) reported a Q4 distributable EPS of $0.17, missing Wall Street's expectation of $0.24, indicating a decline in profitability that could affect investor confidence.
- Yield Decline: As of December 31, 2025, the weighted average yield of the loan portfolio decreased to 7.7% from 8.1% on September 30, 2025, reflecting increased market competition and changes in the interest rate environment.
- Reduced Loan Originations: The total loan originations in Q4 amounted to $433 million, down from $511 million in Q3, indicating a decrease in the company's activity in the loan market that may impact future revenue growth.
- Improved Cost Control: Although net interest income was $22.3 million, below the market expectation of $25.6 million, total costs and operating expenses decreased to $34.9 million, demonstrating the company's efforts in cost management that may support future profitability.
See More
Ladder Capital Reports Q4 Non-GAAP EPS of $0.17
- Earnings Highlight: Ladder Capital reported a non-GAAP EPS of $0.17 for Q4, indicating stability in the company's performance amidst current market conditions, although year-over-year growth data was not provided.
- Yield Appeal: With an 8% yield and a 21% discount, Ladder Capital's stock is considered attractive, potentially drawing in income-seeking investors and boosting market confidence.
- Market Expectations: Analysts maintain an optimistic outlook for Ladder Capital's future earnings, particularly as the upcoming fiscal year 2025 approaches, with expectations of continued benefits from a recovering real estate market.
- Investment Rating: Seeking Alpha's quant rating reflects Ladder Capital's popularity among investors, indicating market recognition of its financial health, which could drive stock price appreciation.
See More
Ladder Capital Reports Strong 2025 Operating Results
- Strong Financial Performance: In Q4 2025, Ladder Capital reported GAAP income before taxes of $15.5 million, translating to a diluted EPS of $0.13, indicating robust market performance that is expected to drive future shareholder value growth.
- Distributable Earnings Growth: For the full year 2025, distributable earnings reached $109.9 million, with a diluted EPS of $0.84, significantly up from the previous year, reflecting the company's success in optimizing loan originations and capital structure.
- Credit Rating Upgrade: Ladder achieved investment-grade credit ratings in 2025, which reduced its cost of capital and expanded access to the unsecured corporate bond market, enhancing its financing capabilities and competitive position in the market.
- Positive Future Outlook: CEO Brian Harris noted that the company is well-positioned for continued growth in loan originations, with expectations for 2026 to further drive earnings growth and enhance shareholder value.
See More
Ladder Capital to Announce Q4 Earnings on February 5
- Earnings Announcement: Ladder Capital is set to announce its Q4 2023 earnings on February 5 before market open, with consensus EPS estimate at $0.24, reflecting an 11.1% year-over-year decline, which may impact investor sentiment.
- Revenue Expectations: The anticipated revenue for Q4 is $58.67 million, down 14.5% year-over-year, indicating challenges the company faces in the current economic environment, potentially leading to stock price volatility.
- Historical Performance Review: Over the past two years, Ladder Capital has beaten EPS estimates 75% of the time and revenue estimates 50% of the time, suggesting relative stability in profitability despite recent downward revisions in expectations.
- Revision Trends: In the last three months, EPS estimates have seen one upward revision and four downward revisions, while revenue estimates have had no upward revisions and two downward revisions, reflecting analysts' cautious outlook on the company's future performance.
See More
