Ladder Capital delivers Q3 earnings beat as loan originations grow

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Ladder Capital (NYSE:LADR [https://seekingalpha.com/symbol/LADR]) Q3 earnings topped the Wall Street consensus as loan origination volume reached its highest quarterly level in more than three years, and it has almost as much in its pipeline.

Q3 distributable EPS of $0.25 [https://seekingalpha.com/pr/20277304-ladder-capital-corp-reports-results-for-the-quarter-ended-september-30-2025], beating the average analyst estimate of $0.23, rose from $0.23 in Q2 and fell from $0.30 in last year's Q3.

Undepreciated book value per share of $13.71, net of $0.41 CECL allowance, as of Sept. 30, 2025, increased from $13.68 at June 30, 2025.

The company's $511M of loan originations in the quarter represented its largest quarterly origination volume in more than three years. In addition, more than $500M more loans are under application in closing.

The company also closed on its first $500M investment-grade bond offering during Q3, bolstering its balance sheet.

During Q3, Ladder (NYSE:LADR [https://seekingalpha.com/symbol/LADR]) received $129M of proceeds from loan payoffs and amortization, including a payoff of its third-largest office loan. It resolved two non-accrual loans during the quarter — one through a payoff at par ($16M) and the other through foreclosure ($23M).

Total loan portfolio carrying value of assets was $1.89B with a weighted average yield of 8.1% at Sept. 30, 2025, vs. $1.57B with a weighted average yield of 8.9% at June 30.

Q3 net interest income of $27.8M increased from $21.5M in the previous quarter and decreased from $35.4M in the year-ago quarter.

Real estate operating income climbed to $26.7M from $25.8M in Q2 and $25.4M in Q3 2024.

Total costs and operating expenses of $37.3M grew from $35.5M in the prior quarter and shrank from $39.4M a year ago.

"With a strong pipeline, ample liquidity, and access to the investment-grade market, we are well-positioned to continue driving earnings growth and capitalize on opportunities ahead," said CEO Brian Harris.

Conference call [https://ir.laddercapital.com/events/default.aspx]at 10:00 AM ET.

Earlier, Ladder Capital DEPS of $0.25 beats by $0.02 [https://seekingalpha.com/news/4507471-ladder-capital-deps-of-025-beats-by-002]

MORE ON LADDER CAPITAL

* Ladder Capital: 8% Yield, 100% Coverage, BV Stability [https://seekingalpha.com/article/4816398-ladder-capital-8-percent-yield-100-percent-coverage-bv-stability]
* Ladder Capital: Strategic Portfolio Pivot [https://seekingalpha.com/article/4812948-ladder-capital-strategic-portfolio-pivot]
* Historical earnings data for Ladder Capital [https://seekingalpha.com/symbol/LADR/earnings]
* Dividend scorecard for Ladder Capital [https://seekingalpha.com/symbol/LADR/dividends/scorecard]