Ladder Capital(US:LADR)2025-10-23 12:30Financial Performance - For the quarter ended September 30, 2025, Ladder Capital Corp reported GAAP income before taxes of $20.1 million and diluted earnings per share (EPS) of $0.15[1] - Distributable earnings for the same period were $32.1 million, translating to a distributable EPS of $0.25[1] - Interest income increased to $71.8 million, up from $62.7 million in the previous quarter, while interest expense rose to $44.0 million[14] - Net interest income after provision for loan loss reserves was $27.8 million, compared to $21.6 million in the prior quarter[14] - Distributable earnings for the three months ended September 30, 2025, were $32,055,000, compared to $30,925,000 for the three months ended June 30, 2025, reflecting an increase of 3.7%[23] - After-tax distributable earnings for the same period were $31,184,000, up from $28,935,000, representing a 7.7% increase[24] - Distributable EPS for the three months ended September 30, 2025, was $0.25, compared to $0.23 for the previous quarter, indicating an increase of 8.7%[23] Capital Structure - Total assets as of September 30, 2025, were $4.69 billion, a decrease from $4.85 billion at the end of 2024[12] - Total liabilities decreased to $3.19 billion from $3.31 billion at the end of 2024[12] - The company maintained a conservative capital structure with an investment grade credit rating of Baa3 from Moody's and BBB- from Fitch[7] - Average shareholders' equity for the three months ended September 30, 2025, was $1,499,298,000, slightly down from $1,509,642,000 in the previous quarter[24] Dividend Policy - Dividends per share of Class A common stock remained stable at $0.23[14] - The company intends to continue declaring regular quarterly distributions to shareholders approximating the REIT's net taxable income to maintain REIT status[26] Loan Origination and Investments - The company achieved its highest quarterly loan origination volume in over three years and successfully closed a $500 million investment grade bond offering[2] - Ladder Capital has deployed over $49 billion of capital across the real estate capital stack since its founding in 2008[6] - Conduit loans are first mortgage loans on stabilized, income-producing commercial real estate properties intended for third-party CMBS securitizations[20] - The company’s conduit business includes mortgage loans made to third parties and may also include loans secured by real estate owned in its real estate segment[20] Tax and Financial Reporting - The estimated corporate tax expense for the three months ended September 30, 2025, was $871,000, compared to $1,990,000 for the previous quarter[23] - The company recognized adjustments for unrealized provision for loan losses and real estate impairment, with realized losses recognized in the period of asset sale or when deemed non-recoverable[22] - The company’s non-GAAP financial measures should not be considered as substitutes for GAAP measures, highlighting the limitations of such measures[25]