LADR

Ladder Capital’s second quarter results were met with a significant negative market reaction, reflecting investor caution despite revenue exceeding Wall Street expectations. Management pointed to robust origination activity and a deliberate shift from securities into higher-yielding loans as the main drivers of performance, emphasizing that approximately 85% of the loan portfolio has been originated in the past two years. President Pamela McCormack highlighted, “Our net interest margin has trended higher year-over-year as we’ve rotated out of lower yielding securities and replaced legacy loans with these new recently originated ones.” Is now the time to buy LADR? Find out in our full research report (it’s free). Revenue: $57.64 million vs analyst estimates of $55.79 million (2.4% year-on-year growth, 3.3% beat) Adjusted EPS: $0.24 vs analyst estimates of $0.24 (in line) Market Capitalization: $1.24 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Timothy D'Agostino (B. Riley): asked about the criteria for selecting which securities to sell as the company rotates into loans. CEO Brian Harris explained they prioritize securities expected to pay off soon and seek to capitalize on pricing opportunities, emphasizing there are minimal costs involved when shifting capital. Jonathon Nicodemus (BTIG): questioned how the high concentration of recently originated loans affects deployment plans. Harris responded that paydowns are slowing, so future origination will be funded through the undrawn revolver or further securities sales, with less concern about legacy loan runoff. Chris Muller (Citizens Capital): inquired whether the securities portfolio could be reduced significantly by year-end. Harris indicated this is possible and likened securities holdings to cash, suggesting the balance could decrease substantially depending on origination activity. Jason (KBW, substituting for Jade Rahmani): asked about the timing and trajectory for distributable EPS targets. CFO Paul Miceli said targets are based on achieving high single-digit to low-double-digit ROE and depend on both loan closings and gains from Ladder’s multi-cylinder business. Gabriel Poggi (Raymond James): pressed for clarity on when net interest income might inflect higher as the loan book expands. President Pamela McCormack said growth depends on origination pacing and loan yields, with distributable earnings aided by gains from real estate and conduit operations. In coming quarters, the StockStory team will watch (1) the pace of capital rotation from securities to higher-yielding loans and whether that drives net interest income growth, (2) management’s ability to maintain credit quality as origination volumes increase in a competitive environment, and (3) the realization of gains from real estate and conduit activities. The trajectory of commercial real estate market conditions and interest rates will also be important indicators. Ladder Capital currently trades at $9.85, up from $9.75 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free for active Edge members). WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don’t just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses. But our AI platform says the party isn’t over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

Commercial real estate lender Ladder Capital (NYSE:LADR) reported revenue ahead of Wall Street’s expectations in Q2 CY2026, with sales up 2.4% year on year to $57.64 million. Its non-GAAP profit of $0.24 per share was in line with analysts’ consensus estimates. Is now the time to buy LADR? Find out in our full research report (it’s free). Revenue: $57.64 million vs analyst estimates of $55.79 million (2.4% year-on-year growth, 3.3% beat) Adjusted EPS: $0.24 vs analyst estimates of $0.24 (in line) Market Capitalization: $1.21 billion Ladder Capital’s second quarter results were met with a significant negative market reaction, reflecting investor caution despite revenue exceeding Wall Street expectations. Management pointed to robust origination activity and a deliberate shift from securities into higher-yielding loans as the main drivers of performance, emphasizing that approximately 85% of the loan portfolio has been originated in the past two years. President Pamela McCormack highlighted, “Our net interest margin has trended higher year-over-year as we’ve rotated out of lower yielding securities and replaced legacy loans with these new recently originated ones.” Looking forward, Ladder Capital’s leadership underscored a continued focus on growing its loan portfolio, particularly through opportunities in multifamily and industrial lending, while maintaining discipline in credit quality. CEO Brian Harris stated that the company will “charge more for a smaller amount of liquidity remaining to redeploy” as the portfolio matures, signaling a more selective approach in the current competitive environment. Management also flagged the potential for incremental earnings growth as higher-yielding loans replace legacy assets, but noted that market volatility and borrower selectivity could impact the pace and mix of originations in the coming quarters. Management attributed second quarter results to a disciplined rotation from lower-yielding securities into recently originated loans, as well as selective asset sales and ongoing strength in its investment-grade balance sheet. Loan origination momentum: The company originated $1.2 billion in new loans year-to-date, with over $550 million in new loans added during the quarter, driving loan portfolio growth of 75% year-over-year and raising loans to 50% of total assets. Asset rotation strategy: Ladder continued transitioning from lower-yielding securities (average yield near 5%) to floating rate first mortgages (yielding above 7%), directly improving net interest margin and expected future income. Multi-cylinder earnings model: The company realized gains from securities sales, real estate, and conduit operations, contributing $4.1 million in gains this quarter, and highlighted that these contributions are lumpy but consistent year-over-year. Share repurchase activity: Ladder repurchased $8 million of its own shares during the quarter at a 25% discount to book value, with $92 million remaining on its buyback program, aiming to increase book value per share. Credit risk management: The company maintained a conservative credit posture, with only one new loan added to non-accrual, a steady loan loss reserve, and careful underwriting focused on newer properties and more resilient borrowers. Ladder Capital expects future performance to be shaped by its ongoing asset rotation, selective lending, and the broader market environment for commercial real estate credit. Selective origination focus: Management plans to continue prioritizing high-quality, middle-market income-producing loans, particularly in multifamily and industrial sectors, but will be more selective amid rising rates and increased competition, which could impact origination volumes and spreads. Earnings leverage from asset mix: As the loan portfolio grows and replaces lower-yielding securities, management expects net interest income and distributable earnings to gradually rise, though the pace will depend on the timing of new loan closings and any realized gains from asset sales. Market volatility and liquidity: Leadership acknowledged that higher interest rates and market volatility may create both headwinds and opportunities, but noted that Ladder’s large unencumbered securities portfolio and undrawn corporate revolver provide flexibility to fund growth or manage through slower origination periods. In coming quarters, the StockStory team will watch (1) the pace of capital rotation from securities to higher-yielding loans and whether that drives net interest income growth, (2) management’s ability to maintain credit quality as origination volumes increase in a competitive environment, and (3) the realization of gains from real estate and conduit activities. The trajectory of commercial real estate market conditions and interest rates will also be important indicators. Ladder Capital currently trades at $9.54, down from $9.77 just before the earnings. Is there an opportunity in the stock? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Ladder Capital (LADR) drew fresh attention after reporting second quarter 2026 results, including sales of US$30.91 million and net income of US$14.59 million, alongside distributable earnings of US$30.8 million. See our latest analysis for Ladder Capital. Ladder Capital’s recent Q2 update comes after a softer share price patch, with the stock at US$9.77 and a year to date share price return down 11.98%, while the 5 year total shareholder return of 29.89% points to a more resilient longer run picture. If you are comparing Ladder Capital with other income and credit exposed ideas, it can help to widen the lens using a curated screener of 18 top founder-led companies Ladder Capital’s shares have slipped this year even as distributable earnings, loan growth and a dividend yield above 9% keep the income story front and center. Is most of the upside still ahead, or already reflected in the price? Ladder Capital currently trades on a P/E of 23.7x, which sits against a last close of $9.77 and points to a richer valuation compared with peers. The P/E ratio compares the company’s share price with its earnings per share, so a higher multiple usually reflects stronger profit expectations or a higher perceived quality of those earnings. For Ladder Capital, earnings are forecast to grow 39.67% per year and are expected to expand faster than the wider US market. This can help explain why the market is willing to pay a premium multiple. However, this sits alongside a low 3.7% return on equity, profit margins that declined from 36.3% to 24%, and a dividend yield of 9.42% that is not well covered by earnings or free cash flows. Against the US Mortgage REITs industry average P/E of 10.1x and an estimated fair P/E of 16.7x, Ladder Capital’s 23.7x multiple stands out as materially higher. This implies investors are paying significantly more per dollar of earnings than both the sector average and the level the market could move towards over time. Explore the SWS fair ratio for Ladder Capital Result: Price-to-Earnings of 23.7x (OVERVALUED) However, Ladder Capital’s income story could be tested if earnings forecasts prove optimistic or if the dividend, which is already not well covered, comes under pressure. Find out about the key risks to this Ladder Capital narrative. Alongside the richer P/E, our DCF model presents a different perspective on Ladder Capital. With the stock at $9.77 and an estimated future cash flow value of $6.93, the shares appear overvalued on this framework, which raises the question of how much optimism is already reflected in the price. Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Ladder Capital for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 49 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. Curious whether Ladder Capital’s mix of higher valuation and income appeal matches your own tolerance for risk and reward? Take a closer look at both sides of the story and weigh the 2 key rewards and 4 important warning signs If Ladder Capital has your attention but you want a broader watchlist, use curated stock ideas to quickly spot other opportunities that could fit your style. Target reliable cash generators with strong fundamentals by scanning the solid balance sheet and fundamentals stocks screener (49 results). Hunt for potential bargains trading below their estimated value using the 49 high quality undervalued stocks. Prioritise income potential by reviewing companies in the 9 dividend fortresses. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include LADR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is executing a deliberate rotation out of lower-yielding securities into floating-rate first mortgages, capturing an approximate 200 basis point pickup in income per dollar redeployed. The loan portfolio has grown 75% over the trailing 12 months, with 85% of the book originated in the last two years at conservative loan-to-values on reset bases to avoid legacy peak-cycle valuations. A 'multi-cylinder' strategy utilizing securities, real estate, and conduit segments is designed to provide consistent, albeit lumpy, gains that supplement core interest income. Management attributes their stable book value and low charge-offs to a disciplined middle-market lending focus and a conservative approach to the office sector, favoring cities with high return-to-office rates. The company maintains an investment-grade capital structure with 67% unsecured debt, providing the financial flexibility to grow the loan book without compromising credit standards. A significant valuation gap exists where the stock trades at a discount to book value despite a 9% dividend yield and an investment-grade balance sheet. Net portfolio growth is expected to build each quarter through the remainder of 2026 as loan originations outpace light anticipated payoffs. Management plans to opportunistically utilize the remaining $92 million stock repurchase authorization while shares trade at a meaningful discount to book value. The company intends to issue additional unsecured corporate debt within the next six months to refinance 2027 maturities, contingent on attractive market windows. Strategic marketing efforts in the second half of 2026 will target 'lower-yielding' investment-grade property REIT and regional bank investors to narrow the equity valuation discount. Earnings are positioned to benefit from a 'higher-for-longer' rate environment, with a 25-50 basis point increase in SOFR estimated to add approximately $0.02 per share quarterly. S&P revised Ladder's outlook to positive, moving the company closer to a third investment-grade rating which management believes will further lower the cost of capital. One office loan in Minneapolis ($13.4 million) was moved to non-accrual status this quarter, with management anticipating a full resolution by the fourth quarter of 2026. The company resolved an $8 million Alabama office loan through foreclosure, carrying the asset at a basis of $30 per square foot with plans to stabilize for future sale. Management and the Board remain the largest shareholder group, which they cite as a primary driver for their conservative risk-reward approach and alignment with retail investors. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management prioritizes selling securities that are near-term payoffs or appear mispriced in the market to generate cash for new loan originations. There are no significant breakage or hedge costs associated with the rotation; the company utilizes its unsecured revolver for same-day liquidity to bridge timing gaps. Higher rates have deterred some borrowers, but Ladder has 'stiffened' on price and credit conditions as their inventory fills up, leading to rising spreads in the floating-rate book. Management noted that while the office market shows signs of price discovery, they remain extremely selective, focusing on assets where lenders have already 'taken their medicine' on losses. The securities portfolio could potentially contract to approximately $1 billion by year-end as capital is redeployed into the more profitable loan segment. The conduit (CMBS) business remains slow due to rate volatility and a lack of acquisition-driven deals, with management preferring to go slow rather than chase low-quality refinancings. Net interest income is expected to rise steadily as the portfolio rotates, though management emphasizes that total dividend coverage relies on the combined output of all three business cylinders. Management reiterated that Ladder should be evaluated on an annual basis due to the inherent lumpiness of real estate and security gains.

Ladder Capital (LADR) came out with quarterly earnings of $0.24 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this commercial real estate mortgage origination and finance company would post earnings of $0.22 per share when it actually produced earnings of $0.22, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Ladder Capital, which belongs to the Zacks REIT and Equity Trust industry, posted revenues of $57.76 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.86%. This compares to year-ago revenues of $56.26 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Ladder Capital shares have lost about 11.3% since the beginning of the year versus the S&P 500's gain of 9.6%. While Ladder Capital has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Ladder Capital was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.26 on $59.5 million in revenues for the coming quarter and $0.98 on $228.6 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust is currently in the bottom 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, PennyMac Mortgage (PMT), has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29. This specialty finance company is expected to post quarterly earnings of $0.30 per share in its upcoming report, which represents a year-over-year change of +850%. The consensus EPS estimate for the quarter has been revised 5.7% lower over the last 30 days to the current level. PennyMac Mortgage's revenues are expected to be $90.83 million, up 29.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ladder Capital Corp (LADR) : Free Stock Analysis Report PennyMac Mortgage Investment Trust (PMT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Distributable Earnings: $30.8 million or $0.24 per share. Adjusted Leverage Ratio: 2.3 times. Dividend Yield: Over 9%. New Loan Originations: $1.2 billion year-to-date, with $800 million in the second quarter. Weighted Average Yield on New Loans: 7.2%. Investment-Grade Securities Yield: 5.15%. Net Operating Income from Real Estate Portfolio: $18 million in the second quarter. Gains from Security Sales: $1.8 million. Gains from Real Estate Equity: $1.7 million. Common Stock Repurchase: $8 million or 800,000 shares at $10.03 per share. Book Value Per Share: $13.44. Dividend Declared: $0.23 per share. CECL Reserve: $47 million or $0.37 per share. Securities Portfolio: $1.9 billion with a weighted average yield of 5.19%. Unencumbered Asset Pool: 73% of total assets. Warning! GuruFocus has detected 6 Warning Signs with LADR. List of 52-Week Lows List of 3-Year Lows List of 5-Year Lows Is LADR fairly valued? Test your thesis with our free DCF calculator. Release Date: July 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Ladder Capital Corp (NYSE:LADR) reported strong second-quarter results with distributable earnings of $30.8 million or $0.24 per share. The company has a robust origination activity, having originated $1.2 billion in new loans year-to-date, with a loan portfolio growth of 75% over the trailing 12 months. Ladder Capital Corp (NYSE:LADR) maintains a high dividend yield of over 9%, with potential total return above 30% if the stock price gap closes. The company has a strong investment-grade balance sheet, providing liquidity and financial flexibility to rotate capital into higher-yielding loans. Ladder Capital Corp (NYSE:LADR) continues to repurchase stock at a discount to book value, enhancing book value per share and providing an attractive use of capital. Ladder Capital Corp (NYSE:LADR) stock trades at a meaningful discount to book value, indicating potential undervaluation by the market. The company faces challenges in the office sector, with one loan added to non-accrual status and a foreclosure on an office property in Birmingham, Alabama. The securities portfolio's share of total assets is expected to contract further, driven by loan origination activity, which may impact liquidity. The conduit business remains below pre-COVID levels, with interest rates being too choppy for significant ramp-up. Borrower appetite is selective due to higher interest rates, creating a competitive environment and potentially impacting loan origination. Q: How does Ladder Capital decide which securities to sell when rotating capital into loans? A: Brian Harris, CEO, explained that the selection is based on the objective of the day. They prioritize selling securities that are about to pay off or those that have appreciated in value. The focus is on generating cash to fund new loans, and they often sell floating rate AAA securities, which provide cash within 24 hours. Q: What are the costs associated with rotating capital from securities to loans? A: Brian Harris, CEO, clarified that there are no significant costs involved. The process involves selling securities to generate cash, which is then used to fund new loans. The company utilizes its large revolver for same-day cash delivery, minimizing any opportunity costs. Q: How is the concentration of recently originated loans affecting Ladder's deployment plans for the rest of the year? A: Brian Harris, CEO, stated that the company aims to originate $400 million to $500 million in loans per quarter. With legacy loans mostly paid off, paydowns are slowing, allowing Ladder to focus on funding additional loans using its undrawn corporate revolver or by selling AAA securities. Q: How are borrowers reacting to the current interest rate environment? A: Brian Harris, CEO, noted that higher rates deter borrowers unless they need to close deals quickly. Initially, there is a push to close loans before rates rise further, but borrower appetite becomes more selective. The market is competitive, and Ladder has increased its pricing and credit conditions. Q: What is the outlook for Ladder's securities and bridge portfolios in the second half of the year? A: Brian Harris, CEO, indicated that the securities portfolio could decrease significantly as the company continues to grow its bridge portfolio. The focus is on cutting into the securities inventory to fund new loan originations. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

NEW YORK, July 23, 2026--(BUSINESS WIRE)--Ladder Capital Corp (NYSE: LADR) ("we," "our," "Ladder," or the "Company") today announced operating results for the quarter ended June 30, 2026. For the three months ended June 30, 2026, GAAP income before taxes was $16.3 million, or $0.12 of diluted earnings per share ("EPS"), and distributable earnings was $30.8 million, or $0.24 of distributable EPS. "Ladder delivered a strong second quarter, growing our loan portfolio and distributable earnings while continuing to generate gains across our multi-cylinder platform. Our book value has remained stable, and we remain focused on delivering a strong total return to shareholders," said Brian Harris, Ladder’s Chief Executive Officer. Supplemental The Company issued a supplemental presentation detailing its second quarter 2026 operating results and an updated investor presentation. Both are available on our website at http://ir.laddercapital.com. Conference Call and Webcast We will host a conference call on Thursday, July 23, 2026 at 10:00 a.m. Eastern Time to discuss second quarter 2026 results. The conference call can be accessed by dialing (877) 407-4018 domestic or (201) 689-8471 international. Individuals who dial in will be asked to identify themselves and their affiliations. For those unable to participate, an audio replay will be available until midnight on Thursday, August 6, 2026. To access the replay, please call (844) 512-2921 domestic or (412) 317-6671 international, access code 13761395. The conference call will also be webcast through a link on Ladder’s Investor Relations website at ir.laddercapital.com/event. A web-based archive of the conference call will also be available at the above website. About Ladder Ladder Capital Corp (NYSE: LADR) is an internally-managed, investment grade REIT. Ladder's primary business is originating first mortgage loans on all major commercial property types, with a focus on the middle market. Its multi-cylinder business model also includes owning and operating real estate and investing in highly-rated commercial real estate securities. Ladder's investment objective is to preserve and protect shareholder capital while generating attractive risk-adjusted returns — a discipline reinforced by 13% insider ownership, with management and the board of directors together constituting Ladder's largest shareholder. Since its founding in 2008, Ladder has deployed $52 billion of capital, serving institutional and middle-market clients nationwide. Ladder maintains investment grade credit ratings of Baa3 from Moody's Ratings and BBB- from Fitch Ratings, and is rated BB+ by S&P Global Ratings. Moody's and Fitch assign Ladder a stable outlook, while S&P assigns a positive outlook. Credit ratings and outlooks are current as of the date of this press release. All other data is as of June 30, 2026. Forward-Looking Statements Certain statements in this release may constitute "forward-looking" statements. These statements are based on management’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Ladder believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results on the Company's business. There are a number of risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the risks discussed under the heading "Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as well as its consolidated financial statements, related notes, and other financial information appearing therein, and its other filings with the U.S. Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this release. Ladder expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or changes in events, conditions, or circumstances on which any such statement is based. Non-GAAP Financial Measures The Company utilizes distributable earnings, distributable EPS, and after-tax distributable return on average equity ("ROAE"), non-GAAP financial measures, as supplemental measures of our operating performance. We believe distributable earnings, distributable EPS and after-tax distributable ROAE assist investors in comparing our operating performance and our ability to pay dividends across reporting periods on a more relevant and consistent basis by excluding from GAAP measures certain non-cash expenses and unrealized results as well as eliminating timing differences related to conduit securitization gains or losses and changes in the values of assets and derivatives. In addition, we use distributable earnings, distributable EPS and after-tax distributable ROAE: (i) to evaluate our earnings from operations because management believes that they may be useful performance measures; and (ii) because our board of directors considers distributable earnings in determining the amount of quarterly dividends. Distributable EPS is defined as after-tax distributable earnings divided by the weighted average diluted shares outstanding during the period. In addition, we believe it is useful to present distributable earnings and distributable EPS prior to charge-offs of allowance for credit losses to reflect our direct operating results and help existing and potential future holders of our class A common stock assess the performance of our business excluding such charge-offs. Distributable earnings prior to charge-offs of allowance for credit losses is used as an additional performance metric to consider when declaring our dividends. Distributable EPS prior to charge-offs of allowance for credit losses is defined as after-tax distributable earnings prior to charge-offs of allowance for credit losses divided by the weighted average diluted shares outstanding during the period. We define distributable earnings as income before taxes adjusted for: (i) net (income) loss attributable to noncontrolling interests in consolidated ventures; (ii) our share of real estate depreciation, amortization and gain adjustments and the inclusion of income distributions from investments in unconsolidated ventures; (iii) the impact of derivative gains and losses related to hedging fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk as of the end of the specified accounting period; (iv) economic gains or losses on loan sales, certain of which may not be recognized under GAAP accounting in consolidation for which risk has substantially transferred during the period, as well as the exclusion of the related GAAP economics in subsequent periods; (v) unrealized gains or losses related to our investments in securities recorded at fair value in current period earnings; (vi) unrealized and realized provision for loan losses and real estate impairment; (vii) non-cash stock-based compensation; and (viii) certain non-recurring transactional items. We exclude the effects of our share of real estate depreciation and amortization. Given GAAP gains and losses on sales of real estate include the effects of previously-recognized real estate depreciation and amortization, our adjustment eliminates the portion of the GAAP gain or loss that is derived from depreciation and amortization. Our derivative instruments do not qualify for hedge accounting under GAAP and, therefore, any net payments under, or fluctuations in the fair value of derivatives are recognized currently in our income statement. The Company utilizes derivative instruments to hedge exposure to interest rate risk associated with fixed rate mortgage loans, fixed rate securities, and/or overall portfolio market risks. Distributable earnings excludes the GAAP results from derivative activity until the associated mortgage loan or security for which the derivative position is hedging is sold or paid off, or the hedge position for overall portfolio market risk is closed, at which point any gain or loss is recognized in distributable earnings in that period. For derivative activity associated with securities or mortgage loans held for investment, any hedging gain or loss is amortized over the expected life of the underlying asset for distributable earnings. We believe that adjusting for these specifically identified gains and losses associated with hedging positions adjusts for timing differences between when we recognize the gains or losses associated with our assets and the gains and losses associated with derivatives used to hedge such assets. We originate conduit loans, which are first mortgage loans on stabilized, income producing commercial real estate properties that we intend to sell into third-party CMBS securitizations. Mortgage loans receivable held for sale are recorded at the lower of cost or market under GAAP. For purposes of distributable earnings, we exclude the impact of unrealized lower of cost or market adjustments on conduit loans held for sale and include the realized gains or losses in distributable earnings in the period when the loan is sold. Our conduit business includes mortgage loans made to third parties and may also include mortgage loans secured by real estate owned in our real estate segment. Such mortgage loans receivable secured by real estate owned in our real estate segment are eliminated in consolidation within our GAAP financial statements until the loans are sold in a third-party securitization. Upon the sale of a loan to a third-party securitization trust (for cash), the related mortgage note payable is recognized on our GAAP financial statements. For purposes of distributable earnings, we include adjustments for economic gains and losses related to the sale of these inter-segment loans for which risk has substantially transferred during the period and exclude the resultant GAAP recognition of amortization of any related premium/discount on such mortgage loans payable recognized in interest expense during the subsequent periods. This adjustment is reflected in distributable earnings when there is a true risk transfer on the mortgage loan sale and settlement. Conversely, if the economic risk was not substantially transferred, no adjustments to net income would be made relating to those transactions for distributable earnings purposes. Management believes recognizing these amounts for distributable earnings purposes in the period of transfer of economic risk is a useful supplemental measure of our performance. We invest in certain securities that are recorded at fair value with changes in fair value recorded in current period earnings. For purposes of distributable earnings, we exclude the impact of unrealized gains and losses associated with these securities and include realized gains and losses in connection with any disposition of securities. Distributable earnings includes declines in fair value deemed to be an impairment for GAAP purposes if the decline is determined to be non-recoverable and the loss to be nearly certain to be eventually realized. In those cases, an impairment is included in distributable earnings for the period in which such determination was made. We include adjustments for unrealized provision for loan losses and real estate impairment. For purposes of distributable earnings, management recognizes realized losses on loans and real estate in the period in which the asset is sold or when the Company determines such amounts are no longer realizable and deemed non-recoverable. Set forth below is an unaudited reconciliation of income (loss) before taxes to distributable earnings, and an unaudited computation of distributable EPS (in thousands, except per share data): After-tax distributable ROAE is presented on an annualized basis and is defined as after-tax distributable earnings divided by the average total shareholders’ equity during the period. Set forth below is an unaudited computation of after-tax distributable ROAE ($ in thousands): Non-GAAP Measures - Limitations Our non-GAAP financial measures have limitations as analytical tools. Some of these limitations are: distributable earnings, distributable EPS, after-tax distributable ROAE and distributable earnings and distributable EPS prior to charge-off of allowance for credit losses do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations and are not necessarily indicative of cash necessary to fund cash needs; distributable EPS, distributable EPS prior to charge-off of allowance for credit losses, and after-tax distributable ROAE are based on a non-GAAP estimate of our effective tax rate, including the impact of Unincorporated Business Tax and the impact of our election to be taxed as a REIT effective January 1, 2015. Our actual tax rate may differ materially from this estimate; and other companies in our industry may calculate non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, our non-GAAP financial measures should not be considered in isolation or as a substitute for net income (loss) attributable to shareholders, earnings per share or book value per share, or any other performance measures calculated in accordance with GAAP. Our non-GAAP financial measures should not be considered an alternative to cash flows from operations as a measure of our liquidity. In addition, distributable earnings should not be considered to be the equivalent to REIT taxable income calculated to determine the minimum amount of dividends the Company is required to distribute to shareholders to maintain REIT status. In order for the Company to maintain its qualification as a REIT under the Internal Revenue Code, we must annually distribute at least 90% of our REIT taxable income. The Company has declared, and intends to continue declaring, regular quarterly distributions to its shareholders in an amount approximating the REIT’s net taxable income. In the future, we may incur gains and losses that are the same as or similar to some of the adjustments in this presentation. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. View source version on businesswire.com: https://www.businesswire.com/news/home/20260722691279/en/ Contacts Investor Contact Ladder Investor Relations(917) [email protected]

Interested in Ladder Capital Corp? Here are five stocks we like better. Ladder Capital reported distributable earnings of $30.8 million, or $0.24 per share, in Q2 2026, while management said the stock still trades at a meaningful discount to book value. The company’s dividend yield was highlighted as above 9%. The firm is continuing to rotate capital into higher-yielding balance sheet loans, with more than $800 million of new investments in the quarter and $1.2 billion of loans originated year to date. Management said the loan portfolio grew 75% over the past 12 months and expects net portfolio growth to continue through year-end. Ladder ended the quarter with $1.1 billion of liquidity and repurchased $8 million of stock at a 25% discount to book value, with $92 million still available under its buyback authorization. Book value per share was $13.44, and management said it remains focused on buybacks, balance-sheet strength and narrowing the valuation gap. Ladder Corporation: Climbing Higher And Paying 9% Yield Ladder Capital (NYSE:LADR) reported higher earnings and active capital deployment in the second quarter of 2026, with management emphasizing a continued shift toward higher-yielding balance sheet loans, steady book value and opportunistic share repurchases while its stock trades below book value. President Pamela McCormack said Ladder generated distributable earnings of $30.8 million, or $0.24 per share, in the quarter ended June 30, with adjusted leverage of 2.3 times. She said the company’s business model is “performing well,” but that its stock continues to trade at a “meaningful discount to book value.” → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? McCormack said management sees three primary ways to narrow that discount over time: rotating capital into higher-yielding loans, generating gains across its securities, real estate and conduit lending businesses, and repurchasing shares when they trade below book value. She also noted that the company’s dividend yield was above 9%. Ladder originated $1.2 billion of new loans year to date, and McCormack said the loan portfolio has grown 75% over the trailing 12 months. Balance sheet loans now represent approximately 50% of total assets, a share management expects to continue rising. → 3 Photonics Companies Making Quantum Tech Possible McCormack said 85% of Ladder’s loan portfolio was originated in the past two years at conservative loan-to-values on “reset bases,” which she described as recently underwritten loans rather than a legacy portfolio carried at peak-cycle values. In the second quarter, Ladder made more than $800 million of new investments, including more than $550 million of new loans at a weighted average yield of 7.2% and $333 million of AAA-rated investment-grade securities at a weighted average yield of 5.15%. McCormack said the investments are predominantly floating rate, while the company’s liability structure is largely fixed rate, positioning earnings to benefit if rates rise. → AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off “Every dollar we rotate from securities yielding approximately five percent into floating rate first mortgages yielding over seven percent picks up about 200 basis points of income on that capital,” McCormack said. Second-quarter loan originations included a $268 million loan tied to the acquisition of a Class A office and retail building in Midtown Manhattan, along with a $10 million, or 6%, equity co-investment in the property. McCormack said the loan was made at a 62% loan-to-cost on a reset basis to a repeat borrower. Management said origination momentum has continued into the third quarter, with approximately $500 million of new loans under application and in closing. McCormack said payoffs are expected to remain light through year-end, supporting net portfolio growth in the second half of 2026. Chief Financial Officer Paul Miceli said Ladder ended the quarter with $1.1 billion of liquidity, including same-day capacity under its unsecured revolver and cash. Unsecured debt represented 67% of total debt, and the company’s unencumbered asset pool represented 73% of total assets. Miceli said Ladder fully drew the $275 million unsecured term loan it closed in the first quarter, priced at 140 basis points over SOFR. He also highlighted the company’s $1.25 billion unsecured corporate revolver, which provides funding flexibility at SOFR plus 125 basis points. Subsequent to quarter-end, S&P revised its outlook on Ladder to positive, following an upgrade to BB+ in January. Miceli said an upgrade to investment grade from S&P would align that rating with Moody’s and Fitch, where Ladder is already investment grade. Ladder’s book value per share was $13.44 as of June 30, net of a $0.37 per share CECL reserve. The company repurchased $8 million of common stock in the quarter, or 800,000 shares, at a weighted average price of $10.03 per share, which Miceli said represented a 25% discount to book value. Year to date, Ladder has repurchased $21 million of common stock, or 2.1 million shares, at a weighted average price of $10.10. As of June 30, $92 million remained under its repurchase authorization. The company declared a $0.23 per share dividend in the second quarter, paid July 15. McCormack said Ladder’s “multi-cylinder” strategy continued to contribute to earnings through gains from securities, real estate and conduit lending, though she cautioned that such gains can be uneven by quarter. During the quarter, Ladder generated approximately $4.1 million of gains across its three segments: $1.8 million from securities sales, $1.7 million from real estate equity and $600,000 from the conduit business. The company’s securities portfolio totaled $1.9 billion at quarter-end, representing 33% of total assets. Miceli said 99% of the portfolio was investment grade and 96% was AAA-rated, with a weighted average duration of about three years. Approximately $925 million of the securities portfolio was unencumbered. Ladder’s $1 billion real estate portfolio generated $18 million of net operating income in the second quarter. McCormack also cited a $13 million distribution from a cash-out refinancing of a Manhattan office joint venture equity investment made in 2024, which produced a $1.7 million gain to distributable earnings. She said occupancy at that property increased to 94% from the time of acquisition, with net operating income rising more than 200%. On credit, Miceli said Ladder added one loan to non-accrual status in the quarter, secured by an office asset in Minneapolis with a carrying value of $13.4 million. He said the company anticipates resolving the loan by the fourth quarter. Ladder’s CECL reserve remained steady at $47 million, or $0.37 per share. Miceli said the company resolved one loan through foreclosure during the quarter: an $8 million loan secured by an office property in Birmingham, Alabama, which Ladder now owns at $30 per square foot. He said Ladder plans to stabilize the asset and maximize value for a potential future sale. Chief Executive Brian Harris said Ladder’s loan portfolio is growing as planned, funded by unsecured liabilities and the sale or paydowns of unencumbered securities. He said the company expects the rotation into higher-yielding first mortgage loans to continue through year-end. Harris also said Ladder expects to issue additional unsecured corporate debt within the next six months, when market conditions are attractive, to refinance its 4.25% bonds maturing in early 2027. He added that the company does not need to issue debt immediately because of its undrawn corporate revolver. Addressing office exposure, Harris said Ladder appears likely to receive a full return of capital on the five largest office exposures it identified in late 2022, though he noted there are no guarantees. He said the company has “fared better than most” through the difficult period for office real estate, contributing to lower charge-offs and relatively stable book value. During the question-and-answer session, Harris said Ladder typically sells securities that are near payoff first when raising cash for new loans, and that AAA floating-rate securities provide rapid liquidity, with cash generally available 24 hours after sale. Asked about origination levels, Harris said Ladder is set up to originate roughly $400 million to $500 million per quarter, though management is comfortable with results above or below that range depending on opportunities. McCormack later said investors could model roughly $400 million to $500 million of quarterly originations at about a 300-basis-point spread, subject to asset mix and closing timing. Harris said higher rates can deter some borrowers but may initially push borrowers under application to close quickly. He said Ladder has become more selective and firmer on pricing and credit conditions as its inventory has grown. On multifamily, Harris said rent growth remains muted and that some Sun Belt markets, including Austin, have experienced oversupply. He said Ladder continues to favor newer properties with lower leverage and sponsors that have demonstrated resilience through recent market stress. Harris closed the call by saying management is turning more attention to the company’s stock price and investor base after strengthening the liability side of the balance sheet. He said Ladder aims to reach investors who typically buy lower-yielding investment-grade property REITs, regional banks, Treasury bills or money market funds, highlighting Ladder’s investment-grade profile and dividend yield. Ladder Capital Corp (NYSE: LADR) is a publicly traded commercial real estate finance company structured as a real estate investment trust. The firm specializes in originating, acquiring and managing a diversified portfolio of commercial mortgage loans, subordinate financings such as mezzanine loans and B-notes, and equity investments. In addition to direct lending activities, Ladder Capital invests in and manages commercial mortgage‐backed securities (CMBS) and commercial real estate collateralized loan obligations (CRE CLOs), providing financing across a range of property types including office, retail, multifamily, industrial and hospitality assets. Since its inception in 2008, Ladder Capital has developed a platform that supports both balance-sheet lending and structured securitization. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Ladder Capital Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

NEW YORK, July 16, 2026--(BUSINESS WIRE)--Ladder Capital Corp (NYSE: LADR) ("we," "Ladder," or the "Company") will release its second quarter 2026 results on Thursday, July 23, 2026 before the open of markets that day. The Company will host a conference call and webcast for investors at 10:00 a.m. Eastern Time that day to discuss the financial results. The conference call can be accessed by dialing (877) 407-4018 domestic or (201) 689-8471 international. Individuals who dial in will be asked to identify themselves and their affiliations. For those unable to participate, an audio replay will be available until midnight on Thursday, August 6, 2026. To access the replay, please call (844) 512-2921 domestic or (412) 317-6671 international, access code 13761395. The conference call will also be webcast through a link on Ladder’s Investor Relations website at ir.laddercapital.com/event. A web-based archive of the conference call will be available at the above website. About Ladder Ladder Capital Corp (NYSE: LADR) is an internally managed commercial mortgage REIT and the only commercial mortgage REIT rated investment grade. Since its founding in 2008, Ladder has deployed more than $51 billion of capital, serving both institutional and middle-market clients nationwide. Ladder's primary business is originating first mortgage loans on all major commercial property types, with a focus on the middle market. Its multi-cylinder business model also includes owning and operating predominantly net leased, income-producing real estate and investing in investment grade commercial real estate securities. Ladder's investment objective is to preserve and protect shareholder capital while generating attractive risk-adjusted returns — a discipline reinforced by over 12% insider ownership, with management and the board of directors together constituting Ladder's largest shareholder. Ladder maintains investment grade credit ratings of Baa3 from Moody's Ratings and BBB- from Fitch Ratings, and is rated BB+ by S&P Global Ratings. Moody's and Fitch assign Ladder a stable outlook, while S&P assigns a positive outlook. Credit ratings and outlooks are current as of the date of this press release. All other data is as of March 31, 2026. View source version on businesswire.com: https://www.businesswire.com/news/home/20260714759026/en/ Contacts Investor ContactLadder Investor Relations(917) [email protected]