The $65.6M office asset sale is non-recurring, but the underlying loan portfolio growth ($2.95B vs $2.22B) and stable dividend suggest improving core earnings power. Monitor Q4 for loan growth sustainability and credit loss trends — the $3.5M charge-off this quarter bears watching.
Price Chart
Executive Summary
Ladder Capital Corp reported Q3 2026 distributable EPS of $0.35, a 40% beat vs consensus of $0.25, driven by a $65.6M gain on sale of a net lease office asset and strong loan portfolio growth. GAAP net income surged to $65.9M from $14.6M in Q2, while distributable earnings grew 45% sequentially to $44.7M. The after-tax distributable ROAE improved to 12.1% from 8.3% in Q2, reflecting the asset sale gain and core earnings growth.
Key Financial Metrics
Key Facts
- Distributable EPS of $0.35 beat consensus of $0.25 by 40%
- GAAP net income attributable to common shareholders was $65.9M, up from $14.6M in Q2 2026
- Distributable earnings rose to $44.7M from $30.8M in Q2 2026
- After-tax distributable ROAE improved to 12.1% from 8.3% in Q2 2026
- Realized a $65.6M gain on sale of a net lease office asset in Jacksonville, FL
- Mortgage loan receivables held for investment grew to $2.95B from $2.22B at year-end 2025
- Dividend maintained at $0.23 per share, consistent with prior quarter
- Book value per share stable; total shareholders' equity was $1.46B vs $1.48B at year-end 2025
Financial Impact
Distributable EPS beat consensus by $0.10 (40%), driven by a $65.6M real estate gain and core earnings growth. After-tax distributable ROAE expanded 380 bps sequentially to 12.1%.
Risk Factors
- The $65.6M real estate gain is non-recurring and inflates reported GAAP earnings
- A $3.5M charge-off of allowance for credit losses was recorded in Q3, indicating credit stress in the loan book
- Fee and other income swung to a loss of $5.5M from a gain of $3.6M in Q2, suggesting volatility in non-core revenue
- Interest expense rose to $51.6M from $50.0M in Q2, reflecting higher debt levels ($4.35B vs $4.00B at Q2 end)
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001577670-26-000050 |
| Document: ladr-20261016.htm | 0001577670-26-000050 |
| Document: 0001577670-26-000050-index-headers.html | 0001577670-26-000050 |
| Document: 0001577670-26-000050-index.html | 0001577670-26-000050 |
| Document: 0001577670-26-000050.txt | 0001577670-26-000050 |
| 8-K Data (Synthetic) | 0001577670-26-000050 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 11d ago | 8-K | $9.11 $9.31 | ▲ +2.20% | ▲ +2.10% | $9.29 (+1.98%) |
Jul 23, 2026 13w ago | 8-K | $9.54 $9.70 | ▲ +1.68% | ▲ +1.20% | $9.29 (−2.62%) |
Jun 2, 2026 21w ago | 144 | $10.00 $10.31 | ▲ +3.10% | ▲ +6.92% | $9.29 (−7.10%) |
May 29, 2026 21w ago | 144 | $10.22 $10.00 | ▼ −2.15% | ▼ −1.86% | $9.29 (−9.10%) |
Apr 23, 2026 26w ago | 8-K | $10.45 $10.25 | ▲ +1.91% | ▲ +3.39% | $9.29 (+11.10%) |
US Market Status
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