Q1 2026 Ladder Capital Corp Earnings Call Transcript
Key Points
- Ladder Capital Corp (LADR) reported strong first-quarter results with distributable earnings of $28 million or $0.22 per share.
- The company has grown its loan portfolio by nearly 60% since March 31, 2025, with balance sheet loans now accounting for 46% of total assets.
- Ladder Capital Corp (LADR) deployed approximately $900 million in new investments during the first quarter, including over $620 million in new loans.
- The company maintains a robust liquidity position with over $1 billion in undrawn capacity and secured $675 million in new unsecured capital commitments.
- Ladder Capital Corp (LADR) received an upgrade to its credit rating by S&P to BB+, just one notch below investment grade ratings from Moody's and Fitch.
- The macroeconomic environment remains volatile, with geopolitical uncertainties impacting market conditions.
- The refinance market is described as 'messy,' with a lot of over-leveraged inventory, particularly from loans originated in 2021 and 2022.
- The office sector presents both opportunities and risks, with some properties requiring significant capital to attract tenants.
- The conduit market faces headwinds due to a lack of a steep yield curve and a predominance of refinance deals from 2021 and 2022.
- Despite strong origination activity, the company acknowledges that the competitive landscape includes banks returning to the market, particularly for smaller loans.
Good morning, and welcome to Ladder Capital Corp's earnings call for the first quarter of 2026. As a reminder, today's call is being recorded. This morning, Ladder released its financial results for the quarter ended March 31, 2026. Before the call begins, I'd like to call your attention to the customary safe harbor disclosure in our earnings release regarding forward-looking statements. Today's call may include forward-looking statements and projections, and we refer you to our most recent Form 10-K for important factors that could cause actual results to differ materially from these statements and projections.
We do not undertake any obligation to update our forward-looking statements or projections unless required by law. In addition, Ladder will discuss certain non-GAAP financial measures on this call, which management believes are relevant to assessing the company's financial performance.
The company's presentation of this information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with GAAP. These measures are
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