Oct 16, 2026 earnings call — Loan and securities growth; Jacksonville sale
Generated distributable earnings of $44.7 million this quarter.
Revenue $0.1B (est $0.1B) · EPS $0.35 (est $0.33)
Key quotes
"We made $703 million of new investments, including $481 million of predominantly AAA-rated securities at attractive yields and seven new balance sheet loans totaling $222 million."
"In the third quarter, we repurchased $8.2 million of common stock, or 871,000 shares, at a weighted average share price of $9.38."
"Over 50% of our debt is fixed rate, so as our floating rate assets reset higher, our income rises while the cost of that debt stays the same."
Analyst Q&A 4
Carmel property and buyback plans
Q (Timothy D'Agostino · B. Riley): Asked for details on the Carmel, New York retail property. Then asked how the company plans capital allocation to year-end — buybacks, loan originations, buying or selling securities, and what limits buybacks.
A: They said the Carmel asset was foreclosed a few years ago and is under contract for sale with a likely slight loss of about $600,000 taken this quarter. Management explained they moved into securities because loan originations slowed, prefer making loans when opportunities exist, and said they will continue stock buybacks as long as the stock stays near its current level but must consider bond holders and limits.
"The buyback side of things, as long as the stock stays about where it is, we'll keep buying it back, I think." — Brian Harris
Vintage loans, multifamily stress, M&A interest
Q (Jade Rahmani · KBW): Asked what dollar amount or percentage of the loan book is 2021–2022 vintage and what share of that is multifamily. Also asked whether they expect stress in the multifamily book and if they will pursue special situations or M&A.
A: They did not have the 2021–2022 vintage split on hand and said they will get that number back to the analyst. They said they do not expect much stress in Ladder's multifamily book because they avoided most 2021–2022 originations, and Pamela said 99% of Ladder's multifamily loans were originated after late 2024; Brian added they would consider M&A and other special situations but would not pursue hostile deals.
"99% of our multifamily loans were originated after late 2024." — Pamela McCormack (PRESIDENT)
Loan competition and CECL reserves
Q (Chris Muller · Citizens): Asked how competitive the lending market is and how attractive returns are on new loans, and whether higher rates should lead to higher CECL reserves.
A: They said credit spreads have widened but the market remains competitive, so they often prefer buying AAA securities rather than creating CLOs, and they are selective on spreads. On CECL, they said credit looks stable, but "if you double the size of your loan book, you should probably add something to CECL, and we probably will," and they believe their CECL reserve is adequate for current risks.
"Intuitively, if you double the size of your loan book, you should probably add something to CECL, and we probably will." — Brian Harris
Real estate monetization and legacy loans
Q (John Nickodemus · U.S. Bancorp BTIG): Asked if the office equity monetization changes appetite to monetize more CRE or expand that business, and asked how the pre-2024 loan balance might trend in coming quarters.
A: They said they have been adding real estate equity, will consider selective acquisitions (not a blanket push), and like certain markets such as New York, San Francisco, and Miami. On legacy loans, Brian said there are over $100 million of loans coming due that they expect may pay off before year-end, and Pamela said the legacy book is about $250 million with an average loan size of $25 million and that CECL reserves are healthy relative to that book.
"I can say our legacy book is pretty small. It's like $250 million with an average loan size of $25 million." — Pamela McCormack (PRESIDENT)