Ladder Capital Corp reported GAAP income before taxes of $15.5 million for Q4 2025, translating to $0.13 of diluted EPS. Distributable earnings—a key non-GAAP measure—totaled $21.4 million or $0.17 per share, while distributable EPS before allowance for credit losses reached $0.21. Net interest income was $22.3 million after a $0.003 million release of loan loss reserves, and other income contributed $28.1 million, driven by $25.1 million in real estate operating income and $16,000 in net gains on mortgage loans held for sale. Total costs and expenses were $35.0 million, including $10.9 million in employee compensation and $8.4 million in depreciation and amortization.

For the year ended December 31, 2025, Ladder recorded GAAP income before taxes of $67.2 million ($0.51 diluted EPS) and distributable earnings of $109.9 million ($0.84 distributable EPS). The company successfully secured investment-grade credit ratings—Baa3 from Moody’s and BBB- from Fitch, both with stable outlooks—enabling access to the unsecured corporate bond market and a reduction in cost of capital. Loan originations gained momentum, supporting management’s guidance for earnings growth in 2026.

As of December 31, 2025, total assets reached $5.15 billion, up from $4.85 billion a year earlier. Mortgage loan receivables held for investment increased to $2.22 billion (net of $47.1 million allowance for credit losses), while securities holdings rose to $2.09 billion. Cash and restricted cash totaled $52.8 million. On the liability side, net debt obligations stood at $3.51 billion. Shareholders’ equity was $1.48 billion, supported by additional paid-in capital of $1.79 billion and insider ownership exceeding 11%, underscoring strong alignment with shareholder interests.