Ladder Capital EPS Falls 78% to $0.02 in Q1 2026 as Expenses Rise

Ladder Capital Corp (NYSE: LADR), a commercial real estate finance company, reported diluted earnings per share of $0.02 for the three months ending March 31, 2026, a 78% decline from $0.09 in the first quarter of 2025. Read more earnings reports.

Interest and dividend income climbed 15% to $74.2 million for the quarter from $64.3 million in the prior-year period. Labor and related expenses rose 19% to $22.3 million from $18.8 million, while operating expenses increased to $5.1 million from $4.5 million.

The company reported an income tax expense of $566,000 for the quarter compared to a tax benefit of $838,000 in the first quarter of 2025.

Total assets grew 9% to $5.61 billion as of March 31, 2026, up from $5.15 billion at the end of 2025. Total liabilities expanded to $4.16 billion from $3.67 billion over the same period. Stockholders' equity declined to $1.45 billion from $1.48 billion at year-end 2025.

Cash and cash equivalents stood at $33.1 million as of March 31, 2026, down from $38.0 million at December 31, 2025. Combined cash and restricted cash totaled $51.6 million at quarter-end.

The company recorded negative operating cash flow of $8.0 million for the quarter compared to negative $28.7 million in the first quarter of 2025. Cash used in investing activities totaled $450.9 million, while financing activities generated $457.6 million.

Retained deficit widened to $286.8 million as of March 31, 2026, from $260.1 million at the end of 2025. Common shares outstanding increased to 127.7 million from 127.2 million.

Depreciation and amortization expense rose to $8.9 million for the quarter from $7.3 million in the prior-year period.