Commercial real estate lender Ladder Capital's Q3 pretax profit surges q-o-q

Overview

• US commercial real estate lender's Q3 pretax profit reached $67.3 mln vs $16.3 mln in Q2; Q3 EPS was $0.53

• Distributable EPS for Q3 was $0.35

• Company made over $700 mln in new loan and securities investments, realized gain on asset sale

Outlook

• Company did not provide specific financial guidance for the current or future periods in the press release

Result Drivers

• NEW INVESTMENTS - Co said it made over $700 mln in new loan and securities investments during the qtr

• ASSET SALE - Co realized a gain on sale of a net lease office asset in Jacksonville, FL

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the specialized reits peer group is "buy"

• Wall Street's median 12-month price target for Ladder Capital Corp is $11.50, about 30.4% above its October 15 closing price of $8.82

• The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads

• Oct 14 - US banks post solid third-quarter loan growth, but face more competition for deposits

• Oct 15 - US regional lender First Horizon to offload $4.5 billion of consumer mortgages

• Oct 15 - Private credit faces deployment squeeze as fundraising hits record

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)