Ladder Capital ( NYSE: LADR ) turned in better-than-expected earnings for Q4 as the commercial REIT's net interest income jumped about 29% during the quarter against a backdrop of rising interest rates.
"We are well positioned to capitalize on the opportunities we expect to see in 2023 with significant liquidity, low leverage, an attractive overall cost of capital, and no material near-term debt maturities,” said CEO Brian Harris.
Q4 distributable EPS of $0.31, surpassing the $0.29 average analyst estimate, advanced from $0.27 in the year-ago quarter.
Net interest income was $37.3M for the three months ended Dec. 31, 2022, up from $28.89M for the three months ended Sept. 30, 2022.
Provision for loan loss reserves rose to $2.34M from $1.50M in the prior quarter.
Real estate operating income came in at $25.59M compared with $27.68M in Q3.
Total costs and expenses of $41.75M increased from $38.57M in Q3.
LADR slumped 1.8% in after-hours trading.
Conference call at 5:00 p.m. ET.
Earlier, Ladder Capital Non-GAAP EPS of $0.31 beats by $0.02, revenue of $119.44M.
For further details see:
Ladder Capital Q4 earnings top consensus as NII climbs from Q3