Ladder Capital Corp (LADR) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Ladder Capital Corp's earnings call for the second quarter of 2025. As a reminder, today's call is being recorded. This morning, Ladder released its financial results for the quarter ended June 30, 2025. Before the call begins, I'd like to call your attention to the customary safe harbor disclosure in our earnings release regarding forward-looking statements. Today's call may include forward-looking statements and projections. and we refer you to our most recent Form 10-K for important factors that could cause actual results to differ materially from these statements and projections. We do not undertake any obligation to update our forward-looking statements or projections unless required by law. In addition, Ladder will discuss certain non-GAAP financial measures on this call, which management believes are relevant to assessing the company's financial performance. The company's presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. These measures are reconciled to GAAP figures in our earnings supplement presentation, which is available in the investor relations section of our website. We also refer you to our Form 10-K and earnings supplement presentation for definitions of certain metrics, which we may cite on today's call. At this time, I'd like to turn the call over to Ladder's President, Pamela McCormack. Good morning. During the second quarter, Ladder generated distributable earnings of $30.9 million, or 23 cents per share, generating a return on equity of 7.7%, with modest adjusted leverage of just 1.6 times as of quarter end. The second quarter of 2025 marked a significant milestone for Ladder, as we achieved our longstanding...