Commercial real estate lender Ladder Capital (NYSE: LADR) will be reporting earnings this Thursday before the bell. Here’s what to look for.

Ladder Capital met analysts’ revenue expectations last quarter, reporting revenues of $56.3 million, down 21.4% year on year. It was a softer quarter for the company, with a significant miss of analysts’ tangible book value per share estimates and a significant miss of analysts’ net interest income estimates.

Is Ladder Capital a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, analysts are expecting Ladder Capital’s revenue to decline 14.8% year on year to $57.88 million, a further deceleration from the 6.1% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.23 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Ladder Capital has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Ladder Capital’s peers in the thrifts & mortgage finance segment, some have already reported their Q3 results, giving us a hint as to what we can expect. PennyMac Financial Services delivered year-on-year revenue growth of 10.6%, beating analysts’ expectations by 9.9%, and Columbia Financial reported revenues up 29.4%, topping estimates by 15.5%. Columbia Financial traded up 7.2% following the results.

Read our full analysis of PennyMac Financial Services’s results here and Columbia Financial’s results here.

The euphoria surrounding Trump’s November win lit a fire under major indices, but potential tariffs have caused the market to do a 180 in 2025. While some of the thrifts & mortgage finance stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 4.7% on average over the last month. Ladder Capital is down 3.3% during the same time and is heading into earnings with an average analyst price target of $12.60 (compared to the current share price of $10.90).

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