NEW YORK (AP) _ Ladder Capital Corp. (LADR) on Thursday reported third-quarter earnings of $27.6 million.
On a per-share basis, the New York-based company said it had profit of 26 cents. Earnings, adjusted for non-recurring costs and stock option expense, were 38 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The commercial real estate mortgage origination and finance company posted revenue of $120.4 million in the period. Its adjusted revenue was $69 million, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $74.7 million.
Ladder Capital shares have risen almost 10% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $17, a drop of roughly 3% in the last 12 months.