Ladder Capital (LADR) reported Q1 distributable earnings Thursday of $0.20 per diluted share, down from $0.33 a year earlier.

That result matched the average estimate of analysts polled by FactSet.

Revenue for the quarter ended March 31, expressed as the sum of net interest income and total other income, was $51.2 million, down from $69 million a year earlier.

Three analysts surveyed by FactSet expected $58.3 million.