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Ladder Capital Corp operates as an internally-managed real estate investment trust in the United States. It operates through three segments: Loans, Securities, and Real Estate. The Loans segment originates and acquires balance sheet loans that provide interim financing to borrowers seeking short-term capital for the acquisition or transition of commercial real estate; originates conduit loans, which are first mortgage loans on commercial real estate properties for sale in commercial mortgage-backed securities securitizations; and invests in note purchase financings, subordinated debt, mezzanine debt, and other structured finance products related to commercial real estate. Its Securities segment invests in CMBS, U.S. Agency securities, corporate bonds, equity securities, and U.S. Treasury securities that are not classified as cash and cash equivalents. The Real Estate segment engages in net leased properties, other diversified real estate, and investments in unconsolidated ventures. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Ladder Capital Corp was founded in 2008 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $213M | - | $64M | $87M | 4.3% | -23.3% | -40.7% |
| 2024 | $277M | - | $108M | $134M | 7.1% | 3.2% | 7.1% |
| 2023 | $269M | - | $101M | $181M | 6.6% | -20.8% | -28.9% |
| 2022 | $340M | - | $142M | $107M | 9.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 339.66 | 268.99 | 277.48 | 212.93 |
| Pretax Income | 170.21 | 104.75 | 110.89 | 67.19 |
| Tax Provision | 4.91 | 4.24 | 3.45 | 3.49 |
| Net Income | 142.22 | 101.12 | 108.25 | 64.18 |
| Net Income Common Stockholders | 142.22 | 101.12 | 108.25 | 64.18 |
| Interest Expense | 195.60 | 245.10 | 221.54 | 174.92 |
| Interest Income | 293.52 | 407.28 | 358.62 | 266.89 |
| Selling General And Administration | 75.84 | 63.62 | 60.67 | 52.73 |
| Normalized Income | 28.91 | 82.39 | 83.54 | 60.43 |
| Basic EPS | 1.14 | 0.81 | 0.86 | 0.51 |
| Diluted EPS | 1.13 | 0.81 | 0.86 | 0.51 |
| Tax Effect Of Unusual Items | 3.37 | 0.79 | 0.75 | 0.21 |
| Tax Rate For Calcs | 0.03 | 0.04 | 0.03 | 0.05 |
| Total Unusual Items | 116.68 | 19.53 | 25.46 | 3.96 |
| Total Unusual Items Excluding Goodwill | 116.68 | 19.53 | 25.46 | 3.96 |
| Net Income From Continuing Operation Net Minority Interest | 142.22 | 101.12 | 108.25 | 64.18 |
| Reconciled Depreciation | 30.91 | 28.12 | 30.63 | 30.70 |
| Net Interest Income | 97.92 | 162.19 | 137.09 | 91.98 |
| Net Income From Continuing And Discontinued Operation | 142.22 | 101.12 | 108.25 | 64.18 |
| Diluted Average Shares | 125.82 | 124.88 | 125.79 | 126.19 |
| Basic Average Shares | 124.30 | 124.67 | 125.58 | 125.48 |
| Diluted NI Availto Com Stockholders | 142.22 | 101.12 | 108.25 | 64.18 |
| Minority Interests | -23.09 | 0.62 | 0.81 | 0.49 |
| Net Income Including Noncontrolling Interests | 165.31 | 100.50 | 107.45 | 63.70 |
| Net Income Continuous Operations | 165.31 | 100.50 | 107.45 | 63.70 |
| Special Income Charges | 0.69 | 10.72 | 0.19 | 0.15 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | 12.36 | 1.48 | 5.42 | 1.83 |
| Depreciation Amortization Depletion Income Statement | 32.67 | 29.91 | 32.33 | 32 |
| Depreciation And Amortization In Income Statement | 32.67 | 29.91 | 32.33 | 32 |
| General And Administrative Expense | 75.84 | 63.62 | 60.67 | 52.73 |
| Salaries And Wages | 75.84 | 63.62 | 60.67 | 52.73 |
| Operating Revenue | 339.66 | 268.99 | 277.48 | 212.93 |
| Other Non Interest Expense | 59.32 | 57.09 | 59.76 | 59.90 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ladder Capital Corpthis co. | LADR | $1.3B | 23.30↑ premium | 0.90 | 4.3% | - |
| Orchid Island Capital, Inc. | ORC | $1.4B | 7.40 | 0.93 | 11.6% | - |
| Forestar Group Inc. | FOR | $1.4B | 8.40 | 0.78 | 9.5% | 5.62 |
| CBL & Associates Properties, Inc. | CBL | $1.4B | 10.36 | 3.64 | 37.3% | 10.99 |
| UMH Properties, Inc. | UMH | $1.3B |
| 220.29 |
| 2.25 |
| 2.9% |
| 20.23 |
| Alexander's, Inc. | ALX | $1.3B | 45.47 | 11.70 | 25.9% | 19.95 |
| RLJ Lodging Trust | RLJ | $1.3B | 827.00 | 0.68 | 1.3% | 11.11 |
| Saul Centers, Inc. | BFS | $1.2B | 22.55 | 6.89 | 30.5% | 13.88 |
| Franklin BSP Realty Trust, Inc. | FBRT | $1.2B | 8.55 | 0.59 | 7.0% | 50.59 |
| Peer Median | - | 16.46 | 1.59 | 10.5% | 13.88 | |