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Ladder Capital Corp

LADR Real Estate Reit Mortgage

Ladder Capital Corp’s revenue for fiscal 2025 (year ended December 2025) was $92.0 million, down 32.9% from fiscal 2024.

Revenue
−15.6%
EPS
+253.9%
Free cash flow
+579.7%
Total debt
+45.0%

Quarter to September 2026, against a year earlier

9.05 0.10 −1.09%
Market cap
$1.2B
P/E
11.4×
Fwd P/E
12.9×
Dividend yield
10.1%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.05
Sold, $m 0.36
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — — — — 1 — — — — — —
Insider Ownership 11.37%

Capital & Financial Ratios $m

Size
Market Cap 1,150.00
Revenue ttm 90.39
Net income ttm 98.91
Free cash flow ttm 244.82
Net debt Q 4,283.23
Valuation
P/E 11.39
Forward P/E 12.90
Price / sales 12.52 (above 10: high)
Forward P/S Powerpack
Price / FCF 4.65
Price / book 0.77
Financial health
Current ratio Q 49.89
Debt / equity Q 2.98
Interest coverage Q 2.70
Growth
Revenue growth Q −15.61% (below 0%: shrinking)
Operating income growth Q −35.95% (below 0%: shrinking)
EPS, this year +24.49% (at or above 15%: strong)
EPS, next year A +2.46%
Revenue, next year A +228.78% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +11.36%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 59.9×, against a ten-year median of 42.9×; over the ten years it ranged from −742× in 2021 to 591× in 2022.
P/E against its own 10 years 35.71%
10-year low 10-year high
P/S against its own 10 years 67.42%
10-year low 10-year high
P/B against its own 10 years 27.94%
10-year low 10-year high
EV/Sales against its own 10 years 84.32%
10-year low 10-year high
EV/FCF against its own 10 years 57.99%
10-year low 10-year high

Dividends

Yield
10.1%
Annual rate
0.92
Payout ratio
115.4%
Growth, 2017–25
−3.42%/yr
  1. 1.22 ’17
  2. 0.97 ’18 −21
  3. 1.36 ’19 +41
  4. 0.94 ’20 −31
  5. 0.80 ’21 −15
  6. 0.88 ’22 +10
  7. 0.92 ’23 +5
  8. 0.92 ’24 +0
  9. 0.92 ’25 +0
  10. 0.92 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,031 1,336 53 63
Receivables 24 13 16 20
Inventory — — — —
Other — — — —
4,194 2,915 2,267 3,018
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
65 75 76 60

Compound Annual Growth %

10y 5y 3y
Sales (3.27%) 49.36% (2.06%)
Cash Flow 0.00% (4.91%) (6.57%)
Earnings (1.39%) 0.00% (23.30%)
Book Value (0.07%) (0.88%) (1.15%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.24 Actual 0.38

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.23 0.21 Miss by 0.02
Q1 FY26 0.22 0.22 Met by 0.00
Q2 FY26 0.24 0.24 Met by 0.00
Q3 FY26 0.24 0.38 Beat by 0.14
Q4 FY26 0.25 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.02 0.12 0.53 — —
’25 0.09 0.14 0.15 0.13 0.51
’24 0.13 0.26 0.22 0.25 0.86
’23 0.18 0.23 0.25 0.15 0.81
’22 0.15 0.28 0.23 0.48 1.13
’21 0.00 0.08 0.15 0.22 0.45
’20 (0.15) (0.04) 0.14 (0.10) (0.13)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 23 23 29 — —
’25 20 22 34 16 92
’24 37 34 38 27 137
’23 43 40 39 40 162
’22 9 23 29 37 98
’21 (7) (8) (3) 11 (7)
’20 21 (6) (2) (1) 12
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (8) 39 11 — —
’25 (29) 44 26 45 87
’24 (20) 45 169 (60) 134
’23 111 (67) 78 58 181
’22 (30) 44 38 54 107
’21 (44) 34 36 54 80
’20 (41) 85 45 24 112
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (9) 39 175 — —
’25 (17) 43 26 39 92
’24 (22) 92 176 (17) 229
’23 111 (68) 90 57 189
’22 49 125 (123) 358 409
’21 (1) 228 141 (122) 245
’20 (37) 84 95 24 165
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 116 118 151 126 12 (7) 98 162 137 92 90 (2.5%) 302 287 — +76.5%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 120 134 228 140 (19) 58 170 105 111 67 102 (6.2%)
EBT margin, % 103.89 113.65 151.68 110.93 (155.53) (844.10) 173.83 64.58 80.89 73.05 113.22 (30.8) pt
Net income 114 126 222 137 (9) 57 165 101 107 64 99 (6.2%)
Per share, $
Per share, $ Revenue 1.86 1.44 1.55 1.19 0.11 (0.06) 0.79 1.30 1.09 0.73 0.73 (9.8%)
Earnings 1.08 1.16 1.85 1.16 (0.13) 0.46 1.14 0.81 0.86 0.51 0.80 (8.0%)
Cash flow 5.46 0.15 2.06 1.74 1.00 0.64 0.86 1.45 1.07 0.69 0.71 (20.5%)
Capex 0.00 (2.60) 0.27 (15.56) 0.47 1.34 2.43 0.07 0.75 0.04 1.27 n/m
Free cash flow 5.45 (2.46) 2.33 (13.83) 1.47 1.98 3.29 1.52 1.82 0.73 1.97 (20.0%)
Book value 24.35 18.17 16.91 15.54 13.77 12.23 12.34 12.29 12.21 11.81 11.77 (7.7%)
Shares, m 62 82 97 105 112 124 124 125 126 125 125 +8.1%
Valuation, ×
Valuation, × P/E 13.69 13.65 8.32 15.55 0.00 26.64 8.96 14.04 13.01 21.55 11.39 13.5
P/S 7.57 9.41 9.99 15.11 88.84 0.00 12.97 8.74 10.25 14.99 12.52 17.8
P/B 0.58 0.74 0.92 1.16 0.71 0.98 0.83 0.93 0.92 0.93 0.77 0.9
EV/Sales 40.91 45.12 38.92 50.89 325.25 (741.91) 49.60 25.71 23.38 52.59 59.91 (9.0)
EV/FCF 13.98 (26.34) 25.89 (4.39) 24.35 20.73 11.87 22.04 14.03 53.41 22.23 15.6
Cash, $m
Cash, $m Operating cash flow 338 12 200 183 112 80 107 181 134 87 88 (14.0%)
Capex 0 (213) 26 (1,641) 53 165 302 9 95 5 157 n/m
Free cash flow 338 (201) 226 (1,458) 165 245 409 189 229 92 245 (13.5%)
Balance, $m
Balance, $m Working capital 2,401 3,658 3,526 3,663 3,600 4,117 4,509 4,129 2,840 2,191 2,958 (1.0%)
Net debt 3,853 4,197 4,354 4,504 2,926 3,598 3,586 2,753 1,800 3,458 4,283 (1.2%)
Shareholders’ equity 1,510 1,488 1,644 1,639 1,548 1,514 1,534 1,532 1,533 1,481 1,461 (0.2%)
Returns, %
Returns, % ROA 1.16 1.64 2.93 1.90 (0.23) 0.96 2.41 1.76 2.09 1.28 1.84 +0.1 pt
ROIC 0.44 0.54 0.93 0.79 (0.72) (0.20) 0.42 1.22 1.30 0.59 0.42 +0.1 pt
ROE 4.45 6.36 11.50 7.47 (0.91) 3.69 9.33 6.60 7.06 4.26 6.70 (0.2) pt
People
People Employees 69 72 74 76 58 65 63 59 54 60 — (1.5%)
Revenue/emp, $m 1.67 1.63 2.03 1.66 0.21 (0.11) 1.55 2.75 2.54 1.53 — (1.0%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Ladder Capital Corp vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BXMT Blackstone Mortgage Trust, Inc. $1.9B — (loss-making) — (loss-making) −5.69% (below 0%: shrinking) n/m −68.73% (below 0%: shrinking) 77.32% 69.63% Compare
ARR ARMOUR Residential REIT, Inc. $1.9B — (loss-making) — (loss-making) +30.53% (above 0%: growing) n/m +361.70% (above 0%: growing) 100.00% 93.98% Compare
EFC Ellington Financial Inc. $1.5B 7.0× 5.6× +47.95% (above 0%: growing) −4.44% (below 0%: shrinking) +108.89% (above 0%: growing) 95.69% 125.46% Compare
LADR Ladder Capital Corp $1.2B 11.4× 12.9× −15.61% (below 0%: shrinking) +253.93% (above 0%: growing) +579.74% (above 0%: growing) 100.00% 54.14%
ORC Orchid Island Capital, Inc. $963.0M 99.6× — (loss-making) +51.35% (above 0%: growing) n/m +132.66% (above 0%: growing) 100.00% (45.05%) Compare
PMT PennyMac Mortgage Investment Trust $717.7M 17.9× 7.3× −63.48% (below 0%: shrinking) n/m −95.57% (below 0%: shrinking) 24.92% (28.21%) Compare
CIM Chimera Investment Corporation $663.0M — (loss-making) — (loss-making) +10.32% (above 0%: growing) n/m −191.20% (below 0%: shrinking) 100.00% 0.00% Compare
MFA MFA Financial, Inc. $662.1M — (loss-making) 7.3× +9.75% (above 0%: growing) n/m +498.41% (above 0%: growing) 100.00% 0.00% Compare
IVR INVESCO MORTGAGE CAPITAL INC $595.7M — (loss-making) 6.8× +35.72% (above 0%: growing) n/m +3.93% (above 0%: growing) 34.28% 29.04% Compare
Median of peers $840.4M 17.9× 7.1× +20.43% — +56.41% 97.85% 14.52%

All 37 Reit Mortgage stocks →

Pay and ownership Proxy statement filed 21 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 13.94m 13.94m 157.80
2024 15.51m 15.51m 150.40
2023 14.98m 14.98m 144.30
2022 12.52m 12.52m 119.80
2021 10.93m 10.93m 130.80

Ownership

Directors and executive officers, together 12.60%
The Vanguard Group 8.80%
BlackRock, Inc. 7.90%
Brian Harris 6.80%
Prudential Financial, Inc. 5.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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stockrow.com/LADR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com