Ladder Capital Corp
- Open
- 10.00
- Day high
- 10.01
- Day low
- 9.76
- Prev close
- 10.04
- Volume
- 1.1M
- Mkt cap
- $1.2B
- P/E (TTM)
- 22.3
- EPS (TTM)
- $0.44
- P/B
- 0.9
- P/S
- 3.1
- Yield
- 9.35%
- Per share
- $0.92
- ▼Insiders net selling -$359K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
Ladder Capital Corp (LADR) is a Real Estate company listed on NYSE. The stock is down 10% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Ladder Capital Corp (LADR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LADR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.22 | $0.22 | +0.0% | $52M | -0.7% |
| Feb 5, 2026 | $0.23 | $0.21 | -8.7% | $96M | +82.3% |
| Oct 23, 2025 | $0.23 | $0.25 | +8.7% | $102M | +67.1% |
| Jul 24, 2025 | $0.22 | $0.23 | +4.5% | $98M | +57.8% |
| Apr 24, 2025 | $0.22 | $0.20 | -9.1% | $92M | +53.0% |
| Feb 6, 2025 | $0.29 | $0.27 | -6.9% | $121M | +76.4% |
| Oct 24, 2024 | $0.26 | $0.30 | +15.4% | $68M | -9.0% |
| Jul 25, 2024 | $0.30 | $0.31 | +3.3% | $74M | -14.3% |
| Apr 25, 2024 | $0.31 | $0.33 | +6.5% | $67M | -30.8% |
| Feb 8, 2024 | $0.29 | $0.32 | +10.3% | $58M | -41.0% |
| Oct 26, 2023 | $0.30 | $0.31 | +3.3% | $71M | -29.6% |
| Jul 26, 2023 | $0.31 | $0.33 | +6.5% | $71M | -26.7% |
LADR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 2, 2026 | Perelman Robertofficer: Head of Asset Management | Sell | 17,495 | $10.26 |
| Jun 2, 2026 | Perelman Robertofficer: Head of Asset Management | Sell | 17,505 | $10.25 |
| Feb 23, 2026 | Harris Briandirector, officer: Chief Executive Officer | Tax | 333,278 | $10.41 |
| Feb 23, 2026 | McCormack Pameladirector, officer: President | Tax | 80,354 | $10.41 |
| Feb 23, 2026 | Miceli Paul J.officer: Chief Financial Officer | Tax | 18,285 | $10.41 |
| Feb 23, 2026 | Porcella Kelly Amandaofficer: Chief Admin Off & Gen Counsel | Tax | 6,815 | $10.41 |
| Feb 23, 2026 | Perelman Robertofficer: Head of Asset Management | Tax | 29,150 | $10.41 |
| Feb 23, 2026 | Esposito Anthony Vincentofficer: Chief Accounting Officer | Tax | 1,648 | $10.41 |
| Feb 20, 2026 | FISHMAN ALAN Hdirector | Grant | 7,198 | — |
| Feb 20, 2026 | Esposito Anthony Vincentofficer: Chief Accounting Officer | Grant | 18,714 | — |
| Feb 20, 2026 | Durst Douglasdirector | Grant | 7,198 | — |
| Feb 20, 2026 | McCormack Pameladirector, officer: President | Grant | 314,803 | — |
| Feb 20, 2026 | Miceli Paul J.officer: Chief Financial Officer | Grant | 110,505 | — |
| Feb 20, 2026 | Porcella Kelly Amandaofficer: Chief Admin Off & Gen Counsel | Grant | 86,843 | — |
| Feb 20, 2026 | Alexander Mark Daviddirector | Grant | 7,198 | — |
Source: LADR SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.
See the full LADR insider & 13F page →Ladder Capital Corp company profile
Overview
Ladder Capital Corp (NYSE:LADR) is a commercial real estate investment trust (REIT) founded in 2008 and headquartered in New York, New York. The company went public in February 2014 and operates as a diversified commercial real estate finance company with three distinct business segments. Ladder Capital has established itself as a significant player in the commercial real estate lending and investment space, maintaining a conservative approach to capital allocation while building a substantial portfolio of loans, securities, and real estate assets totaling approximately $4.5 billion as of early 2025.
Business
Ladder Capital operates in the commercial real estate finance industry through three primary business segments that collectively generate revenue from different aspects of real estate investment and lending. The Loans segment represents approximately 38% of total assets and focuses on originating and investing in commercial real estate debt. This includes conduit first mortgage loans secured by cash-flowing commercial real estate properties, as well as balance sheet loans for properties undergoing transitions such as lease-up, renovation, or repositioning. The company also invests in structured finance products including note purchase financings, subordinated debt, and mezzanine debt. The loan portfolio currently totals $1.7 billion with a weighted average yield of 8.7%, primarily concentrated in multifamily and industrial properties. The Securities segment comprises approximately 34% of total assets and involves investing in commercial mortgage-backed securities (CMBS), U.S. Agency Securities, corporate bonds, and equity securities. The securities portfolio totals $1.5 billion with 99% being investment grade and 96% rated AAA, generating a weighted average yield of 5.67%. This segment provides more liquid, lower-risk investments that complement the higher-yielding loan portfolio. The Real Estate segment accounts for approximately 20% of total assets and owns a diversified portfolio of commercial and residential properties including net lease properties, office buildings, student housing, hotels, industrial buildings, shopping centers, and condominium units. The real estate portfolio is valued at $892 million and generated $12.2 million in net operating income in the most recent quarter, providing steady rental income and potential appreciation.
Revenue model
Ladder Capital generates revenue through multiple streams across its three business segments, operating as a diversified real estate finance company rather than a traditional lender or property owner. The primary revenue source comes from interest income on the loan portfolio, where the company originates commercial real estate loans at spreads ranging from 270-700 basis points over benchmark rates, with an average spread of 394 basis points. The company's customers are primarily commercial real estate borrowers seeking financing for acquisitions, refinancing, or property improvements, particularly in the multifamily and industrial sectors. The securities portfolio generates investment income through interest and dividends from high-grade commercial mortgage-backed securities and other fixed-income investments. This provides more stable, though lower-yielding returns compared to direct lending. The real estate segment produces rental income from tenants across its diversified property portfolio, primarily consisting of net lease properties where tenants are responsible for property expenses. Additionally, the company generates capital gains from strategic property sales when market conditions are favorable. Several factors influence the company's margins and profitability. Rising interest rates generally benefit Ladder Capital as most of its loan portfolio consists of floating-rate debt, allowing the company to capture higher yields on new originations. However, higher rates can also reduce transaction volumes in commercial real estate markets, limiting loan origination opportunities. Competition from banks and other lenders can compress lending spreads, while credit quality deterioration in commercial real estate markets could lead to increased loan loss provisions. The company's significant cash position provides flexibility but also creates a drag on returns when deployed in lower-yielding securities during periods of limited loan origination opportunities.
Competitive moat
Ladder Capital's competitive moat is moderate and primarily stems from its diversified business model and strong balance sheet position rather than insurmountable competitive advantages. The company's financial flexibility represents its strongest defensive characteristic, with $1.3 billion in liquidity and conservative leverage ratios that allow it to capitalize on market dislocations when competitors face capital constraints. This was demonstrated during the COVID-19 pandemic when many lenders retreated from the market, allowing Ladder Capital to maintain selective lending activities. The company's diversified revenue streams across loans, securities, and real estate provide some stability and reduce dependence on any single market segment. The securities portfolio offers liquidity and income during periods when loan origination opportunities are limited, while the real estate portfolio provides steady rental income. However, Ladder Capital faces significant competitive pressures that limit its moat strength. The commercial real estate lending market is highly competitive with numerous banks, insurance companies, debt funds, and other REITs offering similar products. The company lacks proprietary technology, unique market access, or exclusive relationships that would create sustainable competitive advantages. Potential disruption could come from several sources: larger banks with lower cost of capital expanding their commercial real estate lending; specialized debt funds with institutional backing offering more competitive terms; or fintech platforms that streamline the lending process. Additionally, changes in banking regulations or monetary policy could significantly impact the competitive landscape and the company's ability to compete effectively. The company's investment-grade credit rating trajectory and unsecured debt capacity provide some advantages in funding costs, but these benefits are not unique and can be replicated by well-capitalized competitors.
Risks & safety
Ladder Capital demonstrates a strong margin of safety with conservative financial metrics and substantial liquidity buffers, though elevated leverage requires monitoring. Liquidity and Solvency: • Cash and short-term investments: $479.8 million (11% of total assets) • Total liquidity: $1.3 billion including available credit facilities • Minimal cash burn risk given positive distributable earnings of $25.5 million quarterly • Strong solvency position with diversified, high-quality asset base Debt and Leverage: • Total debt-to-equity ratio: 1.78x (elevated but manageable for a REIT) • Gross leverage: 1.83x (conservative for commercial real estate finance) • 72% of debt consists of unsecured corporate bonds (reduces asset encumbrance risk) • Investment-grade credit rating trajectory reduces refinancing risk Valuation Metrics: • Price-to-book ratio: 0.95x (trading near book value) • Price-to-earnings ratio: 30.4x (elevated due to current earnings cycle) • Dividend yield coverage: Distributable earnings adequately cover current dividend Other Considerations: • Asset quality: 99% of securities portfolio is investment grade • Geographic and property type diversification reduces concentration risk • CECL reserve of $52 million provides credit loss buffer • Non-accrual loans at 2.6% of assets (manageable level)
Recent development
Over the past few years, Ladder Capital has undergone significant strategic evolution, transitioning from a defensive posture during market uncertainty to a more aggressive growth-oriented approach. The company successfully strengthened its capital structure through multiple initiatives, including extending and upsizing its unsecured revolving credit facility from $324 million to $850 million, and receiving positive credit rating actions from all three major rating agencies. The company is approaching investment-grade status, which would reduce funding costs and expand its investor base. Portfolio repositioning has been a key theme, with the company receiving $1.7 billion in loan payoffs during 2024, providing substantial liquidity for redeployment. Management has been selectively reinvesting this capital, focusing on higher-yielding opportunities while maintaining credit discipline. The company has shifted toward more balance sheet lending rather than conduit originations, allowing for better risk-adjusted returns. The company has demonstrated opportunistic investment behavior, significantly increasing its securities portfolio by acquiring $521 million in AAA-rated securities during Q1 2025 alone, taking advantage of attractive yields in the current rate environment. Simultaneously, loan originations have accelerated, with $329 million originated in Q1 2025 and management expecting continued growth. Operational improvements include enhanced risk management through proactive portfolio monitoring and strategic asset sales in the real estate segment when market conditions are favorable. The company has maintained a disciplined approach to underwriting while positioning itself to capitalize on market opportunities as transaction volumes recover.
LADR company profile · for informational purposes only — not investment advice.
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