Ladder Capital Corp LADR
Ladder Capital is an investment grade-rated, internally-managed real estate investment trust ("REIT") that is a leader in commercial real estate finance. We originate and invest in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Our investment activities include: (i) our primary business of originating senior first mortgage fixed and floating rate loans collateralized by commercial real estate with flexible loan structures; (ii) owning and operating commercial real estate, including net leased commercial properties; and (iii) investing in investment grade securities secured by first mortgage loans on commercial real estate. We believe that our in-house origination platform, ability to flexibly allocate capital among complementary product lines, credit-centric underwriting approach, access to diversified financing sources, and experienced management team position us well to deliver attractive returns on equity to our shareholders through economic and credit cycles.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $266.9M | $358.6M | $407.3M | $293.5M | $176.1M | $239.8M | $330.2M | $344.8M | $263.7M | $236.4M |
| Total operating expenses | $19.4M | $19.2M | $19.5M | $20.7M | $17.7M | $20.3M | $22.6M | $21.7M | $21.4M | $20.6M |
| Interest expense | $92.0M | $137.1M | $162.2M | $97.9M | $182.9M | $227.5M | $204.4M | $194.3M | $146.1M | $120.8M |
| Pre-tax income | $67.2M | $110.9M | $104.7M | $170.2M | $57.8M | -$19.2M | $139.6M | $228.3M | $133.6M | $120.0M |
| Income tax | $3.5M | $3.4M | $4.2M | $4.9M | $928.0K | $9.8M | $2.6M | $6.6M | $7.7M | $6.3M |
| Net income | $63.7M | $107.4M | $100.5M | $165.3M | $56.9M | -$9.5M | $137.0M | $221.7M | $125.9M | $113.7M |
| EPS, basic | 0.51 | 0.86 | 0.81 | 1.14 | 0.46 | -0.13 | 1.16 | 1.85 | 1.16 | 1.08 |
| EPS, diluted | 0.51 | 0.86 | 0.81 | 1.13 | 0.45 | -0.13 | 1.15 | 1.84 | 1.13 | 1.06 |
| Shares, diluted (wtd. avg.) | — | $125.8M | $124.9M | $125.8M | $124.6M | $112.4M | $106.4M | $97.7M | $109.7M | $107.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $38.0M | $1.32B | $1.02B | $659.6M | $621.5M | $1.28B | $355.7M | $98.5M | $182.7M | $89.4M |
| Other intangibles | $51.9M | $50.6M | $61.0M | $65.0M | $79.1M | $91.2M | $98.4M | $104.3M | $128.6M | $106.6M |
| Total assets | $5.15B | $4.85B | $5.51B | $5.95B | $5.85B | $5.88B | $6.67B | $6.27B | $6.03B | $5.58B |
| Total liabilities | $3.67B | $3.31B | $3.98B | $4.42B | $4.34B | $4.33B | $5.03B | $4.63B | $4.54B | $4.07B |
| Retained earnings | -$260.1M | -$206.9M | -$197.9M | -$177.0M | -$207.8M | -$163.7M | -$35.7M | $11.3M | -$39.1M | -$11.1M |
| Total equity | $1.48B | $1.54B | $1.53B | $1.53B | $1.51B | $1.55B | $1.64B | $1.64B | $1.49B | $1.51B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $87.0M | $133.9M | $180.6M | $106.7M | $79.7M | $111.9M | $183.2M | $200.4M | $12.0M | $338.4M |
| Depreciation and amortisation | $32.0M | $32.3M | $29.9M | $32.7M | $37.8M | $39.1M | $38.5M | $400.0K | $40.3M | $39.4M |
| Stock-based compensation | $20.3M | $18.8M | $18.6M | $31.6M | $15.3M | $42.7M | $21.8M | $8.8M | $19.0M | $17.6M |
| Capital expenditure | $8.3M | $6.5M | $4.4M | $6.9M | $4.9M | $6.1M | $7.6M | $7.8M | $5.6M | $10.6M |
| Investing cash flow | -$1.61B | $932.8M | $793.5M | $81.6M | -$651.5M | $1.54B | -$126.6M | -$342.9M | -$306.6M | $36.3M |
| Financing cash flow | $227.0M | -$796.6M | -$557.8M | -$150.2M | -$91.0M | -$725.7M | $200.7M | $58.2M | $387.9M | -$448.1M |
| Buybacks | $11.8M | $6.5M | $2.5M | $7.9M | $9.0M | $3.0M | $637.0K | $0 | $2.6M | $4.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001577670-26-000018.
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