Ladder Capital (LADR)
Market Price (11/3/2026): $9.3 | Market Cap: $1.2 BilSector: Financials | Industry: Mortgage REITs
Ladder Capital (LADR)
Market Price (11/3/2026): $9.3Market Cap: $1.2 BilSector: FinancialsIndustry: Mortgage REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19%, Dividend Yield is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 7.6% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit, and Private Equity. | Weak multi-year price returns2Y Excs Rtn is -32%, 3Y Excs Rtn is -57% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 277% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.3% Key risksLADR key risks include [1] a concentration of investments in the real estate sector and [2] high leverage that impacts its financial flexibility and dividend policy. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19%, Dividend Yield is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 13%, FCF Yield is 7.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Private Credit, and Private Equity. |
| Weak multi-year price returns2Y Excs Rtn is -32%, 3Y Excs Rtn is -57% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 277% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.3% |
| Key risksLADR key risks include [1] a concentration of investments in the real estate sector and [2] high leverage that impacts its financial flexibility and dividend policy. |
Qualitative Assessment
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Ladder Capital (LADR) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Driven by Significant Real Estate Gain. Ladder Capital reported robust results for fiscal Q3 2026 (ended September 30, 2026), significantly exceeding analyst expectations. The company announced GAAP diluted earnings per share (EPS) of $0.53 and distributable EPS of $0.35 (or $0.38 excluding a loan loss charge-off), compared to consensus estimates of $0.29 EPS. Revenue reached $118.9 million, surpassing forecasts of $79.17 million by 50%. A core reason for this strong performance was a substantial $31 million gain from the sale of a net lease office asset in Jacksonville, Florida, which contributed meaningfully to distributable earnings and an 18% internal rate of return over a nine-year holding period. However, as this was a significant, potentially non-recurring gain, its impact on the stock's sustained trajectory may have been limited.
2. Strategic Asset Allocation and Favorable Interest Rate Positioning. Ladder Capital actively repositioned its assets and highlighted its balance sheet structure as advantageous in the current interest rate environment. During fiscal Q3 2026, the company made over $700 million in new loan and securities investments, including $481 million in primarily AAA-rated securities. Management emphasized that 92% of its interest-earning assets are floating-rate, while 57% of its debt is fixed-rate with a 5.3% weighted average coupon, positioning the company to benefit from rising interest rates, with each quarter-point increase in SOFR adding approximately one cent per share to quarterly distributable earnings. This strategic positioning likely provided a floor for the stock by demonstrating resilience in a higher-rate environment but may not have been enough to trigger significant upward momentum given broader market conditions.
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Ladder Capital (LADR) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Driven by Significant Real Estate Gain. Ladder Capital reported robust results for fiscal Q3 2026 (ended September 30, 2026), significantly exceeding analyst expectations. The company announced GAAP diluted earnings per share (EPS) of $0.53 and distributable EPS of $0.35 (or $0.38 excluding a loan loss charge-off), compared to consensus estimates of $0.29 EPS. Revenue reached $118.9 million, surpassing forecasts of $79.17 million by 50%. A core reason for this strong performance was a substantial $31 million gain from the sale of a net lease office asset in Jacksonville, Florida, which contributed meaningfully to distributable earnings and an 18% internal rate of return over a nine-year holding period. However, as this was a significant, potentially non-recurring gain, its impact on the stock's sustained trajectory may have been limited.
2. Strategic Asset Allocation and Favorable Interest Rate Positioning. Ladder Capital actively repositioned its assets and highlighted its balance sheet structure as advantageous in the current interest rate environment. During fiscal Q3 2026, the company made over $700 million in new loan and securities investments, including $481 million in primarily AAA-rated securities. Management emphasized that 92% of its interest-earning assets are floating-rate, while 57% of its debt is fixed-rate with a 5.3% weighted average coupon, positioning the company to benefit from rising interest rates, with each quarter-point increase in SOFR adding approximately one cent per share to quarterly distributable earnings. This strategic positioning likely provided a floor for the stock by demonstrating resilience in a higher-rate environment but may not have been enough to trigger significant upward momentum given broader market conditions.
3. Mixed Commercial Real Estate Market Conditions and Headwinds. While Ladder Capital showed strong company-specific performance, the broader commercial real estate (CRE) market presented a mixed picture, tempering potential stock appreciation. Fiscal Q3 2026 saw improvements in overall CRE fundamentals, including increased deal volume in multifamily and office occupancy rebounds, with office asking rents increasing by 3.1% year-over-year. However, significant headwinds persisted due to rising Treasury yields, which narrowed the premium for owning real estate over bonds to one of its thinnest levels in a decade. This created pressure on credit conditions, with 75% of maturing Class-A commercial mortgage-backed securities (CMBS) office loans projected to need fresh equity to refinance at current rates, and CMBS delinquency rising to 8.02% by September 2026, with the office sector being the most distressed at 12.33%. These macroeconomic pressures likely created investor caution, offsetting some of the positive company-specific news.
4. Analyst Outlook and Price Target Adjustments. Despite a consensus "Buy" rating from analysts, a series of price target adjustments contributed to the stock remaining largely at its level. The average analyst price target for LADR was $11.61, indicating a potential upside of 25.11% from its recent trading price. However, some analysts lowered their price targets on Ladder Capital in late July and October 2026, citing factors such as a softening earnings outlook and tightening conduit margins. For example, Bank of America lowered its price target to $10.25 from $11.25 on July 29, 2026, and further to $10 from $10.25 on October 23, 2026. These adjustments, even within a generally positive outlook, suggest a more cautious sentiment from the investment community that could have kept the stock from experiencing a significant breakout.
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Stock Movement Drivers
Fundamental Drivers
The -0.4% change in LADR stock from 7/31/2026 to 11/2/2026 was primarily driven by a -47.6% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.32 | 9.28 | -0.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 213 | 268 | 25.7% |
| Net Income Margin (%) | 24.5% | 36.9% | 50.6% |
| P/E Multiple | 22.2 | 11.6 | -47.6% |
| Shares Outstanding (Mil) | 125 | 124 | 0.5% |
| Cumulative Contribution | -0.4% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| LADR | -0.4% | |
| Market (SPY) | 0.7% | 7.1% |
| Sector (XLF) | 1.1% | 39.5% |
Fundamental Drivers
The -5.2% change in LADR stock from 4/30/2026 to 11/2/2026 was primarily driven by a -47.9% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.79 | 9.28 | -5.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 213 | 268 | 25.7% |
| Net Income Margin (%) | 25.8% | 36.9% | 43.0% |
| P/E Multiple | 22.3 | 11.6 | -47.9% |
| Shares Outstanding (Mil) | 125 | 124 | 1.0% |
| Cumulative Contribution | -5.2% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| LADR | -5.2% | |
| Market (SPY) | 4.9% | 2.5% |
| Sector (XLF) | 10.8% | 39.0% |
Fundamental Drivers
The -3.7% change in LADR stock from 10/31/2025 to 11/2/2026 was primarily driven by a -23.2% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.63 | 9.28 | -3.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 230 | 268 | 16.6% |
| Net Income Margin (%) | 34.6% | 36.9% | 6.5% |
| P/E Multiple | 15.2 | 11.6 | -23.2% |
| Shares Outstanding (Mil) | 125 | 124 | 1.0% |
| Cumulative Contribution | -3.7% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| LADR | -3.7% | |
| Market (SPY) | 11.2% | 23.7% |
| Sector (XLF) | 11.3% | 46.4% |
Fundamental Drivers
The 18.6% change in LADR stock from 10/31/2023 to 11/2/2026 was primarily driven by a 68.7% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.82 | 9.28 | 18.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 328 | 268 | -18.2% |
| Net Income Margin (%) | 43.1% | 36.9% | -14.5% |
| P/E Multiple | 6.9 | 11.6 | 68.7% |
| Shares Outstanding (Mil) | 125 | 124 | 0.5% |
| Cumulative Contribution | 18.6% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| LADR | 18.6% | |
| Market (SPY) | 86.0% | 43.4% |
| Sector (XLF) | 85.7% | 54.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LADR Return | 31% | -9% | 25% | 6% | 7% | -9% | 53% |
| Peers Return | 26% | -19% | 26% | -4% | 2% | -43% | -28% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| LADR Win Rate | 58% | 42% | 58% | 50% | 67% | 36% | |
| Peers Win Rate | 62% | 48% | 55% | 53% | 48% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| LADR Max Drawdown | -13% | -27% | -23% | -12% | -15% | -18% | |
| Peers Max Drawdown | -17% | -33% | -27% | -18% | -22% | -52% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: STWD, BXMT, RITM, ABR, ARI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)
How Low Can It Go
| Event | LADR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -13.7% | -18.8% |
| % Gain to Breakeven | 15.9% | 23.1% |
| Time to Breakeven | 94 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -17.5% | -9.5% |
| % Gain to Breakeven | 21.3% | 10.5% |
| Time to Breakeven | 22 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.2% | -6.7% |
| % Gain to Breakeven | 30.2% | 7.1% |
| Time to Breakeven | 113 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.0% | -24.5% |
| % Gain to Breakeven | 29.9% | 32.4% |
| Time to Breakeven | 124 days | 427 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.7% | -12.2% |
| % Gain to Breakeven | 31.1% | 13.9% |
| Time to Breakeven | 58 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -32.2% | -6.8% |
| % Gain to Breakeven | 47.5% | 7.3% |
| Time to Breakeven | 226 days | 15 days |
In The Past
Ladder Capital's stock fell -13.7% during the 2025 US Tariff Shock. Such a loss loss requires a 15.9% gain to breakeven.
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Asset Allocation
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| Event | LADR | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.2% | -6.7% |
| % Gain to Breakeven | 30.2% | 7.1% |
| Time to Breakeven | 113 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.0% | -24.5% |
| % Gain to Breakeven | 29.9% | 32.4% |
| Time to Breakeven | 124 days | 427 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.7% | -12.2% |
| % Gain to Breakeven | 31.1% | 13.9% |
| Time to Breakeven | 58 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -32.2% | -6.8% |
| % Gain to Breakeven | 47.5% | 7.3% |
| Time to Breakeven | 226 days | 15 days |
In The Past
Ladder Capital's stock fell -13.7% during the 2025 US Tariff Shock. Such a loss loss requires a 15.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ladder Capital (LADR)
Ladder Capital (LADR) is a diversified commercial real estate finance company operating as a Real Estate Investment Trust (REIT). Its business model revolves around originating and investing in various commercial real estate-related assets, primarily through three distinct but complementary segments: Loans, Securities, and Real Estate. As a REIT, the company typically distributes at least 90% of its taxable income to shareholders, which exempts it from federal corporate income taxes.
The company's core products and services span these segments. In its Loans segment, Ladder Capital originates first mortgage loans for both stable, cash-flowing commercial properties and those undergoing transition, such as lease-up, renovation, or repositioning. It also invests in structured finance products like subordinated debt and mezzanine financing. Through its Securities segment, LADR invests in commercial mortgage-backed securities (CMBS), U.S. Agency Securities, corporate bonds, and equity securities. Lastly, the Real Estate segment involves direct ownership and investment in a diverse portfolio of commercial and residential properties, including office buildings, hotels, student housing, and industrial properties. This broad approach allows Ladder Capital to serve a wide market within the commercial real estate sector, including property owners, developers, and other real estate investors, by offering a variety of debt, equity, and direct ownership solutions.
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1. Imagine a smaller, specialized version of Blackstone's real estate and credit investment platforms, focused primarily on commercial properties.
2. It's like a blend of a major commercial real estate lender, similar to a specialized division of Wells Fargo, and a diversified property owner, much like a large equity REIT such as Simon Property Group (though LADR's property types are more varied).
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- Commercial Real Estate Loans: Ladder Capital originates and invests in various first mortgage loans, subordinated debt, mezzanine debt, and other structured finance products secured by commercial real estate.
- Securities Investments: The company invests in commercial mortgage-backed securities, U.S. Agency Securities, corporate bonds, and equity securities.
- Real Estate Ownership & Investment: Ladder Capital owns and invests in a diverse portfolio of commercial and residential real estate properties.
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Ladder Capital (LADR) primarily sells its services and properties to other companies and professional real estate entities. Based on its business segments, its major customers fall into the following categories:
- Commercial Real Estate Developers and Investors: These are companies and sophisticated investment firms that borrow capital from Ladder Capital for the acquisition, development, construction, renovation, or repositioning of commercial real estate properties across various asset classes (e.g., office, industrial, retail, hospitality).
- Commercial Tenants: Businesses and organizations that lease commercial spaces within Ladder Capital's owned real estate portfolio, including office buildings, industrial facilities, and retail units in shopping centers.
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Brian Harris
Founder & Chief Executive Officer
Brian Harris co-founded Ladder Capital in October 2008. Prior to forming Ladder, he served as the Head of Global Commercial Real Estate at Dillon Read Capital Management, a wholly-owned subsidiary of UBS, where he managed over $500 million of equity capital for global commercial real estate activities. He also held the role of Head of Global Commercial Real Estate at UBS, managing UBS' proprietary commercial real estate activities worldwide, and was a Member of the Board of Directors of UBS Investment Bank. Additionally, he served as Head of Commercial Mortgage Trading at Credit Suisse. Mr. Harris made a personal investment of $25 million in Ladder at its inception. He has over 37 years of experience in the real estate and financial markets.
Paul Miceli
Chief Financial Officer
Paul Miceli was appointed Chief Financial Officer of Ladder Capital effective March 1, 2021. He previously served as the company's Director of Finance, a position he held since joining Ladder in July 2019. Before joining Ladder, Mr. Miceli was a Managing Director in the accounting and finance group of Colony Capital, Inc., and prior to that, he was the Deputy Chief Financial Officer of NorthStar Asset Management Group. His experience also includes working as a Manager in the real estate audit practice at Ernst & Young LLP, where his client base included REITs and real estate private equity firms. Mr. Miceli is a Certified Public Accountant.
Pamela McCormack
Founder & President
Pamela McCormack is a co-founder and the President of Ladder Capital, which she helped establish in October 2008. Before co-founding Ladder Capital, Ms. McCormack served as Head/Co-Head of Transaction Management for Global Commercial Real Estate at both Dillon Read Capital Management and UBS Investment Bank. In these roles, she was responsible for managing teams involved in the structuring, negotiation, and closing of real estate investments globally. Prior to her tenure at UBS, Ms. McCormack was a Vice President and Counsel at Credit Suisse.
Robert Perelman
Founder & Head of Asset Management
Robert Perelman is a co-founder of Ladder Capital and leads the Asset Management division, having established the company in October 2008 with his co-founders. Prior to the formation of Ladder Capital, Mr. Perelman served as a Director and Head of Asset Management at UBS/Dillon Read Capital Management. His earlier career also included roles as an attorney at law firms such as Brown Raysman Millstein Felder & Steiner LLP, Hahn & Hessen LLP, and Kaye Scholer Fierman Hays & Handler, and he was a Managing Director at Hudson Realty Capital LLC.
Kelly Porcella
Chief Administrative Officer, General Counsel
Kelly Porcella serves as the Chief Administrative Officer and General Counsel for Ladder Capital. Before joining Ladder, Ms. Porcella was a Member of the Global Commercial Real Estate group at UBS/Dillon Read Capital Management.
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The key risks to Ladder Capital's business include:
-
Commercial Real Estate Market Fluctuations: Ladder Capital's business is highly concentrated in the commercial real estate (CRE) sector, making it vulnerable to market fluctuations and economic downturns. This includes risks such as declining property valuations, increased vacancy rates, and tenant defaults across its loan portfolio, owned properties, and commercial mortgage-backed securities (CMBS) investments. A recession, for instance, could lead to further depreciation in real estate prices and an increase in bankruptcies among borrowers. The company's significant exposure to office and multifamily subsectors further exposes it to specific challenges within those markets.
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Interest Rate Risk and Leverage: Changes in interest rates significantly impact Ladder Capital's profitability and asset quality. Rising interest rates can increase the company's borrowing costs, affect the valuation of its fixed-income investments, and potentially strain borrowers' ability to repay loans. Although Ladder Capital aims for a conservative financial position, a high leverage ratio in a rising interest rate environment can exacerbate these risks.
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Credit Risk and Loan Performance: As an originator and investor in various types of commercial real estate loans, Ladder Capital faces substantial credit risk. A deterioration in the credit quality of its loan portfolio, an increase in non-accruals, or higher loan loss reserves can directly impact its financial performance. This risk is amplified by challenging economic conditions for CRE borrowers, which may necessitate loan modifications or result in increased credit losses.
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Ladder Capital (LADR) operates within several significant addressable markets in the United States, primarily focused on commercial and residential real estate financing and investment.
U.S. Commercial Real Estate Lending Market
For Ladder Capital's activities in originating and investing in first mortgage loans secured by commercial real estate, the total commercial and multifamily mortgage debt outstanding in the U.S. was approximately $4.79 trillion at the end of 2024. Furthermore, the total commercial mortgage origination volume in the U.S. was forecasted to reach $633.7 billion in 2025 and is projected to increase to $805.5 billion in 2026.
U.S. Commercial Mortgage-Backed Securities (CMBS) Market
In the segment of investing in commercial mortgage-backed securities, the outstanding commercial and multifamily mortgages held by CMBS, collateralized debt obligation (CDO), and other asset-backed securities (ABS) issues in the U.S. totaled $626 billion at the end of 2024. The private-label CMBS issuance volume in the U.S. increased to $125.6 billion in 2025.
U.S. Structured Finance Products Market (including subordinated and mezzanine debt)
While specific market size data for commercial real estate-focused subordinated debt and mezzanine debt is not readily isolated, the broader North American Mortgage-Backed Securities (MBS) market (which includes both residential and commercial) was estimated at $15.55 trillion in 2025. More broadly, the global structured finance market, where commercial real estate debt is a significant component, was valued at approximately USD 11,323.79 billion in 2023, with North America holding the largest market share.
U.S. Commercial and Residential Real Estate Investment Markets
For Ladder Capital's direct ownership and investment in commercial and residential real estate properties:
- The total value of commercial real estate in the U.S. was estimated at $20.7 trillion as of Q2 2021.
- The total value of the U.S. housing market (residential real estate) reached a record $55.1 trillion in June 2025.
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- Expansion of Loan Originations and Portfolio Growth: Ladder Capital's primary focus for future revenue growth is on significantly increasing new loan originations and expanding its overall loan portfolio. Management anticipates growing its asset base to surpass $6 billion by year-end 2026, assuming stable capital markets and deal flow. The slowing rate of loan paydowns is also expected to contribute to the net growth of the loan book.
- Leveraging Investment-Grade Credit Ratings: Having achieved investment-grade credit ratings from Moody's and Fitch in 2025, and a subsequent upgrade from S&P, Ladder Capital has significantly enhanced its access to deeper and more stable capital markets. This achievement has lowered its cost of funds and strengthened its liquidity profile, which is expected to drive future earnings growth by improving net interest margins on new and existing loans.
- Strategic Capital Reallocation: The company is actively reallocating capital from its securities segment towards its lending and capital markets activities. This strategic shift aims to optimize the deployment of capital into higher-yielding opportunities within its loan origination business, thereby boosting overall revenue and earnings.
- Selective Growth in Real Estate Equity Investments: Ladder Capital plans to selectively increase its investments in its real estate equity portfolio. While being discerning about opportunities, the growth in this segment is expected to contribute to future revenue through rental income and potential appreciation in property values.
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Share Repurchases
- Ladder Capital repurchased $10.2 million of its common stock in 2025, with $90.6 million remaining authorized for future repurchases as of December 31, 2025.
- In 2023, the company repurchased $2.5 million of Class A common stock, with $44.3 million remaining under its repurchase authorization as of December 31, 2023.
- On July 27, 2022, Ladder Capital's Board of Directors authorized repurchases of up to $50.0 million in aggregate of its Class A common stock.
Share Issuance
- The number of Class A common shares issued increased by approximately 907,572 shares in 2025, from 129,883,019 at December 31, 2024, to 130,790,591 at December 31, 2025.
- In January 2022, annual stock awards with an aggregate grant date fair value of $18 million (representing 1,517,627 shares of Class A common stock) were granted to management employees in connection with 2021 performance.
Inbound Investments
- In 2025, Ladder Capital issued $500 million of 5.500% Senior Notes due 2030, an offering that was oversubscribed by over 5.5 times, following the company's achievement of investment-grade credit ratings.
- The company's consolidated senior unsecured notes, net of debt issuance costs, stood at approximately $1,562.7 million as of March 31, 2025, and $1,563.4 million as of December 31, 2024, indicating continued utilization of unsecured debt in its capital structure.
Outbound Investments
- Ladder Capital originated $1.4 billion in new loans during 2025, marking its highest annual loan origination volume since 2021.
- During 2025, the company reallocated capital from T-bills into AAA securities, increasing its holdings by over 90% to $2.1 billion, and acquired $413 million of primarily AAA-rated commercial real estate securities in the fourth quarter of 2025.
- As of December 31, 2025, Ladder held a portfolio of 73 balance sheet first mortgage loans valued at $2.2 billion and $7.3 million in mezzanine loans.
Capital Expenditures
- Capital improvements to the company's real estate portfolio amounted to $1.373 million for the nine months ended September 30, 2024.
- For the nine months ended September 30, 2023, capital improvements of real estate totaled $626,000.
- In 2022, improvements made to its real estate assets amounted to $6.949 million.
Peer Outperformance in Mortgage REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 37.5% | 74.0% | 118.3% | SPNT 170% · RGA 148% · RNR 138% |
| Investment Banking & Brokerage | 13 | -1.9% | 90.1% | 92.3% | IBKR 314% · SNEX 159% · HOOD 140% |
| Diversified Banks | 12 | 32.8% | 141.8% | 91.6% | CM 142% · RY 130% · JPM 126% |
| Life & Health Insurance | 20 | 17.2% | 52.4% | 78.2% | JXN 536% · UNM 303% · FG 188% |
| Property & Casualty Insurance | 42 | 21.7% | 72.7% | 65.0% | PGR 176% · TRV 176% · ACGL 166% |
| Multi-line Insurance | 9 | 10.2% | 68.9% | 63.6% | AIZ 100% · GNW 98% · L 97% |
| Multi-Sector Holdings | 3 | 9.8% | 52.4% | 57.5% | BRK-B 93% · VOYA 57% · JEF 35% |
| Regional Banks | 262 | 34.5% | 91.3% | 53.5% | CBC 263% · FCNCA 189% · NIC 146% |
| Financial Exchanges & Data | 15 | 19.8% | 33.8% | 32.6% | CBOE 176% · VIRT 144% · CME 71% |
| Insurance Brokers | 15 | 5.3% | 11.6% | 26.0% | LIFE 387% · ARX 89% · AJG 80% |
| Asset Management & Custody Banks | 85 | -6.1% | 21.7% | 8.8% | VCTR 257% · WT 230% · AAMI 191% |
| Consumer Finance | 30 | 5.9% | 72.9% | 5.4% | ENVA 397% · FCFS 137% · AXP 101% |
| Diversified Financial Services | 4 | -5.1% | 18.6% | 3.3% | FRHC 171% · EQH 80% |
| Commercial & Residential Mortgage Finance | 14 | -48.7% | 20.2% | -0.2% | FNMA 448% · FMCC 399% · ACT 167% |
| Specialized Finance | 3 | 8.4% | 31.0% | -20.6% | HASI -21% · CACC -28% |
| Transaction & Payment Processing Services | 17 | 15.8% | 17.6% | -22.2% | V 111% · MA 106% · CPAY 69% |
| Mortgage REITs ← | 35 | -19.0% | -7.6% | -35.2% | RITM 35% · DX 18% · AGNC 11% |
| Diversified Capital Markets | 20 | -58.1% | 2.5% | -68.4% | LPLA 80% · TW 39% · WULF -60% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.39 |
| Mkt Cap | 1.5 |
| Rev LTM | 505 |
| Op Inc LTM | - |
| FCF LTM | 211 |
| FCF 3Y Avg | 215 |
| CFO LTM | 211 |
| CFO 3Y Avg | 246 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.5% |
| Rev Chg 3Y Avg | -8.4% |
| Rev Chg Q | -10.1% |
| QoQ Delta Rev Chg LTM | -2.3% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 63.6% |
| CFO/Rev 3Y Avg | 60.5% |
| FCF/Rev LTM | 59.3% |
| FCF/Rev 3Y Avg | 60.5% |
Segment Financials
Revenue by Segment| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Loans | 228 | 216 | 129 | 154 | 278 |
| Real Estate | 76 | 195 | 123 | 95 | 72 |
| Securities | 30 | 20 | 13 | -5 | 44 |
| Corporate/Other | -44 | -82 | -90 | -92 | -93 |
| Total | 289 | 349 | 175 | 152 | 301 |
| $ Mil | 2015 | 2014 | 2013 |
|---|---|---|---|
| Loans | 190 | 192 | 196 |
| Securities | 65 | 36 | 68 |
| Real Estate | 33 | 21 | 5 |
| Corporate and other | -128 | -125 | -77 |
| Total | 161 | 124 | 192 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Loans | 151 | 158 | 196 | 210 | 135 |
| Securities | 94 | 42 | 29 | 20 | 13 |
| Real Estate | 4 | 19 | 8 | 123 | 58 |
| Corporate/Other | -186 | -112 | -133 | -187 | -149 |
| Total | 64 | 107 | 101 | 165 | 57 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Loans | 2,198 | 1,566 | 3,139 | 3,892 | 3,522 |
| Securities | 2,088 | 1,081 | 486 | 588 | 703 |
| Real Estate | 748 | 691 | 733 | 706 | 914 |
| Corporate/Other | 118 | 1,508 | 1,155 | 765 | 712 |
| Total | 5,153 | 4,845 | 5,513 | 5,951 | 5,851 |
Price Behavior
| Market Price | $9.28 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 02/06/2014 | |
| Distance from 52W High | -11.2% | |
| 50 Days | 200 Days | |
| DMA Price | $9.15 | $9.53 |
| DMA Trend | down | down |
| Distance from DMA | 1.4% | -2.6% |
| 3M | 1YR | |
| Volatility | 22.4% | 20.7% |
| Downside Capture | 26.76 | 48.82 |
| Upside Capture | 22.99 | 37.95 |
| Correlation (S&P 500) | 5.5% | 24.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.47 | 0.05 | 0.17 | 0.05 | 0.39 | 0.61 |
| Up Beta | -3.19 | -0.58 | -0.02 | -0.52 | 0.20 | 0.57 |
| Down Beta | -0.11 | -0.15 | -0.09 | 0.14 | 0.53 | 0.62 |
| Up Capture | -7% | 5% | 22% | 7% | 26% | 26% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 18 | 26 | 53 | 117 | 376 |
| Down Capture | -82% | 38% | 38% | 34% | 56% | 86% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 24 | 37 | 70 | 127 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LADR | |
|---|---|---|---|---|
| LADR | -4.0% | 20.7% | -0.31 | - |
| Sector ETF (XLF) | 11.6% | 14.6% | 0.52 | 46.4% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 23.6% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | 14.6% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | -19.2% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | 53.5% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LADR | |
|---|---|---|---|---|
| LADR | 3.7% | 24.6% | 0.11 | - |
| Sector ETF (XLF) | 9.0% | 18.3% | 0.35 | 60.8% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 53.7% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 10.1% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 11.5% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 65.4% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 21.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LADR | |
|---|---|---|---|---|
| LADR | 6.0% | 48.1% | 0.27 | - |
| Sector ETF (XLF) | 13.4% | 22.1% | 0.55 | 47.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 41.0% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | 4.7% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 13.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 50.5% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 10.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/27/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/16/2026 | 3.3% | 5.7% | |
| 7/23/2026 | -2.2% | 0.6% | 2.4% |
| 4/23/2026 | 2.0% | 0.0% | -2.6% |
| 2/5/2026 | -6.5% | -4.6% | -7.4% |
| 10/23/2025 | 0.5% | -2.1% | -4.7% |
| 7/24/2025 | 1.1% | -0.5% | 0.5% |
| 4/24/2025 | 0.3% | 2.2% | 0.1% |
| 2/6/2025 | 4.3% | 2.4% | 4.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 19 | 15 | 13 |
| # Negative | 6 | 10 | 11 |
| Median Positive | 2.5% | 2.3% | 5.2% |
| Median Negative | -3.0% | -2.3% | -3.5% |
| Max Positive | 5.9% | 11.9% | 23.2% |
| Max Negative | -6.5% | -6.0% | -10.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/16/2026 | 3.3% | 5.7% | |
| 7/23/2026 | -2.2% | 0.6% | 2.4% |
| 4/23/2026 | 2.0% | 0.0% | -2.6% |
| 2/5/2026 | -6.5% | -4.6% | -7.4% |
| 10/23/2025 | 0.5% | -2.1% | -4.7% |
| 7/24/2025 | 1.1% | -0.5% | 0.5% |
| 4/24/2025 | 0.3% | 2.2% | 0.1% |
| 2/6/2025 | 4.3% | 2.4% | 4.2% |
| 10/24/2024 | 3.7% | 4.0% | 7.1% |
| 7/25/2024 | 2.5% | 1.4% | -0.3% |
| 4/25/2024 | 2.9% | 3.8% | 5.2% |
| 2/8/2024 | 0.9% | -1.3% | 3.4% |
| 10/26/2023 | 4.6% | 11.9% | 20.8% |
| 7/26/2023 | -3.7% | -6.0% | -8.7% |
| 4/27/2023 | 1.6% | -1.7% | 4.1% |
| 2/9/2023 | 5.9% | 7.6% | -10.2% |
| 10/27/2022 | 2.7% | 2.3% | 6.4% |
| 7/28/2022 | 0.5% | -3.0% | -3.5% |
| 4/28/2022 | -5.9% | -5.0% | -4.3% |
| 2/10/2022 | -0.8% | 1.3% | -0.7% |
| 10/28/2021 | 0.8% | 0.9% | -3.5% |
| 7/29/2021 | -0.6% | -2.5% | -0.3% |
| 5/6/2021 | 3.9% | -0.2% | 6.7% |
| 2/25/2021 | 2.9% | 1.6% | 6.7% |
| 10/29/2020 | 1.4% | 4.2% | 23.2% |
| SUMMARY STATS | |||
| # Positive | 19 | 15 | 13 |
| # Negative | 6 | 10 | 11 |
| Median Positive | 2.5% | 2.3% | 5.2% |
| Median Negative | -3.0% | -2.3% | -3.5% |
| Max Positive | 5.9% | 11.9% | 23.2% |
| Max Negative | -6.5% | -6.0% | -10.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/26/2026 | 10-Q |
| 06/30/2026 | 07/27/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-K |
| 09/30/2025 | 10/27/2025 | 10-Q |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/26/2026 | 10-Q |
| 06/30/2026 | 07/27/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-K |
| 09/30/2025 | 10/27/2025 | 10-Q |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 04/28/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/13/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| 06/30/2022 | 08/01/2022 | 10-Q |
| 03/31/2022 | 05/02/2022 | 10-Q |
| 12/31/2021 | 02/14/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
Insider Activity
Updated 6/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Perelman, Robert | Head of Asset Management | Direct | Sell | 6022026 | 10.25 | 17,505 | 179,426 | 4,394,011 | Form |
| 2 | Perelman, Robert | Head of Asset Management | Direct | Sell | 6022026 | 10.26 | 17,495 | 179,499 | 4,577,899 | Form |
| 3 | Harris, Brian | Chief Executive Officer | Direct | Buy | 2102026 | 10.32 | 5,000 | 51,600 | 155,708 | Form |
| 4 | Steiner, Jeffrey B | Direct | Sell | 10282025 | 10.89 | 19,481 | 212,148 | 297,417 | Form | |
| 5 | Esposito, Anthony Vincent | Chief Accounting Officer | Direct | Buy | 10172025 | 10.79 | 59 | 637 | 492,575 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Perelman, Robert | Head of Asset Management | Direct | Sell | 6022026 | 10.25 | 17,505 | 179,426 | 4,394,011 | Form |
| 2 | Perelman, Robert | Head of Asset Management | Direct | Sell | 6022026 | 10.26 | 17,495 | 179,499 | 4,577,899 | Form |
| 3 | Harris, Brian | Chief Executive Officer | Direct | Buy | 2102026 | 10.32 | 5,000 | 51,600 | 155,708 | Form |
| 4 | Steiner, Jeffrey B | Direct | Sell | 10282025 | 10.89 | 19,481 | 212,148 | 297,417 | Form | |
| 5 | Esposito, Anthony Vincent | Chief Accounting Officer | Direct | Buy | 10172025 | 10.79 | 59 | 637 | 492,575 | Form |
| 6 | Alexander, Mark David | Direct | Sell | 8012025 | 10.86 | 26,795 | 290,994 | 317,427 | Form | |
| 7 | Alexander, Mark David | Direct | Sell | 8012025 | 10.93 | 30,000 | 327,900 | 612,342 | Form | |
| 8 | Alexander, Mark David | Direct | Sell | 8012025 | 11.12 | 34,587 | 384,607 | 956,587 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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