LADR Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About LADR Interactive Breakdown Better Bets vs. LADR Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Ladder Capital (LADR)

    Market Price (8/4/2026): $9.65 | Market Cap: $1.2 BilSector: Financials | Industry: Mortgage REITs

    Ladder Capital (LADR)

    Market Price (8/4/2026): $9.65
    Market Cap: $1.2 Bil
    Sector: Financials
    Industry: Mortgage REITs

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 9.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.6%, FCF Yield is 8.5%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 48%

    Low stock price volatility
    Vol 12M is 19%

    Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets. Themes include Private Credit, and Private Equity.

    Weak multi-year price returns
    2Y Excs Rtn is -45%, 3Y Excs Rtn is -55%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 239%

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%

    Key risks
    LADR 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.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 9.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.6%, FCF Yield is 8.5%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 48%
    2 Low stock price volatility
    Vol 12M is 19%
    3 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets. Themes include Private Credit, and Private Equity.
    4 Weak multi-year price returns
    2Y Excs Rtn is -45%, 3Y Excs Rtn is -55%
    5 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 239%
    6 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -12%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%
    7 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%
    8 Key risks
    LADR 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.

    LADR in ETFs

    Weight = LADR's share of each fund

    ITOT0.00%
    IWM0.04%
    VB0.01%
    IWN0.07%
    FNDA0.04%
    VTWO0.03%
    VBR0.02%
    SCHA0.02%
    +2 more covered ETFs

    Valuation & Metrics

    FYE: 12/31LADR [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$213.4 Mil—
    FY 2026 Sales$225.1 Mil—
    FY 2027 Sales$264.4 Mil—
    FY 2026 Sales Growth5.5%—
    FY 2027 Sales Growth17.4%13.0%
    EARNINGS
    LTM Net Income (GAAP) [3]$52.3 Mil—
    FY 2026 Net Income (Non-GAAP)$119.7 Mil—
    FY 2027 Net Income (Non-GAAP)$143.3 Mil—
    FY 2027 Net Income Growth19.7%19.6%
    FY 2026 EPS (Non-GAAP)$0.96—
    FY 2027 EPS (Non-GAAP)$1.14—
    FY 2027 EPS Growth18.8%—
    VALUATION
    FY 2026 P/S5.31.8
    FY 2027 P/S4.6—
    FY 2026 P/E10.18.3
    FY 2027 P/E8.4—

    [1] LADR forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 8/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    LADRS&P 500
    REVENUE GROWTHVERY POOR
    Rev LTM ($ Bil)0.2
    Rev Chg Q0.0%8.8%
    Rev Chg LTM-12.0%7.8%
    Rev Chg 3Y Avg-12.7%5.7%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)0.1
    CFO/Rev LTM48.2%21.6%
    Net Inc Mgn24.5%12.9%
    VALUATIONMODERATE
    P/S5.63.4
    P/CFO11.715.7
    P/FCF11.720.0
    P/E23.023.9

    AI Analysis | Feedback

    MetricValueDateSource
    Total Loan Portfolio$2.8 billion3312024Link
    Percentage of Senior Secured First Mortgage Loans99%+3312024Link
    Percentage of Post-COVID Originations87%3312024Link
    Weighted Average Loan-to-Value (LTV)66%3312024Link
    Weighted Average Extended Maturity1.7 years3312024Link
    Average Loan Size~$25 million3312024Link
    Future Funding Commitments$128 million3312024Link
    Origination of Mortgage Loan Receivables Held for Investment$412.6 million6302025Link
    Origination of Mortgage Loan Receivables Held for Sale$63.4 million6302025Link
    Insider OwnershipOver 11%6302025Link

    Price Chart

    Recent
    7/23/2026Earnings ReleaseRev: $57 Mil (A) vs. $56 Mil (E)
    EPS: 0.24 (A) vs. $0.24 (E)
    Upcoming
    10/22/2026Earnings ReleaseRev: $56 Mil (E)
    EPS: $0.24 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 8/1/2026

    Ladder Capital (LADR) stock has lost about 5% since 4/30/2026 because of the following key factors:

    1. GAAP earnings miss and significant decline in net income for fiscal Q2 2026. Despite exceeding distributable earnings expectations and reporting higher revenue, Ladder Capital reported GAAP diluted earnings per share (EPS) of $0.12 for fiscal Q2 2026, falling short of the $0.24 consensus forecast. This GAAP EPS miss, coupled with a 40% year-over-year decline in net income for the first half of fiscal 2026 (down to $17.2 million from $28.7 million in 2025), likely weighed on investor confidence regarding the company's overall profitability.

    2. Perceived overvaluation of the stock. Following its fiscal Q2 2026 earnings release, Ladder Capital's shares were noted to be trading near 52-week lows and were still considered expensive. The stock was trading at a substantial premium compared to the wider U.S. Mortgage REITs industry average P/E of 9.5x, with an estimated fair P/E of 16.8x, suggesting limited upside and a higher risk for investors if future performance disappointed.

    Show more
    Updated on 8/1/2026

    Ladder Capital (LADR) stock has lost about 5% since 4/30/2026 because of the following key factors:

    1. GAAP earnings miss and significant decline in net income for fiscal Q2 2026. Despite exceeding distributable earnings expectations and reporting higher revenue, Ladder Capital reported GAAP diluted earnings per share (EPS) of $0.12 for fiscal Q2 2026, falling short of the $0.24 consensus forecast. This GAAP EPS miss, coupled with a 40% year-over-year decline in net income for the first half of fiscal 2026 (down to $17.2 million from $28.7 million in 2025), likely weighed on investor confidence regarding the company's overall profitability.

    2. Perceived overvaluation of the stock. Following its fiscal Q2 2026 earnings release, Ladder Capital's shares were noted to be trading near 52-week lows and were still considered expensive. The stock was trading at a substantial premium compared to the wider U.S. Mortgage REITs industry average P/E of 9.5x, with an estimated fair P/E of 16.8x, suggesting limited upside and a higher risk for investors if future performance disappointed.

    3. Lingering concerns within the commercial real estate (CRE) sector. While overall commercial mortgage delinquency rates decreased during fiscal Q2 2026, some segments of the CRE market, particularly office and lodging properties, continued to face challenges. CMBS delinquency rates remained elevated at 11.53% in May 2026 and 4.82% for CMBS loan balances 30 or more days delinquent at the end of fiscal Q2 2026, contributing to a cautious investment environment for commercial real estate lenders.

    4. Unfavorable broader interest rate environment. Geopolitical uncertainties in fiscal Q2 2026 led to anticipated Federal Reserve rate cuts being taken off the table, and the benchmark 10-year Treasury soared in May. This higher-for-longer interest rate outlook likely increased concerns about borrowing costs and potential impacts on commercial property valuations, affecting the general sentiment towards REITs like Ladder Capital.

    Show less
    Holding a concentrated position? Know your true downside before the momentum shifts.
    Protect Your Wealth →

    Stock Movement Drivers

    Fundamental Drivers

    The -3.9% change in LADR stock from 4/30/2026 to 8/3/2026 was primarily driven by a -5.0% change in the company's Net Income Margin (%).
    (LTM values as of)43020268032026Change
    Stock Price ($)10.059.66-3.9%
    Change Contribution By: 
    Total Revenues ($ Mil)2132130.0%
    Net Income Margin (%)25.8%24.5%-5.0%
    P/E Multiple22.923.10.6%
    Shares Outstanding (Mil)1251250.5%
    Cumulative Contribution-3.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 8/3/2026
    ReturnCorrelation
    LADR-3.9% 
    Market (SPY)5.4%0.4%
    Sector (XLF)10.1%40.4%

    Fundamental Drivers

    The -7.8% change in LADR stock from 1/31/2026 to 8/3/2026 was primarily driven by a -29.2% change in the company's Net Income Margin (%).
    (LTM values as of)13120268032026Change
    Stock Price ($)10.479.66-7.8%
    Change Contribution By: 
    Total Revenues ($ Mil)230213-7.3%
    Net Income Margin (%)34.6%24.5%-29.2%
    P/E Multiple16.523.139.9%
    Shares Outstanding (Mil)1251250.5%
    Cumulative Contribution-7.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    1/31/2026 to 8/3/2026
    ReturnCorrelation
    LADR-7.8% 
    Market (SPY)9.8%29.5%
    Sector (XLF)7.9%48.5%

    Fundamental Drivers

    The -3.4% change in LADR stock from 7/31/2025 to 8/3/2026 was primarily driven by a -32.8% change in the company's Net Income Margin (%).
    (LTM values as of)73120258032026Change
    Stock Price ($)10.009.66-3.4%
    Change Contribution By: 
    Total Revenues ($ Mil)242213-12.0%
    Net Income Margin (%)36.5%24.5%-32.8%
    P/E Multiple14.223.161.9%
    Shares Outstanding (Mil)1261250.9%
    Cumulative Contribution-3.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2025 to 8/3/2026
    ReturnCorrelation
    LADR-3.4% 
    Market (SPY)20.9%30.6%
    Sector (XLF)10.9%48.7%

    Fundamental Drivers

    The 13.3% change in LADR stock from 7/31/2023 to 8/3/2026 was primarily driven by a 200.5% change in the company's P/E Multiple.
    (LTM values as of)73120238032026Change
    Stock Price ($)8.539.6613.3%
    Change Contribution By: 
    Total Revenues ($ Mil)321213-33.5%
    Net Income Margin (%)43.2%24.5%-43.3%
    P/E Multiple7.723.1200.5%
    Shares Outstanding (Mil)1251250.0%
    Cumulative Contribution13.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2023 to 8/3/2026
    ReturnCorrelation
    LADR13.3% 
    Market (SPY)71.4%45.9%
    Sector (XLF)69.7%55.6%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    LADR Return31%-9%25%6%7%-9%54%
    Peers Return28%-17%29%-2%5%-11%26%
    S&P 500 Return27%-19%24%23%16%9%99%

    Monthly Win Rates [3]
    LADR Win Rate58%42%58%50%67%12% 
    Peers Win Rate62%48%55%57%50%35% 
    S&P 500 Win Rate75%42%67%75%67%38% 

    Max Drawdowns [4]
    LADR Max Drawdown-13%-27%-23%-12%-15%-14% 
    Peers Max Drawdown-16%-32%-27%-17%-21%-23% 
    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 8/3/2026 (YTD)

    How Low Can It Go

    EventLADRS&P 500
    2025 US Tariff Shock
      % Loss-13.7%-18.8%
      % Gain to Breakeven15.9%23.1%
      Time to Breakeven94 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-17.6%-9.5%
      % Gain to Breakeven21.3%10.5%
      Time to Breakeven22 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-23.2%-6.7%
      % Gain to Breakeven30.2%7.1%
      Time to Breakeven113 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-23.0%-24.5%
      % Gain to Breakeven29.9%32.4%
      Time to Breakeven124 days427 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-23.7%-12.2%
      % Gain to Breakeven31.1%13.9%
      Time to Breakeven58 days62 days
    2014-2016 Oil Price Collapse
      % Loss-32.2%-6.8%
      % Gain to Breakeven47.5%7.3%
      Time to Breakeven226 days15 days

    Compare to STWD, BXMT, RITM, ABR, ARI

    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.

    EventLADRS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-23.2%-6.7%
      % Gain to Breakeven30.2%7.1%
      Time to Breakeven113 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-23.0%-24.5%
      % Gain to Breakeven29.9%32.4%
      Time to Breakeven124 days427 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-23.7%-12.2%
      % Gain to Breakeven31.1%13.9%
      Time to Breakeven58 days62 days
    2014-2016 Oil Price Collapse
      % Loss-32.2%-6.8%
      % Gain to Breakeven47.5%7.3%
      Time to Breakeven226 days15 days

    Compare to STWD, BXMT, RITM, ABR, ARI

    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.

    AI Analysis | Feedback

    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).

    AI Analysis | Feedback

    ```html
    • 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.
    ```

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    The key risks to Ladder Capital's business include:

    1. 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.

    2. 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.

    3. 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.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    Here are the expected drivers of future revenue growth for Ladder Capital (LADR) over the next 2-3 years:
    1. 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.
    2. 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.
    3. 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.
    4. 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.

    AI Analysis | Feedback

    Here is a summary of Ladder Capital's (LADR) capital allocation decisions over the last 3-5 years:

    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.

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    Top Losers

    TickerCompanyCategory1W RtnYTD Rtn
    ETHAiShares Ethereum Trust ETFCryptocurrency-4.1%-37.1%
    XLUState Street Utilities Select Sector ...Equity-2.9%4.6%
    EDVVanguard World Funds Extended Duratio...Bond-2.8%-5.8%
    PALLETFS Physical Palladium SharesCommodity-2.5%-21.5%
    ASHRXtrackers Harvest CSI 300 China A-Sha...Equity-2.4%3.3%
    USRTiShares Core U.S. REIT ETFReal Estate-2.2%19.7%
    XBIState Street SPDR S&P Biotech ETFEquity-2.2%20.8%
    USOUnited States Oil Fund LPCommodity-2.1%76.6%
    SCHHSchwab U.S. REIT ETFReal Estate-1.9%16.9%
    TLTiShares 20+ Year Treasury Bond ETFBond-1.9%-3.6%

    Top Gainers

    TickerCompanyCategory1M RtnYTD Rtn
    USOUnited States Oil Fund LPCommodity17.4%76.6%
    KWEBKraneShares CSI China Internet ETFEquity15.0%-15.6%
    FXIiShares China Large-Cap ETFEquity14.3%-4.8%
    XOPState Street SPDR S&P Oil & Gas Explo...Equity12.7%38.6%
    XLEState Street Energy Select Sector SPD...Equity10.5%32.4%
    ETHAiShares Ethereum Trust ETFCryptocurrency9.7%-37.1%
    FXNFirst Trust Energy AlphaDEX FundEquity8.9%33.7%
    PDBCInvesco Optimum Yield Diversified Com...Commodity8.7%30.2%
    DBCInvesco DB Commodity Index Tracking FundCommodity8.7%29.2%
    HGERHarbor Commodity All-Weather Strategy...Commodity7.1%27.9%

    Top Losers

    TickerCompanyCategory1M RtnYTD Rtn
    NASATema Space Innovators ETFEquity-21.7%-9.2%
    UNGUnited States Natural Gas Fund LPCommodity-12.7%-17.5%
    EWYiShares MSCI South Korea ETFEquity-11.0%64.8%
    SOXXiShares Semiconductor ETFEquity-10.4%68.7%
    ARKKARK Innovation ETFEquity-9.5%-4.4%
    SOXQInvesco PHLX Semiconductor ETFEquity-9.4%61.5%
    LITGlobal X Lithium & Battery Tech ETFEquity-9.3%7.0%
    ICLNiShares Global Clean Energy ETFEquity-8.5%9.5%
    XOVREntrepreneurShares Series Trust ERSha...Equity-8.4%-4.5%
    XBIState Street SPDR S&P Biotech ETFEquity-8.2%20.8%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    LADRSTWDBXMTRITMABRARIMedian
    NameLadder C.Starwood.Blacksto.Rithm Ca.Arbor Re.Apollo C. 
    Mkt Price9.6615.9714.5710.065.166.819.86
    Mkt Cap1.25.92.55.61.00.91.8
    Rev LTM2138226093,264472263541
    Op Inc LTM-------
    FCF LTM103420353-2,61531228207
    FCF 3Y Avg130603367-1,35537359248
    CFO LTM103833353-2,613312116214
    CFO 3Y Avg130758367-1,310373173270

    Growth & Margins

    LADRSTWDBXMTRITMABRARIMedian
    NameLadder C.Starwood.Blacksto.Rithm Ca.Arbor Re.Apollo C. 
    Rev Chg LTM-12.0%-2.7%25.7%18.3%-17.0%45.6%7.8%
    Rev Chg 3Y Avg-12.7%-9.3%-2.6%10.0%-11.4%-6.4%-7.8%
    Rev Chg Q0.0%-4.2%18.1%80.9%-10.1%-13.8%-2.1%
    QoQ Delta Rev Chg LTM0.0%-0.9%4.1%13.9%-2.7%-3.5%-0.5%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM48.2%101.3%57.9%-80.1%66.0%44.1%53.1%
    CFO/Rev 3Y Avg52.7%84.2%65.6%-44.9%64.7%76.7%65.2%
    FCF/Rev LTM48.2%51.1%57.9%-80.1%66.0%10.5%49.7%
    FCF/Rev 3Y Avg52.7%65.6%65.6%-46.5%64.7%24.3%58.7%

    Valuation

    LADRSTWDBXMTRITMABRARIMedian
    NameLadder C.Starwood.Blacksto.Rithm Ca.Arbor Re.Apollo C. 
    Mkt Cap1.25.92.55.61.00.91.8
    P/S5.67.14.01.72.13.63.8
    P/Op Inc-------
    P/EBIT-------
    P/E23.116.7159.57.817.17.516.9
    P/CFO11.77.07.0-2.13.28.27.0
    Total Yield14.0%17.7%13.6%24.6%32.9%28.3%21.2%
    Dividend Yield9.7%11.7%13.0%11.8%27.0%14.9%12.4%
    FCF Yield 3Y Avg9.6%9.6%12.0%-26.1%21.3%4.3%9.6%
    D/E2.52.26.46.35.88.66.1
    Net D/E2.42.26.25.15.58.55.3

    Returns

    LADRSTWDBXMTRITMABRARIMedian
    NameLadder C.Starwood.Blacksto.Rithm Ca.Arbor Re.Apollo C. 
    1M Rtn-3.5%-3.1%-15.5%10.7%-2.1%0.5%-2.6%
    3M Rtn-2.8%-8.7%-20.9%7.2%-32.6%-5.0%-6.9%
    6M Rtn-7.3%-5.2%-21.5%-1.7%-26.3%-0.8%-6.2%
    12M Rtn-3.0%-8.2%-13.5%-7.9%-47.8%15.0%-8.0%
    3Y Rtn14.4%3.2%-11.2%31.5%-55.4%33.2%8.8%
    1M Excs Rtn-5.1%-4.7%-17.1%9.1%-3.7%-1.1%-4.2%
    3M Excs Rtn-9.5%-15.3%-26.6%0.5%-38.1%-10.5%-12.9%
    6M Excs Rtn-17.3%-15.3%-29.8%-12.5%-38.0%-10.6%-16.3%
    12M Excs Rtn-23.3%-28.5%-32.6%-27.6%-67.5%-3.0%-28.1%
    3Y Excs Rtn-54.8%-61.2%-78.0%-34.7%-121.3%-43.4%-58.0%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date7/27/20264/27/20262/9/202610/27/20257/28/20254/28/20252/10/202510/28/20247/26/20244/29/20242/12/202410/30/2023
    Key Financials Quarterly            
    Total Revenue565150575650676974675876
    Net Income15316191712312832171931
    EPS0.120.020.130.150.140.090.250.220.260.130.150.25
    Key Financials TTM            
    Total Revenue TTM213213213230242261277269276272269328
    Net Income TTM52556480881031089610095101141
    Growth Rates Quarterly            
    Total Revenue Growth0.0%1.0%-25.8%-17.6%-25.1%-24.5%15.0%-8.9%5.1%4.6%-50.3%9.8%
    Net Income Growth-15.8%-77.9%-49.4%-31.3%-46.4%-29.1%63.2%-10.9%14.9%-25.9%-67.7%9.6%
    Margins Quarterly            
    Net Income Margin26.2%5.1%32.0%33.6%31.1%23.3%46.9%40.3%43.5%24.8%33.1%41.2%
    Cash & Debt            
    Total Cash1932253214184681,9451,5161,7091,2691,2971,153910
    Total Debt3,0723,0932,8832,6362,4262,7073,0733,3413,0253,1783,1773,177
    Net Debt / (Cash)2,8782,8672,5622,2171,9587621,5571,6321,7561,8812,0242,267
    Cash Flows Quarterly            
    FCF from Operations39-8452644-29-6016945-205878
    Cash Flows TTM            
    FCF from Operations TTM10310887-1812412613425216249181177
    Returns to Shareholders Quarterly            
    Dividends293129292931292929312929
    Share Repurchases81312724101-00
    Return on Invested Capital (ROIC) Quarterly            
    ROIC1.3%0.2%1.5%2.0%1.9%1.7%3.8%3.3%3.6%1.8%2.0%3.2%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM1.1%1.2%1.5%2.0%2.4%4.1%3.3%2.8%2.8%2.6%2.7%4.0%

    Segment Financials

    Revenue by Segment
    $ Mil20232022202120202019
    Loans228216129154278
    Real Estate761951239572
    Securities302013-544
    Corporate/Other-44-82-90-92-93
    Total289349175152301


    Operating Income by Segment
    $ Mil201520142013
    Loans190192196
    Securities653668
    Real Estate33215
    Corporate and other-128-125-77
    Total161124192


    Net Income by Segment
    $ Mil20252024202320222021
    Loans151158196210135
    Securities9442292013
    Real Estate419812358
    Corporate/Other-186-112-133-187-149
    Total6410710116557


    Assets by Segment
    $ Mil20252024202320222021
    Loans2,1981,5663,1393,8923,522
    Securities2,0881,081486588703
    Real Estate748691733706914
    Corporate/Other1181,5081,155765712
    Total5,1534,8455,5135,9515,851


    Price Behavior

    Price Behavior
    Market Price$9.66 
    Market Cap ($ Bil)1.2 
    First Trading Date02/06/2014 
    Distance from 52W High-10.7% 
       50 Days200 Days
    DMA Price$9.89$10.02
    DMA Trendindeterminateindeterminate
    Distance from DMA-2.3%-3.6%
     3M1YR
    Volatility19.8%19.3%
    Downside Capture16.0448.85
    Upside Capture0.3633.79
    Correlation (SPY)-2.2%30.2%
    LADR Betas & Captures as of 7/31/2026

     1M2M3M6M1Y3Y
    Beta0.08-0.16-0.030.440.460.65
    Up Beta-1.86-1.19-0.870.160.520.60
    Down Beta0.590.200.270.820.510.65
    Up Capture17%-14%-1%22%24%33%
    Bmk +ve Days11223567138427
    Stock +ve Days10192856118377
    Down Capture81%14%26%63%58%90%
    Bmk -ve Days11212859114326
    Stock -ve Days11233365124349

    [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-3.5%19.3%-0.30-
    Sector ETF (XLF)10.9%14.8%0.4948.7%
    Equity (SPY)21.0%12.9%1.2030.6%
    Gold (GLD)22.8%28.1%0.7211.3%
    Commodities (DBC)28.8%19.7%1.16-18.0%
    Real Estate (VNQ)15.5%13.8%0.8054.4%
    Bitcoin (BTCUSD)-45.9%43.1%-1.3018.0%

    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
    LADR5.5%24.6%0.19-
    Sector ETF (XLF)11.3%18.4%0.4861.2%
    Equity (SPY)12.9%17.2%0.5854.8%
    Gold (GLD)17.2%18.5%0.759.9%
    Commodities (DBC)8.4%19.5%0.3214.1%
    Real Estate (VNQ)2.5%18.9%0.0365.0%
    Bitcoin (BTCUSD)11.0%53.1%0.3923.7%

    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
    LADR5.6%48.1%0.27-
    Sector ETF (XLF)13.6%22.0%0.5647.7%
    Equity (SPY)15.1%17.9%0.7241.3%
    Gold (GLD)11.4%16.1%0.584.7%
    Commodities (DBC)7.1%18.0%0.3114.2%
    Real Estate (VNQ)4.8%20.7%0.2050.5%
    Bitcoin (BTCUSD)58.0%66.2%0.9811.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity4.2 Mil
    Short Interest: % Change Since 630202615.8%
    Average Daily Volume1.0 Mil
    Days-to-Cover Short Interest4.1 days
    Basic Shares Quantity124.7 Mil
    Short % of Basic Shares3.4%

    Returns Analyses

    Earnings Returns History

    Updated 8/3/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/23/2026-2.2%0.6% 
    4/23/20262.0%0.0%-2.6%
    2/5/2026-6.5%-4.6%-7.4%
    10/23/20250.5%-2.1%-4.7%
    7/24/20251.1%-0.5%0.5%
    4/24/20250.3%2.2%0.1%
    2/6/20254.3%2.4%4.2%
    10/24/20243.7%4.0%7.1%
    ...
    SUMMARY STATS   
    # Positive181412
    # Negative61011
    Median Positive2.2%2.2%5.8%
    Median Negative-3.0%-2.3%-3.5%
    Max Positive5.9%11.9%23.2%
    Max Negative-6.5%-6.0%-10.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/23/2026-2.2%0.6% 
    4/23/20262.0%0.0%-2.6%
    2/5/2026-6.5%-4.6%-7.4%
    10/23/20250.5%-2.1%-4.7%
    7/24/20251.1%-0.5%0.5%
    4/24/20250.3%2.2%0.1%
    2/6/20254.3%2.4%4.2%
    10/24/20243.7%4.0%7.1%
    7/25/20242.5%1.4%-0.3%
    4/25/20242.9%3.8%5.2%
    2/8/20240.8%-1.3%3.4%
    10/26/20234.6%11.9%20.8%
    7/26/2023-3.7%-6.0%-8.7%
    4/27/20231.6%-1.7%4.1%
    2/9/20235.9%7.6%-10.2%
    10/27/20222.7%2.3%6.4%
    7/28/20220.5%-3.0%-3.5%
    4/28/2022-5.9%-5.0%-4.3%
    2/10/2022-0.8%1.3%-0.7%
    10/28/20210.8%0.9%-3.5%
    7/29/2021-0.6%-2.5%-0.3%
    5/6/20213.9%-0.2%6.7%
    2/25/20212.9%1.6%6.7%
    10/29/20201.4%4.2%23.2%
    SUMMARY STATS   
    # Positive181412
    # Negative61011
    Median Positive2.2%2.2%5.8%
    Median Negative-3.0%-2.3%-3.5%
    Max Positive5.9%11.9%23.2%
    Max Negative-6.5%-6.0%-10.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202607/27/202610-Q
    03/31/202604/27/202610-Q
    12/31/202502/09/202610-K
    09/30/202510/27/202510-Q
    06/30/202507/28/202510-Q
    03/31/202504/28/202510-Q
    12/31/202402/10/202510-K
    09/30/202410/28/202410-Q
    06/30/202407/26/202410-Q
    03/31/202404/29/202410-Q
    12/31/202302/12/202410-K
    09/30/202310/30/202310-Q
    06/30/202307/28/202310-Q
    03/31/202305/01/202310-Q
    12/31/202202/13/202310-K
    09/30/202210/31/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202607/27/202610-Q
    03/31/202604/27/202610-Q
    12/31/202502/09/202610-K
    09/30/202510/27/202510-Q
    06/30/202507/28/202510-Q
    03/31/202504/28/202510-Q
    12/31/202402/10/202510-K
    09/30/202410/28/202410-Q
    06/30/202407/26/202410-Q
    03/31/202404/29/202410-Q
    12/31/202302/12/202410-K
    09/30/202310/30/202310-Q
    06/30/202307/28/202310-Q
    03/31/202305/01/202310-Q
    12/31/202202/13/202310-K
    09/30/202210/31/202210-Q
    06/30/202208/01/202210-Q
    03/31/202205/02/202210-Q
    12/31/202102/14/202210-K
    09/30/202110/29/202110-Q
    06/30/202107/30/202110-Q
    03/31/202105/07/202110-Q
    12/31/202002/26/202110-K
    09/30/202010/30/202010-Q
    06/30/202007/31/202010-Q
    03/31/202005/06/202010-Q
    12/31/201902/28/202010-K
    09/30/201911/08/201910-Q

    Insider Activity

    Updated 6/3/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Perelman, RobertHead of Asset ManagementDirectSell602202610.2517,505179,4264,394,011Form
    2Perelman, RobertHead of Asset ManagementDirectSell602202610.2617,495179,4994,577,899Form
    3Harris, BrianChief Executive OfficerDirectBuy210202610.325,00051,600155,708Form
    4Steiner, Jeffrey BDirectSell1028202510.8919,481212,148297,417Form
    5Esposito, Anthony VincentChief Accounting OfficerDirectBuy1017202510.7959637492,575Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Perelman, RobertHead of Asset ManagementDirectSell602202610.2517,505179,4264,394,011Form
    2Perelman, RobertHead of Asset ManagementDirectSell602202610.2617,495179,4994,577,899Form
    3Harris, BrianChief Executive OfficerDirectBuy210202610.325,00051,600155,708Form
    4Steiner, Jeffrey BDirectSell1028202510.8919,481212,148297,417Form
    5Esposito, Anthony VincentChief Accounting OfficerDirectBuy1017202510.7959637492,575Form
    6Alexander, Mark DavidDirectSell801202510.8626,795290,994317,427Form
    7Alexander, Mark DavidDirectSell801202510.9330,000327,900612,342Form
    8Alexander, Mark DavidDirectSell801202511.1234,587384,607956,587Form

    Industry Resources

    External Quote Links


    Prefer one of these to Trefis? Tell us why.
    Core Cache Last Updated: 8/3/2026