Ladder Capital (LADR) Financials

$10.66 +0.15 (+1.43%)

Closing price 10/17/2025 03:59 PM Eastern

Extended Trading

$10.66 -0.01 (-0.05%)

As of 10/17/2025 05:22 PM Eastern

Annual Income Statements for Ladder Capital

This table shows Ladder Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	110	74	67	95	180	123	-14	57	142	101	108
Consolidated Net Income / (Loss)	98	146	114	126	222	137	-9.46	57	165	101	107
Net Income / (Loss) Continuing Operations	98	146	114	126	222	137	-9.46	57	165	101	107
Total Pre-Tax Income	124	161	120	134	228	140	-19	58	170	105	111
Total Revenue	299	226	265	189	401	175	63	70	349	289	161
Net Interest Income / (Expense)	110	128	116	118	151	126	12	-6.85	98	162	137
Total Interest Income	187	242	236	264	345	330	240	176	294	407	137
Investment Securities Interest Income	187	242	236	264	345	-	240	176	294	407	359
Other Interest Income	-	-	-	-	-	330	-	-	-	-	-222
Total Interest Expense	78	113	121	146	194	204	227	183	196	245	0.00
Total Non-Interest Income	189	98	149	71	250	49	50	77	251	127	24
Other Service Charges	12	15	21	18	26	24	13	11	15	8.93	19
Net Realized & Unrealized Capital Gains on Investments	112	73	51	53	118	25	38	66	128	21	5.45
Provision for Credit Losses	0.60	0.60	0.30	0.00	14	2.60	18	-8.71	3.71	25	14
Total Non-Interest Expense	174	88	159	74	159	160	153	126	175	159	160
Salaries and Employee Benefits	82	62	64	70	60	68	58	38	76	64	61
Other Operating Expenses	61	-13	55	-37	57	52	56	50	67	66	67
Depreciation Expense	28	39	39	40	42	39	39	38	33	30	32
Nonoperating Income / (Expense), net	-	23	14	19	-	127	90	105	-	-	124
Income Tax Expense	27	15	6.32	7.71	6.64	2.65	-9.79	0.93	4.91	4.24	3.45
Net Income / (Loss) Attributable to Noncontrolling Interest	-	71	47	31	16	15	-0.56	0.37	23	-0.62	-0.81
Basic Earnings per Share	$0.90	$2.86	$1.08	$2.32	$1.85	$1.16	($0.13)	$0.46	$1.14	$0.81	$0.86
Weighted Average Basic Shares Outstanding	49.30M	103.40M	62.00M	163.81M	97.23M	105.46M	112.41M	123.76M	124.30M	124.67M	125.58M
Diluted Earnings per Share	$0.86	$2.84	$1.06	$2.26	$1.84	$1.15	($0.13)	$0.45	$1.13	$0.81	$0.86
Weighted Average Diluted Shares Outstanding	97.58M	103.74M	107.64M	219.41M	97.65M	106.40M	112.41M	124.56M	125.82M	124.88M	125.79M
Weighted Average Basic & Diluted Shares Outstanding	99.60M	102.20M	105.30M	111.28M	120.21M	120.98M	126.83M	128.02M	126.50M	126.62M	127.11M

This table shows Ladder Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	60	22	28	31	19	17	32	28	31	12	17
Consolidated Net Income / (Loss)	74	22	28	31	19	16	32	28	31	12	17
Net Income / (Loss) Continuing Operations	74	22	28	31	19	16	32	28	31	12	17
Total Pre-Tax Income	75	24	28	34	18	18	31	28	33	11	21
Total Revenue	147	51	48	80	111	45	77	45	33	26	31
Net Interest Income / (Expense)	37	43	40	39	40	37	34	38	27	20	22
Total Interest Income	95	104	40	101	162	37	89	38	-32	20	22
Investment Securities Interest Income	95	104	102	101	101	96	89	96	78	64	63
Other Interest Income	-	-	-61	-	-	-59	-	-58	-	-44	-41
Total Interest Expense	57	61	0.00	62	122	0.00	54	0.00	-59	0.00	0.00
Total Non-Interest Income	110	8.42	7.09	41	71	7.81	42	6.94	5.70	5.77	9.24
Other Service Charges	2.63	1.64	3.24	1.81	2.24	3.70	3.64	6.61	4.75	5.29	2.80
Net Realized & Unrealized Capital Gains on Investments	54	6.78	3.85	14	-3.74	4.11	13	0.33	0.94	0.49	6.44
Provision for Credit Losses	2.34	4.74	6.88	7.47	6.01	5.77	5.06	3.06	0.05	-0.08	-0.04
Total Non-Interest Expense	42	46	39	38	36	45	41	39	36	41	35
Salaries and Employee Benefits	17	22	14	14	13	21	14	14	12	19	12
Other Operating Expenses	17	17	17	17	15	16	19	17	16	14	16
Depreciation Expense	7.91	7.53	7.47	7.14	7.77	8.30	8.41	8.15	7.47	7.34	8.04
Nonoperating Income / (Expense), net	-	23	27	-	-	24	-	26	36	25	25
Income Tax Expense	1.01	1.72	0.05	3.15	-0.67	1.93	-1.09	0.90	1.71	-0.84	3.71
Net Income / (Loss) Attributable to Noncontrolling Interest	15	-0.22	-0.07	-0.12	-0.21	-0.18	-0.22	-0.35	-0.05	-0.22	-0.22
Basic Earnings per Share	$0.48	$0.36	$0.23	$0.25	($0.03)	$0.13	$0.26	$0.22	$0.25	$0.09	$0.14
Weighted Average Basic Shares Outstanding	124.30M	248.99M	124.73M	124.73M	124.67M	125.32M	125.73M	125.71M	125.58M	125.63M	125.80M
Diluted Earnings per Share	$0.47	$0.36	$0.23	$0.25	($0.03)	$0.13	$0.26	$0.22	$0.25	$0.09	$0.14
Weighted Average Diluted Shares Outstanding	125.82M	249.31M	124.83M	124.97M	124.88M	125.52M	125.84M	125.91M	125.79M	126.28M	126.20M
Weighted Average Basic & Diluted Shares Outstanding	126.50M	126.95M	126.93M	126.91M	126.62M	127.89M	127.87M	127.64M	127.11M	128.10M	127.46M

This table details how cash moves in and out of Ladder Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-2.52	18	-73	93	-84	257	929	-663	38	416	270
Net Cash From Operating Activities	209	-38	338	12	200	183	112	80	107	181	134
Net Cash From Continuing Operating Activities	209	-38	338	12	201	184	112	80	107	181	134
Net Income / (Loss) Continuing Operations	98	146	114	126	222	137	-9.46	57	165	101	107
Consolidated Net Income / (Loss)	98	146	114	126	222	137	-9.46	57	165	101	107
Provision For Loan Losses	0.60	0.60	0.30	0.00	14	2.60	18	-8.71	3.71	25	14
Depreciation Expense	28	39	39	40	42	39	39	38	33	30	32
Amortization Expense	90	1.14	3.94	0.11	-8.55	-9.58	0.33	4.82	-8.52	-10	-7.62
Non-Cash Adjustments to Reconcile Net Income	3.97	-214	194	-151	-83	16	101	-13	-116	1.37	-3.94
Changes in Operating Assets and Liabilities, net	-12	-11	-13	-3.70	15	-1.32	-37	1.66	30	34	-8.22
Net Cash From Investing Activities	-2,369	35	36	-307	-343	-127	1,542	-651	82	794	933
Net Cash From Continuing Investing Activities	-2,369	35	36	-307	-343	-127	1,542	-651	82	794	933
Purchase of Property, Leasehold Improvements and Equipment	-5.19	-8.38	-11	-5.64	-	-7.59	-6.10	-4.87	-6.95	-4.37	-6.50
Purchase of Investment Securities	-3,637	-1,925	-1,969	-1,950	0.00	-1,726	-448	-331	-97	-144	-912
Divestitures	-	-	-	0.00	0.00	49	4.00	25	2.28	0.00	0.00
Sale and/or Maturity of Investments	1,296	1,890	1,946	1,598	4,400	3,011	2,346	1,970	1,418	1,010	2,047
Other Investing Activities, net	-24	79	69	51	20	-1,452	-354	-2,310	-1,235	-68	-195
Net Cash From Financing Activities	2,158	22	-448	388	58	201	-726	-91	-150	-558	-797
Net Cash From Continuing Financing Activities	2,158	22	-448	388	58	201	-726	-91	-150	-558	-797
Issuance of Debt	16,886	16,280	12,360	10,080	5,807	14,403	10,021	4,519	2,427	921	668
Issuance of Common Equity	259	-	0.00	0.00	-	0.00	40	0.00	0.19	0.00	0.00
Repayment of Debt	-14,907	-16,137	-12,689	-9,510	-5,682	-14,023	-10,615	-4,494	-2,413	-1,348	-1,313
Repurchase of Common Equity	0.00	-0.99	-4.65	-2.59	0.00	-0.64	-3.04	-9.01	-7.92	-2.48	-6.53
Payment of Dividends	-51	-40	-67	-100	-123	-145	-119	-101	-137	-117	-118
Other Financing Activities, Net	-31	-80	-47	-80	56	-34	-51	-6.96	-20	-11	-27
Cash Interest Paid	63	107	115	131	183	195	203	173	178	234	199
Cash Income Taxes Paid	46	7.31	8.78	-0.21	9.84	0.89	2.20	-2.53	-1.17	-2.40	1.86

This table details how cash moves in and out of Ladder Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	302	101	113	-6.10	208	157	-25	492	-353	-813	-385
Net Cash From Operating Activities	54	111	-67	78	58	-20	45	169	-60	-29	44
Net Cash From Continuing Operating Activities	54	111	-67	78	58	-20	45	169	-60	-29	44
Net Income / (Loss) Continuing Operations	74	22	28	31	19	16	32	28	31	12	17
Consolidated Net Income / (Loss)	74	22	28	31	19	16	32	28	31	12	17
Provision For Loan Losses	2.34	4.74	6.88	7.47	6.01	5.77	5.06	3.06	0.05	-0.08	-0.04
Depreciation Expense	7.91	7.53	7.47	7.14	7.77	8.30	8.41	8.15	7.47	7.34	8.04
Amortization Expense	-3.41	-4.51	-2.66	-0.75	-2.45	-1.93	-1.90	-1.47	-2.32	-1.43	-1.23
Non-Cash Adjustments to Reconcile Net Income	-50	1.45	2.84	-5.83	2.92	11	-8.77	2.08	-8.04	-57	65
Changes in Operating Assets and Liabilities, net	23	80	-110	39	25	-60	10	130	-89	11	-45
Net Cash From Investing Activities	290	188	335	79	191	337	250	147	199	-374	-406
Net Cash From Continuing Investing Activities	290	188	335	79	191	337	250	147	199	-374	-406
Purchase of Property, Leasehold Improvements and Equipment	-1.29	-0.63	-0.87	-1.14	-1.73	-1.37	-0.46	-3.02	-1.65	-0.87	-0.64
Purchase of Investment Securities	-28	-3.51	-14	-59	-67	-71	-95	-432	-315	-522	-592
Sale and/or Maturity of Investments	371	225	362	157	267	458	366	584	639	402	346
Other Investing Activities, net	-51	-33	-12	-17	-7.00	-49	-21	-2.23	-123	-253	-160
Net Cash From Financing Activities	-42	-198	-155	-164	-41	-160	-320	176	-492	-410	-23
Net Cash From Continuing Financing Activities	-42	-198	-155	-164	-41	-160	-320	176	-492	-410	-23
Issuance of Debt	874	601	137	6.13	177	81	61	513	13	0.25	348
Repayment of Debt	-869	-758	-262	-140	-188	-199	-351	-299	-463	-367	-335
Repurchase of Common Equity	-1.76	-2.29	-	-0.20	-	-0.65	-0.21	-1.19	-4.48	-2.32	-6.62
Payment of Dividends	-58	-30	-29	-29	-29	-31	-29	-29	-29	-31	-29
Other Financing Activities, Net	13	-9.18	-0.85	-0.74	-0.47	-10	-0.50	-7.78	-8.53	-10	-0.17

This table presents Ladder Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2013	2014	2015	2016	2017	2018	2020	2021	2022	2023	2024
Period end date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,489	5,814	5,895	5,578	6,026	6,273	5,881	5,851	5,951	5,513	4,845
Cash and Due from Banks	79	76	109	45	77	68	1,254	549	609	1,016	1,323
Restricted Cash	29	42	31	45	106	31	30	73	51	15	13
Trading Account Securities	1,675	2,822	2,444	2,140	36	40	77	24	34	34	1,128
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	2,354	3,554	3,886	3,155	0.00
Premises and Equipment, Net	624	769	835	822	1,032	998	985	866	700	726	671
Mortgage Servicing Rights	-	-	-	-	-	-	-	-	-	-	1,591
Other Assets	642	1,687	1,905	169	1,262	1,635	1,181	818	691	608	119
Total Liabilities & Shareholders' Equity	3,489	5,814	5,895	5,578	6,026	6,273	5,881	5,851	5,951	5,513	4,845
Total Liabilities	2,304	4,309	4,404	4,069	4,537	4,629	4,333	4,338	4,418	3,980	3,312
Long-Term Debt	1,623	4,183	4,275	3,942	4,380	4,453	4,210	4,220	4,246	3,784	3,136
Other Long-Term Liabilities	-	126	28	127	158	177	52	50	72	99	177
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	8.84	720	663	-	-	-	-	-	-	-	-2.09
Total Equity & Noncontrolling Interests	1,176	785	828	1,510	1,488	1,644	1,548	1,514	1,534	1,532	1,533
Total Preferred & Common Equity	1,176	785	828	971	1,235	1,445	1,543	1,507	1,533	1,533	1,535
Total Common Equity	1,176	785	828	971	1,235	1,445	1,543	1,507	1,533	1,533	1,535
Common Stock	1,176	726	777	992	1,306	1,471	1,780	1,795	1,827	1,757	1,777
Retained Earnings	0.00	44	61	-11	-39	11	-164	-208	-177	-198	-207
Treasury Stock	-	0.00	-5.81	-11	-32	-33	-63	-76	-96	-12	-30
Accumulated Other Comprehensive Income / (Loss)	0.00	16	-3.56	1.37	-0.21	-4.65	-10	-4.11	-21	-14	-4.87

This table presents Ladder Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	5,843	5,870	5,861	5,629	5,503	5,323	5,048	5,379	4,470	4,457
Cash and Due from Banks	217	328	626	777	798	1,220	1,196	1,607	480	135
Restricted Cash	66	29	25	97	60	12	12	12	14	13
Trading Account Securities	41	36	34	33	33	34	528	47	1,586	2,014
Loans and Leases, Net of Allowance	4,004	4,019	3,794	3,501	3,372	2,798	0.00	2,040	0.00	0.00
Premises and Equipment, Net	788	770	693	687	675	734	707	691	655	690
Mortgage Servicing Rights	-	-	-	-	-	-	2,539	-	1,665	1,594
Other Assets	743	706	712	564	603	573	67	1,033	71	12
Total Liabilities & Shareholders' Equity	5,843	5,870	5,861	5,629	5,503	5,323	5,048	5,379	4,470	4,457
Total Liabilities	4,333	4,366	4,332	4,097	3,965	3,799	3,520	3,848	2,956	2,957
Long-Term Debt	4,206	4,238	4,082	3,958	3,794	3,667	3,378	3,585	2,770	2,783
Other Long-Term Liabilities	49	47	168	58	76	56	142	164	186	174
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-1.58	-	-2.31	-2.55
Total Equity & Noncontrolling Interests	1,510	1,504	1,529	1,532	1,538	1,524	1,528	1,531	1,514	1,500
Total Preferred & Common Equity	1,502	1,502	1,529	1,532	1,539	1,525	1,530	1,533	1,517	1,503
Total Common Equity	1,502	1,502	1,529	1,532	1,539	1,525	1,530	1,533	1,517	1,503
Common Stock	1,819	1,823	1,836	1,839	1,842	1,767	1,770	1,774	1,778	1,781
Retained Earnings	-207	-207	-184	-185	-183	-211	-208	-209	-225	-237
Treasury Stock	-92	-95	-106	-106	-106	-22	-22	-23	-30	-37
Accumulated Other Comprehensive Income / (Loss)	-18	-19	-18	-17	-15	-9.82	-11	-8.71	-7.22	-5.64

This table displays calculated financial ratios and metrics derived from Ladder Capital's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.97%	-24.44%	17.24%	-28.76%	112.49%	-56.25%	-64.34%	12.33%	396.76%	-17.10%	-44.27%
EBITDA Growth	-11.84%	-26.81%	-15.97%	3.99%	68.50%	-83.94%	-265.60%	93.96%	4,723.50%	-36.06%	-90.72%
EBIT Growth	-35.45%	10.73%	-22.95%	8.40%	98.73%	-94.26%	-931.26%	57.06%	463.51%	-38.46%	-112.58%
NOPAT Growth	-48.27%	28.14%	-19.74%	7.82%	104.77%	-94.19%	-693.12%	39.64%	458.79%	-39.20%	-112.70%
Net Income Growth	-48.27%	49.69%	-22.18%	10.69%	76.10%	-38.20%	-106.90%	701.53%	190.55%	-39.20%	6.91%
EPS Growth	0.00%	230.23%	-62.68%	113.21%	-18.58%	-37.50%	-111.30%	446.15%	151.11%	-28.32%	6.17%
Operating Cash Flow Growth	-56.08%	-118.36%	983.46%	-96.46%	1,572.37%	-8.59%	-38.90%	-28.77%	33.82%	69.25%	-25.85%
Free Cash Flow Firm Growth	33.07%	101.92%	910.09%	-173.28%	97.87%	-5,840.75%	270.42%	-103.18%	665.56%	372.16%	12.63%
Invested Capital Growth	66.09%	1.47%	-5.54%	7.64%	3.89%	6.60%	-11.40%	-0.43%	0.80%	-8.01%	-12.18%
Revenue Q/Q Growth	3.13%	-21.20%	62.29%	-34.55%	16.30%	-16.73%	-27.62%	88.63%	48.00%	33.96%	23.41%
EBITDA Q/Q Growth	-1.26%	-22.49%	20.73%	35.03%	-9.88%	-45.98%	-55.04%	92.92%	97.05%	157.72%	145.28%
EBIT Q/Q Growth	-3.50%	27.20%	15.64%	-8.29%	-9.72%	-73.91%	-34.31%	54.93%	143.38%	255.09%	73.84%
NOPAT Q/Q Growth	-7.50%	23.54%	1.65%	-28.84%	-7.71%	-89.13%	-260.42%	66.53%	39.94%	-35.47%	-113.41%
Net Income Q/Q Growth	-7.50%	44.31%	15.13%	-17.26%	-7.71%	15.71%	-119.88%	212.00%	39.94%	-35.47%	12.94%
EPS Q/Q Growth	0.00%	468.00%	-55.08%	63.77%	-41.40%	13.86%	-172.22%	0.00%	54.79%	-38.17%	48.28%
Operating Cash Flow Q/Q Growth	172.99%	-179.46%	188.01%	-92.60%	-27.65%	-42.03%	-45.91%	60.13%	0.58%	2.21%	-46.95%
Free Cash Flow Firm Q/Q Growth	0.00%	103.90%	252.46%	-151.47%	98.39%	-456.30%	113.38%	-102.56%	134.30%	-0.29%	104.05%
Invested Capital Q/Q Growth	24.49%	0.61%	-10.79%	3.59%	-3.41%	-0.02%	-7.67%	8.68%	0.66%	-0.30%	-8.75%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	81.26%	78.70%	56.41%	82.34%	65.29%	23.98%	-111.33%	-5.98%	55.70%	42.96%	7.15%
EBIT Margin	41.56%	60.91%	40.02%	60.90%	56.96%	7.48%	-174.35%	-66.65%	48.77%	36.21%	-8.17%
Profit (Net Income) Margin	32.66%	64.70%	42.94%	66.73%	55.30%	78.13%	-15.12%	80.98%	47.37%	34.74%	66.64%
Tax Burden Percent	78.58%	90.94%	94.74%	94.23%	97.09%	98.11%	49.14%	98.40%	97.12%	95.95%	96.89%
Interest Burden Percent	100.00%	116.81%	113.26%	116.28%	100.00%	1,064.63%	17.65%	-123.48%	100.00%	100.00%	-841.90%
Effective Tax Rate	21.42%	9.06%	5.26%	5.77%	2.91%	1.89%	0.00%	1.61%	2.88%	4.05%	3.11%
Return on Invested Capital (ROIC)	2.14%	2.18%	1.79%	1.91%	3.71%	0.20%	-1.25%	-0.80%	2.87%	1.81%	-0.26%
ROIC Less NNEP Spread (ROIC-NNEP)	2.14%	2.68%	2.11%	2.34%	3.71%	2.51%	0.02%	1.64%	2.87%	1.81%	3.22%
Return on Net Nonoperating Assets (RNNOA)	5.11%	7.57%	5.79%	6.49%	10.45%	14.81%	0.15%	4.52%	7.98%	4.74%	7.27%
Return on Equity (ROE)	7.26%	9.75%	7.58%	8.40%	14.16%	15.02%	-1.09%	3.72%	10.85%	6.56%	7.02%
Cash Return on Invested Capital (CROIC)	-47.53%	0.73%	7.49%	-5.44%	-0.11%	-6.19%	10.84%	-0.37%	2.07%	10.16%	12.72%
Operating Return on Assets (OROA)	2.67%	2.35%	1.85%	1.98%	3.71%	0.20%	-1.74%	-0.80%	2.88%	1.83%	-0.25%
Return on Assets (ROA)	2.10%	2.50%	1.98%	2.17%	3.60%	2.12%	-0.15%	0.97%	2.80%	1.75%	2.07%
Return on Common Equity (ROCE)	5.29%	5.25%	4.54%	6.18%	12.11%	11.90%	-0.98%	3.70%	10.83%	6.56%	7.03%
Return on Equity Simple (ROE_SIMPLE)	12.43%	17.64%	11.71%	10.19%	15.34%	0.00%	-0.61%	3.77%	10.78%	6.56%	7.00%
Net Operating Profit after Tax (NOPAT)	98	125	100	108	222	13	-76	-46	165	101	-13
NOPAT Margin	32.66%	55.39%	37.92%	57.39%	55.30%	7.34%	-122.04%	-65.58%	47.37%	34.74%	-7.92%
Net Nonoperating Expense Percent (NNEP)	0.00%	-0.50%	-0.32%	-0.42%	0.00%	-2.31%	-1.27%	-2.44%	0.00%	0.00%	-3.47%
SG&A Expenses to Revenue	27.48%	27.28%	24.27%	37.35%	15.00%	38.65%	92.90%	54.58%	21.73%	21.99%	37.63%
Operating Expenses to Revenue	58.24%	38.83%	59.86%	39.10%	39.57%	91.04%	245.13%	179.05%	50.16%	55.12%	99.53%
Earnings before Interest and Taxes (EBIT)	124	138	106	115	228	13	-109	-47	170	105	-13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	243	178	149	155	262	42	-70	-4.20	194	124	12
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.91	0.72	0.82	0.71	0.76	1.02	0.57	0.81	0.70	0.88	0.93
Price to Tangible Book Value (P/TBV)	0.91	0.72	0.82	0.71	0.76	1.02	0.57	0.81	0.70	0.88	0.93
Price to Revenue (P/Rev)	2.39	2.63	3.02	4.65	2.74	8.51	14.18	17.29	3.07	4.65	8.86
Price to Earnings (P/E)	6.47	8.06	11.98	9.20	6.09	12.16	0.00	21.49	7.54	13.31	13.19
Dividend Yield	0.00%	37.14%	13.50%	17.36%	13.24%	10.92%	12.75%	8.26%	10.39%	8.68%	8.22%
Earnings Yield	15.45%	12.40%	8.34%	10.86%	16.41%	8.22%	0.00%	4.65%	13.27%	7.51%	7.58%
Enterprise Value to Invested Capital (EV/IC)	0.97	0.94	0.95	0.91	0.93	0.95	0.66	0.84	0.81	0.77	0.69
Enterprise Value to Revenue (EV/Rev)	18.39	23.90	19.60	28.24	14.09	35.22	61.05	68.60	13.35	14.16	20.01
Enterprise Value to EBITDA (EV/EBITDA)	22.63	30.37	34.75	34.30	21.59	146.91	0.00	0.00	23.96	32.97	279.72
Enterprise Value to EBIT (EV/EBIT)	44.25	39.25	48.97	46.37	24.74	470.88	0.00	0.00	27.37	39.12	0.00
Enterprise Value to NOPAT (EV/NOPAT)	56.32	43.16	51.69	49.21	25.49	479.97	0.00	0.00	28.18	40.77	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	26.35	0.00	15.34	444.50	28.19	33.71	34.11	60.44	43.65	22.69	24.09
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	129.73	12.35	0.00	0.00	0.00	5.75	0.00	39.02	7.27	5.08
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.78	2.87	2.61	2.94	2.71	26.89	2.72	2.79	2.77	2.47	2.05
Long-Term Debt to Equity	2.78	2.87	2.61	2.94	2.71	26.89	2.72	2.79	2.77	2.47	2.05
Financial Leverage	2.39	2.82	2.74	2.78	2.82	5.90	6.09	2.75	2.78	2.62	2.26
Leverage Ratio	3.46	3.91	3.82	3.87	3.93	7.09	7.26	3.83	3.87	3.74	3.38
Compound Leverage Factor	3.46	4.56	4.33	4.50	3.93	75.53	1.28	-4.73	3.87	3.74	-28.47
Debt to Total Capital	73.54%	74.16%	72.31%	74.64%	73.04%	96.42%	73.11%	73.60%	73.46%	71.18%	67.19%
Short-Term Debt to Total Capital	0.00%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	73.54%	74.06%	72.31%	74.64%	73.04%	96.42%	73.11%	73.60%	73.46%	71.18%	67.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	12.65%	11.49%	9.87%	4.31%	3.26%	3.58%	0.09%	0.11%	0.00%	-0.02%	-0.04%
Common Equity to Total Capital	13.81%	14.35%	17.82%	21.05%	23.71%	0.00%	26.80%	26.29%	26.53%	28.84%	32.89%
Debt to EBITDA	17.22	24.08	26.39	28.20	17.01	115.59	-60.46	-1,003.74	21.84	30.45	271.91
Net Debt to EBITDA	16.73	23.29	25.79	27.02	16.64	107.13	-42.02	-855.89	18.45	22.15	156.05
Long-Term Debt to EBITDA	17.22	24.05	26.39	28.20	17.01	115.59	-60.46	-1,003.74	21.84	30.45	271.91
Debt to NOPAT	42.85	34.21	39.26	40.46	20.09	377.66	-55.16	-91.59	25.68	37.65	-245.69
Net Debt to NOPAT	41.63	33.10	38.37	38.77	19.64	350.01	-38.33	-78.10	21.69	27.39	-141.00
Long-Term Debt to NOPAT	42.85	34.17	39.26	40.46	20.09	377.66	-55.16	-91.59	25.68	37.65	-245.69
Noncontrolling Interest Sharing Ratio	27.08%	46.16%	40.04%	26.40%	14.42%	20.78%	10.76%	0.39%	0.22%	-0.02%	-0.16%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,166	42	420	-308	-6.56	-390	664	-21	119	564	635
Operating Cash Flow to CapEx	4,019.11%	-457.40%	3,180.70%	212.50%	0.00%	2,413.16%	1,834.23%	1,636.34%	1,535.62%	4,129.04%	2,061.27%
Free Cash Flow to Firm to Interest Expense	-27.92	0.37	3.48	-2.11	-0.03	-1.91	2.92	-0.12	0.61	2.30	0.00
Operating Cash Flow to Interest Expense	2.69	-0.34	2.80	0.08	1.03	0.90	0.49	0.44	0.55	0.74	0.00
Operating Cash Flow Less CapEx to Interest Expense	2.62	-0.41	2.71	0.04	1.07	0.86	0.47	0.41	0.51	0.72	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.04	0.05	0.03	0.07	0.03	0.01	0.01	0.06	0.05	0.03
Fixed Asset Turnover	0.43	0.28	0.32	0.20	0.39	0.17	0.06	0.08	0.45	0.41	0.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,688	5,772	5,452	5,868	6,096	6,499	5,758	5,733	5,779	5,316	4,669
Invested Capital Turnover	0.07	0.04	0.05	0.03	0.07	0.03	0.01	0.01	0.06	0.05	0.03
Increase / (Decrease) in Invested Capital	2,263	83	-320	416	228	403	-741	-25	46	-463	-648
Enterprise Value (EV)	5,498	5,399	5,191	5,327	5,650	6,176	3,818	4,819	4,658	4,098	3,226
Market Capitalization	714	595	800	877	1,097	1,492	887	1,215	1,072	1,346	1,428
Book Value per Share	$7.92	$8.34	$8.86	$11.15	$12.99	$0.00	$12.83	$12.01	$12.12	$12.08	$12.03
Tangible Book Value per Share	$7.92	$8.34	$8.86	$11.15	$12.99	$0.00	$12.83	$12.01	$12.12	$12.08	$12.03
Total Capital	5,688	5,772	5,452	5,868	6,096	5,041	5,758	5,733	5,779	5,316	4,666
Total Debt	4,183	4,280	3,942	4,380	4,453	4,860	4,210	4,220	4,246	3,784	3,136
Total Long-Term Debt	4,183	4,275	3,942	4,380	4,453	4,860	4,210	4,220	4,246	3,784	3,136
Net Debt	4,064	4,140	3,853	4,197	4,354	4,504	2,926	3,598	3,586	2,753	1,800
Capital Expenditures (CapEx)	5.19	8.38	11	5.64	-7.78	7.59	6.10	4.87	6.95	4.37	6.50
Net Nonoperating Expense (NNE)	0.00	-21	-13	-18	0.00	-124	-67	-103	0.00	0.00	-120
Net Nonoperating Obligations (NNO)	4,183	4,280	3,942	4,380	4,453	6,318	4,210	4,220	4,246	3,784	3,138
Total Depreciation and Amortization (D&A)	119	40	43	40	33	29	39	43	24	20	25
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.90	$2.86	$1.08	$1.16	$1.85	$2.32	($0.13)	$0.46	$1.14	$0.81	$0.86
Adjusted Weighted Average Basic Shares Outstanding	49.30M	103.40M	62.00M	81.90M	97.23M	210.91M	112.41M	123.76M	124.30M	124.67M	125.58M
Adjusted Diluted Earnings per Share	$0.86	$2.84	$1.06	$1.13	$1.84	$2.30	($0.13)	$0.45	$1.13	$0.81	$0.86
Adjusted Weighted Average Diluted Shares Outstanding	97.58M	103.74M	107.64M	109.70M	97.65M	212.80M	112.41M	124.56M	125.82M	124.88M	125.79M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$1.08	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	99.60M	109.91M	110.73M	111.28M	120.21M	120.98M	126.83M	128.02M	126.50M	126.62M	127.11M
Normalized Net Operating Profit after Tax (NOPAT)	100	125	100	108	222	14	-76	-46	165	101	-13
Normalized NOPAT Margin	33.29%	55.39%	37.92%	57.39%	55.30%	8.09%	-122.04%	-65.58%	47.37%	34.74%	-7.92%
Pre Tax Income Margin	41.56%	71.15%	45.33%	70.82%	56.96%	79.64%	-30.78%	82.30%	48.77%	36.21%	68.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.60	1.21	0.88	0.79	1.18	0.06	-0.48	-0.26	0.87	0.43	0.00
NOPAT to Interest Expense	1.26	1.10	0.83	0.74	1.14	0.06	-0.34	-0.25	0.85	0.41	0.00
EBIT Less CapEx to Interest Expense	1.53	1.14	0.79	0.75	1.22	0.03	-0.51	-0.28	0.83	0.41	0.00
NOPAT Less CapEx to Interest Expense	1.19	1.03	0.74	0.70	1.18	0.03	-0.36	-0.28	0.81	0.39	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	51.73%	27.33%	59.06%	79.50%	55.38%	105.50%	-1,257.01%	176.74%	82.61%	116.38%	109.86%
Augmented Payout Ratio	51.73%	28.01%	63.15%	81.56%	55.38%	105.96%	-1,289.10%	192.57%	87.39%	118.85%	115.94%

This table displays calculated financial ratios and metrics derived from Ladder Capital's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	331.03%	-30.83%	-43.26%	84.02%	-25.02%	-12.67%	-20.07%	-43.14%	-70.22%	-41.93%	-59.89%
EBITDA Growth	908.09%	-87.02%	-87.46%	372.40%	-31.67%	-80.71%	-117.99%	-76.62%	-96.64%	-1,351.47%	-94.29%
EBIT Growth	6,179.27%	-97.23%	-96.57%	950.54%	-33.84%	-1,250.30%	-587.15%	-91.71%	-103.90%	-152.67%	-115.03%
NOPAT Growth	2,047.66%	-97.60%	-96.37%	941.19%	-74.38%	-1,209.47%	-605.07%	-91.16%	-113.30%	-204.35%	-111.93%
Net Income Growth	174.28%	15.86%	-34.99%	8.75%	-74.38%	-25.96%	14.36%	-11.65%	64.70%	-29.67%	-46.75%
EPS Growth	571.43%	140.00%	-17.86%	8.70%	-106.38%	-63.89%	13.04%	-12.00%	933.33%	-30.77%	-46.15%
Operating Cash Flow Growth	1.15%	470.93%	-253.06%	104.12%	7.17%	-118.29%	167.45%	116.36%	-202.95%	-40.99%	-3.00%
Free Cash Flow Firm Growth	-0.37%	145.25%	228.64%	195.15%	1,602.58%	71.51%	152.20%	-50.37%	33.79%	114.78%	0.72%
Invested Capital Growth	0.80%	-4.13%	-3.96%	-7.13%	-8.01%	-7.49%	-10.62%	-4.05%	-12.18%	-17.47%	-12.70%
Revenue Q/Q Growth	240.04%	38.47%	-7.56%	67.62%	38.56%	-59.33%	-15.39%	19.25%	-27.43%	-20.69%	17.91%
EBITDA Q/Q Growth	1,149.94%	245.81%	81.62%	538.36%	80.79%	-99.08%	-269.32%	929.79%	-74.01%	-442.69%	125.27%
EBIT Q/Q Growth	3,059.80%	107.16%	217.58%	2,084.61%	98.99%	-108.33%	-34.49%	137.19%	-193.68%	-439.24%	67.57%
NOPAT Q/Q Growth	2,378.37%	-99.38%	241.63%	1,887.66%	-39.02%	-126.79%	-55.52%	134.79%	-191.73%	-513.16%	75.29%
Net Income Q/Q Growth	158.86%	-70.11%	26.59%	11.05%	-39.02%	-13.63%	95.53%	-14.20%	13.67%	-63.12%	48.06%
EPS Q/Q Growth	104.35%	-23.40%	-36.11%	8.70%	-112.00%	533.33%	100.00%	-15.38%	13.64%	-64.00%	55.56%
Operating Cash Flow Q/Q Growth	42.40%	104.44%	-160.43%	216.04%	-25.24%	-134.89%	322.85%	272.22%	-135.57%	52.22%	253.32%
Free Cash Flow Firm Q/Q Growth	106.11%	754.39%	-5.76%	93.27%	9.40%	-13.93%	38.58%	-61.96%	194.91%	38.17%	-30.49%
Invested Capital Q/Q Growth	0.66%	-2.91%	-2.16%	-2.87%	-0.30%	-2.36%	-5.48%	4.27%	-8.75%	-8.23%	-0.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	73.14%	6.83%	13.41%	51.08%	66.65%	1.51%	-3.02%	21.01%	7.52%	-32.51%	6.97%
EBIT Margin	70.09%	0.96%	3.30%	43.06%	61.84%	-12.67%	-20.14%	6.28%	-8.11%	-55.12%	-15.16%
Profit (Net Income) Margin	50.38%	43.12%	59.04%	39.11%	17.21%	36.55%	84.47%	60.77%	95.20%	44.27%	55.59%
Tax Burden Percent	98.66%	92.81%	99.84%	90.84%	103.65%	89.51%	103.51%	96.83%	94.82%	107.82%	82.16%
Interest Burden Percent	72.86%	4,830.51%	1,789.95%	100.00%	26.86%	-322.36%	-405.28%	999.40%	-1,238.42%	-74.49%	-446.25%
Effective Tax Rate	1.34%	7.19%	0.16%	9.16%	-3.65%	10.49%	-3.51%	3.17%	5.18%	-7.82%	17.84%
Return on Invested Capital (ROIC)	3.05%	0.03%	0.11%	1.53%	0.90%	-0.59%	-0.66%	0.15%	-0.25%	-1.79%	-0.26%
ROIC Less NNEP Spread (ROIC-NNEP)	3.05%	0.55%	0.76%	1.53%	0.90%	-0.04%	0.43%	0.82%	0.73%	-0.95%	0.42%
Return on Net Nonoperating Assets (RNNOA)	8.49%	1.52%	2.03%	4.03%	2.35%	-0.10%	1.03%	1.98%	1.65%	-2.01%	0.85%
Return on Equity (ROE)	11.54%	1.56%	2.13%	5.55%	3.25%	-0.69%	0.37%	2.13%	1.40%	-3.79%	0.59%
Cash Return on Invested Capital (CROIC)	2.07%	7.15%	6.78%	10.21%	10.16%	9.53%	10.86%	5.96%	12.72%	18.68%	15.47%
Operating Return on Assets (OROA)	4.15%	0.04%	0.10%	1.64%	3.12%	-0.64%	-0.62%	0.15%	-0.25%	-1.60%	-0.31%
Return on Assets (ROA)	2.98%	1.57%	1.85%	1.49%	0.87%	1.85%	2.61%	1.46%	2.96%	1.29%	1.13%
Return on Common Equity (ROCE)	11.52%	1.55%	2.13%	5.55%	3.25%	-0.69%	0.37%	2.14%	1.40%	-3.80%	0.59%
Return on Equity Simple (ROE_SIMPLE)	0.00%	11.01%	10.00%	10.12%	0.00%	6.21%	6.46%	6.21%	0.00%	6.76%	5.83%
Net Operating Profit after Tax (NOPAT)	74	0.46	1.57	31	19	-5.10	-7.93	2.76	-2.53	-16	-3.83
NOPAT Margin	50.38%	0.89%	3.30%	39.11%	17.21%	-11.34%	-20.84%	6.08%	-7.69%	-59.44%	-12.46%
Net Nonoperating Expense Percent (NNEP)	0.00%	-0.52%	-0.65%	0.00%	0.00%	-0.56%	-1.09%	-0.67%	-0.98%	-0.84%	-0.68%
SG&A Expenses to Revenue	11.31%	42.91%	29.93%	17.91%	11.77%	46.25%	36.08%	31.77%	35.72%	71.88%	37.57%
Operating Expenses to Revenue	28.32%	89.84%	82.23%	47.57%	32.73%	99.84%	106.84%	86.97%	107.96%	155.44%	115.30%
Earnings before Interest and Taxes (EBIT)	103	0.50	1.57	34	68	-5.69	-7.66	2.85	-2.67	-14	-4.67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	108	3.51	6.38	41	74	0.68	-1.15	9.53	2.48	-8.49	2.14
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.70	0.70	0.83	0.78	0.88	0.85	0.94	0.97	0.93	0.96	0.92
Price to Tangible Book Value (P/TBV)	0.70	0.70	0.83	0.78	0.88	0.85	0.94	0.97	0.93	0.96	0.92
Price to Revenue (P/Rev)	3.07	4.98	7.05	5.56	4.65	4.61	8.75	11.35	8.86	10.19	14.28
Price to Earnings (P/E)	7.54	7.39	9.13	8.49	13.31	13.66	14.51	15.43	13.19	14.02	15.58
Dividend Yield	10.39%	10.70%	9.22%	9.72%	8.68%	8.96%	8.15%	7.93%	8.22%	8.06%	8.56%
Earnings Yield	13.27%	13.54%	10.95%	11.78%	7.51%	7.32%	6.89%	6.48%	7.58%	7.13%	6.42%
Enterprise Value to Invested Capital (EV/IC)	0.81	0.80	0.79	0.78	0.77	0.72	0.74	0.67	0.69	0.87	0.94
Enterprise Value to Revenue (EV/Rev)	13.35	20.88	24.23	19.15	14.16	13.21	21.89	26.38	20.01	26.16	41.57
Enterprise Value to EBITDA (EV/EBITDA)	23.96	74.35	270.01	85.77	32.97	30.76	629.10	0.00	279.72	1,572.07	0.00
Enterprise Value to EBIT (EV/EBIT)	27.37	105.63	0.00	140.22	39.12	37.91	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	28.18	26.77	28.39	26.56	40.77	39.43	0.00	36.23	0.00	0.00	45.79
Enterprise Value to Operating Cash Flow (EV/OCF)	43.65	18.16	31.79	23.41	22.69	76.52	22.36	13.66	24.09	29.66	32.28
Enterprise Value to Free Cash Flow (EV/FCFF)	39.02	11.00	11.46	7.32	7.27	7.26	6.40	11.08	5.08	4.21	5.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.77	2.67	2.58	2.47	2.47	2.41	2.21	2.34	2.05	1.83	1.86
Long-Term Debt to Equity	2.77	2.67	2.58	2.47	2.47	2.41	2.21	2.34	2.05	1.83	1.86
Financial Leverage	2.78	2.77	2.68	2.64	2.62	2.54	2.40	2.40	2.26	2.12	2.04
Leverage Ratio	3.87	3.90	3.77	3.74	3.74	3.66	3.49	3.55	3.38	3.23	3.14
Compound Leverage Factor	2.82	188.19	67.52	3.74	1.00	-11.81	-14.15	35.44	-41.88	-2.40	-14.03
Debt to Total Capital	73.46%	72.76%	72.10%	71.15%	71.18%	70.64%	68.87%	70.08%	67.19%	64.69%	65.02%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	73.46%	72.76%	72.10%	71.15%	71.18%	70.64%	68.87%	70.08%	67.19%	64.69%	65.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	-0.01%	-0.01%	-0.01%	-0.02%	-0.03%	-0.03%	-0.04%	-0.04%	-0.05%	-0.06%
Common Equity to Total Capital	26.53%	27.25%	27.91%	28.86%	28.84%	29.38%	31.19%	29.96%	32.89%	35.42%	35.10%
Debt to EBITDA	21.84	67.36	245.69	78.67	30.45	30.19	588.21	-140.76	271.91	1,169.17	-84.25
Net Debt to EBITDA	18.45	56.61	191.44	60.88	22.15	20.05	377.96	-77.18	156.05	960.85	-79.76
Long-Term Debt to EBITDA	21.84	67.36	245.69	78.67	30.45	30.19	588.21	-140.76	271.91	1,169.17	-84.25
Debt to NOPAT	25.68	24.25	25.83	24.36	37.65	38.71	-185.19	37.68	-245.69	-127.52	31.79
Net Debt to NOPAT	21.69	20.38	20.13	18.85	27.39	25.70	-119.00	20.66	-141.00	-104.80	30.09
Long-Term Debt to NOPAT	25.68	24.25	25.83	24.36	37.65	38.71	-185.19	37.68	-245.69	-127.52	31.79
Noncontrolling Interest Sharing Ratio	0.22%	0.20%	0.23%	0.04%	-0.02%	-0.05%	-0.12%	-0.09%	-0.16%	-0.19%	-0.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	28	242	228	441	482	415	575	219	645	891	620
Operating Cash Flow to CapEx	4,217.80%	17,797.12%	-7,738.05%	6,828.32%	3,367.88%	-1,483.98%	9,913.97%	5,605.67%	-3,641.49%	-3,294.38%	6,936.22%
Free Cash Flow to Firm to Interest Expense	0.49	3.98	0.00	7.08	3.95	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.95	1.83	0.00	1.25	0.48	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.93	1.82	0.00	1.24	0.46	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.04	0.03	0.04	0.05	0.05	0.03	0.02	0.03	0.03	0.02
Fixed Asset Turnover	0.45	0.29	0.24	0.30	0.41	0.40	0.24	0.19	0.23	0.21	0.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,779	5,611	5,490	5,332	5,316	5,191	4,907	5,116	4,669	4,284	4,283
Invested Capital Turnover	0.06	0.04	0.03	0.04	0.05	0.05	0.03	0.03	0.03	0.03	0.02
Increase / (Decrease) in Invested Capital	46	-241	-226	-410	-463	-420	-583	-216	-648	-907	-623
Enterprise Value (EV)	4,658	4,506	4,350	4,136	4,098	3,736	3,613	3,447	3,226	3,724	4,009
Market Capitalization	1,072	1,076	1,266	1,201	1,346	1,303	1,444	1,483	1,428	1,450	1,377
Book Value per Share	$12.12	$12.09	$12.07	$12.12	$12.08	$12.17	$11.96	$11.99	$12.03	$11.93	$11.73
Tangible Book Value per Share	$12.12	$12.09	$12.07	$12.12	$12.08	$12.17	$11.96	$11.99	$12.03	$11.93	$11.73
Total Capital	5,779	5,611	5,490	5,332	5,316	5,191	4,905	5,116	4,666	4,282	4,281
Total Debt	4,246	4,082	3,958	3,794	3,784	3,667	3,378	3,585	3,136	2,770	2,783
Total Long-Term Debt	4,246	4,082	3,958	3,794	3,784	3,667	3,378	3,585	3,136	2,770	2,783
Net Debt	3,586	3,431	3,084	2,936	2,753	2,435	2,171	1,966	1,800	2,276	2,635
Capital Expenditures (CapEx)	1.29	0.63	0.87	1.14	1.73	1.37	0.46	3.02	1.65	0.87	0.64
Net Nonoperating Expense (NNE)	0.00	-22	-27	0.00	0.00	-22	-40	-25	-34	-27	-21
Net Nonoperating Obligations (NNO)	4,246	4,082	3,958	3,794	3,784	3,667	3,380	3,585	3,138	2,772	2,786
Total Depreciation and Amortization (D&A)	4.50	3.02	4.81	6.40	5.32	6.37	6.51	6.68	5.14	5.90	6.81
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.48	$0.18	$0.23	$0.50	($0.03)	$0.13	$0.26	$0.22	$0.25	$0.09	$0.14
Adjusted Weighted Average Basic Shares Outstanding	124.30M	124.49M	124.73M	249.46M	124.67M	125.32M	125.73M	125.71M	125.58M	125.63M	125.80M
Adjusted Diluted Earnings per Share	$0.47	$0.18	$0.23	$0.50	($0.03)	$0.13	$0.26	$0.22	$0.25	$0.09	$0.14
Adjusted Weighted Average Diluted Shares Outstanding	125.82M	124.66M	124.83M	249.94M	124.88M	125.52M	125.84M	125.91M	125.79M	126.28M	126.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	126.50M	126.95M	126.93M	126.91M	126.62M	127.89M	127.87M	127.64M	127.11M	128.10M	127.46M
Normalized Net Operating Profit after Tax (NOPAT)	74	0.46	1.57	31	13	-5.10	-5.36	2.76	-2.53	-10	-3.83
Normalized NOPAT Margin	50.38%	0.89%	3.30%	39.11%	11.63%	-11.34%	-14.10%	6.08%	-7.69%	-38.59%	-12.46%
Pre Tax Income Margin	51.07%	46.46%	59.14%	43.06%	16.61%	40.84%	81.61%	62.76%	100.40%	41.06%	67.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.80	0.01	0.00	0.55	0.56	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	1.29	0.01	0.00	0.50	0.16	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	1.78	0.00	0.00	0.53	0.55	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	1.27	0.00	0.00	0.48	0.14	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	82.61%	66.07%	75.03%	74.67%	116.38%	124.05%	118.73%	123.50%	109.86%	114.91%	134.64%
Augmented Payout Ratio	87.39%	71.77%	78.65%	77.39%	118.85%	124.94%	119.80%	125.66%	115.94%	122.90%	151.33%

Financials Breakdown Chart

Key Financial Trends

Ladder Capital Corp (NYSE: LADR) has demonstrated several noteworthy trends in its financial performance and position over the past four years through Q2 2025:

Net income has shown resilience with Q2 2025 net income at $17.1 million, a significant increase compared to $11.55 million in Q1 2025, showing sequential improvement in profitability.
Net interest income for Q2 2025 increased slightly to $21.53 million from $20.33 million in Q1 2025, reflecting stable income generation from core lending and investment activities.
Non-interest income, including service charges and capital gains, increased to $9.24 million in Q2 2025 from $5.77 million in Q1 2025, indicating improved performance in fee and investment related income.
Operating cash flow improved to a positive $44 million in Q2 2025 from a negative $28.7 million in Q1 2025, signaling better cash generation from operating activities.
Total assets remained relatively flat around $4.45 billion in Q2 2025 compared to Q1 2025, with large allocations to Trading Account Securities ($2.01 billion) and Mortgage Servicing Rights ($1.59 billion), showcasing stable asset base composition.
Long-term debt remained substantial at $2.78 billion in Q2 2025, slightly higher than prior quarters, reflecting consistent leverage levels typical for real estate finance companies.
Shareholders' equity was stable at about $1.5 billion in Q2 2025, maintaining a healthy capital cushion relative to total liabilities of roughly $2.95 billion.
Capital expenditures and purchases of investment securities remain sizable, with a net investing cash outflow of approximately $406 million in Q2 2025, indicating ongoing investments that reduce cash but may impact short-term liquidity.
Net cash flow from financing activities was negative $23.4 million in Q2 2025 with debt repayments ($335 million) nearly offsetting new issuances ($348 million), alongside dividends and share repurchases reducing cash further.
Non-interest expenses, including salaries, operating expenses, and depreciation, remain relatively high at about $35.5 million in Q2 2025, weighing on net income margins compared to total revenue of approximately $30.8 million.

Summary: Ladder Capital continues to generate positive net income and operate with stable asset quality and capital structure. The sequential improvement in profitability and operating cash flow in Q2 2025 is encouraging. However, sizable investing outflows and ongoing leverage highlight the need for efficient capital management going forward. Investors should monitor trends in non-interest expenses, investment activity, and debt levels for further clarity on the company's financial flexibility.

10/20/25 01:33 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Ladder Capital's Financials

When does Ladder Capital's fiscal year end?

According to the most recent income statement we have on file, Ladder Capital's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Ladder Capital's net income changed over the last 10 years?

Ladder Capital's net income appears to be on a downward trend, with a most recent value of $107.45 million in 2024, rising from $97.63 million in 2014. The previous period was $100.50 million in 2023. See Ladder Capital's forecast for analyst expectations on what’s next for the company.

How has Ladder Capital's revenue changed over the last 10 years?

Over the last 10 years, Ladder Capital's total revenue changed from $298.92 million in 2014 to $161.24 million in 2024, a change of -46.1%.

How much debt does Ladder Capital have?

Ladder Capital's total liabilities were at $3.31 billion at the end of 2024, a 16.8% decrease from 2023, and a 43.8% increase since 2013.

How much cash does Ladder Capital have?

In the past 10 years, Ladder Capital's cash and equivalents has ranged from $44.62 million in 2016 to $1.32 billion in 2024, and is currently $1.32 billion as of their latest financial filing in 2024.

How has Ladder Capital's book value per share changed over the last 10 years?

Over the last 10 years, Ladder Capital's book value per share changed from 7.92 in 2014 to 12.03 in 2024, a change of 51.8%.

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This page (NYSE:LADR) was last updated on 10/20/2025 by MarketBeat.com Staff

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Ladder Capital (LADR) Financials

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Ladder Capital (LADR) Financials

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