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Ladder Capital (LADR) Financials

Ladder Capital logo
$9.83 +0.01 (+0.10%)
As of 09/4/2026 03:58 PM Eastern
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Annual Income Statements for Ladder Capital

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 74 67 95 180 123 -14 57 142 101 108 64
Consolidated Net Income / (Loss)		 146 114 126 222 137 -9.46 57 165 101 107 64
Net Income / (Loss) Continuing Operations		 146 114 126 222 137 -9.46 57 165 101 107 64
Total Pre-Tax Income 		161 120 134 228 140 -19 58 170 105 111 67
Total Revenue		 226 265 189 401 175 63 70 349 181 161 215
Net Interest Income / (Expense)		 128 116 118 151 126 12 -6.85 98 162 137 92
Total Interest Income		 242 236 264 345 330 240 176 294 162 137 267
Investment Securities Interest Income		 242 236 264 345 - 240 176 294 407 359 267
Total Interest Expense		 113 121 146 194 204 227 183 196 0.00 0.00 175
Long-Term Debt Interest Expense		 113 121 146 194 - - 183 196 - - 175
Total Non-Interest Income		 98 149 71 250 49 50 77 251 19 24 123
Other Service Charges		 15 21 18 26 24 13 11 15 8.93 19 15
Net Realized & Unrealized Capital Gains on Investments		 73 51 53 118 25 38 66 128 9.77 5.45 9.09
Other Non-Interest Income		 9.91 77 - 106 - - - 108 - - 99
Provision for Credit Losses		 0.60 0.30 0.00 14 2.60 18 -8.71 3.71 25 14 -0.16
Total Non-Interest Expense		 88 159 74 159 160 153 126 175 159 160 148
Salaries and Employee Benefits		 62 64 70 60 68 58 38 76 64 61 53
Other Operating Expenses		 -13 55 -37 57 52 56 50 67 66 67 64
Depreciation Expense		 39 39 40 42 39 39 38 33 30 32 32
Income Tax Expense		 15 6.32 7.71 6.64 2.65 -9.79 0.93 4.91 4.24 3.45 3.49
Net Income / (Loss) Attributable to Noncontrolling Interest		 71 47 31 16 15 -0.56 0.37 23 -0.62 -0.81 -0.49
Basic Earnings per Share		 $2.86 $1.08 $2.32 $1.85 $1.16 ($0.13) $0.46 $1.14 $1.62 $0.86 $0.51
Weighted Average Basic Shares Outstanding		 103.40M 62.00M 163.81M 97.23M 105.46M 112.41M 123.76M 124.30M 249.34M 125.58M 125.48M
Diluted Earnings per Share		 $2.84 $1.06 $2.26 $1.84 $1.15 ($0.13) $0.45 $1.13 $1.62 $0.86 $0.51
Weighted Average Diluted Shares Outstanding		 103.74M 107.64M 219.41M 97.65M 106.40M 112.41M 124.56M 125.82M 249.76M 125.79M 126.19M
Weighted Average Basic & Diluted Shares Outstanding		 102.20M 105.30M 111.28M 120.21M 120.98M 126.83M 128.02M 126.50M 126.62M 127.11M 127.23M

Quarterly Income Statements for Ladder Capital

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 19 17 32 28 31 12 17 19 16 2.61 15
Consolidated Net Income / (Loss)		 19 16 32 28 31 12 17 19 16 2.60 15
Net Income / (Loss) Continuing Operations		 19 16 32 28 31 12 17 19 16 2.60 15
Total Pre-Tax Income 		18 18 31 28 33 11 21 20 16 3.17 16
Total Revenue		 111 45 77 45 33 26 56 57 101 25 27
Net Interest Income / (Expense)		 40 37 34 38 27 20 22 28 22 23 23
Total Interest Income		 162 37 89 38 -32 20 63 72 153 23 23
Investment Securities Interest Income		 101 96 89 96 78 64 63 72 68 74 78
Other Interest Income		 - -59 - -58 - -44 - - - -51 -56
Total Interest Expense		 122 0.00 54 0.00 -59 0.00 41 44 131 0.00 0.00
Total Non-Interest Income		 71 7.81 42 6.94 5.70 5.77 35 30 79 1.83 3.94
Other Service Charges		 2.24 3.70 3.64 6.61 4.75 5.29 2.80 3.86 3.04 1.41 3.56
Net Realized & Unrealized Capital Gains on Investments		 -3.74 4.11 13 0.33 0.94 0.49 6.15 -0.88 3.05 0.42 0.38
Provision for Credit Losses		 6.01 5.77 5.06 3.06 0.05 -0.08 -0.04 -0.03 -0.00 -0.03 0.12
Total Non-Interest Expense		 36 45 41 39 36 41 35 37 35 49 41
Salaries and Employee Benefits		 13 21 14 14 12 19 12 12 11 22 12
Other Operating Expenses		 15 16 19 17 16 14 16 18 16 18 20
Depreciation Expense		 7.77 8.30 8.41 8.15 7.47 7.34 8.04 8.24 8.38 8.91 9.34
Nonoperating Income / (Expense), net		 - 24 - 26 36 25 - - - 27 31
Income Tax Expense		 -0.67 1.93 -1.09 0.90 1.71 -0.84 3.71 0.96 -0.34 0.57 1.75
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.21 -0.18 -0.22 -0.35 -0.05 -0.22 -0.22 -0.02 -0.03 -0.00 -0.03
Basic Earnings per Share		 ($0.03) $0.13 $0.26 $0.22 $0.25 $0.09 $0.14 $0.15 $0.13 $0.02 $0.12
Weighted Average Basic Shares Outstanding		 124.67M 125.32M 125.73M 125.71M 125.58M 125.63M 125.80M 125.34M 125.48M 125.40M 124.73M
Diluted Earnings per Share		 ($0.03) $0.13 $0.26 $0.22 $0.25 $0.09 $0.14 $0.15 $0.13 $0.02 $0.12
Weighted Average Diluted Shares Outstanding		 124.88M 125.52M 125.84M 125.91M 125.79M 126.28M 126.20M 126.12M 126.19M 126.02M 125.25M
Weighted Average Basic & Diluted Shares Outstanding		 126.62M 127.89M 127.87M 127.64M 127.11M 128.10M 127.46M 127.32M 127.23M 127.67M 126.87M

Annual Cash Flow Statements for Ladder Capital

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 18 -73 93 -84 257 929 -663 38 416 270 -1,293
Net Cash From Operating Activities		 -38 338 12 200 183 112 80 107 181 134 87
Net Cash From Continuing Operating Activities		 -38 338 12 201 184 112 80 107 181 134 87
Net Income / (Loss) Continuing Operations		 146 114 126 222 137 -9.46 57 165 101 107 64
Consolidated Net Income / (Loss)		 146 114 126 222 137 -9.46 57 165 101 107 64
Provision For Loan Losses		 0.60 0.30 0.00 14 2.60 18 -8.71 3.71 25 14 -0.16
Depreciation Expense		 39 39 40 42 39 39 38 33 30 32 32
Amortization Expense		 1.14 3.94 0.11 -8.55 -9.58 0.33 4.82 -8.52 8.68 7.00 -3.50
Non-Cash Adjustments to Reconcile Net Income		 -214 194 -151 -83 16 101 -13 -116 -19 -19 12
Changes in Operating Assets and Liabilities, net		 -11 -13 -3.70 15 -1.32 -37 1.66 30 36 -7.89 -17
Net Cash From Investing Activities		 35 36 -307 -343 -127 1,542 -651 82 794 933 -1,607
Net Cash From Continuing Investing Activities		 35 36 -307 -343 -127 1,542 -651 82 794 933 -1,607
Purchase of Property, Leasehold Improvements and Equipment		 -8.38 -11 -5.64 - -7.59 -6.10 -4.87 -6.95 -4.37 -6.50 -8.34
Purchase of Investment Securities		 -1,925 -1,969 -1,950 0.00 -1,726 -448 -331 -97 -144 -912 -1,976
Sale and/or Maturity of Investments		 1,890 1,946 1,598 4,400 3,011 2,346 1,970 1,418 1,010 2,047 1,672
Other Investing Activities, net		 79 69 51 20 -1,452 -354 -2,310 -1,235 -68 -195 -1,295
Net Cash From Financing Activities		 22 -448 388 58 201 -726 -91 -150 -558 -797 227
Net Cash From Continuing Financing Activities		 22 -448 388 58 201 -726 -91 -150 -558 -797 227
Issuance of Debt		 16,280 12,360 10,080 5,807 14,403 10,021 4,519 2,427 921 668 4,572
Repayment of Debt		 -16,137 -12,689 -9,510 -5,682 -14,023 -10,615 -4,494 -2,413 -1,348 -1,313 -4,196
Repurchase of Common Equity		 -0.99 -4.65 -2.59 0.00 -0.64 -3.04 -9.01 -7.92 -2.48 -6.53 -12
Payment of Dividends		 -40 -67 -100 -123 -145 -119 -101 -137 -116 -118 -117
Other Financing Activities, Net		 -80 -47 -80 56 -34 -51 -6.96 -20 -12 -28 -21
Cash Interest Paid		 107 115 131 183 195 203 173 178 234 199 158
Cash Income Taxes Paid		 7.31 8.78 -0.21 9.84 0.89 2.20 -2.53 -1.17 -2.40 1.86 3.52

Quarterly Cash Flow Statements for Ladder Capital

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 208 157 -25 492 -353 -813 -385 -85 -10 -1.27 2.81
Net Cash From Operating Activities		 58 -20 45 169 -60 -29 44 26 45 -7.99 39
Net Cash From Continuing Operating Activities		 58 -20 45 169 -60 -29 44 26 45 -7.99 39
Net Income / (Loss) Continuing Operations		 19 16 32 28 31 12 17 19 16 2.60 15
Consolidated Net Income / (Loss)		 19 16 32 28 31 12 17 19 16 2.60 15
Provision For Loan Losses		 6.01 5.77 5.06 3.06 0.05 -0.08 -0.04 -0.03 -0.00 -0.03 0.12
Depreciation Expense		 7.77 8.30 8.41 8.15 7.47 7.34 8.04 8.24 8.38 8.91 9.34
Amortization Expense		 -2.45 -1.93 -1.90 -1.47 -2.32 1.31 -1.23 7.16 -7.99 -2.38 -1.05
Non-Cash Adjustments to Reconcile Net Income		 2.92 11 -8.77 2.08 -8.04 -60 65 -5.66 9.92 16 2.13
Changes in Operating Assets and Liabilities, net		 25 -60 10 130 -89 11 -45 -2.53 19 -33 14
Net Cash From Investing Activities		 191 337 250 147 199 -374 -406 -291 -536 -451 24
Net Cash From Continuing Investing Activities		 191 337 250 147 199 -374 -406 -291 -536 -451 24
Purchase of Property, Leasehold Improvements and Equipment		 -1.73 -1.37 -0.46 -3.02 -1.65 -0.87 -0.64 -0.48 -6.36 -0.74 0.02
Purchase of Investment Securities		 -67 -71 -95 -432 -315 -522 -592 -1,255 393 -270 -322
Sale and/or Maturity of Investments		 267 458 366 584 639 402 346 550 373 375 812
Other Investing Activities, net		 -7.00 -49 -21 -2.23 -123 -253 -160 414 -1,296 -555 -479
Net Cash From Financing Activities		 -41 -160 -320 176 -492 -410 -23 180 481 458 -61
Net Cash From Continuing Financing Activities		 -41 -160 -320 176 -492 -410 -23 180 481 458 -61
Issuance of Debt		 177 81 61 513 13 0.25 348 2,008 2,217 4,222 4,982
Repayment of Debt		 -188 -199 -351 -299 -463 -367 -335 -1,789 -1,705 -3,706 -5,006
Repurchase of Common Equity		 - -0.65 -0.21 -1.19 -4.48 -2.32 -6.62 -1.54 -1.28 -13 -7.77
Payment of Dividends		 -29 -31 -29 -29 -29 -31 -29 -29 -29 -31 -29
Other Financing Activities, Net		 -0.47 -10 -0.50 -7.78 -8.53 -10 -0.17 -9.28 -0.84 -14 -0.29

Annual Balance Sheets for Ladder Capital

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 2014 2015 2016 2017 2018 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 5,814 5,895 5,578 6,026 6,273 5,881 5,851 5,951 5,513 4,845 5,153
Cash and Due from Banks		 76 109 45 77 68 1,254 549 609 1,016 1,323 38
Restricted Cash		 42 31 45 106 31 30 73 51 15 13 15
Trading Account Securities		 2,822 2,444 2,140 36 40 77 24 34 34 1,128 72
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 2,354 3,554 3,886 3,155 0.00 2,217
Loans and Leases		 - - - - - 2,354 3,554 3,886 3,155 - 2,217
Premises and Equipment, Net		 769 835 822 1,032 998 985 866 700 726 671 704
Other Assets		 1,687 1,905 169 1,262 1,635 1,181 818 691 608 119 2,153
Total Liabilities & Shareholders' Equity		 5,814 5,895 5,578 6,026 6,273 5,881 5,851 5,951 5,513 4,845 5,153
Total Liabilities		 4,309 4,404 4,069 4,537 4,629 4,333 4,338 4,418 3,980 3,312 3,671
Other Short-Term Payables		 - 96 - - - 71 68 100 97 75 108
Long-Term Debt		 4,183 4,275 3,942 4,380 4,453 4,210 4,220 4,246 3,784 3,136 3,510
Other Long-Term Liabilities		 126 28 127 158 177 52 50 72 99 102 53
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 785 828 1,510 1,488 1,644 1,548 1,514 1,534 1,532 1,533 1,481
Total Preferred & Common Equity		 785 828 971 1,235 1,445 1,543 1,507 1,533 1,533 1,535 1,484
Total Common Equity		 785 828 971 1,235 1,445 1,543 1,507 1,533 1,533 1,535 1,484
Common Stock		 726 777 992 1,306 1,471 1,780 1,795 1,827 1,757 1,777 1,787
Retained Earnings		 44 61 -11 -39 11 -164 -208 -177 -198 -207 -260
Treasury Stock		 0.00 -5.81 -11 -32 -33 -63 -76 -96 -12 -30 -39
Accumulated Other Comprehensive Income / (Loss)		 16 -3.56 1.37 -0.21 -4.65 -10 -4.11 -21 -14 -4.87 -4.14
Noncontrolling Interest		 - - 538 253 198 5.26 6.48 0.22 -0.95 - -2.57

Quarterly Balance Sheets for Ladder Capital

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 5,861 5,629 5,503 5,323 5,048 5,379 4,470 4,457 4,687 5,607 5,606
Cash and Due from Banks		 626 777 798 1,220 1,196 1,607 480 135 49 33 38
Restricted Cash		 25 97 60 12 12 12 14 13 13 19 17
Trading Account Securities		 34 33 33 34 528 47 1,586 2,014 1,987 72 69
Loans and Leases, Net of Allowance		 3,794 3,501 3,372 2,798 0.00 2,040 0.00 0.00 0.00 2,606 2,790
Loans and Leases		 3,794 3,501 3,372 2,798 - 2,040 - - - 2,606 2,790
Premises and Equipment, Net		 693 687 675 734 707 691 655 690 706 776 776
Other Assets		 712 564 603 573 67 1,033 71 12 11 2,148 1,964
Total Liabilities & Shareholders' Equity		 5,861 5,629 5,503 5,323 5,048 5,379 4,470 4,457 4,687 5,607 5,606
Total Liabilities		 4,332 4,097 3,965 3,799 3,520 3,848 2,956 2,957 3,193 4,162 4,180
Other Short-Term Payables		 82 81 95 76 - 99 - - 55 76 95
Long-Term Debt		 4,082 3,958 3,794 3,667 3,378 3,585 2,770 2,783 2,997 4,028 4,005
Other Long-Term Liabilities		 168 58 76 56 142 164 186 174 140 59 79
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,529 1,532 1,538 1,524 1,528 1,531 1,514 1,500 1,493 1,445 1,427
Total Preferred & Common Equity		 1,529 1,532 1,539 1,525 1,530 1,533 1,517 1,503 1,496 1,447 1,429
Total Common Equity		 1,529 1,532 1,539 1,525 1,530 1,533 1,517 1,503 1,496 1,447 1,429
Common Stock		 1,836 1,839 1,842 1,767 1,770 1,774 1,778 1,781 1,784 1,773 1,776
Retained Earnings		 -184 -185 -183 -211 -208 -209 -225 -237 -247 -287 -301
Treasury Stock		 -106 -106 -106 -22 -22 -23 -30 -37 -38 -33 -41
Accumulated Other Comprehensive Income / (Loss)		 -18 -17 -15 -9.82 -11 -8.71 -7.22 -5.64 -3.34 -5.84 -4.61
Noncontrolling Interest		 -0.51 -0.60 -0.72 -1.33 - -1.93 - - - -2.57 -2.61

Annual Metrics And Ratios for Ladder Capital

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.86 $1.08 $1.16 $1.85 $2.32 ($0.13) $0.46 $1.14 $0.81 $0.86 $0.51
Adjusted Weighted Average Basic Shares Outstanding		 103.40M 62.00M 81.90M 97.23M 210.91M 112.41M 123.76M 124.30M 124.67M 125.58M 125.48M
Adjusted Diluted Earnings per Share		 $2.84 $1.06 $1.13 $1.84 $2.30 ($0.13) $0.45 $1.13 $0.81 $0.86 $0.51
Adjusted Weighted Average Diluted Shares Outstanding		 103.74M 107.64M 109.70M 97.65M 212.80M 112.41M 124.56M 125.82M 124.88M 125.79M 126.19M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $1.08 $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		 109.91M 110.73M 111.28M 120.21M 120.98M 126.83M 128.02M 126.50M 126.62M 127.11M 127.23M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Ladder Capital

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 127,233,559.00 127,668,084.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 127,233,559.00 127,668,084.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.02 0.11
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -25.02% -12.67% -20.07% -43.14% -70.22% -41.93% -59.89% 26.67% - -4.80% -52.85%
EBITDA Growth		 -31.67% -80.71% -117.99% -76.62% -96.64% -1,351.47% -94.29% 272.93% - -202.20% -126.61%
EBIT Growth		 -33.84% -1,250.30% -587.15% -91.71% -103.90% -152.67% -115.03% 606.81% - -65.89% -171.66%
NOPAT Growth		 -74.38% -1,209.47% -605.07% -91.16% -113.30% -204.35% -111.93% 595.11% - -26.38% -177.86%
Net Income Growth		 -74.38% -25.96% 14.36% -11.65% 64.70% -29.67% -46.75% -30.45% - -77.47% -14.89%
EPS Growth		 -106.38% -63.89% 13.04% -12.00% 933.33% -30.77% -46.15% -31.82% - -77.78% -14.29%
Operating Cash Flow Growth		 7.17% -118.29% 167.45% 116.36% -202.95% -40.99% -3.00% -84.42% - 72.19% -10.84%
Free Cash Flow Firm Growth		 1,602.58% 71.51% 152.20% -50.37% 33.79% 114.78% 0.72% 194.68% - -235.49% -281.38%
Invested Capital Growth		 -8.01% -7.49% -10.62% -4.05% -12.18% -17.47% -12.70% -12.22% - 27.73% 26.81%
Revenue Q/Q Growth		 38.56% -59.33% -15.39% 19.25% -27.43% -20.69% 17.91% 86.67% - -75.42% 6.77%
EBITDA Q/Q Growth		 80.79% -99.08% -269.32% 929.79% -74.01% -442.69% 125.27% 1,556.95% - -126.08% 61.81%
EBIT Q/Q Growth		 98.99% -108.33% -34.49% 137.19% -193.68% -439.24% 67.57% 531.42% - -136.10% 37.48%
NOPAT Q/Q Growth		 -39.02% -126.79% -55.52% 134.79% -191.73% -513.16% 75.29% 600.04% - -223.59% 32.05%
Net Income Q/Q Growth		 -39.02% -13.63% 95.53% -14.20% 13.67% -63.12% 48.06% 12.05% - -83.59% 459.39%
EPS Q/Q Growth		 -112.00% 533.33% 100.00% -15.38% 13.64% -64.00% 55.56% 7.14% - -84.62% 500.00%
Operating Cash Flow Q/Q Growth		 -25.24% -134.89% 322.85% 272.22% -135.57% 52.22% 253.32% -40.20% - -117.61% 591.55%
Free Cash Flow Firm Q/Q Growth		 9.40% -13.93% 38.58% -61.96% 194.91% 38.17% -30.49% 4.04% - -292.92% 3.80%
Invested Capital Q/Q Growth		 -0.30% -2.36% -5.48% 4.27% -8.75% -8.23% -0.02% 4.84% - 9.62% -0.74%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 66.65% 1.51% -3.02% 21.01% 7.52% -32.51% 6.97% 61.84% - -69.79% -24.97%
EBIT Margin		 61.84% -12.67% -20.14% 6.28% -8.11% -55.12% -15.16% 35.04% - -96.06% -56.24%
Profit (Net Income) Margin		 17.21% 36.55% 84.47% 60.77% 95.20% 44.27% 55.59% 33.37% - 10.48% 54.89%
Tax Burden Percent		 103.65% 89.51% 103.51% 96.83% 94.82% 107.82% 82.16% 95.23% - 82.14% 89.28%
Interest Burden Percent		 26.86% -322.36% -405.28% 999.40% -1,238.42% -74.49% -446.25% 100.00% - -13.28% -109.32%
Effective Tax Rate		 -3.65% 10.49% -3.51% 3.17% 5.18% -7.82% 17.84% 4.77% - 17.86% 10.72%
Return on Invested Capital (ROIC)		 0.90% -0.59% -0.66% 0.15% -0.25% -1.79% -0.26% 0.75% - -3.46% -1.91%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.90% -0.04% 0.43% 0.82% 0.73% -0.95% 0.42% 0.75% - -2.81% -1.08%
Return on Net Nonoperating Assets (RNNOA)		 2.35% -0.10% 1.03% 1.98% 1.65% -2.01% 0.85% 1.64% - -6.46% -2.52%
Return on Equity (ROE)		 3.25% -0.69% 0.37% 2.13% 1.40% -3.79% 0.59% 2.40% - -9.93% -4.43%
Cash Return on Invested Capital (CROIC)		 10.16% 9.53% 10.86% 5.96% 12.72% 18.68% 15.47% 14.67% - -23.23% -22.57%
Operating Return on Assets (OROA)		 3.12% -0.64% -0.62% 0.15% -0.25% -1.60% -0.31% 0.76% - -4.08% -2.06%
Return on Assets (ROA)		 0.87% 1.85% 2.61% 1.46% 2.96% 1.29% 1.13% 0.72% - 0.45% 2.01%
Return on Common Equity (ROCE)		 3.25% -0.69% 0.37% 2.14% 1.40% -3.80% 0.59% 2.40% - -9.95% -4.44%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 6.21% 6.46% 6.21% 0.00% 6.76% 5.83% 5.29% - 3.78% 3.65%
Net Operating Profit after Tax (NOPAT)		 19 -5.10 -7.93 2.76 -2.53 -16 -3.83 19 - -20 -13
NOPAT Margin		 17.21% -11.34% -20.84% 6.08% -7.69% -59.44% -12.46% 33.37% - -78.90% -50.21%
Net Nonoperating Expense Percent (NNEP)		 0.00% -0.56% -1.09% -0.67% -0.98% -0.84% -0.68% 0.00% - -0.65% -0.82%
SG&A Expenses to Revenue		 11.77% 46.25% 36.08% 31.77% 35.72% 71.88% 37.57% 20.11% - 89.85% 46.22%
Operating Expenses to Revenue		 32.73% 99.84% 106.84% 86.97% 107.96% 155.44% 115.30% 65.01% - 196.17% 155.78%
Earnings before Interest and Taxes (EBIT)		 68 -5.69 -7.66 2.85 -2.67 -14 -4.67 20 - -24 -15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 74 0.68 -1.15 9.53 2.48 -8.49 2.14 36 - -17 -6.62
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.88 0.85 0.94 0.97 0.93 0.96 0.92 0.93 - 0.86 0.89
Price to Tangible Book Value (P/TBV)		 0.88 0.85 0.94 0.97 0.93 0.96 0.92 0.93 - 0.86 0.89
Price to Revenue (P/Rev)		 4.65 4.61 8.75 11.35 8.86 10.19 14.28 12.81 - 5.81 6.89
Price to Earnings (P/E)		 13.31 13.66 14.51 15.43 13.19 14.02 15.58 17.45 - 22.60 24.30
Dividend Yield		 8.68% 8.96% 8.15% 7.93% 8.22% 8.06% 8.56% 8.43% - 9.42% 9.25%
Earnings Yield		 7.51% 7.32% 6.89% 6.48% 7.58% 7.13% 6.42% 5.73% - 4.43% 4.11%
Enterprise Value to Invested Capital (EV/IC)		 0.77 0.72 0.74 0.67 0.69 0.87 0.94 0.96 - 0.95 0.96
Enterprise Value to Revenue (EV/Rev)		 14.16 13.21 21.89 26.38 20.01 26.16 41.57 39.83 - 24.36 28.30
Enterprise Value to EBITDA (EV/EBITDA)		 32.97 30.76 629.10 0.00 279.72 1,572.07 0.00 0.00 - 62.04 99.25
Enterprise Value to EBIT (EV/EBIT)		 39.12 37.91 0.00 0.00 0.00 0.00 0.00 0.00 - 90.39 237.55
Enterprise Value to NOPAT (EV/NOPAT)		 40.77 39.43 0.00 36.23 0.00 0.00 45.79 54.60 - 95.29 99.97
Enterprise Value to Operating Cash Flow (EV/OCF)		 22.69 76.52 22.36 13.66 24.09 29.66 32.28 0.00 - 48.41 50.67
Enterprise Value to Free Cash Flow (EV/FCFF)		 7.27 7.26 6.40 11.08 5.08 4.21 5.64 6.14 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.47 2.41 2.21 2.34 2.05 1.83 1.86 2.01 - 2.79 2.81
Long-Term Debt to Equity		 2.47 2.41 2.21 2.34 2.05 1.83 1.86 2.01 - 2.79 2.81
Financial Leverage		 2.62 2.54 2.40 2.40 2.26 2.12 2.04 2.18 - 2.30 2.32
Leverage Ratio		 3.74 3.66 3.49 3.55 3.38 3.23 3.14 3.33 - 3.41 3.44
Compound Leverage Factor		 1.00 -11.81 -14.15 35.44 -41.88 -2.40 -14.03 3.33 - -0.45 -3.76
Debt to Total Capital		 71.18% 70.64% 68.87% 70.08% 67.19% 64.69% 65.02% 66.78% - 73.60% 73.73%
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%
Long-Term Debt to Total Capital		 71.18% 70.64% 68.87% 70.08% 67.19% 64.69% 65.02% 66.78% - 73.60% 73.73%
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%
Noncontrolling Interests to Total Capital		 -0.02% -0.03% -0.03% -0.04% -0.04% -0.05% -0.06% -0.06% - -0.05% -0.05%
Common Equity to Total Capital		 28.84% 29.38% 31.19% 29.96% 32.89% 35.42% 35.10% 33.33% - 26.45% 26.32%
Debt to EBITDA		 30.45 30.19 588.21 -140.76 271.91 1,169.17 -84.25 -426.11 - 47.90 76.18
Net Debt to EBITDA		 22.15 20.05 377.96 -77.18 156.05 960.85 -79.76 -417.16 - 47.29 75.14
Long-Term Debt to EBITDA		 30.45 30.19 588.21 -140.76 271.91 1,169.17 -84.25 -426.11 - 47.90 76.18
Debt to NOPAT		 37.65 38.71 -185.19 37.68 -245.69 -127.52 31.79 37.86 - 73.57 76.73
Net Debt to NOPAT		 27.39 25.70 -119.00 20.66 -141.00 -104.80 30.09 37.07 - 72.63 75.69
Long-Term Debt to NOPAT		 37.65 38.71 -185.19 37.68 -245.69 -127.52 31.79 37.86 - 73.57 76.73
Noncontrolling Interest Sharing Ratio		 -0.02% -0.05% -0.12% -0.09% -0.16% -0.19% -0.27% -0.23% - -0.24% -0.26%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 482 415 575 219 645 891 620 645 - -1,208 -1,162
Operating Cash Flow to CapEx		 3,367.88% -1,483.98% 9,913.97% 5,605.67% -3,641.49% -3,294.38% 6,936.22% 5,498.54% - -1,075.24% 0.00%
Free Cash Flow to Firm to Interest Expense		 3.95 0.00 0.00 0.00 0.00 0.00 0.00 14.66 - 0.00 0.00
Operating Cash Flow to Interest Expense		 0.48 0.00 0.00 0.00 0.00 0.00 0.00 0.60 - 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.46 0.00 0.00 0.00 0.00 0.00 0.00 0.59 - 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.05 0.05 0.03 0.02 0.03 0.03 0.02 0.02 - 0.04 0.04
Fixed Asset Turnover		 0.41 0.40 0.24 0.19 0.23 0.21 0.14 0.16 - 0.30 0.25
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,316 5,191 4,907 5,116 4,669 4,284 4,283 4,491 - 5,472 5,432
Invested Capital Turnover		 0.05 0.05 0.03 0.03 0.03 0.03 0.02 0.02 - 0.04 0.04
Increase / (Decrease) in Invested Capital		 -463 -420 -583 -216 -648 -907 -623 -625 - 1,188 1,148
Enterprise Value (EV)		 4,098 3,736 3,613 3,447 3,226 3,724 4,009 4,322 - 5,217 5,218
Market Capitalization		 1,346 1,303 1,444 1,483 1,428 1,450 1,377 1,391 - 1,243 1,270
Book Value per Share		 $12.08 $12.17 $11.96 $11.99 $12.03 $11.93 $11.73 $11.74 - $11.37 $11.20
Tangible Book Value per Share		 $12.08 $12.17 $11.96 $11.99 $12.03 $11.93 $11.73 $11.74 - $11.37 $11.20
Total Capital		 5,316 5,191 4,905 5,116 4,666 4,282 4,281 4,488 - 5,472 5,432
Total Debt		 3,784 3,667 3,378 3,585 3,136 2,770 2,783 2,997 - 4,028 4,005
Total Long-Term Debt		 3,784 3,667 3,378 3,585 3,136 2,770 2,783 2,997 - 4,028 4,005
Net Debt		 2,753 2,435 2,171 1,966 1,800 2,276 2,635 2,934 - 3,976 3,951
Capital Expenditures (CapEx)		 1.73 1.37 0.46 3.02 1.65 0.87 0.64 0.48 - 0.74 -0.02
Net Nonoperating Expense (NNE)		 0.00 -22 -40 -25 -34 -27 -21 0.00 - -22 -28
Net Nonoperating Obligations (NNO)		 3,784 3,667 3,380 3,585 3,138 2,772 2,786 3,000 - 4,028 4,005
Total Depreciation and Amortization (D&A)		 5.32 6.37 6.51 6.68 5.14 5.90 6.81 15 - 6.53 8.30
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.03) $0.13 $0.26 $0.22 $0.25 $0.09 $0.14 $0.15 $0.13 $0.02 $0.12
Adjusted Weighted Average Basic Shares Outstanding		 124.67M 125.32M 125.73M 125.71M 125.58M 125.63M 125.80M 125.34M 125.48M 125.40M 124.73M
Adjusted Diluted Earnings per Share		 ($0.03) $0.13 $0.26 $0.22 $0.25 $0.09 $0.14 $0.15 $0.13 $0.02 $0.12
Adjusted Weighted Average Diluted Shares Outstanding		 124.88M 125.52M 125.84M 125.91M 125.79M 126.28M 126.20M 126.12M 126.19M 126.02M 125.25M
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		 126.62M 127.89M 127.87M 127.64M 127.11M 128.10M 127.46M 127.32M 127.23M 127.67M 126.87M
Normalized Net Operating Profit after Tax (NOPAT)		 13 -5.10 -5.36 2.76 -2.53 -10 -3.83 19 - -20 -13
Normalized NOPAT Margin		 11.63% -11.34% -14.10% 6.08% -7.69% -38.59% -12.46% 33.37% - -78.90% -50.21%
Pre Tax Income Margin		 16.61% 40.84% 81.61% 62.76% 100.40% 41.06% 67.66% 35.04% - 12.76% 61.48%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.56 0.00 0.00 0.00 0.00 0.00 0.00 0.46 - 0.00 0.00
NOPAT to Interest Expense		 0.16 0.00 0.00 0.00 0.00 0.00 0.00 0.44 - 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.55 0.00 0.00 0.00 0.00 0.00 0.00 0.45 - 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.14 0.00 0.00 0.00 0.00 0.00 0.00 0.43 - 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 116.38% 124.05% 118.73% 123.50% 109.86% 114.91% 134.64% 148.83% - 214.10% 224.08%
Augmented Payout Ratio		 118.85% 124.94% 119.80% 125.66% 115.94% 122.90% 151.33% 167.72% - 255.80% 270.01%

Financials Breakdown Chart

Key Financial Trends

Ladder Capital’s latest results show a sharp sequential earnings recovery, but profitability remains below levels seen in 2022–2024 and is increasingly dependent on nonoperating income. In Q2 2026, revenue rose to $26.5 million from $24.8 million in Q1, while net income attributable to common shareholders increased to $14.6 million from $2.6 million. Diluted earnings per share improved to $0.12 from $0.02.

The longer-term trend is less favorable. Q2 net income attributable to common shareholders declined from $35.0 million in 2022 and $28.2 million in 2023 to $32.3 million in 2024, $17.3 million in 2025 and $14.6 million in 2026. Net interest income has also contracted from $40.5 million in Q2 2023 and $34.3 million in Q2 2024 to $21.5 million in Q2 2025 and $22.6 million in Q2 2026.

The balance sheet reflects a significant change in asset mix. Loans and leases reached $2.79 billion in Q2 2026, compared with no reported loan balance in 2024 and 2025, while mortgage servicing rights and the previously large trading-securities balance are no longer separately reported in the latest statement. Total assets were relatively stable sequentially at $5.61 billion, but long-term debt remained high at $4.00 billion, up substantially from $2.78 billion in Q2 2025.

  • Sequential earnings improved materially: Net income attributable to common shareholders increased more than fivefold from $2.6 million in Q1 2026 to $14.6 million in Q2, with EPS rising from $0.02 to $0.12.
  • Operating cash flow rebounded: Cash flow from operating activities improved from an $8.0 million outflow in Q1 2026 to a $39.3 million inflow in Q2. The company also generated $2.8 million of net cash during the quarter after investing and financing activity.
  • Credit-loss provisions remain modest: The Q2 2026 provision was only $122,000, compared with $6.9 million in Q2 2023 and $5.1 million in Q2 2024. This suggests limited current-period credit-cost pressure, although future losses could increase as the loan portfolio expands.
  • Debt was slightly reduced sequentially: Long-term debt declined from $4.03 billion in Q1 2026 to $4.00 billion in Q2, while the company continued returning capital through approximately $28.8 million of dividends and $7.8 million of share repurchases.
  • Asset levels are stable but the composition has changed significantly: Total assets of $5.61 billion were nearly unchanged from Q1 2026 and above the $4.46 billion reported in Q2 2025, but the shift toward loans and leases makes comparisons with prior periods more difficult. Several earlier statements emphasized mortgage servicing rights and trading securities instead.
  • Profitability remains well below earlier periods: Q2 2026 common net income of $14.6 million was roughly 16% below Q2 2025 and less than half the Q2 2024 level. The available quarterly data show a broad decline from the stronger earnings reported in 2022 and early 2023.
  • Core revenue does not fully cover operating costs: Q2 revenue was $26.5 million, while non-interest expense totaled $41.3 million. The company relied on $31.2 million of nonoperating income to produce $16.3 million of pretax income, creating a risk that earnings could weaken if nonoperating gains or other benefits do not recur.
  • Leverage remains substantial: Long-term debt of $4.00 billion represented approximately 71% of total assets and nearly 2.8 times total common equity at quarter-end. Debt issuance and repayment activity has been large and recurring, highlighting the company’s dependence on capital-market access.
  • Cash balances are much lower than in 2024: Cash and due from banks totaled only $37.6 million in Q2 2026, compared with $1.20 billion in Q2 2024 and $479.8 million in Q1 2025. Restricted cash adds $16.8 million, but overall immediately available cash is considerably smaller than in earlier periods.

Overall, Q2 2026 was an improvement from the weak first quarter, supported by stronger operating cash flow, lower expenses and modest credit provisions. However, investors should watch whether net interest income can grow with the larger loan portfolio, whether operating expenses can be brought in line with recurring revenue, and whether Ladder Capital can manage its higher debt load without sacrificing dividends or capital flexibility.

09/05/26 04:09 AM ETAI Generated. May Contain Errors.

Ladder Capital Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ladder Capital's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Ladder Capital's net income appears to be on a downward trend, with a most recent value of $63.70 million in 2025, falling from $146.13 million in 2015. The previous period was $107.45 million in 2024. See where experts think Ladder Capital is headed by visiting Ladder Capital's forecast page.

Over the last 10 years, Ladder Capital's total revenue changed from $225.86 million in 2015 to $215.37 million in 2025, a change of -4.6%.

Ladder Capital's total liabilities were at $3.67 billion at the end of 2025, a 10.8% increase from 2024, and a 14.8% decrease since 2014.

In the past 10 years, Ladder Capital's cash and equivalents has ranged from $37.95 million in 2025 to $1.32 billion in 2024, and is currently $37.95 million as of their latest financial filing in 2025.


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Financial statements for NYSE:LADR last updated on 7/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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