Ladder Capital Corp (LADR) 10-Year Financial Performance & Capital Metrics

LADR • • REIT / Real Estate

Real EstateMortgage REITsHybrid Mortgage REITsMulti-Asset Mortgage Investors

AboutThe Loans segment originates conduit first mortgage loans that are secured by cash-flowing commercial real estate; and originates and invests in balance sheet first mortgage loans secured by commercial real estate properties that are undergoing transition, including lease-up, sell-out, and renovation or repositioning. It also invests in note purchase financings, subordinated debt, mezzanine debt, and other structured finance products related to commercial real estate. The Securities segment invests in commercial mortgage-backed securities and the U.S. Agency Securities. This segment also invests in corporate bonds and equity securities. The Real Estate segment owns and invests in a portfolio of commercial and residential real estate properties, such as leased properties, office buildings, student housing portfolios, hotels, industrial buildings, shopping center, and condominium units. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Ladder Capital Corp was founded in 2008 and is headquartered in New York, New York.Show more

Revenue $511M +90.1%
FFO $142M +10.1%
FFO/Share 1.13 +9.3%
FFO Payout 82.73% -8.2%
FFO per Share 1.13 +9.3%
NOI Margin 83.9% +10.0%
FFO Margin 27.83% -42.1%
ROE 7.06% +7.1%
ROA 2.09% +18.5%
Debt/Assets 65.09% -5.2%
Net Debt/EBITDA 13.79 -37.7%
Book Value/Share 12.19 -0.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓High NOI margin of 83.9%
✓Trading at only 0.9x book value

✗Weaknesses

✗High debt to equity ratio of 2.1x
✗FFO declining 14.5% TTM
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.69%

5Y11.74%

3Y40.68%

TTM54.28%

Profit (Net Income) CAGR

10Y9.37%

5Y-2.47%

3Y24.19%

TTM-17.1%

EPS CAGR

10Y0%

5Y-5.65%

3Y24.1%

TTM-16.68%

ROCE

10Y Avg1.51%

5Y Avg1.87%

3Y Avg2.57%

Latest2.03%

Peer Comparison

Multi-Asset Mortgage Investors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RWTNRedwood Trust, Inc. 9.125% Seni	3.36B	25.34	79.19	52.9%	-0.62%	-0.29%		14.10
MITNAG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029	754.34M	25.45	20.69	5.49%	18.45%	8.87%	7.4%	11.65
EFC-PCEllington Financial Inc.	2.49B	25.42	18.97	-13.66%	46.15%	8.39%
RWTRedwood Trust, Inc.	734.76M	5.80	18.13	52.9%	-41.59%	-8.86%		13.80
EFC-PDEllington Financial Inc.	2.37B	24.18	17.65	12.07%	49.64%	8.39%
STWDStarwood Property Trust, Inc.	6.8B	18.35	16.38	-0.53%	19.99%	4.84%	9.1%	1.25
NLYAnnaly Capital Management, Inc.	16.28B	23.83	14.71	189.21%	31.62%	9.97%	15.04%	1.69
IVRInvesco Mortgage Capital Inc.	659.79M	9.30	14.31	17.98%	36.99%	6.93%	27.76%	6.70

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	324.56M	269.35M	299.01M	250.32M	293.43M	139.96M	183.61M	339.66M	268.99M	511.22M
Revenue Growth %	0.1%	-0.17%	0.11%	-0.16%	0.17%	-0.52%	0.31%	0.85%	-0.21%	0.9%
Property Operating Expenses	79.22M	73M	77.76M	56.55M	0	77.14M	71.66M	66.56M	63.74M	82.31M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	61.61M	64.27M	70.46M	60.12M	293.43M	29.52M	-110.06M	339.66M	268.99M	62.87M
G&A Expenses	61.61M	64.27M	70.46M	60.12M	67.77M	58.1M	38.35M	75.84M	63.62M	60.67M
EBITDA+	-31.93M	429.47M	491.78M	14.42M	0	41.87M	214.65M	236.64M	125.07M	132.71M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	38.81M	275.37M	317.79M	40.22M	37.15M	41.31M	119.02M	34.44M	28.12M	34.03M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	-70.75M	154.1M	174M	-25.8M	0	557K	95.62M	202.2M	96.95M	98.68M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	113.3M	120.83M	146.12M	194.29M	204.35M	227.47M	182.95M	195.6M	245.1M	221.54M
Interest Coverage	-0.62x	1.28x	1.19x	-0.13x	-	0.00x	0.52x	1.03x	0.40x	0.45x
Non-Operating Income	-31.93M	193.44M	213.54M	274.67M	37.15M	36.84M	131.53M	30.91M	152.06M	0
Pretax Income+	160.69M	120.04M	133.59M	228.32M	139.65M	-19.25M	57.82M	170.21M	104.75M	110.89M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	14.56M	6.32M	7.71M	6.64M	2.65M	-9.79M	928K	4.91M	4.24M	3.45M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	73.82M	66.73M	95.28M	180.01M	122.64M	-14.45M	56.52M	142.22M	101.13M	108.25M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.67%	-0.1%	0.43%	0.89%	-0.32%	-1.12%	4.91%	1.52%	-0.29%	0.07%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.54%	2.04%	0.21%	-0.47%	-0.27%	-0.83%	5.53%	0.01%	-0.27%	0.1%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.72	1.06	1.13	1.84	1.15	-0.13	0.45	1.13	0.81	0.86
EPS Growth %	-0.16%	0.47%	0.07%	0.63%	-0.38%	-1.11%	4.46%	1.51%	-0.28%	0.06%
EPS (Basic)	1.43	1.08	1.16	1.85	1.16	-0.13	0.46	1.14	0.81	0.86
Diluted Shares Outstanding	102.87M	107.64M	109.7M	97.65M	106.4M	112.41M	124.56M	125.82M	124.88M	125.78M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	5.9B	5.58B	6.03B	6.27B	6.67B	5.88B	5.85B	5.95B	5.51B	4.85B
Asset Growth %	0.01%	-0.05%	0.08%	0.04%	0.06%	-0.12%	-0.01%	0.02%	-0.07%	-0.12%
Real Estate & Other Assets+	2.58B	-3.01B	-2.23B	-2.51B	-952.18M	147.13M	-869.87M	77.04M	52.3M	129.3M
PP&E (Net)	727.98M	715.75M	903.45M	893.73M	949.65M	894.14M	1.1M	635.17M	665.39M	636.49M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	27.78M	25.15M	26.77M	28.01M	1.8B	3.64B	0	4.58B	4.2B	2.92B
Cash & Equivalents	108.96M	44.62M	76.67M	67.88M	58.17M	1.25B	548.74M	609.08M	1.02B	1.32B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	0	76.96M	-868.35M	104.15M	67.65M	55.04M
Intangible Assets	139.5M	154.69M	189.49M	162M	161.2M	91.16M	142.34M	64.96M	61.05M	50.62M
Total Liabilities	4.4B	4.07B	4.54B	4.63B	5.03B	4.33B	4.34B	4.42B	3.98B	3.31B
Total Debt+	3.01B	2.83B	3.91B	3.79B	4.86B	4.21B	3.78B	4.25B	3.78B	3.15B
Net Debt	2.91B	2.79B	3.83B	3.72B	4.8B	2.96B	3.23B	3.64B	2.77B	1.83B
Long-Term Debt	3.01B	3.92B	4.06B	3.79B	3.38B	3.54B	3.78B	3.76B	3.41B	3.07B
Short-Term Borrowings	0	1000K	0	0	0	1000K	0	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	0	0	1M	0	0	17.86M
Total Current Liabilities+	1.36B	25.39M	14K	1.3M	223K	742.75M	0	581.69M	472.11M	173.82M
Accounts Payable	0	394K	14K	1.3M	223K	0	0	0	0	0
Deferred Revenue	0	-4.07B	-7.83B	-8.28B	-2.15B	0	0	0	0	0
Other Liabilities	-3.01B	-3.92B	-4.06B	-3.79B	-3.38B	51.53M	-3.79B	71.69M	99.09M	51.99M
Total Equity+	1.49B	1.51B	1.49B	1.64B	1.64B	1.55B	1.51B	1.53B	1.53B	1.53B
Equity Growth %	-0.01%	0.01%	-0.01%	0.1%	-0%	-0.06%	-0.02%	0.01%	-0%	0%
Shareholders Equity	828.22M	971.39M	1.23B	1.45B	1.46B	1.54B	1.51B	1.53B	1.53B	1.54B
Minority Interest	663.19M	538.16M	253.18M	198.48M	180.7M	5.26M	6.48M	215K	-950K	-2.09M
Common Stock	99K	110K	112K	118K	120K	127K	126K	127K	127K	127K
Additional Paid-in Capital	776.87M	992.31M	1.31B	1.47B	1.53B	1.78B	1.8B	1.83B	1.76B	1.78B
Retained Earnings	60.62M	-11.15M	-39.11M	11.34M	-35.75M	-163.72M	-207.8M	-177M	-197.88M	-206.87M
Preferred Stock	0	0	0	11.34M	0	0	0	0	0	0
Return on Assets (ROA)	0.01%	0.01%	0.02%	0.03%	0.02%	-0%	0.01%	0.02%	0.02%	0.02%
Return on Equity (ROE)	0.05%	0.04%	0.06%	0.11%	0.07%	-0.01%	0.04%	0.09%	0.07%	0.07%
Debt / Assets	0.51%	0.51%	0.65%	0.6%	0.73%	0.72%	0.65%	0.71%	0.69%	0.65%
Debt / Equity	2.02x	1.88x	2.63x	2.31x	2.97x	2.72x	2.49x	2.77x	2.47x	2.06x
Net Debt / EBITDA	-	6.50x	7.79x	257.99x	-	70.59x	15.04x	15.37x	22.13x	13.79x
Book Value per Share	14.50	14.02	13.56	16.83	15.40	13.77	12.15	12.19	12.27	12.19

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	40.59M	409.15M	11.98M	200.43M	183.21M	111.94M	79.74M	106.71M	180.6M	133.92M
Operating CF Growth %	-0.81%	9.08%	-0.97%	15.72%	-0.09%	-0.39%	-0.29%	0.34%	0.69%	-0.26%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	146.13M	113.72M	125.88M	221.68M	137M	-9.46M	56.89M	165.31M	100.5M	107.45M
Depreciation & Amortization	38.81M	39.34M	39.55M	40.22M	37.15M	36.84M	35.91M	30.91M	28.12M	30.63M
Stock-Based Compensation	13.79M	17.64M	18.96M	8.83M	21.78M	42.73M	15.3M	31.58M	18.58M	18.83M
Other Non-Cash Items	-146.91M	251M	-168.71M	-85.23M	-11.4M	78.98M	-30.03M	-150.67M	-678K	-14.76M
Working Capital Changes	-14.13M	-14.42M	-9.29M	22.47M	-6.13M	-37.25M	1.39M	30.09M	32.91M	-9.91M
Cash from Investing+	-29.85M	-25.41M	-306.63M	-342.87M	-126.59M	1.54B	-651.46M	81.59M	793.5M	932.76M
Acquisitions (Net)	8.38M	10.64M	5.64M	7.78M	7.59M	6.1M	4.87M	6.95M	0	0
Purchase of Investments	-757.31M	-988M	-212.53M	-775.96M	-1.7B	-440.81M	-247.09M	-97.27M	-143.95M	-911.17M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-305.08M	-260.89M	-1.31B	-20.39M	216.16M	896.72M	-1.01B	-16.89M	683.25M	1.53B
Cash from Financing+	22M	-448.08M	387.9M	58.2M	200.68M	-725.67M	-91.02M	-150.24M	-557.77M	-796.59M
Dividends Paid	-39.93M	-67.17M	-100.08M	-122.77M	-144.53M	-118.89M	-100.55M	-107.01M	-116.42M	-117.71M
Common Dividends	-39.93M	-67.17M	-100.08M	-122.77M	-144.53M	-118.89M	-100.55M	-107.01M	-116.42M	-117.71M
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K
Share Repurchases	-994K	-4.65M	-2.59M	0	-637K	-3.04M	-9.01M	-7.92M	-2.48M	-6.53M
Other Financing	-79.76M	-47.02M	-79.5M	-43.34M	-34.13M	-42.35M	-2.5M	-37.67M	-11.78M	-27.55M
Net Change in Cash+	32.74M	-64.34M	93.25M	-84.23M	257.3M	928.54M	-662.74M	38.06M	416.34M	270.1M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	76.22M	108.96M	89.43M	182.68M	98.45M	355.75M	1.28B	621.55M	659.6M	1.08B
Cash at End	108.96M	44.62M	182.68M	98.45M	355.75M	1.28B	621.55M	659.6M	1.08B	1.35B
Free Cash Flow+	32.21M	398.51M	6.34M	192.65M	175.62M	105.84M	74.87M	99.76M	180.6M	133.92M
FCF Growth %	-0.84%	11.37%	-0.98%	29.36%	-0.09%	-0.4%	-0.29%	0.33%	0.81%	-0.26%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.09	3.18	3.77	2.26	1.5	0.24	1.41	1.4	1.03	1.13
FFO Payout Ratio	35.45%	19.63%	24.23%	55.75%	90.45%	442.51%	57.28%	60.58%	90.08%	82.73%
NOI Margin	75.59%	72.9%	73.99%	77.41%	100%	44.88%	60.97%	80.41%	76.3%	83.9%
Net Debt / EBITDA	-	6.50x	7.79x	257.99x	-	70.59x	15.04x	15.37x	22.13x	13.79x
Debt / Assets	51.13%	50.82%	64.83%	60.4%	72.87%	71.58%	64.54%	71.34%	68.64%	65.09%
Interest Coverage	-0.62x	1.28x	1.19x	-0.13x	-	0.00x	0.52x	1.03x	0.40x	0.45x
Book Value / Share	14.5	14.02	13.56	16.83	15.4	13.77	12.15	12.19	12.27	12.19
Revenue Growth	10.38%	-17.01%	11.01%	-16.28%	17.22%	-52.3%	31.19%	84.99%	-20.81%	90.05%

Revenue by Segment

	2014	2015	2016	2017	2018
Real Estate	56.65M	80.47M	77.28M	89.49M	96.51M
Real Estate Growth	-	42.04%	-3.96%	15.81%	7.84%
Loans	-	-	-	-	-
Loans Growth	-	-	-	-	-
Available-for-sale Securities	-	-	-	-	-
Available-for-sale Securities Growth	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Ladder Capital Corp (LADR) has a price-to-earnings (P/E) ratio of 12.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Ladder Capital Corp (LADR) reported $412.4M in revenue for fiscal year 2024. This represents a 281% increase from $108.2M in 2011.

Ladder Capital Corp (LADR) grew revenue by 90.1% over the past year. This is strong growth.

Yes, Ladder Capital Corp (LADR) is profitable, generating $79.7M in net income for fiscal year 2024 (21.2% net margin).

Dividend & Returns

Yes, Ladder Capital Corp (LADR) pays a dividend with a yield of 8.41%. This makes it attractive for income-focused investors.

Ladder Capital Corp (LADR) has a return on equity (ROE) of 7.1%. This is below average, suggesting room for improvement.

Industry Metrics

Ladder Capital Corp (LADR) generated Funds From Operations (FFO) of $111.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Ladder Capital Corp (LADR) offers a 8.41% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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