Revenue and margins have been highly volatile, with NOI margin falling from 77.5% in 2024Q4 to 28.9% in 2026Q2 before rebounding to 69.0% in 2026Q3, suggesting timing-driven swings rather than a steady operating trend.
Ladder Capital Corp (LADR) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Revenue | 383.55M | 392.3M | 511.22M | 525.09M | 543.71M | 358.21M | 358.1M | 501.87M | 600.64M | 456.66M | 394.3M | 434.81M | 391.47M | 362.74M | 289.62M | 143.71M |
| Revenue Growth % | -7.21% | -23.26% | -2.64% | -3.43% | 51.78% | 0.03% | -28.65% | -16.44% | 31.53% | 15.82% | -9.32% | 11.07% | 7.92% | 25.25% | 101.53% | - |
| Property Operating Expenses | 146.66M | 110.77M | 116.34M | 109.86M | 114.71M | 111.35M | 118.45M | 109.15M | 115.29M | 117.3M | 112.33M | 118.03M | 93.89M | 67.01M | 7.28M | 2.09M |
| Net Operating Income (NOI) | 236.89M | 281.54M | 394.88M | 415.23M | 429M | 246.87M | 239.65M | 392.72M | 485.35M | 339.36M | 281.97M | 316.78M | 297.58M | 295.73M | 282.34M | 141.62M |
| NOI Margin % | 61.76% | 71.77% | 77.24% | 79.08% | 78.9% | 68.92% | 66.92% | 78.25% | 80.8% | 74.31% | 71.51% | 72.85% | 76.02% | 81.53% | 97.49% | 98.55% |
| Operating Expenses | 79.93M | 38.17M | 62.55M | 76.87M | 65.28M | 7.67M | 55.49M | 254.08M | 55.84M | 200.48M | 163.03M | 154.86M | 171.25M | 57.73M | 75.11M | 32.89M |
| G&A Expenses | 17.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 191.19M | 275.36M | 364.65M | 366.48M | 394.63M | 275.1M | 221M | 175.79M | 469.73M | 178.42M | 158.27M | 200.73M | 155.43M | 259.52M | 210.86M | 109.78M |
| EBITDA Margin % | 49.85% | 70.19% | 71.33% | 69.79% | 72.58% | 76.8% | 61.71% | 35.03% | 78.2% | 39.07% | 40.14% | 46.17% | 39.7% | 71.54% | 72.81% | 76.39% |
| Depreciation & Amortization | 34.23M | 32M | 32.33M | 28.12M | 30.91M | 35.91M | 36.84M | 37.15M | 40.22M | 39.55M | 39.34M | 38.81M | 29.1M | 21.51M | 3.64M | 1.04M |
| D&A / Revenue % | 8.93% | 8.16% | 6.32% | 5.35% | 5.68% | 10.03% | 10.29% | 7.4% | 6.7% | 8.66% | 9.98% | 8.93% | 7.43% | 5.93% | 1.26% | 0.73% |
| Operating Income | 156.96M | 243.37M | 332.32M | 338.37M | 363.72M | 239.19M | 184.16M | 138.63M | 429.51M | 138.88M | 118.93M | 161.92M | 126.33M | 238M | 207.22M | 108.73M |
| Operating Margin % | 40.92% | 62.04% | 65.01% | 64.44% | 66.9% | 66.77% | 51.43% | 27.62% | 71.51% | 30.41% | 30.16% | 37.24% | 32.27% | 65.61% | 71.55% | 75.66% |
| Interest Expense | 4M | 174.92M | 221.54M | 245.1M | 195.6M | 182.95M | 227.47M | 204.35M | 194.29M | 146.12M | 120.83M | 113.3M | 77.57M | 48.74M | 36.44M | 35.84M |
| Interest Coverage | - | 1.38x | 1.50x | 1.43x | 1.87x | 1.32x | 0.92x | 1.68x | 2.18x | 1.91x | 1.99x | 2.42x | 2.60x | 4.95x | 5.72x | 3.04x |
| Non-Operating Income | -64.55M | 1.26M | -109K | -11.48M | -2.1M | -1.58M | -24.07M | -205.37M | 6.9M | -140.83M | -121.94M | -112.07M | -75.48M | -3.2M | -1.26M | -346.61K |
| Pretax Income | 102.33M | 67.19M | 110.89M | 104.75M | 170.21M | 57.82M | -19.25M | 139.65M | 228.32M | 133.59M | 120.04M | 160.69M | 124.23M | 192.46M | 172.04M | 73.24M |
| Pretax Margin % | 26.68% | 17.13% | 21.69% | 19.95% | 31.31% | 16.14% | -5.37% | 27.83% | 38.01% | 29.25% | 30.44% | 36.96% | 31.73% | 53.06% | 59.4% | 50.97% |
| Income Tax | 3.44M | 3.49M | 3.45M | 4.24M | 4.91M | 928K | -9.79M | 2.65M | 6.64M | 7.71M | 6.32M | 14.56M | 26.6M | 3.73M | 2.58M | 1.51M |
| Effective Tax Rate % | 3.36% | 5.2% | 3.11% | 4.05% | 2.88% | 1.6% | 50.86% | 1.89% | 2.91% | 5.77% | 5.26% | 9.06% | 21.42% | 1.94% | 1.5% | 2.06% |
| Net Income | 98.92M | 64.18M | 108.25M | 101.13M | 142.22M | 56.52M | -14.45M | 122.64M | 180.01M | 95.28M | 66.73M | 73.82M | 31.56M | 189.83M | 169.5M | 71.72M |
| Net Margin % | 25.79% | 16.36% | 21.18% | 19.26% | 26.16% | 15.78% | -4.03% | 24.44% | 29.97% | 20.86% | 16.92% | 16.98% | 8.06% | 52.33% | 58.53% | 49.9% |
| Net Income Growth % | 24.15% | -40.71% | 7.05% | -28.89% | 151.61% | 491.29% | -111.78% | -31.87% | 88.94% | 42.78% | -9.61% | 133.92% | -83.38% | 11.99% | 136.35% | - |
| Funds From Operations (FFO) | 133.15M | 96.18M | 140.58M | 129.24M | 173.13M | 92.44M | 22.4M | 159.8M | 220.24M | 134.82M | 106.07M | 112.63M | 60.66M | 211.35M | 173.14M | 72.76M |
| FFO Margin % | 34.72% | 24.52% | 27.5% | 24.61% | 31.84% | 25.8% | 6.26% | 31.84% | 36.67% | 29.52% | 26.9% | 25.9% | 15.5% | 58.26% | 59.78% | 50.63% |
| FFO Growth % | 91.39% | -31.59% | 8.77% | -25.35% | 87.3% | 312.66% | -85.98% | -27.44% | 63.35% | 27.11% | -5.83% | 85.68% | -71.3% | 22.06% | 137.97% | - |
| FFO per Share | 1.07 | 0.76 | 1.12 | 1.03 | 1.38 | 0.74 | 0.20 | 1.50 | 2.26 | 1.23 | 0.99 | 1.09 | 0.62 | 4.35 | 3.56 | 1.50 |
| FFO Payout Ratio % | 66.18% | 122.08% | 83.73% | 90.08% | 61.81% | 108.78% | 530.75% | 90.45% | 55.75% | 74.23% | 63.32% | 35.45% | 0.61% | 44.31% | 42.25% | 60.45% |
| EPS (Diluted) | 0.79 | 0.51 | 0.86 | 0.81 | 1.13 | 0.45 | -0.13 | 1.15 | 1.84 | 1.13 | 1.06 | 0.72 | 0.86 | 3.90 | 3.49 | 1.48 |
| EPS Growth % | 26.34% | -40.7% | 6.17% | -28.32% | 151.11% | 446.15% | -111.3% | -37.5% | 62.83% | 6.6% | 47.22% | -16.28% | -77.95% | 11.75% | 135.81% | - |
| EPS (Basic) | - | 0.51 | 0.86 | 0.81 | 1.14 | 0.46 | -0.13 | 1.16 | 1.85 | 1.16 | 1.08 | 1.43 | 0.90 | 3.90 | 3.49 | 1.48 |
| Diluted Shares Outstanding | 124.89M | 126.19M | 125.78M | 124.88M | 125.82M | 124.56M | 112.41M | 106.4M | 97.65M | 109.7M | 107.64M | 102.87M | 97.58M | 48.61M | 48.61M | 48.61M |
Quick answers to the most common questions about buying LADR stock.
For fiscal year 2025, Ladder Capital Corp (LADR) reported total revenue of $392.3M. This represents a 173.0% increase compared to $143.7M in 2011.
Ladder Capital Corp (LADR) is profitable, generating $64.2M in net income for the fiscal year ending 2025 with a net profit margin of 16.4%.
Ladder Capital Corp (LADR) reported an operating income of $243.4M, resulting in an operating profit margin of 62.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Ladder Capital Corp (LADR) generated $281.5M in gross profit for the year, representing a gross profit margin of 71.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue contraction and EPS miss
Metrics are mathematically derived from official filings.
Top-Line Recovery Masks Volatility
Based on reported quarterly figures, LADR's revenue fell from $129.6M in 2024Q3 to $78.2M in 2026Q2, with the most recent quarter rebounding to $105.7M, a 3.2% year-over-year increase, suggesting volatile origination-driven income rather than a steady trend.
The pattern of revenue swings, including a -23.3% decline across the broader window and a sharp 2026Q2 trough, is consistent with lumpy conduit loan sales and transactional gains rather than recurring rental or interest income. The 2026Q3 rebound may reflect improved origination timing, but a single quarter is insufficient to confirm a durable recovery. Investors should monitor whether recurring net interest and rental income can stabilize independently of conduit timing.
NOI Margins Compressed Then Recovered
As reported in financial statements, LADR's NOI margin declined from 77.5% in 2024Q4 to 28.9% in 2026Q2 before recovering to 69.0% in 2026Q3, indicating that property-level cost pressure or revenue timing drove sharp intra-period swings.
The 2026Q2 margin collapse to 28.9% appears more consistent with a revenue shortfall against a fixed cost base than with a structural deterioration in asset economics, though the cause cannot be confirmed from the supplied data. The subsequent recovery to 69.0% suggests the cost base is largely fixed and sensitive to top-line timing. Margins remain below the 2024 peak of roughly 77%, which warrants further investigation into whether the portfolio mix has shifted toward lower-yielding assets.
FFO Swings Outpace Revenue Movements
According to the reported figures, LADR's FFO per share moved from $0.33 in 2024Q2 to $0.09 in 2026Q1 and then to $0.59 in 2026Q3, a range far wider than revenue movements, suggesting FFO is heavily influenced by transactional items.
The amplitude of FFO per share changes, including a 166.4% year-over-year jump in 2026Q3, is disproportionate to the 3.2% revenue growth reported for that quarter, pointing to non-recurring or mark-to-market contributions. The 2026Q1 AFFO line is blank in the supplied data, so adjusted coverage cannot be verified and should be treated as unavailable. Dividend coverage therefore cannot be confidently assessed beyond the reported FFO figures, and the 2.3% to 5.4% yield range warrants monitoring against the sustainability of earnings.
Quarterly EPS Miss Challenges Earnings Quality
Based on LADR's reported figures, 2026Q2 EPS of $0.12 fell well short of the $0.24 consensus, a gap that appears inconsistent with management's characterization of a strong quarter and may point to non-cash pressure on GAAP earnings.
Investors should be cautious about accepting the positive operational narrative at face value, since GAAP EPS and FFO diverged materially in the same period, implying that reported net income is absorbing items outside core distributable earnings. Non-cash items such as CECL reserve changes or mark-to-market losses could plausibly explain the gap, though this remains an inference rather than a confirmed cause. The reported Debt/Equity figure of 2.37 is anomalous for a mortgage REIT and should be verified against the latest filings before drawing balance sheet conclusions.