NOI margins have compressed from 77.8% in 2024Q1 to 70.7% in 2026Q1, indicating mounting pressure on property-level profitability.
| 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 | 400.28M | 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 % | -13.19% | -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 | 115.56M | 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) | 284.72M | 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 % | 71.13% | 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 | 41.91M | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 277.27M | 276.66M | 366.35M | 370.08M | 398.16M | 278.88M | 225.47M | 178.5M | 469.73M | 178.42M | 158.27M | 200.73M | 155.43M | 259.52M | 210.86M | 109.78M |
| EBITDA Margin % | 69.27% | 70.52% | 71.66% | 70.48% | 73.23% | 77.85% | 62.96% | 35.57% | 78.2% | 39.07% | 40.14% | 46.17% | 39.7% | 71.54% | 72.81% | 76.39% |
| Depreciation & Amortization | 34.46M | 33.29M | 34.03M | 31.71M | 34.44M | 39.69M | 41.31M | 39.87M | 40.22M | 39.55M | 39.34M | 38.81M | 29.1M | 21.51M | 3.64M | 1.04M |
| D&A / Revenue % | 8.61% | 8.49% | 6.66% | 6.04% | 6.33% | 11.08% | 11.54% | 7.94% | 6.7% | 8.66% | 9.98% | 8.93% | 7.43% | 5.93% | 1.26% | 0.73% |
| Operating Income | 242.81M | 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 % | 60.66% | 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 | 1.04M | 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 | 59.64M | 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 % | 14.9% | 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 | 4.9M | 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 % | 8.21% | 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 | 55.01M | 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 % | 13.74% | 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 % | -46.81% | -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) | 89.47M | 97.47M | 142.28M | 132.84M | 176.65M | 96.21M | 26.87M | 162.51M | 220.24M | 134.82M | 106.07M | 112.63M | 60.66M | 211.35M | 173.14M | 72.76M |
| FFO Margin % | 22.35% | 24.85% | 27.83% | 25.3% | 32.49% | 26.86% | 7.5% | 32.38% | 36.67% | 29.52% | 26.9% | 25.9% | 15.5% | 58.26% | 59.78% | 50.63% |
| FFO Growth % | -140.13% | -31.49% | 7.11% | -24.8% | 83.61% | 258.1% | -83.47% | -26.21% | 63.35% | 27.11% | -5.83% | 85.68% | -71.3% | 22.06% | 137.97% | - |
| FFO per Share | 0.71 | 0.77 | 1.13 | 1.06 | 1.40 | 0.77 | 0.24 | 1.53 | 2.26 | 1.23 | 0.99 | 1.09 | 0.62 | 4.35 | 3.56 | 1.50 |
| FFO Payout Ratio % | 131% | 120.46% | 82.73% | 87.64% | 60.58% | 104.51% | 442.51% | 88.93% | 55.75% | 74.23% | 63.32% | 35.45% | 0.61% | 44.31% | 42.25% | 60.45% |
| EPS (Diluted) | 0.44 | 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 % | -46.55% | -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 | 126.02M | 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 |
Commercial real estate exposure
As reported in recent financial filings, Ladder Capital experienced a persistent revenue decline, culminating in a 23.26% year-over-year contraction, which suggests that the company's conduit and balance sheet lending segments are struggling to maintain historical origination volumes in the current high-interest rate environment.
The consistent downward pressure on revenue appears to reflect a broader market slowdown in commercial mortgage originations rather than a company-specific failure. Investors should monitor whether this trend indicates a strategic pivot toward capital preservation or an inability to compete for high-quality assets in a crowded lending landscape.
Based on the provided quarterly data, NOI margins have retreated from the 77% range observed in early 2024 to approximately 70.7% in 2026Q1, indicating that property-level profitability is facing increased headwinds from rising operating expenses or potential shifts in the underlying asset mix.
The erosion of NOI margins suggests that the cost of maintaining the physical real estate portfolio is outpacing rental income growth. This trend warrants further investigation into whether the company is absorbing higher property taxes or maintenance costs that could continue to weigh on overall profitability.
According to the company's reported figures, FFO per share has exhibited significant volatility, dropping from $0.33 in 2024Q2 to $0.09 in 2026Q1, which raises questions regarding the long-term stability of the dividend payout in the face of declining core earnings.
The sharp decline in FFO growth suggests that the company's earnings power is currently disconnected from its historical performance, likely driven by the lumpy nature of conduit loan sales. Analysts should be cautious, as the current FFO trajectory may not provide the necessary buffer to support consistent shareholder distributions.
While the company maintains a robust liquidity profile, the persistent gap between GAAP net income and FFO, as evidenced by the data, suggests that non-cash charges and potential accounting adjustments are significantly obscuring the true economic performance of the underlying real estate and lending assets.
The reliance on non-cash adjustments to reconcile earnings may mask the impact of credit deterioration within the transition lending book. Investors should look past headline figures to determine if the current earnings quality is sufficient to cover the company's debt service obligations without further capital recycling.
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.