LADR
Ladder Capital Corp
Next earnings Jul 22, 2026 · consensus $0.25 EPS, $81.2M rev
Last earnings +2.0% on 2026-04-23
$10.01
▼ -1.96%$10.01▲ +0.37%
over 1Y
L $9.44H $11.07
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-2.0%
1W-1.6%
1M-1.8%
3M+2.4%
YTD-7.7%
1Y+0.4%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 13 analysts
Buy
Conservatively levered commercial-mortgage REIT trading below book, but earnings fell 41% and rate cuts cut deeper — own it, don't add.
Diluted EPS $0.51 · FY2025
The read
Middling fundamentals and a rich price (~61% above fair value) leave little margin of safety — a wait-and-see.
Ladder is a commercial real-estate lender whose quality is in its balance sheet, not its earnings momentum. FY2025 net income fell 40.7% to $63.7M ($0.51 diluted EPS), the weakest of the last five years (down from $165M in 2022 and ~$100M+ in 2023–2024), and ROE is a thin 4.3%. Against a $10.21 price that is a 20x P/E — optically rich for a REIT with shrinking earnings. The offsetting support is book value: $1.48B equity over ~126M shares is roughly $11.75/share, so the stock trades near 0.87x book. For a mortgage REIT, that below-book entry plus genuinely conservative credit posture is what keeps this a hold rather than a sell.
The filing reinforces the 'safe but unexciting' read. Leverage is low for the sector at 2.47x liabilities/equity, and management cites a 68.7% weighted-average loan-to-value at origination — meaningful sponsor equity cushioning the loan book. The board lifted the buyback authorization to $100M and has $90.6M (6.5% of shares) remaining, repurchasing 964,539 shares in 2025 at ~$10.60 — buying below book is accretive and signals discipline. No material litigation or regulatory proceedings are disclosed.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 30, 2026, 6:31 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $56.9M | $165M | $101M | $107M | $63.7M |
| Diluted EPS | $0.45 | $1.13 | $0.81 | $0.86 | $0.51 |
| Net margin | — | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF14.7
PEG (trailing)—
Earnings yield5.0%
FCF yield6.8%
Quality & risk
ROIC (est.)—
Free cash flow$87.0M
Total debt—
Net cash$38.0M
Capital returns
Buyback yield0.9%
Dividend yield (est.)—
Shareholder yield0.9%
Shares Δ YoY+0.7%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Shareholder vote2026-06-05
Annual meeting voting results filed; directors elected, routine governance items passed
- 10-Q Quarterly report2026-04-27
Q1 2026 10-Q; $5.15B assets, 68.7% LTV book, leverage 2.47x liabilities/equity
- 8-K Earnings results2026-04-23
Q1 2026 earnings release; results pressured as net income kept trending below prior year
- DEF 14A Proxy statement2026-04-21
2026 proxy: director slate and exec comp for annual meeting; routine governance
- 10-K Annual report2026-02-09
FY2025 10-K: net income -40.7%, equity -3.3%, $90.6M buyback left; cash dropped to $38M
- 8-K Earnings results2026-02-05
Q4/FY2025 results: net income $63.7M, down 40.7% YoY, EPS $0.51
- 10-Q Quarterly report2025-10-27
Q3 2025 10-Q; earnings tracking below 2024 as rate/credit pressure weighed
- 8-K Earnings results2025-10-23
Q3 2025 earnings release amid the FY2025 earnings decline
- 10-Q Quarterly report2025-07-28
Q2 2025 10-Q; net income trending lower YoY through 2025
Recent filings
all on EDGAR ↗144/AFiling2026-06-15open ↗8-KPeriod ending 2026-06-042026-06-05open ↗4Period ending 2026-05-292026-06-02open ↗144Filing2026-06-02open ↗144Filing2026-05-29open ↗4Period ending 2026-05-062026-05-08open ↗10-QPeriod ending 2026-03-312026-04-27open ↗8-KPeriod ending 2026-04-232026-04-23open ↗ARSPeriod ending 2025-12-312026-04-21open ↗DEFA14AFiling2026-04-21open ↗DEF 14APeriod ending 2026-06-042026-04-21open ↗SCHEDULE 13G/AFiling2026-03-27open ↗
Frequently asked
- Is Ladder Capital Corp (LADR) a buy?
- LADR currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Conservatively levered commercial-mortgage REIT trading below book, but earnings fell 41% and rate cuts cut deeper — own it, don't add.
- What is LADR's fair value?
- A Modified-Graham model based on LADR's SEC fundamentals estimates a fair value of about $3.90. It is an estimate from reported earnings, not a price target.
- Is LADR overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, LADR currently appears overvalued relative to its SEC-grounded earnings power.
- What is Ladder Capital Corp's quality score?
- LADR scores 56.80374751366674/100 (grade C) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001577670, latest 10-Q filed 2026-04-27) · EODHD · Proprietary analysis · as of 6/30/2026, 10:31:01 AM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.