Ladder Capital Corp is a US-listed company in the mortgage REITs industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to September 2026 was $165m, down 45.0% on a year earlier, a steeper fall than the 23.9% decline a quarter earlier.
Our model value for Ladder Capital is under review, so past values are not shown until it is resolved.
Source: 10-Q filed October 26, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -45.0% (-21.1pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No model value for Ladder Capital Corp at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Ladder Capital Corp as a mortgage reit, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.73 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$11 ~$8.0–$14 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$10 ~$9.2–$12 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$4.3 ~$3.7–$7.3 | Included |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$17 ~$14–$20 | Included |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ladder Capital Corp with mortgage REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moderate moat
How hard Ladder Capital's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 1.8% of total assets over 10 years.
Net margin has been a median 25.1%; its worst year was -4.4%.
The diluted share count rose 14.6% over five years; stock-based pay has been a median 5.5% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $1.04 | +24% | $302m | +40% |
| Next | $1.07 | +3% | $287m | −5% |
Next year's EPS estimate has moved −7.2% in 90 days, across 7 analysts.
The consensus EPS forecast for the current fiscal year is +6.9% on 90 days ago. In the last 30 days, 3 analysts raised Ladder Capital Corp's forecast and 4 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.97 | $1.15 |
| 60 days ago | $1.01 | $1.12 |
| 30 days ago | $1.01 | $1.12 |
| 7 days ago | $1.04 | $1.09 |
| Now | $1.04 | $1.07 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.33 | $0.35 | +5.5% |
| Jun 2026 | $0.24 | $0.24 | +1.8% |
| Mar 2026 | $0.22 | $0.22 | −0.6% |
| Dec 2025 | $0.24 | $0.17 | −28.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| LADR | +31% | −9% | +25% | +6% | +7% | −9% |
| Industry peers (median) | +26% | −22% | +17% | +3% | +6% | −21% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| LADR | 58% | 42% | 58% | 50% | 67% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| LADR | −13% | −27% | −23% | −12% | −15% | −19% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 82% from February 12, 2020 to April 3, 2020. Getting back needed a 444% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 16, 2026 | +0.1% | −0.7% | +5.6% | — |
| July 23, 2026 | +0.2% | −1.1% | −0.5% | +1.7% |
| April 23, 2026 | +0.9% | +0.4% | +0.3% | −1.2% |
| February 5, 2026 | −7.1% | +0.6% | −6.4% | −7.3% |
| October 23, 2025 | +0.4% | +1.4% | −3.4% | −2.6% |
| July 24, 2025 | +0.4% | +0.5% | −1.6% | +3.7% |
| April 24, 2025 | 0.0% | +2.8% | +2.6% | +0.8% |
| February 6, 2025 | +4.8% | −0.6% | +2.6% | +4.0% |
| October 24, 2024 | +2.8% | +0.2% | +4.0% | +6.7% |
| July 25, 2024 | +3.0% | +0.6% | +0.3% | +1.4% |
| April 25, 2024 | +4.8% | +0.6% | +5.0% | +5.0% |
| February 8, 2024 | +0.9% | +0.6% | +1.8% | +3.7% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY18 Q1 | $365.3M |
| FY18 Q2 | $370.7M |
| FY18 Q3 | $437.4M |
| FY18 Q4 | $400.8M |
| FY19 Q1 | $351.4M |
| FY19 Q2 | $344.9M |
| FY19 Q3 | $278.8M |
| FY19 Q4 | $300.5M |
| FY20 Q1 | $282.4M |
| FY20 Q2 | $230.3M |
| FY20 Q3 | $212.3M |
| FY20 Q4 | $165.4M |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY18 Q1 | 17.0% |
| FY18 Q2 | 5.6% |
| FY18 Q3 | 36.5% |
| FY18 Q4 | 31.8% |
| FY19 Q1 | -3.8% |
| FY19 Q2 | -7.0% |
| FY19 Q3 | -36.3% |
| FY19 Q4 | -25.0% |
| FY20 Q1 | -19.6% |
| FY20 Q2 | -33.2% |
| FY20 Q3 | -23.9% |
| FY20 Q4 | -45.0% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY18 Q1 | 50.2% |
| FY18 Q2 | 54.7% |
| FY18 Q3 | 61.9% |
| FY18 Q4 | 48.1% |
| FY19 Q1 | 67.4% |
| FY19 Q2 | 44.4% |
| FY19 Q3 | 111.0% |
| FY19 Q4 | 58.4% |
| FY20 Q1 | 55.4% |
| FY20 Q2 | 37.5% |
| FY20 Q3 | 94.5% |
| FY20 Q4 | 64.0% |
| Fiscal year | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | LTM Dec 2020 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 249 | 315 | 299 | 329 | 165 |
| Net income | 169 | 189 | 44 | 74 | −7 |
| Diluted EPS | — | — | $0.86 | $1.42 | −$0.07 |
| Growth (year on year) | |||||
| Revenue | — | +26.4% | −5.0% | +10.2% | −45.0% |
| Net income | — | +11.4% | −76.6% | +67.1% | −105.4% |
| Diluted EPS | — | — | — | +65.1% | −105.2% |
| Margins | |||||
| Net margin | 68.1% | 60.0% | 14.8% | 22.4% | −4.4% |
| Free-cash-flow margin | −46.8% | 151.0% | 69.8% | −14.2% | 64.0% |
| Cash flow | |||||
| Cash from operations | −116 | 475 | 209 | −38 | 112 |
| Capital spending | 0 | 0 | 0 | 8 | 6 |
| Free cash flow | −116 | 475 | 209 | −47 | 106 |
| Stock-based pay | 2 | 3 | 14 | 14 | 43 |
| Free cash flow after stock pay | −119 | 472 | 194 | −60 | 63 |
| Balance sheet | |||||
| Cash | 45 | 79 | 76 | 109 | 1,254 |
| Total debt | 0 | 291 | 4,187 | 4,276 | 4,235 |
| Net debt (negative = net cash) | −45 | 212 | 4,111 | 4,167 | 2,980 |
| Diluted shares | — | — | 98m | 52m | 112m |
| Returned to shareholders | |||||
| Dividends | — | 0 | 0 | 40 | 119 |
| Buybacks | — | 0 | 0 | 1 | 3 |
| Total returned | — | 0 | 0 | 41 | 122 |
| Quarter | 2019 Q1 Mar 2019 | 2019 Q2 Jun 2019 | 2019 Q3 Sept 2019 | 2019 Q4 Dec 2019 | 2020 Q1 Mar 2020 | 2020 Q2 Jun 2020 | 2020 Q3 Sept 2020 | 2020 Q4 Dec 2020 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 68 | 77 | 69 | 86 | 50 | 25 | 51 | 40 |
| Net income | 22 | 36 | 31 | 45 | −14 | −5 | 21 | −9 |
| Diluted EPS | $0.21 | $0.30 | $0.26 | $0.37 | −$0.15 | −$0.04 | $0.14 | −$0.10 |
| Growth (year on year) | ||||||||
| Revenue | −42.0% | −7.9% | −48.9% | +33.6% | −26.6% | −67.9% | −26.1% | −54.2% |
| Net income | −56.4% | −17.2% | −62.9% | +69.3% | −163.4% | −114.4% | −30.9% | −120.8% |
| Diluted EPS | −60.4% | −25.0% | −61.2% | +54.2% | −171.4% | −113.3% | −46.2% | −127.0% |
| Margins | ||||||||
| Net margin | 32.4% | 47.1% | 44.8% | 52.6% | −28.0% | −21.1% | 41.9% | −23.9% |
| Free-cash-flow margin | −33.6% | 200.6% | −101.7% | 133.0% | −83.7% | 339.7% | 86.3% | 51.3% |
| Cash flow | ||||||||
| Cash from operations | −22 | 155 | −68 | 119 | −41 | 85 | 45 | 24 |
| Capital spending | 1 | 1 | 2 | 4 | 1 | 1 | 1 | 4 |
| Free cash flow | −23 | 154 | −70 | 115 | −42 | 84 | 44 | 20 |
| Stock-based pay | 11 | 3 | 4 | 3 | 14 | 3 | 4 | 22 |
| Free cash flow after stock pay | −34 | 150 | −74 | 112 | −56 | 80 | 40 | −1 |
| Last 12 months unless stated | LADR | CMTG | TRTX | ARI | BRSP | ACR | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $165m | $152m | $142m | $238m | $339m | $80m | $147m |
| Revenue growth, last 12 months | −45.0% | −30.9% | −2.4% | −14.7% | 2.5% | −3.4% | −2.9% |
| Revenue growth, 3-year average | −18.4% | −21.1% | 5.6% | −11.5% | −6.6% | −3.5% | −5.9% |
| Revenue growth, latest quarter | −54.2% | −42.5% | −5.1% | −37.4% | 4.1% | −4.1% | −1.6% |
| Net margin | −4.4% | −354.1% | 31.9% | 55.5% | 5.6% | 26.3% | 10.0% |
| Cash from operations / revenue | 67.7% | −4.9% | 59.9% | 36.3% | 21.3% | 4.1% | 32.1% |
| Free-cash-flow margin | 64.0% | −19.3% | 54.7% | 30.1% | 18.0% | 4.1% | 30.1% |
| Free-cash-flow margin, 3-year average | 56.8% | 5.2% | 60.7% | 54.0% | 22.7% | 20.1% | 35.0% |
| Stock pay / revenue | 26.1% | 5.5% | 6.9% | 5.4% | 3.8% | 2.2% | 4.9% |
| Change in share count | 0.4% | 0.8% | −3.0% | −1.1% | −2.4% | −7.0% | 0.5% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $104M | 10.4M | 12.9% | ▲ 4.5% |
| Jennison Associates LLC | $63.8M | 6.4M | 7.9% | ▼ 16.8% |
| Vanguard Portfolio Management LLC | $50.2M | 5.0M | 6.2% | ▲ 1.7% |
| Vanguard Capital Management LLC | $48.9M | 4.9M | 6.1% | ▼ 0.5% |
| Victory Capital Management Inc | $41.4M | 4.2M | 5.1% | ▲ 31.7% |
| Wellington Management Group LLP | $35.6M | 3.6M | 4.4% | ▲ 80.5% |
| Two Sigma Investments, LP | $30.8M | 3.1M | 3.8% | ▲ 10.1% |
| State Street Corp | $30.3M | 3.0M | 3.8% | ▲ 4.5% |
| Geode Capital Management, LLC | $28.8M | 2.9M | 3.6% | ▲ 3.3% |
| Mirae Asset Global Etfs Holdings Ltd. | $27.8M | 2.8M | 3.5% | ▲ 3.3% |
| Jpmorgan Chase & Co | $27.2M | 2.7M | 3.4% | ▲ 53.7% |
| Goldman Sachs Group Inc | $25.3M | 2.5M | 3.1% | ▼ 7.5% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ladder Capital Corp's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Perelman Robert Head of Asset Management | June 2, 2026 | Sell | 17,505 | $10.25 | $179,426 |
| Perelman Robert Head of Asset Management | May 29, 2026 | Sell | 17,495 | $10.26 | $179,499 |
| Harris Brian Chief Executive Officer | February 6, 2026 | Buy | 5,000 | $10.32 | $51,600 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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