Ladder Capital (LADR)
NYSE:LADR
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Ladder Capital
(NYSE:LADR)
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Rating:54Neutral
Price Target:
$10.50
▲(5.11% Upside)
Action:ReiteratedDate:02/09/26
The score is held back primarily by weakening recent financial trends and elevated leverage, alongside bearish technicals (below key moving averages with negative MACD). Offsetting these are a positive earnings-call outlook with improved funding profile and origination momentum, plus an attractive ~9% dividend yield.
Positive Factors
Investment-grade ratings
Achieving investment-grade ratings materially lowers Ladder's long-term cost of unsecured funding and broadens institutional investor access. This structural credit improvement reduces refinancing risk, strengthens capital market access for bond issuance, and supports durable funding stability for loan growth.
Negative Factors
High leverage
Leverage near sector norms still amplifies downside: high debt levels make earnings, book value, and dividend sustainability sensitive to credit losses, NII swings, or rising funding costs. Elevated leverage constrains flexibility to absorb shocks and slows recovery from adverse cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Investment-grade ratings
Achieving investment-grade ratings materially lowers Ladder's long-term cost of unsecured funding and broadens institutional investor access. This structural credit improvement reduces refinancing risk, strengthens capital market access for bond issuance, and supports durable funding stability for loan growth.
Read all positive factors
Ladder Capital (LADR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.26B
Dividend Yield8.21%
Average Volume (3M)707.28K
Price to Earnings (P/E)21.5
Beta (1Y)0.43
Revenue Growth-17.18%
EPS Growth-17.16%
CountryUS
Employees54
SectorReal Estate
Sector Strength53
IndustryREIT - Mortgage
Share Statistics
EPS (TTM)0.17
Shares Outstanding127,233,560
10 Day Avg. Volume979,756
30 Day Avg. Volume707,282
Financial Highlights & Ratios
PEG Ratio-0.53
Price to Book (P/B)0.93
Price to Sales (P/S)3.52
P/FCF Ratio15.85
Enterprise Value/Market Cap3.75
Enterprise Value/Revenue12.19
Enterprise Value/Gross Profit17.05
Enterprise Value/Ebitda17.20
Forecast
1Y Price Target
$12.17Price Target Upside21.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.05
Revenue Forecast (FY)$237.40M
Ladder Capital Business Overview & Revenue Model
Company Description
The 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 tr...
How the Company Makes Money
Ladder Capital generates revenue through several key streams. The primary source is the interest income from its loan portfolio, which includes first mortgage loans and subordinated debt. The company also earns fees from loan origination and servi...
Ladder Capital Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
Overall the call emphasized a strong, constructive narrative: Ladder achieved investment-grade ratings, improved access to unsecured capital, demonstrated meaningful loan origination momentum and high-quality securities positioning, and maintained conservative leverage and liquidity. Management acknowledged isolated credit issues (a $5 million realized loss, four nonaccruals totaling ~2.5% of assets) and near-term timing pressures on net interest income, but positioned these as manageable within a solid balance sheet and growing loan pipeline. Given the breadth and materiality of positive developments (ratings, funding, origination growth, liquidity, high-quality securities) relative to contained credit and timing headwinds, the tone and facts point to a predominantly positive outlook heading into 2026.Positive Updates
Investment-Grade Ratings Achieved
In 2025 Ladder obtained investment-grade ratings from Moody's (BAA3) and Fitch (BBB-); S&P upgraded the company to BB+ in January. Management emphasized this as a key milestone that lowers cost of funds and broadens access to stable capital markets.
Negative Updates
Realized Loan Loss and Nonaccruals
Recorded a $5 million realized loan loss in Q4 (which was previously reserved). At year-end four loans totaling $129.7 million (2.5% of total assets) were on nonaccrual; one nonaccrual (Weatherly Building, Portland) added in Q4. Management noted one subsequent foreclosure/resolution of a $61 million carrying value loan.
Read all updates
Q4-2025 Updates
Positive
Negative
Investment-Grade Ratings Achieved
In 2025 Ladder obtained investment-grade ratings from Moody's (BAA3) and Fitch (BBB-); S&P upgraded the company to BB+ in January. Management emphasized this as a key milestone that lowers cost of funds and broadens access to stable capital markets.
Read all positive updates
Company Guidance
On the call Ladder guided toward a 2026 strategy focused on driving earnings growth by increasing loan originations (having closed over $250M so far in 2026 with >$450M under application) and growing the asset base to “a little over $6B” by year-end, targeting a return on equity in the high single digits (roughly 9–10%) while keeping adjusted leverage around 2.0x (and a conservative 2–3x target), maintaining a predominantly unsecured capital structure (71% unsecured debt, 81% unencumbered assets), and preserving strong liquidity ($608M total, incl. $570M undrawn revolver and $100M committed accordion toward a $1.25B revolver). Key 2025/quarter metrics cited to support the plan included Q4 distributable earnings of $21.4M ($0.17/share; $26.4M or $0.21 adj.), FY distributable earnings $109.9M (7.1% ROE), loan portfolio $2.2B (42% of assets, 7.8% yield; four nonaccrual loans carrying $129.7M / 2.5% of assets), securities $2.1B (39% of assets, 5.3% yield, 99% investment-grade / 97% AAA), CECL reserve $47M ($0.37/share), undrawn repurchase capacity $90.6M remaining, book value $13.69/share, and a $0.23/share dividend (96% coverage ex-write-off).Ladder Capital Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
44
Neutral
Cash Flow
51
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 392.30M | 511.22M | 525.09M | 543.71M | 358.21M |
| Gross Profit | 281.54M | 394.88M | 415.23M | 429.00M | 246.87M |
| EBITDA | 275.39M | 366.46M | 381.55M | 400.25M | 280.46M |
| Net Income | 64.18M | 108.25M | 101.13M | 142.22M | 56.52M |
Balance Sheet | |||||
| Total Assets | 5.15B | 4.85B | 5.51B | 5.95B | 5.85B |
| Cash, Cash Equivalents and Short-Term Investments | 37.95M | 1.32B | 1.02B | 611.12M | 854.70M |
| Total Debt | 3.51B | 3.15B | 3.78B | 4.25B | 4.22B |
| Total Liabilities | 3.67B | 3.31B | 3.98B | 4.42B | 4.34B |
| Stockholders Equity | 1.48B | 1.54B | 1.53B | 1.53B | 1.51B |
Cash Flow | |||||
| Free Cash Flow | 87.02M | 133.92M | 180.60M | 106.71M | 79.74M |
| Operating Cash Flow | 87.02M | 133.92M | 180.60M | 106.71M | 79.74M |
| Investing Cash Flow | -1.61B | 932.76M | 793.50M | 81.59M | -651.46M |
| Financing Cash Flow | 227.04M | -796.59M | -557.77M | -150.24M | -91.02M |
Ladder Capital Technical Analysis
Negative
9.99
Price Trends
10.49
Negative
10.71
Negative
10.78
Negative
Market Momentum
-0.16
Negative
38.78
Neutral
41.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LADR, the sentiment is Negative. The current price of 9.99 is below the 20-day moving average (MA) of 10.12, below the 50-day MA of 10.49, and below the 200-day MA of 10.78, indicating a bearish trend. The MACD of -0.16 indicates Negative momentum. The RSI at 38.78 is Neutral, neither overbought nor oversold. The STOCH value of 41.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LADR.
Ladder Capital Risk Analysis
Ladder Capital disclosed 72 risk factors in its most recent earnings report. Ladder Capital reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ladder Capital Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $2.50B | 2.95 | 17.19% | 14.63% | 47.97% | 17.22% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | $1.49B | 10.61 | 6.83% | 9.89% | 0.29% | ― | |
58 Neutral | $1.46B | 9.19 | 8.54% | 11.37% | 70.94% | 2.95% | |
55 Neutral | $1.91B | 2.34 | 16.65% | 15.06% | -27.55% | -97.87% | |
54 Neutral | $1.26B | 21.49 | 4.28% | 8.21% | -17.18% | -17.16% | |
53 Neutral | $1.06B | 4.43 | 8.85% | 11.40% | 9.46% | -111.44% |
* Real Estate Sector Average
LADR
Ladder Capital
9.92
-0.93
-8.60%
ARI
Apollo Real Estate
10.64
1.55
17.01%
ARR
ARMOUR Residential REIT
16.01
1.27
8.59%
CIM
Chimera Investment
12.72
0.49
4.01%
DX
Dynex Capital
12.40
1.08
9.52%
EFC
Ellington Financial
11.70
-0.17
-1.42%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.