Ladder Capital Corp

Listed Company

LADRCIK 0001577670NYSELarge AcceleratedReal Estate Investment TrustsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$63.70M

Total Assets

$5.15B

Equity

$1.48B

Shares Out

—

Op. Cash Flow

$87.02M

Business

Ladder Capital Corp provides commercial real estate finance through loan origination, investments in real estate securities and ownership of income-producing properties. It offers balance sheet first mortgage loans, conduit loans for CMBS securitizations, investments in CMBS and other real estate securities, and net-leased and diversified property ownership. Core segments include balance sheet lending, conduit lending, securities investments and real estate investments, supported by asset management and financing teams. The company originates and distributes loans and securities primarily through CMBS, CLOs, repurchase facilities and institutional financing channels across the United States.

Summary from filing dated 2025-02-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income	267	359	407	294	176
Interest expense	175	222	245	196	—
Net interest income (expense)	92	137	162	98	−7
Provision for (release of) loan loss reserves, net	−200,000	14	25	4	−9
Net interest income (expense) after provision for (release of) loan loss reserves	92	123	137	94	2
Real estate operating income	99	99	97	108	102
Net result from mortgage loan receivables held for sale	5	30,000	−523,000	−3	8
Gain (loss) on real estate, net	4	25	9	116	56
Fee and other income	15	19	9	15	11
Net result from derivative transactions	2	5	1	12	2
Earnings (loss) from investment in unconsolidated ventures	−1	−79,000	758,000	1	2
Gain on extinguishment of debt	151,000	188,000	11	685,000	0
Total other income (loss)	123	148	127	251	182
Compensation and employee benefits	53	61	64	76	38
Operating expenses	19	19	20	21	18
Real estate operating expenses	40	41	38	39	26
Investment related expenses	4	8	9	7	6
Depreciation and amortization	32	32	30	33	38
Total costs and expenses	148	160	159	175	126
Income (loss) before taxes	67	111	105	170	58
Effective income tax rate	3	3	4	5	928,000
Net income (loss)	64	107	101	165	57
Net (income) loss attributable to noncontrolling interests in consolidated ventures	487,000	808,000	624,000	−23	−371,000
Basic (in dollars per share)	0.51	0.86	0.81	1.14	0.46
Diluted (in dollars per share)	0.51	0.86	0.81	1.13	0.45
Basic (in shares)	—	126	125	124	124
Diluted (in shares)	—	126	125	126	125

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	38	1,323	1,016	609	549
Restricted cash	15	13	15	51	73
Mortgage loans receivable	2,217	1,591	3,155	3,886	3,554
Allowance for credit losses	−47	−52	−43	−21	−32
Mortgage loan receivables held for sale	28	27	27	27	0
Securities	2,088	1,081	486	588	703
Real estate and related lease intangibles, net	704	671	726	700	866
Investments in and advances to unconsolidated ventures	44	20	7	6	23
Derivative instruments	264,000	437,000	1	2	—
Accrued interest receivable	16	13	24	25	14
Other assets	49	158	98	78	76
Total assets	5,153	4,845	5,513	5,951	5,851
Debt obligations, net	3,510	3,136	3,784	4,246	4,220
Dividends payable	32	32	32	32	28
Accrued expenses	76	75	65	68	40
Other liabilities	53	70	99	72	50
Total liabilities	3,671	3,312	3,980	4,418	4,338
Commitments and contingencies (refer to Note 16)	0	0	0	0	0
Additional paid-in capital	1,787	1,777	1,757	1,827	1,795
Treasury stock, 3,557,032 and 2,776,538 shares, at cost	−39	−30	−12	−96	−76
Retained earnings (dividends in excess of earnings)	−260	−207	−198	−177	−208
Accumulated other comprehensive income (loss)	−4	−5	−14	−21	−4
Total shareholders equity	1,484	1,535	1,533	1,533	1,507
Noncontrolling interests in consolidated ventures	−3	−2	−950,000	215,000	6
Total equity	1,481	1,533	1,532	1,534	1,514
Total liabilities and equity	5,153	4,845	5,513	5,951	5,851

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Unrealized (gain) loss on derivative instruments	200,000	2	390,000	−645,000	−42,000
Unrealized (gain) loss on securities	−749,000	925,000	−25,000	41,000	0
Amortization of equity based compensation	20	19	19	32	15
Amortization of deferred financing costs included in interest expense	10	11	12	16	22
Amortization of (premium)/discount on mortgage loan financing included in interest expense	−652,000	−767,000	−604,000	−731,000	−1
Amortization of above- and below-market lease intangibles	−1	−2	−2	−2	−2
(Accretion)/amortization of discount, premium and other fees on mortgage loans receivable	−10	−15	−19	—	—
(Accretion)/amortization of discount and premium on securities	−1	−1	−1	−827,000	236,000
Net result from mortgage loan receivables held for sale	−5	−30,000	523,000	3	−8
Realized (gain) loss on securities	−4	−172,000	276,000	73,000	−2
Realized (gain) loss on sale of derivative instruments	0	−298,000	291,000	−64,000	0
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received	1	79,000	−658,000	−785,000	−1
Origination of mortgage loan receivables held for sale	−63	0	0	−61	−220
Repayment of mortgage loan receivables held for sale	140,000	0	0	68,000	183,000
Proceeds from sales of mortgage loan receivables held for sale	67	0	0	29	259
Change in deferred tax liability	2	2	1	−505,000	271,000
Accrued interest receivable	−3	11	706,000	−11	649,000
Other assets	−3	−608,000	9	4	6
Accrued expenses and other liabilities	−13	−20	25	37	−5
Net cash provided by (used in) operating activities	87	134	181	107	80
Origination and funding of mortgage loan receivables held for investment	−1,295	−195	−68	−1,235	−2,310
Repayment of mortgage loan receivables held for investment	711	1,627	738	910	1,104
Purchases of securities	−1,950	−898	−144	−96	−247
Repayment of securities	534	277	232	185	164
Basis recovery of interest-only securities	2	3	4	5	7
Proceeds from sales of securities	412	32	18	6	439
Capital improvements of real estate	−8	−6	−4	−7	−5
Proceeds from sale of real estate	13	102	13	311	191
Capital contributions and advances to investment in unconsolidated joint ventures	−26	−13	0	0	0
Proceeds from FHLB stock	0	5	4	2	19
Purchase of derivative instruments	−76,000	−1	−223,000	−1	−69,000
Sale of derivative instruments	0	574,000	125,000	169,000	0
Net cash provided by (used in) investing activities	−1,607	933	794	82	−651
Deferred financing costs paid	−12	−18	−3	−8	−3
Proceeds from borrowings under debt obligations	4,572	668	921	—	—
Repayment and repurchase of borrowings under debt obligations	−4,196	−1,313	−1,348	−2,413	−4,494
Cash dividends paid to Class A common shareholders	−117	−118	−116	−107	−101
Capital contributed by noncontrolling interests in consolidated ventures	40,000	0	0	186,000	—
Capital distributed to noncontrolling interests in consolidated ventures	−31,000	−333,000	−541,000	−30	—
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	−9	−9	−8	−11	−4
Repurchase of treasury stock	−12	−7	−2	−8	−9
Net cash provided by (used in) financing activities	227	−797	−558	−150	−91
Net increase (decrease) in cash, cash equivalents and restricted cash	−1,293	270	416	38	−663
Cash paid (received) for income taxes	4	2	−2	−1	−3
Cash paid for interest, net of amounts capitalized	158	199	234	178	173
Securities purchased, not settled	0	15,000	0	—	—
Repurchase of treasury stock, not settled	0	2	0	0	—
Repayments in transit of securities (other assets)	628,000	0	0	—	—
Repayment in transit of mortgage loans receivable held for investment (other assets)	0	102	8	19	27
Non-cash disposition of loans via foreclosure	−65	−53	−91	0	—
Real estate and real estate held for sale acquired in settlement of mortgage loans receivable held for investment, net	65	49	88	9	—
Net settlement of sale of real estate, subject to debt - real estate	0	0	−31	0	−30
Net settlement of sale of real estate, subject to debt - debt obligations	0	0	31	0	30

Filings

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