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Ladder Capital
(NYSE:LADR)
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Rating:57Neutral
Price Target:
$10.00
▲(1.42% Upside)
Action:Reiterated
Date:07/27/26
The score is held back primarily by weakening financial trajectory (declining revenue and net income, compressed returns) combined with elevated leverage, which increases downside sensitivity. Offsetting this, the earnings call points to improving earnings power through higher-yielding loan rotation, strong liquidity, and shareholder-friendly buybacks, while valuation is supported by a very high dividend yield. Technically, the stock is trading below major moving averages, suggesting the market remains cautious.
Positive Factors
Loan origination & portfolio growth
Rapid, sustained loan growth (75% TTM; loans now ~50% of assets) shifts the mix toward higher‑yielding, originated first mortgages. That durable shift increases recurring net interest income potential and reduces reliance on lower‑yield securities, supporting earnings resilience over months.
Negative Factors
Elevated leverage & rising debt
Higher leverage increases exposure to rising funding costs and asset value declines. With debt up materially and ROE compressed, the balance sheet is less resilient to adverse rate or credit cycles, making distributable earnings and dividend coverage more sensitive over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Loan origination & portfolio growth
Rapid, sustained loan growth (75% TTM; loans now ~50% of assets) shifts the mix toward higher‑yielding, originated first mortgages. That durable shift increases recurring net interest income potential and reduces reliance on lower‑yield securities, supporting earnings resilience over months.
Read all positive factors
Ladder Capital (LADR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.25B
Dividend Yield9.36%
Average Volume (3M)1.13M
Price to Earnings (P/E)23.4
Beta (1Y)0.39
Revenue Growth-5.22%
EPS Growth-40.61%
CountryUS
Employees60
SectorReal Estate
Sector Strength53
IndustryREIT - Mortgage
Share Statistics
EPS (TTM)0.42
Shares Outstanding126,865,300
10 Day Avg. Volume846,157
30 Day Avg. Volume1,127,972
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$10.50Price Target Upside6.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.98
Revenue Forecast (FY)$233.30M
Ladder Capital Business Overview & Revenue Model
Company Description
Ladder Capital Corp engages in three core business activities. Its Lending division originates first mortgage loans, comprising "conduit" loans backed by stable, revenue-generating commercial real estate, and "balance sheet" loans for commercial p...
How the Company Makes Money
Ladder Capital primarily makes money through a combination of recurring investment income from its balance-sheet investments and gains (or losses) from investment activity.
1) Net interest income from CRE lending: A key earnings driver is interes...
Ladder Capital Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call emphasized strong execution: robust loan origination (YTD $1.2B), 75% trailing-12-month loan growth, solid liquidity ($1.1B), modest leverage (2.3x), high-quality securities, and active buybacks that support book value. Management acknowledged some near-term headwinds — stock trading at a material discount to book, modest and lumpy realized gains, a single non-accrual and a foreclosure, flat recent net interest income, and slow conduit activity — but framed these as manageable or temporary. The balance of metrics and strategic actions (rotation to higher-yielding loans, investment-grade funding, share repurchases, positive S&P outlook) point to improving earnings power and capital flexibility.Positive Updates
Strong Distributable Earnings
Generated distributable earnings of $30.8 million, or $0.24 per share in Q2 2026, reflecting continued earnings growth versus prior periods.
Negative Updates
Stock Trading at Meaningful Discount to Book
Management repeatedly noted the common stock trades at a meaningful discount to book value (~25% based on recent repurchases) and emphasized efforts to narrow the gap, signaling market undervaluation despite stable fundamentals.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Distributable Earnings
Generated distributable earnings of $30.8 million, or $0.24 per share in Q2 2026, reflecting continued earnings growth versus prior periods.
Read all positive updates
Company Guidance
Management guided that they expect continued rotation into higher‑yielding loans and net portfolio growth each quarter through 2026, targeting roughly $400–$500M of originations per quarter (YTD originations $1.2B, loan portfolio +75% YoY and now ~50% of assets; pipeline ≈$500M), funded by $1.1B of same‑day liquidity, a $1.25B revolver (SOFR+125bp), a $275M term loan (SOFR+140bp) and a 73% unencumbered asset pool; Q2 investments exceeded $800M (>$550M of new loans at 7.2% W.A. yield; $333M of AAA securities at 5.15%), the securities portfolio totaled $1.9B at a 5.19% yield (96% AAA, ~3‑yr duration; ~$925M unencumbered), distributable earnings were $30.8M ($0.24/sh), CECL reserves $47M ($0.37/sh), book value $13.44/sh, adjusted leverage 2.3x, unsecured debt ~67% of total, Q2 buybacks $8M (800k shares at $10.03, YTD $21M/2.1M at $10.10; $92M remaining), dividend $0.23 declared (yield >9%), and management expects continued supplemental gains from their multi‑cylinder strategy (Q2 gains $4.1M) while planning opportunistic share repurchases and potential unsecured debt issuance to refinance 4.25% 2027 bonds.Ladder Capital Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
48
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 380.27M | 392.30M | 511.22M | 525.09M | 543.71M | 358.21M |
| Gross Profit | 236.98M | 281.54M | 394.88M | 415.23M | 429.00M | 246.87M |
| EBITDA | 196.29M | 275.39M | 366.46M | 381.55M | 400.25M | 280.46M |
| Net Income | 52.24M | 64.18M | 108.25M | 101.13M | 142.22M | 56.52M |
Balance Sheet | ||||||
| Total Assets | 5.61B | 5.15B | 4.85B | 5.51B | 5.95B | 5.85B |
| Cash, Cash Equivalents and Short-Term Investments | 37.59M | 321.37M | 1.32B | 1.02B | 611.12M | 854.70M |
| Total Debt | 4.00B | 3.51B | 3.15B | 3.80B | 4.25B | 4.22B |
| Total Liabilities | 4.18B | 3.67B | 3.31B | 3.98B | 4.42B | 4.34B |
| Stockholders Equity | 1.43B | 1.48B | 1.54B | 1.53B | 1.53B | 1.51B |
Cash Flow | ||||||
| Free Cash Flow | 102.98M | 87.02M | 133.92M | 180.60M | 106.71M | 79.74M |
| Operating Cash Flow | 102.98M | 87.02M | 133.92M | 180.60M | 106.71M | 79.74M |
| Investing Cash Flow | -1.25B | -1.61B | 932.76M | 793.50M | 81.59M | -651.46M |
| Financing Cash Flow | 704.64M | 227.04M | -796.59M | -557.77M | -150.24M | -91.02M |
Ladder Capital Technical Analysis
Negative
9.86
Price Trends
9.83
Negative
9.90
Negative
10.00
Negative
Market Momentum
>-0.01
Positive
49.49
Neutral
45.47
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 9.86 is below the 20-day moving average (MA) of 9.88, above the 50-day MA of 9.83, and below the 200-day MA of 10.00, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 49.49 is Neutral, neither overbought nor oversold. The STOCH value of 45.47 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $3.20B | 4.87 | 16.91% | 15.81% | 136.45% | 234.34% | |
62 Neutral | $1.74B | 8.21 | 11.87% | 11.58% | 30.22% | 35.19% | |
57 Neutral | $1.25B | 23.36 | 3.57% | 9.36% | -5.22% | -40.61% | |
53 Neutral | $2.31B | 4.38 | 18.52% | 17.61% | 34.24% | ― | |
52 Neutral | $882.10M | 8.71 | 7.78% | 42.13% | -63.13% | ― | |
49 Neutral | $974.41M | -15.56 | 0.05% | 14.09% | 14.40% | -178.46% |
* Real Estate Sector Average
LADR
Ladder Capital
9.83
-0.94
-8.76%
ARI
Apollo Real Estate
6.88
0.31
4.69%
ARR
ARMOUR Residential REIT
16.35
3.10
23.41%
CIM
Chimera Investment
11.64
-1.26
-9.74%
DX
Dynex Capital
12.90
1.82
16.43%
EFC
Ellington Financial
13.47
1.30
10.66%
Ladder Capital Corporate Events
Executive/Board ChangesShareholder Meetings
Ladder Capital Stockholders Back Board and Auditor Choices
Neutral
Jun 5, 2026
On June 4, 2026, Ladder Capital Corp held its annual meeting of stockholders, where investors voted on board composition and the company’s external auditor for the coming year. Stockholders re-elected Brian Harris as a Class III director thr...
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.