Ladder Capital
Originates CRE loans, invests in securities, and owns selected real estate.
Something off on this page? Send us feedback.
Profile
Originates senior commercial real estate loans and invests across CMBS-style securities and owned properties. The internally managed REIT uses public-company capital to shift among Loans, Securities, and Real Estate while depending on credit performance, funding access, securitization economics, occupancy, and REIT qualification.
Originates senior first mortgage loans secured by U.S. commercial real estate, including balance sheet loans for transitional properties and conduit loans that can be sold into securitizations. Securities investments focus on CMBS, agency securities, corporate bonds, equities, and Treasuries, while Real Estate holds net leased properties, diversified commercial properties, and ventures.
Operates as an internally managed commercial mortgage REIT with founder-led management and a small employee base in New York. Capital can move among lending, securities, and owned property as market conditions change, rather than staying tied to one real estate finance product.
Results depend on loan origination and repayments, credit losses, funding cost and availability, net interest margin, securitization profitability, real estate occupancy, and continued REIT and Investment Company Act exemption compliance.
Company facts
Categories
Key statistics
Year to date −11.6% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Target |
|---|---|---|---|
| Jul 29, 2026 | Morgan Stanley | Target | $10.25 |
| Jan 21, 2026 | Susquehanna | Target | $13 |
| Jan 21, 2026 | HSBC | Target | $13 |
| Jan 21, 2026 | Capital One Financial | Target | $13 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $0.24 | $0.24 | +1.8% | $56.5M | $57.8M | +2.2% | +2.41% |
| Apr 23, 2026Q1 FY26 | $0.22 | $0.22 | 0.0% | $52.3M | $51.9M | −0.7% | −1.05% |
| Feb 5, 2026Q4 FY25 | $0.23 | $0.21 | −8.7% | $58.7M | $50.5M | −14.0% | −0.68% |
| Oct 23, 2025Q3 FY25 | $0.23 | $0.25 | +8.7% | $61.0M | $101.9M | +67.1% | −0.18% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $91.5M | $98.2M | $102.4M | $96.3M | $103.3M | $78.2M | |
| Gross profit | $66.1M | $70.3M | $73.0M | $68.2M | $73.1M | $22.6M | |
| Operating income | $51.4M | $62.3M | $64.6M | $61.2M | $54.6M | −$18.9M | |
| Net income | $11.8M | $17.3M | $19.2M | $15.9M | $2.6M | $14.6M | |
| Diluted EPS | $0.09 | $0.14 | $0.15 | $0.13 | $0.02 | $0.12 | |
| Gross margin | 72.2% | 71.6% | 71.3% | 70.9% | 70.7% | 28.9% | |
| Operating margin | 56.1% | 63.4% | 63.1% | 63.6% | 52.9% | -24.1% |
Fiscal years (4-quarter sums)FY21 $358.2M · FY22 $543.7M · FY23 $525.1M · FY24 $498.4M · FY25 $388.5M
Balance sheet, Jun 30, 2026Cash & short-term investments $37.6M · Total debt $4.00B · Total assets $5.61B · Shareholders' equity $1.43B
Dividends
Raised for 5 straight years — most recently to $0.23 from $0.22 in Sep 2022. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.23 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.23 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.23 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.23 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.23 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.23 | |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.23 | |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.23 |
Ownership
Shares outstanding 126.87M · Float 110.85M · 87.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 10.42M | 8.21% | 13F | Aug 7, 2026 |
| Jennison Associates LLC | 6.41M | 5.05% | 13F | Aug 3, 2026 |
| Vanguard Portfolio Management LLC | 5.05M | 3.98% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 4.91M | 3.87% | 13F | Aug 13, 2026 |
| Victory Capital Management Inc | 4.16M | 3.28% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 2, 2026 | Robert Perelman | officer: Head of Asset Management | −17,505 | $10.25 |
| May 29, 2026 | Robert Perelman | officer: Head of Asset Management | −17,495 | $10.26 |
| Feb 6, 2026 | Brian Harris | director, officer: Chief Executive Officer | +5,000 | $10.32 |
| Oct 27, 2025 | Jeffrey B. Steiner | director | −19,481 | $10.89 |
| Oct 15, 2025 | Anthony Vincent Esposito | officer: Chief Accounting Officer | +59 | $10.79 |
Peers
- Starwood Property Trust
Large CRE finance REIT spanning lending, CMBS, and real estate
- Blackstone Mortgage Trust
Scale CRE credit REIT focused on senior real estate loans
- Franklin BSP Realty Trust
CRE debt REIT with loans, conduit, securities, and agency lending
- Apollo Commercial Real Estate Finance
Apollo-backed CRE lender in first mortgages and subordinate debt
- KKR Real Estate Finance Trust
KKR-sponsored lender for structured commercial real estate loans
- TPG RE Finance Trust
TPG-sponsored commercial real estate finance company
- Ares Commercial Real Estate
Ares-backed CRE mortgage REIT focused on senior mortgage loans
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ladder Capital | $9.82 | +0.10% | $1.25B | 23.4 | 9.0 | 3.3 | −40.9% |
| Starwood Property Trust | $15.85 | +0.27% | $5.86B | 23.2 | 9.4 | 2.9 | +7.9% |
| Blackstone Mortgage Trust | $13.75 | +0.18% | $2.31B | 171.6 | 10.9 | 1.5 | +18.1% |
| Franklin BSP Realty Trust | $8.46 | −0.06% | $702.6M | 19.1 | 8.0 | 1.3 | −45.4% |
| Apollo Commercial Real Estate Finance | $6.85 | −0.15% | $897.0M | 8.7 | — | 3.4 | −76.2% |
| KKR Real Estate Finance Trust | $7.59 | +0.20% | $488.0M | — | — | 1.2 | −82.3% |
| TPG RE Finance Trust | $7.73 | −0.06% | $593.4M | 14.3 | 7.2 | 2.2 | −58.7% |
| Ares Commercial Real Estate | $4.65 | +0.11% | $258.0M | — | 50.3 | 2.6 | — |
| Median | 19.1 | 9.4 | 2.2 | −52.0% |