Ladder Capital Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Ladder Capital Corp reported net income of $64.2M (-40.7% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Interest income | $266.9M | $358.6M | $407.3M | $293.5M |
| Interest expense | $174.9M | $221.5M | $245.1M | $195.6M |
| Net interest income (expense) | $92.0M | $137.1M | $162.2M | $97.9M |
| Provision for (release of) loan loss reserves, net | ($157.0K) | $13.9M | $25.1M | $3.7M |
| Net interest income (expense) after provision for (release of) loan loss reserves | $92.1M | $123.2M | $137.1M | $94.2M |
| Real estate operating income | $99.3M | $98.7M | $97.0M | $108.3M |
| Net result from mortgage loan receivables held for sale | $4.7M | $30.0K | ($523.0K) | ($2.5M) |
| Gain (loss) on real estate, net | $3.8M | $25.3M | $8.8M | $116.0M |
| Fee and other income | $15.0M | $18.7M | $9.2M | $15.0M |
| Net result from derivative transactions | $1.8M | $5.4M | $1.5M | $12.4M |
| Earnings (loss) from investment in unconsolidated ventures | ($1.4M) | ($79.0K) | $758.0K | $1.4M |
| Gain on extinguishment of debt | $151.0K | $188.0K | $10.7M | $685.0K |
| Total other income (loss) | $123.4M | $148.2M | $127.1M | $251.1M |
| Compensation and employee benefits | $52.7M | $60.7M | $63.6M | $75.8M |
| Operating expenses | $19.4M | $19.2M | $19.5M | $20.7M |
| Real estate operating expenses | $40.5M | $40.6M | $37.6M | $38.6M |
| Investment related expenses | $3.7M | $7.7M | $8.8M | — |
| Depreciation and amortization | $32.0M | $32.3M | $29.9M | $32.7M |
| Total costs and expenses | $148.3M | $160.5M | $159.5M | $175.1M |
| Income (loss) before taxes | $67.2M | $110.9M | $104.7M | $170.2M |
| Effective income tax rate | $3.5M | $3.4M | $4.2M | $4.9M |
| Net income (loss) | $63.7M | $107.4M | $100.5M | $165.3M |
| Net (income) loss attributable to noncontrolling interests in consolidated ventures | $487.0K | $808.0K | $624.0K | ($23.1M) |
| Net income (loss) attributable to Class A common shareholders | $64.2M | $108.3M | $101.1M | $142.2M |
| Basic (in dollars per share) | $0.51 | $0.86 | $0.81 | $1.14 |
| Diluted (in dollars per share) | $0.51 | $0.86 | $0.81 | $1.13 |
| Basic (in shares) | 125.5M | 125.6M | 124.7M | 124.3M |
| Diluted (in shares) | 126.2M | 125.8M | 124.9M | 125.8M |
| Line item | Sep 30, 2026 · Q3 | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 |
|---|---|---|---|---|
| Interest income | $80.4M | $78.2M | $74.2M | $71.8M |
| Interest expense | $51.6M | $55.6M | $51.2M | $44.0M |
| Net interest income (expense) | $28.8M | $22.6M | $23.0M | $27.8M |
| Provision for (release of) loan loss reserves, net | $13.0K | $122.0K | ($28.0K) | ($31.0K) |
| Net interest income (expense) after provision for (release of) loan loss reserves | $28.8M | $22.5M | $23.0M | $27.8M |
| Real estate operating income | $30.7M | $30.9M | $27.3M | $26.7M |
| Net result from mortgage loan receivables held for sale | ($357.0K) | $174.0K | $73.0K | ($377.0K) |
| Gain (loss) on real estate, net | $65.6M | $0 | $0 | $0 |
| Net result from derivative transactions | $489.0K | $203.0K | $350.0K | $21.0K |
| Earnings (loss) from investment in unconsolidated ventures | ($823.0K) | $252.0K | ($256.0K) | ($414.0K) |
| Gain on extinguishment of debt | $7.0K | $72.0K | $0 | ($106.0K) |
| Total other income (loss) | $90.1M | $35.2M | $28.9M | $29.7M |
| Compensation and employee benefits | $16.2M | $12.3M | $22.3M | $11.6M |
| Operating expenses | $4.9M | $5.1M | $5.1M | $5.3M |
| Real estate operating expenses | $14.7M | $12.9M | $11.3M | $11.4M |
| Interest expense on real estate | $5.8M | — | — | — |
| Investment related expenses | $1.9M | $1.7M | $1.2M | $855.0K |
| Depreciation and amortization | $8.1M | $9.3M | $8.9M | $8.2M |
| Total costs and expenses | $51.6M | $41.3M | $48.7M | $37.3M |
| Income (loss) before taxes | $67.3M | $16.3M | $3.2M | $20.1M |
| Effective income tax rate | $1.4M | $1.7M | $566.0K | $960.0K |
| Net income (loss) | $65.9M | $14.6M | $2.6M | $19.2M |
| Net (income) loss attributable to noncontrolling interests in consolidated ventures | ($21.0K) | $27.0K | $2.0K | $19.0K |
| Net income (loss) attributable to Class A common shareholders | $65.9M | $14.6M | $2.6M | $19.2M |
| Basic (in dollars per share) | $0.53 | $0.12 | $0.02 | $0.15 |
| Diluted (in dollars per share) | $0.53 | $0.12 | $0.02 | $0.15 |
| Basic (in shares) | 124.1M | 124.7M | 125.4M | 125.3M |
| Diluted (in shares) | 124.9M | 125.2M | 126.0M | 126.1M |
| Fee and other income | ($5.5M) | $3.6M | $1.4M | $3.9M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $38.0M | $1.3B | $1.0B | $609.1M |
| Restricted cash | $14.9M | $12.6M | $15.4M | $50.5M |
| Mortgage loans receivable | $2.2B | $1.6B | $3.2B | $3.9B |
| Allowance for credit losses | ($47.1M) | ($52.3M) | ($43.2M) | ($20.8M) |
| Mortgage loan receivables held for sale | $28.0M | $26.9M | $26.9M | $27.4M |
| Securities | $2.1B | $1.1B | $485.5M | $587.5M |
| Real estate and related lease intangibles, net | $703.5M | $670.8M | $726.4M | $700.1M |
| Investments in and advances to unconsolidated ventures | $44.5M | $19.9M | $6.9M | $6.2M |
| Derivative instruments | $264.0K | $437.0K | $1.5M | $2.0M |
| Accrued interest receivable | $15.9M | $12.9M | $24.2M | $24.9M |
| Other assets | $49.0M | $158.1M | $98.2M | $78.3M |
| Total assets | $5.2B | $4.8B | $5.5B | $6.0B |
| Debt obligations, net | $3.5B | $3.1B | $3.8B | $4.2B |
| Dividends payable | $31.8M | $31.8M | $32.3M | $32.0M |
| Accrued expenses | $76.4M | $74.8M | $65.1M | $68.2M |
| Other liabilities | $52.5M | $69.9M | $99.1M | $71.7M |
| Total liabilities | $3.7B | $3.3B | $4.0B | $4.4B |
| Commitments and contingencies (refer to Note 16) | $0 | $0 | $0 | $0 |
| Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 130,790,591 and 129,883,019 shares issued and 127,233,559 and 127,106,481 shares outstanding as of December 31, 2025 and December 31, 2024, respectively. | $127000.00 | $127000.00 | $127000.00 | $127000.00 |
| Additional paid-in capital | $1.8B | $1.8B | $1.8B | $1.8B |
| Treasury stock, 3,557,032 and 2,776,538 shares, at cost | -39.1M | -30.5M | -12.0M | -95.6M |
| Retained earnings (dividends in excess of earnings) | ($260.1M) | ($206.9M) | ($197.9M) | ($177.0M) |
| Accumulated other comprehensive income (loss) | ($4.1M) | ($4.9M) | ($13.9M) | ($21.0M) |
| Total shareholders’ equity | $1.5B | $1.5B | $1.5B | $1.5B |
| Noncontrolling interests in consolidated ventures | ($2.6M) | ($2.1M) | ($950.0K) | $215.0K |
| Total equity | $1.5B | $1.5B | $1.5B | $1.5B |
| Total liabilities and equity | $5.2B | $4.8B | $5.5B | $6.0B |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $41.8M | $37.6M | $33.1M | $49.4M |
| Restricted cash | $21.4M | $16.8M | $18.5M | $13.5M |
| Mortgage loans receivable | $3.0B | $2.8B | $2.6B | $1.9B |
| Allowance for credit losses | ($43.6M) | ($47.1M) | ($47.1M) | ($52.1M) |
| Mortgage loan receivables held for sale | $26.8M | $27.2M | $27.6M | $28.0M |
| Securities | $2.3B | $1.9B | $2.1B | $1.9B |
| Real estate and related lease intangibles, net | $654.2M | $776.5M | $775.7M | $705.5M |
| Real estate held for sale, net | $4.5M | — | — | — |
| Investments in and advances to unconsolidated ventures | $40.6M | $41.5M | $44.2M | $18.5M |
| Derivative instruments | $348.0K | $116.0K | $370.0K | $284.0K |
| Accrued interest receivable | $20.4M | $17.0M | $17.8M | $14.5M |
| Other assets | $50.5M | $74.1M | $56.4M | $47.9M |
| Total assets | $6.0B | $5.6B | $5.6B | $4.7B |
| Debt obligations, net | $4.3B | $4.0B | $4.0B | $3.0B |
| Dividends payable | $31.4M | $31.1M | $30.6M | $31.4M |
| Accrued expenses | $60.5M | $64.4M | $45.1M | $55.4M |
| Other liabilities | $145.7M | $79.2M | $58.8M | $109.1M |
| Total liabilities | $4.6B | $4.2B | $4.2B | $3.2B |
| Commitments and contingencies (refer to Note 16) | $0 | $0 | $0 | $0 |
| Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 130,790,591 and 130,790,591 shares issued and 125,992,003 and 127,233,559 shares outstanding as of September 30, 2026 and December 31, 2025, respectively. | $126000.00 | $127000.00 | $128000.00 | $127000.00 |
| Additional paid-in capital | $1.8B | $1.8B | $1.8B | $1.8B |
| Treasury stock, 4,798,588 and 3,557,032 shares, at cost | -49.1M | -40.9M | -32.9M | -38.1M |
| Retained earnings (dividends in excess of earnings) | ($264.6M) | ($301.4M) | ($286.8M) | ($246.7M) |
| Accumulated other comprehensive income (loss) | ($3.2M) | ($4.6M) | ($5.8M) | ($3.3M) |
| Total shareholders’ equity | $1.5B | $1.4B | $1.4B | $1.5B |
| Noncontrolling interests in consolidated ventures | ($2.5M) | ($2.6M) | ($2.6M) | ($2.6M) |
| Total equity | $1.5B | $1.4B | $1.4B | $1.5B |
| Total liabilities and equity | $6.0B | $5.6B | $5.6B | $4.7B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $63.7M | $107.4M | $100.5M | $165.3M |
| (Gain) loss on extinguishment of debt | ($151.0K) | ($188.0K) | ($10.7M) | ($685.0K) |
| Depreciation and amortization | $32.0M | $32.3M | $29.9M | $32.7M |
| Unrealized (gain) loss on derivative instruments | $200.0K | $1.9M | $390.0K | ($645.0K) |
| Unrealized (gain) loss on securities | ($749.0K) | $925.0K | ($25.0K) | $41.0K |
| Provision for (release of) loan loss reserves, net | ($157.0K) | $13.9M | $25.1M | $3.7M |
| Amortization of equity based compensation | $20.3M | $18.8M | $18.6M | $31.6M |
| Amortization of deferred financing costs included in interest expense | $9.6M | $10.6M | $12.4M | $15.6M |
| Amortization of (premium)/discount on mortgage loan financing included in interest expense | ($652.0K) | ($767.0K) | ($604.0K) | ($731.0K) |
| Amortization of above- and below-market lease intangibles | ($1.3M) | ($1.7M) | ($1.8M) | ($1.8M) |
| (Accretion)/amortization of discount, premium and other fees on mortgage loans receivable | ($10.2M) | — | — | — |
| (Accretion)/amortization of discount and premium on securities | ($1.0M) | ($1.1M) | ($1.4M) | ($827.0K) |
| Net result from mortgage loan receivables held for sale | ($4.7M) | ($30.0K) | $523.0K | $2.5M |
| Realized (gain) loss on securities | ($3.8M) | ($172.0K) | $276.0K | $73.0K |
| (Gain) loss on real estate, net | ($3.8M) | ($25.3M) | ($8.8M) | ($116.0M) |
| Realized (gain) loss on sale of derivative instruments | $0 | ($298.0K) | $291.0K | ($64.0K) |
| (Earnings) loss from investments in unconsolidated ventures in excess of distributions received | $1.4M | $79.0K | ($658.0K) | ($785.0K) |
| Origination of mortgage loan receivables held for sale | ($63.4M) | $0 | $0 | ($61.3M) |
| Repayment of mortgage loan receivables held for sale | $140.0K | $0 | $0 | $68.0K |
| Proceeds from sales of mortgage loan receivables held for sale | $66.8M | $0 | $0 | $29.2M |
| Change in deferred tax liability | $2.0M | $1.7M | $1.2M | ($505.0K) |
| Accrued interest receivable | ($3.0M) | $11.3M | $706.0K | ($11.3M) |
| Other assets | ($3.1M) | ($939.0K) | $7.6M | $4.4M |
| Accrued expenses and other liabilities | ($13.3M) | ($20.3M) | $24.6M | $37.0M |
| Net cash provided by (used in) operating activities | $87.0M | $133.9M | $180.6M | $106.7M |
| Origination and funding of mortgage loan receivables held for investment | ($1.3B) | ($195.2M) | ($68.4M) | ($1.2B) |
| Repayment of mortgage loan receivables held for investment | $711.0M | $1.6B | $738.5M | $909.8M |
| Purchases of securities | ($1.9B) | ($898.0M) | ($144.0M) | — |
| Repayment of securities | $534.0M | $276.6M | $232.1M | $184.8M |
| Basis recovery of interest-only securities | $1.9M | $3.4M | $4.1M | $5.0M |
| Proceeds from sales of securities | $411.8M | $32.2M | $17.8M | — |
| Capital improvements of real estate | ($8.3M) | ($6.5M) | ($4.4M) | ($6.9M) |
| Proceeds from sale of real estate | $13.1M | $102.3M | $13.4M | $310.5M |
| Capital contributions and advances to investment in unconsolidated joint ventures | ($26.0M) | ($13.1M) | — | — |
| Proceeds from FHLB stock | $0 | $5.2M | $4.4M | $2.3M |
| Purchase of derivative instruments | ($76.0K) | ($1.1M) | ($223.0K) | ($1.1M) |
| Sale of derivative instruments | $0 | $574.0K | $125.0K | $169.0K |
| Net cash provided by (used in) investing activities | ($1.6B) | $932.8M | $793.5M | $81.6M |
| Deferred financing costs paid | ($12.0M) | ($18.3M) | ($3.4M) | ($8.3M) |
| Proceeds from borrowings under debt obligations | $4.6B | $668.0M | $921.0M | $2.4B |
| Repayment and repurchase of borrowings under debt obligations | ($4.2B) | ($1.3B) | ($1.3B) | — |
| Cash dividends paid to Class A common shareholders | ($117.4M) | ($117.7M) | ($116.4M) | ($107.0M) |
| Capital contributed by noncontrolling interests in consolidated ventures | $40.0K | $0 | $0 | $186.0K |
| Capital distributed to noncontrolling interests in consolidated ventures | ($31.0K) | ($333.0K) | ($541.0K) | $0 |
| Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock | -8.7M | -8.9M | -7.9M | -11.4M |
| Line item | Sep 30, 2026 · YTD | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | $83.0M | $17.2M | $2.6M | $47.8M |
| (Gain) loss on extinguishment of debt | ($79.0K) | ($72.0K) | $0 | ($151.0K) |
| Depreciation and amortization | $26.3M | $18.3M | $8.9M | $23.6M |
| Unrealized (gain) loss on derivative instruments | ($85.0K) | $147.0K | ($106.0K) | $174.0K |
| Unrealized (gain) loss on securities | $4.7M | $1.8M | $1.9M | ($613.0K) |
| Provision for (release of) loan loss reserves, net | $107.0K | $94.0K | ($28.0K) | ($154.0K) |
| Amortization of equity based compensation | $21.5M | $17.8M | $14.2M | $17.3M |
| Amortization of deferred financing costs included in interest expense | $8.4M | $5.5M | $2.6M | $7.3M |
| Amortization of (premium)/discount on mortgage loan financing included in interest expense | ($542.0K) | ($292.0K) | ($151.0K) | ($493.0K) |
| Amortization of above- and below-market lease intangibles | ($335.0K) | ($456.0K) | ($229.0K) | ($1.1M) |
| (Accretion)/amortization of discount, premium and other fees on mortgage loans receivable | ($10.5M) | ($8.1M) | ($4.5M) | ($7.7M) |
| (Accretion)/amortization of discount and premium on securities | ($34.0K) | ($97.0K) | ($75.0K) | ($1.2M) |
| Net result from mortgage loan receivables held for sale | $110.0K | ($247.0K) | ($73.0K) | ($4.7M) |
| Realized (gain) loss on securities | $1.6M | ($2.8M) | ($983.0K) | ($3.1M) |
| (Gain) loss on real estate, net | ($65.6M) | $0 | $0 | ($3.8M) |
| (Earnings) loss from investments in unconsolidated ventures in excess of distributions received | $828.0K | $4.0K | $256.0K | $1.4M |
| Origination of mortgage loan receivables held for sale | ($25.2M) | ($25.2M) | ($12.5M) | ($63.4M) |
| Repayment of mortgage loan receivables held for sale | $0 | $0 | — | $140.0K |
| Proceeds from sales of mortgage loan receivables held for sale | $26.2M | $26.2M | $12.9M | $66.8M |
| Change in deferred tax liability | ($1.1M) | ($842.0K) | ($121.0K) | $1.7M |
| Accrued interest receivable | ($4.5M) | ($1.1M) | ($1.9M) | ($1.5M) |
| Other assets | ($3.5M) | ($4.2M) | ($954.0K) | ($1.6M) |
| Accrued expenses and other liabilities | ($19.2M) | ($12.4M) | ($29.7M) | ($35.1M) |
| Net cash provided by (used in) operating activities | $42.3M | $31.3M | ($8.0M) | $41.7M |
| Origination and funding of mortgage loan receivables held for investment | ($1.2B) | ($1.0B) | ($555.3M) | ($888.7M) |
| Repayment of mortgage loan receivables held for investment | $419.4M | $377.8M | $91.1M | $604.1M |
| Purchases of securities | ($979.3M) | ($581.2M) | ($269.7M) | ($1.5B) |
| Repayment of securities | $230.6M | $177.6M | $121.4M | $364.8M |
| Basis recovery of interest-only securities | $1.0M | $687.0K | $367.0K | $1.5M |
| Proceeds from sales of securities | $664.1M | $630.5M | $162.0M | $316.7M |
| Capital improvements of real estate | ($2.8M) | ($726.0K) | ($743.0K) | ($2.0M) |
| Proceeds from sale of real estate | $166.3M | $0 | $0 | $13.1M |
| Capital contributions to investment in unconsolidated ventures | ($10.0M) | ($10.0M) | — | $0 |
| Capital distribution from investment in unconsolidated ventures | $13.1M | $13.0M | — | — |
| Purchase of derivative instruments | $0 | — | — | ($76.0K) |
| Net cash provided by (used in) investing activities | ($732.3M) | ($426.7M) | ($450.9M) | ($1.1B) |
| Deferred financing costs paid | ($5.6M) | ($5.6M) | ($5.4M) | ($11.1M) |
| Proceeds from borrowings under debt obligations | $13.1B | $9.2B | $4.2B | $2.4B |
| Repayment and repurchase of borrowings under debt obligations | ($12.3B) | ($8.7B) | ($3.7B) | ($2.5B) |
| Cash dividends paid to Class A common shareholders | ($87.9M) | ($59.3M) | ($30.5M) | ($88.6M) |
| Capital contributed by noncontrolling interests in consolidated ventures | $65.0K | — | — | — |
| Capital distributed to noncontrolling interests in consolidated ventures | ($15.0K) | ($15.0K) | — | ($15.0K) |
| Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock | -9.2M | -9.1M | -9.1M | -8.7M |
| Purchase of treasury stock | ($29.7M) | ($21.2M) | ($13.4M) | ($10.5M) |
| Net cash provided by (used in) financing activities | $700.3M | $397.0M | $457.6M | ($254.0M) |
Ladder Capital Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.