Ladder Capital Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ladder Capital Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	77.3	96.7	106
Operating expenses	20.6	21.4	21.7	22.6	20.3	17.7	20.7	19.5	19.2	19.4
Interest expense	121	146	194	204	227	183	196	245
Other non-operating income	163	186	250	175	140	182	251	127	148	123
Pre-tax income	120	134	228	140	-19.2	57.8	170	105	111	67.2
Income tax	6.32	7.71	6.64	2.65	-9.79	0.93	4.91	4.24	3.45	3.49
Net income to minority interests	0.14
Net income	66.7	126	222	137	-9.46	56.9	165	101	107	63.7
EPS, basic	1.08	1.16	1.85	1.16	-0.13	0.46	1.14	0.81	0.86	0.51
EPS, diluted	1.06	1.13	1.84	1.15	-0.13	0.45	1.13	0.81	0.86	0.51
Shares, basic (weighted)	62	81.9	97.2	105	112	124	124	125	126
Shares, diluted (weighted)	108	110	97.7	106	112	125	126	125	126
Dividend per share	1.29	1.22	1.54

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	44.6	76.7	67.9	58.2	1,254	549	609	1,016	1,323	38
Lease right-of-use assets				2.2	1.3	1.1	15.8	14.7	16.3	13.3
Intangible assets	107	129	104	98.4	91.2	79.1	65	61	50.6	51.9
Total assets	5,578	6,026	6,273	6,669	5,881	5,851	5,951	5,513	4,845	5,153
Total liabilities	4,069	4,537	4,629	5,030	4,333	4,338	4,418	3,980	3,312	3,671
Total debt	3,941	4,393	4,461	4,743	4,235	3,185	3,202	2,735	2,548	3,527
Paid-in capital	992	1,306	1,471	1,532	1,780	1,795	1,827	1,757	1,777	1,787
Retained earnings	-11.1	-39.1	11.3	-35.7	-164	-208	-177	-198	-207	-260
Treasury stock	-11.2	-32	-32.8	-42.7	-62.9	-76.3	-95.6	-12	-30.5	-39.1
Other comprehensive income	1.37	-0.21	-4.65	4.22	-10.5	-4.11	-21	-13.9	-4.87	-4.14
Shareholders' equity	971	1,235	1,445	1,458	1,543	1,507	1,533	1,533	1,535	1,484
Total equity	1,510	1,488	1,644	1,639	1,548	1,514	1,534	1,532	1,533	1,481
Total liabilities and equity	5,578	6,026	6,273	6,669	5,881	5,851	5,951	5,513	4,845	5,153

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	114	126	222	137	-9.46	56.9	165	101	107	63.7
Depreciation and amortization	39.4	40.3	42	38.5	39.1	37.8	32.7	29.9	32.3	32
Stock-based compensation	17.6	19	8.83	21.8	42.7	15.3	31.6	18.6	18.8	20.3
Deferred income tax	1.87	5.59	-7.52	4.81	0.09	0.27	-0.51	1.18	1.68	2.03
Cash from operations	338	12	200	183	112	79.7	107	181	134	87
Capital expenditures	-10.6	-5.64	-7.78	-7.59	-6.1	-4.87	-6.95	-4.37	-6.5	-8.34
Purchases of investments	-10	0	0
Sales and maturities of investments	684	138	109	492	146	164	185	232	277	534
Cash from investing	36.3	-307	-343	-127	1,542	-651	81.6	794	933	-1,607
Stock issued	0	0	99	0	32	0	0	0
Share buybacks	-4.65	-2.59	0	-0.64	-3.04	-9.01	-7.92	-2.48	-6.53	-11.8
Dividends paid	-67.2	-100	-123	-145	-119	-101	-107	-116	-118	-117
Cash from financing	-448	388	58.2	201	-726	-91	-150	-558	-797	227
Net change in cash	-73.4	93.3	-84.2	257	929	-663	38.1	416	270	-1,293
Free cash flow	328	6.35	193	176	106	74.9	99.8	176	127	78.7
Interest paid	115	131	183	195	203	173	178	234	199	158
Income taxes paid	8.78	-0.21	9.84	0.89	2.2	-2.53	-1.17	-2.4	1.86	3.52

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.08 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	5.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.9%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-40.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-27.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-40.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-23.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-35.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-6.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-38.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-7.6%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	2.81x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	71.7%	Total debt / total assets.
Liabilities / assets	74.6%	Total liabilities / total assets.
Net debt	$3.98B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.38B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	182.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.42	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	$0.76	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.82	Cash from operations / diluted weighted shares.
Book value per share	$11.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.02	Tangible book value / shares outstanding.
Cash per share	$0.30	(Cash + short-term investments) / shares outstanding.
Payout ratio	224.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	122.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	25.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.15B	Share price x shares outstanding.
Enterprise value	$5.13B	Market cap + total debt - cash - short-term investments.
P/E	22.1x	Market cap / net income. Only when net income is positive.
P/B	0.81x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.83x	Market cap / tangible book value, when positive.
P/FCF	12.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.2x	Market cap / cash from operations, when positive.
EV/FCF	53.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	8.3%	Free cash flow / market cap.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Dividend yield	10.2%	Dividends paid over the period / market cap.
Shareholder yield	12.2%	(Dividends paid + share buybacks) / market cap.

Was Ladder Capital Corp profitable in fiscal 2025?

Yes. Net income was $63.7M, a net margin of -.

How much free cash flow did Ladder Capital Corp generate in fiscal 2025?

Cash from operations of $87.0M minus capital expenditures of $8.3M left free cash flow of $78.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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