Ladder Capital Corp (LADR) FY2025 10-K Annual Report
Ladder Capital Corp (LADR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 9, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Ladder Capital Corp FY2025 10-K Analysis
Business Overview
- • Core business model: internally-managed REIT specializing in senior secured commercial real estate finance loans, securities, and property ownership
- • Emphasis on conduit loan originations with $17.0B originated through 2025; $16.9B sold into 75 CMBS securitizations enhancing capital recycling
- • Strategic focus on flexible capital allocation across loans, securities, and real estate assets to optimize risk-adjusted returns under varying market conditions
- • Management ownership over 11% of equity with average 29 years industry experience, indicating strong alignment with shareholders
- • Cumulative originations $31.3B in commercial real estate loans and $16.0B in investment grade mortgage-backed securities since 2008 inception
Management Discussion & Analysis
- • Net income sensitivity: +$32.1M or -$25.7M for 100 bps interest rate increase or decrease after hedging
- • Market risk from interest rate changes affects asset fair value, especially Agency interest-only securities
- • Credit risk mitigated by loan-to-value of 68.7% and underwriting oversight to protect principal investments
- • Liquidity constrained by market disruptions, potential collateral calls if asset values decline
- • No revenue, profitability, segment performance, cash flow, or forward guidance provided in this section
Risk Factors
- • Federal debt ceiling and credit rating downgrade risk; Fitch 2023 downgrade from "AAA" to "AA+" impacts capital markets liquidity and borrowing costs
- • Commercial real estate sector concentration; exposure to downturns may reduce loan originations, increase defaults, and impair portfolio asset values
- • Dependence on key personnel; loss of senior management or skilled loan originators risks disruption to loan origination and investment execution
- • Competition from larger financial institutions and REITs; competitors may have lower funding costs and fewer regulatory constraints limiting underwriting flexibility
- • Prepayment risk on mortgage loans; accelerated prepayments may force reinvestment at lower yields, impacting financial performance and portfolio returns
Ladder Capital Corp FY2025 Key Financial MetricsXBRL
Revenue
$267M
▼ -25.6% YoY
Net Income
$64M
▼ -40.7% YoY
Net Margin
23.9%
▼ -610bp YoY
ROE
4.3%
▼ -271bp YoY
Total Assets
$5.2B
▲ +6.3% YoY
EPS (Diluted)
$0.51
▼ -40.7% YoY
Operating Cash Flow
$87M
▼ -35.0% YoY
Source: XBRL data from Ladder Capital Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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