Short answer
Ladder Capital Corp (LADR) filed its fiscal 2025 10-K annual report with the SEC on Feb 9, 2026. It reported revenue of $267M (−25.6% year over year) and net income of $64M.
- Top risk flagged: Federal debt ceiling and credit rating downgrade risk; Fitch 2023 downgrade from "AAA" to "AA+" impacts capital markets liquidity and borrowing costs
FY2025 key financial metrics · XBRL
- Revenue
- $267M
- −25.6% YoY
- Net income
- $64M
- −40.7% YoY
- EPS (diluted)
- $0.51
- −40.7% YoY
- ROE
- 4.3%
- −2.7 pp YoY
- Operating cash flow
- $87M
- −35.0% YoY
Source: XBRL data from the Ladder Capital Corp (LADR) FY2025 10-K on SEC EDGAR. USD.
Ladder Capital Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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