Ladder Capital Corp (NYSE: LADR) is a commercial real estate finance company that originates, invests in, and manages a portfolio of mortgage loans, securities, and net-leased real estate assets. It makes money primarily through net interest income, the spread between interest earned on mortgage loan receivables and securities and the cost of its debt obligations, supplemented by real estate operating income and fee income. Interest income was $266.9 million for the year ended December 31, 2025, down from $358.6 million in the year ended December 31, 2024, producing net interest income of $92.0 million and $137.1 million respectively. The company operates as a real estate investment trust and carries debt obligations on its balance sheet financed through instruments including collateralized loan obligations and long-term non-recourse mortgage financing. As of December 31, 2025, non-recourse mortgage debt on owned real estate had a carrying amount of $388.2 million, net of unamortized premiums of $3.1 million. Income before taxes was $67.2 million for the year ended December 31, 2025, compared to $110.9 million for the year ended December 31, 2024. Brian Harris serves as Chief Executive Officer and Paul J. Miceli as Chief Financial Officer, per the 10-K filed February 9, 2026.

Revenue model

Net interest income from mortgage loan receivables and securities (spread between interest income and interest expense), supplemented by real estate operating income from owned net-leased properties, fee and other income, and gains on real estate and debt extinguishment. Interest income was $266.9 million and interest expense was $174.9 million for the year ended December 31, 2025.

Products and services

Commercial mortgage loans held for investment and held for sale; commercial mortgage-backed securities (CMBS) including AAA-rated and investment-grade tranches; U.S. Agency securities; net-leased real estate owned directly; investments in unconsolidated real estate ventures (carrying value $44.5 million as of December 31, 2025); collateralized loan obligation (CLO) transactions used to finance loan pools.

Customers and end markets

Commercial real estate borrowers and guarantors across the United States. The company does not offer consumer products and does not collect consumer personal data. End market is commercial real estate finance.

Value-chain role

Direct originator and balance-sheet lender in commercial real estate finance; also acts as securities investor in CMBS and U.S. Agency paper; owns and operates net-leased real estate directly; has executed managed CLO transactions to finance loan pools (LCCM 2021-FL2 redeemed February 2025; LCCM 2021-FL3 redeemed June 2025). Investment decisions above defined thresholds require approval from the board's Risk and Underwriting Committee.

Geographic exposure

United States. No specific geographic breakdown by state or region is provided in the filing excerpts.

Source: SEC 10-K, filed 2026-02-09

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