Ladder Capital Corp

laddercapital.com

What Do They Do?

Lends to commercial property owners, operators and investors through first mortgage loans secured by commercial real estate. Invests in commercial mortgage-backed securities and owns commercial properties.

How Do They Make Money?

The company earns interest from commercial property loans and mortgage-backed securities, and collects rent from tenants in its owned properties.

revenue

Segment	Share	How money arrives
Loans Recurring	57% FY2022: 92%	Recurring
Securities Recurring	37% FY2022: 7.0%	Recurring
Real Estate Recurring	0.1% FY2022: 0.0%	Recurring

Who Are Their Customers?

Property owners, operators, developers and investors borrow directly; mortgage brokers also bring loan opportunities. Tenants rent its owned properties.

Do Revenues Turn Into Profits?

Yes. It kept 24 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

24% of revenue

▼ −41% vs FY2024 ($107.4M, 30%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +12%; vs $71.8M in Q3 FY2025
Net income: ▲ +244%; vs $19.2M in Q3 FY2025

Loans share of revenue vs 59.3% in Q3 FY2025

Growing. Revenue grew 52% in 4 years, from $176.1M in FY2021 to $266.9M in FY2025, about 11% a year.

Revenue over time

Loans Securities Real Estate

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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