| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 56 | 22.9x | 17.8x | Around median | |
Growth | 8 | -3.0% | 7.1% | Bottom tier | |
Quality | 55 | 3.3% | 4.5% | Around median | |
Safety | 23 | 20.2x | 2.6x | Bottom tier | |
Capital Return | 20 | — | 2.12% | Bottom tier | |
Momentum | 30 | -17.6% | 2.9% | Bottom tier | |
Sentiment | 72 | 5 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Ladder Capital Corp is an internally managed commercial real estate finance company that allocates capital among first mortgage loans, securities, owned real estate, and the conduit business. In fiscal 2026 Q2, balance-sheet loans represented approximately 50% of total assets after the loan portfolio grew 75% over twelve months, while the securities portfolio totaled $1.9 billion, or 33% of assets, and the real estate portfolio totaled $1 billion. Earnings come from net interest income, real estate net operating income, and realized gains from the sale of securities, real estate assets, and conduit loans.
In fiscal 2026 Q2, revenue rose to $78.2 million, compared with $74.2 million in fiscal 2026 Q1 and $62.7 million in fiscal 2025 Q2. Net income was $14.6 million and earnings per share were $0.12, compared with net income of $2.6 million and earnings per share of $0.02 in the previous quarter, but both remained below $17.1 million and $0.14, respectively, in the comparable period. The company also generated distributable earnings of $30.8 million, or $0.24 per share, and declared a quarterly dividend of $0.23 per share that was paid on July 15, 2026.
The fiscal 2026 Q2 mix demonstrated Ladder's reliance on several income sources rather than loans alone; the real estate portfolio generated $18 million in net operating income, while realized gains across the three activities totaled approximately $4.1 million, consisting of $1.8 million from securities sales, $1.7 million from a real estate investment, and $0.6 million from the conduit business. Adjusted leverage was 2.3 times, same-day available liquidity was $1.1 billion, and unsecured debt represented 67% of total debt.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $10.25, and both the highest and lowest targets matching at $10.25; therefore, the target range provides no dispersion that can reliably measure differences in opinion. This target lies within the 52-week range of $9.38 to $11.92, approximately 14% below the top of the range and approximately 9% above its bottom. By comparison, book value was $13.44 per share as of June 30, 2026, but real estate credit risks, volatility in sale gains, and the slow improvement in net interest income help explain the persistent discount cited by management.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
The primary driver is shifting capital from securities yielding close to 5% to floating-rate first mortgages yielding more than 7%. Ladder originated $1.2 billion of loans since the beginning of fiscal 2026, and the loan portfolio grew 75% over twelve months through fiscal 2026 Q2. Management estimated the yield gain from this shift at approximately 200 basis points, while targeting loan originations of $400 to $500 million each quarter.
Distributable earnings were $0.24 per share in fiscal 2026 Q2, compared with a quarterly dividend of $0.23 paid on July 15, 2026. Distributable earnings therefore exceeded the dividend by a narrow margin of $0.01 per share in that quarter. However, management explained that net interest income alone does not fully cover the dividend and that real estate income and realized gains across different activities contribute to coverage.
In fiscal 2026 Q2, the company added a nonperforming loan secured by an office in Minneapolis with a carrying value of $13.4 million and also acquired an office in Birmingham that had secured an $8 million loan. By comparison, a $215 million loan on a Miami office was fully repaid during the quarter, and another office loan in Florida remained at approximately $80 million, with management expecting repayment before the end of 2026. The company also financed the acquisition of a class A office and retail building in Midtown Manhattan with a $268 million loan at a loan-to-cost ratio of 62%, confirming that office exposure is selective but has not disappeared.
Same-day available liquidity totaled $1.1 billion and included cash and available capacity under the unsecured credit facility. Adjusted leverage was 2.3 times, while unsecured debt represented 67% of total debt. In addition, 73% of assets were unencumbered, and approximately $925 million of the $1.9 billion securities portfolio remained unencumbered.
The securities portfolio represented 33% of total assets as of June 30, 2026, and had a weighted average yield of 5.19%. Of the portfolio, 99% was investment-grade and 96% was rated AAA, with an average duration of approximately three years, making it a liquid source for funding loan originations. In fiscal 2026 Q2, the company sold part of it and realized gains of $1.8 million, and it expects to reduce its weighting as capital shifts to higher-yielding loans.
Book value was $13.44 per share as of June 30, 2026, after accounting for a CECL reserve of $0.37 per share. During fiscal 2026 Q2, the company purchased 800 thousand shares for $8 million at an average of $10.03 per share, a 25% discount to reported book value. Since the beginning of fiscal 2026, purchases totaled 2.1 million shares for $21 million, with $92 million remaining available under the repurchase program.
