Ladder Capital

LADR

REIT - Mortgage · Real Estate

Also trades as: 0JSZ.L

Price

$9.92

-0.06 (-0.60%)

Market Cap

$1.26B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Exceptional

Stability

Weak

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+1.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 124.6M (2021) → 126.2M (2025)

Winston Score History

The full picture

Ladder Capital is a real estate finance company that lends money to owners of commercial properties — things like office buildings, apartment complexes, hotels, and shopping centers. It makes loans, buys mortgage-backed securities, and owns some properties directly. It operates as a real estate investment trust, or REIT, which means it is required to pay out most of its earnings to shareholders as dividends.

The company earns money through interest on the loans it makes, income from the securities it holds, and rent from properties it owns. Ladder operates almost entirely in the United States and has a balance sheet of roughly $5–6 billion in assets. Its mix of loan origination, securities investing, and direct property ownership gives it more flexibility than single-strategy lenders, but it is exposed to the health of commercial real estate markets. The main risk is rising loan defaults or falling property values, particularly in the office sector, which has struggled since the shift to remote work.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-20.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-14.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

12.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~14 months

$38M cash & investments

Adequate runway but may need to raise capital within 2 years

Revenue declining

Ladder Capital's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

28.9%

Modest — 28.9% gross margin

Profit after running costs

Operating Margin

-24.1%

Losing money on operations — -24.1%

Return on the money invested

ROCE

11.3%

Below par — 11.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-13.7%

Shrinking sales (-13.7% YoY)

Profit growth

EPS YoY

-40.2%

Earnings shrinking (-40.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

206%

Turns 206% of profit into real cash

Spare cash per sale

FCF Margin

28.3%

Converts sales into free cash efficiently (28.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

0.82x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

23.6x

Growth-priced — P/E 23.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+13.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.6 → 10.2)

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Dividends

Dividend

Dividend Yield

9.43%

Healthy income — 9.43% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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