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Ladder Capital

LADR
57
REIT - Mortgage · Real Estate
Also trades as: 0JSZ.L GBP 0.09 (+3.90%)
Price
$9.32
+0.36 (+4.02%)
Market Cap
$1.18B
Exchange
New York Stock Exchange
Winston Score
57
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 23, 2026 · filings through Sep 30, 2026

§How the score breaks down

Quality
Good
19/30
Growth
Mixed
7/20
Cash Flow
Exceptional
9/10
Stability
Weak
1/10
Valuation
Strong
8/10
Ownership
Good
10/15
Dividends
Good
3/5

57 of 100 counted points = Winston Score 57.

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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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
69.0%
Premium pricing power — 69.0% gross margin
Profit after running costs
Operating Margin
56.7%
Excellent — 56.7% operating margin
Return on the money invested
ROCE
2.7%
Weak — 2.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-7.2%
Shrinking sales (-7.2% YoY)
Profit growth
EPS YoY
+26.4%
Earnings growing fast (+26.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
104%
Turns 104% of profit into real cash
Spare cash per sale
FCF Margin
26.8%
Converts sales into free cash efficiently (26.8%)

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
2.97
Heavy debt load (2.97)
Covers its interest
Interest Cover
0.75x
Dangerous — barely covers interest (0.7x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
11.6x
Attractive valuation — P/E 11.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+3.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (11.6 → 8.5)

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Dividends

Dividend
Dividend Yield
10.49%
Healthy income — 10.49% yield

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

Dividend record
Dividend Growth
+0.0%
Dividend flat
Payout Ratio
118%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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