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Ladder Capital

DB:LD1A
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LD1A
DB
$2B
Imp Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Ladder Capital Corp operates as a real estate investment trust in the United States. The last earnings update was 45 days ago. More info.


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LD1A Share Price and Events
7 Day Returns
2.7%
DB:LD1A
0.3%
Global Mortgage REITs
1.6%
DE Market
1 Year Returns
7.7%
DB:LD1A
-7.1%
Global Mortgage REITs
-7.4%
DE Market
LD1A Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ladder Capital (LD1A) 2.7% 4.4% 0.9% 7.7% 34.2% 13.1%
Global Mortgage REITs 0.3% -0.7% -3.5% -7.1% 1.2% -12.6%
DE Market 1.6% 1.9% 2.6% -7.4% 14.7% 9.4%
1 Year Return vs Industry and Market
  • LD1A outperformed the Mortgage REITs industry which returned -7.1% over the past year.
  • LD1A outperformed the Market in Germany which returned -7.4% over the past year.
Price Volatility
LD1A
Industry
5yr Volatility vs Market

LD1A Value

 Is Ladder Capital undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Ladder Capital to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Ladder Capital.

DB:LD1A Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $14.01 * 10.1%
$1.42
Book Value of Equity per Share Weighted future Book Value estimates from 3 analysts. $14.01
Discount Rate (Cost of Equity) See below 5.4%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:LD1A
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Mortgage REITs Unlevered Beta Simply Wall St/ S&P Global 0.28
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.278 (1 + (1- 21%) (237.19%))
0.864
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.864 * 5.96%)
5.38%

Discounted Cash Flow Calculation for DB:LD1A using Excess Returns Model Model

The calculations below outline how an intrinsic value for Ladder Capital is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:LD1A Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.1% – 5.38%) * $14.01)
$0.67
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.67 / (5.38% - 0.23%)
$12.94
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $14.01 + $12.94
$26.95
DB:LD1A Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:LD1A represents 0.89448x of NYSE:LADR
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.89448x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 26.95 x 0.89448
€24.10
Value per share (EUR) From above. €24.10
Current discount Discount to share price of €14.90
= -1 x (€14.90 - €24.10) / €24.10
38.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Ladder Capital is available for.
Intrinsic value
38%
Share price is €14.9 vs Future cash flow value of €24.1
Current Discount Checks
For Ladder Capital to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Ladder Capital's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Ladder Capital's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Ladder Capital's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ladder Capital's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:LD1A PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.52
NYSE:LADR Share Price ** NYSE (2019-06-21) in USD $16.66
Global Mortgage REITs Industry PE Ratio Median Figure of 23 Publicly-Listed Mortgage REITs Companies 12.8x
Germany Market PE Ratio Median Figure of 425 Publicly-Listed Companies 19.87x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Ladder Capital.

DB:LD1A PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:LADR Share Price ÷ EPS (both in USD)

= 16.66 ÷ 1.52

10.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ladder Capital is good value based on earnings compared to the Global Mortgage REITs industry average.
  • Ladder Capital is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Ladder Capital's expected growth come at a high price?
Raw Data
DB:LD1A PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.95x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
5.8%per year
Global Mortgage REITs Industry PEG Ratio Median Figure of 21 Publicly-Listed Mortgage REITs Companies 1.18x
Germany Market PEG Ratio Median Figure of 271 Publicly-Listed Companies 1.46x

*Line of best fit is calculated by linear regression .

DB:LD1A PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.95x ÷ 5.8%

1.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ladder Capital is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Ladder Capital's assets?
Raw Data
DB:LD1A PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $13.59
NYSE:LADR Share Price * NYSE (2019-06-21) in USD $16.66
Global Mortgage REITs Industry PB Ratio Median Figure of 37 Publicly-Listed Mortgage REITs Companies 0.93x
Germany Market PB Ratio Median Figure of 575 Publicly-Listed Companies 1.8x
DB:LD1A PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:LADR Share Price ÷ Book Value per Share (both in USD)

= 16.66 ÷ 13.59

1.23x

* Primary Listing of Ladder Capital.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ladder Capital is overvalued based on assets compared to the Global Mortgage REITs industry average.
X
Value checks
We assess Ladder Capital's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Mortgage REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Mortgage REITs industry average (and greater than 0)? (1 check)
  5. Ladder Capital has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

LD1A Future Performance

 How is Ladder Capital expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ladder Capital expected to grow at an attractive rate?
  • Ladder Capital's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Ladder Capital's earnings growth is positive but not above the Germany market average.
  • Ladder Capital's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:LD1A Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:LD1A Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 5.8%
DB:LD1A Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 0.8%
Global Mortgage REITs Industry Earnings Growth Rate Market Cap Weighted Average 40.6%
Global Mortgage REITs Industry Revenue Growth Rate Market Cap Weighted Average 26.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:LD1A Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:LD1A Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31
2020-12-31 345 150 2
2019-12-31 320 126 1
DB:LD1A Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 347 244 151
2018-12-31 391 200 180
2018-09-30 428 277 192
2018-06-30 368 209 149
2018-03-31 362 190 133
2017-12-31 304 12 95
2017-09-30 321 162 101
2017-06-30 351 312 105
2017-03-31 312 -87 86
2016-12-31 273 338 67
2016-09-30 261 -306 52
2016-06-30 203 43 28

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Ladder Capital's earnings are expected to grow by 5.8% yearly, however this is not considered high growth (20% yearly).
  • Ladder Capital's revenue is expected to grow by 0.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:LD1A Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Ladder Capital Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:LD1A Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 1.34 1.60 1.18 4.00
2019-12-31 1.12 1.20 1.07 3.00
DB:LD1A Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.52
2018-12-31 1.85
2018-09-30 2.03
2018-06-30 1.63
2018-03-31 1.52
2017-12-31 1.16
2017-09-30 1.33
2017-06-30 1.50
2017-03-31 1.31
2016-12-31 1.08
2016-09-30 0.88
2016-06-30 0.49

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Ladder Capital is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Ladder Capital's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Global market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Global market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Ladder Capital has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

LD1A Past Performance

  How has Ladder Capital performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Ladder Capital's growth in the last year to its industry (Mortgage REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Ladder Capital has delivered over 20% year on year earnings growth in the past 5 years.
  • Ladder Capital's 1-year earnings growth is less than its 5-year average (14% vs 30.8%)
  • Ladder Capital's earnings growth has exceeded the Global Mortgage REITs industry average in the past year (14% vs 13.7%).
Earnings and Revenue History
Ladder Capital's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Ladder Capital Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:LD1A Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 346.93 151.32 66.60
2018-12-31 391.34 180.02 60.12
2018-09-30 428.17 192.02 73.43
2018-06-30 367.53 148.97 70.89
2018-03-31 362.42 132.68 71.52
2017-12-31 304.09 95.28 70.46
2017-09-30 320.57 101.03 64.71
2017-06-30 351.02 105.05 68.75
2017-03-31 312.28 85.74 67.70
2016-12-31 273.18 66.73 64.27
2016-09-30 260.93 51.99 57.62
2016-06-30 202.87 27.70 57.95
2016-03-31 281.87 59.11 60.47
2015-12-31 328.86 73.82 61.61
2015-09-30 286.16 51.07 63.16
2015-06-30 335.00 62.41 65.36
2015-03-31 300.65 40.71 75.90
2014-12-31 298.47 44.19 82.14
2014-09-30 289.23 61.35 79.42
2014-06-30 251.97 66.86 73.93
2014-03-31 256.69 26.44 61.33
2013-12-31 313.94 189.83 61.04
2013-09-30 321.16 310.45 61.07
2013-06-30 348.08 302.35 61.43
2013-03-31 298.08 290.96 58.99
2012-12-31 248.30 169.50 51.09

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Ladder Capital has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Ladder Capital used its assets more efficiently than the Global Mortgage REITs industry average last year based on Return on Assets.
  • Unable to establish if Ladder Capital improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Ladder Capital's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Mortgage REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Ladder Capital has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

LD1A Health

 How is Ladder Capital's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Ladder Capital's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ladder Capital is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Ladder Capital's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Ladder Capital's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Ladder Capital Company Filings, last reported 2 months ago.

DB:LD1A Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,644.24 4,732.29 46.79
2018-12-31 1,643.64 4,453.55 67.88
2018-09-30 1,553.64 4,757.91 49.68
2018-06-30 1,512.46 4,702.45 52.58
2018-03-31 1,503.29 4,624.61 68.47
2017-12-31 1,488.15 4,382.43 77.56
2017-09-30 1,465.52 4,830.74 49.46
2017-06-30 1,467.68 4,635.21 62.78
2017-03-31 1,481.31 4,381.89 62.68
2016-12-31 1,509.55 3,945.58 49.63
2016-09-30 1,500.70 4,610.38 59.95
2016-06-30 1,486.10 4,421.46 81.63
2016-03-31 1,481.30 4,104.19 82.89
2015-12-31 1,491.41 4,280.23 111.78
2015-09-30 1,499.14 4,237.44 181.84
2015-06-30 1,510.52 4,097.75 104.48
2015-03-31 1,514.64 4,246.63 83.62
2014-12-31 1,505.21 4,196.40 76.64
2014-09-30 1,485.57 3,083.42 93.58
2014-06-30 1,467.15 2,243.98 85.16
2014-03-31 1,430.79 1,971.32 116.30
2013-12-31 1,185.23 2,221.92 86.99
2013-09-30 1,177.32 1,249.86 64.17
2013-06-30 1,187.45 1,253.00 62.01
2013-03-31 1,159.03 1,332.47 34.96
2012-12-31 1,098.27 1,506.11 50.87
  • Ladder Capital's level of debt (287.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (137.9% vs 287.8% today).
  • Debt is not well covered by operating cash flow (5.1%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Ladder Capital's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Ladder Capital's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Ladder Capital has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

LD1A Dividends

 What is Ladder Capital's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.16%
Current annual income from Ladder Capital dividends. Estimated to be 8.36% next year.
If you bought €2,000 of Ladder Capital shares you are expected to receive €163 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Ladder Capital's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • Ladder Capital's dividend is above the markets top 25% of dividend payers in Germany (3.83%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:LD1A Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Global Mortgage REITs Industry Average Dividend Yield Market Cap Weighted Average of 37 Stocks 10.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:LD1A Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.51 1.00
2020-12-31 1.40 6.00
2019-12-31 1.36 5.00
DB:LD1A Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-30 1.360 8.334
2019-05-09 1.360 8.387
2019-05-07 1.360 8.170
2019-02-28 1.360 7.944
2019-02-27 1.360 7.401
2018-11-02 1.360 8.004
2018-11-01 1.360 8.044
2018-09-05 1.300 7.623
2018-05-30 1.300 8.004
2018-02-27 1.260 8.522
2017-11-07 1.260 8.977
2017-09-01 1.360 9.983
2017-06-01 1.335 9.824
2017-02-24 1.285 8.905
2017-02-23 1.285 9.157
2016-12-02 1.360 9.751
2016-09-01 1.100 8.338
2016-06-01 1.100 8.664
2016-03-01 1.100 9.315
2015-12-01 1.100 9.652
2015-09-01 1.100 7.579
2015-06-08 1.000 6.075
2015-03-12 1.000 5.567

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ladder Capital has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Ladder Capital only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of Ladder Capital's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.3x coverage).
X
Income/ dividend checks
We assess Ladder Capital's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Ladder Capital afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ladder Capital has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

LD1A Management

 What is the CEO of Ladder Capital's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Brian Harris
COMPENSATION $17,308,240
AGE 58
TENURE AS CEO 6.1 years
CEO Bio

Mr. Brian Richard Harris serves as the Chief Executive Officer of Ladder Capital Finance LLC, Ladder Capital Securities LLC and Ladder Capital Realty Finance Inc. Mr. Harris has been the Chief Executive Officer at Ladder Capital Corp since May 2013. He is one of the co-founders of Ladder Capital Group. He has been Chief Executive Officer of LCFH since its formation in October 2008. He served as Managing Director and Head of Global Commercial Real Estate at UBS from 1999 to 2006; before leaving UBS to join Dillon Read Capital Management LLC, a wholly owned subsidiary of UBS, as a Managing Director and Senior Partner from June 2006 to May 2007. He served as Managing Director and Head of Global Commercial Real Estate at UBS Securities LLC from June 1999 to June 2006, managing UBS’ proprietary commercial real estate activities globally. He served as Equity Analyst at UBS Investment Bank, Research Division. From March 1996 to April 1999, Mr. Harris served as the Head of Commercial Mortgage Trading at Credit Suisse (USA), Inc., and was responsible for managing all proprietary commercial real estate investment and trading activities. Prior to that, Mr. Harris also worked in the real estate groups at Smith Barney from 1994 to 1996; Daiwa Securities Group Inc. from 1991 to 1994; Lehman Brothers from 1989 to 1991; Salomon Brothers from 1986 to 1988 and Chemical Bank from 1985 to 1986. He serves as a Director of Ladder Capital Finance LLC. He has been a Director of Ladder Capital Corp. since May 2013 and Ladder Capital Finance Holdings LLLP since its formation in October 2008. He served as a member of the Board of Directors of UBS Investment Bank from April 2003 to September 2005. He has been recognized as one of the most innovative commercial real estate lenders and investors in the industry. Mr. Harris holds a B.S. in Biology and a M.B.A. from The State University of New York at Albany.

CEO Compensation
  • Brian's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Brian's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Ladder Capital management team in years:

2.3
Average Tenure
51.5
Average Age
  • The tenure for the Ladder Capital management team is about average.
Management Team

Brian Harris

TITLE
Founder
COMPENSATION
$17M
AGE
58
TENURE
6.1 yrs

Pamela McCormack

TITLE
Co-Founder
COMPENSATION
$5M
AGE
47
TENURE
2 yrs

Robert Perelman

TITLE
Head of Asset Management & Co- Founder
COMPENSATION
$1M
AGE
56

Marc Fox

TITLE
CFO and Head of Merchant Banking & Capital Markets
COMPENSATION
$2M
AGE
58
TENURE
10.6 yrs

Kevin Moclair

TITLE
Chief Accounting Officer
AGE
45

Kelly Porcella

TITLE
Chief Administrative Officer
AGE
36
TENURE
0.2 yrs

Michelle Wallach

TITLE
Chief Compliance Officer & Senior Regulatory Counsel

Lee Warshaw

TITLE
Managing Director

Marc Waldman

TITLE
Managing Director
TENURE
2.3 yrs

Ryan Jantzen

TITLE
Co-Head of Origination
TENURE
2.2 yrs
Board of Directors Tenure

Average tenure and age of the Ladder Capital board of directors in years:

4
Average Tenure
58
Average Age
  • The tenure for the Ladder Capital board of directors is about average.
Board of Directors

Alan Fishman

TITLE
Non-Executive Chairman of the Board
COMPENSATION
$375K
AGE
72
TENURE
6.1 yrs

Brian Harris

TITLE
Founder
COMPENSATION
$17M
AGE
58
TENURE
6.1 yrs

Pamela McCormack

TITLE
Co-Founder
COMPENSATION
$5M
AGE
47

Douglas Durst

TITLE
Director
COMPENSATION
$200K
AGE
74
TENURE
5.4 yrs

Mark Alexander

TITLE
Director
COMPENSATION
$190K
AGE
56
TENURE
4 yrs

Mike Mazzei

TITLE
Director
COMPENSATION
$175K
AGE
57
TENURE
2 yrs

Richard O’Toole

TITLE
Director
COMPENSATION
$175K
AGE
62
TENURE
2.3 yrs

Jeffrey Steiner

TITLE
Director
COMPENSATION
$120K
TENURE
0.9 yrs

David Weiner

TITLE
Director
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Ladder Capital insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
03. Jun 19 Buy Pamela McCormack Individual 31. May 19 31. May 19 1,500 €14.37 €21,557
23. May 19 Buy Pamela McCormack Individual 22. May 19 22. May 19 1,600 €14.37 €22,999
14. Mar 19 Sell The Related Companies, Investment Arm Company 06. Mar 19 13. Mar 19 -1,126,097 €15.58 €-17,048,098
14. Dec 18 Sell The Related Companies, Investment Arm Company 04. Dec 18 12. Dec 18 -808,000 €15.78 €-12,753,293
X
Management checks
We assess Ladder Capital's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Ladder Capital has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

LD1A News

Simply Wall St News

LD1A Company Info

Description

Ladder Capital Corp operates as a real estate investment trust in the United States. The company operates through three segments: Loans, Securities, and Real Estate. The Loans segment originates conduit first mortgage loans that are secured by cash-flowing commercial real estate; and originates and invests in balance sheet first mortgage loans secured by commercial real estate properties that are undergoing transition, including lease-up, sell-out, and renovation or repositioning. It also invests in note purchase financings, subordinated debt, mezzanine debt, and other structured finance products related to commercial real estate. The Securities segment invests in commercial mortgage-backed securities and the U.S. Agency Securities. This segment also invests in corporate bonds and real estate related equity investments. The Real Estate segment owns and invests in a portfolio of commercial and residential real estate properties, such as leased properties, student housing portfolio, industrial buildings, office buildings, shopping center, and condominium units. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Ladder Capital Corp was founded in 2008 and is headquartered in New York, New York.

Details
Name: Ladder Capital Corp
LD1A
Exchange: DB
Founded: 2008
$1,762,110,774
$1,567,908,862
119,756,515
Website: http://www.laddercapital.com
Address: Ladder Capital Corp
345 Park Avenue,
8th Floor,
New York,
New York, 10154,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE LADR Class A Common Stock New York Stock Exchange US USD 06. Feb 2014
DB LD1A Class A Common Stock Deutsche Boerse AG DE EUR 06. Feb 2014
LSE 0JSZ Class A Common Stock London Stock Exchange GB USD 06. Feb 2014
Number of employees
Current staff
Staff numbers
72
Ladder Capital employees.
Industry
Mortgage REITs
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/23 21:52
End of day share price update: 2019/06/21 00:00
Last estimates confirmation: 2019/05/28
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.