MeritValue

Ladder Capital Corp

LADRdata completeness 75%14 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'

The thesis, from the filings

Ladder Capital Corp earns about 50% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$176.1M1$293.5M2$407.3M3$358.6M3$266.9M3
Net income$56.9M4$165.3M5$100.5M6$107.4M6$63.7M6
Operating cash flow$79.7M7$106.7M8$180.6M9$133.9M9$87M9
Capital expenditure$4.87M10$6.95M11$4.37M12$6.5M12$8.34M12
Free cash flow (derived)$74.9M7$99.8M8$176.2M9$127.4M9$78.7M9
Total debt—————
Cash & equivalents$548.7M13$609.1M14$1.02B15$1.32B15$38M15
Diluted shares124.6M125.8M124.9M125.8M—

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
50% avg · 5y
FY21 25%FY22 38%FY23 65%FY24 114%FY25 10%

It earned an average 50% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
DCF · Growth Exit 5Y
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
Earnings Power Value
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
FFO · Capitalized
not applicable
no diluted share count
Graham Number
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001577670-24-000006 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001577670-25-000010 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001577670-26-000011 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0001577670-24-000006 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001577670-25-000010 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001577670-26-000011 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001577670-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001577670-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001577670-26-000011 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001577670-24-000006 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2022-12-31 · accession 0001577670-25-000010 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2023-12-31 · accession 0001577670-26-000011 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2021-12-31 · accession 0001577670-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001577670-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001577670-26-000011 (CashAndCashEquivalentsAtCarryingValue)