Cash flow remains erratic, evidenced by FCF swings ranging from a $169.0M inflow in 2024Q3 to a $60.1M outflow in 2024Q4, complicating the assessment of recurring liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 107.76M | 87.02M | 133.92M | 180.6M | 106.71M | 79.74M | 111.94M | 183.21M | 200.43M | 11.98M | 338.43M | -38.31M | 208.67M | 475.08M | -116.01M | 340.3M |
| Operating CF Growth % | 160.23% | -35.02% | -25.85% | 69.25% | 33.82% | -28.77% | -38.9% | -8.59% | 1572.37% | -96.46% | 983.46% | -118.36% | -56.08% | 509.53% | -134.09% | - |
| Operating CF / Revenue % | 26.92% | 22.18% | 26.2% | 34.39% | 19.63% | 22.26% | 31.26% | 36.5% | 33.37% | 2.62% | 85.83% | -8.81% | 53.3% | 130.97% | -40.06% | 236.8% |
| Net Income | 55.01M | 63.7M | 107.45M | 100.5M | 165.31M | 56.89M | -9.46M | 137M | 221.68M | 125.88M | 113.72M | 146.13M | 97.63M | 188.73M | 169.45M | 71.73M |
| Depreciation & Amortization | 32.52M | 30.7M | 30.63M | 28.12M | 30.91M | 35.91M | 36.84M | 37.15M | 40.22M | 39.55M | 39.34M | 38.81M | 29.1M | 22.37M | 3.64M | 1.04M |
| Stock-Based Compensation | 23.27M | 20.33M | 18.83M | 18.58M | 31.58M | 15.3M | 42.73M | 21.78M | 8.83M | 18.96M | 17.64M | 13.79M | 14.45M | 2.88M | 2.41M | 150.7K |
| Other Non-Cash Items | 58.07M | -10.36M | -15.09M | -2.21M | -150.69M | -30.03M | 78.98M | -11.4M | -85.23M | -168.71M | 180.95M | -226.04M | 79.68M | 224M | -284.39M | 263.86M |
| Working Capital Changes | -63.22M | -19.38M | -9.57M | 34.43M | 30.11M | 1.39M | -37.25M | -6.13M | 22.47M | -9.29M | -15.09M | -13.9M | -5.01M | 37.1M | -7.12M | 3.51M |
| Cash from Investing | -1.68B | -1.61B | 932.76M | 793.5M | 81.59M | -651.46M | 1.54B | -126.59M | -342.87M | -306.63M | 36.28M | 34.65M | -2.37B | -1.08B | 288.11M | -330.38M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -1.72B | -1.98B | -912.29M | -143.95M | -97.27M | -247.09M | -440.81M | -1.7B | -775.96M | -212.53M | -988M | -757.31M | -2.16B | -1.2B | -435.06M | -1B |
| Sale of Investments | 984.82M | 947.72M | 312.76M | 254.2M | 195.75M | 609.68M | 1.09B | 1.36B | 453.48M | 1.22B | 1.29B | 1.11B | 954.9M | 584.91M | 1.23B | 954.4M |
| Other Investing | -945.54M | -579.25M | 1.53B | 683.48M | -16.89M | -1.01B | 896.72M | 223.61M | -12.61M | -1.3B | -258.6M | -311.34M | -1.16B | -468.14M | -506.68M | -282.71M |
| Cash from Financing | 1.09B | 227.04M | -796.59M | -557.77M | -150.24M | -91.02M | -725.67M | 200.68M | 58.2M | 387.9M | -448.08M | 22M | 2.16B | 640.35M | -211.27M | -12.56M |
| Dividends Paid | -117.2M | -117.41M | -117.71M | -116.42M | -107.01M | -100.55M | -118.89M | -144.53M | -122.77M | -100.08M | -67.17M | -39.93M | -369K | -93.64M | -73.16M | -43.98M |
| Common Dividends | -117.2M | -117.41M | -117.71M | -116.42M | -107.01M | -100.55M | -118.89M | -144.53M | -122.77M | -100.08M | -67.17M | -39.93M | -369K | -93.64M | -73.16M | -43.98M |
| Debt Issuance (Net) | 4M | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K |
| Share Repurchases | -22.83M | -11.75M | -6.53M | -2.48M | -7.92M | -9.01M | -3.04M | -637K | 0 | -2.59M | -4.65M | -994K | 0 | 0 | 0 | 0 |
| Other Financing | -24.78M | -20.67M | -27.55M | -11.78M | -49.02M | -6.96M | -42.35M | -34.13M | -43.34M | -79.5M | -47.02M | -79.76M | -78.8M | 98M | -816.25M | -90.52M |
| Net Change in Cash | -485.38M | -1.29B | 270.1M | 416.34M | 38.06M | -662.74M | 928.54M | 257.3M | -84.23M | 93.25M | -73.37M | 18.34M | -2.52M | 33.56M | -39.17M | -2.64M |
| Exchange Rate Effect | -3.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 37.95M | 1.35B | 1.08B | 659.6M | 621.55M | 1.28B | 355.75M | 98.45M | 182.68M | 89.43M | 162.79M | 144.45M | 78.74M | 45.18M | 84.35M | 86.99M |
| Cash at End | 33.06M | 52.84M | 1.35B | 1.08B | 659.6M | 621.55M | 1.28B | 355.75M | 98.45M | 182.68M | 89.43M | 162.79M | 76.22M | 78.74M | 45.18M | 84.35M |
| Free Cash Flow | 107.76M | 87.02M | 133.92M | 180.6M | 106.71M | 79.74M | 111.94M | 183.21M | 200.43M | 11.98M | 338.43M | -38.31M | 208.67M | 475.08M | -116.36M | 338.98M |
| FCF Growth % | -14.19% | -35.02% | -25.85% | 69.25% | 33.82% | -28.77% | -38.9% | -8.59% | 1572.37% | -96.46% | 983.46% | -118.36% | -56.08% | 508.29% | -134.33% | - |
| FCF / Revenue % | 26.92% | 22.18% | 26.2% | 34.39% | 19.63% | 22.26% | 31.26% | 36.5% | 33.37% | 2.62% | 85.83% | -8.81% | 53.3% | 130.97% | -40.18% | 235.88% |
Commercial real estate exposure
As reported in quarterly financial statements, the relationship between FFO and GAAP operating cash flow is highly erratic, with FFO/NI ratios swinging from -3.07 in 2026Q1 to 6.05 in 2024Q3, indicating that GAAP metrics provide little utility for assessing the company's actual cash-generating capacity.
The extreme volatility in the FFO to Net Income ratio suggests that non-cash items and working capital fluctuations are heavily distorting GAAP results. Investors should monitor this divergence closely, as it implies that the company's core earnings power is frequently obscured by accounting adjustments that do not reflect the underlying cash flow reality.
Based on the provided data, the dividend payout ratio relative to FFO has frequently exceeded 1.0x, reaching a high of 2.65 in 2026Q1, which suggests that the current distribution level may not be fully supported by recurring cash earnings in the current interest rate environment.
The consistent inability to maintain a payout ratio comfortably below 1.0x indicates that the dividend is currently reliant on capital recycling or balance sheet liquidity rather than organic cash flow. This trend warrants further investigation into whether management can sustain current distributions without compromising the long-term capital base.
According to historical financial data, the persistent gap between GAAP Net Income and FFO highlights the significant impact of depreciation and amortization charges, which consistently reduce reported earnings despite having no immediate impact on the company's actual cash availability for debt service or shareholder distributions.
The reliance on FFO as a primary performance metric is justified by the heavy non-cash charges inherent in the company's real estate ownership model. However, the volatility of these adjustments suggests that the quality of earnings remains sensitive to asset-level accounting decisions that may not correlate with immediate liquidity.
As evidenced by the quarterly cash flow statements, the company's FCF has experienced extreme swings, ranging from a $169.0M inflow in 2024Q3 to a $60.1M outflow in 2024Q4, which suggests that transactional lumpy revenue from conduit loan sales significantly masks the stability of recurring interest income.
The erratic nature of these cash flows implies that the company's liquidity is highly dependent on the timing of securitization events rather than steady-state operations. This dependency may expose the company to sudden liquidity constraints if the CMBS market experiences a period of prolonged inactivity or credit tightening.
Quick answers to the most common questions about buying LADR stock.
Ladder Capital Corp (LADR) generated $87.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ladder Capital Corp (LADR) generated $87.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ladder Capital Corp (LADR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ladder Capital Corp (LADR) returned $117.4M to shareholders via cash dividends and spent $11.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.