LADRLadder Capital Corp

Real Estate Investment Trusts

Revenue: —
Operating margin: —
EBITDA: —
Market cap: $1.1B
Employees: —
Net debt / EBITDA: —; $3.2B net debt
AI in 10-K: 1.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$14M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
137% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
14% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
49% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.1 per 10K words · 36th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$307K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Net income	$57M	$165M	$101M	$107M	$64M	41%
Operating cash flow	$80M	$107M	$181M	$134M	$87M	35%
Stock-based comp	$15M	$32M	$19M	$19M	$20M	8.0%
Buybacks	$9M	$8M	$2M	$7M	$12M	80%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 20, 2026	Harris Brian	SCHEDULE 13D/A	6.8%	Passive
Jul 2, 2020	Harris Brian	SC 13D/A	5.7%	Passive
Mar 14, 2019	Related Real Estate Fund II, L.P.	SC 13D/A	4.8%	Passive
Feb 22, 2019	Harris Brian	SC 13D/A	5.8%	Passive

Insider trading

Open-market buys, 12 mo: $52K · 1
Open-market sells, 12 mo: $359K · 2
Net: −$307K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$14M	$14M	158	108
FY2024	$16M	$16M	150	98
FY2023	$15M	$15M	144	101
FY2022	$13M	$13M	120	82
FY2021	$11M	$11M	131	116