Ladder Capital Finance

What Ladder Capital Finance does

Ladder Capital Corp (NYSE: LADR) is an internally managed, investment grade-rated commercial mortgage REIT founded in October 2008 by Brian Harris and Pamela McCormack, both former senior executives of UBS/Dillon Read Capital Management. The company originates senior first mortgage fixed and floating rate loans collateralized by commercial real estate, with a primary focus on middle-market borrowers (average loan size $25-30 million) and selected institutional clients. Its loan products comprise Bridge Loans ($10MM-$275MM+, SOFR-based floating rate, 1-3 year terms with 1.00% origination and typically 1.00% exit fees) and Conduit Loans ($5MM-$450MM+, swap/treasury-based fixed pricing, 5-10 year terms), supplemented by investments in CMBS and other investment-grade commercial mortgage-backed securities and a portfolio of net leased commercial properties.

Ladder generates revenue primarily through net interest income on its $5.6 billion asset base, origination and exit fees on loans, and mark-to-market returns on its securities portfolio. The company's go-to-market is a direct, relationship-based origination model led by Managing Director and Head of Origination Adam Siper, supported by regional offices in New York, Miami, and Los Angeles, and reaching borrowers across over 475 cities in 48 states. Its product platform is built on integrated in-house origination, underwriting, structuring, capital markets, and asset management capabilities, with technology centered on SOFR-based floating rate and Treasury/swap-based fixed rate loan underwriting rather than any disclosed AI/ML infrastructure.

The company's structural differentiator is its status as the only commercial mortgage REIT to hold investment grade credit ratings (Baa3 from Moody's, BBB- from Fitch, BB+ from S&P as of January 2026), enabling access to permanent unsecured capital via a $1.25 billion revolving credit facility, a $275 million delayed draw term loan, and the unsecured bond market. Management and board members own approximately 12-13% of equity, and the company has paid consecutive annual dividends for 12 years with a 9.08% yield as of Q2 2026 and 96% distributable earnings dividend coverage.

Name

Ladder Capital Finance

Legal name

Ladder Capital Corp

Website

http://www.laddercapital.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

51–100 employees

Short description

Ladder Capital Corp (NYSE: LADR) is an internally managed, investment grade-rated commercial mortgage REIT that originates senior first mortgage bridge and conduit loans to middle-market and institutional commercial real estate borrowers across the United States, funded through permanent unsecured capital.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Finance

NAICS

Real Estate Credit (522292)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Private Credit / Direct Lending (FSAAAHAG)

Keywords

• Commercial real estate lending
• Commercial mortgage REIT
• Middle market CRE finance
• Bridge loan origination
• CMBS securities investment

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Loan Origination: Ladder Capital's primary revenue stream is interest income generated from originating and holding senior first mortgage fixed and floating rate commercial real estate loans. The company also earns origination fees (typically 1.00% of bridge loan amount) and exit fees (typically 1.00% for bridge loans) in connection with loan origination and repayment.
2. Investment in CMBS and Investment Grade Securities: Ladder invests in investment grade securities secured by first mortgage loans on commercial real estate, generating interest income and mark-to-market returns. The company holds a significant portion of its portfolio in AAA-rated CMBS securities.
3. Net Lease Real Estate Operations: Ladder owns and operates commercial real estate, predominantly net leased income-producing properties, generating rental income and potential appreciation.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Ladder Capital Corp is an internally managed commercial mortgage REIT that originates senior first mortgage bridge and conduit loans secured by commercial real estate, with average loan sizes of $25–$30 million and individual loans ranging from $5MM to $450MM+. It complements lending with investments in CMBS and other investment grade securities backed by first mortgage CRE loans and with ownership of net leased commercial properties, generating revenue primarily through interest income plus origination and exit fees.

Product overview

Ladder Capital Corp operates as an internally-managed commercial mortgage REIT offering a diversified suite of commercial real estate finance products. The core offerings include Bridge Loans ($10MM-$275MM+, floating rate, 1-3 year terms) and Conduit Loans ($5MM-$450MM+, fixed rate, 5-10 year terms) for first mortgage financing, supplemented by investments in CMBS and other investment-grade securities. The company also owns and operates net leased commercial properties. Additionally, the Ladder Select Bond Fund (LSBIX) provides retail and institutional investors access to a senior secured CRE investment strategy through a 40 Act mutual fund vehicle. Together, these products enable Ladder to serve middle-market and institutional clients across all commercial property types nationwide.

Differentiator

Problem solved

Functional benefit

Products and services

• Bridge Loans Short-to-medium-term senior first mortgage floating rate bridge loans ranging from $10MM to $275MM+, with 1–3 year terms and extensions. SOFR-based pricing (S+250 floor), 1.00% origination fee, typically 1.00% exit fee (waivable on Ladder refinance), LTV below 75%, non-recourse with standard carve-outs, IO + AM deal specific, flexible prepayment, secured by first mortgages on multifamily, industrial, retail, hotel, office, and other commercial asset classes. Targeted at middle-market CRE borrowers needing flexible, quick-closing capital.
• Conduit Loans Fixed-rate senior first mortgage conduit loans ranging from $5MM to $450MM+ with 5, 7, and 10-year terms. Competitive swap/treasury-based fixed pricing, generally priced at par, no exit fee, origination fee generally par, LTV below 75%, DSCR typically 1.30x on LCF UW NCF (1.25x for multifamily), defeasance / yield maintenance prepayment, non-recourse with standard carve-outs. Designed for institutional and middle-market CRE borrowers seeking long-term fixed-rate debt.
• First Mortgage Loans Senior first mortgage fixed and floating rate loans collateralized by commercial real estate, with flexible loan structures. Represents the company's primary business activity and includes both bridge and conduit executions across all major commercial property types.
• Investment Grade CRE Securities Investment in investment grade securities secured by first mortgage loans on commercial real estate, including CMBS and other structured finance instruments backed by commercial properties. Over 40% of holdings are in AAA-rated CMBS securities, generating interest income and mark-to-market returns.
• Net Leased Commercial Properties Ownership and operation of commercial real estate, predominantly net leased income-producing properties, generating rental income and potential appreciation as part of Ladder's diversified real estate investment activities.
• Ladder Select Bond Fund (LSBIX) A no-load 40 Act mutual fund (Institutional Class: LSBIX) advised by Ladder Capital Asset Management LLC, pursuing a senior secured commercial real estate investment strategy through a bottom-up credit approach investing in CMBS and other investment-grade fixed-income securities. Designed to deliver income with capital preservation for retail and institutional fixed income investors.

Quantifiable outcome

• Deployed over $51 billion of capital since founding in 2008
• +4 more outcomes

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators17 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Starwood Property Trust: NYSE-listed mortgage REIT that originates senior commercial mortgage loans, invests in CMBS, and owns real estate. Closest pure-play comparable to Ladder by business mix and scale, though larger and more diversified.
• Blackstone Mortgage Trust: NYSE-listed CMBS REIT sponsored by Blackstone, originating senior loans on institutional CRE. Highly comparable in target asset class and borrower profile, but benefits from Blackstone sponsorship and broader origination capacity.
• KKR Real Estate Finance Trust: Externally managed mortgage REIT focusing on senior CRE loans and CMBS, sponsored by KKR. Direct competitor in middle-market senior lending with similar origination model.
• TPG RE Finance Trust: NYSE-listed mortgage REIT originating senior floating-rate commercial mortgage loans. Closely mirrors Ladder's bridge lending program in structure, sponsor backing, and asset class focus.
• Apollo Commercial Real Estate Finance: NYSE-listed CRE finance REIT focused on first mortgage loans and CMBS. Comparable in product mix and borrower profile, though sponsored by Apollo with potentially broader capital access.
• Ares Commercial Real Estate: NYSE-listed CRE finance company originating and acquiring first mortgage loans and subordinated debt. Direct competitor in middle-market senior CRE lending with overlapping borrower base.
• Ready Capital Corporation: NYSE-listed mortgage REIT that originates small-to-middle balance commercial and multifamily loans, similar to Ladder's middle-market focus but with greater SMB lending concentration.
• Granite Point Mortgage Trust: NYSE-listed CRE finance company originating senior floating-rate commercial mortgage loans. Direct competitor with nearly identical loan product structure to Ladder's bridge program.
• BrightSpire Capital: NYSE-listed commercial real estate credit REIT investing in senior loans, CMBS, and mezzanine debt. Comparable product suite and middle-market CRE focus, with a similar externally managed structure.

Broad incumbents

• AGNC Investment Corp: Large-cap mortgage REIT focused primarily on agency residential MBS rather than CRE. Comparable as a public mortgage REIT with similar dividend yield profile, but operates in an adjacent rather than directly competitive asset class.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ladder-capital-finance-llc

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries3 records

Funding overview

Funding rounds7 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ladder Capital Finance