Ladder Capital Corp (LADR) Cash Flow Statement
Where LADR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $87.0M −35.0% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $87.0M 22.2% margin
- Returned to shareholders
- $129.2M 148% of free cash flow
- Change in cash
- −$1.29B cash at year-end $52.8M
Cash from operations
$87.0M
Investments (net)
−$1.03B
Acquisitions & other
−$579.3M
Dividends
−$117.4M
Share buybacks (net)
−$11.8M
Net borrowing (repayment)
+$376.9M
Other financing
−$20.7M
Change in cash
−$1.29B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LADR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
LADR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $338.4M2016 | $87.0M2025 | −14.0%/yr | |
| Capital expenditures | $10.6M2016 | $02025 | −100.0% | |
| Free cash flow | $338.4M2016 | $87.0M2025 | −14.0%/yr | |
| Free cash flow margin | 85.8%2016 | 22.2%2025 | −63.6 pts | |
| Operating cash flow / net income | 2.982016 | 1.372025 | −1.61 | |
| Stock-based compensation | $17.6M2016 | $20.3M2025 | +1.6%/yr | |
| Dividends paid | $67.2M2016 | $117.4M2025 | +6.4%/yr | |
| Share buybacks (net) | $4.7M2016 | $11.8M2025 | +10.8%/yr | |
| Capex / revenue | 2.7%2016 | 0.0%2025 | −2.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LADR cash flow by activity
OperatingInvestingFinancingChange in cash
LADR net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LADR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $63.7M | $107.4M | $100.5M | $165.3M | $56.9M | −$9.5M | $137.0M | $221.7M | $125.9M | $113.7M |
| Depreciation & amortization | $32.0M | $32.3M | $28.1M | $30.9M | $35.9M | $36.8M | $37.2M | $40.2M | $39.5M | $39.3M |
| Stock-based compensation | $20.3M | $18.8M | $18.6M | $31.6M | $15.3M | $42.7M | $21.8M | $8.8M | $19.0M | $17.6M |
| Change in working capital | −$19.4M | −$9.6M | $34.4M | $30.1M | $1.4M | −$37.2M | −$6.1M | $22.5M | −$9.3M | −$15.1M |
| Other non-cash items | −$9.6M | −$15.1M | −$1.0M | −$151.2M | −$29.8M | $79.1M | −$6.6M | −$92.8M | −$163.1M | $182.8M |
| Cash from operating activities | $87.0M | $133.9M | $180.6M | $106.7M | $79.7M | $111.9M | $183.2M | $200.4M | $12.0M | $338.4M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | −$6.5M | −$4.4M | −$6.9M | −$4.9M | −$6.1M | −$7.6M | −$7.8M | −$5.6M | −$10.6M |
| Investments (net) | −$1.03B | $932.8M | $892.3M | $1.10B | $1.23B | $1.07B | $2.10B | $1.41B | $1.03B | $822.9M |
| Acquisitions & other investing | −$579.3M | $6.5M | −$94.5M | −$1.01B | −$1.87B | $483.1M | −$2.22B | −$1.75B | −$1.33B | −$776.0M |
| Cash from investing activities | −$1.61B | $932.8M | $793.5M | $81.6M | −$651.5M | $1.54B | −$126.6M | −$342.9M | −$306.6M | $36.3M |
| Financing activities | ||||||||||
| Dividends paid | −$117.4M | −$117.7M | −$116.4M | −$107.0M | −$100.6M | −$118.9M | −$144.5M | −$122.8M | −$100.1M | −$67.2M |
| Share repurchases & issuance (net) | −$11.8M | −$6.5M | −$2.5M | −$7.9M | −$9.0M | −$3.0M | −$637,000 | −$858,000 | −$2.6M | −$4.7M |
| Net borrowing (repayment) | $376.9M | −$644.8M | −$427.1M | −$8.3M | −$3.2M | −$18.0M | −$6.9M | −$3.5M | −$26.3M | −$5.9M |
| Shares issued | $0 | $0 | $0 | $2,000 | $1,000 | $32.0M | $1,000 | $99.0M | $0 | $0 |
| Other financing | −$20.7M | −$27.5M | −$11.8M | −$27.0M | $21.8M | −$617.7M | $352.8M | $86.3M | $516.9M | −$370.3M |
| Cash from financing activities | $227.0M | −$796.6M | −$557.8M | −$150.2M | −$91.0M | −$725.7M | $200.7M | $58.2M | $387.9M | −$448.1M |
| Summary | ||||||||||
| Net change in cash | −$1.29B | $270.1M | $416.3M | $38.1M | −$662.7M | $928.5M | $257.3M | −$84.2M | $93.3M | −$73.4M |
| Cash at end of period | $52.8M | $1.35B | $1.08B | $659.6M | $621.5M | $1.28B | $355.7M | $98.5M | $182.7M | $89.4M |
| Free cash flow | $87.0M | $133.9M | $180.6M | $106.7M | $79.7M | $111.9M | $175.6M | $200.4M | $12.0M | $338.4M |
| Free cash flow margin | 22.2% | 26.2% | 34.4% | 19.6% | 22.3% | 31.3% | 35.0% | 33.4% | 2.6% | 85.8% |
| Capex / revenue | 0.0% | 1.3% | 0.8% | 1.3% | 1.4% | 1.7% | 1.5% | 1.3% | 1.2% | 2.7% |
| Operating cash flow / net income | 1.37 | 1.25 | 1.80 | 0.65 | 1.40 | — | 1.34 | 0.90 | 0.10 | 2.98 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $14.6M | $2.6M | $15.9M | $19.2M | $17.1M | $11.6M | $31.3M | $27.6M | $32.1M | $16.4M | $19.0M | $31.2M |
| Depreciation & amortization | $9.1M | $8.9M | $8.2M | $7.9M | $7.7M | $6.9M | $7.1M | $7.7M | $8.0M | $7.9M | $7.3M | $6.7M |
| Stock-based compensation | $3.7M | $14.2M | $3.1M | $3.0M | $3.0M | $11.2M | $2.2M | $3.2M | $3.1M | $10.3M | $3.2M | $3.2M |
| Change in working capital | $32.6M | −$32.6M | $18.8M | −$2.5M | −$47.0M | $11.3M | −$89.7M | $130.2M | $10.7M | −$61.1M | $26.9M | $36.9M |
| Other non-cash items | −$20.6M | −$1.1M | −$549,000 | −$1.3M | $63.2M | −$69.7M | −$11.0M | $393,000 | −$8.5M | $6.1M | $1.9M | $83,000 |
| Cash from operating activities | $39.3M | −$8.0M | $45.4M | $26.3M | $44.0M | −$28.7M | −$60.1M | $169.0M | $45.4M | −$20.4M | $58.4M | $78.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$17,000 | $0 | $0 | −$1.5M | −$635,000 | −$872,000 | −$1.7M | −$1.8M | −$458,000 | −$1.4M | −$1.7M | −$1.1M |
| Investments (net) | $216.4M | $14.0M | −$230.8M | −$291.4M | −$405.6M | −$373.8M | $199.1M | $146.9M | $249.6M | $337.1M | $190.8M | $79.4M |
| Acquisitions & other investing | −$192.3M | −$464.9M | −$305.7M | $1.5M | $635,000 | $872,000 | $1.7M | $1.8M | $458,000 | $1.4M | $1.7M | $1.1M |
| Cash from investing activities | $24.2M | −$450.9M | −$536.5M | −$291.4M | −$405.6M | −$373.8M | $199.1M | $146.9M | $249.6M | $337.1M | $190.8M | $79.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$28.8M | −$30.5M | −$28.8M | −$28.8M | −$29.0M | −$30.7M | −$28.9M | −$28.9M | −$29.0M | −$30.9M | −$28.7M | −$28.7M |
| Share repurchases & issuance (net) | $13.4M | −$13.4M | −$1.3M | −$1.5M | −$6.6M | −$2.3M | −$4.5M | −$1.2M | −$211,000 | −$647,000 | $2.5M | −$196,000 |
| Net borrowing (repayment) | −$23.8M | $516.0M | $512.0M | $219.3M | $12.3M | −$366.8M | −$449.9M | $213.7M | — | — | — | −$134.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$374.5M | −$14.5M | −$842,000 | −$9.3M | −$167,000 | −$10.4M | −$8.9M | −$7.8M | −$290.8M | −$128.6M | −$14.9M | −$739,000 |
| Cash from financing activities | −$413.7M | $457.6M | $481.1M | $179.7M | −$23.5M | −$410.2M | −$492.1M | $175.8M | −$320.0M | −$160.2M | −$41.1M | −$163.6M |
| Summary | ||||||||||||
| Net change in cash | −$346.6M | −$4.9M | −$10.1M | −$85.4M | −$385.0M | −$812.7M | −$353.2M | $491.7M | −$25.0M | $156.5M | $208.1M | −$6.1M |
| Cash at end of period | −$313.6M | $33.1M | $52.8M | $62.9M | $148.3M | $533.3M | $1.35B | $1.70B | $1.21B | $1.23B | $1.08B | $867.8M |
| Free cash flow | $39.3M | −$8.0M | $45.4M | $26.3M | $44.0M | −$28.7M | −$60.1M | $169.0M | $45.4M | −$20.4M | $58.4M | $78.1M |
| Free cash flow margin | 50.2% | −7.7% | 47.1% | 25.7% | 44.8% | −31.4% | −49.6% | 130.4% | 38.2% | −15.8% | 47.9% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 1.5% | 0.6% | 1.0% | 1.4% | 1.4% | 0.4% | 1.1% | 1.4% | — |
| Operating cash flow / net income | 2.70 | −3.07 | 2.86 | 1.37 | 2.57 | −2.49 | −1.92 | 6.13 | 1.41 | −1.24 | 3.07 | 2.50 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LADR cash generation
In fiscal 2025 (ended December 31, 2025), Ladder Capital generated $87.0 million of cash from operations (down 35.0%) and spent $0 on capital expenditures, leaving free cash flow of $87.0 million, 22.2% of revenue. It returned $129.2 million to shareholders through dividends ($117.4 million) and net share buybacks ($11.8 million). Cash and equivalents fell by $1.3 billion over the year.
Related: LADR income statement, LADR balance sheet, LADR dividend history. See the LADR stock overview for the latest quote and news.
LADR cash flow FAQ
What is Ladder Capital's free cash flow?
Ladder Capital's free cash flow was $87.0 million in fiscal 2025: $87.0 million of operating cash flow minus $0 of capital expenditures It was $133.9 million a year earlier..
How much cash does Ladder Capital generate from operations?
Ladder Capital generated $87.0 million of cash from operating activities in fiscal 2025, 1.37 times its net income of $63.7 million.
How much stock does Ladder Capital buy back?
Ladder Capital spent $11.8 million on net share repurchases in fiscal 2025.
How much does Ladder Capital pay in dividends?
Ladder Capital paid $117.4 million in dividends in fiscal 2025, 134.9% of free cash flow.