Ladder configurations and components are provided including a first assembly of rails and a second assembly of rails that are pivotable relative to each other between a collapsed configuration and an expanded configuration. A tray rotatably connected to a top cap of the ladder may include a convertible compartment, a pair of clamps, attachment points, and a ferromagnetic component. The tray may be rotatable relative to the top cap by operation of an adjustment member that locks or unlocks the tray. Rotation of the tray may position the tray in an upright position substantially parallel to the first assembly of rails and in a storage position substantially parallel to and behind the first assembly of rails.