00015776702024Q3FALSE12/31http://fasb.org/us-gaap/2024#InterestReceivable0.66670.500.500.500.500.66670.500.500.500.50xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureladr:unconsolidatedVentureladr:loansladr:propertyladr:securityladr:extensionOfMaturityPeriodladr:agreementladr:optionladr:jointVentureladr:installmentladr:segment00015776702024-01-012024-09-300001577670us-gaap:CommonClassAMember2024-10-180001577670us-gaap:CommonClassBMember2024-10-1800015776702024-09-3000015776702023-12-310001577670us-gaap:CommonClassAMember2023-12-310001577670us-gaap:CommonClassAMember2024-09-3000015776702024-07-012024-09-3000015776702023-07-012023-09-3000015776702023-01-012023-09-300001577670us-gaap:CommonClassAMember2024-07-012024-09-300001577670us-gaap:CommonClassAMember2023-07-012023-09-300001577670us-gaap:CommonClassAMember2024-01-012024-09-300001577670us-gaap:CommonClassAMember2023-01-012023-09-300001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-06-300001577670us-gaap:AdditionalPaidInCapitalMember2024-06-300001577670us-gaap:TreasuryStockCommonMember2024-06-300001577670us-gaap:RetainedEarningsMember2024-06-300001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2024-06-3000015776702024-06-300001577670us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-07-012024-09-300001577670us-gaap:TreasuryStockCommonMember2024-07-012024-09-300001577670us-gaap:RetainedEarningsMember2024-07-012024-09-300001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2024-07-012024-09-300001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-09-300001577670us-gaap:AdditionalPaidInCapitalMember2024-09-300001577670us-gaap:TreasuryStockCommonMember2024-09-300001577670us-gaap:RetainedEarningsMember2024-09-300001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2024-09-300001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-06-300001577670us-gaap:AdditionalPaidInCapitalMember2023-06-300001577670us-gaap:TreasuryStockCommonMember2023-06-300001577670us-gaap:RetainedEarningsMember2023-06-300001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2023-06-3000015776702023-06-300001577670us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-07-012023-09-300001577670us-gaap:TreasuryStockCommonMember2023-07-012023-09-300001577670us-gaap:RetainedEarningsMember2023-07-012023-09-300001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2023-07-012023-09-300001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-09-300001577670us-gaap:AdditionalPaidInCapitalMember2023-09-300001577670us-gaap:TreasuryStockCommonMember2023-09-300001577670us-gaap:RetainedEarningsMember2023-09-300001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2023-09-3000015776702023-09-300001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-12-310001577670us-gaap:AdditionalPaidInCapitalMember2023-12-310001577670us-gaap:TreasuryStockCommonMember2023-12-310001577670us-gaap:RetainedEarningsMember2023-12-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2023-12-310001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2024-01-012024-09-300001577670us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-01-012024-09-300001577670us-gaap:TreasuryStockCommonMember2024-01-012024-09-300001577670us-gaap:RetainedEarningsMember2024-01-012024-09-300001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-12-310001577670us-gaap:AdditionalPaidInCapitalMember2022-12-310001577670us-gaap:TreasuryStockCommonMember2022-12-310001577670us-gaap:RetainedEarningsMember2022-12-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2022-12-3100015776702022-12-310001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2023-01-012023-09-300001577670us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-01-012023-09-300001577670us-gaap:TreasuryStockCommonMember2023-01-012023-09-300001577670us-gaap:RetainedEarningsMember2023-01-012023-09-300001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001577670ladr:LadderCapitalFinanceHoldingsLLLPMember2024-09-300001577670ladr:FirstMortgageHeldForInvestmentMember2024-09-300001577670ladr:FirstMortgageHeldForInvestmentMember2024-01-012024-09-300001577670ladr:MezzanineLoanMember2024-09-300001577670ladr:MezzanineLoanMember2024-01-012024-09-300001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2024-09-300001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2024-01-012024-09-300001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2024-09-300001577670ladr:MortgageLoanReceivablesHeldForSaleMember2024-09-300001577670ladr:MortgageLoanReceivablesHeldForSaleMember2024-01-012024-09-300001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2024-01-012024-09-300001577670ladr:FirstMortgageHeldForInvestmentMember2023-12-310001577670ladr:FirstMortgageHeldForInvestmentMember2023-01-012023-09-300001577670ladr:MezzanineLoanMember2023-12-310001577670ladr:MezzanineLoanMember2023-01-012023-09-300001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2023-12-310001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2023-01-012023-09-300001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2023-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2023-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2023-01-012023-09-3000015776702024-01-012024-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2024-01-012024-03-310001577670ladr:ConduitMortgageLoansMember2024-01-012024-09-300001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2022-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2022-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2023-01-012023-09-300001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2023-09-300001577670ladr:MortgageLoanReceivablesHeldForSaleMember2023-09-300001577670ladr:AssetSpecificReserveCompanyLoanMember2023-01-012023-09-300001577670ladr:AssetSpecificReserveCompanyLoanMember2024-01-012024-09-300001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:MultifamilyLoanMemberladr:OneOfCompanyLoansMember2024-01-012024-09-300001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:MultifamilyLoanMemberladr:OneOfCompanyLoansMember2024-09-300001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:MultifamilyLoanMemberladr:OneOfCompanyLoansMember2024-01-012024-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:MultifamilyLoanMemberladr:OneOfCompanyLoansMember2023-12-310001577670ladr:FirstMortgageHeldForInvestmentMember2023-01-012023-12-310001577670ladr:FirstMortgageHeldForInvestmentMember2024-06-012024-06-300001577670ladr:FirstMortgageHeldForInvestmentMember2024-07-012024-09-300001577670ladr:AssetSpecificReserveCompanyLoanMember2023-07-012023-09-300001577670srt:OfficeBuildingMember2024-09-300001577670srt:MultifamilyMember2024-09-300001577670ladr:MixedUseMember2024-09-300001577670srt:RetailSiteMember2024-09-300001577670ladr:HospitalityMember2024-09-300001577670srt:IndustrialPropertyMember2024-09-300001577670ladr:OtherIndustrialMember2024-09-300001577670ladr:ManufacturedHousingMember2024-09-300001577670srt:MultifamilyMember2023-12-310001577670srt:OfficeBuildingMember2023-12-310001577670ladr:MixedUseMember2023-12-310001577670srt:IndustrialPropertyMember2023-12-310001577670ladr:ManufacturedHousingMember2023-12-310001577670srt:RetailSiteMember2023-12-310001577670ladr:HospitalityMember2023-12-310001577670ladr:OtherIndustrialMember2023-12-310001577670ladr:OaklandCAMember2024-07-012024-09-300001577670ladr:OaklandCAMember2024-09-300001577670ladr:NewYorkNYMember2023-01-012023-12-310001577670ladr:NewYorkNYMember2023-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001577670us-gaap:CommercialMortgageBackedSecuritiesMember2024-01-012024-09-300001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-09-300001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-01-012024-09-300001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-09-300001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-01-012024-09-300001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-01-012024-09-300001577670us-gaap:CorporateBondSecuritiesMember2024-09-300001577670us-gaap:CorporateBondSecuritiesMember2024-01-012024-09-300001577670us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2023-01-012023-09-300001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2023-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2023-01-012023-09-300001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2023-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2023-01-012023-09-300001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-01-012023-09-300001577670us-gaap:USTreasurySecuritiesMember2023-12-310001577670us-gaap:USTreasurySecuritiesMember2023-01-012023-09-300001577670us-gaap:CommonStockMember2023-12-310001577670us-gaap:USTreasurySecuritiesMember2024-09-300001577670us-gaap:LandMember2024-09-300001577670us-gaap:LandMember2023-12-310001577670us-gaap:BuildingMember2024-09-300001577670us-gaap:BuildingMember2023-12-310001577670ladr:InplaceLeasesAndOtherIntangiblesMember2024-09-300001577670ladr:InplaceLeasesAndOtherIntangiblesMember2023-12-310001577670ladr:UndepreciatedRealEstateAndRelatedLeaseIntangiblesMember2024-09-300001577670ladr:UndepreciatedRealEstateAndRelatedLeaseIntangiblesMember2023-12-310001577670us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-09-300001577670us-gaap:AboveMarketLeasesMember2024-07-012024-09-300001577670us-gaap:AboveMarketLeasesMember2023-07-012023-09-300001577670us-gaap:AboveMarketLeasesMember2024-01-012024-09-300001577670us-gaap:AboveMarketLeasesMember2023-01-012023-09-300001577670ladr:InplaceLeasesIntangiblesMember2024-09-300001577670ladr:AmortizationExpenseMember2024-09-300001577670ladr:LosAngelesCaliforniaMembersrt:MultifamilyMember2024-02-290001577670ladr:LongviewTXMembersrt:MultifamilyMember2024-04-300001577670ladr:AmarilloTXMembersrt:MultifamilyMember2024-04-300001577670ladr:LosAngelesCaliforniaMembersrt:MultifamilyMember2024-06-300001577670ladr:OaklandCAMemberladr:OfficeMember2024-09-300001577670ladr:LosAngelesCaliforniaMembersrt:MultifamilyMember2024-02-012024-02-290001577670ladr:LosAngelesCaliforniaMembersrt:MultifamilyMemberus-gaap:RealEstateAcquiredInSatisfactionOfDebtMember2024-02-012024-02-290001577670ladr:LongviewTXMembersrt:MultifamilyMember2024-04-012024-04-300001577670ladr:LongviewTXMembersrt:MultifamilyMember2024-06-012024-06-300001577670ladr:AmarilloTXMembersrt:MultifamilyMember2024-04-012024-04-300001577670ladr:AmarilloTXMembersrt:MultifamilyMemberus-gaap:RealEstateAcquiredInSatisfactionOfDebtMember2024-04-012024-04-300001577670ladr:AmarilloTXMembersrt:MultifamilyMemberus-gaap:RealEstateAcquiredInSatisfactionOfDebtMember2024-06-012024-06-300001577670ladr:OaklandCAMemberladr:OfficeMemberus-gaap:RealEstateAcquiredInSatisfactionOfDebtMember2024-09-012024-09-300001577670ladr:OaklandCAMemberladr:OfficeMember2024-09-012024-09-300001577670ladr:NewYorkNYMemberladr:MixedUseMember2023-09-300001577670ladr:NewYorkNYMemberladr:MixedUseMember2023-09-012023-09-300001577670ladr:NewYorkNYMemberladr:MixedUseMemberus-gaap:RealEstateAcquiredInSatisfactionOfDebtMember2023-09-012023-09-300001577670ladr:PeoriaILMemberladr:OfficeMemberladr:DisposalProperties2024Member2024-05-012024-05-310001577670ladr:PeoriaILMemberladr:OfficeMemberladr:DisposalProperties2024Member2024-05-310001577670ladr:LosAngelesCaliforniaMembersrt:MultifamilyMemberladr:DisposalProperties2024Member2024-06-012024-06-300001577670ladr:LosAngelesCaliforniaMembersrt:MultifamilyMemberladr:DisposalProperties2024Member2024-06-300001577670ladr:WaldorfMDMembersrt:RetailSiteMemberladr:DisposalProperties2024Member2024-06-012024-06-300001577670ladr:WaldorfMDMembersrt:RetailSiteMemberladr:DisposalProperties2024Member2024-06-300001577670ladr:LongviewTXMembersrt:MultifamilyMemberladr:DisposalProperties2024Member2024-06-012024-06-300001577670ladr:LongviewTXMembersrt:MultifamilyMemberladr:DisposalProperties2024Member2024-06-300001577670ladr:LosAngelesCaliforniaMembersrt:MultifamilyMemberladr:DisposalProperties2024Member2024-07-012024-07-310001577670ladr:LosAngelesCaliforniaMembersrt:MultifamilyMemberladr:DisposalProperties2024Member2024-07-310001577670ladr:DisposalProperties2024Member2024-01-012024-09-300001577670ladr:DisposalProperties2024Member2024-09-300001577670ladr:SanDiegoCAMembersrt:HotelMemberladr:DisposalProperties2023Member2023-08-012023-08-310001577670ladr:SanDiegoCAMembersrt:HotelMemberladr:DisposalProperties2023Member2023-08-310001577670ladr:DisposalProperties2023Member2023-01-012023-09-300001577670ladr:DisposalProperties2023Member2023-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn27September2025Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:MaturingOn27September2025Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:MaturingOn27September2025Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn19December2024Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:MaturingOn19December2024Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:MaturingOn19December2024Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturing30April2026Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:Maturing30April2026Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:Maturing30April2026Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn3October2025Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:MaturingOn3October2025Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:MaturingOn3October2025Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn22January2025Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:MaturingOn22January2025Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:MaturingOn22January2025Member2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMember2024-09-300001577670ladr:UncommittedSecuritiesRepurchaseFacilitiesMemberladr:MaturingOn15July2024Member2024-09-300001577670ladr:UncommittedSecuritiesRepurchaseFacilitiesMembersrt:MinimumMemberladr:MaturingOn15July2024Member2024-09-300001577670ladr:UncommittedSecuritiesRepurchaseFacilitiesMembersrt:MaximumMemberladr:MaturingOn15July2024Member2024-09-300001577670us-gaap:RepurchaseAgreementsMember2024-09-300001577670us-gaap:RevolvingCreditFacilityMemberladr:MaturingOn25January2025Member2024-09-300001577670us-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberladr:MaturingOn25January2025Member2024-09-300001577670us-gaap:RevolvingCreditFacilityMembersrt:MaximumMemberladr:MaturingOn25January2025Member2024-09-300001577670us-gaap:MortgagesMemberladr:MaturingOnVariousDateMember2024-09-300001577670us-gaap:MortgagesMembersrt:MinimumMemberladr:MaturingOnVariousDateMember2024-09-300001577670us-gaap:MortgagesMembersrt:MaximumMemberladr:MaturingOnVariousDateMember2024-09-300001577670us-gaap:CollateralizedLoanObligationsMemberladr:MaturingOnVariousDateMember2024-09-300001577670us-gaap:CollateralizedLoanObligationsMembersrt:MinimumMemberladr:MaturingOnVariousDateMember2024-09-300001577670us-gaap:CollateralizedLoanObligationsMembersrt:MaximumMemberladr:MaturingOnVariousDateMember2024-09-300001577670ladr:SeniorUnsecuredNotesMemberladr:MaturingOnVariousDateMember2024-09-300001577670ladr:SeniorUnsecuredNotesMembersrt:MinimumMemberladr:MaturingOnVariousDateMember2024-09-300001577670ladr:SeniorUnsecuredNotesMembersrt:MaximumMemberladr:MaturingOnVariousDateMember2024-09-300001577670ladr:DebtObligationsMember2024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn27September2025Member2024-01-012024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn19December2024Member2024-01-012024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturing30April2026Member2024-01-012024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn3October2025Member2024-01-012024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn22January2025Member2024-01-012024-09-300001577670us-gaap:RevolvingCreditFacilityMemberladr:MaturingOn25January2025Member2024-01-012024-09-300001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn27September2025Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:MaturingOn27September2025Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:MaturingOn27September2025Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn19December2024Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:MaturingOn19December2024Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:MaturingOn19December2024Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturing30April2024Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:Maturing30April2024Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:Maturing30April2024Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn3October2025Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:MaturingOn3October2025Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:MaturingOn3October2025Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn22January2024Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:MaturingOn22January2024Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:MaturingOn22January2024Member2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMember2023-12-310001577670ladr:TermMasterRepurchaseAgreementMemberladr:MaturingOn27May2024Member2023-12-310001577670ladr:TermMasterRepurchaseAgreementMembersrt:MinimumMemberladr:MaturingOn27May2024Member2023-12-310001577670ladr:TermMasterRepurchaseAgreementMembersrt:MaximumMemberladr:MaturingOn27May2024Member2023-12-310001577670ladr:UncommittedSecuritiesRepurchaseFacilitiesMemberladr:MaturingOn17January2024Member2023-12-310001577670ladr:UncommittedSecuritiesRepurchaseFacilitiesMembersrt:MinimumMemberladr:MaturingOn17January2024Member2023-12-310001577670ladr:UncommittedSecuritiesRepurchaseFacilitiesMembersrt:MaximumMemberladr:MaturingOn17January2024Member2023-12-310001577670us-gaap:RepurchaseAgreementsMember2023-12-310001577670us-gaap:RevolvingCreditFacilityMemberladr:MaturingOn27July2024Member2023-12-310001577670us-gaap:RevolvingCreditFacilityMembersrt:MinimumMemberladr:MaturingOn27July2024Member2023-12-310001577670us-gaap:RevolvingCreditFacilityMembersrt:MaximumMemberladr:MaturingOn27July2024Member2023-12-310001577670us-gaap:MortgagesMemberladr:MaturingOnVariousDateMember2023-12-310001577670us-gaap:MortgagesMembersrt:MinimumMemberladr:MaturingOnVariousDateMember2023-12-310001577670us-gaap:MortgagesMembersrt:MaximumMemberladr:MaturingOnVariousDateMember2023-12-310001577670us-gaap:CollateralizedLoanObligationsMemberladr:MaturingOnVariousDateMember2023-12-310001577670us-gaap:CollateralizedLoanObligationsMembersrt:MinimumMemberladr:MaturingOnVariousDateMember2023-12-310001577670us-gaap:CollateralizedLoanObligationsMembersrt:MaximumMemberladr:MaturingOnVariousDateMember2023-12-310001577670us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMemberladr:MaturingOnVariousDateMember2023-12-310001577670us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMembersrt:MinimumMemberladr:MaturingOnVariousDateMember2023-12-310001577670us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMembersrt:MaximumMemberladr:MaturingOnVariousDateMember2023-12-310001577670ladr:SeniorUnsecuredNotesMemberladr:MaturingOnVariousDateMember2023-12-310001577670ladr:SeniorUnsecuredNotesMembersrt:MinimumMemberladr:MaturingOnVariousDateMember2023-12-310001577670ladr:SeniorUnsecuredNotesMembersrt:MaximumMemberladr:MaturingOnVariousDateMember2023-12-310001577670ladr:DebtObligationsMember2023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn27September2025Member2023-01-012023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn19December2024Member2023-01-012023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturing30April2024Member2023-01-012023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn3October2025Member2023-01-012023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn22January2024Member2023-01-012023-12-310001577670us-gaap:RevolvingCreditFacilityMemberladr:MaturingOn27July2024Member2023-01-012023-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMember2024-01-012024-09-300001577670ladr:TermMasterRepurchaseAgreementMemberladr:MaturingOn27May2024Member2024-06-300001577670ladr:LoanRepurchaseFacilitiesMember2024-09-300001577670ladr:LoanRepurchaseFacilitiesMember2024-01-012024-09-300001577670us-gaap:RevolvingCreditFacilityMemberladr:LondonInterbankOfferedRateLIBOR1Member2024-09-300001577670us-gaap:LetterOfCreditMember2024-09-300001577670us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-09-300001577670ladr:CreditAgreementandRevolvingCreditFacilityMember2024-09-300001577670ladr:CreditAgreementandRevolvingCreditFacilityMember2023-12-310001577670ladr:UncommittedSecuritiesRepurchaseFacilitiesMembersrt:MinimumMember2024-01-012024-09-300001577670ladr:UncommittedSecuritiesRepurchaseFacilitiesMembersrt:MaximumMember2024-01-012024-09-300001577670ladr:UncommittedSecuritiesRepurchaseFacilitiesMember2024-09-300001577670us-gaap:MortgagesMember2024-09-300001577670us-gaap:MortgagesMember2023-12-310001577670us-gaap:MortgagesMember2024-07-012024-09-300001577670us-gaap:MortgagesMember2024-01-012024-09-300001577670us-gaap:MortgagesMember2023-07-012023-09-300001577670us-gaap:MortgagesMember2023-01-012023-09-300001577670srt:MinimumMemberus-gaap:MortgagesMember2024-09-300001577670srt:MaximumMemberus-gaap:MortgagesMember2024-09-300001577670ladr:MortgagesExecutedQMemberus-gaap:MortgagesMember2024-09-300001577670ladr:MortgagesExecutedYMemberus-gaap:MortgagesMember2024-09-300001577670ladr:NonRecourseNotesMemberus-gaap:CollateralizedLoanObligationsMember2021-07-130001577670ladr:NonRecourseNotesMemberus-gaap:CollateralizedLoanObligationsMember2021-07-132021-07-130001577670ladr:CollateralizedLoanObligationMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-07-132021-07-130001577670ladr:NonRecourseNotesMemberus-gaap:CollateralizedLoanObligationsMember2021-12-020001577670ladr:NonRecourseNotesMemberus-gaap:CollateralizedLoanObligationsMember2021-12-022021-12-020001577670ladr:CollateralizedLoanObligationMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-022021-12-020001577670ladr:CollateralizedLoanObligationMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-12-020001577670ladr:TueborCaptiveInsuranceCompanyLLCMemberus-gaap:FederalHomeLoanBankAdvancesMember2024-09-300001577670ladr:TueborCaptiveInsuranceCompanyLLCMember2024-09-300001577670us-gaap:UnsecuredDebtMember2024-09-300001577670ladr:SeniorNotesDue2025Memberus-gaap:UnsecuredDebtMember2024-09-300001577670ladr:SeniorNotesDue2027Memberus-gaap:UnsecuredDebtMember2024-09-300001577670ladr:SeniorNotesDue2029Memberus-gaap:UnsecuredDebtMember2024-09-300001577670ladr:A7.00SeniorNoteDue2031Memberus-gaap:UnsecuredDebtMember2024-09-300001577670ladr:SeniorNotesDue2025Memberus-gaap:UnsecuredDebtMember2024-01-012024-09-300001577670ladr:SeniorNotesDue2029Memberus-gaap:UnsecuredDebtMember2024-01-012024-09-300001577670ladr:LadderCapitalFinanceCorporationMemberladr:LadderCapitalFinanceHoldingsLLLPMember2024-09-300001577670ladr:SeniorUnsecuredNotesMember2024-09-300001577670ladr:MortgageLoanReceivableFinancingMember2024-09-300001577670us-gaap:CollateralizedLoanObligationsMember2024-09-300001577670us-gaap:InterestRateCapMember2024-09-300001577670ladr:InterestRateFutureTenYearUSTreasuryNoteMember2024-09-300001577670us-gaap:FutureMember2024-09-300001577670us-gaap:PutOptionMember2024-09-300001577670us-gaap:CreditRiskContractMember2024-09-300001577670us-gaap:InterestRateCapMember2023-12-310001577670ladr:InterestRateFutureFiveYearUSTreasuryNoteMember2023-12-310001577670ladr:InterestRateFutureTenYearUSTreasuryNoteMember2023-12-310001577670us-gaap:FutureMember2023-12-310001577670us-gaap:PutOptionMember2023-12-310001577670us-gaap:InterestRateCapMember2024-07-012024-09-300001577670us-gaap:InterestRateCapMember2024-01-012024-09-300001577670us-gaap:FutureMember2024-07-012024-09-300001577670us-gaap:FutureMember2024-01-012024-09-300001577670us-gaap:PutOptionMember2024-07-012024-09-300001577670us-gaap:PutOptionMember2024-01-012024-09-300001577670us-gaap:InterestRateCapMember2023-07-012023-09-300001577670us-gaap:InterestRateCapMember2023-01-012023-09-300001577670us-gaap:FutureMember2023-07-012023-09-300001577670us-gaap:FutureMember2023-01-012023-09-300001577670us-gaap:PutOptionMember2023-07-012023-09-300001577670us-gaap:PutOptionMember2023-01-012023-09-300001577670us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-09-300001577670us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2023-12-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-04-240001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-04-230001577670ladr:A2014ShareRepurchaseAuthorizationProgramMember2024-09-300001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2023-12-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-04-242024-04-240001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-01-012024-01-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-02-012024-02-290001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-03-012024-03-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-04-012024-04-300001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-05-012024-05-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-06-012024-06-300001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-07-012024-07-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-08-012024-08-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-09-012024-09-300001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-09-300001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2022-12-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2023-03-012023-03-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2023-09-012023-09-300001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2023-09-300001577670us-gaap:CommonClassAMember2024-01-012024-03-310001577670us-gaap:CommonClassAMember2024-04-012024-06-300001577670us-gaap:CommonClassAMember2023-01-012023-03-310001577670us-gaap:CommonClassAMember2023-04-012023-06-300001577670us-gaap:CorporateJointVentureMember2024-09-300001577670ladr:NoncontrollingInterestInConsolidatedVenturesMemberus-gaap:CorporateJointVentureMembersrt:MinimumMember2024-09-300001577670ladr:NoncontrollingInterestInConsolidatedVenturesMemberus-gaap:CorporateJointVentureMembersrt:MaximumMember2024-09-300001577670ladr:IslaVistaCaliforniaMemberladr:StudentHousingMemberus-gaap:CorporateJointVentureMember2024-09-300001577670ladr:OaklandCountyMichiganMembersrt:OfficeBuildingMemberus-gaap:CorporateJointVentureMember2024-09-300001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2024-07-012024-09-300001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2023-07-012023-09-300001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2024-01-012024-09-300001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2023-01-012023-09-300001577670us-gaap:RestrictedStockMember2023-12-310001577670us-gaap:EmployeeStockOptionMember2023-12-310001577670us-gaap:RestrictedStockMember2024-01-012024-09-300001577670us-gaap:EmployeeStockOptionMember2024-01-012024-09-300001577670us-gaap:RestrictedStockMember2024-09-300001577670us-gaap:EmployeeStockOptionMember2024-09-300001577670ladr:StockOptionsWarrantsAndRightsMember2024-09-300001577670ladr:OmnibusIncentivePlan2023Member2023-06-060001577670ladr:OmnibusIncentivePlan2014Member2023-06-060001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:NonManagementGranteeMember2024-02-290001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:PerformanceBasedVestingMemberladr:ManagementGranteesMember2024-02-012024-02-2900015776702024-02-182024-02-180001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:ManagementGranteesMemberus-gaap:CommonClassAMember2024-02-182024-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:TimeAndPerformanceBasedVestingMember2024-02-182024-02-180001577670us-gaap:RestrictedStockMemberladr:TimeAndPerformanceBasedVestingMemberladr:ManagementGranteesMemberus-gaap:CommonClassAMember2024-02-182024-02-180001577670us-gaap:RestrictedStockMemberladr:NonManagementGranteeMemberus-gaap:CommonClassAMember2024-02-182024-02-180001577670ladr:NonManagementGranteeMemberladr:MrMiceliAndMsPorcellaMember2024-02-182024-02-180001577670ladr:TimeBasedVestingMemberladr:NonManagementGranteeMemberladr:OtherNonManagementGranteesMember2024-02-182024-02-180001577670ladr:PerformanceBasedVestingMemberladr:NonManagementGranteeMemberladr:OtherNonManagementGranteesMember2024-02-182024-02-180001577670us-gaap:RestrictedStockMemberladr:BoardOfDirectorsMemberus-gaap:CommonClassAMember2024-02-182024-02-180001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:NonManagementGranteeMember2023-02-280001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:PerformanceBasedVestingMemberladr:ManagementGranteesMember2023-02-012023-02-2800015776702023-02-182023-02-180001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:ManagementGranteesMemberus-gaap:CommonClassAMember2023-02-182023-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:TimeAndPerformanceBasedVestingMember2023-02-182023-02-180001577670us-gaap:RestrictedStockMemberladr:TimeAndPerformanceBasedVestingMemberladr:ManagementGranteesMemberus-gaap:CommonClassAMember2023-02-182023-02-180001577670us-gaap:RestrictedStockMemberladr:NonManagementGranteeMemberus-gaap:CommonClassAMember2023-02-182023-02-180001577670ladr:NonManagementGranteeMemberladr:MrMiceliAndMsPorcellaMember2023-02-182023-02-180001577670ladr:TimeBasedVestingMemberladr:NonManagementGranteeMemberladr:OtherNonManagementGranteesMember2023-02-182023-02-180001577670ladr:PerformanceBasedVestingMemberladr:NonManagementGranteeMemberladr:OtherNonManagementGranteesMember2023-02-182023-02-180001577670us-gaap:RestrictedStockMemberladr:BoardOfDirectorsMemberus-gaap:CommonClassAMember2023-02-182023-02-180001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:PerformanceBasedVestingAndCatchUpProvisionMemberladr:ManagementGranteesMember2024-02-012024-02-290001577670ladr:OmnibusIncentivePlan2014Memberladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:MsMcCormackAndMrPerelmanMember2024-02-182024-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:PerformanceBasedVestingAndCatchUpProvisionMemberladr:MsMcCormackAndMrPerelmanMember2024-02-182024-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:TimeBasedVestingMemberladr:MrMiceliAndMsPorcellaMember2024-02-182024-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:PerformanceBasedVestingMemberladr:MrMiceliAndMsPorcellaMember2023-02-182023-02-180001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:PerformanceBasedVestingAndCatchUpProvisionMemberladr:ManagementGranteesMember2023-02-012023-02-280001577670ladr:OmnibusIncentivePlan2014Memberladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:MsMcCormackAndMrPerelmanMember2023-02-182023-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:PerformanceBasedVestingAndCatchUpProvisionMemberladr:MsMcCormackAndMrPerelmanMember2023-02-182023-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:TimeBasedVestingMemberladr:MrMiceliAndMsPorcellaMember2023-02-182023-02-180001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:CorporateBondSecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:CorporateBondSecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForSaleMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForSaleMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForSaleMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:CounterpartyQuotationsValuationTechniqueMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:RepurchaseAgreementsShortTermMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:CostPlusAccruedInterestValuationTechniqueMemberladr:RepurchaseAgreementsShortTermMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:CostPlusAccruedInterestValuationTechniqueMemberladr:RepurchaseAgreementsShortTermMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:MortgagesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:MortgagesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:CollateralizedDebtObligationsMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:CollateralizedDebtObligationsMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorNotesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:SeniorNotesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:SeniorNotesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-09-300001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2024-01-012024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:USTreasurySecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:USTreasurySecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForSaleMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForSaleMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForSaleMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InvestmentInFederalHomeLoanBankStockMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberus-gaap:CostApproachValuationTechniqueMemberus-gaap:InvestmentInFederalHomeLoanBankStockMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:CounterpartyQuotationsValuationTechniqueMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:RepurchaseAgreementsShortTermMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:CostPlusAccruedInterestValuationTechniqueMemberladr:RepurchaseAgreementsShortTermMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:CostPlusAccruedInterestValuationTechniqueMemberladr:RepurchaseAgreementsShortTermMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:RepurchaseAgreementsLongTermMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:RepurchaseAgreementsLongTermMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:RepurchaseAgreementsLongTermMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:MortgagesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:MortgagesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:CollateralizedDebtObligationsMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:CollateralizedDebtObligationsMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorNotesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:SeniorNotesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:SeniorNotesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2023-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2023-01-012023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMember2024-09-300001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-09-300001577670ladr:MortgageLoanReceivablesHeldForSaleMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberladr:MortgageLoanReceivablesHeldForSaleMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberladr:MortgageLoanReceivablesHeldForSaleMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberladr:MortgageLoanReceivablesHeldForSaleMember2024-09-300001577670us-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-09-300001577670us-gaap:FairValueInputsLevel1Member2024-09-300001577670us-gaap:FairValueInputsLevel2Member2024-09-300001577670us-gaap:FairValueInputsLevel3Member2024-09-300001577670ladr:RepurchaseAgreementsShortTermMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberladr:RepurchaseAgreementsShortTermMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberladr:RepurchaseAgreementsShortTermMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberladr:RepurchaseAgreementsShortTermMember2024-09-300001577670us-gaap:MortgagesMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberus-gaap:MortgagesMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberus-gaap:MortgagesMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberus-gaap:MortgagesMember2024-09-300001577670us-gaap:CollateralizedDebtObligationsMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedDebtObligationsMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedDebtObligationsMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2024-09-300001577670us-gaap:SeniorNotesMember2024-09-300001577670us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2024-09-300001577670us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMember2024-09-300001577670us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMember2024-09-300001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001577670us-gaap:FairValueMeasurementsRecurringMember2023-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2023-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberladr:MortgageLoanReceivablesHeldForSaleMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:MortgageLoanReceivablesHeldForSaleMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:MortgageLoanReceivablesHeldForSaleMember2023-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2023-12-310001577670us-gaap:InvestmentInFederalHomeLoanBankStockMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:InvestmentInFederalHomeLoanBankStockMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:InvestmentInFederalHomeLoanBankStockMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentInFederalHomeLoanBankStockMember2023-12-310001577670us-gaap:FairValueInputsLevel1Member2023-12-310001577670us-gaap:FairValueInputsLevel2Member2023-12-310001577670us-gaap:FairValueInputsLevel3Member2023-12-310001577670ladr:RepurchaseAgreementsShortTermMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberladr:RepurchaseAgreementsShortTermMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:RepurchaseAgreementsShortTermMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:RepurchaseAgreementsShortTermMember2023-12-310001577670ladr:RepurchaseAgreementsLongTermMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberladr:RepurchaseAgreementsLongTermMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:RepurchaseAgreementsLongTermMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:RepurchaseAgreementsLongTermMember2023-12-310001577670us-gaap:MortgagesMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:MortgagesMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:MortgagesMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:MortgagesMember2023-12-310001577670us-gaap:CollateralizedDebtObligationsMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedDebtObligationsMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedDebtObligationsMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2023-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FederalHomeLoanBankAdvancesMember2023-12-310001577670us-gaap:SeniorNotesMember2023-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2023-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMember2023-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMember2023-12-3100015776702023-04-300001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2024-09-300001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2023-12-310001577670ladr:USTreasurySecuritiesTradedNotYetSettledMember2024-09-300001577670ladr:USTreasurySecuritiesTradedNotYetSettledMember2023-12-310001577670us-gaap:OperatingSegmentsMemberladr:LoansSegmentMember2024-07-012024-09-300001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2024-07-012024-09-300001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2024-07-012024-09-300001577670us-gaap:CorporateNonSegmentMember2024-07-012024-09-300001577670us-gaap:OperatingSegmentsMemberladr:LoansSegmentMember2024-09-300001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2024-09-300001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2024-09-300001577670us-gaap:CorporateNonSegmentMember2024-09-300001577670us-gaap:OperatingSegmentsMemberladr:LoansSegmentMember2023-07-012023-09-300001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2023-07-012023-09-300001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2023-07-012023-09-300001577670us-gaap:CorporateNonSegmentMember2023-07-012023-09-300001577670us-gaap:OperatingSegmentsMemberladr:LoansSegmentMember2023-12-310001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2023-12-310001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2023-12-310001577670us-gaap:CorporateNonSegmentMember2023-12-310001577670us-gaap:OperatingSegmentsMemberladr:LoansSegmentMember2024-01-012024-09-300001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2024-01-012024-09-300001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2024-01-012024-09-300001577670us-gaap:CorporateNonSegmentMember2024-01-012024-09-300001577670us-gaap:OperatingSegmentsMemberladr:LoansSegmentMember2023-01-012023-09-300001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2023-01-012023-09-300001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2023-01-012023-09-300001577670us-gaap:CorporateNonSegmentMember2023-01-012023-09-300001577670us-gaap:OperatingSegmentsMember2024-09-300001577670us-gaap:OperatingSegmentsMember2023-12-310001577670ladr:SeniorUnsecuredNotesMemberus-gaap:CorporateNonSegmentMember2024-09-300001577670ladr:SeniorUnsecuredNotesMemberus-gaap:CorporateNonSegmentMember2023-12-31

http://fasb.org/us-gaap/2024#InterestReceivable0.66670.500.500.500.500.66670.500.500.500.500.66670.500.500.500.50http://fasb.org/us-gaap/2024#OtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherAssets00015776702025Q1FALSE12/31xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureladr:unconsolidatedVentureladr:loansladr:propertyladr:loanladr:securityladr:agreementladr:optionladr:jointVentureladr:installmentladr:segment00015776702025-01-012025-03-310001577670us-gaap:CommonClassAMember2025-04-180001577670us-gaap:CommonClassBMember2025-04-1800015776702025-03-3100015776702024-12-310001577670us-gaap:CommonClassAMember2025-03-310001577670us-gaap:CommonClassAMember2024-12-3100015776702024-01-012024-03-310001577670us-gaap:CommonClassAMember2025-01-012025-03-310001577670us-gaap:CommonClassAMember2024-01-012024-03-310001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-12-310001577670us-gaap:AdditionalPaidInCapitalMember2024-12-310001577670us-gaap:TreasuryStockCommonMember2024-12-310001577670us-gaap:RetainedEarningsMember2024-12-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2024-12-310001577670us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-01-012025-03-310001577670us-gaap:TreasuryStockCommonMember2025-01-012025-03-310001577670us-gaap:RetainedEarningsMember2025-01-012025-03-310001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2025-01-012025-03-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-03-310001577670us-gaap:AdditionalPaidInCapitalMember2025-03-310001577670us-gaap:TreasuryStockCommonMember2025-03-310001577670us-gaap:RetainedEarningsMember2025-03-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2025-03-310001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-12-310001577670us-gaap:AdditionalPaidInCapitalMember2023-12-310001577670us-gaap:TreasuryStockCommonMember2023-12-310001577670us-gaap:RetainedEarningsMember2023-12-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2023-12-3100015776702023-12-310001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2024-01-012024-03-310001577670us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-01-012024-03-310001577670us-gaap:TreasuryStockCommonMember2024-01-012024-03-310001577670us-gaap:RetainedEarningsMember2024-01-012024-03-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001577670us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-03-310001577670us-gaap:AdditionalPaidInCapitalMember2024-03-310001577670us-gaap:TreasuryStockCommonMember2024-03-310001577670us-gaap:RetainedEarningsMember2024-03-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001577670ladr:NoncontrollingInterestInConsolidatedVenturesMember2024-03-3100015776702024-03-310001577670ladr:LadderCapitalFinanceHoldingsLLLPMember2025-03-310001577670ladr:FirstMortgageHeldForInvestmentMember2025-03-310001577670ladr:FirstMortgageHeldForInvestmentMember2025-01-012025-03-310001577670ladr:MezzanineLoanMember2025-03-310001577670ladr:MezzanineLoanMember2025-01-012025-03-310001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2025-03-310001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2025-01-012025-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2025-03-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2025-03-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2025-01-012025-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2025-01-012025-03-310001577670ladr:FirstMortgageHeldForInvestmentMember2024-12-310001577670ladr:FirstMortgageHeldForInvestmentMember2024-01-012024-12-310001577670ladr:MezzanineLoanMember2024-12-310001577670ladr:MezzanineLoanMember2024-01-012024-12-310001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2024-12-310001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2024-01-012024-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2024-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2024-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2024-01-012024-12-3100015776702024-01-012024-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2024-01-012024-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2023-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2023-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2024-01-012024-03-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2024-01-012024-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2024-03-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2024-03-310001577670ladr:ConduitMortgageLoansMember2024-01-012024-03-310001577670ladr:AssetSpecificReserveCompanyLoanMember2025-01-012025-03-310001577670ladr:AssetSpecificReserveCompanyLoanMember2024-01-012024-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:MultifamilyLoanMemberladr:OneOfCompanyLoansMember2025-01-012025-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:MultifamilyLoanMemberladr:OneOfCompanyLoansMember2025-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:MixedUseLoanMemberladr:OneOfCompanyLoansMember2025-01-012025-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:MixedUseLoanMemberladr:OneOfCompanyLoansMember2025-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OfficeLoanMemberladr:OneOfCompanyLoansMember2025-01-012025-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OfficeLoanMemberladr:OneOfCompanyLoansMember2025-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:HotelLoanMemberladr:OneOfCompanyLoansMember2025-01-012025-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:HotelLoanMemberladr:OneOfCompanyLoansMember2025-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:MultifamilyLoanMemberladr:OneOfCompanyLoansMember2024-01-012024-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:MultifamilyLoanMemberladr:OneOfCompanyLoansMember2024-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:MixedUseLoanMemberladr:OneOfCompanyLoansMember2024-01-012024-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:MixedUseLoanMemberladr:OneOfCompanyLoansMember2024-12-310001577670srt:OfficeBuildingMember2025-03-310001577670srt:MultifamilyMember2025-03-310001577670ladr:MixedUseMember2025-03-310001577670srt:IndustrialPropertyMember2025-03-310001577670ladr:OtherMember2025-03-310001577670srt:RetailSiteMember2025-03-310001577670ladr:HospitalityMember2025-03-310001577670srt:OfficeBuildingMember2024-12-310001577670srt:MultifamilyMember2024-12-310001577670ladr:MixedUseMember2024-12-310001577670srt:RetailSiteMember2024-12-310001577670ladr:HospitalityMember2024-12-310001577670srt:IndustrialPropertyMember2024-12-310001577670ladr:OtherMember2024-12-310001577670ladr:OaklandCAMember2024-01-012024-12-310001577670ladr:OaklandCAMember2024-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2025-01-012025-03-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2025-03-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2025-01-012025-03-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2025-03-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2025-01-012025-03-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-03-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-01-012025-03-310001577670us-gaap:CommonStockMember2025-03-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2024-01-012024-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-01-012024-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-01-012024-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-01-012024-12-310001577670us-gaap:CommonStockMember2024-12-310001577670us-gaap:USTreasurySecuritiesMember2024-12-310001577670us-gaap:LandMember2025-03-310001577670us-gaap:LandMember2024-12-310001577670us-gaap:BuildingMember2025-03-310001577670us-gaap:BuildingMember2024-12-310001577670ladr:InPlaceLeasesAndOtherIntangiblesMember2025-03-310001577670ladr:InPlaceLeasesAndOtherIntangiblesMember2024-12-310001577670ladr:UndepreciatedRealEstateAndRelatedLeaseIntangiblesMember2025-03-310001577670ladr:UndepreciatedRealEstateAndRelatedLeaseIntangiblesMember2024-12-310001577670us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2025-03-310001577670us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-12-310001577670us-gaap:AboveMarketLeasesMember2025-01-012025-03-310001577670us-gaap:AboveMarketLeasesMember2024-01-012024-03-310001577670ladr:InplaceLeasesIntangiblesMember2025-03-310001577670ladr:AmortizationExpenseMember2025-03-310001577670ladr:LosAngelesCaliforniaMembersrt:MultifamilyMember2024-02-290001577670ladr:LosAngelesCaliforniaMembersrt:MultifamilyMember2024-02-012024-02-290001577670ladr:LosAngelesCaliforniaMembersrt:MultifamilyMemberus-gaap:RealEstateAcquiredInSatisfactionOfDebtMember2024-02-012024-02-290001577670ladr:JenksOklahomaMembersrt:RetailSiteMemberladr:DisposalProperties2024Member2025-03-012025-03-310001577670ladr:JenksOklahomaMembersrt:RetailSiteMemberladr:DisposalProperties2024Member2025-03-310001577670ladr:DisposalProperties2024Member2025-01-012025-03-310001577670ladr:DisposalProperties2024Member2025-03-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn27September2025Member2025-03-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn21October2027Member2025-03-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn3October2025Member2025-03-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn30April2026Member2025-03-310001577670ladr:CommittedMasterRepurchaseAgreementsMember2025-03-310001577670us-gaap:MortgagesMemberladr:MaturingOnVariousDateMember2025-03-310001577670us-gaap:CollateralizedLoanObligationsMemberladr:MaturingOnVariousDateMember2025-03-310001577670us-gaap:RevolvingCreditFacilityMemberladr:MaturingOn20December2028Member2025-03-310001577670ladr:SeniorUnsecuredNotesMemberladr:MaturingOnVariousDateMember2025-03-310001577670ladr:DebtObligationsMember2025-03-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn27September2025Member2024-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn21October2027Member2024-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn3October2025Member2024-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn22January2025Member2024-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn30April2026Member2024-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMember2024-12-310001577670us-gaap:MortgagesMemberladr:MaturingOnVariousDateMember2024-12-310001577670us-gaap:CollateralizedLoanObligationsMemberladr:MaturingOnVariousDateMember2024-12-310001577670us-gaap:RevolvingCreditFacilityMemberladr:MaturingOn20December2028Member2024-12-310001577670ladr:SeniorUnsecuredNotesMemberladr:MaturingOnVariousDateMember2024-12-310001577670ladr:DebtObligationsMember2024-12-310001577670us-gaap:UnsecuredDebtMember2025-03-310001577670ladr:SeniorNotesDue2025Memberus-gaap:UnsecuredDebtMember2025-03-310001577670ladr:SeniorNotesDue2027Memberus-gaap:UnsecuredDebtMember2025-03-310001577670ladr:SeniorNotesDue2029Memberus-gaap:UnsecuredDebtMember2025-03-310001577670ladr:A7.00SeniorNoteDue2031Memberus-gaap:UnsecuredDebtMember2025-03-310001577670ladr:SeniorNotesDue2025Memberus-gaap:UnsecuredDebtMember2025-01-012025-03-310001577670ladr:SeniorNotesDue2027Memberus-gaap:UnsecuredDebtMember2025-01-012025-03-310001577670us-gaap:RevolvingCreditFacilityMember2025-01-020001577670us-gaap:RevolvingCreditFacilityMember2024-12-200001577670srt:MinimumMemberus-gaap:RevolvingCreditFacilityMember2024-12-202024-12-200001577670srt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2024-12-202024-12-200001577670us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2025-03-310001577670ladr:NonRecourseNotesMemberus-gaap:CollateralizedLoanObligationsMember2021-07-132021-07-130001577670ladr:NonRecourseNotesMemberus-gaap:CollateralizedLoanObligationsMember2021-07-130001577670ladr:NonRecourseNotesMemberus-gaap:CollateralizedLoanObligationsMember2021-12-022021-12-020001577670ladr:NonRecourseNotesMemberus-gaap:CollateralizedLoanObligationsMember2021-12-020001577670ladr:CommittedMasterRepurchaseAgreementsMember2025-01-012025-03-310001577670ladr:UncommittedSecuritiesRepurchaseFacilitiesMember2025-03-310001577670us-gaap:MortgagesMember2025-03-310001577670us-gaap:MortgagesMember2024-12-310001577670us-gaap:MortgagesMember2024-01-012024-03-310001577670us-gaap:MortgagesMember2025-01-012025-03-310001577670ladr:MortgagesExecutedYMemberus-gaap:MortgagesMember2024-03-310001577670ladr:SeniorUnsecuredNotesMember2025-03-310001577670ladr:MortgageLoanReceivableFinancingMember2025-03-310001577670us-gaap:CollateralizedLoanObligationsMember2025-03-310001577670us-gaap:InterestRateCapMember2025-03-310001577670ladr:InterestRateFutureTenYearUSTreasuryNoteMember2025-03-310001577670us-gaap:FutureMember2025-03-310001577670us-gaap:InterestRateCapMember2024-12-310001577670us-gaap:PutOptionMember2024-12-310001577670us-gaap:CreditRiskContractMember2024-12-310001577670us-gaap:InterestRateCapMember2025-01-012025-03-310001577670us-gaap:FutureMember2025-01-012025-03-310001577670us-gaap:PutOptionMember2025-01-012025-03-310001577670us-gaap:InterestRateCapMember2024-01-012024-03-310001577670us-gaap:FutureMember2024-01-012024-03-310001577670us-gaap:PutOptionMember2024-01-012024-03-310001577670us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-03-310001577670us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2024-12-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-04-240001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-04-230001577670ladr:A2014ShareRepurchaseAuthorizationProgramMember2025-03-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2025-04-230001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2025-04-220001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-12-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2025-03-012025-03-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2025-03-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2023-12-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-03-012024-03-310001577670ladr:A2014ShareRepurchaseAuthorizationProgramMemberus-gaap:CommonClassAMember2024-03-310001577670us-gaap:CorporateJointVentureMember2025-03-310001577670ladr:NoncontrollingInterestInConsolidatedVenturesMemberus-gaap:CorporateJointVentureMembersrt:MinimumMember2025-03-310001577670ladr:NoncontrollingInterestInConsolidatedVenturesMemberus-gaap:CorporateJointVentureMembersrt:MaximumMember2025-03-310001577670ladr:IslaVistaCaliforniaMemberladr:StudentHousingMemberus-gaap:CorporateJointVentureMember2025-03-310001577670ladr:OaklandCountyMichiganMembersrt:OfficeBuildingMemberus-gaap:CorporateJointVentureMember2025-03-310001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2025-01-012025-03-310001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2024-01-012024-03-310001577670us-gaap:RestrictedStockMember2024-12-310001577670us-gaap:EmployeeStockOptionMember2024-12-310001577670us-gaap:RestrictedStockMember2025-01-012025-03-310001577670us-gaap:EmployeeStockOptionMember2025-01-012025-03-310001577670us-gaap:RestrictedStockMember2025-03-310001577670us-gaap:EmployeeStockOptionMember2025-03-310001577670ladr:StockOptionsWarrantsAndRightsMember2025-03-310001577670ladr:OmnibusIncentivePlan2023Member2023-06-060001577670ladr:OmnibusIncentivePlan2014Member2023-06-060001577670ladr:OmnibusIncentivePlan2023Memberus-gaap:RestrictedStockMemberladr:NonManagementGranteeMember2025-02-280001577670ladr:OmnibusIncentivePlan2023Memberus-gaap:RestrictedStockMemberladr:PerformanceBasedVestingMemberladr:ManagementGranteesMember2025-02-012025-02-2800015776702025-02-182025-02-180001577670ladr:OmnibusIncentivePlan2023Memberus-gaap:RestrictedStockMemberladr:ManagementGranteesMemberus-gaap:CommonClassAMember2025-02-182025-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2023Memberus-gaap:RestrictedStockMemberladr:TimeAndPerformanceBasedVestingMember2025-02-182025-02-180001577670us-gaap:RestrictedStockMemberladr:TimeAndPerformanceBasedVestingMemberladr:ManagementGranteesMemberus-gaap:CommonClassAMember2025-02-182025-02-180001577670us-gaap:RestrictedStockMemberladr:NonManagementGranteeMemberus-gaap:CommonClassAMember2025-02-182025-02-180001577670ladr:NonManagementGranteeMemberladr:MrMiceliAndMsPorcellaMember2025-02-182025-02-180001577670ladr:TimeBasedVestingMemberladr:NonManagementGranteeMemberladr:OtherNonManagementGranteesMember2025-02-182025-02-180001577670ladr:PerformanceBasedVestingMemberladr:NonManagementGranteeMemberladr:OtherNonManagementGranteesMember2025-02-182025-02-180001577670us-gaap:RestrictedStockMemberladr:BoardOfDirectorsMemberus-gaap:CommonClassAMember2025-02-182025-02-180001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:NonManagementGranteeMember2024-02-290001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:NonManagementGranteeMember2023-02-2800015776702024-02-182024-02-180001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:ManagementGranteesMemberus-gaap:CommonClassAMember2024-02-182024-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:TimeAndPerformanceBasedVestingMember2024-02-182024-02-180001577670us-gaap:RestrictedStockMemberladr:TimeAndPerformanceBasedVestingMemberladr:ManagementGranteesMemberus-gaap:CommonClassAMember2024-02-182024-02-180001577670us-gaap:RestrictedStockMemberladr:NonManagementGranteeMemberus-gaap:CommonClassAMember2024-02-182024-02-180001577670ladr:NonManagementGranteeMemberladr:MrMiceliAndMsPorcellaMember2024-02-182024-02-180001577670ladr:TimeBasedVestingMemberladr:NonManagementGranteeMemberladr:OtherNonManagementGranteesMember2024-02-182024-02-180001577670ladr:PerformanceBasedVestingMemberladr:NonManagementGranteeMemberladr:OtherNonManagementGranteesMember2024-02-182024-02-180001577670us-gaap:RestrictedStockMemberladr:BoardOfDirectorsMemberus-gaap:CommonClassAMember2024-02-182024-02-1800015776702023-02-182023-02-180001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:ManagementGranteesMemberus-gaap:CommonClassAMember2023-02-182023-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:TimeAndPerformanceBasedVestingMember2023-02-182023-02-180001577670us-gaap:RestrictedStockMemberladr:TimeAndPerformanceBasedVestingMemberladr:ManagementGranteesMemberus-gaap:CommonClassAMember2023-02-182023-02-180001577670us-gaap:RestrictedStockMemberladr:NonManagementGranteeMemberus-gaap:CommonClassAMember2023-02-182023-02-180001577670ladr:NonManagementGranteeMemberladr:MrMiceliAndMsPorcellaMember2023-02-182023-02-180001577670ladr:TimeBasedVestingMemberladr:NonManagementGranteeMemberladr:OtherNonManagementGranteesMember2023-02-182023-02-180001577670ladr:PerformanceBasedVestingMemberladr:NonManagementGranteeMemberladr:OtherNonManagementGranteesMember2023-02-182023-02-180001577670us-gaap:RestrictedStockMemberladr:BoardOfDirectorsMemberus-gaap:CommonClassAMember2023-02-182023-02-180001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:PerformanceBasedVestingAndCatchUpProvisionMemberladr:ManagementGranteesMember2024-02-012024-02-290001577670ladr:OmnibusIncentivePlan2014Memberladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:MsMcCormackAndMrPerelmanMember2024-02-182024-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:PerformanceBasedVestingAndCatchUpProvisionMemberladr:MsMcCormackAndMrPerelmanMember2024-02-182024-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:TimeBasedVestingMemberladr:MrMiceliAndMsPorcellaMember2024-02-182024-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:PerformanceBasedVestingMemberladr:MrMiceliAndMsPorcellaMember2024-02-182024-02-180001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:PerformanceBasedVestingAndCatchUpProvisionMemberladr:ManagementGranteesMember2023-02-012023-02-280001577670ladr:OmnibusIncentivePlan2014Memberladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:MsMcCormackAndMrPerelmanMember2023-02-182023-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:PerformanceBasedVestingAndCatchUpProvisionMemberladr:MsMcCormackAndMrPerelmanMember2023-02-182023-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:TimeBasedVestingMemberladr:MrMiceliAndMsPorcellaMember2023-02-182023-02-180001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:PerformanceBasedVestingMemberladr:MrMiceliAndMsPorcellaMember2023-02-182023-02-180001577670ladr:OmnibusIncentivePlan2014Memberus-gaap:RestrictedStockMemberladr:PerformanceBasedVestingAndCatchUpProvisionMemberladr:ManagementGranteesMember2025-02-012025-02-280001577670ladr:OmnibusIncentivePlan2014Memberladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:MsMcCormackAndMrPerelmanMember2025-02-012025-02-280001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:PerformanceBasedVestingAndCatchUpProvisionMemberladr:MsMcCormackAndMrPerelmanMember2025-02-012025-02-280001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:TimeBasedVestingMemberladr:MrMiceliAndMsPorcellaMember2025-02-012025-02-280001577670ladr:ManagementGranteesMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:PerformanceBasedVestingMemberladr:MrMiceliAndMsPorcellaMember2025-02-012025-02-280001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelValuationTechniqueMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelValuationTechniqueMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelValuationTechniqueMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelValuationTechniqueMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelValuationTechniqueMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelValuationTechniqueMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelValuationTechniqueMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelValuationTechniqueMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForSaleMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForSaleMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForSaleMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:CounterpartyQuotationsValuationTechniqueMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:RepurchaseAgreementsShortTermMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:CostPlusAccruedInterestValuationTechniqueMemberladr:RepurchaseAgreementsShortTermMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:CostPlusAccruedInterestValuationTechniqueMemberladr:RepurchaseAgreementsShortTermMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:MortgagesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:MortgagesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:CollateralizedDebtObligationsMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:CollateralizedDebtObligationsMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorNotesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelValuationTechniqueMemberus-gaap:SeniorNotesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelValuationTechniqueMemberus-gaap:SeniorNotesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2025-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2025-01-012025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelValuationTechniqueMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelValuationTechniqueMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelValuationTechniqueMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelValuationTechniqueMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelValuationTechniqueMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelValuationTechniqueMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelValuationTechniqueMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelValuationTechniqueMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForSaleMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForSaleMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelThirdPartyInputsValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForSaleMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:CounterpartyQuotationsValuationTechniqueMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:RepurchaseAgreementsShortTermMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:CostPlusAccruedInterestValuationTechniqueMemberladr:RepurchaseAgreementsShortTermMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:CostPlusAccruedInterestValuationTechniqueMemberladr:RepurchaseAgreementsShortTermMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:MortgagesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:MortgagesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:CollateralizedDebtObligationsMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:CollateralizedDebtObligationsMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:SeniorNotesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MeasurementInputYieldRateMemberladr:InternalModelValuationTechniqueMemberus-gaap:SeniorNotesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputMaturityMemberladr:InternalModelValuationTechniqueMemberus-gaap:SeniorNotesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:DiscountedCashFlowValuationTechniqueMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2024-01-012024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001577670us-gaap:FairValueMeasurementsRecurringMember2025-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2025-03-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberladr:MortgageLoanReceivablesHeldForSaleMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberladr:MortgageLoanReceivablesHeldForSaleMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberladr:MortgageLoanReceivablesHeldForSaleMember2025-03-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2025-03-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2025-03-310001577670us-gaap:FairValueInputsLevel1Member2025-03-310001577670us-gaap:FairValueInputsLevel2Member2025-03-310001577670us-gaap:FairValueInputsLevel3Member2025-03-310001577670ladr:RepurchaseAgreementsShortTermMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberladr:RepurchaseAgreementsShortTermMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberladr:RepurchaseAgreementsShortTermMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberladr:RepurchaseAgreementsShortTermMember2025-03-310001577670us-gaap:MortgagesMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:MortgagesMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:MortgagesMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:MortgagesMember2025-03-310001577670us-gaap:CollateralizedDebtObligationsMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedDebtObligationsMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedDebtObligationsMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2025-03-310001577670us-gaap:SeniorNotesMember2025-03-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMember2025-03-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMember2025-03-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001577670us-gaap:FairValueMeasurementsRecurringMember2024-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2024-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberladr:MortgageLoanReceivablesHeldForSaleMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:MortgageLoanReceivablesHeldForSaleMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:MortgageLoanReceivablesHeldForSaleMember2024-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2024-12-310001577670us-gaap:FairValueInputsLevel1Member2024-12-310001577670us-gaap:FairValueInputsLevel2Member2024-12-310001577670us-gaap:FairValueInputsLevel3Member2024-12-310001577670ladr:RepurchaseAgreementsShortTermMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberladr:RepurchaseAgreementsShortTermMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:RepurchaseAgreementsShortTermMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:RepurchaseAgreementsShortTermMember2024-12-310001577670us-gaap:MortgagesMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:MortgagesMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:MortgagesMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:MortgagesMember2024-12-310001577670us-gaap:CollateralizedDebtObligationsMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedDebtObligationsMember2024-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedDebtObligationsMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2024-12-310001577670us-gaap:SeniorNotesMember2024-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2024-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMember2024-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2025-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2024-12-310001577670ladr:USTreasurySecuritiesTradedNotYetSettledMember2025-03-310001577670ladr:USTreasurySecuritiesTradedNotYetSettledMember2024-12-310001577670us-gaap:OperatingSegmentsMemberladr:LoansSegmentMember2025-01-012025-03-310001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2025-01-012025-03-310001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2025-01-012025-03-310001577670us-gaap:CorporateNonSegmentMember2025-01-012025-03-310001577670us-gaap:OperatingSegmentsMemberladr:LoansSegmentMember2025-03-310001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2025-03-310001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2025-03-310001577670us-gaap:CorporateNonSegmentMember2025-03-310001577670us-gaap:OperatingSegmentsMemberladr:LoansSegmentMember2024-01-012024-03-310001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2024-01-012024-03-310001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2024-01-012024-03-310001577670us-gaap:CorporateNonSegmentMember2024-01-012024-03-310001577670us-gaap:OperatingSegmentsMemberladr:LoansSegmentMember2024-12-310001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2024-12-310001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2024-12-310001577670us-gaap:CorporateNonSegmentMember2024-12-310001577670ladr:SeniorUnsecuredNotesMemberus-gaap:CorporateNonSegmentMember2024-12-310001577670ladr:SeniorUnsecuredNotesMemberus-gaap:CorporateNonSegmentMember2025-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number:

001-36299

Ladder Capital Corp

(Exact name of registrant as specified in its charter)

Delaware

80-0925494

(State or other jurisdiction of
incorporation or organization)

(IRS Employer
Identification No.)

320 Park Avenue,

New York,

10022

(Address of principal executive offices)

(Zip Code)

(212) 715-3170

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Class A common stock, $0.001 par value	LADR	New York Stock Exchange

Table of Contents

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Class						Outstanding at ~~October~~April 18, ~~2024~~2025
Class A common stock, $0.001 par value						~~127~~128,~~637~~096,~~981~~466
Class B common stock, $0.001 par value						—

Table of Contents

LADDER CAPITAL CORP

FORM 10-Q

~~September~~March 3031, ~~2024~~2025

Index

Page

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Consolidated Balance Sheets

Consolidated Statements of Income

Consolidated Statements of Comprehensive Income

Consolidated Statements of Changes in Equity

Consolidated Statements of Cash Flows

118

Notes to Consolidated Financial Statements

1310

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

5343

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

8272

Item 4.

Controls and Procedures

8575

PART II - OTHER INFORMATION

8676

Item 1.

Legal Proceedings

8676

Item 1A.

Risk Factors

8676

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

8676

Item 3.

Defaults Upon Senior Securities

8676

Item 4.

Mine Safety Disclosures

8676

Item 5.

Other Information

8676

Item 6.

Exhibits

8877

SIGNATURES

8978

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Quarterly Report”) includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact contained in this Quarterly Report, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “should,” “can have,” “likely,” “continue,” “design,” and other words and terms of similar expressions are intended to identify forward-looking statements.

We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ from those expressed in our forward-looking statements. Our future financial position and results of operations, as well as any forward-looking statements are subject to change and inherent risks and uncertainties. You should consider our forward-looking statements in light of a number of factors that may cause actual results to vary from our forward-looking statements including, but not limited to:

•risks discussed under the heading “Risk Factors” herein and in our Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024 (“the Annual Report”), as well as our consolidated financial statements, related notes, and the other financial information appearing elsewhere in this Quarterly Report and our other filings with the United States Securities and Exchange Commission (the “SEC”);

•heightened market volatility driven by escalating global trade tensions and increased tariffs;

•actions by the new U.S. presidential administration that have contributed to increased policy uncertainty, impacting the regulatory landscape, capital markets, and consumer confidence;

•labor shortages, supply chain imbalances, inflation, and the potential for a global economic recession or further downgrades to the credit ratings of the U.S.;

•increasing geopolitical uncertainty, including the ~~impact~~broader impacts of the ~~upcoming~~Ukraine-Russia ~~U.S.~~and ~~elections~~Hamas-Israel onconflicts ~~the~~and ~~regulatory~~escalating ~~landscape~~global ~~and~~tensions ~~capital~~such ~~markets~~as those between the U.S. and China;

•increasing geopolitical uncertainty, including the broader impacts of the Ukraine-Russia and Hamas-Israel conflicts and escalating tension between the U.S. and China;

•changes or volatility in general economic conditions and in the commercial finance and the real estate markets;

•changes in credit spreads;

•changes to our business and investment strategy and increased operating costs;

•our ability to obtain and maintain financing arrangements;

•the financing and advance rates for our assets, including the potential need for additional collateral;

•our actual and expected leverage and liquidity;

•the availability of investment opportunities in mortgage-related and real estate-related instruments and other securities;

•the adequacy and performance of collateral securing our loan portfolio and a decline in the fair value of our assets;

•interest rate and duration mismatches between our assets and our borrowings used to fund such investments;

•changes in interest rates affecting the market value of our assets and the related impacts on our borrowers~~, including any unforeseen impacts of the transition to Term Secured Overnight Financing Rate (“SOFR”)~~;

•changes in prepayment rates on our mortgages and the loans underlying our commercial mortgage-backed and other asset-backed securities;

•the effects of hedging instruments and the degree to which our hedging strategies may or may not protect us from interest rate and credit risk volatility;

•the increased rate of default and non-accrual or decreased recovery rates on our assets and the potential insufficiency of our provision for loan loss reserves;

•the adequacy of our policies, procedures and systems for managing risk effectively;

•a potential downgrade in the credit ratings assigned to subsidiaries of Ladder Capital Corp (“Ladder,” “Ladder Capital,” and the “Company”) or our investments or corporate debt;

•our compliance with, and the impact of, and changes in laws, governmental regulations, tax laws and rates, accounting guidance and similar matters;

•our ability to maintain our qualification as a real estate investment trust (“REIT”) for U.S. federal income tax purposes and our ability and the ability of our subsidiaries to operate in compliance with REIT requirements;

~~•our ability and the ability of our subsidiaries to maintain our and their exemptions from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”);~~4

Table of Contents

•our ability and the ability of our subsidiaries to maintain our and their exemptions from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”);

•the effects of climate change or the potential liability relating to environmental matters that impact the value of properties we may acquire or the properties underlying our investments;

•the inability of insurance covering real estate underlying our loans and investments to cover all losses;

•fraud by potential borrowers or their inability to complete their business plans;

•our ability to attract and retain qualified originators;

•cybersecurity risks, including the possibility of system outages resulting from cyber incidents;

•our ability to maintain strategic business alliances;

•the impact of any tax legislation or IRS guidance;

•volatility in the equity capital markets and the impact on our Class A common stock;

•the degree and nature of our competition; and

•the market trends in our industry, interest rates, real estate values and the debt securities markets.

You should not rely upon forward-looking statements as predictions of future events. In addition, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The forward-looking statements contained in this Quarterly Report are made as of the date hereof, and the Company assumes no obligation to update or supplement any forward-looking statements. New risks and uncertainties arise over time and it is not possible to predict those events or how they may affect us in the future.

Table of Contents

REFERENCES TO LADDER CAPITAL CORP

Ladder Capital Corp is a holding company, and its primary assets are a controlling equity interest in Ladder Capital Finance Holdings LLLP (“LCFH”) and in each series thereof, directly or indirectly. Unless the context suggests otherwise, references in this report to “Ladder,” “Ladder Capital,” the “Company,” “we,” “us” and “our” refer to Ladder Capital Corp and its consolidated subsidiaries.

Table of Contents

Part I - Financial Information

Item 1. Financial Statements (Unaudited)

The consolidated financial statements of Ladder Capital Corp and the notes related to the foregoing consolidated financial statements are included in this Item.

Index to Consolidated Financial Statements (Unaudited)

Consolidated Balance Sheets		43
Consolidated Statements of Income		54
Consolidated Statements of Comprehensive Income		65
Consolidated Statements of Changes in Equity		76
Consolidated Statements of Cash Flows		118
Notes to Consolidated Financial Statements		1310
	Note 1. Organization and Operations	1310
	Note 2. Significant Accounting Policies	1310
	Note 3. Mortgage Loan Receivables	1714
	Note 4. Securities	2017
	Note 5. Real Estate and Related Lease Intangibles, Net	2320
	Note 6. Debt Obligations, Net	2722
	Note 7. Derivative Instruments	3326
	Note 8. Offsetting Assets and Liabilities	3528
	Note 9. Consolidated Variable Interest Entities	3629
	Note 10. Equity Structure and Accounts	36
	Note 10. Equity	29
	Note 11. Noncontrolling Interests	3730
	Note 12. Earnings Per Share	3931
	Note 13. Stock-Based and Other Compensation Plans	4031
	Note 14. Fair Value of Financial Instruments	4335
	Note 15. Income Taxes	4739
	Note 16. Related Party Transactions	4739
	Note 17. Commitments and Contingencies	4839
	Note 18. Segment Reporting	4941
	Note 19. Subsequent Events	5242

Table of Contents

Ladder Capital Corp

Consolidated Balance Sheets

(Dollars in Thousands)

	September 30,2024(1)		December 31,2023(1)
	March 31,2025(1)		December 31,2024(1)
	(Unaudited)
Assets
Cash and cash equivalents	$	1479,~~607,204~~770	$	1,~~015~~323,~~678~~481
Restricted cash	1213,~~301~~731		1512,~~450~~608
Mortgage loan receivables held for investment, net, at amortized cost:
Mortgage loans receivable	21,~~039~~665,~~545~~243		31,~~155~~591,~~089~~322
Allowance for credit losses	(52,~~276~~208)		(4352,~~165~~323)
Mortgage loan receivables held for sale	2790,~~506~~420		26,~~868~~898
Securities	~~852~~1,~~783~~476,380		~~485~~1,~~533~~080,839
Real estate and related lease intangibles, net	~~691~~654,~~391~~709		~~726~~670,~~442~~803
Real estate held for sale	18,078		—
Investments in and advances to unconsolidated ventures	19,191		19,923
Investments in and advances to unconsolidated ventures	19,991		6,877
Derivative instruments	467		437
Derivative instruments	818		1,454
Accrued interest receivable	15,274		12,936
Accrued interest receivable	16,704		24,233
Other assets	107,022		158,149
Other assets	145,094		98,218
Total assets	$	4,469,999	$	4,845,073
Total assets	$	5,379,139	$	5,512,677
Liabilities and Equity
Liabilities
Debt obligations, net	$	32,~~585~~769,~~332~~754	$	3,~~783~~135,~~946~~617
Dividends payable	3130,~~673~~593		3231,~~294~~838
Accrued expenses	6745,~~065~~412		6574,~~144~~824
Other liabilities	~~164~~109,~~377~~883		9969,~~095~~855
Total liabilities	32,~~848~~955,~~447~~642		3,~~980~~312,~~479~~134
Commitments and contingencies (refer to Note 17)	—		—
Equity
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 129,883,019 and 128,027,478 shares issued and 127,765,243 and 126,911,689 shares outstanding as of September 30, 2024 and December 31, 2023, respectively.	128		127
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized; 130,790,591 and 129,883,019 shares issued and 128,096,466 and 127,106,481 shares outstanding as of March 31, 2025 and December 31, 2024, respectively.	128		127
Additional paid-in capital	1,~~773~~778,~~452~~311		1,~~756~~777,~~750~~118
Treasury stock, 2,117,776 and 1,115,789 shares, at cost	(23,053)		(12,001)
Treasury stock, 2,694,125 and 2,776,538 shares, at cost	(29,964)		(30,475)
Retained earnings (dividends in excess of earnings)	(~~209~~224,~~197~~592)		(~~197~~206,~~875~~874)
Accumulated other comprehensive income (loss)	(87,~~711~~215)		(134,~~853~~866)
Total shareholders’ equity	1,~~532~~516,~~619~~668		1,~~533~~535,~~148~~030
Noncontrolling interests in consolidated ventures	(12,~~927~~311)		(~~950~~2,091)
Total equity	1,~~530~~514,~~692~~357		1,532,~~198~~939
Total liabilities and equity	$	54,~~379~~469,~~139~~999	$	54,~~512~~845,~~677~~073

(1)Includes amounts relating to consolidated variable interest entities. Refer to Note 2 and Note 9.

Refer to the accompanying notes to consolidated financial statements.

Table of Contents

Ladder Capital Corp
Consolidated Statements of Income
(Dollars in Thousands, Except Per Share Data)
(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

2024

2023

2024

2023

2025

2024

Net interest income

Interest income

9664,~~092~~326

~~101~~95,~~090~~912

~~280,520~~

~~306,715~~

Interest expense

5743,~~676~~997

6258,~~259~~771

~~170,647~~

~~184,350~~

Net interest income (expense)

3820,~~416~~329

3837,~~831~~141

~~109,873~~

~~122,365~~

Provision for (release of) loan loss reserves, net

~~3,063~~(81)

75,~~473~~768

~~13,886~~

~~19,090~~

Net interest income (expense) after provision for (release of) loan loss reserves

3520,~~353~~410

31,~~358~~373

~~95,987~~

~~103,275~~

Other income (loss)

Real estate operating income

2521,~~294~~773

2423,~~761~~887

~~75,314~~

~~73,847~~

Net result from mortgage loan receivables held for sale

~~1,092~~162

~~(629)~~87

~~638~~

~~(1,119)~~

Gain (loss) on real estate, net

~~315~~3,807

~~8,808~~—

~~12,858~~

~~8,808~~

Fee and other income

65,~~609~~285

13,~~810~~700

~~13,947~~

~~6,691~~

Net result from derivative transactions

~~(766)~~323

4,~~773~~019

~~3,871~~

~~6,680~~

Earnings (loss) from investment in unconsolidated ventures

(14732)

~~479~~(15)

~~(11)~~

~~913~~

Gain on extinguishment of debt

20256

~~921~~177

~~197~~

~~10,600~~

Total other income (loss)

3230,~~550~~874

4031,~~923~~855

~~106,814~~

~~106,420~~

Costs and expenses

Compensation and employee benefits

1418,~~407~~761

1420,~~285~~789

~~48,917~~

~~50,612~~

Operating expenses

4,~~508~~516

4,~~775~~643

~~14,331~~

~~15,018~~

Real estate operating expenses

108,~~751~~766

9,~~456~~146

~~30,930~~

~~29,071~~

Investment related expenses

1,~~628~~188

21,~~279~~993

~~5,909~~

~~6,460~~

Depreciation and amortization

87,~~146~~336

78,~~144~~302

~~24,861~~

~~22,144~~

Total costs and expenses

3940,~~440~~567

3744,~~939~~873

~~124,948~~

~~123,305~~

Income (loss) before taxes

2810,~~463~~717

3418,~~342~~355

~~77,853~~

~~86,390~~

Income tax expense (benefit)

~~901~~(838)

31,~~147~~925

~~1,737~~

~~4,913~~

Net income (loss)

2711,~~562~~555

3116,~~195~~430

~~76,116~~

~~81,477~~

Net (income) loss attributable to noncontrolling interests in consolidated ventures

~~351~~220

~~124~~179

~~753~~

~~412~~

Net income (loss) attributable to Class A common shareholders

2711,~~913~~775

3116,~~319~~609

~~76,869~~

~~81,889~~

Earnings per share:

Basic

0.2209

0.2513

~~0.61~~

~~0.66~~

Diluted

0.2209

0.2513

~~0.61~~

~~0.66~~

Weighted average shares outstanding:

Basic

125,~~705~~628,~~754~~951

~~124~~125,~~730~~315,~~343~~765

~~125,586,075~~

~~124,652,426~~

Diluted

~~125~~126,~~905~~279,~~528~~680

~~124~~125,~~968~~520,~~545~~373

~~125,757,114~~

~~124,817,335~~

Refer to the accompanying notes to consolidated financial statements.

Table of Contents

Ladder Capital Corp
Consolidated Statements of Comprehensive Income
(Dollars in Thousands)
(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

2024

2023

2024

2023

2025

2024

Net income (loss)

2711,~~562~~555

3116,~~195~~430

~~76,116~~

~~81,477~~

Other comprehensive income (loss)

Gain (loss) on available for sale securities, net of tax:

Unrealized gain (loss) on securities, available for sale

(2,~~041~~169)

14,~~355~~054

~~5,165~~

~~5,537~~

Reclassification adjustment for (gain) loss included in net income (loss)

—(180)

~~290~~(21)

~~(23)~~

~~593~~

Total other comprehensive income (loss)

(2,~~041~~349)

14,~~645~~033

~~5,142~~

~~6,130~~

Comprehensive income (loss)

299,~~603~~206

3220,~~840~~463

~~81,258~~

~~87,607~~

Comprehensive (income) loss attributable to noncontrolling interest in consolidated ventures

~~351~~220

~~124~~179

~~753~~

~~412~~

Comprehensive income (loss) attributable to Class A common shareholders

299,~~954~~426

3220,~~964~~642

~~82,011~~

~~88,019~~

Refer to the accompanying notes to consolidated financial statements.

Table of Contents

Ladder Capital Corp

Consolidated Statements of Changes in Equity

(Dollars and Shares in Thousands)

(Unaudited)

	Shareholders’ Equity
	Class A Common Stock			Additional Paid-in-Capital		Treasury Stock		Retained Earnings (Dividends in Excess of Earnings)		AccumulatedOtherComprehensiveIncome (Loss)		Noncontrolling Interests		Total Equity
	Shares	Par										ConsolidatedVentures
Balance, June 30, 2024	127,866	$	128	$	1,770,275	$	(21,852)	$	(207,728)	$	(10,752)	$	(1,576)	$	1,528,495
Balance, December 31, 2024	127,106	$	127	$	1,777,118	$	(30,475)	$	(206,874)	$	(4,866)	$	(2,091)	$	1,532,939
Amortization of equity based compensation	—	—		311,~~177~~215		—		—		—		—		311,~~177~~215
Purchase of treasury stock	(100)	—		—		(1,191)		—		—		—		(1,191)
Grants of restricted stock	1,820	2		(10,022)		10,022				—		—		2
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(1)	—		—		(10)		—		—		—		(10)
Purchase of treasury stock	(71)	—		—		(805)		—		—		—		(805)
Dividends declared	—	—		—		—		(29,382)		—		—		(29,382)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(760)	(1)		—		(8,706)		—		—		—		(8,707)
Net income (loss)	—	—		—		—		27,913		—		(351)		27,562
Dividends declared	—	—		—		—		(29,493)		—		—		(29,493)
Other comprehensive income (loss)	—	—		—		—		—		2,041		—		2,041
Net income (loss)	—	—		—		—		11,775		—		(220)		11,555
Balance, September 30, 2024	127,765	$	128	$	1,773,452	$	(23,053)	$	(209,197)	$	(8,711)	$	(1,927)	$	1,530,692
Other comprehensive income (loss)	—	—		—		—		—		(2,349)		—		(2,349)
Balance, March 31, 2025	128,096	$	128	$	1,778,311	$	(29,964)	$	(224,592)	$	(7,215)	$	(2,311)	$	1,514,357

Refer to the accompanying notes to consolidated financial statements.

Table of Contents

Ladder Capital Corp

Consolidated Statements of Changes in Equity

(Dollars and Shares in Thousands)

(Unaudited)

	Shareholders’ Equity
	Class A Common Stock			Additional Paid-in-Capital		Treasury Stock		Retained Earnings (Dividends in Excess of Earnings)		AccumulatedOtherComprehensiveIncome (Loss)		Noncontrolling Interests		Total Equity
	Shares	Par										ConsolidatedVentures
Balance, June 30, 2023	126,932	$	127	$	1,839,003	$	(105,738)	$	(184,769)	$	(16,524)	$	(599)	$	1,531,500
Balance, December 31, 2023	126,912	$	127	$	1,756,750	$	(12,001)	$	(197,875)	$	(13,853)	$	(950)	$	1,532,198
Amortization of equity based compensation	—	—		3,205		—		—		—		—		3,205
Distributions	—	—		—		—		—		—		(200)		(200)
Purchase of treasury stock	(19)	—		—		(197)		—		—		—		(197)
Amortization of equity based compensation	—	—		10,298		—		—		—		—		10,298
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(1)	—		—		(8)		—		—		—		(8)
Grants of restricted stock	1,856	2		—		—		—		—		—		2
Dividends declared	—	—		—		—		(29,187)		—		—		(29,187)
Purchase of treasury stock	(60)	—		—		(647)		—		—		—		(647)
Net income (loss)	—	—		—		—		31,319		—		(124)		31,195
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(813)	(1)		—		(8,883)		—		—		—		(8,884)
Other comprehensive income (loss)	—	—		—		—		—		1,645		—		1,645
Forfeitures	(7)	—		80		(80)		—		—		—		—
Balance, September 30, 2023	126,912	$	127	$	1,842,208	$	(105,943)	$	(182,637)	$	(14,879)	$	(723)	$	1,538,153
Dividends declared	—	—		—		—		(29,345)		—		—		(29,345)
Net income (loss)	—	—		—		—		16,609		—		(179)		16,430
Other comprehensive income (loss)	—	—		—		—		—		4,033		—		4,033
Balance, March 31, 2024	127,888	$	128	$	1,767,128	$	(21,611)	$	(210,611)	$	(9,820)	$	(1,329)	$	1,523,885

Refer to the accompanying notes to consolidated financial statements.

Table of Contents

Ladder Capital Corp
Consolidated Statements of Cash Flows
(Dollars in Thousands)
(Unaudited)


	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net income (loss)	$	11,555	$	16,430
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	(256)		(177)
Depreciation and amortization	7,336		8,302

Unrealized (gain) loss on derivative instruments	(35)		780
Unrealized (gain) loss on securities	(687)		—


Provision for (release of) loan loss reserves, net	(81)		5,768

Amortization of equity based compensation	11,215		10,298
Amortization of deferred financing costs included in interest expense	2,369		2,999
Amortization of (premium)/discount on mortgage loan financing included in interest expense	(178)		(151)
Amortization of above- and below-market lease intangibles	(402)		(432)

(Accretion)/amortization of discount, premium and other fees on mortgage loans receivable	(2,747)		(4,040)
(Accretion)/amortization of discount and premium on securities	(476)		(306)
Net result from mortgage loan receivables held for sale	(162)		(87)


Realized (gain) loss on securities	(541)		(53)
(Gain) loss on real estate, net	(3,807)		—


(Earnings) loss from investments in unconsolidated ventures in excess of distributions received	732		15


Origination of mortgage loan receivables held for sale	(63,360)		—





Change in deferred tax asset (liability)	(459)		1,344

Changes in operating assets and liabilities:


Accrued interest receivable	(2,338)		1,026
Other assets	(609)		1,230
Accrued expenses and other liabilities	14,204		(63,321)
Net cash provided by (used in) operating activities	(28,727)		(20,375)

Cash flows from investing activities:

Origination and funding of mortgage loan receivables held for investment	(253,048)		(48,702)

Repayment of mortgage loan receivables held for investment	264,008		362,854

Purchases of securities	(521,803)		(70,603)
Repayment of securities	84,477		88,147
Basis recovery of interest-only securities	496		888
Proceeds from sales of securities	39,880		4,799

Capital improvements of real estate	(872)		(1,373)
Proceeds from sale of real estate	13,079		—





Proceeds from FHLB stock	—		1,125





Net cash provided by (used in) investing activities	(373,783)		337,135
Cash flows from financing activities:
Deferred financing costs paid	(1,681)		(1,321)
Proceeds from borrowings under debt obligations	250		80,942
Repayment and repurchase of borrowings under debt obligations	(367,008)		(199,184)














Cash dividends paid to Class A common shareholders	(30,739)		(30,918)






Capital distributed to noncontrolling interests in consolidated ventures	—		(200)

Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(8,707)		(8,883)

Table of Contents

Ladder Capital Corp


	Three Months Ended March 31,
	2025		2024
Purchase of treasury stock	(2,317)		(647)



Net cash provided by (used in) financing activities	(410,202)		(160,211)
Net increase (decrease) in cash, cash equivalents and restricted cash	(812,712)		156,549
Cash, cash equivalents and restricted cash at beginning of period	1,346,039		1,075,942
Cash, cash equivalents and restricted cash at end of period	$	533,327	$	1,232,491





Non-cash investing and financing activities:
Securities and derivatives purchased, not settled	19		15



Repayments in transit of securities (other assets)	582		27
Repayment in transit of mortgage loans receivable held for investment (other assets)	19,822		40,357

Non-cash disposition of loans via foreclosure	—		(14,541)







Real estate and real estate held for sale acquired in settlement of mortgage loans receivable held for investment, net	—		14,110



















Dividends declared, not paid	29,493		30,721

~~Consolidated~~The ~~Statements~~following table provides a reconciliation of ~~Changes~~cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in ~~Equity~~the consolidated statement of cash flows ($ in thousands):

(Dollars and Shares in Thousands)


	Three Months Ended March 31,
	2025		2024

Cash and cash equivalents	$	479,770	$	1,220,217
Restricted cash	13,731		12,274
Short-term unsettled U.S. Treasury securities classified in other assets on the consolidated balance sheet	39,826		—
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$	533,327	$	1,232,491

(Unaudited)

	Shareholders’ Equity
	Class A Common Stock			Additional Paid-in-Capital		Treasury Stock		Retained Earnings (Dividends in Excess of Earnings)		AccumulatedOtherComprehensiveIncome (Loss)		Noncontrolling Interests		Total Equity
	Shares	Par										ConsolidatedVentures
Balance, December 31, 2023	126,912	$	127	$	1,756,750	$	(12,001)	$	(197,875)	$	(13,853)	$	(950)	$	1,532,198
Distributions	—	—		—		—		—		—		(224)		(224)
Amortization of equity based compensation	—	—		16,592		—		—		—		—		16,592
Grants of restricted stock	1,856	2		—		—		—		—		—		2
Purchase of treasury stock	(180)	—		—		(2,049)		—		—		—		(2,049)
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(812)	(1)		—		(8,893)		—		—		—		(8,894)
Forfeitures	(11)	—		110		(110)		—		—		—		—
Dividends declared	—	—		—		—		(88,191)		—		—		(88,191)
Net income (loss)	—	—		—		—		76,869		—		(753)		76,116
Other comprehensive income (loss)	—	—		—		—		—		5,142		—		5,142
Balance, September 30, 2024	127,765	$	128	$	1,773,452	$	(23,053)	$	(209,197)	$	(8,711)	$	(1,927)	$	1,530,692

Refer to the accompanying notes to consolidated financial statements.

Table of Contents

Ladder Capital Corp

Consolidated Statements of Changes in Equity

(Dollars and Shares in Thousands)

(Unaudited)

	Shareholders’ Equity
	Class A Common Stock			Additional Paid-in-Capital		Treasury Stock		Retained Earnings (Dividends in Excess of Earnings)		AccumulatedOtherComprehensiveIncome (Loss)		Noncontrolling Interests		Total Equity
	Shares	Par										ConsolidatedVentures
Balance, December 31, 2022	126,502	$	127	$	1,826,833	$	(95,600)	$	(177,005)	$	(21,009)	$	215	$	1,533,561
Distributions	—	—		—		—		—		—		(526)		(526)
Amortization of equity based compensation	—	—		15,375		—		—		—		—		15,375
Grants of restricted stock	1,008	1		—		(1)		—		—		—		—
Purchase of treasury stock	(269)	—		—		(2,481)		—		—		—		(2,481)
Re-issuance of treasury stock	410	—		—		—		—		—		—		—
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock	(689)	(1)		—		(7,861)		—		—		—		(7,862)
Forfeitures	(50)	—		—		—		—		—		—		—
Dividends declared	—	—		—		—		(87,521)		—		—		(87,521)
Net income (loss)	—	—		—		—		81,889		—		(412)		81,477
Other comprehensive income (loss)	—	—		—		—		—		6,130		—		6,130
Balance, September 30, 2023	126,912	$	127	$	1,842,208	$	(105,943)	$	(182,637)	$	(14,879)	$	(723)	$	1,538,153

Refer to the accompanying notes to consolidated financial statements.

Table of Contents

	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net income (loss)	$	76,116	$	81,477
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on extinguishment of debt	(197)		(10,600)
Depreciation and amortization	24,861		22,144
Non-cash operating lease expense	2		1,457
Unrealized (gain) loss on derivative instruments	1,552		175
Provision for (release of) loan loss reserves, net	13,886		19,090
Amortization of equity based compensation	16,592		15,375
Amortization of deferred financing costs included in interest expense	8,203		9,662
Amortization of premium/discount on mortgage loan financing included in interest expense	(558)		(452)
Amortization of above- and below-market lease intangibles	(1,287)		(1,360)
(Accretion)/amortization of discount, premium and other fees on loans	(10,935)		(14,971)
(Accretion)/amortization of discount and premium on securities	(724)		(796)
Net result from mortgage loan receivables held for sale	(638)		1,119
Realized (gain) loss on securities	(75)		276
(Gain) loss on real estate, net	(12,858)		(8,808)
Realized (gain) loss on sale of derivative instruments	(290)		269
(Earnings) loss from investments in unconsolidated ventures in excess of distributions received	11		(813)
Change in deferred tax asset (liability)	565		2,929
Changes in operating assets and liabilities:
Accrued interest receivable	7,530		1,883
Other assets	2,926		6,941
Accrued expenses and other liabilities	69,360		(2,792)
Net cash provided by (used in) operating activities	194,042		122,205
Cash flows from investing activities:
Origination and funding of mortgage loan receivables held for investment	(71,810)		(61,412)
Repayment of mortgage loan receivables held for investment	1,122,690		531,797
Purchases of securities	(583,018)		(76,557)
Repayment of securities	208,414		172,992
Basis recovery of interest-only securities	2,589		3,066
Proceeds from sales of securities	10,581		17,838
Capital improvements of real estate	(4,846)		(2,640)
Proceeds from sale of real estate	57,645		13,391
Capital contributions and advances to investment in unconsolidated joint ventures	(13,125)		—
Proceeds from FHLB stock	5,175		4,410
Purchase of derivative instruments	(1,164)		(223)
Sale of derivative instruments	539		—
Net cash provided by (used in) investing activities	733,670		602,662

Table of Contents

	Nine Months Ended September 30,
	2024		2023
Cash flows from financing activities:
Deferred financing costs paid	(9,567)		(2,384)
Proceeds from borrowings under debt obligations	654,705		744,339
Repayment and repurchase of borrowings under debt obligations	(849,600)		(1,159,993)
Cash dividends paid to Class A common shareholders	(88,813)		(87,732)
Capital distributed to noncontrolling interests in consolidated ventures	(223)		(526)
Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock	(8,894)		(7,862)
Purchase of treasury stock	(2,049)		(2,481)
Net cash provided by (used in) financing activities	(304,441)		(516,639)
Net increase (decrease) in cash, cash equivalents and restricted cash	623,271		208,228
Cash, cash equivalents and restricted cash at beginning of period	1,075,942		659,602
Cash, cash equivalents and restricted cash at end of period	$	1,699,213	$	867,830
Non-cash investing and financing activities:
Repayment in transit of mortgage loans receivable held for investment (other assets)	(27,519)		47,070
Non-cash disposition of loans via foreclosure	(55,946)		(30,497)
Real estate and real estate held for sale acquired in settlement of mortgage loans receivable held for investment, net	48,796		30,400
Net settlement of sale of real estate, subject to debt - real estate	—		(31,292)
Net settlement of sale of real estate, subject to debt - debt obligations	—		31,292
Transfer of real estate, net into real estate held for sale	18,078		—
Dividends declared, not paid	31,673		31,788

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statement of cash flows ($ in thousands):

	September 30, 2024		September 30, 2023
Cash and cash equivalents	$	1,607,204	$	798,391
Restricted cash	12,301		59,523
Short-term unsettled U.S. Treasury securities classified in other assets on the consolidated balance sheet	79,708		9,916
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	$	1,699,213	$	867,830

Refer to the accompanying notes to consolidated financial statements.

Table of Contents

Ladder Capital Corp
Notes to Consolidated Financial Statements
(Unaudited)

1. ORGANIZATION AND OPERATIONS

Ladder Capital Corp (“Ladder,” “Ladder Capital,” and the “Company”) is an internally-managed U.S. real estate investment trust (“REIT”) that is a leader in commercial real estate finance. The Company originates and invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. The Company’s investment activities include: (i) the Company’s primary business of originating senior first mortgage fixed and floating rate loans collateralized by commercial real estate with flexible loan structures; (ii) owning and operating commercial real estate, including net leased commercial properties; and (iii) investing in investment grade securities secured by first mortgage loans on commercial real estate. Ladder Capital Corp, as the general partner of Ladder Capital Finance Holdings LLLP (“LCFH” ~~or the “Operating Partnership”~~), operates the Ladder Capital business through LCFH and its subsidiaries. As of ~~September~~March 3031, ~~2024~~2025, Ladder Capital Corp has a 100% economic interest in LCFH and controls the management of LCFH as a result of its ability to appoint its board members. Accordingly, Ladder Capital Corp consolidates the financial results of LCFH and its subsidiaries. In addition, Ladder Capital Corp, through certain subsidiaries, which are treated as taxable REIT subsidiaries (each a “TRS”), is indirectly subject to U.S. federal, state and local income taxes. Other than such indirect U.S. federal, state and local income taxes, there are no material differences between Ladder Capital Corp’s consolidated financial statements and LCFH’s consolidated financial statements.

Ladder Capital Corp was formed as a Delaware corporation on May 21, 2013. The Company conducted its initial public offering (“IPO”) which closed on February 11, 2014. The Company used the net proceeds from the IPO to purchase newly-issued limited partnership units (“LP Units”) from LCFH. In connection with the IPO, Ladder Capital Corp also became a holding corporation and the general partner of, and obtained a controlling interest in, LCFH. Ladder Capital Corp’s only business is to act as the general partner of LCFH, and, as such, Ladder Capital Corp indirectly operates and controls all of the business and affairs of LCFH and its subsidiaries. The IPO transactions described herein are referred to as the “IPO Transactions.”

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting and Principles of Consolidation

The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this report reflects all normal and recurring adjustments necessary for a fair statement of results of operations, financial position and cash flows. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, ~~2023~~2024, which are included in the Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this interim report. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.

The consolidated financial statements include the Company’s accounts and those of its subsidiaries that are majority-owned and/or controlled by the Company and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. All significant intercompany transactions and balances have been eliminated.

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 — Consolidation (“ASC 810”), provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack one or more of the essential characteristics of a controlling financial interest; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is the entity that has both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance; and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. Refer to Note 9, Consolidated Variable Interest Entities, for further information on the Company’s consolidated variable interest entities.

1310

Table of Contents

The Company has investments in two unconsolidated ventures, which, were determined to be VIEs. The Company determined that it was not the primary beneficiary of these VIEs because the Company isdoes anot ~~passive~~have ~~investor~~power ~~in,~~over ~~and has no control of,~~ these entities and therefore does not have a controlling financial interests in these VIEs. These investments are recorded on the consolidated balance sheets within investments in and advances to unconsolidated ventures. The Company’s maximum exposure to loss is limited to its investments in these VIEs. The Company has not provided financial support to these unconsolidated VIEs that it was not previously contractually required to provide.

Allowance for Loan Losses

The Company uses a current expected credit loss model (“CECL”) for estimating the provision for loan losses on its loan portfolio. The CECL model requires the consideration of possible credit losses over the life of an instrument and includes a portfolio-based component and an asset-specific component. In compliance with the CECL reporting requirements, the Company supplements its existing credit monitoring and management processes with additional processes to support the calculation of the CECL reserves. The Company engages a third-party service provider to provide market data and a credit loss model. The credit loss model is a forward-looking, econometric, commercial real estate (“CRE”) loss forecasting tool. It is comprised of a probability of default (“PD”) model and a loss given default (“LGD”) model that, layered together with the Company’s loan-level data, fair value of collateral, net operating income of collateral, selected forward-looking macroeconomic variables, and pool-level mean loss rates, produces life of loan expected losses (“EL”) at the loan and portfolio level. Where management has determined that the credit loss model does not fully capture certain external factors, including portfolio trends or loan-specific factors, a qualitative adjustment to the reserve is recorded. In addition, interest receivable on loans is not included in the Company’s CECL calculations as the Company performs timely write offs of aged interest receivable. The Company has made a policy election to write off aged receivables through interest income as opposed to through the CECL provision on its statements of income.

Loans for which the borrower or sponsor is experiencing financial difficulty, and where repayment of the loan is expected substantially through the operation or sale of the underlying collateral, are considered collateral dependent loans. For collateral dependent loans, the Company may elect a practical expedient that allows the Company to measure expected losses based on the difference between the collateral’s fair value and the amortized cost basis of the loan. When the repayment or satisfaction of the loan is dependent on a sale, rather than operations of the collateral, the fair value is adjusted for the estimated costs to sell the collateral. If foreclosure is probable, the Company is required to measure for expected losses using this methodology.

The Company generally will use the direct capitalization rate valuation methodology or the sales comparison approach to estimate the fair value of the collateral for loans and in certain cases will obtain external appraisals. Determining fair value of the collateral may take into account a number of assumptions including, but not limited to, cash flow projections, market capitalization rates, discount rates and data regarding recent comparable sales of similar properties. Such assumptions are generally based on current market conditions and are subject to economic and market uncertainties.

The Company’s loans are typically collateralized by real estate directly or indirectly. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess: (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future; (ii) the ability of the borrower to refinance the loan at maturity; and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the Company considers the overall economic environment, real estate sector, and geographic submarket in which the collateral property is located. Such impairment analyses are completed and reviewed by asset management and underwriting personnel, who utilize various data sources, including: (i) periodic financial data such as property occupancy, tenant profile, rental rates, operating expenses, the borrowers’ business plan, and capitalization and discount rates; (ii) site inspections; and (iii) current credit spreads and other market data and ultimately presented to management for approval.

When a debtor is experiencing financial difficulties and a loan is modified, the effect of the modification will be included in the Company’s assessment of the CECL allowance for loan losses. If the Company provides principal forgiveness, the amortized cost basis of the loan is written off against the allowance for loan losses. Generally, when modifying loans, the Company will seek to protect its position by requiring incremental pay downs, additional collateral or guarantees and, in some cases, lookback features or equity interests to offset concessions granted should conditions impacting the loan improve.

The Company designates a loan as a non-accrual loan generally when: (i) the principal or coupon interest components of loan payments become 90-days past due; or (ii) in the opinion of the Company, recovery of principal and coupon interest is doubtful. Interest income on non-accrual loans in which the Company reasonably expects a recovery of the loan’s outstanding principal balance is recognized when received in cash. Otherwise, income recognition will be suspended and any cash received will be applied as a reduction to the amortized cost basis. A non-accrual loan is returned to accrual status at such time as the loan

1411

Table of Contents

balance is recognized when received in cash. Otherwise, income recognition will be suspended and any cash received will be applied as a reduction to the amortized cost basis. A non-accrual loan is returned to accrual status at such time as the loan becomes contractually current and future principal and coupon interest are reasonably assured to be received. A loan will be charged-off when management has determined principal and coupon interest is no longer realizable and deemed non-recoverable.

Transfers of Financial Assets

For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, require that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability. In November 2017, the SEC staff indicated that, despite transfer restrictions placed on qualified Third Party Purchasers by the risk retention rules of the Dodd-Frank Act, they would not take exception to a registrant treating transfers of financial instruments in a securitization as sales if the transfers otherwise met all the criteria for sale accounting. The Company believes treatment of such transfers as sales is consistent with the substance of such transactions and, accordingly, reflects such transfers as sales. The Company recognizes gains on sale of loans net of any costs related to that sale.

Debt Issued

From time to time, a subsidiary of the Company will originate a loan (each, an “inter-segment loan,” and collectively, “inter-segment loans”) to another subsidiary of the Company to finance the purchase of real estate. The mortgage loan receivable and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Once the Company issues (sells) an inter-segment loan to a third-party securitization trust (for cash), the related mortgage note is recognized as a financing transaction and accounted for under ASC 470. The accounting for the securitization of an inter-segment loan—a financial instrument that has never been recognized in the consolidated financial statements as an asset—is considered a financing transaction under ASC 470, and ASC 835.

The periodic securitization of the Company’s mortgage loans involves both inter-segment loans and mortgage loans made to third parties with the latter recognized as financial assets in the Company’s consolidated financial statements as part of an integrated transaction. The Company receives aggregate proceeds equal to the transaction’s all-in securitization value and sales price. In accordance with the guidance under ASC 835, when initially measuring the obligation arising from an inter-segment loan’s securitization, the Company allocates the proceeds from each securitization transaction between the third-party loans and each inter-segment loan securitized on a relative fair value basis determined in accordance with the guidance in ASC 820. The difference between the amount allocated to each inter-segment loan and the loan’s face amount is recorded as a premium or discount, and is amortized, using the effective interest method, as a reduction or increase in reported interest expense, respectively.

Reclassification

The Company recognized unrealized and realized gain (loss) on securities into fee and other income for the three and nine months ended September 30, 2024. As such, the unrealized (loss) of $(42) thousand and $(20) thousand and realized gain (loss) of $23 thousand and $(276) thousand for the three and nine months ended September 30, 2023, respectively, were reclassified into fee and other income on the consolidated statements of income. Refer to Note 4, Securities for realized and unrealized gain/loss details. Certain other prior period amounts have been reclassified to conform to the current period's presentation.

Recently Adopted Accounting Pronouncements

~~None~~In November 2023, the FASB issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company adopted ASU 2023-07 during the fourth quarter of 2024 and the adoption of ASU 2023-07 did not have a material impact on the Company’s consolidated financial statements.

1512

Table of Contents

Recent Accounting Pronouncements Pending Adoption

In ~~November~~December 2023, the FASB issued ASU 2023-0709—~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740): Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures (“ASU 2023-0709”). ASU 2023-0709 improves ~~reportable~~the ~~segment~~transparency ~~disclosure~~of ~~requirements,~~income ~~primarily~~tax ~~through~~disclosures ~~enhanced~~related ~~disclosures~~to ~~about~~rate ~~significant~~reconciliation ~~segment~~and ~~expenses~~income taxes. ASU 2023-07 is effective for ~~fiscal~~annual ~~years beginning after December 15, 2023 and interim~~ periods ~~within fiscal years~~ beginning after December 15, 2024,. ~~early~~Early adoption is permitted. ~~The~~for ~~amendments~~annual ~~should be applied retrospectively to all prior periods presented in the~~ financial statements. ~~Upon~~that ~~transition,~~have ~~the~~not ~~segment~~yet ~~expense~~been ~~categories~~issued ~~and~~or ~~amounts~~made ~~disclosed~~available infor ~~the~~issuance. ~~prior~~The ~~periods~~amendments should be ~~based~~applied onprospectively, ~~the~~however ~~significant~~retrospective ~~segment~~application ~~expense~~is ~~categories~~permitted. ~~identified~~The ~~and~~adoption ~~disclosed in the period~~ of ~~adoption.~~ASU ~~The~~2023-09 ~~Company~~ is ~~currently~~not ~~evaluating~~expected ~~the~~to ~~impact~~have ofa ~~the~~material ~~update~~impact on the Company’s consolidated financial statements.

In ~~December~~November ~~2023~~2024, the FASB issued ASU ~~2023~~No. 2024-~~09—~~03, Disaggregation of Income ~~Taxes~~Statement ~~(Topic~~Expenses ~~740~~(“DISE”):. ~~Improvements~~DISE torequires ~~Income~~disaggregated ~~Tax~~disclosure ~~Disclosures~~of ~~(“ASU~~income ~~2023-09”)~~statement expenses for public business entities. ASU ~~2023~~2024-0903 ~~improves~~does not change the ~~transparency~~expense captions an entity presents on the face of the income ~~tax~~statement; ~~disclosures~~rather, ~~related~~it torequires ~~rate~~disaggregation ~~reconciliation~~of ~~and~~certain ~~income~~expense ~~taxes.~~captions ~~ASU~~into ~~2023-07~~specified iscategories ~~effective~~in ~~for~~disclosures ~~annual~~within ~~periods~~the ~~beginning~~footnotes ~~after~~to ~~December~~the ~~15,~~financial ~~2024~~statements. ~~For~~As ~~entities~~revised ~~other~~by ~~than~~ASU ~~public~~No. ~~business~~2025-01, ~~entities~~Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, the ~~amendments~~provisions of ASU 2024-03 are effective for ~~annual~~fiscal ~~periods~~years beginning after December 15, ~~2025.~~2026, ~~Early~~and ~~adoption~~interim isperiods ~~permitted~~within ~~for~~fiscal ~~annual~~years ~~financial~~beginning ~~statements~~after ~~that~~December ~~have~~15, ~~not~~2027, ~~yet~~with ~~been~~early ~~issued~~adoption orpermitted. ~~made~~With ~~available~~the ~~for~~exception ~~issuance.~~of ~~The~~expanding ~~amendments~~disclosures ~~should~~to beinclude ~~applied~~more ~~prospectively,~~granular ~~however~~income ~~retrospective~~statement ~~application~~expense iscategories, ~~permitted.~~we ~~The~~do ~~Company~~not isexpect ~~currently evaluating~~ the ~~impact~~adoption of ~~the~~ASU ~~update~~2024-03 onto ~~the~~have ~~Company’s~~a material effect on our consolidated financial statements.

Any new accounting standards not disclosed above that have been issued or proposed by FASB and that do not require adoption until a future date are being evaluated or are not expected to have a material impact on the consolidated financial statements upon adoption.

1613

Table of Contents

3. MORTGAGE LOAN RECEIVABLES

~~September~~March 3031, ~~2024~~2025 ($ in thousands)

	OutstandingFace Amount		CarryingValue			WeightedAverageYield (1)(2)		RemainingMaturity(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans	$	21,~~029~~659,~~102~~485	$	21,~~025~~653,~~754~~674		98.3269	%	01.61
Mezzanine loans	1311,~~815~~584		1311,~~791~~569			11.2548	%	10.18
Total mortgage loans receivable	21,~~042~~671,~~917~~069		21,~~039~~665,~~545~~243			98.3371	%	01.61
Allowance for credit losses	N/A		(52,~~276~~208)
Total mortgage loan receivables held for investment, net, at amortized cost	21,~~042~~671,~~917~~069		1,~~987~~613,~~269~~035
Mortgage loan receivables held for sale:
First mortgage loans	3195,350		2790,~~506~~420		(4)	46.5720	%	79.40
Total	$	21,~~074~~766,~~267~~419	$	21,~~014~~703,~~775~~455	(5)	98.2757	%	01.76

(1)Includes the impact of interest rate floors. Term SOFR rates in effect as of ~~September~~March 3031, ~~2024~~2025 are used to calculate weighted average yield for floating rate loans.

(2)Excludes ~~one~~four non-accrual ~~loan~~loans with an amortized cost basis of $60116.81 million. Refer to “Non-Accrual Status” below for further details.

(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 12.32 years.

(4)As a result of ~~decreases~~changes in prevailing rates, the Company recorded a reversal of lower of cost or market adjustment as of ~~September~~March 3031, ~~2024~~2025. The adjustment was calculated using a 45.7535% discount rate.

(5)Net of $37.42 million of deferred origination fees and other items as of ~~September~~March 3031, ~~2024~~2025.

As of ~~September~~March 3031, ~~2024~~2025, $1.84 billion, or 8582.83%, of the outstanding face amount of the mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates linked to Term SOFR. Of this $1.84 billion, 100% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of ~~September~~March 3031, ~~2024~~2025, $3195.4 million, or 100%, of the outstanding face amount of the mortgage loan receivables held for sale were at fixed interest rates.

December 31, ~~2023~~2024 ($ in thousands)

	OutstandingFace Amount		CarryingValue			WeightedAverageYield (1)(2)		RemainingMaturity(years)(2)(3)
Mortgage loan receivables held for investment, net, at amortized cost:
First mortgage loans	$	31,~~131~~584,~~803~~674	$	31,~~122~~579,~~707~~740		9.6334	%	0.79
Mezzanine loans	3211,~~423~~603		3211,~~382~~582			11.4651	%	01.91
Total mortgage loans receivable	31,~~164~~596,~~226~~277		31,~~155~~591,~~089~~322			9.6536	%	0.79
Allowance for credit losses	—		(4352,~~165~~323)
Total mortgage loan receivables held for investment, net, at amortized cost	31,~~164~~596,~~226~~277		31,~~111~~538,~~924~~999
Mortgage loan receivables held for sale:
First mortgage loans	31,350		26,~~868~~898		(4)	4.57	%	87.2
Total	$	31,~~195~~627,~~576~~627	$	31,~~138~~565,~~792~~897	(5)	9.6127	%	01.70

(1)Includes the impact ~~from~~of interest rate floors. Term SOFR rates in effect as of December 31, ~~2023~~2024 are used to calculate weighted average yield for floating rate loans.

(2)Excludes ~~one~~two non-accrual ~~loan~~loans with an amortized cost basis of $1476.59 million. Refer to “Non-Accrual Status” below for further details.

(3)The remaining maturity is calculated based on the initial maturity. The weighted average extended maturity for all loans is 1.86 years.

(4)As a result of rising prevailing rates, the Company recorded a lower of cost or market adjustment as of December 31, ~~2023~~2024. The adjustment was calculated using a 5.1820% discount rate.

(5)Net of $95.10 million of deferred origination fees and other items as of December 31, ~~2023~~2024.

1714

Table of Contents

As of December 31, ~~2023~~2024, $21.83 billion, or 8783.83%, of the outstanding face amount of the mortgage loan receivables held for investment, net, at amortized cost, were at variable interest rates linked to Term SOFR. Of this $21.83 billion, 100.0% of these variable interest rate mortgage loan receivables were subject to interest rate floors. As of December 31, ~~2023~~2024, $31.4 million, or 100%, of the outstanding face amount of the mortgage loan receivables held for sale were at fixed interest rates.

For the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, loan portfolio activity was as follows ($ in thousands):

	Mortgage loan receivables held for investment, net, at amortized cost:
	Mortgage loans receivable		Allowance for credit losses		Mortgage loan receivables heldfor sale
Balance, December 31, 2023	$	3,155,089	$	(43,165)	$	26,868
Balance, December 31, 2024	$	1,591,323	$	(52,323)	$	26,898
Origination of mortgage loan receivables (1)	71253,~~810~~048		—		—63,360
Repayment of mortgage loan receivables (2)	(1181,~~142,343~~873)		—		—
Non-cash disposition of loans via foreclosure (4)	(55,946)		—		—
Net result from mortgage loan receivables held for sale (3)	—		—		162
Net result from mortgage loan receivables held for sale (5)	—		—		638
Accretion/amortization of discount, premium and other fees	2,745		—		—
Accretion/amortization of discount, premium and other fees	10,935		—		—
Release (addition) of provision for current expected credit loss, net (4)	—		115		—
Charge-offs (6)	—		5,023		—
Balance, March 31, 2025	$	1,665,243	$	(52,208)	$	90,420
Release (addition) of provision for current expected credit loss, net (7)	—		(14,134)		—
Balance, September 30, 2024	$	2,039,545	$	(52,276)	$	27,506

(1)Includes funding of commitments on existing mortgage loans.

(2)Includes $19.78 million of repayments in transit.

(3)~~Excludes~~Includes ~~$82.5~~unrealized ~~million~~lower of ~~proceeds~~cost ~~received~~or ~~from~~market ~~the~~adjustment ~~sale~~and ofrealized ~~conduit~~gain/loss ~~mortgage~~on loans ~~collateralized~~held by net leased properties in the Company’s real estate segment to a third-party securitization trust. The mortgage loan receivables, which were originated during the current period, and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Upon the sale of the mortgage loan receivable to a third-party securitization trust (for ~~cash), the related mortgage note is recognized as a financing transaction~~sale.

(4)Refer to ~~Note~~“Allowance 5,for ~~Real~~Credit ~~Estate~~Losses” ~~and~~table ~~Related~~below ~~Lease Intangibles, Net,~~ for further detail ~~on foreclosures or deeds in lieu of foreclosure (collectively, “foreclosures”) of real estate~~.

(5)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.


	Mortgage loan receivables held for investment, net, at amortized cost:
	Mortgage loans receivable		Allowance for credit losses		Mortgage loan receivables held for sale
Balance, December 31, 2023	$	3,155,089	$	(43,165)	$	26,868
Origination of mortgage loan receivables (1)	48,702		—		—

Repayment of mortgage loan receivables (2)	(395,345)		—		—
Proceeds from sales of mortgage loan receivables (3)	—		—		—
Non-cash disposition of loans via foreclosure (4)	(14,541)		—		—
Net result from mortgage loan receivables held for sale (5)	—		—		87

Accretion/amortization of discount, premium and other fees	4,040		—		—




Release (addition) of provision for current expected credit loss, net (6)	—		(5,895)		—

Balance, March 31, 2024	$	2,797,945	$	(49,060)	$	26,955

(6)The charge-off related to one loan that was resolved via foreclosure during the three months ended September 30, 2024. The loan was collateralized by an office asset in Oakland, California.

(7)Refer to “Allowance for Credit Losses” table below for further detail.

	Mortgage loan receivables held for investment, net, at amortized cost:
	Mortgage loans receivable		Allowance for credit losses		Mortgage loan receivables heldfor sale
Balance, December 31, 2022	$	3,885,746	$	(20,755)	$	27,391
Origination of mortgage loan receivables (1)	61,412		—		—
Repayment of mortgage loan receivables	(559,947)		—		—
Non-cash disposition of loans via foreclosure (2)	(30,497)		—		—
Net result from mortgage loan receivables held for sale (2)	—		—		(1,119)
Accretion/amortization of discount, premium and other fees	14,971		—		—
Release (addition) of provision for current expected credit loss, net (3)	—		(18,820)		—
Balance, September 30, 2023	$	3,371,685	$	(39,575)	$	26,272

(1)Includes funding of commitments on existing mortgage loans.

(2)Includes ~~unrealized~~$32.5 million ~~lower~~ of ~~cost~~proceeds orreceived ~~market~~from ~~adjustment~~repayments ~~and~~in ~~realized gain/loss on loans held for sale~~transit.

(3)~~Refer~~Excludes $40.4 million of proceeds received from the sale of conduit mortgage loans collateralized by net leased properties in the Company’s real estate segment to ~~“Allowance~~a ~~for~~third-party ~~Credit~~securitization ~~Losses”~~trust. ~~table~~The ~~below~~mortgage loan receivables, which were originated during the current period, and the related obligation do not appear in the Company’s consolidated balance sheets as they are eliminated upon consolidation. Upon the sale of the mortgage loan receivable to a third-party securitization trust (for ~~further~~cash), ~~detail~~the related mortgage note is recognized as a financing transaction.

18(4)Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further detail on foreclosures of real estate.

(5)Includes unrealized lower of cost or market adjustment and realized gain/loss on loans held for sale.

(6)Refer to “Allowance for Credit Losses” table below for further detail.

Table of Contents

Allowance for Credit Losses and Non-Accrual Status ($ in thousands)

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
Allowance for Credit Losses	~~2024~~2025		~~2023~~2024		~~2024~~		~~2023~~
Allowance for credit losses at beginning of period	$	5452,~~107~~323	$	3243,~~248~~165	$	~~43,165~~	$	~~20,755~~
Provision for (release of) current expected credit loss, net (1)	~~3,192~~(115)		75,~~327~~895		~~14,134~~		~~18,820~~
Charge-offs (2)	(5,023)		—		(5,023)		—
Allowance for credit losses at end of period	$	52,208	$	49,060
Allowance for credit losses at end of period	$	52,276	$	39,575	$	52,276	$	39,575

(1)As of ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024, there were no asset-specific reserves.

(2)The charge-off related to one loan that was resolved via foreclosure during the three months ended September 30, 2024. The loan was collateralized by an office property in Oakland, California.


Non-Accrual Status (1)	March 31, 2025(2)		December 31, 2024(3)
Amortized cost basis of loans on non-accrual status	$	116,137	$	76,875

Non-Accrual Status (1)			September 30, 2024(2)						December 31, 2023(3)
Amortized cost basis of loans on non-accrual status			$	60,847					$	14,541

(1)As of March 31, 2025, $91.2 million of loans on non-accrual status were greater than 90 days past due. As of December 31, 2024, $76.9 million of loans on non-accrual status were greater than 90 days past due. For the three months ended March 31, 2025, the Company recognized $0.5 million of interest income on these loans.

(12)AsComprised of ~~September~~one multi-family loan with an amortized cost basis of $60.9 30million, ~~2024~~one ~~and~~mixed-use ~~December~~loan with an amortized cost basis of $16.6 31million, ~~2023~~one office loan with an amortized cost basis of $24.9 million, ~~the~~and ~~loans~~one onhotel ~~non-accrual~~loan ~~status~~with ~~were~~an ~~greater~~amortized ~~than~~cost 90basis ~~days~~of ~~past~~$13.7 million, ~~due~~for ~~and~~which ~~are~~the ~~considered~~Company ~~collateral~~determined ~~dependent~~no asset-specific reserves were necessary.

(23)Comprised of one multi-family loan with an amortized cost basis of $60.89 million, ~~for~~and ~~which~~one ~~the Company determined no asset~~mixed-~~specific~~use ~~reserve~~loan ~~was~~with ~~necessary.~~an

~~(3)Comprised of one multi-family loan with an~~ amortized cost basis of $1416.50 million, for which the Company determined no asset-specific reserve was necessary.

~~During~~Current ~~the~~Expected ~~year~~Credit ended December 31, 2023, the Company modified one first mortgage loan with an amortized cost basis of $58.5 million as of December 31, 2023, or 1.9% of the Company’s mortgage loan receivable portfolio. This modification resulted in an initial extension through June 2024, in exchange for terms that included a $2.5 million payment that reduced the amortized cost basis of the loan, with subsequent contractual extensions available with additional payments. The loan was extended in June 2024 through October 2024 in exchange for an additional $2.5 million payment. No principal or interest was forgiven, and the Company also received a 15% non-controlling common equity interest in the property. The payment structure of the loan was modified to defer a portion of the contractual interest until maturity and the Company only accrued the current pay component. During the three months ended September 30, 2024, the loan principal was repaid in full, and the Company received $7.5 million of deferred interest. During the three and nine months ended September 30, 2024, the Company recognized $7.6 million and $7.9 million of interest income related to this loan, respectively.Loss

~~Current~~As ~~Expected~~of ~~Credit~~March 31, ~~Loss~~2025, ~~(“CECL”)~~the Company has a $52.8 million allowance for current expected credit losses, of which $52.2 million pertains to mortgage loan receivables and $0.6 million relates to unfunded commitments included in other liabilities in the consolidated balance sheet.

As of ~~September~~December 3031, 2024, the Company ~~has~~had a $52.8 million allowance for current expected credit losses, of which $52.3 million ~~pertains~~pertained to mortgage loan receivables and $0.5 million ~~relates~~related to unfunded commitments included in other liabilities in the consolidated balance ~~sheets~~sheet.

AsThe release of ~~December 31,~~loan ~~2023,~~loss reserves for the ~~Company~~three ~~had~~months aended March 31, 2025 was $430.9 1 million. ~~allowance~~The ~~for~~release ~~current~~recorded ~~expected~~during ~~credit~~the ~~losses,~~three ofmonths ~~which~~ended ~~$43.2~~March ~~million~~31, ~~pertained~~2025 was primarily due to a decrease in the size of the the Company’s balance sheet first mortgage loan ~~receivables~~portfolio ~~and~~as ~~$0.7~~a ~~million~~result ~~related~~of torepayments, ~~unfunded~~partially ~~commitments~~offset ~~included~~by adverse changes in ~~other~~macroeconomic ~~liabilities~~market inconditions ~~the~~affecting ~~consolidated~~commercial ~~balance~~real ~~sheets~~estate.

The provision for loan loss reserves for the three ~~and nine~~ months ended ~~September~~March 3031, 2024 was $35.18 million ~~and $13~~.~~9 million~~ ~~of expense, respectfully.~~ The provision recorded during the three ~~and nine~~ months ended ~~September~~March 3031, 2024 iswas primarily due to ~~continued~~adverse ~~uncertainty~~changes in macroeconomic market conditions affecting commercial real estate, partially offset by a decrease in the size of the ~~Company’s~~ balance sheet first mortgage loan portfolio as a result of repayments. ~~During the three and nine months ended September 30, 2024, the Company charged-off $5.0 million of the existing allowance for credit losses related to a loan that was resolved via foreclosure.~~

The provision for loan loss reserves for the three and nine months ended September 30, 2023 was an increase of the provision of $7.5 million and $19.1 million, respectively. The net increase for the three and nine months ended September 30, 2023 represents an increase in the general reserve of loans held for investment of $7.3 million and $18.8 million, respectively, and an increase related to unfunded commitments of $146 thousand and $270 thousand, respectively. The increase in provision associated with the general reserve during the three and nine months ended September 30, 2023 was primarily due to adverse changes in macroeconomic market conditions affecting commercial real estate, partially offset by a decrease in the size of the Company’s balance sheet first mortgage loan portfolio as a result of repayments.16

Table of Contents

Management’s method for monitoring credit is the performance of a loan. The primary credit quality indicator management utilizes to assess its current expected credit loss reserve is by viewing the Company’s mortgage loan portfolio by collateral type. The primary credit quality indicator is reviewed by management on a quarterly basis. The following tables summarize the amortized cost of the mortgage loan portfolio by collateral type as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively ($ in thousands):

	Amortized Cost Basis by Origination Year as of September 30, 2024
	Amortized Cost Basis by Origination Year as of March 31, 2025
Collateral Type	~~2024~~2025		~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021 and Earlier		Total (2)
Office	$	—	$	—	$	~~59,921~~—	$	~~578~~55,~~230~~600	$	~~193~~705,~~469~~525	$	~~831~~761,~~620~~125
Multifamily	37143,~~670~~117		14126,~~592~~785		~~237~~14,~~240~~624		~~401~~93,~~361~~129		—207,277		~~690~~584,~~863~~932
Mixed Use	—18,169		—		~~161,714~~—		~~176,742~~—		—83,054		~~338~~101,~~456~~223
Retail	—		—		—		79,223		2,196		81,419
Industrial	42,478		26,454		—		—		—		68,932
Hospitality	—		—		—		13,056		55,273		68,329
Other	48,490		—		—		14,172		—		62,662
Industrial	14,752		—		—		—		—		14,752
Retail	—		23,876		—		—		24,143		48,019
Other	—		—		14,106		—		—		14,106
Hospitality	—		—		—		—		38,350		38,350
Manufactured Housing	—		—		—		—		—		—
Subtotal mortgage loans receivable	252,254		177,115		14,624		162,901		1,058,349		1,665,243
Subtotal mortgage loans receivable	52,422		14,592		472,981		1,248,612		250,938		2,039,545
Individually Impaired loans	—		—		—		—		—		—
Total mortgage loans receivable (1)	$	52252,~~422~~254	$	14177,~~592~~115	$	~~472~~14,~~981~~624	$	1162,~~248,612~~901	$	~~250~~1,~~938~~058,349	$	21,~~039~~665,~~545~~243

	Amortized Cost Basis by Origination Year as of December 31, 2023
	Amortized Cost Basis by Origination Year as of December 31, 2024
Collateral Type	~~2023~~2024		~~2022~~2023		~~2021~~2022		~~2020~~2021		~~2019~~2020 and Earlier		Total (23)
Multifamily	$	14,461	$	547,532	$	612,489	$	—	$	—	$	1,174,482
Office	$	—	$	—	$	59,944	$	518,663	$	185,242	$	763,849
Office	—		79,148		614,743		—		211,674		905,565
Multifamily	126,588		14,636		105,324		272,291		—		518,839
Mixed Use	—		~~193,470~~—		~~321,514~~—		—127,380		~~41,403~~—		~~556~~127,~~387~~380
Industrial	—		22,636		34,746		—		119,344		176,726
Retail	23,833		—		—		48,628		—		72,461
Manufactured Housing	—		32,655		82,895		—		—		115,550
Hospitality	—		—		—		13,064		55,260		68,324
Retail	—		12,934		87,052		—		9,083		109,069
Industrial	26,368		—		—		—		—		26,368
Hospitality	—		—		18,589		—		55,380		73,969
Other	—		—		14,101		—		—		14,101
Other	—		31,363		11,978		—		—		43,341
Subtotal mortgage loans receivable	176,789		14,636		179,369		980,026		240,502		1,591,322
Subtotal mortgage loans receivable	14,461		919,738		1,784,006		—		436,884		3,155,089
Individually Impaired loans	—		—		—		—		—		—
Total mortgage loans receivable (3)	$	14,461	$	919,738	$	1,784,006	$	—	$	436,884	$	3,155,089
Total mortgage loans receivable (4)(5)	$	176,789	$	14,636	$	179,369	$	980,026	$	240,502	$	1,591,322

(1)Not included above is $1310.57 million of accrued interest receivable on all loans at ~~September~~March 3031, ~~2024~~2025.

(2)For ~~the~~purposes ~~three~~of ~~months~~calculating ~~ended~~our ~~September 30,~~CECL ~~2024~~allowance, ~~there~~one ~~was~~loan acollateralized ~~$5.0 million~~by ~~charge-off~~hospitality, ~~of an allowance in connection with a foreclosure of~~ one ~~office~~loan ~~property~~collateralized inby ~~Oakland~~office, ~~California.~~and ~~For~~one ~~the~~loan ~~year~~collateralized ~~ended~~by ~~December~~multifamily ~~31,~~utilized ~~2023,~~valuations ~~there~~of ~~was~~the aunderlying ~~$2.7 million~~collateral ~~charge-off~~to ofcalculate anthe ~~asset-specific~~ allowance inat ~~connection with a foreclosure of one retail property in New York~~March 31, NY2025.

(3)~~Not~~For ~~included~~purposes ~~above~~of iscalculating ~~$22.4~~our ~~million~~CECL allowance, two loans collateralized by mixed-use, one loan collateralized by office, and one loan collateralized by multifamily utilized valuations of ~~accrued~~the ~~interest~~underlying ~~receivable~~collateral onto ~~all~~calculate ~~loans~~the allowance at December 31, ~~2023~~2024.

(4)For the year ended December 31, 2024, there was a $5.0 million charge-off of an asset-specific allowance in connection with a foreclosure of one office property in Oakland, California.

(5)Not included above is $9.4 million of accrued interest receivable on all loans at December 31, 2024.

4. SECURITIES

The Company invests in primarily AAA-rated real estate securities, typically front pay securities, with relatively short duration and significant credit subordination.

Commercial mortgage-backed securities, including CRE CLOs (“CMBS”), CMBS interest-only securities, U.S. Agency securities, corporate bonds and U.S. Treasury securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. As of ~~September~~March 3031, ~~2024~~2025, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

2017

Table of Contents

Government National Mortgage Association (“GNMA”) interest-only, Federal Home Loan Mortgage Corp (“FHLMC”) and equity securities are recorded at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The following is a summary of the Company’s securities at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 ($ in thousands):

~~September~~March 3031, ~~2024~~2025

						Gross Unrealized								Weighted Average
Asset Type	OutstandingFace Amount			Amortized Cost Basis		Gains		Losses (1)		CarryingValue			# ofSecurities	Rating (2)	Coupon %		Yield %		RemainingDuration(years)
CMBS	$	~~850~~1,~~491~~480,626		$	~~848~~1,~~394~~478,529	$	1,~~376~~825	$	(109,~~446~~097)	$	~~839~~1,~~324~~471,257	(3)	8899	AAA	65.6271 %		65.8082 %		2.3393
CMBS interest-only(4)	~~773~~436,~~268~~227		(4)	32,~~913~~659		~~128~~93		(939)		42,~~032~~713		(5)	76	AAA	0.3863 %		78.4022 %		0.9278
GNMA interest-only(6)	3332,~~337~~359		(4)	~~165~~158		7155		(5658)		~~180~~155			13	AAA	0.3433 %		9.4639 %		23.5173
Agency securities	149			149		—		—		149			1	AAA	4.00 %		2.6057 %		0.7845
Corporate bonds	9,190			9,135		10		—		9,145			1	BB-	3.75 %		6.14 %		0.25
Total debt securities	$	1,949,221		$	1,481,355	$	1,973	$	(9,194)	$	1,474,134	(7)	119		4.48	%	5.81	%	2.92
Total debt securities	$	1,666,300		$	861,621	$	1,585	$	(10,511)	$	852,695	(7)	110		3.58	%	6.80	%	2.30
Equity securities	N/A			2,517		—		(251)		2,266			4	N/A	N/A		N/A		N/A
Equity securities	N/A			160		—		(52)		108			1	N/A	N/A		N/A		N/A
Allowance for current expected credit losses	N/A			—		—		(20)		(20)
Total securities	$	1,~~666~~949,~~300~~221		$	~~861~~1,~~781~~483,872	$	1,~~585~~973	$	(109,~~583~~465)	$	~~852~~1,~~783~~476,380		~~111~~123

December 31, ~~2023~~2024

						Gross Unrealized								Weighted Average
Asset Type	OutstandingFace Amount			AmortizedCost Basis		Gains		Losses (1)		CarryingValue			# ofSecurities	Rating (2)	Coupon %		Yield %		RemainingDuration(years)
CMBS	$	~~439~~1,~~679~~065,985		$	~~439~~1,~~052~~063,835	$	~~277~~3,335	$	(148,~~439~~296)	$	~~424~~1,~~890~~058,874	(3)	6492	AAA	65.6797 %		6.8313 %		2.0041
CMBS interest-only(4)	~~876~~769,~~555~~724		(4)	63,~~453~~149		~~169~~104		(539)		63,~~569~~244		(5)	97	AAA	0.5738 %		67.6181 %		10.0787
GNMA interest-only(6)	3732,~~053~~710		(4)	~~214~~160		5153		(5258)		~~213~~155			1413	AAA	0.3633 %		69.1238 %		3.6064
Agency securities	2211			2211		—		~~(1)~~—		2111			1	AAA	4.00 %		2.7060 %		10.0558
U.S. Treasury securities	54,031			53,648		68		—		53,716			7	AAA	N/A		5.41 %		0.07
Total debt securities	$	1,868,430		$	1,067,155	$	3,492	$	(8,363)	$	1,062,284	(7)	113		3.56	%	6.03	%	2.37
Total debt securities	$	1,407,340		$	499,389	$	565	$	(14,545)	$	485,409	(7)	95		2.55	%	6.82	%	1.98
Equity securities	N/A			19,511		3		(939)		18,575			8	N/A	N/A		N/A		N/A
Equity securities	N/A			160		—		(16)		144			1	N/A	N/A		N/A		N/A
Allowance for current expected credit losses	N/A			—		—		(20)		(20)
Total securities	$	1,~~407~~868,~~340~~430		$	~~499~~1,~~549~~086,666	$	~~565~~3,495	$	(149,~~581~~322)	$	~~485~~1,~~533~~080,839		96121

(1)Based on the Company’s analysis, including review of interest rate changes and current levels of subordination, among other factors, the unrealized loss positions are determined to be due to market factors other than credit.

(2)Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. The ratings provided were determined by third-party rating agencies. The rates may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.

(3)As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, includes $8.9 million ~~and $9.0 million~~ of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.

(4)The amounts presented represent the principal amount of the mortgage loans outstanding in the pool in which the interest-only securities participate.

(5)As of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, includes $0.2 million ~~and $0.3 million~~ of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.

(6)GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income.

(7)The Company’s investments in debt securities represent an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.

2118

Table of Contents

The following summarizes the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 ($ in thousands):

~~September~~March 3031, ~~2024~~2025

Asset Type	Within 1 year		1-5 years		5-10 years		After 10 years		Total
CMBS	$	90132,~~844~~306	$	~~748~~1,~~480~~239,741	$	—37,633	$	61,577	$	~~839~~1,~~324~~471,257
CMBS interest-only	12,~~193~~690		~~2,839~~23		—		—		42,~~032~~713
GNMA interest-only	5251		~~128~~13		—91		—		~~180~~155
Agency securities	149		—		—		—		149
Corporate bonds	9,145		—		—				9,145
Total securities (1)	$	135,056	$	1,239,777	$	37,724	$	61,577	$	1,474,134
Total securities (1)	$	101,248	$	751,447	$	—			$	852,695

(1)Excluded from the table above are $02.13 million of equity securities and $(20.0) thousand of allowance for current expected credit losses.

December 31, ~~2023~~2024

Asset Type	Within 1 year		1-5 years		5-10 years		Total
CMBS	$	81170,~~343~~874	$	~~343~~888,~~547~~000	$	—	$	~~424~~1,~~890~~058,874
CMBS interest-only	2,~~121~~937		~~4,448~~307		—		63,~~569~~244
GNMA interest-only	8653		2213		~~105~~89		~~213~~155
Agency securities	—11		21—		—		2111
U.S. Treasury securities	~~53,716~~—		—				~~53,716~~—
Total securities (1)	$	~~137~~173,~~266~~875	$	~~348~~888,~~038~~320	$	~~105~~89	$	~~485~~1,~~409~~062,284

(1)Excluded from the table above are $018.16 million of equity securities and $(20.0) thousand of allowance for current expected credit losses.

During the three months ended ~~September~~March 3031, ~~2024,~~2025 ~~the~~and ~~Company did not sell any equity securities. During the nine months ended September~~March 3031, 2024, the Company sold $118.80 million ~~of equity securities. During the three~~ and ~~nine months ended September~~$1.0 ~~30,~~million ~~2023~~of ~~the Company did not sell any~~ equity securities, respectively.

The following summarizes the Company’s realized and unrealized gain (loss) on securities, included within “Fee and Other Income” on the Company’s consolidated statements of income for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~September~~March 3031, ~~2023~~2024 ($ in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
			Three Months Ended March 31,
	2024				2023				2024		2023
			2025				2024
Realized gain (loss) on securities	$	—	$	542	$	23	$	53	$	75	$	~~(276)~~
Unrealized gain (loss) on securities	5		687		~~(42)~~		(7)		~~(22)~~		~~(20)~~
Total realized and unrealized gain (loss) on securities	$	5			$	(19)			$	53	$	(296)
Total realized and unrealized gain/(loss) on securities			$	1,229			$	46

~~United States Treasury Securities~~ 19

The Company invests in short-term and long-term U.S. Treasury securities. Short-term U.S. Treasury securities are classified as cash and cash equivalents on our consolidated balance sheets and long-term U.S. Treasury securities are classified as securities on the consolidated balance sheets. As of September 30, 2024, the Company held $1.3 billion of U.S. Treasury securities classified as cash and cash equivalents on the consolidated balance sheet.

Table of Contents

5. REAL ESTATE AND RELATED LEASE INTANGIBLES, NET

The Company’s real estate assets were comprised of the following ($ in thousands):

	September 30, 2024		December 31, 2023
	March 31, 2025		December 31, 2024
Land	$	~~177~~171,~~368~~181	$	~~183~~173,~~194~~798
Building	~~635~~615,~~741~~454		~~647~~622,~~201~~701
In-place leases and other intangibles	~~110~~105,~~676~~791		~~116~~107,~~831~~899
Undepreciated real estate and related lease intangibles	~~923~~892,~~785~~426		~~947~~904,~~226~~398
Less: Accumulated depreciation and amortization	(~~232~~237,~~394~~717)		(~~220~~233,~~784~~595)
Real estate and related lease intangibles, net(1)	$	~~691~~654,~~391~~709	$	~~726~~670,~~442~~803
Below market lease intangibles, net (other liabilities)(2)	$	(2623,~~994~~898)	$	(2825,~~860~~340)

(1)There was unencumbered real estate of $~~179~~223.38 million and $~~160~~213.84 million as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

(2)Below market lease intangibles is net of $16.87 million and $1516.85 million of accumulated amortization as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

As of ~~September~~March 3031, 2025 and December 31, 2024, the Company ~~held~~had ~~$18.1~~no ~~million of undepreciated~~ real estate and lease intangibles held for sale.

The following table presents depreciation and amortization expense on real estate recorded by the Company ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
	2024		2023		2024		2023
	2025		2024
Depreciation expense(1)	$	6,~~323~~052	$	56,~~803~~389	$	~~19,058~~	$	~~18,146~~
Amortization expense	1,~~823~~284		1,~~341~~913		~~5,803~~		~~3,998~~
Total real estate depreciation and amortization expense	$	87,~~146~~336	$	78,~~144~~302	$	~~24,861~~	$	~~22,144~~

(1)Depreciation expense on the consolidated statements of income also includes $0.1 million of depreciation on corporate fixed assets for ~~both~~ the three months ended ~~September~~March 3031, ~~2024~~2025 and ~~September~~March 3031, ~~2023 and $0.3 million of depreciation on corporate fixed assets for the nine months ended September 30,~~ 2024 ~~and September 30, 2023~~.

The Company’s intangible assets are comprised of in-place leases, above market leases and other intangibles. The following tables present additional detail related to the intangible assets ($ in thousands):

	September 30, 2024		December 31, 2023
	March 31, 2025		December 31, 2024
Gross intangible assets(1)	$	~~113~~105,~~392~~791	$	~~116~~107,~~831~~899
Accumulated amortization	5958,~~121~~137		5557,~~782~~281
Net intangible assets	$	5447,~~271~~654	$	6150,~~049~~618

(1)Includes $2.42 million and $2.83 million of unamortized above market lease intangibles, which are included in real estate and related lease intangibles, net on the consolidated balance sheets as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

The following table presents increases/reductions in operating lease income related to the amortization of above or below market leases recorded by the Company ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
	2024		2023		2024		2023
	2025		2024
Reduction in operating lease income for amortization of above market lease intangibles acquired	$	(93)	$	(7397)	$	~~(285)~~	$	~~(216)~~
Increase in operating lease income for amortization of below market lease intangibles acquired	~~518~~495		~~526~~529		~~1,572~~		~~1,576~~
Total	$	~~425~~402	$	~~453~~432	$	~~1,287~~	$	~~1,360~~

2320

Table of Contents

The following table presents expected adjustment to operating lease income and expected amortization expense during the next five years and thereafter related to the above and below market leases and acquired in-place lease and other intangibles for property owned as of ~~September~~March 3031, ~~2024~~2025 ($ in thousands):

Period Ending December 31,	Increase/(Decrease) to Operating Lease Income		Amortization Expense
2024 (last three months)	$	425	$	1,633
2025 (last nine months)	$	1,192	$	3,677
2025	1,703		5,250
2026	1,603		4,135
2026	1,717		4,276
2027	1,567		3,924
2027	1,681		4,128
2028	1,493		3,659
2028	1,607		3,992
2029	1,496		3,589
Thereafter	1714,~~432~~315		3426,~~118~~927
Total	$	2421,~~565~~666	$	5345,~~397~~911

Rent Receivables

There were $23.90 million and $12.16 million of rent receivables included in other assets on the consolidated balance sheets as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024, respectively.

Operating Lease Income & Tenant Reimbursements

The following is a schedule of non-cancellable, contractual, future minimum rent under leases (excluding property operating expenses paid directly by tenant under net leases) at ~~September~~March 3031, ~~2024~~2025 ($ in thousands):

Period Ending December 31,	Amount
2024 (last three months)	$	16,012
2025 (last nine months)	$	42,564
2025	59,300
2026	48,911
2026	50,335
2027	45,272
2027	47,703
2028	43,664
2028	45,436
2029	42,639
Thereafter	~~163~~121,~~472~~968
Total	$	~~382~~345,~~258~~018

Tenant reimbursements, which consist of real estate taxes and utilities paid by the Company, which were reimbursable by the Company’s tenants pursuant to the terms of the lease agreements, were $1.80 million and $52.10 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024,~~2025 ~~respectively~~ and ~~$1.4 million and $3.5 million for the three and nine months ended September 30~~2024, ~~2023,~~ respectively. Tenant reimbursements are included in operating lease income on the Company’s consolidated statements of income.

Acquisitions

Acquisition Date		Type	Primary Location(s)	Purchase Price/Fair Value on the Date of Foreclosure		Ownership Interest (1)
February 2024	(2)	Multifamily	Los Angeles, CA	$	14,110	100%
April 2024	(3)	Multifamily	Longview, TX	6,080		100%
April 2024	(4)	Multifamily	Amarillo, TX	9,651		100%
June 2024	(5)	Multifamily	Los Angeles, CA	11,455		100%
September 2024	(6)	Office	Oakland, CA	7,500		100%
Total real estate acquisitions				$	48,796

There were no acquisitions during the three months ended March 31, 2025.

The Company acquired the following properties during the three months ended March 31, 2024 ($ in thousands):


Acquisition Date		Type	Primary Location(s)	Purchase Price/Fair Value on the Date of Foreclosure		Ownership Interest (1)
February 2024	(2)	Multifamily	Los Angeles, CA	$	14,110	100.0%







Total real estate acquisitions				$	14,110

(1)Properties were consolidated as of acquisition date.

24(2)In February 2024, the Company acquired a multifamily portfolio consisting of three properties in Los Angeles, CA via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the properties. The $14.1 million fair value was determined by using the sales comparison and direct capitalization approaches. The appraiser utilized a capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.

Table of Contents

(2)In February 2024, the Company acquired a multifamily portfolio consisting of three properties in Los Angeles, CA via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $14.1 million fair value was determined by using the sales comparison and income approach. The appraiser utilized a terminal capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs. The portfolio was sold in June 2024.

(3)In April 2024, the Company acquired a multifamily portfolio consisting of two properties in Longview, TX via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. There was a $0.4 million gain recognized in connection with the foreclosure of the loan. During June 2024, the Company sold the portfolio for $6.1 million. The fair value at foreclosure was based on the the sales price.

(4)In April 2024, the Company acquired a multifamily property in Amarillo, TX via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The Company determined the fair value of $9.7 million by using the sales comparison approach utilizing a terminal capitalization rate of 8.3%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.

(5)In June 2024, the Company acquired a multifamily portfolio consisting of three properties in Los Angeles, CA via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The $11.5 million fair value was determined by using the sales comparison approach. There was no gain or loss resulting from the foreclosure of the loan.

(6)In September 2024, the Company acquired an office property in Oakland, CA via foreclosure. The property served as collateral for a mortgage loan receivable held for investment. The $7.5 million fair value was determined by using the sales comparison approach and direct capitalization approach. There was a $5 million charge-off of allowance for credit loss resulting from the acquisition of the property. The Company used a terminal capitalization rate of 7.5%. The key inputs used to determine fair value were determined to be Level 3 inputs. Refer to Note 3, Mortgage Loan Receivables for further details.

The Company allocates purchase consideration based on relative fair values, and real estate acquisition costs are capitalized as a component of the cost of the assets acquired for asset acquisitions. During the nine months ended September 30, 2024, all acquisitions were determined to be asset acquisitions.

Acquisition Date		Type	Primary Location(s)	Purchase Price/Fair Value on the Date of Foreclosure		Ownership Interest (1)
September 2023	(2)	Mixed use	New York, NY	$	30,400	100.0%
Total real estate acquisitions				$	30,400

(1)Properties were consolidated as of acquisition date.

(2)In September 2023, the Company acquired a mixed use portfolio consisting of four properties in New York, NY via foreclosure. The portfolio served as collateral for a mortgage loan receivable held for investment. The Company obtained a third-party appraisal of the property. The $30.4 million fair value was determined by using the sales comparison and income approaches. The appraiser utilized a terminal capitalization rate of 5.5%. There was no gain or loss resulting from the foreclosure of the loan. The key inputs used to determine fair value were determined to be Level 3 inputs.

Sales

The Company sold the following property during the three months ended March 31, 2025 ($ in thousands):

Sales Date	Type	Primary Location(s)		Sales Proceeds		Net Book Value		Realized Gain/(Loss)		~~Properties~~	Properties
May 2024	Office	Peoria, IL		$	1,227	$	2,320	$	(1,093)	1
March 2025	Retail	Jenks, OK		$	13,079	$	9,272	$	3,807		1
June 2024	Multifamily	Los Angeles, CA		14,834		13,911		923		3
Totals				$	13,079	$	9,272	$	3,807
June 2024	Retail	Waldorf, MD		23,734		11,424		12,310		1
June 2024	Multifamily	Longview, TX	(1)	6,080		6,080		403		2
July 2024	Multifamily	Los Angeles, CA		11,770		11,455		315		1
Totals				$	57,645	$	45,190	$	12,858

25The Company did not have any sales during the three months ended March 31, 2024.

Table of Contents

(1)The Company recognized a $0.4 million gain on foreclosure which is recognized in gain (loss) on real estate, net on the consolidated statement of income.

The Company sold the following properties during the nine months ended September 30, 2023 ($ in thousands):

Sales Date	Type	Primary Location(s)		Sales Proceeds		Net Book Value		Realized Gain/(Loss)		Properties
August 2023	Hotel	San Diego, CA	(1)	$	43,335	$	34,526	$	8,808	1
Totals				$	43,335	$	34,526	$	8,808

(1)Included within sales proceeds is $31.3 million of mortgage financing that was assumed by the buyer.

Table of Contents

6. DEBT OBLIGATIONS, NET

The details of the Company’s debt obligations at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 are as follows ($ in thousands):

Debt Obligations	Committed /Principal Amount		Carrying Value of Debt Obligations			Committed but Unfunded		Interest Rate at September 30, 2024(1)			Current Term Maturity	Remaining Extension Options	Eligible Collateral	Carrying Amount of Collateral		Fair Value of Collateral
Committed Loan Repurchase Facility	$	500,000	$	200,874		$	299,126	7.14%	—	7.49%	9/27/2025	(2)	(3)	$	300,127	$	300,127
Committed Loan Repurchase Facility	300,000		43,651			256,349		7.44%	—	8.19%	12/19/2024	(4)	(5)	62,333		62,333
Committed Loan Repurchase Facility	56,000		—			56,000		—%	—	—%	4/30/2026	(6)	(3)	—		—
Committed Loan Repurchase Facility	200,000		—			200,000		7.60%	—	7.60%	10/3/2025	(7)	(3)	14,592		14,730
Committed Loan Repurchase Facility	100,000		—			100,000		—%		—%	1/22/2025	(8)	(5)	—		—
Total Committed Loan Repurchase Facilities	1,156,000		244,525			911,475								377,052		377,190
Uncommitted Securities Repurchase Facility	N/A (9)		—			N/A (9)		—%	—	—%	N/A	N/A	(10)	—		—
Total Repurchase Facilities	1,156,000		244,525			911,475								377,052		377,190
Revolving Credit Facility	323,850		—			323,850		—%	—	—%	1/25/2025	(11)	N/A (12)	N/A (12)		N/A (12)
Mortgage Loan Financing	511,046		513,781			—		4.39%	—	8.78%	2024-2034 (13)	N/A	(14)	530,177		735,875		(15)
CLO Debt	776,336		776,096		(16)	—		6.41%	—	8.86%	2024-2026 (17)	N/A	(3)	1,020,694		1,020,694
Senior Unsecured Notes	2,067,811		2,050,930		(18)	—		4.25%	—	7.00%	2025-2031	N/A	N/A (19)	N/A (19)		N/A (19)
Total Debt Obligations, Net	$	4,835,043	$	3,585,332		$	1,235,325							$	1,927,923	$	2,133,759

March 31, 2025

(1)Interest rates on floating rate debt reflect the applicable index in effect as of September 30, 2024.


Secured Debt Obligations	Committed Amount		Outstanding Principal Amount		Carrying Value		Average Cost of Funds(1)	Current Maturity	Final Stated Maturity(2)	Carrying Value of Collateral
Loan Repurchase Facility	$	500,000	$	62,738	$	62,738	6.47%	9/27/2025	9/27/2027	$	97,490
Loan Repurchase Facility	300,000		—		—		—%	10/21/2027	10/21/2029	—
Loan Repurchase Facility	200,000		—		—		—%	10/3/2025	10/3/2027	14,624
Loan Repurchase Facility	56,000		—		—		—%	4/30/2026	4/30/2029	—
Loan Repurchase Facilities(3)	$	1,056,000	$	62,738	$	62,738				$	112,114




Mortgage Debt	N/A		423,009		425,690		6.13%	2025-2034(4)	2027-2048	430,951
CLO Debt	N/A		275,623		275,623		6.30%	2025-2026(5)	12/15/2036	424,493
Revolving Credit Facility(6)	850,000		—		—		—%	12/20/2028	12/20/2029	N/A
Senior Unsecured Notes	N/A		2,021,108		2,005,703		5.23%	2025-2031	2025-2031	N/A
Total Debt Obligations, net	$	1,906,000	$	2,782,478	$	2,769,754				$	967,558

(21)~~Two~~Interest ~~12-month~~rates ~~extension~~on ~~periods~~floating atrate ~~Company’s~~debt ~~option.~~reflect Nothe ~~new~~applicable ~~advances~~index ~~are~~in ~~permitted~~effect ~~after~~as ~~the~~of ~~initial~~March 31, ~~maturity~~2025. ~~date~~Excludes deferred financing costs.

(32)~~First~~Final ~~mortgage~~Stated ~~commercial~~Maturity ~~real~~assumes ~~estate~~extensions ~~loans~~at ~~and~~our ~~senior~~option ~~and~~are ~~pari~~exercised ~~passu~~with ~~interests~~consent ~~therein.~~of ~~Eligible~~financing ~~collateral~~providers, ~~does~~where ~~not include the real estate collateralizing such loans~~applicable.

(43)~~One~~Carrying ~~additional~~value ~~364-day~~excludes ~~period~~$1.6 atmillion ~~Company’s~~of ~~option~~unamortized deferred financing costs included in Other Assets.

(54)~~First~~Anticipated ~~mortgage~~Repayment ~~and mezzanine commercial real estate loans and senior and pari passu interests therein~~Dates. ~~Eligible collateral does not include the real estate collateralizing such loans.~~

(65)~~Three~~Represents ~~additional~~the ~~12-month~~estimated ~~extension~~maturity ~~periods~~dates atbased ~~Company’s~~on ~~option~~the underlying loan maturities.

(76)~~Two~~The ~~additional~~obligations ~~12-month~~under ~~extension~~the ~~periods~~revolving atcredit ~~Company’s~~facility ~~option~~are secured by equity pledges of certain subsidiaries of the Company. NoCarrying ~~new~~Value ~~advances~~excludes ~~permitted~~$8.3 ~~past~~million 30of ~~days~~unamortized ~~prior~~deferred tofinancing ~~initial~~costs ~~maturity~~included in Other Assets.

~~(8)One additional 12-month extension period at Company's option. No new advances permitted during the final 12-month period.~~22

(9)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.

(10)Commercial real estate securities. Eligible collateral does not include the first mortgage commercial real estate loans collateralizing such securities.

(11)Four additional 12-month periods at Company’s option.

(12)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.

(13)Anticipated repayment dates.

(14)Certain of the Company’s real estate investments serve as collateral for the Company’s mortgage loan financing.

(15)Represents undepreciated carrying value of commercial real estate collateral.

(16)Presented net of unamortized debt issuance costs of $0.2 million at September 30, 2024.

(17)Represents the estimated maturity date based on the underlying loan maturities.

(18)Presented net of unamortized debt issuance costs of $16.9 million at September 30, 2024.

(19)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.

Table of Contents

Debt Obligations	Committed /Principal Amount		Carrying Value of Debt Obligations			Committed but Unfunded		Interest Rate at December 31, 2022(1)			Current Term Maturity	Remaining Extension Options	Eligible Collateral	Carrying Amount of Collateral		Fair Value of Collateral
Committed Loan Repurchase Facility	$	500,000	$	235,594		$	264,406	7.08%	—	7.48%	9/27/2025	(2)	(3)	$	342,467	$	342,467
Committed Loan Repurchase Facility	300,000		118,903			181,097		7.46%	—	8.36%	12/19/2024	(4)	(5)	174,938		174,938
Committed Loan Repurchase Facility	141,997		139,162			2,835		7.06%	—	7.60%	4/30/2024	(6)	(3)	65,110		65,110		(7)
Committed Loan Repurchase Facility	200,000		111,340			88,660		7.22%	—	8.29%	10/3/2025	(8)	(3)	150,280		150,559
Committed Loan Repurchase Facility	100,000		—			100,000		—%	—	—%	1/22/2024	(9)	(5)	—		—
Total Committed Loan Repurchase Facilities	1,241,997		604,999			636,998								732,795		733,074
Committed Securities Repurchase Facility	100,000		—			100,000		—%	—	—%	5/27/2024	N/A	(10)	—		—
Uncommitted Securities Repurchase Facility	N/A (11)		1,608			N/A (11)		6.61%	—	7.56%	1/17/2024	N/A	(10)	2,511		2,511		(12)
Total Repurchase Facilities	1,341,997		606,607			736,998								735,306		735,585
Revolving Credit Facility	323,850		—			323,850		—%	—	—%	7/27/2024	(13)	N/A (14)	N/A (14)		N/A (14)
Mortgage Loan Financing	437,384		437,759			—		4.39%	—	9.03%	2024-2031 (15)	N/A	(16)	474,740		625,454		(17)
CLO Debt	1,062,777		1,060,719		(18)	—		6.68%	—	9.13%	2024-2026 (19)	N/A	(3)	1,327,722		1,327,722
Borrowings from the FHLB	115,000		115,000			—		5.76%	—	5.88%	2024	N/A	(20)	140,276		140,276
Senior Unsecured Notes	1,575,614		1,563,861		(21)	—		4.25%	—	5.25%	2025-2029	N/A	N/A (22)	N/A (22)		N/A (22)
Total Debt Obligations, Net	$	4,856,622	$	3,783,946		$	1,060,848							$	2,678,044	$	2,829,037

December 31, 2024

(1)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2023.


Secured Debt Obligations	Committed Amount		Outstanding Principal Amount		Carrying Value		Average Cost of Funds(1)	Current Maturity	Final Stated Maturity(2)	Carrying Value of Collateral
Loan Repurchase Facility	$	500,000	$	62,738	$	62,738	6.55%	9/27/2025	9/27/2027	$	97,254
Loan Repurchase Facility	300,000		—		—		—%	10/21/2027	10/21/2029	—
Loan Repurchase Facility	200,000		—		—		—%	10/3/2025	10/3/2027	14,636
Loan Repurchase Facility	100,000		—		—		—%	1/22/2025	1/22/2026	—
Loan Repurchase Facility	56,000		—		—		—%	4/30/2026	4/30/2029	—
Loan Repurchase Facilities(3)	$	1,156,000	$	62,738	$	62,738				$	111,890




Mortgage Debt	N/A		443,733		446,397		6.09%	2025-2034(4)	2027-2048	451,880
CLO Debt	N/A		601,464		601,429		6.36%	2025-2026(5)	2036-2038	831,270
Revolving Credit Facility(6)	725,000		—		—		—%	12/20/2028	12/20/2029	N/A
Senior Unsecured Notes	N/A		2,041,557		2,025,053		5.22%	2025-2031	2025-2031	N/A
Total Debt Obligations, net	$	1,881,000	$	3,149,492	$	3,135,617				$	1,395,040

(21)~~Two~~Interest ~~12-month~~rates ~~extension~~on ~~periods~~floating atrate ~~Company’s~~debt ~~option.~~reflect Nothe ~~new~~applicable ~~advances~~index ~~are~~in ~~permitted~~effect ~~after~~as ~~the~~of ~~initial~~December ~~maturity~~31, ~~date~~2024. Excludes deferred financing costs.

(43)~~One~~Carrying ~~additional~~value ~~364-day~~excludes ~~period~~$2.1 million atof ~~Company’s~~unamortized ~~option~~deferred financing costs included in Other Assets.

(65)~~Three~~Represents ~~additional~~the ~~12-month~~estimated ~~extension~~maturity ~~periods~~dates atbased ~~Company’s~~on ~~option~~the underlying loan maturities.

(76)The ~~Company~~obligations ~~has~~under ~~pledged~~the ~~mortgage~~revolving ~~loans~~credit ~~receivable~~facility ~~with~~are asecured ~~value~~by ofequity ~~$114.7 million~~pledges ~~that~~of ~~eliminates~~certain insubsidiaries ~~consolidation~~of ~~and~~the isCompany. ~~thus~~Carrying ~~not~~Value ~~included~~excludes in$7.1 million ~~the~~of ~~carrying~~unamortized ~~amount~~deferred offinancing ~~collateral~~costs orincluded ~~fair~~in ~~value~~Other ~~of collateral~~Assets.

~~(8)Two~~Senior ~~additional~~Unsecured ~~12-month extension periods at Company’s option. No new advances permitted past 30 days prior to initial maturity.~~Notes

As of March 31, 2025, the Company had $2.0 billion of senior unsecured notes outstanding. These unsecured financings were comprised of $287.7 million in aggregate principal amount of 5.25% senior notes due 2025 (the “2025 Notes”), $599.5 million in aggregate principal amount of 4.25% senior notes due 2027 (the “2027 Notes”), $633.9 million in aggregate principal amount of 4.75% senior notes due 2029 (the “2029 Notes”)~~Two~~ ~~additional~~and ~~12-month~~$500.0 ~~extension~~million ~~periods~~in ataggregate ~~Company's~~principal ~~option~~amount of 7.00% Nosenior ~~new~~notes ~~advances~~due ~~permitted~~2031 ~~during~~(the “2031 Notes”, collectively with the ~~final~~2025 ~~12-month~~Notes, ~~period~~the 2027 Notes and the 2029 Notes, the “Notes”). The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture.

~~(10)Commercial~~The ~~real~~Notes ~~estate~~require ~~securities~~interest payments semi-annually in cash in arrears, are unsecured, and are subject to an unencumbered assets to unsecured debt covenant. ~~Eligible~~The ~~collateral~~Company ~~does~~may ~~not~~redeem ~~include~~the Notes prior to their stated maturity, in whole or in part, at any time or from time to time, with required notice and at a redemption price as specified in each respective indenture governing the ~~first~~Notes, ~~mortgage~~plus ~~commercial~~accrued ~~real~~and ~~estate~~unpaid ~~loans~~interest, ~~collateralizing~~if ~~such~~any, ~~securities~~to the redemption date. The board of directors has authorized the Company to repurchase any or all of the Notes from time to time without further approval. During the three months ended March 31, 2025, the Company repurchased $8.0 million of the 2025 Notes and $12.4 million of the 2027 Notes, recognizing a net gain on extinguishment of debt of $6 thousand and $250 thousand, respectively.

(11)Represents uncommitted securities repurchase facilities for which there is no committed amount subject to future advances.

(12)Includes $1.9 million of restricted securities under the risk retention rules of the Dodd-Frank Act. These securities are accounted for as held-to-maturity and recorded at amortized cost basis.

(13)Three additional 12-month periods at Company’s option.

(14)The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries and secured by equity pledges in certain Company subsidiaries.

(15)Anticipated repayment dates.

(16)Certain of the Company’s real estate investments serve as collateral for the Company’s mortgage loan financing.

(17)Represents undepreciated carrying value of commercial real estate collateral.

(18)Presented net of unamortized debt issuance costs of $2.1 million at December 31, 2023.

(19)Represents the estimated maturity date based on the remaining reinvestment period and underlying loan maturities.

(20)Investment grade commercial real estate securities. It does not include the first mortgage commercial real estate loans collateralizing such securities.

(21)Presented net of unamortized debt issuance costs of $11.8 million at December 31, 2023.

(22)The obligations under the senior unsecured notes are guaranteed by the Company and certain of its subsidiaries.

Committed Loan and Securities Repurchase Facilities

The Company has entered into five committed master repurchase agreements, as outlined in the September 30, 2024 table above, totaling $1.2 billion of credit capacity in order to finance its lending activities. Assets pledged as collateral under these facilities are limited to whole mortgage loans or participation interests in mortgage loans collateralized by first liens on commercial properties and

Table of Contents

mezzanine debt. The Company also had a term master repurchase agreement with a major U.S. bank to finance CMBS totaling $100 million that was undrawn and matured during the three months ended June 30, 2024. The Company’s repurchase facilities include covenants covering net worth requirements, minimum liquidity levels, maximum leverage ratios, and minimum fixed charge coverage ratios. The Company was in compliance with all covenants as of September 30, 2024 and December 31, 2023.

The Company has the option to extend some of the current facilities subject to a number of conditions, including satisfaction of certain notice requirements, the absence of an event of default, and the absence of a margin deficit, all as defined in the repurchase facility agreements. The lenders have sole discretion with respect to the inclusion of collateral in these facilities and the determination of the market value of the collateral on a daily basis, to be exercised on a good faith basis, and have the right in certain cases to require additional collateral, a full and/or partial repayment of the facilities (margin call), or a reduction in unused availability under the facilities, sufficient to rebalance the facilities if the estimated market value of the included collateral declines.

As of September 30, 2024, the Company had total debt obligations of $244.5 million outstanding pursuant to repurchase agreements with two counterparties. One loan repurchase facility was due within 90 days of September 30, 2024 and was amended subsequent to quarter end to extend the maturity date. As of September 30, 2024, no counterparties held collateral that exceeded the amounts borrowed under the related repurchase agreements by more than $153.1 million, or 10% of the Company’s total equity. As of September 30, 2024, the weighted average haircut, or the percent of collateral value in excess of the loan amount, under the Company’s repurchase agreements was 35%. There have been no significant fluctuations in haircuts across asset classes on the repurchase facilities.

Revolving Credit Facility

The Company’s Revolving Credit Facility ~~provides~~is available on a revolving basis to finance the Company’s working capital needs and for angeneral corporate purposes. On January 2, 2025, the Company increased the aggregate maximum borrowing amount of ~~$323.9 million,~~the ~~including~~Revolving aCredit Facility to $25850.0 million, ~~sublimit~~following ~~for~~ the ~~issuance~~upsize ofto ~~letters~~$725 million ofon ~~credit~~December 20, 2024. The Revolving Credit Facility isalso ~~available~~allows onthe aCompany to enter into additional incremental revolving ~~basis~~commitments up to ~~finance~~an ~~the~~aggregate ~~Company’s~~facility ~~working~~size ~~capital~~of ~~needs~~$1.3 billion ~~and~~subject ~~for~~to ~~general~~certain ~~corporate~~customary ~~purposes~~conditions. Borrowings under the Revolving Credit Facility ~~incur~~bear interest at a ~~fixed~~rate ~~margin~~equal ofto 2adjusted term SOFR plus a margin.~~50%~~ ~~over~~The ~~the~~margin ~~index~~for ~~rate,~~borrowings ~~with~~is ~~reductions~~adjustable inbased on the ~~fixed~~Company’s ~~margin~~credit ~~upon~~rating ~~the~~and ~~achievement~~is ofbetween ~~investment~~77.5 ~~grade~~basis ~~credit~~points ~~ratings~~and 170 basis points. As of ~~September~~March 3031, ~~2024~~2025, the Company had no outstanding borrowings on the Revolving Credit Facility~~, and continues to maintain the ability to draw $323~~.~~9 million.~~

The obligations under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries. The Revolving Credit Facility is secured by a pledge of the shares of (or other ownership or equity interests in) certain subsidiaries to the extent the pledge is not restricted under existing regulations, law or contractual obligations.23

The Company is subject to customary affirmative covenants and negative covenants, including limitations on the incurrence of additional debt, liens, restricted payments, sales of assets and affiliate transactions. In addition, the Company is required to comply with financial covenants relating to minimum net worth, maximum leverage, minimum liquidity, and minimum fixed charge coverage, consistent with the Company’s other credit facilities. The Company’s ability to borrow is dependent on, among other things, compliance with the financial covenants. The Revolving Credit Facility contains customary events of default, including non-payment of principal or interest, fees or other amounts, failure to perform or observe covenants, cross-default to other indebtedness, the rendering of judgments against the Company or certain of its subsidiaries to pay certain amounts of money and certain events of bankruptcy or insolvency.

Debt Issuance Costs

As of September 30, 2024 and December 31, 2023, the amounts of unamortized costs relating to the Company’s master repurchase facilities and Revolving Credit Facility were $2.4 million and $4.0 million, respectively, are included in other assets in the consolidated balance sheets.

Uncommitted Securities Repurchase Facilities

The Company has also entered into multiple uncommitted master repurchase agreements collateralized by real estate securities with several counterparties. The borrowings under these agreements have typical advance rates between 75% and 95% of the fair value of collateral, which is primarily AAA-rated securities. As of September 30, 2024, the Company has no outstanding borrowings on any of the uncommitted securities repurchase facilities.

Table of Contents

~~Mortgage~~The ~~Loan~~obligations ~~Financing~~under the Revolving Credit Facility are guaranteed by the Company and certain of its subsidiaries. The Revolving Credit Facility is secured by a pledge of the shares of (or other ownership or equity interests in) certain subsidiaries to the extent the pledge is not restricted under existing regulations, law or contractual obligations.

~~The~~Following ~~Company~~the ~~typically~~date ~~finances~~on ~~its~~which ~~real~~the ~~estate~~Company ~~investments~~has ~~with~~received ~~long-term,~~an ~~non-recourse~~investment ~~mortgage~~grade ~~financing.~~rating ~~These~~from ~~mortgage~~at ~~loans~~least ~~have~~two ~~carrying~~rating ~~amounts of $513.8 million and $437.8 million~~agencies, ~~net~~the ofRevolving ~~unamortized~~Credit ~~premiums~~Facility ofwill ~~$3.9~~be ~~million~~automatically ~~and $1.8 million as of September 30~~amended, ~~2024 and December 31, 2023, respectively, representing proceeds received upon financing greater than~~ the ~~contractual~~pledge ~~amounts~~of ~~due under these agreements. The premiums are being amortized over~~ the ~~remaining~~shares ~~life~~ of ~~the~~(or ~~respective~~other ~~debt~~ownership ~~instruments~~or ~~using~~equity ~~the effective~~ interest ~~method.~~in) ~~Interest~~certain ~~expense~~subsidiaries ~~decreased~~will ~~due~~be toterminated, ~~the Company recording $0.2 million~~ and ~~$0.6~~each ~~million~~guarantor of(other ~~premium~~than ~~amortization~~Ladder ~~for~~Capital ~~the~~Corp ~~three~~ and ~~nine~~any ~~months~~subsidiary ~~ended~~that ~~September 30,~~is ~~2024,~~a ~~respectively,~~trigger ~~and~~guarantor) ~~$0.2~~will ~~million~~be ~~and~~released ~~$0.5 million of premium amortization for the three~~ and ~~nine~~discharged ~~months ended September 30, 2023, respectively. These non-recourse debt agreements provide for secured financing at rates ranging~~ from ~~4.39%~~all toobligations ~~8.78%, and,~~ as ofa ~~September 30,~~guarantor ~~2024, have anticipated maturity dates between 2024~~ and/or ~~2034, with an average term of 3~~pledgor.5 ~~years.~~There ~~The~~is ~~mortgage~~no ~~loans~~guarantee ~~are~~that ~~collateralized by real estate and related lease intangibles, net, of $530.2 million and $474.7 million as of September 30, 2024 and December 31, 2023, respectively. During~~ the ~~three and nine months ended September 30, 2024, the~~ Company ~~executed~~will ~~six~~achieve ~~and~~or 16maintain ~~new~~an ~~term~~investment ~~debt~~grade ~~agreements, respectively, to finance properties in its real estate portfolio with carrying amounts of $13~~rating.~~0 million and $81.9 million, respectively. During the three and nine months ended September 30, 2023, the Company did not execute any term debt agreements.~~

Collateralized Loan Obligations (“CLO”) Debt

As of ~~September~~March 3031, ~~2024~~2025, the Company had $~~776~~275.16 million of matched term, non-mark-to-market and non-recourse CLO debt included in debt obligations on its consolidated balance sheets~~, which includes unamortized debt issuance costs of $0~~.~~2 million.~~

OnIn July ~~13,~~ 2021, athe ~~consolidated~~Company ~~subsidiary~~financed a pool of ~~the~~$607.5 million ~~Company~~of ~~completed~~loans in a ~~privately-marketed~~managed CLO transaction (“LCCM 2021-FL2”), which generated $498.2 million of gross proceeds to Ladder~~, financing $607~~.~~5 million~~ ofOn ~~loans~~February ~~(“Contributed~~18, ~~July~~2025, ~~2021~~the ~~CLO~~Company ~~Loans”)~~redeemed atall anoutstanding ~~82%~~obligations ~~advance~~of ~~rate~~LCCM ~~on a matched term, non~~2021-~~mark-to-market and non-recourse basis~~FL2. AIn ~~consolidated~~December ~~subsidiary~~2021, of the Company ~~retained~~financed ana ~~18%~~pool ~~subordinate~~of ~~and~~$729.4 ~~controlling~~million ~~interest~~of loans in ~~the~~a managed CLO. ~~The~~transaction ~~Company~~(“LCCM ~~retained~~2021-FL3”), ~~consent~~which ~~rights~~generated ~~over~~$566.2 ~~major~~million ~~decisions~~of ~~with~~gross ~~respect~~proceeds to ~~the~~Ladder. ~~servicing~~As of ~~the~~March ~~Contributed~~31, ~~July 2021 CLO Loans~~2025, ~~including~~LCCM ~~the~~2021-FL3 ~~right to appoint and replace the special servicer under the CLO. The CLO~~ is a VIE and the Company is the primary beneficiary and, therefore, ~~consolidated~~consolidates the VIE. Refer to Note 9, Consolidated Variable Interest Entities for further detail.

OnLoan December 2, 2021, a consolidated subsidiary of the Company completed a privately-marketed CLO transaction, which generated $566.2 million of gross proceeds to Ladder, financing $729.4 million of loans (“Contributed December 2021 CLO Loans”) at a maximum 77.6% advance rate on a matched term, non-mark-to-market and ~~non-recourse~~Securities ~~basis.~~Repurchase A consolidated subsidiary of the Company retained an 15.6% subordinate and controlling interest in the CLO. The Company also held two additional tranches as investments totaling 6.8% interest in the CLO. The Company retained consent rights over major decisions with respect to the servicing of the Contributed December 2021 CLO Loans, including the right to appoint and replace the special servicer under the CLO. The CLO is a VIE and the Company is the primary beneficiary and, therefore, consolidated the VIE. Refer to Note 9, Consolidated Variable Interest Entities for further detail.Financing

~~Borrowings~~As ~~from~~outlined in the ~~Federal~~March 31, ~~Home~~2025 ~~Loan~~table ~~Bank~~above, ~~(“FHLB”)As~~the ofCompany ~~September 30,~~has ~~2024,~~entered ~~the~~into ~~Company~~four ~~had~~committed nomaster ~~debt~~repurchase ~~outstanding~~agreements ~~with~~to ~~the~~finance ~~FHLB~~its lending activities, totaling $1.1 billion of credit capacity and $62.7 million outstanding.

~~Tuebor~~Assets ~~Captive~~pledged ~~Insurance Company LLC (“Tuebor”) is licensed in Michigan~~ as acollateral ~~captive~~under ~~insurance~~these ~~company~~facilities ~~and~~are ~~was~~generally ~~formerly~~limited ~~a member of the FHLB. Tuebor is subject~~ to ~~state~~first ~~regulations~~lien ~~which~~whole ~~require~~mortgage ~~that~~loans, ~~dividends~~mezzanine ~~(including~~loans ~~dividends~~and tocertain ~~the~~interests ~~Company~~in assuch ~~its~~first ~~parent)~~mortgage ~~may~~and ~~only~~mezzanine ~~be made with regulatory approval~~loans. ~~However,~~The ~~there~~lenders ~~can~~have besole nodiscretion ~~assurance~~to ~~that~~include ~~the~~collateral ~~Company~~in ~~would~~these ~~obtain~~facilities ~~such~~and ~~approval~~to ifdetermine ~~sought.~~the ~~Largely~~market asvalue ~~a result~~ of ~~this~~the ~~restriction, approximately $879~~collateral.0 ~~million~~In ofcertain ~~Tuebor’s~~cases ~~member’s~~the ~~capital~~lenders ~~was~~may ~~restricted~~require ~~from~~additional ~~transfer via dividend to Tuebor’s parent without prior approval of state insurance regulators at September 30~~collateral, ~~2024.~~a Tofull ~~facilitate~~or ~~intercompany~~partial ~~cash~~repayment ~~funding~~ of ~~operations~~the ~~and~~facilities ~~investments,~~(margin ~~Tuebor~~call) ~~and~~or ~~its~~a ~~parent~~reduction ~~maintain~~in ~~regulator-approved~~undrawn ~~intercompany~~availability ~~borrowing/lending~~under ~~agreements~~the facilities.

~~Senior~~The ~~Unsecured~~Company ~~Notes~~has also entered into master repurchase agreements with several counterparties to finance real estate securities. The securities that serve as collateral for these borrowings are typically highly liquid AAA-rated CMBS with relatively short duration and significant subordination. As of March 31, 2025, the Company had no securities repurchase debt outstanding.

As of ~~September~~March 3031, ~~2024~~2025, ~~the~~no ~~Company~~loan ~~had~~repurchase ~~$2.1~~facilities ~~billion~~were ofdue ~~unsecured~~within ~~corporate~~90 ~~bonds~~days ~~outstanding.~~of ~~These~~March 31, ~~unsecured~~2025 ~~financings~~and ~~were~~no ~~comprised~~counterparties ofheld ~~$322.0~~collateral ~~million~~that inexceeded ~~aggregate~~the ~~principal~~amounts ~~amount~~borrowed ofunder ~~5.25%~~the ~~senior~~related ~~notes~~loan ~~due~~and ~~2025~~securities ~~(the~~repurchase ~~“2025~~agreements ~~Notes”),~~by more than $~~611~~151.9 4 million, inor ~~aggregate~~10% ~~principal amount~~ of ~~4.25% senior notes due 2027 (~~the ~~“2027~~Company’s ~~Notes”),~~total ~~$633~~equity.9 ~~million~~As inof ~~aggregate~~March 31, ~~principal~~2025, ~~amount~~the ofweighted ~~4.75%~~average ~~senior~~haircut, ~~notes~~or ~~due 2029 (~~the ~~“2029~~percent ~~Notes”)~~of ~~and~~collateral ~~$500.0~~value ~~million~~ in ~~aggregate~~excess ~~principal~~of ~~amount~~the ofloan ~~7.00%~~amount, ~~senior~~under ~~notes~~the ~~due~~Company’s ~~2031~~repurchase ~~(the~~agreements ~~“2031~~was ~~Notes”,~~44%. ~~collectively~~There ~~with~~have ~~the~~been ~~2025~~no ~~Notes,~~significant ~~the~~fluctuations ~~2027~~in ~~Notes~~haircuts ~~and~~across ~~the~~asset ~~2029~~classes ~~Notes,~~on the repurchase facilities.

30Mortgage Loan Financing

~~Table~~The Company typically finances its real estate investments with long-term, non-recourse mortgage financing. These mortgage loans have carrying amounts of ~~Contents~~$425.7 million and $446.4 million, net of unamortized premiums of $3.5 million and $3.7 million as of March 31, 2025 and December 31, 2024, respectively, representing proceeds received upon financing greater than the contractual amounts due under these agreements. The premiums are being amortized over the remaining life of the respective debt instruments using the effective interest method. The Company recorded $0.2 million of premium amortization for the three months ended March 31, 2025 and 2024. During the three months ended March 31, 2025, the Company executed no new term debt agreements. During the three months ended March 31, 2024, the Company executed five new term debt agreements to finance properties in its real estate portfolio with a carrying amount of $40.1 million.

“Notes”). The 2031 Notes were issued during the three months ended September 30, 2024 with an aggregate principal balance of $500.0 million.

During the nine months ended September 30, 2024, the Company repurchased $5.8 million of the 2025 Notes and $2.0 million of the 2029 Notes recognizing a net gain on extinguishment of debt of $20 thousand and $0.2 million, respectively.

LCFH issued the Notes with Ladder Capital Finance Corporation (“LCFC”), as co-issuers on a joint and several basis. LCFC is a 100% owned finance subsidiary of LCFH with no assets, operations, revenues or cash flows other than those related to the issuance, administration and repayment of the Notes. The Company and certain subsidiaries of LCFH currently guarantee the obligations under the Notes and the indenture. The Company was in compliance with all covenants of the Notes as of September 30, 2024 and 2023.

The Notes require interest payments semi-annually in cash in arrears, are unsecured, and are subject to an unencumbered assets to unsecured debt covenant. The Company may redeem the Notes prior to their stated maturity, in whole or in part, at any time or from time to time, with required notice and at a redemption price as specified in the indenture governing the Notes, plus accrued and unpaid interest, if any, to the redemption date. The board of directors has authorized the Company to repurchase any or all of the Notes from time to time without further approval.

Financial Covenants

~~The~~Our ~~Company’s~~borrowings ~~debt~~under ~~facilities~~certain financing agreements are subject to financial covenants, ~~that~~including ~~require~~maximum ~~the~~leverage ~~Company~~ratio tolimits, ~~maintain a~~ minimum ~~level~~net ofworth ~~total~~requirements, ~~equity.~~minimum ~~Largely~~liquidity ~~as a result of this restriction~~requirements, ~~approximately~~minimum ~~$871.4~~fixed ~~million~~charge ofcoverage ~~the~~ratio ~~total~~requirements, ~~equity~~and isminimum ~~restricted~~unencumbered ~~from~~assets ~~payment~~to asunsecured adebt ~~dividend~~requirements. byThe ~~the~~ Company’s ~~at September 30~~subsidiary, ~~2024.~~Tuebor Captive Insurance

~~The Company was in compliance with all covenants as of September 30, 2024.~~ 24

Table of Contents

Company LLC (“Tuebor”), was previously a captive insurance company subject to state regulations, which required regulatory approval for dividend distributions, limiting the Company's ability to utilize cash held by Tuebor. Effective January 31, 2025, Tuebor is no longer licensed as a captive insurer and is no longer subject to state regulation.

The Company was in compliance with all covenants as of March 31, 2025.

Combined Maturity of Debt Obligations

The following schedule reflects the Company’s contractual payments under borrowings by maturity ($ in thousands):

Period ending December 31,	Borrowings byMaturity(1)
2024 (last three months)	$	221,458
2025 (last nine months)	$	326,011
2025	498,380
2026	89,161
2026	89,147
2027	805,391
2027	727,825
2028	24,317
2028	24,598
2029	669,484
Thereafter	1592,~~261,974~~490
Subtotal	2,~~823~~506,~~382~~854
Debt issuance costs included in senior unsecured notes	(1615,~~881~~405)
Debt issuance costs included in mortgage loan financings	(~~1,193~~860)
Premiums included in mortgage loan financings (2)	3,928
Net premiums included in mortgage loan financings (2)	3,541
Total (3)	$	2,~~809~~494,~~236~~130

(1)The allocation of repayments under the Company’s committed loan repurchase facilities is based on the earlier of: (i) the final stated maturity date of each agreement; or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower. Repayments of the Company's mortgage debt is based on the anticipated repayment dates as defined in the mortgage loan agreements.

(2)Represents sales proceeds received in excess of loan amounts sold into securitizations that are amortized as a reduction to interest expense using the effective interest method over the life of the underlying loan.

(3)Total does not include $~~776~~275.36 million of consolidated CLO debt obligations ~~and the related debt issuance costs of $0.2 million~~, as the satisfaction of these liabilities will be paid through cash flow from loan collateral including amortization and will not require cash outlays from us.

3225

Table of Contents

7. DERIVATIVE INSTRUMENTS

The Company primarily uses derivative instruments to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 ($ in thousands):

March 31, 2025

				Fair Value				RemainingMaturity(years)
Contract Type	Notional			Asset(1)		Liability(1)
Caps
1 Month Term SOFR	$	90,000		$	~~527~~279	$	—	0.8738
Futures
10-year Treasury-Note Futures	2842,~~000~~500			~~169~~188		—		0.2527
Total futures	2842,~~000~~500			~~169~~188		—
Options
Total derivatives	$	132,500		$	467	$	—
Options	N/A		(2)	122		—		0.30
Total credit derivatives	—			122		—
Total derivatives	$	118,000		$	818	$	—

(1)Shown as derivative instruments in the accompanying consolidated balance sheet.

December 31, 2024

(2)The Company held 345 options contracts as of September 30, 2024.


				Fair Value				Remaining Maturity (years)
Contract Type	Notional			Asset(1)		Liability(1)

Caps
1 Month Term SOFR	$	90,000		$	432	$	—	0.62








Options

Options	N/A		(2)	5		—		0.05

Total credit derivatives	—			5		—
Total derivatives	$	90,000		$	437	$	—

				Fair Value				RemainingMaturity(years)
Contract Type	Notional			Asset(1)		Liability(1)
Caps
1 Month Term SOFR	$	90,000		$	908	$	—	0.62
Futures
5-year Treasury-Note Futures	18,800			98		—		0.25
10-year Treasury-Note Futures	86,100			447		—		0.25
Total futures	104,900			545		—
Options
Options	N/A		(2)	1		—		0.05
Total derivatives	$	194,900		$	1,454	$	—

(1)Shown as derivative instruments in the accompanying consolidated balance sheet.

(2)The Company held ~~104~~275 options contracts as of December 31, ~~2023~~2024.

The following table summarizes the net realized gains (losses) and unrealized gains (losses) on derivatives, by primary underlying risk exposure, as included in net result from derivatives transactions in the consolidated statements of income for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 ($ in thousands):

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Contract Type

~~UnrealizedGain/(Loss)~~

~~RealizedGain/(Loss)~~

~~Net ResultfromDerivativeTransactions~~

UnrealizedGain/(Loss)

RealizedGain/(Loss)

Net ResultfromDerivativeTransactions

Caps

~~(589)~~

~~421~~

~~(168)~~

(~~1,220~~154)

~~1,258~~189

3835

Futures

~~(311)~~

~~(282)~~

~~(593)~~

~~(376)~~189

~~4,215~~104

~~3,839~~293

Options

—

~~(5)~~

—

(65)

Total

~~(900)~~

~~134~~

~~(766)~~

~~(1,596)~~35

~~5,467~~288

~~3,871~~323

3326

Table of Contents

Three Months Ended September 30, 2023

Nine Months Ended September 30, 2023

Three Months Ended March 31, 2024

Contract Type

~~UnrealizedGain/(Loss)~~

~~RealizedGain/(Loss)~~

~~Net ResultfromDerivativeTransactions~~

UnrealizedGain/(Loss)

RealizedGain/(Loss)

Net ResultfromDerivativeTransactions

Caps

~~(294)~~

~~378~~

(~~284~~248)

~~962~~418

~~678~~170

Futures

~~4,579~~

~~4,678~~

(8532)

64,~~162~~382

63,~~154~~850

Options

—

~~117~~—

(~~269~~1)

(~~152~~1)

Total

~~(184)~~

~~4,957~~

~~4,773~~

(~~175~~780)

64,~~855~~799

64,~~680~~019

Futures

Collateral posted with the Company’s futures counterparties is segregated in the Company’s books and records. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. Interest rate futures that are governed by an International Swaps and Derivatives Association (“ISDA”) agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted but have the obligation to return the pledged collateral, or substantially the same collateral, if agreed to by us, as the market value of the interest rate futures change.

The Company is required to post initial margin and daily variation margin for its interest rate futures that are centrally cleared by CME. CME determines the fair value of the Company’s centrally cleared futures, including daily variation margin. Variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures. The Company’s counterparties held $01.71 million ~~and $2.8 million~~ of cash margin as collateral for derivatives as of ~~September~~March ~~30, 2024 and December~~ 31, ~~2023~~2025, ~~respectively,~~ which is included in restricted cash in the consolidated balance sheets and no cash margin as collateral for derivatives as of December 31, 2024.

3427

Table of Contents

8. OFFSETTING ASSETS AND LIABILITIES

The following tables present both gross information and net information about derivatives and other instruments eligible for offset in the statement of financial position as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024. The Company’s accounting policy is to record derivative asset and liability positions on a gross basis; therefore, the following tables present the gross derivative asset and liability positions recorded on the balance sheets, while also disclosing the eligible amounts of financial instruments and cash collateral to the extent those amounts could offset the gross amount of derivative asset and liability positions. The actual amounts of collateral posted by or received from counterparties may be in excess of the amounts disclosed in the following tables as the following only disclose amounts eligible to be offset to the extent of the recorded gross derivative positions.

The following table represents offsetting of financial assets and derivative assets as of ~~September~~March 3031, ~~2024~~2025 ($ in thousands):

Description	Gross amounts ofrecognized assets		Gross amountsoffset in thebalance sheet		Net amounts ofassets presentedin the balancesheet		Gross amounts not offset in thebalance sheet				Net amount
							Financialinstruments		Cash collateralreceived/(posted)(1)
Derivatives	$	~~818~~467	$	—	$	~~818~~467	$	—	$	(~~728~~1,084)	$	90(617)
Total	$	~~818~~467	$	—	$	~~818~~467	$	—	$	(~~728~~1,084)	$	90(617)

(1)Included in restricted cash on consolidated balance sheet.

The following table represents offsetting of financial liabilities and derivative liabilities as of March 31, 2025 ($ in thousands):

Description

Gross amounts ofrecognizedliabilities

Gross amountsoffset in thebalance sheet

Net amounts ofliabilitiespresented in thebalance sheet

Gross amounts not offset in thebalance sheet

Net amount

Financialinstrumentscollateral

Cash collateralposted/(received)(1)

Repurchase agreements

~~244~~62,~~525~~738

—

~~244~~62,~~525~~738

~~1,463~~—

~~243~~62,~~062~~738

Total

~~244~~62,~~525~~738

—

~~244~~62,~~525~~738

~~1,463~~—

~~243~~62,~~062~~738

(1)Included in restricted cash on consolidated balance sheet.

The following table represents offsetting of financial assets and derivative assets as of December 31, ~~2023~~2024 ($ in thousands):

Description

Gross amounts ofrecognized assets

Gross amountsoffset in thebalance sheet

Net amounts ofassets presentedin the balancesheet

Gross amounts not offset in thebalance sheet

Net amount

Financialinstruments

Cash collateralreceived/(posted)(1)

Derivatives

~~1,454~~437

—

~~1,454~~437

—

~~(2,846)~~—

~~(1,392)~~437

Total

~~1,454~~437

—

~~1,454~~437

—

~~(2,846)~~—

~~(1,392)~~437

(1)Included in restricted cash on consolidated balance sheet.

The following table represents offsetting of financial liabilities and derivative liabilities as of December 31, 2024 ($ in thousands):

Description

Gross amounts ofrecognizedliabilities

Gross amountsoffset in thebalance sheet

Net amounts ofliabilitiespresented in thebalance sheet

Gross amounts not offset in thebalance sheet

Net amount

Financialinstrumentscollateral

Cash collateralposted/(received)(1)

Repurchase agreements

~~606~~62,~~607~~738

—

~~606~~62,~~607~~738

—

~~606~~62,~~607~~738

Total

~~606~~62,~~607~~738

—

~~606~~62,~~607~~738

—

~~606~~62,~~607~~738

(1)Included in restricted cash on consolidated balance sheet.

Master netting agreements that the Company has entered into with its derivative and repurchase agreement counterparties allow for netting of the same transaction, in the same currency, on the same date. Assets, liabilities, and collateral subject to master netting agreements as of ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 are disclosed in the tables above. The Company does not present its derivative and repurchase agreements net on the consolidated financial statements as it has elected gross presentation.

3528

Table of Contents

9. CONSOLIDATED VARIABLE INTEREST ENTITIES

The Company consolidates on its balance sheet ~~two~~one ~~CLOs~~CLO that ~~are~~is considered ~~VIEs~~a VIE as of ~~September~~March 3031, ~~2024~~2025 and consolidated two CLOs that were considered VIEs as of December 31, ~~2023~~2024 ($ in thousands):

	September 30, 2024		December 31, 2023
	March 31, 2025		December 31, 2024
Mortgage loan receivables held for investment, net, at amortized cost	$	1424,~~020,694~~493	$	1831,~~327,722~~270
Accrued interest receivable	72,~~169~~627		95,~~394~~530
Other assets	2713,~~648~~780		442,~~469~~621
Total assets	$	1440,~~055,511~~900	$	1879,~~341,585~~421
Debt obligations, net	$	~~776~~275,~~096~~623	$	1601,~~060,719~~429
Accrued expenses	~~2,393~~820		31,~~555~~806
Total liabilities	~~778~~276,~~489~~443		1603,~~064,274~~235
Net equity in VIEs (eliminated in consolidation)	~~277~~164,~~022~~457		~~277~~276,~~311~~186
Total equity	~~277~~164,~~022~~457		~~277~~276,~~311~~186
Total liabilities and equity	$	1440,~~055,511~~900	$	1879,~~341,585~~421

Refer to Note 6, Debt Obligations, Net - Collateralized Loan Obligations (“CLO”) Debt for further details.

10. EQUITY ~~STRUCTURE AND ACCOUNTS~~

Stock Repurchases

On April 24, 2024, the board of directors authorized the repurchase of $75.0 million of the Company’s Class A common stock from time to time without further approval. This authorization increased the remaining outstanding authorization per the July 27, 2022 authorization from $43.6 million to $75.0 million. Stock repurchases by the Company are generally made for cash in open market transactions at prevailing market prices but may also be made in privately negotiated transactions or otherwise. The timing and amount of purchases are determined based upon prevailing market conditions, the Company’s liquidity requirements, contractual restrictions and other factors. As of ~~September~~March 3031, ~~2024~~2025, the Company has a remaining amount available for repurchase of $7366.68 million, which represents 54.06% in the aggregate of its outstanding Class A common stock, based on the closing price of $11.6041 per share on such date.

~~The~~Subsequent ~~following~~to ~~tables~~quarter ~~summarize~~end, on April 23, 2025, the ~~Company’s~~board of directors authorized the repurchase ~~activity~~of $100.0 million of ~~its~~the Company’s Class A common stock ~~during~~from time to time without further approval. This authorization increased the ~~nine~~remaining ~~months~~outstanding ~~ended~~authorization ~~September 30~~per the April 24, 2024 ~~and~~authorization ~~2023~~from ($66.8 million into ~~thousands):~~$100.0 million.

	Shares	Amount(1)
Authorizations remaining as of December 31, 2023		$	44,256
Additional authorizations (2)		31,391
Repurchases paid:
January 1, 2024 - January 31, 2024	—	—
February 1, 2024 - February 29, 2024	—	—
March 1, 2024 - March 31, 2024	60,000	(647)
April 1, 2024 - April 30, 2024	—	—
May 1, 2024 - May 31, 2024	2,100	(23)
June 1, 2024 - June 30, 2024	17,590	(189)
July 1, 2024 - July 31, 2024	—	—
August 1, 2024 - August 31, 2024	—	—
September 1, 2024 - September 30, 2024	100,001	(1,190)
Authorizations remaining as of September 30, 2024		$	73,598

The following tables summarize the Company’s repurchase activity of its Class A common stock during the three months ended March 31, 2025 and 2024 ($ in thousands):


	Shares	Amount(1)
Authorizations remaining as of December 31, 2024		$	67,604

Repurchases paid:


March 1, 2025 - March 31, 2025	70,506	(805)









Authorizations remaining as of March 31, 2025		$	66,799

(1)Amount excludes commissions paid associated with share repurchases.

(2)On April 24, 2024, the Board authorized repurchases up to $75.0 million in aggregate.


	Shares	Amount(1)
Authorizations remaining as of December 31, 2023		$	44,256

Repurchases paid:


March 1, 2024 - March 31, 2024	60,000	(647)









Authorizations remaining as of March 31, 2024		$	43,609

3629

Table of Contents

	Shares	Amount(1)
Authorizations remaining as of December 31, 2022		$	46,737
Repurchases paid:
March 1 - March 31, 2023	250,000	(2,285)
September 1 - September 30, 2023	19,000	(196)
Authorizations remaining as of September 30, 2023		$	44,256

(1)Amount excludes commissions paid associated with share repurchases.

Dividends

The following table presents dividends declared (on a per share basis) of Class A common stock for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024:

Declaration Date	Dividend per Share
March 14, 2025	$	0.23
Total	$	0.23
March 15, 2024	$	0.23
June 14, 2024	0.23
Total	$	0.23
September 13, 2024	0.23
Total	$	0.69
March 15, 2023	$	0.23
June 15, 2023	0.23
September 15, 2023	0.23
Total	$	0.69

Changes in Accumulated Other Comprehensive Income (Loss)

The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
	2024		2023		2024		2023
	2025		2024
Accumulated Other Comprehensive Income (Loss) beginning of period	$	(104,~~752~~866)	$	(1613,~~524~~853)	$	~~(13,853)~~	$	~~(21,009)~~
Gain (loss) on available for sale securities, net of tax	2,041		1,645		5,142		6,130
Unrealized gain (loss) on securities, available for sale	(2,169)		4,054
Accumulated Other Comprehensive Income (Loss) end of period	$	(8,711)	$	(14,879)	$	(8,711)	$	(14,879)
Reclassification adjustment for (gain) loss included in net income (loss)	(180)		(21)
Accumulated Other Comprehensive Income (Loss) end of period	$	(7,215)	$	(9,820)

11. NONCONTROLLING INTERESTS

Noncontrolling Interests in Consolidated Ventures

As of ~~September~~March 3031, ~~2024~~2025, the Company consolidates two ventures and in each, there are different noncontrolling investors, which own between 10.0% - 25.0% of such ventures. These ventures hold investments in a 40-building student housing portfolio in Isla Vista, CA with a book value of $7877.06 million, and a single-tenant office building in Oakland County, MI with a book value of $8.87 million. The Company makes distributions and allocates income from these ventures to the noncontrolling interests in accordance with the terms of the respective governing agreements.

3730

Table of Contents

Sales

During the three and nine months ended September 30, 2024 and September 30, 2023, there were no sales of assets with noncontrolling interests.

Table of Contents

12. EARNINGS PER SHARE

The Company’s net income (loss) and weighted average shares outstanding for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 consist of the following:

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

($ in thousands except share amounts)

~~2024~~

2025

~~2023~~

2024

~~2024~~

~~2023~~

Basic and Diluted Net income (loss) available for Class A common shareholders

~~27,913~~

11,775

~~31,319~~

16,609

~~76,869~~

~~81,889~~

Weighted average shares outstanding:

Basic

~~125,705,754~~

125,628,951

~~124,730,343~~

125,315,765

~~125,586,075~~

~~124,652,426~~

Diluted

~~125,905,528~~

126,279,680

~~124,968,545~~

125,520,373

~~125,757,114~~

~~124,817,335~~

The calculation of basic and diluted net income (loss) per share amounts for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025 and ~~2023~~2024 consist of the following:

	Three Months Ended September 30,								Nine Months Ended September 30,
			Three Months Ended March 31,
(In thousands except share and per share amounts) (1)	~~2024~~		2025		~~2023~~		2024		~~2024~~		~~2023~~
Basic Net Income (Loss) Per Share of Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$	~~27,913~~	$	11,775	$	~~31,319~~	$	16,609	$	~~76,869~~	$	~~81,889~~
Denominator:
Weighted average number of shares of Class A common stock outstanding	~~125,705,754~~		125,628,951		~~124,730,343~~		125,315,765		~~125,586,075~~		~~124,652,426~~
Basic net income (loss) per share of Class A common stock	$	~~0.22~~	$	0.09	$	~~0.25~~	$	0.13	$	~~0.61~~	$	~~0.66~~
Diluted Net Income (Loss) Per Share of Class A Common Stock
Numerator:
Net income (loss) attributable to Class A common shareholders	$	~~27,913~~	$	11,775	$	~~31,319~~	$	16,609	$	~~76,869~~	$	~~81,889~~
Diluted net income (loss) attributable to Class A common shareholders	~~27,913~~		11,775		~~31,319~~		16,609		~~76,869~~		~~81,889~~
Denominator:
Basic weighted average number of shares of Class A common stock outstanding	~~125,705,754~~		125,628,951		~~124,730,343~~		125,315,765		~~125,586,075~~		~~124,652,426~~
Add - dilutive effect of:
Incremental shares of unvested Class A restricted stock(1)	~~199,774~~		650,729		~~238,202~~		204,608		~~171,039~~		~~164,909~~
Diluted weighted average number of shares of Class A common stock outstanding (2)(3)	~~125,905,528~~		126,279,680		~~124,968,545~~		125,520,373		~~125,757,114~~		~~124,817,335~~
Diluted net income (loss) per share of Class A common stock	$	~~0.22~~	$	0.09	$	~~0.25~~	$	0.13	$	~~0.61~~	$	~~0.66~~

(1)The Company applies the treasury stock method.

(2)There were ~~166~~23,~~571~~255 and ~~335~~378,~~482~~668 anti-dilutive shares for the three ~~and nine~~ months ended ~~September~~March 3031, 2025 and 2024, respectively.

(3)There were 299,641 and 440,573 anti-dilutive shares for the three and nine months ended September 30, 2023, respectively.

Table of Contents

13. STOCK-BASED AND OTHER COMPENSATION PLANS

Summary of Stock and Shares Unvested/Outstanding

The following table summarizes the impact on the consolidated statements of income of the various stock-based compensation plans and other compensation plans ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
	2024		2023		2024		2023
	2025		2024
Stock-based compensation expense	$	311,~~177~~215	$	310,~~205~~298	$	~~16,592~~	$	~~15,375~~
Total Stock-Based Compensation Expense	$	311,~~177~~215	$	310,~~205~~298	$	~~16,592~~	$	~~15,375~~

Table of Contents

A summary of the grants is presented below:

	Three Months Ended September 30,						Nine Months Ended September 30,
		Three Months Ended March 31,
	2024			2023			2024			2023
				2025			2024
	Numberof Shares/Options	WeightedAverageFair ValuePer Share		Numberof Shares	WeightedAverageFair ValuePer Share		Numberof Shares	WeightedAverageFair ValuePer Share		Numberof Shares	WeightedAverageFair ValuePer Share
							Numberof Shares	WeightedAverageFair ValuePer Share		Numberof Shares	WeightedAverageFair ValuePer Share
Grants - Class A Common Stock	—	$	—	—	$	—	1,~~855~~820,~~541~~027	$	1011.7068	1,~~417~~855,~~561~~541	$	1110.5870

The table below presents the number of unvested shares of Class A common stock and outstanding stock options at ~~September~~March 3031, ~~2024~~2025 and changes during ~~2024~~2025 of the Class A common stock and stock options of Ladder Capital Corp:

	Restricted Stock	Weighted Average Grant Date Fair Value		Stock Options
Nonvested/Outstanding at December 31, 2023	2,197,963	$	12.37	623,788
Nonvested/Outstanding at December 31, 2024	2,020,752	$	12.28	623,788
Granted	1,~~855~~820,~~541~~027	1011.7068		—
Vested	(1,~~895~~776,~~530~~196)	1011.9149		—
Forfeited	~~(9,960)~~—	~~10.94~~—		—
Nonvested/Outstanding at September 30, 2024	2,148,014	$	12.22	623,788
Expired	—	—		(439,760)
Exercisable at September 30, 2024 (1)				623,788
Nonvested/Outstanding at March 31, 2025	2,064,583	$	12.44	184,028
Exercisable at March 31, 2025 (1)				184,028

(1)The weighted average exercise price of outstanding options is $1411.8486 at ~~September~~March 3031, ~~2024~~2025.

At ~~September~~March 3031, ~~2024~~2025, there was $1219.60 million of total unrecognized compensation cost related to certain share-based compensation awards that is expected to be recognized over a period of up to 29 35.01 months, with a weighted average remaining vesting period of 22 28.95 months.

2014 Omnibus Incentive Plan

In connection with the IPO Transactions, the 2014 Ladder Capital Corp Omnibus Incentive Equity Plan (the “2014 Omnibus Incentive Plan”) was adopted by the board of directors on February 11, 2014, and provided certain members of management, employees and directors of the Company or its affiliates with additional incentives including grants of stock options, stock appreciation rights, restricted stock, other stock-based awards and other cash-based awards.

2023 Omnibus Incentive Plan

At the Company’s Annual Meeting held on June 6, 2023, the stockholders of the Company approved the Ladder Capital Corp 2023 Omnibus Incentive Plan (the “2023 Omnibus Incentive Plan”), effective as of the date of the Annual Meeting (the “Effective Date”). The 2023 Omnibus Incentive Plan superseded and replaced the 2014 Omnibus Incentive Plan in its entirety as of the Effective Date.

The aggregate number of shares of the Company’s Class A common stock that will be available for issuance to employees, non-employee directors and consultants of the Company and its affiliates under the 2023 Omnibus Incentive Plan will not exceed 3,000,000 shares of Class A common stock, plus an additional amount, not to exceed 10,253,867 shares of Class A common stock, remaining available for new awards under the 2014 Omnibus Incentive Plan as of the Effective Date, subject to the terms and conditions set forth in the 2023 Omnibus Incentive Plan.

40Annual Incentive Awards Granted in 2025 with respect to 2024 Performance

For 2024 performance, certain employees received stock-based incentive equity in February 2025. Restricted stock subject to time-based vesting criteria will vest in three installments on February 18 of each of 2026, 2027 and 2028, subject to continued employment on the applicable vesting dates. The Company has elected to recognize the compensation expense related to the time-based vesting of the annual restricted stock awards for the entire award on a straight-line basis over the requisite service period for the entire award. Restricted stock subject to performance criteria is eligible to vest in three equal installments upon the Board’s confirmation that the Company achieves a pre-tax return on average equity, based on distributable earnings divided

Table of Contents

3by the Company’s average shareholders’ equity,~~000~~ equal to or greater than 8% for such year (the “Performance Target”) for the years ended December 31,~~000~~ ~~shares~~2025, 2026 and 2027, respectively. If the Company misses the Performance Target during either the first or second calendar year but meets the Performance Target for a subsequent year during the three-year performance period and the Company’s return on equity for such subsequent year and any years for which it missed its Performance Target equals or exceeds the compounded pre-tax return on average equity of ~~Class~~8% Abased ~~common~~on ~~stock,~~distributable ~~plus~~earnings andivided ~~additional~~by ~~amount~~the Company’s average shareholders’ equity, ~~not~~the performance-vesting restricted stock which failed to ~~exceed~~vest ~~10,253,867~~because the Company previously missed its Performance Target will vest subject to continued employment on the applicable vesting date (the “Catch-Up Provision”). Approximately 2/3 of all the shares subject to attainment of ~~Class~~the APerformance ~~common~~Target ~~stock~~are also subject to the Catch-Up Provision, ~~remaining~~as the Catch-Up Provision is not available for ~~new~~the ~~awards~~missed ~~under~~performance during the ~~2014~~third ~~Omnibus~~performance ~~Incentive~~year ~~Plan~~and ashas the effect of requiring the ~~Effective~~Company ~~Date,~~to ~~subject~~achieve an average 8% return over the full three-year performance plan in order to be effective. Accruals of compensation cost for an award with a performance condition shall be based on the ~~terms~~probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and ~~conditions~~shall ~~set~~not ~~forth~~be inaccrued if it is not probable that the ~~2023~~performance ~~Omnibus~~condition ~~Incentive~~will ~~Plan~~be achieved. The probability of meeting the performance outcome is assessed quarterly.

On February 18, 2025, in connection with 2024 performance, annual stock awards were granted to management employees (each, a “Management Grantee”), with an aggregate grant date fair value of $11 million, which represents 962,821 shares of Class A common stock. The grant to Mr. Harris and approximately half of the grants to each of Ms. McCormack and Mr. Perelman were unrestricted. The other half of incentive equity granted to each of Ms. McCormack and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and is also subject to the Catch-Up Provision described above. For the grants to Mr. Miceli and Ms. Porcella (a total of 125,871 shares with an aggregate fair value of $1.5 million), approximately half of the awards are subject to time-based vesting criteria and the remaining half are subject to attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

On February 18, 2025, in connection with 2024 performance, annual stock awards were granted to certain non-management employees (“Non-Management Grantees”) with an aggregate grant date fair value of $9.6 million, which represents 825,016 shares of Class A common stock. Of these awards, 21,658 shares were unrestricted, 390,859 shares are subject to time-based vesting criteria and the remaining 412,499 shares are subject to the attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

Other 2025 Restricted Stock Awards

On February 18, 2025, certain members of the board of directors received annual restricted stock awards with a grant date fair value of $0.4 million, representing 32,190 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one-year vesting period.

Annual Incentive Awards Granted in 2024 with respect to 2023 Performance

For 2023 performance, certain employees received stock-based incentive equity in February 2024. Restricted stock subject to time-based vesting criteria will vest in three installments on February 18 of each of 2025, 2026 and 2027, subject to continued employment on the applicable vesting dates. The Company has elected to recognize the compensation expense related to the time-based vesting of the annual restricted stock awards for the entire award on a straight-line basis over the requisite service period for the entire award. Restricted stock subject to performance criteria is eligible to vest in three equal installments upon the compensation committee’s confirmation that the Company achieves ~~a pre-tax return on average equity, based on distributable earnings divided by~~ the ~~Company’s average shareholders’ equity, equal to or greater than 8% for such year (the “~~Performance Target”) for the years ended December 31, 2024, 2025 and 2026, respectively. If the Company misses the Performance Target during either the first or second calendar year but meets the Performance Target for a subsequent year during the three-year performance period and the Company’s return on equity for such subsequent year and any years for which it missed its Performance Target equals or exceeds the compounded pre-tax return on average equity of 8% based on distributable earnings divided by the Company’s average shareholders’ equity, ~~the performance-vesting restricted stock which failed to vest because the Company previously missed its Performance Target will vest~~ subject to ~~continued employment on~~ the ~~applicable vesting date (the “~~Catch-Up Provision~~”).~~ ~~Approximately 2/3 of all the shares subject to attainment of the Performance Target are also subject to the Catch-Up Provision,~~ as ~~the~~described Catch-Up Provision is not available for the missed performance during the third performance year and has the effect of requiring the Company to achieve an average 8% return over the full three-year performance plan in order to be effectiveabove. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. The probability of meeting the performance outcome is assessed quarterly.

On February 18, 2024, in connection with 2023 performance, annual stock awards were granted to ~~management employees (each, a “~~Management ~~Grantee”),~~Grantees with an aggregate grant date fair value of $10 million, which represents 937,560 shares of Class A common stock. The grant to Mr. Harris and approximately half of the grants to each of Ms. McCormack and Mr. Perelman were unrestricted. The other half of incentive equity granted to each of Ms. McCormack and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and is also subject to the Catch-Up Provision described above. For the grants to Mr. Miceli and Ms. Porcella (a total of 127,275 shares with an aggregate fair value of $1.4 million), approximately half of the awards are subject to time-based vesting criteria and the remaining half are subject to attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

On February 18, 2024, in connection with 2023 performance, annual stock awards were granted to certain ~~non-management employees (“~~Non-Management Grantees”) with an aggregate grant date fair value of $9.4 million, which represents 882,436 shares of Class A common stock. Of these awards, 22,939 shares were unrestricted, 418,285 shares are subject to time-based vesting criteria and the remaining 441,212 shares are subject to the attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

Table of Contents

these awards, 22,939 shares were unrestricted, 418,285 shares are subject to time-based vesting criteria and the remaining 441,212 shares are subject to the attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

Other 2024 Restricted Stock Awards

On February 18, 2024, certain members of the board of directors received annual restricted stock awards with a grant date fair value of $0.4 million, representing 35,545 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one-year vesting period.

Annual Incentive Awards Granted in 2023 with respect to 2022 Performance

For 2022 performance, certain employees received stock-based incentive equity in February 2023. Restricted stock subject to time-based vesting criteria will vest in three installments on February 18 of each of 2024, 2025 and 2026, subject to continued employment on the applicable vesting dates. The Company has elected to recognize the compensation expense related to the time-based vesting of the annual restricted stock awards for the entire award on a straight-line basis over the requisite service period for the entire award. Restricted stock subject to performance criteria is eligible to vest in three equal installments upon the compensation committee’s confirmation that the Company achieves athe ~~pre-tax~~Performance ~~return~~Target onfor ~~average~~the ~~equity,~~years ~~based~~ended onDecember ~~distributable~~31, ~~earnings~~2023, ~~divided~~2024 byand ~~the~~2025, ~~Company’s average shareholders’ equity~~respectively, ~~equal~~subject to orthe ~~greater~~Catch-Up ~~than~~Provision 8%as ~~for~~described ~~such year (the~~ above.

41On February 18, 2023, in connection with 2022 performance, annual stock awards were granted to Management Grantees with an aggregate grant date fair value of $8.5 million, which represents 733,607 shares of Class A common stock. The grant to Mr. Harris and approximately half of the grants to each of Ms. McCormack and Mr. Perelman were unrestricted. The other half of incentive equity granted to each of Ms. McCormack and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and is also subject to the Catch-Up Provision described above. For the grants to Mr. Miceli and Ms. Porcella (a total of 101,344 shares with an aggregate fair value of $1.2 million), approximately half of the awards are subject to time-based vesting criteria and the remaining half are subject to attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

~~Table~~On February 18, 2023, in connection with 2022 performance, annual stock awards were granted to certain Non-Management Grantees with an aggregate grant date fair value of ~~Contents~~$7.5 million, which represents 651,429 shares of Class A common stock. Of these awards, 19,558 shares were unrestricted, 306,162 shares are subject to time-based vesting criteria and the remaining 325,709 shares are subject to the attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

“Performance Target”) for the years ended December 31, 2023, 2024 and 2025, respectively. If the Company misses the Performance Target during either the first or second calendar year but meets the Performance Target for a subsequent year during the three-year performance period and the Company’s return on equity for such subsequent year and any years for which it missed its Performance Target equals or exceeds the compounded pre-tax return on average equity of 8% based on distributable earnings divided by the Company’s average shareholders’ equity, the performance-vesting restricted stock which failed to vest because the Company previously missed its Performance Target will vest subject to continued employment on the applicable vesting date (the “Catch-Up Provision”). Approximately 2/3 of all the shares subject to attainment of the Performance Target are also subject to the Catch-Up Provision, as the Catch-Up Provision is not available for the missed performance during the third performance year and has the effect of requiring the Company to achieve an average 8% return over the full three-year performance plan in order to be effective. Accruals of compensation cost for an award with a performance condition shall be based on the probable outcome of that performance condition. Therefore, compensation cost shall be accrued if it is probable that the performance condition will be achieved and shall not be accrued if it is not probable that the performance condition will be achieved. The probability of meeting the performance outcome is assessed quarterly.

On February 18, 2023, in connection with 2022 performance, annual stock awards were granted to management employees (each, a “Management Grantee”), with an aggregate grant date fair value of $8.5 million, which represents 733,607 shares of Class A common stock. The grant to Mr. Harris and approximately half of the grants to each of Ms. McCormack and Mr. Perelman were unrestricted. The other half of incentive equity granted to each of Ms. McCormack and Mr. Perelman is restricted stock subject to attainment of the Performance Target for the applicable years and is also subject to the Catch-Up Provision described above. For the grants to Mr. Miceli and Ms. Porcella (a total of 101,344 shares with an aggregate fair value of $1.2 million), approximately half of the awards are subject to time-based vesting criteria and the remaining half are subject to attainment of the Performance Target for the applicable years.

On February 18, 2023, in connection with 2022 performance, annual stock awards were granted to certain non-management employees (“Non-Management Grantees”) with an aggregate grant date fair value of $7.5 million, which represents 651,429 shares of Class A common stock. Of these awards, 19,558 shares were unrestricted, 306,162 shares are subject to time-based vesting criteria and the remaining 325,709 shares are subject to the attainment of the Performance Target, including the Catch-Up Provision, for the applicable years.

Other 2023 Restricted Stock Awards

On February 18, 2023, certain members of the board of directors received annual restricted stock awards with a grant date fair value of $0.4 million, representing 32,525 shares of restricted Class A common stock, which will vest in full on the first anniversary of the date of grant, subject to continued service on the board of directors. Compensation expense related to the time-based vesting criteria of the award shall be recognized on a straight-line basis over the one-year vesting period.

Change in Control

Upon a change in control (as defined in the respective award agreements), restricted stock awards to Mr. Miceli, Ms. McCormack, Mr. Perelman, Ms. Porcella (for her February 18, 2024 award), and one Non-Management Grantee will become fully vested if: (1) such Grantee continues to be employed through the closing of the change in control; or (2) after the signing of definitive documentation related to the change in control, but prior to its closing, such Grantee’s employment is terminated without cause or due to death or disability or the Grantee resigns for Good Reason, as defined in each Grantee’s employment agreement. The compensation committee retains the right, in its sole discretion, to provide for the accelerated vesting (in whole or in part) of the restricted stock awards granted.

In the event a Non-Management Grantee (except for the one grantee mentioned above and including Ms. Porcella, in regards to her awards granted prior to February 18, 2024), is terminated by the Company without cause within six months of certain changes in control, all unvested time shares shall vest on the termination date and all unvested performance shares shall remain outstanding and be eligible to vest (or be forfeited) in accordance with the performance conditions.

4234

Table of Contents

14. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is based upon internal models, using market quotations, broker quotations, counterparty quotations or pricing services quotations, which provide valuation estimates based upon reasonable market order indications and are subject to significant variability based on market conditions, such as interest rates, credit spreads and market liquidity. The fair value of the mortgage loan receivables held for sale is based upon a securitization model utilizing market data from recent securitization spreads and pricing.

Fair Value Summary Table

The carrying values and estimated fair values of the Company’s financial instruments, which are both reported at fair value on a recurring basis ~~(as indicated)~~ or amortized cost/par, at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 are as follows ($ in thousands):

March 31, 2025

									Weighted Average
	Principal Amount			Amortized Cost Basis/Purchase Price		Fair Value		Fair Value Method	Yield%		RemainingMaturity/Duration (years)
Assets:	Principal Amount			Amortized Cost Basis/Purchase Price		Fair Value		Fair Value Method	Yield%		RemainingMaturity/Duration (years)
Assets:
CMBS(1)	$	1,480,626		$	1,478,529	$	1,471,257	Internal model	5.82	%	2.93
CMBS(1)	$	850,491		$	848,394	$	839,324	Internal model	6.80	%	2.33
CMBS interest-only(1)	436,227		(2)	2,654		2,713		Internal model	8.22	%	0.78
CMBS interest-only(1)	773,268		(2)	3,913		4,032		Internal model	7.40	%	0.92
GNMA interest-only(3)	32,359		(2)	158		155		Internal model	9.39	%	3.73
GNMA interest-only(3)	33,337		(2)	165		180		Internal model	9.46	%	2.51
Agency securities(1)	9			9		9		Internal model	2.57	%	0.45
Agency securities(1)	14			14		14		Internal model	2.60	%	0.78
Equity securities(3)	N/A			2,517		2,266		Observable market prices	N/A		N/A
Corporate bonds(1)	9,190			9,135		9,145		Internal model	6.14	%	0.25
Mortgage loan receivables held for investment, net, at amortized cost(4)	1,671,069			1,665,243		1,646,270		Discounted Cash Flow(5)	8.71	%	1.14
Equity securities(3)	N/A			160		108		Observable market prices	N/A		N/A
Mortgage loan receivables held for sale	95,350			90,420		90,420		Internal model, third-party inputs(6)	6.20	%	9.04
Mortgage loan receivables held for investment, net, at amortized cost(4)	2,042,917			2,039,545		2,024,699		Discounted Cash Flow(5)	9.33	%	0.58
Nonhedge derivatives(1)(10)	132,500			467		467		Counterparty quotations	N/A		0.32
Mortgage loan receivables held for sale	31,350			27,506		27,506		Internal model, third-party inputs(6)	4.57	%	7.44
Nonhedge derivatives(1)(10)	118,000			818		818		Counterparty quotations	N/A		0.61
Liabilities:
Repurchase agreements - short-term	~~244~~62,~~525~~738			~~244~~62,~~525~~738		~~244~~62,~~525~~738		Cost plus Accrued Interest (7)	76.3647	%	0.8549
Mortgage loan financing	~~511~~423,~~046~~009			~~513~~425,~~781~~690		~~515~~418,~~597~~776		Discounted Cash Flow	6.0413	%	3.1767
CLO debt	~~776~~275,~~336~~623			~~776~~275,~~096~~623		~~776~~275,~~096~~623		Discounted Cash Flow(8)	46.1630	%	1.1909
Senior unsecured notes	2,~~067~~021,~~811~~108			2,~~050~~005,~~930~~703		1,~~539~~991,~~637~~038		Internal model~~, third-party inputs~~	5.2223	%	3.9350

(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.

(2)Represents notional outstanding balance of underlying collateral.

(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.

(4)Balance does not include impact of allowance for current expected credit losses of $52.32 million at ~~September~~March 3031, ~~2024~~2025.

(5)Fair value for floating rate mortgage loan receivables, held for investment is estimated to approximate the outstanding face amount given the short interest rate reset risk (30 days) and no significant change in credit spreads since origination. Fair value for fixed rate mortgage loan receivables, held for investment is measured using a discounted cash flow model.

(6)Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.

(7)For repurchase agreements - short term, the value approximates the cost plus accrued interest.

(8)For ~~repurchase agreements - long term and~~ CLO debt, the carrying value approximates the fair value discounting the expected cash flows at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.

(9)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.

4335

Table of Contents

									Weighted Average
	Principal Amount			Amortized Cost Basis/Purchase Price		Fair Value		Fair Value Method	Yield%		RemainingMaturity/Duration (years)
Assets:
CMBS(1)	$	439,679		$	439,052	$	424,890	Internal model	6.83	%	2.00
CMBS interest-only(1)	876,555		(2)	6,453		6,569		Internal model	6.61	%	1.07
GNMA interest-only(3)	37,053		(2)	214		213		Internal model	6.12	%	3.60
Agency securities(1)	22			22		21		Internal model	2.70	%	1.05
U.S. Treasury securities(1)	54,031			53,648		53,716		Internal model	5.41 %		0.07
Equity securities(3)	N/A			160		144		Observable market prices	N/A		N/A
Mortgage loan receivables held for investment, net, at amortized cost(4)	3,164,226			3,155,089		3,150,843		Discounted Cash Flow(5)	9.65	%	0.68
Mortgage loan receivables held for sale	31,350			26,868		26,868		Internal model, third-party inputs(6)	4.57	%	8.19
FHLB stock(7)	5,175			5,175		5,175		(7)	8.25	%	N/A
Nonhedge derivatives(1)(10)	194,900			1,454		1,454		Counterparty quotations	N/A		0.48
Liabilities:
Repurchase agreements - short-term	337,631			337,631		337,631		Cost plus Accrued Interest (8)	7.57	%	0.48
Repurchase agreements - long-term	268,976			268,976		268,976		Discounted Cash Flow(9)	7.35	%	1.74
Mortgage loan financing	437,384			437,759		425,992		Discounted Cash Flow	5.87	%	2.64
CLO debt	1,062,777			1,060,719		1,060,719		Discounted Cash Flow(9)	7.08	%	1.89
Borrowings from the FHLB	115,000			115,000		115,000		Discounted Cash Flow	5.82	%	0.57
Senior unsecured notes	1,575,614			1,563,861		1,475,303		Internal model, third-party inputs	4.66	%	3.77

December 31, 2024


									Weighted Average
Assets:	Principal Amount			Amortized Cost Basis/Purchase Price		Fair Value		Fair Value Method	Yield %		Remaining Maturity/Duration (years)
CMBS(1)	$	1,065,985		$	1,063,835	$	1,058,873	Internal model	6.13	%	2.41
CMBS interest-only(1)	769,724		(2)	3,149		3,244		Internal model	7.81	%	0.87
GNMA interest-only(3)	32,710		(2)	160		155		Internal model	9.38	%	3.64
Agency securities(1)	11			11		11		Internal model	2.60	%	0.58



Equity securities(3)	N/A			19,511		18,575		Observable market prices	N/A		N/A





Mortgage loan receivables held for investment, net, at amortized cost(4)	1,596,277			1,591,322		1,575,911		Discounted Cash Flow(5)	9.36	%	0.86


Mortgage loan receivables held for sale	31,350			26,898		26,898		Internal model, third-party inputs(6)	4.57	%	7.18

Nonhedge derivatives(1)(10)	90,000			437		437		Counterparty quotations	N/A		0.62

Liabilities:
Repurchase agreements - short-term	62,738			62,738		62,738		Cost plus Accrued Interest (7)	6.55	%	0.74


Mortgage loan financing	443,733			446,397		435,048		Discounted Cash Flow	6.09	%	3.36


CLO debt	601,464			601,380		601,430		Discounted Cash Flow(8)	2.01	%	0.98

Senior unsecured notes	2,041,557			2,025,053		2,001,207		Internal model	5.22	%	3.72

(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.

(2)Represents notional outstanding balance of underlying collateral.

(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.

(4)Balance does not include impact of allowance for current expected credit losses of $4352.23 million at December 31, ~~2023~~2024.

(6)Fair value for mortgage loan receivables, held for sale is measured using a hypothetical securitization model utilizing market data from recent securitization spreads and pricing.

(7)~~Fair~~For ~~value~~repurchase ofagreements ~~the~~- ~~FHLB~~short ~~stock~~term, ~~approximates outstanding face amount as~~ the ~~Company’s~~value ~~captive~~approximates ~~insurance subsidiary is restricted from trading~~ the ~~stock~~cost ~~and~~plus ~~can~~accrued ~~only put the stock back to the FHLB, at the FHLB’s discretion, at par~~interest.

(8)For ~~repurchase~~CLO ~~agreements~~debt, -the ~~short~~carrying ~~term,~~value approximates the fair value ~~approximates~~discounting the ~~cost~~expected ~~plus~~cash ~~accrued~~flows ~~interest~~at current market rates. If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.

(9)~~For~~The ~~repurchase~~outstanding ~~agreements~~face -amount ~~long~~of ~~term and CLO debt,~~ the ~~carrying~~nonhedge ~~value~~derivatives ~~approximates~~represents the ~~fair~~notional ~~value~~amount ~~discounting~~of the ~~expected~~underlying ~~cash flows at current market rates~~contracts. ~~If the collateral is determined to be impaired, the related financing would be revalued accordingly. There are no impairments on any positions.~~

~~(10)The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.~~36

Table of Contents

The following table summarizes the Company’s financial assets and liabilities, which are both reported at fair value on a recurring basis (as indicated) or amortized cost/par, at ~~September~~March 3031, ~~2024~~2025 and December 31, ~~2023~~2024 ($ in thousands):

~~September~~March 3031, ~~2024~~2025

Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition	PrincipalAmount			Fair Value
				Level 1		Level 2		Level 3		Total
Assets:
CMBS(1)	$	~~841~~1,~~314~~471,522		$	—	$	~~830~~1,~~420~~462,388	$	—	$	~~830~~1,~~420~~462,388
CMBS interest-only(1)	~~765~~428,~~045~~077		(2)	—		32,~~799~~529		—		32,~~799~~529
GNMA interest-only(3)	3332,~~337~~359		(2)	—		~~180~~155		—		~~180~~155
Agency securities(1)	149			—		149		—		149
Corporate bonds(1)	9,190			—		9,145		—		9,145
Equity securities	N/A			2,266		—		—		2,266
Equity securities	N/A			108		—		—		108
Nonhedge derivatives(4)	132,500			467		—		—		467
Nonhedge derivatives(4)	118,000			—		818		—		818
				$	2,733	$	1,465,081	$	—	$	1,467,814
				$	108	$	844,376	$	—	$	844,484
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition	Principal Amount			Fair Value
				Level 1		Level 2		Level 3		Total
Assets:
Mortgage loan receivable held for investment, net, at amortized cost:
Mortgage loan receivables held for investment, net, at amortized cost(5)	$	1,671,069		$	—	$	—	$	1,646,270	$	1,646,270
Mortgage loan receivables held for investment, net, at amortized cost(5)	$	2,042,917		$	—	$	—	$	2,024,699	$	2,024,699
Mortgage loan receivable held for sale(6)	95,350			—		—		90,420		90,420
Mortgage loan receivable held for sale(6)	31,350			—		—		27,506		27,506
CMBS(7)	9,104			—		8,869		—		8,869
CMBS(7)	9,178			—		8,904		—		8,904
CMBS interest-only(7)	8,150			—		184		—		184
CMBS interest-only(7)	8,223			—		233		—		233
				$	—	$	9,053	$	1,736,690	$	1,745,743
				$	—	$	9,137	$	2,052,205	$	2,061,342
Liabilities:
Repurchase agreements - short-term	$	~~244~~62,~~525~~738		$	—	$	~~244~~62,~~525~~738	$	—	$	~~244~~62,~~525~~738
Mortgage loan financing	~~511~~423,~~046~~009			—		—		~~515~~418,~~597~~776		~~515~~418,~~597~~776
CLO debt	~~776~~275,~~336~~623			—		~~776~~275,~~096~~623		—		~~776~~275,~~096~~623
Senior unsecured notes	2,~~067~~021,~~811~~108			—		—1,991,038		~~1,539,637~~—		1,~~539~~991,~~637~~038
				$	—	$	12,~~020~~329,~~621~~399	$	2418,~~055,234~~776	$	32,~~075~~748,~~855~~175

(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.

(2)Represents notional outstanding balance of underlying collateral.

(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.

(4)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings. The outstanding face amount of the nonhedge derivatives represents the notional amount of the underlying contracts.

(5)Balance does not include impact of allowance for current expected credit losses of $52.32 million at ~~September~~March 3031, ~~2024~~2025.

(6)A lower of cost or market adjustment was recorded as of ~~September~~March 3031, ~~2024~~2025.

(7)Restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust, are classified as held-to-maturity and reported at amortized cost.

45(8)As of December 31, 2024, the Company determined that $2.0 billion of senior unsecured notes were level 2 based on the Company’s increased observability of the inputs used to internally value the senior unsecured notes.

Table of Contents

December 31, ~~2023~~2024

Financial Instruments Reported at Fair Value on Consolidated Statements of Financial Condition	PrincipalAmount			Fair Value
				Level 1		Level 2		Level 3		Total
Assets:
CMBS(1)	$	~~430~~1,~~398~~056,844		$	—	$	~~415~~1,~~935~~049,986	$	—	$	~~415~~1,~~935~~049,986
CMBS interest-only(1)	~~868~~761,~~228~~537		(2)	—		63,~~260~~037		—		63,~~260~~037
GNMA interest-only(3)	3732,~~053~~710		(2)	—		~~213~~155		—		~~213~~155
Agency securities(1)	2211			—		2111		—		2111
U.S. Treasury securities	54,031			53,716		—		—		53,716
Equity securities	N/A			18,575		—		—		18,575
Equity securities	N/A			144		—		—		144
Nonhedge derivatives(4)	90,000			—		437		—		437
Nonhedge derivatives(4)	194,900			—		1,454		—		1,454
				$	18,575	$	1,053,626	$	—	$	1,072,201
				$	53,860	$	423,883	$	—	$	477,743
Financial Instruments Not Reported at Fair Value on Consolidated Statements of Financial Condition	Principal Amount			Fair Value
				Level 1		Level 2		Level 3		Total
Assets:
Mortgage loan receivable held for investment, net, at amortized cost:
Mortgage loan receivables held for investment, net, at amortized cost(5)	$	1,596,277		$	—	$	—	$	1,575,911	$	1,575,911
Mortgage loan receivables held for investment, net, at amortized cost(5)	$	3,164,226		$	—	$	—	$	3,150,843	$	3,150,843
Mortgage loan receivable held for sale(6)	31,350			—		—		26,898		26,898
Mortgage loan receivable held for sale(6)	31,350			—		—		26,868		26,868
CMBS(7)	9,142			—		8,887		—		8,887
CMBS(7)	9,281			—		8,955		—		8,955
CMBS interest-only(7)	8,187			—		207		—		207
CMBS interest-only(7)	8,327			—		309		—		309
				$	—	$	9,094	$	1,602,809	$	1,611,903
FHLB stock	5,175			—		—		5,175		5,175
				$	—	$	9,264	$	3,182,886	$	3,192,150
Liabilities:
Repurchase agreements - short-term	$	~~337~~62,~~631~~738		$	—	$	~~337~~62,~~631~~738	$	—	$	~~337~~62,~~631~~738
Repurchase agreements - long-term	268,976			—		268,976		—		268,976
Mortgage loan financing	443,733			—		—		435,048		435,048
Mortgage loan financing	437,384			—		—		425,992		425,992
CLO debt	601,464			—		601,430		—		601,430
CLO debt	1,062,777			—		1,060,719		—		1,060,719
Senior unsecured notes	2,041,557			—		2,001,207		—		2,001,207
Borrowings from the FHLB	115,000			—		—		115,000		115,000
				$	—	$	2,665,375	$	435,048	$	3,100,423
Senior unsecured notes	1,575,614			—		—		1,475,303		1,475,303
				$	—	$	1,667,326	$	2,016,295	$	3,683,621

(1)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded as a component of other comprehensive income (loss) in equity.

(2)Represents notional outstanding balance of underlying collateral.

(3)Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.

(5)Balance does not include impact of allowance for current expected credit losses of $4352.23 million at December 31, ~~2023~~2024.

(6)A lower of cost or market adjustment was recorded as of December 31, ~~2023~~2024.

~~The~~(8)As of December 31, 2024, the Company ~~did~~determined ~~not~~that ~~have~~$2.0 billion ~~any~~of ~~Level~~senior 3unsecured ~~financial~~notes ~~instruments~~were aslevel 2 based on the Company’s increased observability of ~~September 30,~~the ~~2024~~inputs ~~and~~used ~~December 31,~~to ~~2023.~~internally value the senior unsecured notes.

The Company did not have any Level 3 financial instruments as of March 31, 2025 and December 31, 2024.

Nonrecurring Fair Values

The Company measures fair value of certain assets on a nonrecurring basis when events or changes in circumstances indicate that the carrying value of the assets may be impaired. Adjustments to fair value generally result from the application of lower of amortized cost or fair value accounting for assets held for sale or write-down of assets value due to impairment. Refer to Note 3, Mortgage Loan Receivables and Note 5, Real Estate and Related Lease Intangibles, Net, for disclosure of Level 3 inputs for certain assets measured on a nonrecurring basis.

4638

Filing Compare · Ladder Capital Corp