DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Breakdown of the Derivatives Outstanding

The following is a breakdown of the derivatives outstanding as of December 31, 2025 and December 31, 2024 ($ in thousands):

December 31, 2025


			Fair Value				Remaining Maturity (years)
Contract Type	Notional		Asset(1)		Liability(1)
Caps
1 Month Term SOFR	$	91,000	$	1	$	—	0.79
Futures

10-year Treasury-Note Futures	22,500		263		—		0.22









Total derivatives	$	113,500	$	264	$	—

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

December 31, 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	$	—

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

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

Schedule of Net Realized and Unrealized Gains/(Losses) on Derivatives

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 years ended December 31, 2025, 2024, and 2023 ($ in thousands):


	Year Ended December 31, 2025
Contract Type		Unrealized Gain/(Loss)		Realized Gain/(Loss)		Net Result from Derivative Transactions

Caps		$	(463)	$	504	$	41
Futures		263		1,591		1,854

Options		—		(60)		(60)
Total		$	(200)	$	2,035	$	1,835


	Year Ended December 31, 2024
Contract Type		Unrealized Gain/(Loss)		Realized Gain/(Loss)		Net Result from Derivative Transactions
Caps		$	(1,315)	$	1,562	$	247
Futures		(545)		5,813		5,268

Options		—		(95)		(95)
Total		$	(1,860)	$	7,280	$	5,420


	Year Ended December 31, 2023
Contract Type	Unrealized Gain/(Loss)		Realized Gain/(Loss)		Net Result from Derivative Transactions
Caps	$	(895)	$	1,378	$	483
Futures	423		834		1,257

Options	82		(341)		(259)
Total	$	(390)	$	1,871	$	1,481

Ladder Capital Corp 10-K