LADR on NYSE
Ladder Capital Corp
In its 2026 annual report the company says: “Ladder Capital is an investment grade-rated, internally-managed real estate investment trust that is a leader in commercial real estate finance. We originate and invest in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets.”6 It is headquartered in New York, United States.2 Its shares trade on NYSE under the symbol LADR.2
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Last updated Oct 21, 2026.
Overview
$63.7MNet income, fiscal 20253
- TickerLADR on NYSE2
- IndustryReal Estate Investment Trusts2
- HeadquartersNew York, United States2
- Incorporated inDE4
- Business address320 Park Avenue, 15Th Floor, New York, Ny 100224
- Filer categoryLarge accelerated filer4
- Legal formCorporation2
- LEI549300Q6LLV2QCV67C062
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 53345062
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Ladder Capital is an investment grade-rated, internally-managed real estate investment trust (“REIT”) that is a leader in commercial real estate finance. We originate and invest in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Our investment activities include: (i) our 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. We believe that our in-house origination platform, ability to flexibly allocate capital among complementary product lines, credit-centric underwriting approach, access to diversified financing sources, a…6 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
4.3%Return on equity3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Interest income | $266.9M | $358.6M | $407.3M |
| Interest expense | $174.9M | $221.5M | $245.1M |
| Net interest income (expense) | $92.0M | $137.1M | $162.2M |
| Provision for (release of) loan loss reserves, net | -$157.0K | $13.9M | $25.1M |
| Net interest income (expense) after provision for (release of) loan loss reserves | $92.1M | $123.2M | $137.1M |
| Real estate operating income | $99.3M | $98.7M | $97.0M |
| Net result from mortgage loan receivables held for sale | $4.7M | $30.0K | -$523.0K |
| Gain (loss) on real estate, net | $3.8M | $25.3M | $8.8M |
| Fee and other income | $15.0M | $18.7M | $8.9M |
| Net result from derivative transactions | $1.8M | $5.4M | $1.5M |
| Earnings (loss) from investment in unconsolidated ventures | -$1.4M | -$79.0K | $758.0K |
| Gain on extinguishment of debt | $151.0K | $188.0K | $10.7M |
| Total other income (loss) | $123.4M | $148.2M | $127.1M |
| Compensation and employee benefits | $52.7M | $60.7M | $63.6M |
| Operating expenses | $19.4M | $19.2M | $19.5M |
| Real estate operating expenses | $40.5M | $40.6M | $37.6M |
| Investment related expenses | $3.7M | $7.7M | $8.8M |
| Depreciation and amortization | $32.0M | $32.3M | $29.9M |
| Total costs and expenses | $148.3M | $160.5M | $159.5M |
| Income (loss) before taxes | $67.2M | $110.9M | $104.7M |
| Effective income tax rate | $3.5M | $3.4M | $4.2M |
| Net income (loss) | $63.7M | $107.4M | $100.5M |
| Net (income) loss attributable to noncontrolling interests in consolidated ventures | $487.0K | $808.0K | $624.0K |
| Basic (in dollars per share) | $0.51 | $0.86 | $0.81 |
| Diluted (in dollars per share) | $0.51 | $0.86 | $0.81 |
| Basic (in shares) | 125.6M shares | 124.7M shares | |
| Diluted (in shares) | 125.8M shares | 124.9M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $38.0M | $1.3B | $1.0B | |
| Restricted cash | $14.9M | $12.6M | ||
| Mortgage loans receivable | $2.2B | $1.6B | ||
| Allowance for credit losses | -$47.1M | -$52.3M | ||
| Mortgage loan receivables held for sale | $28.0M | $26.9M | ||
| Securities | $2.1B | $1.1B | ||
| Real estate and related lease intangibles, net | $703.5M | $670.8M | ||
| Investments in and advances to unconsolidated ventures | $44.5M | $19.9M | ||
| Derivative instruments | $264.0K | $437.0K | ||
| Accrued interest receivable | $15.9M | $12.9M | ||
| Other assets | $49.0M | $158.1M | ||
| Total assets | $5.2B | $4.8B | $5.5B | |
| Debt obligations, net | $3.5B | $3.1B | ||
| Dividends payable | $31.8M | $31.8M | ||
| Accrued expenses | $76.4M | $74.8M | ||
| Other liabilities | $52.5M | $69.9M | ||
| Total liabilities | $3.7B | $3.3B | ||
| Commitments and contingencies (refer to Note 16) | $0 | $0 | ||
| Additional paid-in capital | $1.8B | $1.8B | ||
| Treasury stock, 3,557,032 and 2,776,538 shares, at cost | -$39.1M | -$30.5M | ||
| Retained earnings (dividends in excess of earnings) | -$260.1M | -$206.9M | ||
| Accumulated other comprehensive income (loss) | -$4.1M | -$4.9M | ||
| Total shareholders equity | $1.5B | $1.5B | ||
| Noncontrolling interests in consolidated ventures | -$2.6M | -$2.1M | ||
| Total equity | $1.5B | $1.5B | $1.5B | $1.5B |
| Total liabilities and equity | $5.2B | $4.8B | ||
| Treasury stock (in shares) | 3.6M shares | 2.8M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $38.0M | $1.3B | $1.0B | |
| Restricted cash | $14.9M | $12.6M | ||
| Mortgage loans receivable | $2.2B | $1.6B | ||
| Allowance for credit losses | -$47.1M | -$52.3M | ||
| Mortgage loan receivables held for sale | $28.0M | $26.9M | ||
| Securities | $2.1B | $1.1B | ||
| Real estate and related lease intangibles, net | $703.5M | $670.8M | ||
| Investments in and advances to unconsolidated ventures | $44.5M | $19.9M | ||
| Derivative instruments | $264.0K | $437.0K | ||
| Accrued interest receivable | $15.9M | $12.9M | ||
| Other assets | $49.0M | $158.1M | ||
| Total assets | $5.2B | $4.8B | $5.5B | |
| Debt obligations, net | $3.5B | $3.1B | ||
| Dividends payable | $31.8M | $31.8M | ||
| Accrued expenses | $76.4M | $74.8M | ||
| Other liabilities | $52.5M | $69.9M | ||
| Total liabilities | $3.7B | $3.3B | ||
| Commitments and contingencies (refer to Note 16) | $0 | $0 | ||
| Additional paid-in capital | $1.8B | $1.8B | ||
| Treasury stock, 3,557,032 and 2,776,538 shares, at cost | -$39.1M | -$30.5M | ||
| Retained earnings (dividends in excess of earnings) | -$260.1M | -$206.9M | ||
| Accumulated other comprehensive income (loss) | -$4.1M | -$4.9M | ||
| Total shareholders equity | $1.5B | $1.5B | ||
| Noncontrolling interests in consolidated ventures | -$2.6M | -$2.1M | ||
| Total equity | $1.5B | $1.5B | $1.5B | $1.5B |
| Total liabilities and equity | $5.2B | $4.8B | ||
| Treasury stock (in shares) | 3.6M shares | 2.8M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income (loss) | $63.7M | $107.4M | $100.5M |
| (Gain) loss on extinguishment of debt | -$151.0K | -$188.0K | -$10.7M |
| Depreciation and amortization | $32.0M | $32.3M | $29.9M |
| Unrealized (gain) loss on derivative instruments | $200.0K | $1.9M | $390.0K |
| Unrealized (gain) loss on securities | -$749.0K | $925.0K | -$25.0K |
| Provision for (release of) loan loss reserves, net | -$157.0K | $13.9M | $25.1M |
| Amortization of equity based compensation | $20.3M | $18.8M | $18.6M |
| Amortization of deferred financing costs included in interest expense | $9.6M | $10.6M | $12.4M |
| Amortization of (premium)/discount on mortgage loan financing included in interest expense | -$652.0K | -$767.0K | -$604.0K |
| Amortization of above- and below-market lease intangibles | -$1.3M | -$1.7M | -$1.8M |
| (Accretion)/amortization of discount, premium and other fees on mortgage loans receivable | -$10.2M | -$14.6M | -$19.0M |
| (Accretion)/amortization of discount and premium on securities | -$1.0M | -$1.1M | -$1.4M |
| Net result from mortgage loan receivables held for sale | -$4.7M | -$30.0K | $523.0K |
| Realized (gain) loss on securities | -$3.8M | -$172.0K | $276.0K |
| (Gain) loss on real estate, net | -$3.8M | -$25.3M | -$8.8M |
| Realized (gain) loss on sale of derivative instruments | $0 | -$298.0K | $291.0K |
| (Earnings) loss from investments in unconsolidated ventures in excess of distributions received | $1.4M | $79.0K | -$658.0K |
| Origination of mortgage loan receivables held for sale | -$63.4M | $0 | $0 |
| Repayment of mortgage loan receivables held for sale | $140.0K | $0 | $0 |
| Proceeds from sales of mortgage loan receivables held for sale | $66.8M | $0 | $0 |
| Change in deferred tax liability | $2.0M | $1.7M | $1.2M |
| Accrued interest receivable | -$3.0M | $11.3M | $706.0K |
| Other assets | -$3.1M | -$608.0K | $9.1M |
| Accrued expenses and other liabilities | -$13.3M | -$20.3M | $24.6M |
| Net cash provided by (used in) operating activities | $87.0M | $133.9M | $180.6M |
| Origination and funding of mortgage loan receivables held for investment | -$1.3B | -$195.2M | -$68.4M |
| Repayment of mortgage loan receivables held for investment | $711.0M | $1.6B | $738.5M |
| Purchases of securities | -$1.9B | -$898.0M | -$144.0M |
| Repayment of securities | $534.0M | $276.6M | $232.1M |
| Basis recovery of interest-only securities | $1.9M | $3.4M | $4.1M |
| Proceeds from sales of securities | $411.8M | $32.2M | $17.8M |
| Capital improvements of real estate | -$8.3M | -$6.5M | -$4.4M |
| Proceeds from sale of real estate | $13.1M | $102.3M | $13.4M |
| Capital contributions and advances to investment in unconsolidated joint ventures | -$26.0M | -$13.1M | $0 |
| Proceeds from FHLB stock | $0 | $5.2M | $4.4M |
| Purchase of derivative instruments | -$76.0K | -$1.1M | -$223.0K |
| Sale of derivative instruments | $0 | $574.0K | $125.0K |
| Net cash provided by (used in) investing activities | -$1.6B | $932.8M | $793.5M |
| Deferred financing costs paid | -$12.0M | -$18.3M | -$3.4M |
| Proceeds from borrowings under debt obligations | $4.6B | $668.0M | $921.0M |
| Repayment and repurchase of borrowings under debt obligations | -$4.2B | -$1.3B | -$1.3B |
| Cash dividends paid to Class A common shareholders | -$117.4M | -$117.7M | -$116.4M |
| Capital contributed by noncontrolling interests in consolidated ventures | $40.0K | $0 | $0 |
| Capital distributed to noncontrolling interests in consolidated ventures | -$31.0K | -$333.0K | -$541.0K |
| Payment of liability assumed in exchange for shares for the minimum withholding taxes on vesting restricted stock | -$8.7M | -$8.9M | -$7.9M |
| Repurchase of treasury stock | -$11.8M | -$6.5M | -$2.5M |
| Net cash provided by (used in) financing activities | $227.0M | -$796.6M | -$557.8M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | -$1.3B | $270.1M | $416.3M |
| Cash paid (received) for income taxes | $3.5M | $1.9M | -$2.4M |
| Cash paid for interest, net of amounts capitalized | $157.5M | $199.4M | $233.6M |
| Securities purchased, not settled | $0 | $15.0K | $0 |
| Repurchase of treasury stock, not settled | $0 | $1.5M | $0 |
| Repayments in transit of securities (other assets) | $628.0K | $0 | $0 |
| Repayment in transit of mortgage loans receivable held for investment (other assets) | $0 | $102.0M | $7.9M |
| Non-cash disposition of loans via foreclosure | -$65.1M | -$53.0M | -$91.4M |
| Real estate and real estate held for sale acquired in settlement of mortgage loans receivable held for investment, net | $65.1M | $48.8M | $87.5M |
| Net settlement of sale of real estate, subject to debt - real estate | $0 | $0 | -$31.3M |
| Net settlement of sale of real estate, subject to debt - debt obligations | $0 | $0 | $31.3M |
No quarter-by-quarter statement was filed.
Corporate structure
Ladder Capital Corp sits at the top of its group. 270 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Ladder Capital Corp
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Ladder Capital Corp, latest Mar 27, 2026 (4 filings since Feb 10, 2022)
- Brian Harris Filed SCHEDULE 13D/A on Ladder Capital Corp, latest Feb 20, 2026
- Prudential Financial Filed SC 13G on Ladder Capital Corp, latest Nov 14, 2024
- JENNISON ASSOCIATES LLC Filed SC 13G on Ladder Capital Corp, latest Nov 12, 2024
- BlackRock Filed SC 13G/A on Ladder Capital Corp, latest Jan 26, 2024 (3 filings since Feb 3, 2022)
- Ladder Capital Corp New York, New York, United States
- 1250 North SD, LLC Subsidiary · Delaware, United States
- 15600 JFK Owner LLC Subsidiary · Delaware, United States
- 24 Second Avenue Holdings LLC Subsidiary · New York, United States
- 24 Second Avenue JV Member LLC Subsidiary · Delaware, United States
- 24 Second Avenue Owner LLC Subsidiary · Delaware, United States
- 301 Peoria IL LLC Subsidiary · Delaware, United States
- 3650 S 72nd Owner LLC Subsidiary · Delaware, United States
- Grace Lake II, LLC Subsidiary · Delaware, United States
- Grace Lake JV, LLC Subsidiary · Delaware, United States
- Grace Lake Mezz, LLC Subsidiary · Delaware, United States
- Isla Vista JV LLC Subsidiary · Delaware, United States
- Isla Vista JV Member LLC Subsidiary · Delaware, United States
- Isla Vista Mezzanine LLC Subsidiary · Delaware, United States
- Isla Vista Owner LLC Subsidiary · Delaware, United States
- L250 W90 Mezz LLC Subsidiary · Delaware, United States
- L250 W90 Owner LLC Subsidiary · Delaware, United States
- L2GCT LLC Subsidiary · Delaware, United States
- L519 CA LLC Subsidiary · Delaware, United States
- L805 KF MD LLC Subsidiary · Delaware, United States
- LACP LLC Subsidiary · Delaware, United States
- Ladder 2021-FL2 Parent LLC Subsidiary · Delaware, United States
- LADDER CAPITAL ASSET MANAGEMENT LLC Subsidiary · New York, New York, United States
- Ladder Capital Commercial Mortgage Securities LLC Subsidiary · Delaware, United States
- Ladder Capital CRE Equity LLC Subsidiary · Delaware, United States
- Ladder Capital Finance Holdings LLLP Subsidiary · New York, New York, United States
- and 244 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Ladder Capital Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Operating-lease assets (leased space) | $13.3M3 Dec 31, 2025 | $16.3M11 Dec 31, 2024 | −18.4% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Real estate investments, net | $703.5M3 Dec 31, 2025 | $670.8M3 Dec 31, 2024 | +4.9% |
| Real estate accumulated depreciation | $262.7M3 Dec 31, 2025 | $233.6M3 Dec 31, 2024 | +12.4% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $38.0M3 Dec 31, 2025 | $1.3B3 Dec 31, 2024 | −97.1% |
| Stakes in other companies (equity method) | $44.5M3 Dec 31, 2025 | $19.9M3 Dec 31, 2024 | +123.2% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Finite-lived intangibles, gross | $116.3M3 Dec 31, 2025 | $107.9M3 Dec 31, 2024 | +7.8% |
| Accumulated amortization | $64.4M3 Dec 31, 2025 | $57.3M3 Dec 31, 2024 | +12.5% |
| Finite-lived intangibles, net | $51.9M3 Dec 31, 2025 | $50.6M3 Dec 31, 2024 | +2.5% |
Properties, in its own words
We lease our corporate headquarters office at 320 Park Avenue, 15th Floor, New York, New York, 10022. The Company also leases a regional office in Miami, Florida. Refer to Schedule III included in Item 8 of this Annual Report on Form 10-K for a listing of investment properties owned as of December 31, 2025.
Item 2 of the 10-K filed Feb 9, 2026.6
Leadership
Who has led Ladder Capital Corp, and when. Pick a name to see everywhere that person has worked.
Chief financial officer
Chief operating officer
201520202025
- ChairAlan H. Fishman Feb 5, 2014 to Feb 20, 201917
- PresidentPamela McCormack Dec 26, 2017 to now18
- PresidentMichael Mazzei Feb 5, 2014 to Feb 22, 201719
- Chief financial officerPaul J. Miceli Mar 3, 2021 to now20
- Chief financial officerMarc Fox Feb 5, 2014 to Jan 25, 202121
- Chief operating officerPamela McCormack Feb 14, 2017 to Feb 22, 201722
Board members and other officers (18)
- Chief Accounting OfficerAnthony Vincent Esposito May 12, 2022 to now23
- Chief Admin Off & Gen CounselKelly Amanda Porcella Nov 27, 2020 to now24
- Chief Accounting OfficerKevin Moclair Mar 3, 2015 to Feb 11, 202225
- Chief Investment OfficerGreta Guggenheim Feb 5, 2014 to Aug 20, 201526
- Chief Strategy Officer & GCPamela McCormack Feb 5, 2014 to Feb 25, 201627
- Head of Asset ManagementRobert Perelman Feb 5, 2014 to now28
- Head-Merchant Banking & Cap MkThomas Harney Feb 5, 2014 to Mar 11, 201929
- Board memberPamela McCormack Dec 10, 2019 to now30
- Board memberJeffrey B. Steiner Jul 23, 2018 to now31
- Board memberRichard L. O'Toole Mar 7, 2017 to Feb 20, 201932
- Board memberMichael Mazzei Jun 27, 2017 to Feb 26, 202033
- Board memberAlan H. Fishman Feb 19, 2015 to now34
- Board memberMark David Alexander Jun 11, 2015 to now35
- Board memberHoward Park Feb 5, 2014 to Mar 13, 201736
- Board memberJoel Clinton Peterson Feb 5, 2014 to Feb 19, 201537
- Board memberJonathan Bilzin Feb 5, 2014 to Feb 5, 201438
- Board memberGp L.p. Gi Iii. Feb 21, 2014 to Mar 13, 201739
- General counselKelly Amanda Porcella Mar 15, 2016 to Feb 26, 202040
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- 1250 North SD, LLC Delaware5
- 15600 JFK Owner LLC Delaware5
- 24 Second Avenue Holdings LLC New York5
- 24 Second Avenue JV Member LLC Delaware5
- 24 Second Avenue Owner LLC Delaware5
- 301 Peoria IL LLC Delaware5
- 3650 S 72nd Owner LLC Delaware5
- Grace Lake II, LLC Delaware5
- Grace Lake JV, LLC Delaware5
- Grace Lake Mezz, LLC Delaware5
- Isla Vista JV LLC Delaware5
- Isla Vista JV Member LLC Delaware5
- Isla Vista Mezzanine LLC Delaware5
- Isla Vista Owner LLC Delaware5
- L250 W90 Mezz LLC Delaware5
- L250 W90 Owner LLC Delaware5
- L2GCT LLC Delaware5
- L519 CA LLC Delaware5
- L805 KF MD LLC Delaware5
- LACP LLC Delaware5
- LADDER CAPITAL FINANCE VIII MEZZ REIT LLC Delaware5
- LADDER CAPITAL FINANCE VIII MEZZ TRS LLC Delaware5
- LADDER CAPITAL FINANCE VIII TRS LLC Delaware5
- LAG Memphis LLC Delaware5
All 270 listed subsidiaries
- LAS Evansville LLC Delaware5
- LBA Tract E Jacksonville FL LLC Delaware5
- LBA Tracts C and G Jacksonville FL LLC Delaware5
- LBW Mooresville LLC Delaware5
- LBW Portfolio I LLC Delaware5
- LBW Rotterdam LLC Delaware5
- LBW Saratoga LLC Delaware5
- LBW Vineland LLC Delaware5
- LBW Waldorf LLC Delaware5
- LC Carmel Retail LLC Delaware5
- LC TRS I LLC Delaware5
- LC780 Third LLC Delaware5
- LCC OH LLC Delaware5
- LCC OH OPCO LLC Delaware5
- LCHill CA LLC Delaware5
- LCI LLC Delaware5
- LCOPTX LLC Delaware5
- LDG Adrian MO LLC Delaware5
- LDG Aroma Park IL LLC Delaware5
- LDG Aurora LLC Delaware5
- LDG Battle Lake LLC Delaware5
- LDG Becker MN LLC Delaware5
- LDG Bloomington IL LLC Delaware5
- LDG Bolivar MO LLC Delaware5
- LDG Borger TX LLC Delaware5
- LDG Bridgeport IL LLC Delaware5
- LDG Canyon Lake GP LLC Delaware5
- LDG Canyon Lake LP Delaware5
- LDG Cape Girardeau MO LLC Delaware5
- LDG Carmi IL LLC Delaware5
- LDG Carthage MO LLC Delaware5
- LDG Centralia IL LLC Delaware5
- LDG Champaign IL LLC Delaware5
- LDG Chillicothe IL LLC Delaware5
- LDG Clinton IN LLC Delaware5
- LDG Danville IL LLC Delaware5
- LDG De Soto IA LLC Delaware5
- LDG Decatur Pershing IL LLC Delaware5
- LDG Decatur Sunnyside IL LLC Delaware5
- LDG Denver IA LLC Delaware5
- LDG Dexter MO LLC Delaware5
- LDG Dimmitt TX LLC Delaware5
- LDG Dryden MI LLC Delaware5
- LDG East Peoria (Meadows) IL LLC Delaware5
- LDG Effingham IL LLC Delaware5
- LDG Farmington IL LLC Delaware5
- LDG Fayette MO LLC Delaware5
- LDG Flora Vista NM LLC Delaware5
- LDG Floresville TX LLC Delaware5
- LDG Foley MN LLC Delaware5
- LDG Gladwin MI LLC Delaware5
- LDG Hanna City IL LLC Delaware5
- LDG Houghton Lake MI LLC Delaware5
- LDG Hubbard Lake MI LLC Delaware5
- LDG Iberia LLC Delaware5
- LDG Isanti MN LLC Delaware5
- LDG Isle LLC Delaware5
- LDG Jackson MO LLC Delaware5
- LDG Jefferson City MO LLC Delaware5
- LDG Jesup IA LLC Delaware5
- LDG Kawkawlin MI LLC Delaware5
- LDG Kerrville TX LLC Delaware5
- LDG Kincheloe MI LLC Delaware5
- LDG Kirbyville MO LLC Delaware5
- LDG Lamar MO LLC Delaware5
- LDG Lebanon MO LLC Delaware5
- LDG Linn MO LLC Delaware5
- LDG Little Falls MN LLC Delaware5
- LDG Mercedes TX LLC Delaware5
- LDG Milford IA LLC Delaware5
- LDG Montrose MN LLC Delaware5
- LDG Moscow Mills MO LLC Delaware5
- LDG Mountain Grove MO LLC Delaware5
- LDG New Hampton IA LLC Delaware5
- LDG Newburgh IN LLC Delaware5
- LDG Ogden IA LLC Delaware5
- LDG Pawnee IL LLC Delaware5
- LDG Paynesville LLC Delaware5
- LDG Pelican Rapids MN LLC Delaware5
- LDG Peoria IL LLC Delaware5
- LDG Peoria SW Ave IL LLC Delaware5
- LDG Philo IL LLC Delaware5
- LDG Pinconning MI LLC Delaware5
- LDG Pine Island LLC Delaware5
- LDG Pleasanton TX GP LLC Delaware5
- LDG Pleasanton TX LP Delaware5
- LDG Port O'Connor TX LLC Delaware5
- LDG Poseyville IN LLC Delaware5
- LDG Rantoul IL LLC Delaware5
- LDG Red Oak LLC Delaware5
- LDG Rice MN LLC Delaware5
- LDG Ridgedale MO LLC Delaware5
- LDG Rockford MN LLC Delaware5
- LDG Rolla MO LLC Delaware5
- LDG Saginaw 1300 MI LLC Delaware5
- LDG Saginaw BV MI LLC Delaware5
- LDG San Antonio TX LLC Delaware5
- LDG Shelbyville IL LLC Delaware5
- LDG Sioux City IA LLC Delaware5
- LDG Springfield IL LLC Delaware5
- LDG St Charles MN LLC Delaware5
- LDG St Francis LLC Delaware5
- LDG Sullivan IL LLC Delaware5
- LDG Tremont IL LLC Delaware5
- LDG Trenton MO LLC Delaware5
- LDG Troy MO LLC Delaware5
- LDG Union MO LLC Delaware5
- LDG Wabasha MN LLC Delaware5
- LDG Wardsville MO LLC Delaware5
- LDG Warren LLC Delaware5
- LDG Waterloo IA LLC Delaware5
- LDG Wheaton LLC Delaware5
- LDG Wheeler GP LLC Delaware5
- LDG Wheeler LP Delaware5
- LDG Wilmington IL LLC Delaware5
- LDG Winterset IA LLC Delaware5
- LDG Wonder Lake IL LLC Delaware5
- LDG Yorktown LP Delaware5
- LDG Zapata LP Delaware5
- LDGDSFL LLC Delaware5
- LDGOCFL LLC Delaware5
- LDGSSFL LLC Delaware5
- LENTX LLC Delaware5
- LFD Albion PA LLC Delaware5
- LFD Biscoe NC LLC Delaware5
- LFD Malone NY LLC Delaware5
- LFD Moultrie GA LLC Delaware5
- LFD Mt Vernon AL LLC Delaware5
- LFD Radford VA LLC Delaware5
- LFD Rockingham NC LLC Delaware5
- LFD Rose Hill NC LLC Delaware5
- LFD Rural Retreat VA LLC Delaware5
- LHL Jacksonville LLC Delaware5
- LHPS Grove OK LLC Delaware5
- LHV Cedar Rapids LLC Delaware5
- LHV Fairfield LLC Delaware5
- LHV Muscatine LLC Delaware5
- LHV Owatonna LLC Delaware5
- LHV Sheldon LLC Delaware5
- LHV Springfield LLC Delaware5
- LKLS Minot ND LLC Delaware5
- LMET LLC Delaware5
- LMEZZ 250 W90 LLC Delaware5
- LMM IN LLC Delaware5
- LOMM LLC Delaware5
- LRI South Bend IN LLC Delaware5
- LRI Winston Salem NC LLC Delaware5
- LRS Bixby OK LLC Delaware5
- LRS Jenks OK LLC Delaware5
- LSC Ofallon LLC Delaware5
- LSDDT LLC Delaware5
- LSFV LLC Delaware5
- LTU Crum Lynne PA LLC Delaware5
- LWACHAT LLC Delaware5
- LWAG Abingdon LLC Delaware5
- LWAG Aiken LLC Delaware5
- LWAG Durant LLC Delaware5
- LWAG Fayetteville NC LLC Delaware5
- LWAG Gallatin LLC Delaware5
- LWAG Greenwood AR LLC Delaware5
- LWAG Hilliard LLC Delaware5
- LWAG Johnson City LLC Delaware5
- LWAG Millbrook LLC Delaware5
- LWAG Mount Airy LLC Delaware5
- LWAG Niles LLC Delaware5
- LWAG Ooltewah LLC Delaware5
- LWAG Palmview LLC Delaware5
- LWAG Ponce PR LLC Delaware5
- LWAG Youngstown LLC Delaware5
- LWAGDVGA LLC Delaware5
- LWAGEKMD LLC Delaware5
- LWAGLBGA LLC Delaware5
- LWAGLXSC LLC Delaware5
- LWAGSBSC LLC Delaware5
- LWAGTPMS LLC Delaware5
- LWP TX LLC Delaware5
- Ladder 2021-FL2 Parent LLC Delaware5
- Ladder CRE Finance REIT Inc Delaware5
- Ladder CRE Finance Sub LLC Delaware5
- Ladder CRE Parent LLC Delaware5
- Ladder Capital Asset Management LLC Delaware5
- Ladder Capital CRE Equity LLC Delaware5
- Ladder Capital Commercial Mortgage Securities LLC Delaware5
- Ladder Capital Finance Corporation Delaware5
- Ladder Capital Finance Holdings LLLP Delaware5
- Ladder Capital Finance Holdings LLLP (Series REIT) Delaware5
- Ladder Capital Finance Holdings LLLP (Series TRS) Delaware5
- Ladder Capital Finance I LLC Delaware5
- Ladder Capital Finance I LLC (Series REIT) Delaware5
- Ladder Capital Finance I LLC (Series TRS) Delaware5
- Ladder Capital Finance II LLC Delaware5
- Ladder Capital Finance II LLC (Series REIT) Delaware5
- Ladder Capital Finance II LLC (Series TRS) Delaware5
- Ladder Capital Finance III LLC Delaware5
- Ladder Capital Finance IX LLC Delaware5
- Ladder Capital Finance IX Parent LLC Delaware5
- Ladder Capital Finance LLC Delaware5
- Ladder Capital Finance Portfolio II LLC Delaware5
- Ladder Capital Finance Portfolio III Ltd Cayman Islands5
- Ladder Capital Finance Portfolio IV LLC Delaware5
- Ladder Capital Finance Portfolio IV Parent LLC Delaware5
- Ladder Capital Finance Portfolio LLC Delaware5
- Ladder Capital Finance VI TRS LLC Delaware5
- Ladder Capital Finance VII REIT LLC Delaware5
- Ladder Capital Finance VII TRS LLC Delaware5
- Ladder Capital Finance VIII REIT LLC Delaware5
- Ladder Capital Finance X REIT LLC Delaware5
- Ladder Capital Finance X TRS LLC Delaware5
- Ladder Capital Realty CMBS IV LLC Delaware5
- Ladder Capital Realty II LLC Delaware5
- Ladder Capital Realty III LLC Delaware5
- Ladder Corporate Revolver I LLC Delaware5
- Ladder Grace Lake Member LLC Delaware5
- Ladder Member Corporation Delaware5
- Ladder Midco II LLC Delaware5
- Ladder Midco II LLC (Series REIT) Delaware5
- Ladder Midco II LLC (Series TRS) Delaware5
- Ladder Midco LLC Delaware5
- Ladder Midco LLC (Series REIT) Delaware5
- Ladder Midco LLC (Series TRS) Delaware5
- Ladder TRS Equity LLC Delaware5
- Nemours JV LLC Delaware5
- Nemours JV Member LLC Delaware5
- Nemours Owner LLC Delaware5
- ONP JV LLC Delaware5
- ONP JV Member LLC Delaware5
- ONP Owner LLC Delaware5
- ONP Rooftop JV LLC Delaware5
- ONP Rooftop JV Member LLC Delaware5
- Omaha Hotel Property Owner LLC Delaware5
- Pinebrook Associates GP, LLC Delaware5
- Pinebrook Associates Holdings, LP Delaware5
- Pinebrook JV Member LLC Delaware5
- Pinebrook Partners Holdings, LP Delaware5
- Pinebrook Property GP, LLC Delaware5
- Pinebrook Property Holdings, LP Delaware5
- San Diego Hotel Circle Owner, LLC Delaware5
- Schaumburg Hotel Owner LLC Delaware5
- TS Bennett LLC Delaware5
- TS El Centro LLC Delaware5
- TS Woodland LLC Delaware5
- Tuebor REIT Inc Michigan5
- Tuebor REIT Sub LLC Michigan5
- Tuebor Securities LLC Michigan5
- Tuebor TRS II LLC Michigan5
- Tuebor TRS IV LLC Michigan5
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Jul 23, 20268-K Results of operations41
- Jun 5, 20268-K Shareholder vote42
- Apr 23, 20268-K Results of operations43
- Feb 5, 20268-K Results of operations44
- Oct 23, 20258-K Results of operations45
- Jul 24, 20258-K Results of operations46
- Jul 3, 20258-K Entered a material agreement; New debt or obligation; Other events47
- Jun 6, 20258-K Shareholder vote48
- Apr 24, 20258-K Results of operations49
- Feb 6, 20258-K Results of operations50
- Dec 20, 20248-K Entered a material agreement; New debt or obligation51
- Oct 24, 20248-K Results of operations52
- May 21, 2013Founded Ladder Capital Corp is founded2
Calendar
Coming up
- Around Oct 22, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.
When it reported results
- Jul 23, 2026Reported quarterly or annual results41
- Apr 23, 2026Reported quarterly or annual results43
- Feb 5, 2026Reported quarterly or annual results44
- Oct 23, 2025Reported quarterly or annual results45
- Jul 24, 2025Reported quarterly or annual results46
- Apr 24, 2025Reported quarterly or annual results49
- Feb 6, 2025Reported quarterly or annual results50
- Oct 24, 2024Reported quarterly or annual results52
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
222 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 33 major events, 126 insider forms, 10 large holders, 33 other. The latest 20:
- Jul 27, 202610-Q EDGAR
- Jul 23, 20268-K EDGAR
- Jun 15, 2026144/A EDGAR
- Jun 5, 20268-K EDGAR
- Jun 2, 2026144 EDGAR
- Jun 2, 20264 OWNERSHIP DOCUMENT EDGAR
- May 29, 2026144 EDGAR
- May 8, 20264 OWNERSHIP DOCUMENT EDGAR
- Apr 27, 202610-Q EDGAR
- Apr 23, 20268-K EDGAR
- Apr 21, 2026DEFA14A EDGAR
- Apr 21, 2026DEF 14A EDGAR
- Apr 21, 2026ARS EDGAR
- Mar 27, 2026SCHEDULE 13G/A EDGAR
- Feb 23, 20264 OWNERSHIP DOCUMENT EDGAR
- Feb 23, 20264 OWNERSHIP DOCUMENT EDGAR
- Feb 23, 20264 OWNERSHIP DOCUMENT EDGAR
- Feb 23, 20264 OWNERSHIP DOCUMENT EDGAR
- Feb 23, 20264 OWNERSHIP DOCUMENT EDGAR
- Feb 23, 20264 OWNERSHIP DOCUMENT EDGAR
The 222 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
18 open-market trades by officers, directors and large owners since October 2021: 3 buys and 15 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 2, 2026 | Perelman RobertHead of Asset Management | Sale | 17,505 | $10.25 | $179.4K | Form 4 |
| May 29, 2026 | Perelman RobertHead of Asset Management | Sale | 17,495 | $10.26 | $179.5K | Form 4 |
| Feb 6, 2026 | Harris BrianChief Executive Officer | Buy | 5,000 | $10.32 | $51.6K | Form 4 |
| Oct 27, 2025 | STEINER JEFFREY BDirector | Sale | 19,481 | $10.89 | $212.1K | Form 4 |
| Oct 15, 2025 | Esposito Anthony VincentChief Accounting Officer | Buy | 59 | $10.79 | $637 | Form 4 |
| Aug 1, 2025 | Alexander Mark DavidDirector | Sale | 26,795 | $10.86 | $291.0K | Form 4 |
| Jul 31, 2025 | Alexander Mark DavidDirector | Sale | 30,000 | $10.93 | $327.9K | Form 4 |
| Jul 30, 2025 | Alexander Mark DavidDirector | Sale | 34,587 | $11.12 | $384.6K | Form 4 |
| Sep 13, 2024 | Perelman RobertHead of Asset Management | Sale | 25,000 | $12.15 | $303.8K | Form 4 |
| Aug 30, 2024 | McCormack PamelaPresident | Sale | 50,000 | $12.25 | $612.5K | Form 4 |
| Jul 31, 2024 | McCormack PamelaPresident | Sale | 100,000 | $12.17 | $1.2M | Form 4 |
| Jan 16, 2024 | Miceli Paul J.Chief Financial Officer | Buy | 993 | $11.14 | $11.1K | Form 4 |
| Apr 14, 2022 | Harris BrianChief Executive Officer | Sale | 30,000 | $12.54 | $376.2K | Form 4 |
| Apr 14, 2022 | McCormack PamelaPresident | Sale | 40,000 | $12.42 | $496.8K | Form 4 |
| Apr 11, 2022 | Porcella Kelly AmandaChief Admin Off & Gen Counsel | Sale | 20,000 | $11.75 | $235.0K | Form 4 |
| Apr 8, 2022 | Porcella Kelly AmandaChief Admin Off & Gen Counsel | Sale | 20,000 | $11.61 | $232.2K | Form 4 |
| Mar 22, 2022 | McCormack PamelaPresident | Sale | 41,861 | $11.98 | $501.5K | Form 4 |
| Mar 21, 2022 | McCormack PamelaPresident | Sale | 3,139 | $11.98 | $37.6K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- VANGUARD GROUP INCSCHEDULE 13G/A, 4 filings Feb 10, 2022 to Mar 27, 202653
- Brian HarrisSCHEDULE 13D/A, 1 filing Feb 20, 202654
- Prudential FinancialSC 13G, 1 filing Nov 14, 202455
- JENNISON ASSOCIATES LLCSC 13G, 1 filing Nov 12, 202456
- BlackRockSC 13G/A, 3 filings Feb 3, 2022 to Jan 26, 202457
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Brian Harris | 65 | $1.0M | $13.9M58 |
| 2025 | Pamela McCormack | 55 | $750.0K | $5.8M58 |
| 2025 | Paul J. Miceli | 46 | $350.0K | $2.2M58 |
| 2025 | Robert Perelman | 63 | $300.0K | $2.1M58 |
| 2025 | Kelly Porcella | 44 | $243.8K | $1.7M58 |
| 2024 | Chief Executive Officer | $1.0M | $15.5M58 | |
| 2024 | President | $750.0K | $6.3M58 | |
| 2024 | Chief Financial Officer | $350.0K | $2.3M58 | |
| 2024 | Head of Asset Management | $300.0K | $2.3M58 | |
| 2024 | Chief Administrative Officer and General Counsel | $225.0K | $1.9M58 | |
| 2023 | Chief Executive Officer | $1.0M | $15.0M58 | |
| 2023 | President | $750.0K | $5.9M58 | |
| 2023 | Chief Financial Officer | $350.0K | $2.2M58 | |
| 2023 | Head of Asset Management | $300.0K | $2.1M58 | |
| 2023 | Chief Administrative Officer and General Counsel | $218.8K | $1.7M58 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 10,416,299 | $103.6M | 0.0% | +446,987 |
| Jennison Associates LLC | 6,409,694 | $63.8M | 0.0% | −1,296,719 |
| Vanguard Portfolio Management LLC | 5,045,338 | $50.2M | 0.0% | +82,110 |
| Vanguard Capital Management LLC | 4,909,830 | $48.9M | 0.0% | −26,812 |
| Victory Capital Management Inc | 4,162,753 | $41.4M | 0.0% | +1,001,812 |
| Wellington Management Group Llp | 3,580,178 | $35.6M | 0.0% | +1,596,839 |
| Two Sigma Investments, LP | 3,096,940 | $30.8M | 0.0% | +284,937 |
| State Street Corp | 2,981,326 | $30.3M | 0.0% | +129,665 |
| Geode Capital Management, LLC | 2,897,106 | $28.8M | 0.0% | +92,838 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 2,795,427 | $27.8M | 0.0% | +89,020 |
| Jpmorgan Chase & Co | 2,659,315 | $27.2M | 0.0% | +928,643 |
| Goldman Sachs Group Inc | 2,539,285 | $25.3M | 0.0% | −206,223 |
| Nuveen, LLC | 2,081,812 | $20.7M | 0.0% | −26,250 |
| Adage Capital Partners Gp, L.l.c. | 1,750,000 | $17.4M | 0.0% | +650,000 |
| Russell Investments Group, Ltd. | 1,443,545 | $14.4M | 0.0% | +52,451 |
| Charles Schwab Investment Management Inc | 1,401,920 | $13.9M | 0.0% | −65,372 |
| Qube Research & Technologies Ltd | 1,169,228 | $11.6M | 0.0% | −186,166 |
| Northern Trust Corp | 1,125,507 | $11.2M | 0.0% | −68,766 |
| Van Eck Associates Corp | 1,123,098 | $11.2M | 0.0% | −217,956 |
| Allianz Asset Management GmbH | 1,027,255 | $10.2M | 0.0% | +97,147 |
| Balyasny Asset Management L.P. | 740,592 | $7.4M | 0.0% | +174,951 |
| Vanguard Fiduciary Trust Co | 722,025 | $7.2M | 0.0% | +22,304 |
| Focus Partners Wealth | 721,487 | $7.2M | 0.0% | +32,221 |
| Aptus Capital Advisors, LLC | 671,739 | $6.7M | 0.0% | +4,160 |
| Raymond James Financial Inc | 663,736 | $6.6M | 0.0% | −8,653 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Ladder Capital Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARLadder Capital Corp1
- CIK0001577670
- Employer ID (EIN)80-09254946
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
- Incorporated inDelaware6
- Fiscal year endsDecember 311
- Industry code (SIC)6798 Real Estate Investment Trusts1
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
- Business address320 Park Avenue, 15Th Floor, New York, NY 100221
- Phone212-715-31701
- Shares outstanding127,233,559 Common Class A shares; 0 Common Class B shares as of Jan 23, 20266
- Public float$1.2B as of Jun 30, 20256
- AuditorErnst & Young LLP, New York, New York PCAOB ID 42; it also attests to the company’s internal control over financial reporting6
- On EDGAR sinceJun 28, 20131
- Filings711 in all: 4 (336), 8-K (110), 10-Q (38), SC 13D/A (24), 3 (23), UPLOAD (22), SC 13G/A (18), DEF 14A (14)1
All 43 form types
10-K (13), CORRESP (13), 4/A (12), DEFA14A (12), 144 (6), SC 13G (6), 424B3 (5), S-1/A (5), S-3ASR (5), SC 13D (5), 424B5 (4), ARS (4), DRS/A (4), DRSLTR (4), EFFECT (3), 424B2 (2), 5 (2), 8-K/A (2), PRE 14A (2), S-8 (2), 144/A (1), 424B4 (1), 8-A12B (1), CERTNYS (1), DEL AM (1), DRS (1), FWP (1), POS AM (1), POSASR (1), S-1 (1), S-3 (1), S-8 POS (1), SC TO-C (1), SCHEDULE 13D/A (1), SCHEDULE 13G/A (1)
- Latest filingsAnnual report (10-K) Feb 9, 2026
Quarterly report (10-Q) Jul 27, 2026
Proxy statement (DEF 14A) Apr 21, 2026
Latest 8-K (8-K) Jul 23, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A common stock, $0.001 par value | LADR | New York Stock Exchange |
From the cover page of the 10-K filed Feb 9, 2026 (Section 12(b) of the Exchange Act).6
Risk factors and legal proceedings
The risks Ladder Capital Corp names in Item 1A of its 10-K filed Feb 9, 2026: 71 risks under these headings, as written.6
- Risks Related to Our Operations
- Market Risks Related to Our Investments
- Risks Related to Our Portfolio
- Risks Related to Our Indebtedness
- Risks Related to Regulatory and Compliance Matters
- Risks Related to Hedging
- Risks Related to Our Class A Common Stock
- Risks Related to Our Taxation as a REIT
- General Risk Factors
- The allocation of capital among our business segments varies, which may adversely affect our financial performance and liquidity.
- Our success depends upon hiring and retaining qualified personnel, including senior management and loan originators, and the loss of key personnel could materially harm our business.
- We may not be able to maintain our strategic business alliances.
The other 68 risks
- We operate using financial models and according to proprietary underwriting criteria in a highly competitive market for lending and other investment opportunities, which may limit our ability to originate or acquire desirable loans and other investments in our target assets and/or our ability to finance and yield a certain return on our investments.
- We cannot predict how government policies, Federal Reserve actions, or changes in the political environment will affect our business and the markets in which we operate.
- We have a concentration of investments in the real estate sector and may have further concentrations from time to time in certain property types, locations, tenants and borrowers, which increases our exposure to the risks of certain economic downturns.
- The value of our investments can be adversely affected by many factors that are beyond our control, including dislocations, illiquidity and volatility in the market for commercial real estate, commercial real estate finance and the broader financial markets.
- Technology, e-commerce, and remote work have fundamentally changed commercial real estate demand patterns, and these shifts may have an adverse impact on the value of certain of our debt and equity investments.
- Our earnings may decrease because of fluctuations in prevailing interest rates and credit spreads and associated borrowing costs.
- Prepayment rates on mortgage loans cannot be predicted with certainty and prepayments may result in losses to the value of our assets.
- The vast majority of the mortgage loans that we originate or purchase, and those underlying the CMBS and other real estate-related securities in which we invest, are non-recourse loans and our credit management and the assets securing the loans may not be sufficient to protect us from a partial or complete loss if the borrower defaults on the loan.
- The commercial real estate mortgages and other commercial real estate-related loans we provide, the commercial mortgage loans underlying the CMBS and other real estate-related securities in which we invest, and the real estate that we own are subject to the ability of the commercial property to generate net operating income (“NOI”).
- Inflation and increased operating costs have stressed and may continue to stress property performance and mortgage loan performance.
- We actively manage our loan portfolio, including through modifications and restructurings of non-performing loans, which involve significant risks and may not always be successful. The process for collecting or foreclosing mortgage liens or equity
- pledges can be expensive, lengthy and limited by the application of state, bankruptcy, insolvency and other debtor and tenant relief laws.
- Operating and disposing of properties acquired through foreclosures subject us to additional risks that could harm our results of operations.
- The due diligence process that we undertake in regard to investment opportunities may not reveal all facts and risks that may be relevant in connection with an investment and if we incorrectly evaluate the risks of our investments, we may experience losses.
- Insurance on the real estate underlying our loans and investments may not be available or cover all losses, and this shortfall could result in both loss of cash flow from and a decrease in the asset value of the affected property.
- Provisions for loan losses are difficult to estimate. Our reserves for loan losses may prove inadequate, which could have a material adverse effect on us.
- Certain balance sheet investments are more illiquid and involve a greater risk of loss.
- Our investments in subordinate loans, subordinate participation interests in loans, preferred equity and subordinate and/or unrated securities rank junior to other senior debt and we may be unable to recover our investment in these interests.
- Our participation in the market for mortgage loan securitizations exposes us to risks that could result in losses to us.
- Our access to the CMBS securitization market and the timing of our securitization and real estate sale activities causes our quarterly financial results to fluctuate.
- We are subject to risks associated with unfunded conditional loan commitments or other future advances, such as declining real estate values and operating performance.
- If we purchase or originate loans secured by liens on facilities that are subject to a ground lease and such ground lease is terminated unexpectedly, our interests could be adversely affected.
- We have acquired and, in the future, may acquire net leased real estate assets, or make loans to owners of net leased real estate assets (including ourselves), which carry particular risks of loss that may have a material impact on our financial condition, liquidity and results of operations.
- The leases at the properties underlying commercial real estate loans, securities or properties held by us may not be relet or renewed on favorable terms, or at all, which may result in a reduction in our net income, and as a result we may be required to reduce or eliminate cash distributions to shareholders.
- Current and future venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on venture partners’ financial condition and liquidity and disputes between us and our venture partners.
- Our investments in CMBS and other real estate-related securities are generally subject to losses.
- Any credit ratings assigned to our investments could be downgraded, which could have a material impact on our financial condition, liquidity and results of operations.
- Some of our portfolio investments are recorded at fair value and there is uncertainty as to the value of these investments. Furthermore, our determinations of fair value may have a material impact on our financial condition and results of operations.
- Our business is leveraged, which could lead to greater losses than if we were not as leveraged.
- The repurchase agreements that we use to finance our investments may require us to provide additional collateral, which could reduce our liquidity and harm our financial condition.
- There can be no assurance that we will be able to access financing arrangements in the future on favorable terms, or at all, and our compliance with associated restrictive covenants may limit our ability to fully pursue our business strategies.
- Any credit ratings assigned to debt securities we issue could be downgraded, which could have a material impact on our financial condition, liquidity and results of operations.
- As a holding company, we depend on distributions from our subsidiaries to meet our obligations, and our obligations are structurally subordinated to the liabilities of our subsidiaries.
- Our use of leverage may create a mismatch between the duration of financing and the life of the investments made using the proceeds of such financing, as well as between the index of our investments and the index of our leverage.
- We are subject to counterparty risk associated with our debt obligations and cash balances.
- We have financed, and may in the future seek to, finance certain of our shorter-term loans via CLOs, and such transactions involve significant risks, including that the sponsor of such transactions will receive distributions from the CLO only if the CLO generates enough income to first pay all the investors holding senior tranches and all CLO expenses.
- If our subsidiary that is regulated as a registered investment adviser is unable to meet the requirements of the SEC or fails to comply with certain U.S. federal and state securities laws and regulations, it will face termination of its investment adviser registration, fines or other disciplinary action.
- Certain of our entities have in the past and may in the future make loans to other of our entities on other-than-arms’-length terms.
- Maintenance of our exemption from registration under the Investment Company Act imposes significant limits on our operations. The value of our securities, including our Class A common stock, may be adversely affected if we are required to register as an investment company under the Investment Company Act.
- The evolving and often conflicting political and regulatory landscape surrounding sustainability and climate change creates significant uncertainty and compliance challenges that could adversely affect our business, operations, and financial condition.
- We may choose to hedge our risks or not, and both choices could expose us to potential losses.
- A liquid secondary market may not exist for certain hedging instruments and they, therefore, may involve risks and costs that could result in material losses.
- We may enter into hedging transactions that are subject to mandatory clearing and/or margin requirements.
- The market price and trading volume of our Class A common stock can be volatile, which could result in rapid and substantial losses for our shareholders.
- Our charter contains REIT-related restrictions on the ownership of, and ability to transfer, our Class A common stock.
- Anti-takeover provisions in our charter documents and Delaware law could delay or prevent a change in control.
- If we fail to qualify as a REIT, we will be subject to tax as a regular corporation and could face a substantial tax liability, which would reduce the amount of cash available for distribution to our shareholders.
- Our ownership of, and relationship with, TRSs is limited, and a failure to comply with the limits would jeopardize our REIT qualification, and our transactions with our TRSs may result in the application of a 100% excise tax if such transactions are not conducted on arm’s-length terms.
- Rapid changes in the values of our assets may make it more difficult for us to maintain our qualification as a REIT or exemption from registration under the Investment Company Act.
- The failure of assets subject to repurchase agreements to qualify as real estate assets could adversely affect our ability to qualify as a REIT.
- REIT distribution requirements could adversely affect our ability to execute our business plan.
- Even if we qualify as a REIT, we may face other tax liabilities that reduce our cash flow.
- Complying with REIT requirements may cause us to forgo attractive opportunities or liquidate attractive investments.
- The tax on prohibited transactions will limit our ability to engage in transactions, including certain methods of structuring CMBS transactions, which would be treated as prohibited transactions for U.S. federal income tax purposes.
- The “taxable mortgage pool” rules may increase the taxes that we or our shareholders may incur and may limit the manner in which we effect future securitizations.
- We may be required to report taxable income for certain investments in excess of the economic income we ultimately realize from them.
- We have not established a minimum distribution payment level and we cannot assure you of our ability to pay distributions in the future.
- If we were to make a taxable distribution of shares of our Class A common stock, shareholders may be required to sell such shares or sell other assets owned by them in order to pay any tax imposed on such distribution.
- Distributions payable by REITs do not qualify for the reduced tax rates available for some dividends.
- Distributions to tax-exempt investors may be classified as unrelated business taxable income.
- Our taxable income is calculated differently than net income based on GAAP.
- Changes to U.S. federal income tax laws could materially and adversely affect us and our shareholders.
- Our business model may not be successful. We may change our investment strategy, asset allocation and financing policy in the future without shareholder consent and any such changes may not be successful.
- Our business may be adversely affected if our reputation or the reputation of counterparties with whom we associate is harmed.
- If we fail to maintain an effective system of integrated internal controls, we may not be able to accurately and timely report our financial results.
- Accounting and tax rules for certain of our transactions are highly complex and involve significant judgment and assumptions. The accuracy of our financial statements may be materially affected if our estimates, including loan loss reserves, prove to be inaccurate.
- Cybersecurity threats, information technology (“IT”) system failures or other security breaches could cause significant business disruption and could possibly compromise sensitive information belonging to us or our employees, borrowers, clients and other counterparties and could harm our business and our reputation and subject us to regulatory scrutiny.
- Our use of artificial intelligence technologies may produce inaccurate or biased results and presents regulatory, legal, and reputational risks.
Legal proceedings
From time to time, we may be involved in litigation and claims incidental to the conduct of our business in the ordinary course. Further, certain of our subsidiaries, such as our registered investment adviser, are subject to scrutiny by government regulators, which could result in enforcement proceedings or litigation related to regulatory compliance matters. We are not presently a party to any material enforcement proceedings, litigation related to regulatory compliance matters or any other type of material
litigation matters. We maintain insurance policies in amounts and with the coverage and deductibles we believe are adequate, based on the nature and risks of our business, historical experience and industry standards.
The opening of Item 3, Legal Proceedings.6
Sources
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- 17SEC EDGARAlan H. Fishman, Chair
- 18SEC EDGARPamela McCormack, President
- 19SEC EDGARMichael Mazzei, President
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- 21SEC EDGARMarc Fox, Chief financial officer
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- 30SEC EDGARPamela McCormack, Board member
- 31SEC EDGARJeffrey B. Steiner, Board member
- 32SEC EDGARRichard L. O'Toole, Board member
- 33SEC EDGARMichael Mazzei, Board member
- 34SEC EDGARAlan H. Fishman, Board member
- 35SEC EDGARMark David Alexander, Board member
- 36SEC EDGARHoward Park, Board member
- 37SEC EDGARJoel Clinton Peterson, Board member
- 38SEC EDGARJonathan Bilzin, Board member
- 39SEC EDGARGp L.p. Gi Iii., Board member
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- 41SEC EDGARResults of operations
- 42SEC EDGARShareholder vote
- 43SEC EDGARResults of operations
- 44SEC EDGARResults of operations
- 45SEC EDGARResults of operations
- 46SEC EDGARResults of operations
- 47
- 48SEC EDGARShareholder vote
- 49SEC EDGARResults of operations
- 50SEC EDGARResults of operations
- 51
- 52SEC EDGARResults of operations
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