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DEBT OBLIGATIONS, NET
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS, NET
6. DEBT OBLIGATIONS, NET

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

Debt ObligationsCommitted AmountOutstanding Principal AmountCarrying Value(1)Average Cost of Funds(2)Current MaturityFinal Stated Maturity(3)Carrying Value of Collateral
Senior Unsecured Notes N/A 2,233,409 2,215,195 5.29%2027-20312027-2031 N/A
Unsecured Revolving Credit Facility850,000 280,000 280,000 4.91%12/20/202812/20/2029 N/A
Total Unsecured Debt$850,000 $2,513,409 $2,495,195 N/A
Loan Repurchase Facility$300,000 $— $— —%9/27/20289/27/2030$— 
Loan Repurchase Facility300,000 — — —%10/21/202610/21/2026— 
Loan Repurchase Facility56,000 — — —%4/30/20264/30/2029— 
Securities Repurchases— 627,012 627,012 4.29%Jan. 2026Jan. 2026707,218 
Mortgage Debt N/A 386,543 388,195 5.88%2026-2034(4)2027-2048383,173 
Total Debt Obligations, net$1,506,000 $3,526,964 $3,510,402 $1,090,391 
(1)Carrying Value excludes $7.1 million and $3.1 million of unamortized deferred financing costs included in Other Assets related to the Revolving Credit Facilities and Loan Repurchase facilities, respectively.
(2)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2025. Excludes deferred financing costs.
(3)Final Stated Maturity assumes extensions at our option are exercised with consent of financing providers, where applicable.
(4)Current maturity of Mortgage Debt based on Anticipated Repayment Dates, if applicable.
December 31, 2024

Debt ObligationsCommitted AmountOutstanding Principal AmountCarrying Value(1)Average Cost of Funds(2)Current MaturityFinal Stated Maturity(3)Carrying Value of Collateral
Senior Unsecured NotesN/A2,041,557 2,025,053 5.22%2025-20312025-2031  N/A
Unsecured Revolving Credit Facility(4)725,000 — — —%12/20/202812/20/2029N/A
Total Unsecured Debt$725,000 $2,041,557 $2,025,053 N/A
Loan Repurchase Facility500,000 62,738 62,738 6.55%9/27/20259/27/202797,254 
Loan Repurchase Facility300,000 — — —%10/21/202710/21/2029— 
Loan Repurchase Facility200,000 — — —%10/3/202510/3/202714,636 
Loan Repurchase Facility100,000 — — —%1/22/20251/22/2026— 
Loan Repurchase Facility56,000 — — —%4/30/20264/30/2029— 
Mortgage Debt N/A 443,733 446,397 6.09%2025-2034(5)2027-2048451,880 
CLO Debt N/A 601,464 601,429 6.36%2025-2026(6)2036-2038831,270 
Total Debt Obligations, net$1,881,000 $3,149,492 $3,135,617 $1,395,040 
(1)Carrying value excludes $7.1 million and $2.1 million of unamortized deferred financing costs included in Other Assets related to the Revolving Credit facility and Loan Repurchase facilities, respectively.
(2)Interest rates on floating rate debt reflect the applicable index in effect as of December 31, 2024. Excludes deferred financing costs.
(3)Final Stated Maturity assumes extensions at our option are exercised with consent of financing providers, where applicable.
(4)The obligations under the Unsecured Revolving Credit Facility are secured by equity pledges of certain subsidiaries of the Company.
(5)Anticipated Repayment Dates.
(6)Represents the estimated maturity dates based on the underlying loan maturities.
Senior Unsecured Notes
As of December 31, 2025, the Company had $2.2 billion of senior unsecured notes outstanding. These unsecured financings were comprised of $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”), $500.0 million in aggregate principal amount of 5.50% senior notes due 2030 (the “2030 Notes”) and $500.0 million in aggregate principal amount of 7.00% senior notes due 2031 (the “2031 Notes,” collectively with the 2027 Notes, the 2029 Notes, and the 2030 Notes, the “Notes”). The Company currently guarantees the obligations under the Notes and the indenture.

The Notes require interest payments semi-annually in cash in arrears, are unsecured, and in some cases, 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 each respective 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. During the year ended December 31, 2025, the Company fully redeemed the 5.25% senior notes due 2025 and repurchased $12.4 million of the 2027 Notes, recognizing a loss on extinguishment of debt of $99 thousand and a gain on bond repurchase of $250 thousand, respectively.
Unsecured Revolving Credit Facilities
The Company’s Unsecured Revolving Credit Facility is available on a revolving basis to finance the Company’s working capital needs and for general corporate purposes. On January 2, 2025, the Company increased the aggregate maximum borrowing amount of the Unsecured Revolving Credit Facility to $850.0 million, following the upsize to $725 million on December 20, 2024. The Unsecured Revolving Credit Facility also allows the Company to enter into additional incremental revolving commitments up to an aggregate facility size of $1.3 billion, subject to certain customary conditions. Borrowings under the Unsecured Revolving Credit Facility bear interest at a rate equal to term SOFR plus a margin of 125 basis points as of December 31, 2025. The margin for borrowings is subject to adjustment based on the Company's credit rating and may range
between 77.5 and 170 basis points. As of December 31, 2025, the Company had $280.0 million in outstanding borrowings on the Unsecured Revolving Credit Facility.

Effective May 27, 2025, the date on which the Company received investment grade ratings from Moody’s and Fitch, the Unsecured Revolving Credit Facility was automatically amended, the pledge of the shares of (or other ownership or equity interest in) certain subsidiaries was terminated, and each guarantor (other than Ladder Capital Corp and any subsidiary that is a trigger guarantor) was released and discharged from all obligations as a guarantor and/or pledgor.

In September 2025, the Company entered into an unsecured Money Market Borrowing Arrangement to provide short-term financing up to $100 million. The arrangement has a five-year term. No borrowing on this facility is permitted over a quarter end date, and as such, no balance was utilized under this arrangement as of December 31, 2025.
Loan and Securities Repurchase Financing
As of December 31, 2025, the Company is party to three committed master repurchase agreements to finance its lending activities, totaling $656.0 million of credit capacity with no loan repurchase financing outstanding.

Assets pledged as collateral under these facilities are generally limited to first lien whole mortgage loans, mezzanine loans and certain interests in such first mortgage and mezzanine loans. The lenders have sole discretion to include collateral in these facilities and to determine the market value of the collateral. In certain cases, the lenders may require additional collateral, a full or partial repayment of the facilities (margin call) or a reduction in undrawn availability under the facilities.

The Company 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 December 31, 2025, the Company had $627.0 million of securities repurchase debt outstanding.

As of December 31, 2025, no loan repurchase facilities were scheduled to mature within 90 days of December 31, 2025. No counterparties held collateral that exceeded the amounts borrowed under the related loan and securities repurchase agreements by more than $148.1 million, or 10% of the Company’s total equity.
Mortgage Loan Financing

The Company typically finances its real estate investments with long-term, non-recourse mortgage financing. These mortgage loans have carrying amounts of $388.2 million and $446.4 million, net of unamortized premiums of $3.1 million and $3.7 million as of December 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 $0.7 million, $0.8 million, and $0.6 million of premium amortization for the years ended December 31, 2025, 2024, and 2023, respectively. During the year ended December 31, 2025, the Company modified and extended one term debt agreement financing a property in its real estate portfolio. During the year ended December 31, 2024, the Company executed 16 new term debt agreements to finance properties in its real estate portfolio.
Collateralized Loan Obligations (“CLO”) Debt

On July 13, 2021, the Company financed a pool of $607.5 million of loans at an 82% advance rate on a matched term, non-mark-to-market and non-recourse basis in a managed CLO transaction (“LCCM 2021-FL2”), which generated $498.2 million of gross proceeds to Ladder. The Company retained an 18% subordinate and controlling interest in LCCM 2021-FL2. The Company retained control over major decisions made with respect to the administration of the loans in LCCM 2021-FL2, including broad discretion in managing these loans, and had the ability to appoint the special servicer. LCCM 2021-FL2 was a VIE and the Company was the primary beneficiary and, therefore, consolidated the VIE. On February 18, 2025, the Company redeemed all outstanding obligations of LCCM 2021-FL2 and no longer consolidated this VIE as of March 31, 2025.

On December 2, 2021, the Company financed a pool of $729.4 million of loans at a 77.6% advance rate on a matched term, non-mark-to-market and non-recourse basis in a managed CLO transaction (“LCCM 2021-FL3”), which generated $566.2 million of gross proceeds to Ladder. The Company retained a 15.6% subordinate and controlling interest in the LCCM 2021-FL3 and held two additional tranches totaling 6.8% as investments. The Company retained control over major decisions made with respect to the administration of the loans in LCCM 2021-FL3, including broad discretion in managing these loans, and had the ability to appoint the special servicer. LCCM 2021-FL3 was a VIE and the Company was the primary beneficiary and,
therefore, consolidated the VIE. On June 16, 2025, the Company redeemed all outstanding obligations of LCCM 2021-FL3 and no longer consolidated this VIE as of June 30, 2025.

As of December 31, 2025, the Company did not have any CLO debt included in debt obligations on its consolidated balance sheets.

At December 31, 2024, the Company had $601.4 million of matched term, non-mark-to-market and non-recourse CLO debt included in debt obligations on its consolidated balance sheet, as a result, the Company consolidated two CLOs that were considered VIE's on its consolidated balance sheet as of December 31, 2024 ($ in thousands):

December 31, 2024
Mortgage loan receivables held for investment, net, at amortized cost$831,270 
Accrued interest receivable5,530 
Other assets42,621 
Total assets$879,421 
Debt obligations, net$601,429 
Accrued expenses1,806 
Total liabilities603,235 
Net equity in VIEs (eliminated in consolidation)276,186 
Total equity276,186 
Total liabilities and equity$879,421 

Financial Covenants

Our borrowings under certain financing agreements are subject to financial covenants, including maximum leverage ratio limits, minimum net worth requirements, minimum liquidity requirements, minimum fixed charge coverage ratio requirements, and
minimum unencumbered assets to unsecured debt requirements. The Company was in compliance in all material respects with the covenants under the Company’s financing arrangements as of December 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 by
Maturity(1)
2026$653,392 
2027715,346 
202824,269 
2029949,433 
2030601,176 
Thereafter583,347 
Subtotal3,526,963 
Debt issuance costs included in senior unsecured notes(18,214)
Debt issuance costs included in mortgage loan financings(1,415)
Net premiums included in mortgage loan financings (2)3,068 
Total$3,510,402 
(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 are 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.