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DEBT OBLIGATIONS, NET
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS, NET
6. DEBT OBLIGATIONS, NET

The details of the Company’s debt obligations at June 30, 2026 and December 31, 2025 are as follows ($ in thousands):
 
June 30, 2026

Debt ObligationsCommitted AmountOutstanding Principal AmountCarrying Value(1)Average Cost of Funds(2)Current MaturityFinal Stated Maturity(3)Carrying Value of Collateral (5)
Unsecured Revolving Credit Facility$1,250,000 $202,000 $202,000 4.87%12/20/202812/20/2029 N/A
Senior Unsecured Notes N/A 2,222,993 2,207,255 5.29%2027-20312027-2031 N/A
Term Loan Facility275,000 275,000 275,000 5.00%2/20/20292/20/2030N/A
Total Unsecured Debt$1,525,000 $2,699,993 $2,684,255 N/A
Loan Repurchase Facility$220,000 $57,628 $57,628 5.06%9/27/20289/27/2030$71,422 
Loan Repurchase Facility300,000 — — —%10/21/202610/21/2026— 
Loan Repurchase Facility50,000 49,600 49,600 5.08%4/30/20284/30/203161,472 
Securities Repurchases— 825,936 825,936 4.13%Jul. 2026Jul. 2026913,716 
Mortgage Debt N/A 386,017 387,485 5.88%2026-2034(4)2027-2048556,587 
Total Debt Obligations, net$2,095,000 $4,019,174 $4,004,904 $1,603,197 
(1)Carrying Value excludes $8.9 million, $2.2 million and $1.9 million of unamortized deferred financing costs included in Other Assets related to the Revolving Credit Facilities, Term Loan Facility and Loan Repurchase facilities, respectively.
(2)Interest rates on floating rate debt reflect the applicable index in effect as of June 30, 2026. 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.
(5)Collateral for Mortgage Debt represents the undepreciated value.

December 31, 2025

Debt ObligationsCommitted AmountOutstanding Principal AmountCarrying Value(1)Average Cost of Funds(2)Current MaturityFinal Stated Maturity(3)Carrying Value of Collateral (5)
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)2027-2048555,086 
Total Debt Obligations, net$1,506,000 $3,526,964 $3,510,402 $1,262,304 
(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.
(5)Collateral for Mortgage Debt represents the undepreciated value.
Senior Unsecured Notes
As of June 30, 2026, the Company had $2.2 billion of senior unsecured notes outstanding. These unsecured financings were comprised of $589.1 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. During the six months ended June 30, 2026, the Company repurchased $10.4 million of the 2027 Notes, recognizing gain on bond repurchase of $0.1 million.

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.
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 February 20, 2026, the Company increased the aggregate maximum borrowing amount of the Unsecured Revolving Credit Facility to $1.25 billion. 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 June 30, 2026. 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 June 30, 2026, the Company had $202.0 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 June 30, 2026.

Term Loan Facility

On February 20, 2026, the Company entered into an amendment to its existing Unsecured Revolving Credit Facility agreement, which, among other things, established a new unsecured delayed draw term loan facility (the “Term Loan Facility”) that permits borrowings of up to $275.0 million. The amended credit agreement permits additional issuances of term loans of up to an aggregate of $500.0 million under a new accordion feature for term loan facilities. Borrowings under the Term Loan Facility bear interest at a rate equal to term SOFR plus a margin of 140 basis points as of June 30, 2026. The margin for borrowings is subject to adjustment based on the Company's credit rating. The Term Loan Facility has a draw period through February 20, 2027 and a fully extended maturity date of February 20, 2030. As of June 30, 2026, the Company had $275.0 million of outstanding borrowings on the Term Loan Facility.
Loan and Securities Repurchase Financing
As of June 30, 2026, the Company is party to three committed master repurchase agreements to finance its lending activities, totaling $570.0 million of credit capacity with $107.2 million of 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 June 30, 2026, the Company had $825.9 million of securities repurchase debt outstanding.
As of June 30, 2026, no loan repurchase facilities were scheduled to mature within 30 days of June 30, 2026. No counterparties held collateral that exceeded the amounts borrowed under the related loan and securities repurchase agreements by more than $142.7 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 $387.5 million and $388.2 million, including premiums and deferred financing costs of $1.5 million and $1.7 million as of June 30, 2026 and December 31, 2025, 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 $0.1 million and $0.3 million of premium amortization for the three and six months ended June 30, 2026, respectively, and $0.2 million and $0.3 million of premium amortization for the three and six months ended June 30, 2025, respectively. During the three and six months ended June 30, 2026, the Company executed one new term debt agreement. During the three and six months ended June 30, 2025, the Company executed no new term debt agreements.
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 June 30, 2026.
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 (last six months)$841,613 
2027705,165 
202824,517 
2029871,694 
2030933,546 
Thereafter642,640 
Subtotal4,019,175 
Debt issuance costs included in senior unsecured notes(15,738)
Debt issuance costs included in mortgage loan financings(1,286)
Net premiums included in mortgage loan financings (2)2,753 
Total$4,004,904 
(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.