Ladder Capital Corp
For the period ended Mar 31, 2026. Filed Apr 27, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 27, 2026
LADR$8.91-2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-27.
0001577670-25-000041
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-27.
0001577670-26-000026
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 250 previous paragraphs and 241 current paragraphs.
141 unchanged; 79 reworded; 18 added; 28 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (18)
Current report
Supplemental Guarantor Disclosures
Current report
In June 2025, we filed a registration statement on Form S-3 with the SEC registering, among other securities, debt securities of LCFH and Ladder Capital Finance Corporation (“Co-Issuer” and, together with LCFH, the “Issuers”), which will be fully and unconditionally guaranteed by us. We own substantially all of our assets and conduct all of our operations through LCFH, and the Co-Issuer is a wholly-owned subsidiary of LCFH. The Issuers are consolidated into our financial statements.
Current report
Pursuant to Rule 3-10 of Regulation S-X and Rule 12h-5 of the Exchange Act, subsidiary issuers of obligations guaranteed by their parent company and subsidiary guarantors of securities are not required to provide separate financial statements, provided that the subsidiary obligor is consolidated into such parent company’s consolidated financial statements, such related guarantee is “full and unconditional” and, subject to certain exceptions as set forth below, the alternative disclosure required by Rule 13-01 is provided, which includes narrative disclosure and summarized financial information. Accordingly, separate consolidated financial statements of the Issuers have not been presented.
Current report
Furthermore, as permitted under Rule 13-01(a)(4) of Regulation S-X, summarized financial information for the Issuers has been excluded because the combined assets, liabilities and results of operations of the Issuers and us are not materially different than the corresponding amounts in our consolidated financial statements incorporated by reference herein, and because management believes such summarized financial information would not be material for investors.
Current report
•Unsecured term loan facility
Current report
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 March 31, 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 March 31, 2026, the Company had no outstanding borrowings on the Term Loan Facility.
Current report
Activity for the three months ended March 31, 2026 included fundings of $567.8 million and paydowns of $91.1 million and the sale of $13.0 million of a conduit loan, which contributed to a $388.6 million increase in commercial mortgage loans. Activity for the three months ended March 31, 2026 included securities purchases of $274.9 million, amortization and paydowns of $124.7 million and sales of $162.0 million, which contributed to a net decrease in our securities portfolio of $14.6 million. Activity for three months ended March 31, 2026 included $79.7 million of real estate acquired via foreclosure.
Current report
Activity for the three months ended December 31, 2025 included fundings of $406.3 million and paydowns of $106.9 million, which contributed to a $301.8 million increase of commercial mortgage loans. Activity for the three months ended December 31, 2025 included securities purchases of $412.6 million, amortization and paydowns of $169.3 million and sales of $95.1 million, which contributed to a net increase in our securities portfolio of $147.7 million.
Current report
Activity for the three months ended March 31, 2026 included fundings of $567.8 million, paydowns of $91.1 million, and the sale of $13.0 million of a conduit loan, which contributed to a $388.6 million increase in commercial mortgage loans. Activity for the three months ended March 31, 2026 included securities purchases of $274.9 million, amortization and paydowns of $124.7 million and sales of $162.0 million, which contributed to a net decrease in our securities portfolio of $14.6 million. Activity for the three months ended March 31, 2026 included $79.7 million of real estate acquired via foreclosure.
Current report
Activity for the three months ended March 31, 2025 included fundings of $316.4 million and paydowns of $181.9 million, which contributed to a $137.6 million increase in commercial mortgage loans. Activity for the three months ended March 31, 2025 included securities purchases of $521.8 million, amortization and paydowns of $85.2 million and sales of $39.9 million, which contributed to a net increase in our securities portfolio of $395.5 million. In addition, we purchased $1.4 billion of short-term U.S. Treasury securities during the three months ended March 31, 2025, of which $1.8 billion matured during the three months ended March 31, 2025.
Current report
The increase of $5.5 million in real estate operating income was primarily attributable to real estate foreclosures that occurred subsequent to March 31, 2025 through March 31, 2026, partially offset by sales that occurred during the same period. Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further details.
Current report
Operating Expenses
Current report
Three months ended March 31, 2026
Current report
Net cash used in operating activities of $(8.0) million was primarily driven by payment of annual cash compensation and accrued interest payable, partially offset by net interest income and net operating income on our real estate portfolio.
Current report
Three months ended March 31, 2025
Current report
(1)Presented net of unamortized debt issuance costs of $17.0 million as of March 31, 2026.
Current report
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 March 31, 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 March 31, 2026, the Company had no outstanding borrowings on the Term Loan Facility.
Current report
Critical Accounting Estimates and Policies
Removed paragraphs (28)
Previous report
In July 2021, we financed a pool of $607.5 million of loans in a managed CLO transaction (“LCCM 2021-FL2”), which generated $498.2 million of gross proceeds to Ladder. On February 18, 2025, the Company redeemed all outstanding obligations of LCCM 2021-FL2. In December 2021, the Company financed a pool of $729.4 million of loans in a managed CLO transaction (“LCCM 2021-FL3”), which generated $566.2 million of gross proceeds to Ladder. On June 16, 2025, the Company redeemed all outstanding obligations of LCCM 2021-FL3. Refer to Note 6, Debt Obligations, Net for further detail.
Previous report
As of September 30, 2025, we did not have any matched term, non-mark-to-market and non-recourse CLO debt included in debt obligations on our consolidated balance sheets.
Previous report
Activity for the three months ended September 30, 2025 included fundings of $476.1 million and paydowns of $128.9 million, which contributed to a $326.5 million increase of commercial mortgage loans. Activity for the three months ended September 30, 2025 included securities purchases of $391.8 million, amortization and paydowns of $164.3 million and sales of $257.4 million, which contributed to a net decrease in our securities portfolio of $25.9 million. The entire short-term U.S. Treasury securities portfolio, or $19.0 million, matured or was sold during the three months ended September 30, 2025.
Previous report
Activity for the three months ended June 30, 2025 included fundings of $159.6 million and paydowns of $191.4 million, which contributed to a $133.6 million decrease of commercial mortgage loans. Activity for the three months ended June 30, 2025 included securities purchases of $623.5 million, amortization and paydowns of $116.0 million and sales of $19.5 million, which contributed to a net increase in our securities portfolio of $490.1 million. In addition, we purchased $267.8 million of short-term U.S. Treasury securities during the three months ended June 30, 2025. Nearly the entire short-term U.S. Treasury securities portfolio, or $733.9 million, matured or was sold during the three months ended June 30, 2025.
Previous report
Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024
Previous report
Activity for the nine months ended September 30, 2025 included fundings of $952.1 million and paydowns of $502.2 million, which contributed to a $330.3 million increase in commercial mortgage loans. Activity for the nine months ended September 30, 2025 included securities purchases of $1.5 billion, $365.6 million of amortization and paydowns, and sales of $316.7 million, which contributed to a net increase in our securities portfolio of $859.7 million. In addition, we purchased $1.6 billion of short-term U.S. Treasury securities during the nine months ended September 30, 2025. The entire short-term U.S. Treasury securities portfolio, or $2.7 billion, matured or was sold during the nine months ended September 30, 2025.
Previous report
Activity for the nine months ended September 30, 2024 included fundings of $71.8 million and paydowns of $1.1 billion, which contributed to a $1.1 billion decrease in commercial mortgage loans. Activity for the nine months ended September 30, 2024 included securities purchases of $583.2 million, sales of $10.6 million and $208.6 million of amortization and paydowns, which contributed to a net increase in our securities portfolio of $367.3 million. We acquired $48.8 million in real estate via foreclosure. In addition, we purchased $6.7 billion of short-term U.S. Treasury securities during the nine months ended September 30, 2024, of which $6.4 billion matured during the nine months ended September 30, 2024.
Previous report
Provision for (release of) Loan Loss Reserves
Previous report
The release of loan loss reserves for the nine months ended September 30, 2025 of $(0.2) million reflects continued uncertainty in macroeconomic market conditions affecting commercial real estate. For additional information, refer to Note 3, Mortgage Loan Receivables, in the consolidated financial statements.
Previous report
The provision for loan loss reserves for the nine months ended September 30, 2024 was $13.9 million. The increase in provision associated with the general reserve during the nine months ended September 30, 2024 was primarily due to adverse changes in macroeconomic market conditions affecting commercial real estate, partially offset by a decrease in the size of our balance sheet first mortgage loan portfolio as a result of repayments.
Previous report
For additional information, refer to “Allowance for Credit Losses and Non-Accrual Status” in Note 3, Mortgage Loan Receivables, to the consolidated financial statements.
Previous report
The decrease of $1.1 million in real estate operating income was primarily attributable to real estate sales that occurred subsequent to December 31, 2023 through September 30, 2025, partially offset by foreclosures that occurred during the same period. Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further details.
Previous report
Net Result from Derivative Transactions
Previous report
Investment Related Expenses
Previous report
Investment related expenses are comprised primarily of custodian fees, financing costs, servicing fees related to loans and other loan related expenses. The decrease during the nine months ended September 30, 2025 as compared to September 30, 2024 of $3.0 million was primarily attributable to a decrease in loan related expenses as a result of a smaller loan portfolio.
Previous report
Nine months ended September 30, 2025
Previous report
Nine months ended September 30, 2024
Previous report
Net cash provided by operating activities of $194.0 million was primarily driven by net interest income and net increases in operating income on our real estate portfolio and related to the timing of purchases of $79.7 million of U.S. Treasury securities purchased and not yet settled on the consolidated balance sheet.
Previous report
(2)Presented net of unamortized debt issuance costs of $19.5 million as of September 30, 2025.
Previous report
During the nine months ended September 30, 2025, the Company fully redeemed the 2025 Notes and repurchased $12.4 million of the 2027 Notes recognizing a loss on extinguishment of debt of $99 thousand and gain on bond repurchase of $250 thousand, respectively.
Previous report
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.
Previous report
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. Refer to Note 6, Debt Obligations, Net for further detail.
Previous report
As of September 30, 2025, the Company did not have any matched term, non-mark-to-market and non-recourse CLO debt included in debt obligations on its consolidated balance sheets.
Previous report
As of 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 sheets. Unamortized debt issuance costs of $0.1 million were included in CLO debt as of December 31, 2024.
Previous report
(2)On April 23, 2025, the Board authorized repurchases up to $100.0 million in aggregate.
Previous report
(2)During the nine months ended September 30, 2025, we fully redeemed the 2025 Notes.
Previous report
Critical Accounting Estimates
Previous report
(a) Represents the net hedge related gain on conduit sales for the three months ended June 30, 2025.
Reworded paragraphs (79)
Previous wording
The following discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated financial statements and the related notes of Ladder Capital Corp included within this Quarterly Report and the Annual Report. This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements” within this Quarterly Report and “Risk Factors” within the Annual Report for a discussion of the uncertainties, risks and assumptions associated with these statements. Actual results may differ materially from those contained in any forward-looking statements as a result of various factors, including but not limited to, those in “Risk Factors” set forth within the Annual Report.
Current wording
The following discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated financial statements and the related notes of Ladder Capital Corp included within this Quarterly Report and the Annual Report. This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements” within this Quarterly Report and “Risk Factors” withinthe Annual Report for a discussion of the uncertainties, risks and assumptions associated with these statements. Actual results may differ materially from those contained in any forward-looking statements as a result of various factors, including but not limited to, those in “Risk Factors” set forth withinthe Annual Report.
Previous wording
Our businesses, including balance sheet lending, conduit lending, securities investments, and real estate investments, provide for a stable base of net interest and rental income. We have originated $30.9 billion of commercial real estate loans from our inception in October 2008 through September 30, 2025. During this timeframe, we also acquired $15.6 billion of predominantly investment grade-rated securities secured by first mortgage loans on commercial real estate and $2.2 billion of selected net leased and other real estate assets.
Current wording
Our businesses, including balance sheet lending, conduit lending, securities investments, and real estate investments, provide for a stable base of net interest and rental income. We have originated $31.9 billion of commercial real estate loans from our inception in October 2008 through March 31, 2026. During this timeframe, we also acquired $16.3 billion of predominantly investment grade-rated securities secured by first mortgage loans on commercial real estate and $2.2 billion of selected net leased and other real estate assets.
Previous wording
As part of our commercial mortgage lending operations, we originate conduit loans, which are first mortgage loans on stabilized, income producing commercial real estate properties that we intend to make available for sale in commercial mortgage-backed securities (“CMBS”) securitizations. From our inception in October 2008 through September 30, 2025, we originated $17.0 billion of conduit loans, of which $16.9 billion were sold into 75 CMBS securitizations, making us, by volume, one of the largest non-bank contributors of loans to CMBS securitizations in the United States in such period. Our sales of loans into securitizations are generally accounted for as true sales, not financings, and we generally retain no ongoing interest in loans which we securitize unless we are required to do so as issuer pursuant to the risk retention requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended, (the “Dodd-Frank Act”). The securitization of conduit loans enables us to reinvest our equity capital into new loan originations or allocate it to other investments.
Current wording
As part of our commercial mortgage lending operations, we originate conduit loans, which are first mortgage loans on stabilized, income producing commercial real estate properties that we intend to make available for sale in commercial mortgage-backed securities (“CMBS”) securitizations. From our inception in October 2008 through March 31, 2026, we originated $17.0 billion of conduit loans, of which $16.9 billion were sold into 75 CMBS securitizations. Our sales of loans into securitizations are generally accounted for as true sales, not financings, and we generally retain no ongoing interest in loans which we securitize unless we are required to do so as issuer pursuant to the risk retention requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended, (the “Dodd-Frank Act”). The securitization of conduit loans enables us to reinvest our equity capital into new loan originations or allocate it to other investments.
Previous wording
We maintain a diversified and flexible financing strategy supporting our investment strategy and overall business operations, including the use of senior unsecured notes, non-recourse, non-mark-to-market Collateralized Loan Obligations (“CLO”) debt issuances and committed term financing from leading financial institutions. Refer to “Our Financing Strategies” and “Liquidity and Capital Resources” for further information.
Current wording
We maintain a diversified and flexible financing strategy supporting our investment strategy and overall business operations, including the use of senior unsecured notes and our unsecured revolving credit facility. Refer to “Our Financing Strategies” and “Liquidity and Capital Resources” for further information.
Previous wording
Ladder was founded in October 2008 and we completed our initial public offering in February 2014. We are led by a disciplined and highly aligned management team. As of September 30, 2025, our management team and directors held interests in our Company comprising over 11% of our total equity. On average, our management team members have 29 years of experience in the industry. Our management team includes Brian Harris, Chief Executive Officer; Pamela McCormack, President; Paul J. Miceli, Chief Financial Officer; Robert Perelman, Head of Asset Management; and Kelly Porcella, Chief Administrative Officer & General Counsel. Anthony V. Esposito, Chief Accounting Officer, and Stephanie Lin, Assistant Secretary, are additional officers of Ladder.
Current wording
Ladder was founded in October 2008 and we completed our initial public offering in February 2014. We are led by a disciplined and highly aligned management team. As of March 31, 2026, our management team and directors held interests in our Company comprising over 12% of our total equity. On average, our management team members have over 29 years of experience in the industry. Our management team includes Brian Harris, Chief Executive Officer; Pamela McCormack, President; Paul J. Miceli, Chief Financial Officer; Robert Perelman, Head of Asset Management; and Kelly Porcella, Chief Administrative Officer & General Counsel. Anthony V. Esposito, Chief Accounting Officer, and Stephanie Lin, Assistant Secretary, are additional officers of Ladder.
Previous wording
We generally seek to hold our balance sheet first mortgage loans for investment although we also maintain the flexibility to contribute such loans into a CLO or similar structure, sell participation interests or “b-notes” in our mortgage loans or sell such mortgage loans as whole loans. Our balance sheet first mortgage loans may be refinanced by us into a new conduit first mortgage loan upon property stabilization. As of September 30, 2025, we held a portfolio of 64 balance sheet first mortgage loans with an aggregate book value of $1.9 billion. Based on the loan balances and the “as-is” third-party Financial Institutions
Current wording
We generally seek to hold our balance sheet first mortgage loans for investment although we also maintain the flexibility to contribute such loans into a CLO or similar structure, sell participation interests or “b-notes” in our mortgage loans or sell such mortgage loans as whole loans. Our balance sheet first mortgage loans may be refinanced by us into a new conduit first mortgage loan upon property stabilization. As of March 31, 2026, we held a portfolio of 84 balance sheet first mortgage loans with an aggregate book value of $2.6 billion. Based on the loan balances and the “as-is” third-party Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) appraised values at origination, the weighted average loan-to-value ratio of this portfolio was 67.8% at March 31, 2026.
Previous wording
Other Commercial Real Estate-Related Loans. We selectively invest in note purchase financings, subordinated debt, mezzanine debt and other structured finance products related to commercial real estate that are generally held for investment. As of September 30, 2025, we held a portfolio of 2 mezzanine loans with an aggregate book value of $7.3 million. Based on the loan balance and the “as-is” third-party FIRREA appraised values at origination, the weighted average loan-to-value ratio of the portfolio was 69.2% at September 30, 2025.
Current wording
Other Commercial Real Estate-Related Loans. We selectively invest in note purchase financings, subordinated debt, mezzanine debt and other structured finance products related to commercial real estate that are generally held for investment.
Previous wording
Conduit First Mortgage Loans. We also originate conduit loans, which are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. These first mortgage loans are typically structured with fixed interest rates and generally have five- to ten-year terms. Conduit first mortgage loans are originated, underwritten, approved and funded using the same comprehensive legal and underwriting approach, process and personnel used to originate our balance sheet first mortgage loans. Conduit first mortgage loans in excess of $50.0 million also require approval of our board of directors’ Risk and Underwriting Committee. We held one conduit loan with an aggregate carrying value of $28.0 million at September 30, 2025.
Current wording
Conduit First Mortgage Loans. We also originate conduit loans, which are first mortgage loans that are secured by cash-flowing commercial real estate and are available for sale to securitizations. These first mortgage loans are typically structured with fixed interest rates and generally have five- to ten-year terms. Conduit first mortgage loans are originated, underwritten, approved and funded using the same comprehensive legal and underwriting approach, process and personnel used to originate our balance sheet first mortgage loans. Conduit first mortgage loans in excess of $50.0 million also require approval of our board of directors’ Risk and Underwriting Committee. We held one conduit loan with an aggregate carrying value of $27.6 million at March 31, 2026.
Previous wording
Although our primary intent is to sell our conduit first mortgage loans to CMBS trusts, we generally seek to maintain the flexibility to keep them on our balance sheet, sell participation interests or “B-notes” in such loans or sell the loans as whole loans. The Company holds these conduit loans in its taxable REIT subsidiary (“TRS”) upon origination. As of September 30, 2025, we held one conduit first mortgage loan that was available for contribution into securitizations. Based on the loan balance and the “as-is” third-party FIRREA appraised values at origination, loan-to-value ratio of the loan was 58.9% at September 30, 2025.
Current wording
Although our primary intent is to sell our conduit first mortgage loans to CMBS trusts, we generally seek to maintain the flexibility to keep them on our balance sheet, sell participation interests or “B-notes” in such loans or sell the loans as whole loans. The Company holds these conduit loans in its taxable REIT subsidiary (“TRS”) upon origination. As of March 31, 2026, we held one conduit first mortgage loan that was available for contribution into securitizations. Based on the loan balance and the “as-is” third-party FIRREA appraised value at origination, the loan-to-value ratio of the loan was 58.9% at March 31, 2026.
Previous wording
Net Leased Commercial Real Estate Properties. As of September 30, 2025, we owned 149 single tenant net leased properties with an undepreciated book value of $592.2 million. These properties are fully leased on a net basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance expenses. As of September 30, 2025, our net leased properties comprised a total of 3.4 million square feet, 100% leased with an average age since construction of 21.1 years and a weighted average remaining lease term of 7.0 years. Commercial real estate investments in excess of $20.0 million require the approval of our board of directors’ Risk and Underwriting Committee. The majority of the tenants in our net leased properties are necessity-based businesses. During the three months ended September 30, 2025, we collected 100% of rent on these properties.
Current wording
Net Leased Commercial Real Estate Properties. As of March 31, 2026, we owned 149 single tenant net leased properties with an undepreciated book value of $596.1 million. These properties are fully leased on a net basis where the tenant is generally responsible for payment of real estate taxes, property, building and general liability insurance and property and building maintenance expenses. As of March 31, 2026, our net leased properties comprised a total of 3.4 million square feet, 100% leased with an average age since construction of 13.1 years and a weighted average remaining lease term of 3.8 years. Commercial real estate investments in excess of $20.0 million require the approval of our board of directors’ Risk and Underwriting Committee. The majority of the tenants in our net leased properties are necessity-based businesses. During the three months ended March 31, 2026, we collected 100% of rent on these properties.
Previous wording
Diversified Commercial Real Estate Properties. As of September 30, 2025, we owned 56 diversified commercial real estate properties throughout the U.S with an undepreciated book value of $367.5 million. During the three months ended September 30, 2025, we collected 97% of rent on these properties.
Current wording
Diversified Commercial Real Estate Properties. As of March 31, 2026, we owned 61 diversified commercial real estate properties throughout the U.S with an undepreciated book value of $451.3 million. During the three months ended March 31, 2026, we collected 96% of rent on these properties.
Previous wording
As of September 30, 2025, the estimated fair value of our portfolio of CMBS investments totaled $1.9 billion in 117 CUSIPs ($16.5 million average investment per CUSIP). Included in the $1.9 billion of CMBS securities are $8.9 million of CMBS securities designated as risk retention securities under the Dodd-Frank Act, which are subject to transfer restrictions over the term of the securitization trust. The following chart summarizes our securities investments by market value, 99% of which were rated investment grade by Standard & Poor’s Ratings Group, Moody’s Investors Service, Inc. or Fitch Ratings Inc. as of September 30, 2025:
Current wording
As of March 31, 2026, the estimated fair value of our portfolio of CMBS investments totaled $2.1 billion in 118 CUSIPs ($17.4 million average investment per CUSIP). Included in the $2.1 billion of CMBS securities are $8.8 million of CMBS securities designated as risk retention securities under the Dodd-Frank Act, which are subject to transfer restrictions over the term of the securitization trust. The following chart summarizes our securities investments by market value, 98.7% of which were rated investment grade by Standard & Poor’s Ratings Group, Moody’s Investors Service, Inc. or Fitch Ratings Inc. as of March 31, 2026:
Previous wording
As of September 30, 2025, our CMBS investments had a weighted average duration of 2.8 years. The commercial real estate collateral underlying our CMBS investment portfolio is located throughout the United States. As of September 30, 2025, by property count and market value, respectively, 59.0% and 63.6% of the collateral underlying our CMBS investment portfolio was distributed throughout the top 25 metropolitan statistical areas (“MSAs”) in the United States, with 4.9% and 11.6%, by property count and market value, respectively, of the collateral located in the New York-Newark-Jersey City MSA, and the concentrations in each of the remaining top 24 MSAs ranging from 0.5% to 5.7% by property count and 0.2% to 6.8% by market value.
Current wording
As of March 31, 2026, our CMBS investments had a weighted average duration of 3.0 years. The commercial real estate collateral underlying our CMBS investment portfolio is located throughout the United States. As of March 31, 2026, by property count and market value, respectively, 59.7% and 65.9% of the collateral underlying our CMBS investment portfolio was distributed throughout the top 25 metropolitan statistical areas (“MSAs”) in the United States, with 4.9% and 11.2%, by property count and market value, respectively, of the collateral located in the New York-Newark-Jersey City MSA, and the concentrations in each of the remaining top 24 MSAs ranging from 0.6% to 6.3% by property count and 0.1% to 6.7% by market value.
Previous wording
Unconsolidated Ventures. From time to time we invest in real estate related ventures. As of September 30, 2025, the carrying value of our unconsolidated ventures was $18.5 million.
Current wording
Unconsolidated Ventures. From time to time we invest in real estate related ventures. As of March 31, 2026, the carrying value of our unconsolidated ventures was $44.2 million.
Previous wording
Due in large part to devoting such a large portion of our capital structure to equity and unsecured corporate bond debt, we maintain a $3.9 billion pool of unencumbered assets, comprised primarily of first mortgage loans and unrestricted cash as of September 30, 2025.
Current wording
Due in large part to devoting such a large portion of our capital structure to equity and unsecured corporate bond debt, we maintain a $4.2 billion pool of unencumbered assets, comprised primarily of first mortgage loans and unrestricted cash as of March 31, 2026.
Previous wording
Our Unsecured Revolving Credit Facility is available on a revolving basis to finance our working capital needs and for general corporate purposes. On January 2, 2025, we 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 us 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 September 30, 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 September 30, 2025, we had $20.0 million outstanding borrowings on the Unsecured Revolving Credit Facility.
Current wording
Our Unsecured Revolving Credit Facility is available on a revolving basis to finance our 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 March 31, 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 March 31, 2026, we had $492.0 million in outstanding borrowings on the Unsecured Revolving Credit Facility.
Previous wording
We are a party to multiple committed loan repurchase agreement facilities, totaling $856.0 million of credit capacity. As of September 30, 2025, we had no borrowings outstanding, with an additional $856.0 million of committed financing available. 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.
Current wording
We are a party to multiple committed loan repurchase agreement facilities, totaling $576.0 million of credit capacity. As of March 31, 2026, we had no borrowings 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.
Previous wording
We are a party to master repurchase agreements with several counterparties to finance our investments in securities. As of September 30, 2025, the Company had $361.6 million of securities repurchase debt outstanding. The securities that serve as collateral for these borrowings are typically highly liquid AAA-rated CMBS with relatively short duration and significant subordination. The lenders have sole discretion to determine the market value of the collateral on a daily basis, and, if the estimated market value of the collateral declines, the lenders have the right to require additional collateral. If the estimated market value of the collateral subsequently increases, we have the right to call back excess collateral.
Current wording
We are a party to master repurchase agreements with several counterparties to finance our investments in securities. As of March 31, 2026, the Company had $934.9 million of securities repurchase debt outstanding. The securities that serve as collateral for these borrowings are typically highly liquid AAA-rated CMBS with relatively short duration and significant subordination. The lenders have sole discretion to determine the market value of the collateral on a daily basis, and, if the estimated market value of the collateral declines, the lenders have the right to require additional collateral. If the estimated market value of the collateral subsequently increases, we have the right to call back excess collateral.
Previous wording
We typically finance our real estate investments with long-term, non-recourse mortgage financing. These mortgage loans have carrying amounts of $401.7 million, net of unamortized premiums of $3.2 million as of September 30, 2025, 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. We recorded $0.5 million of premium amortization, which decreased interest expense for the nine months ended September 30, 2025. During the nine months ended September 30, 2025, we executed no new term debt agreements.
Current wording
We typically finance our real estate investments with long-term, non-recourse mortgage financing. These mortgage loans have carrying amounts of $384.2 million, net of unamortized premiums of $2.9 million as of March 31, 2026, 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. We recorded $0.2 million of premium amortization, which decreased interest expense for the three months ended March 31, 2026. During the three months ended March 31, 2026, we executed no new term debt agreements.
Previous wording
Further, certain of our financing arrangements and loans on our real property are secured by our assets, including the assets of certain subsidiaries. From time to time, certain of these financing arrangements and loans may prohibit certain of our subsidiaries from paying dividends to us, from making distributions on such subsidiary’s capital stock, from repaying to us any loans or advances to such subsidiary from us or from transferring any of such subsidiary’s property or other assets to us or other of our subsidiaries. In addition, we previously had a captive insurance company subsidiary subject to state regulations, which required regulatory approval for dividend distributions, limiting the Company’s ability to utilize cash held by our subsidiary. Effective January 31, 2025, the subsidiary was no longer licensed as a captive insurer and was no longer subject to state regulation.
Current wording
Further, certain of our financing arrangements and loans on our real property are secured by our assets, including the assets of certain subsidiaries. From time to time, certain of these financing arrangements and loans may prohibit certain of our subsidiaries from paying dividends to us, from making distributions on such subsidiary’s capital stock, from repaying to us any loans or advances to such subsidiary from us or from transferring any of such subsidiary’s property or other assets to us or other of our subsidiaries.
Previous wording
We are in compliance with all covenants as described in this Quarterly Report as of September 30, 2025.
Current wording
We were in compliance in all material respects with the covenants under our financing arrangements as described in this Quarterly Report as of March 31, 2026.
Previous wording
The $9.0 million increase in interest income was primarily attributable to net originations within our loan portfolio and an increase in interest earned from CMBS securities due to purchases. There was a $0.1 billion increase in average securities investments from $1.8 billion for the three months ended June 30, 2025 to $1.9 billion for the three months ended September 30, 2025. There was a $0.2 billion increase in average loan investments from $1.7 billion for the three months ended June 30, 2025 to $1.9 billion for the three months ended September 30, 2025.
Current wording
The $6.2 million increase in interest income was primarily attributable to net originations within our loan portfolio, partially offset by a decrease in interest earned from CMBS securities due to a net decrease in the portfolio as a result of amortization and sales activity. There was a $0.1 billion increase in average securities investments from $2.0 billion for the three months ended December 31, 2025 to $2.1 billion for the three months ended March 31, 2026. There was a $0.5 billion increase in average loan investments from $2.0 billion for the three months ended December 31, 2025 to $2.5 billion for the three months ended March 31, 2026.
Previous wording
The $2.8 million increase in interest expense was primarily attributable to an increase in usage of our securities repurchase facilities and the issuance of our 2030 Notes, partially offset by the redemption of our 5.25% senior notes due 2025 and the redemption of LCCM 2021-FL3.
Current wording
The $5.5 million increase in interest expense was primarily attributable to an increase in usage of our Unsecured Corporate Revolver and securities repurchase facilities.
Previous wording
The increase in net interest income before provision for loan losses of $6.3 million is primarily driven by increased income on securities and loans, partially offset by a net increase in borrowings.
Current wording
The increase in net interest income before provision for loan losses of $0.7 million is primarily driven by increased income on loans, partially offset by a net increase in borrowings.
Previous wording
As of September 30, 2025 and June 30, 2025, the weighted average yield on our mortgage loan receivables was 8.1% and 8.9%, respectively. As of September 30, 2025, we did not have any borrowings against our mortgage loan receivables. As of June 30, 2025, the weighted average interest rate on borrowings against our mortgage loan receivables was 6.5%. As of June 30, 2025, we had outstanding borrowings secured by our mortgage loan receivables equal to 4.0% of the carrying value of our mortgage loan receivables.
Current wording
As of March 31, 2026 and December 31, 2025, the weighted average yield on our mortgage loan receivables was 8.0% and 7.7%, respectively. As of March 31, 2026 and December 31, 2025, we did not have any borrowings against our mortgage loan receivables.
Previous wording
As of September 30, 2025 and June 30, 2025, the weighted average yield on our securities was 5.7% and 5.9%, respectively. As of September 30, 2025, the weighted average interest rate on borrowings against our securities was 4.7%. As of September 30, 2025, we had outstanding borrowings secured by our securities equal to 18.6% of the carrying value of our securities. As of June 30, 2025, we had outstanding borrowings secured by our securities equal to 15.0% of the carrying value of our securities.
Current wording
As of March 31, 2026 and December 31, 2025, the weighted average yield on our securities was 5.3%. As of March 31, 2026 and December 31, 2025, the weighted average interest rate on borrowings against our securities was 4.2% and 4.3%, respectively. As of March 31, 2026, we had outstanding borrowings secured by our securities equal to 45.1% of the carrying value of our securities, compared to 30.0% as of December 31, 2025.
Previous wording
Our real estate portfolio is comprised of non-interest bearing assets; however, interest incurred on mortgage financing collateralized by such real estate is included in interest expense. As of September 30, 2025 and June 30, 2025, the weighted average interest rate on mortgage borrowings against our real estate was 6.2% and 6.1%, respectively. As of September 30, 2025, we had outstanding borrowings secured by our real estate equal to 56.9% of the carrying value of our real estate, compared to 61.1% as of June 30, 2025.
Current wording
Our real estate portfolio is comprised of non-interest bearing assets; however, interest incurred on mortgage financing collateralized by such real estate is included in interest expense. As of March 31, 2026 and December 31, 2025, the weighted average interest rate on mortgage borrowings against our real estate was 5.9%. As of March 31, 2026, we had outstanding borrowings secured by our real estate equal to 49.5% of the carrying value of our real estate, compared to 55.2% as of December 31, 2025.
Previous wording
The increase of $0.9 million in real estate operating income during the three months ended September 30, 2025 compared to the three months ended June 30, 2025 was primarily attributable to an increase in operations at our properties and the acquisition of real estate that occurred in April 2025, for which there was not a full quarter of operating income during the three months ended June 30, 2025. Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further details.
Current wording
The increase of $2.2 million in real estate operating income during the three months ended March 31, 2026 compared to the three months ended December 31, 2025 was primarily attributable to an increase in operations at our properties and the acquisition of real estate that occurred during the quarter, for which there was not a full quarter of operating income during the three months ended December 31, 2025. Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further details.
Previous wording
Net result from mortgage loan receivables held for sale includes unrealized losses on loans held for sale related to lower of cost or market adjustments and realized gains and losses from the sale of loans. During the three months ended September 30, 2025, we did not sell any conduit loans and we recorded $(0.4) million of unrealized losses on loans related to lower of cost or market adjustments on our conduit loan. During the three months ended June 30, 2025, we sold one conduit loan for a gain of $3.6 million and we recorded $1.3 million of unrealized gains on loans related to lower of cost or market adjustments on our conduit loans. Income from sales of loans, net is subject to market conditions impacting timing, size and pricing and as such may vary significantly quarter to quarter.
Current wording
Net result from mortgage loan receivables held for sale includes unrealized losses on loans held for sale related to lower of cost or market adjustments and realized gains and losses from the sale of loans. During the three months ended March 31, 2026, we recorded $0.4 million of realized gains on the sale of one conduit loan and $0.4 million of unrealized losses on loans related to lower of cost or market adjustments on our conduit loans. During the three months ended December 31, 2025, we recorded $16 thousand related to lower of cost or market adjustments on our conduit loans. Income from sales of loans, net is subject to market conditions impacting timing, size and pricing and as such may vary significantly quarter to quarter.
Previous wording
We generate fee income on the loans we originate and in which we invest and also include unrealized and realized gains and losses on securities within fee and other income. The $1.1 million increase in fee and other income was primarily due to an increase in realized gains on securities for the three months ended September 30, 2025 as compared to the three months ended June 30, 2025.
Current wording
We generate fee income on the loans we originate and in which we invest and also include unrealized and realized gains and losses on securities within fee and other income. The $1.6 million decrease in fee and other income was primarily due to an increase in unrealized losses on securities for the three months ended March 31, 2026 as compared to the three months ended December 31, 2025.
Previous wording
The total net result from derivative transactions is comprised of hedging interest expense, realized gains/losses related to hedge terminations and unrealized gains/losses related to changes in the fair value of asset hedges. Net result from derivative transactions of $21 thousand was comprised of a realized gain of $9 thousand and an unrealized gain of $12 thousand for the three months ended September 30, 2025. Net result from derivative transactions of $1.5 million was comprised of a realized gain of $1.7 million and an unrealized loss of $(0.2) million for the three months ended June 30, 2025. The hedge positions primarily relate to fixed rate conduit loans and securities investments. The derivative positions that generated these results were a combination of five and ten year U.S. treasury rate futures that we employed in an effort to hedge the interest rate risk primarily on the financing of our fixed rate assets and the net interest income we earn against the impact of changes in interest rates. The gain during the three months ended September 30, 2025 was primarily related to movement in interest rates during the three months ended September 30, 2025.
Current wording
The total net result from derivative transactions is comprised of hedging interest expense, realized gains/losses related to hedge terminations and unrealized gains/losses related to changes in the fair value of asset hedges. Net result from derivative transactions of $0.3 million was comprised of a realized gain of $0.2 million and an unrealized gain of $0.1 million for the three months ended March 31, 2026. Net result from derivative transactions of $34 thousand was comprised of a realized loss of $8 thousand and an unrealized loss of $26 thousand for the three months ended December 31, 2025. The hedge positions primarily relate to fixed rate conduit loans and securities investments. The derivative positions that generated these results were a combination of five and ten year U.S. treasury rate futures that we employed in an effort to hedge the interest rate risk primarily on the financing of our fixed rate assets and the net interest income we earn against the impact of changes in interest rates. The gain during the three months ended March 31, 2026 was primarily related to movement in interest rates during the three months ended March 31, 2026.
Previous wording
The increase of $1.2 million in real estate operating expenses during the three months ended September 30, 2025 compared to the three months ended June 30, 2025 was primarily attributable to an increase in operations at our properties and the acquisition of real estate that occurred in April 2025. Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further details.
Current wording
The increase of $1.2 million in real estate operating expenses during the three months ended March 31, 2026 compared to the three months ended December 31, 2025 was primarily attributable to an increase in operations at our properties and the acquisition of real estate. Refer to Note 5, Real Estate and Related Lease Intangibles, Net, for further details.
Previous wording
Most of our consolidated income tax provision relates to business units held in our TRSs. The decrease in expense during the three months ended September 30, 2025 compared to the three months ended June 30, 2025 is primarily a result of changes in our income in our TRSs.
Current wording
Most of our consolidated income tax provision relates to business units held in our TRSs. The increase in expense during the three months ended March 31, 2026 compared to the three months ended December 31, 2025 is primarily a result of changes in our income in our TRSs.
Previous wording
A discussion regarding our results of operations for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 is presented below.
Current wording
A discussion regarding our results of operations for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 is presented below.
Previous wording
The $81.7 million decrease in interest income was primarily attributable to net payoffs within our loan portfolio, partially offset by an increase in interest earned on CMBS securities due to purchases. There was a $1.0 billion decrease in average loan investments from $2.7 billion for the nine months ended September 30, 2024 to $1.7 billion for the nine months ended September 30, 2025. There was a $1.2 billion increase in average securities investments from $0.5 billion for the nine months ended September 30, 2024 to $1.7 billion for the nine months ended September 30, 2025.
Current wording
The $9.9 million increase in interest income was primarily attributable to net originations within our loan portfolio and an increase in interest earned from CMBS securities due to net purchases, partially offset by lower interest income on short‑term U.S. Treasury securities, resulting from the sale and maturity of the full portfolio. There was a $0.9 billion increase in average loan investments from $1.6 billion for the three months ended March 31, 2025 to $2.5 billion for the three months ended March 31, 2026. There was a $0.8 billion increase in average securities investments from $1.3 billion for the three months ended March 31, 2025 to $2.1 billion for the three months ended March 31, 2026.
Previous wording
The $41.5 million decrease in interest expense is primarily related to lower outstanding balances on our securities and loan repurchase facilities, the payoff of our FHLB borrowings, redemption of all outstanding obligations of LCCM 2021-FL2 and LCCM 2021-FL3, as well as a reduction in expense as a result of redemptions of our Notes, partially offset by the issuance of our 2031 Notes.
Current wording
The $7.2 million increase in interest expense is primarily related to an increase in borrowings on our securities repurchase facilities and our Unsecured Corporate Revolver, and the issuance of our 2030 Notes, partially offset by the redemption of all outstanding obligations of LCCM 2021-FL2 and LCCM 2021-FL3, lower outstanding balances on our loan repurchase facilities and the payoff of mortgage loan debt.
Previous wording
As of September 30, 2025, the weighted average yield on our mortgage loan receivables was 8.1%, compared to 9.2% as of September 30, 2024. As of September 30, 2025, we did not have any borrowings against our mortgage loan receivables. As of September 30, 2024, the weighted average interest rate on borrowings against our mortgage loan receivables was 7.0%. As of September 30, 2024, we had outstanding borrowings secured by our mortgage loan receivables equal to 50.7% of the carrying value of our mortgage loan receivables.
Current wording
As of March 31, 2026, the weighted average yield on our mortgage loan receivables was 8.0%, compared to 8.6% as of March 31, 2025. As of March 31, 2026, we did not have any borrowings against our mortgage loan receivables. As of March 31, 2025, the weighted average interest rate on borrowings against our mortgage loan receivables was 6.3%. As of March 31, 2025, we had outstanding borrowings secured by our mortgage loan receivables equal to 19.9% of the carrying value of our mortgage loan receivables.
Previous wording
As of September 30, 2025, the weighted average yield on our securities was 5.7%, compared to 6.8% as of September 30, 2024. As of September 30, 2025, the weighted average interest rate on borrowings against our securities was 4.7%. As of September 30, 2024, we did not have any borrowings against our securities. As of September 30, 2025, we had outstanding borrowings secured by our securities equal to 18.6% of the carrying value of our real estate securities.
Current wording
As of March 31, 2026, the weighted average yield on our securities was 5.3%, compared to 5.7% as of March 31, 2025. As of March 31, 2026, the weighted average interest rate on borrowings against our securities was 4.2%. As of March 31, 2025, we did not have any borrowings against our securities. As of March 31, 2026, we had outstanding borrowings secured by our securities equal to 45.1% of the carrying value of our real estate securities.
Previous wording
Our real estate is comprised of non-interest bearing assets; however, interest incurred on mortgage financing collateralized by such real estate is included in interest expense. As of September 30, 2025, the weighted average interest rate on mortgage borrowings against our real estate assets was 6.2%, compared to 6.0% as of September 30, 2024. As of September 30, 2025, we had outstanding borrowings secured by our real estate equal to 56.9% of the carrying value of our real estate, compared to 72.4% as of September 30, 2024.
Current wording
Our real estate is comprised of non-interest bearing assets; however, interest incurred on mortgage financing collateralized by such real estate is included in interest expense. As of March 31, 2026, the weighted average interest rate on mortgage borrowings against our real estate assets was 5.9%, compared to 6.1% as of March 31, 2025. As of March 31, 2026, we had outstanding borrowings secured by our real estate equal to 49.5% of the carrying value of our real estate, compared to 65.0% as of March 31, 2025.
Previous wording
Net result from mortgage loan receivables held for sale includes unrealized losses on loans held for sale related to lower of cost or market adjustments and realized gains and losses from the sale of loans. During the nine months ended September 30, 2025, we recorded $3.6 million of realized gains on the sale of one conduit loan and $1.1 million of unrealized gains on loans related to lower of cost or market adjustments on our conduit loans. During the nine months ended September 30, 2024, we recorded $0.6 million of unrealized gains on loans related to lower of cost or market adjustments on our conduit loans. Income from sales of loans, net is subject to market conditions impacting timing, size and pricing and as such may vary significantly quarter to quarter.
Current wording
Net result from mortgage loan receivables held for sale includes unrealized losses on loans held for sale related to lower of cost or market adjustments and realized gains and losses from the sale of loans. During the three months ended March 31, 2026, we recorded $0.4 million of realized gains on the sale of one conduit loan and $0.4 million of unrealized losses on loans related to lower of cost or market adjustments on our conduit loans. During the three months ended March 31, 2025, we recorded $162 thousand of unrealized gains on loans related to lower of cost or market adjustments on our conduit loans. Income from sales of loans, net is subject to market conditions impacting timing, size and pricing and as such may vary significantly quarter to quarter.
Showing the first 40 of 79 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Operating expenses are primarily comprised of professional fees, and lease, technology and administrative expenses. The increase of $0.2 million during the three months ended March 31, 2026 compared to the three months ended December 31, 2025 was primarily related to an increase in administrative expenses and professional fees.
Current report — wording carried from elsewhere
Three months ended March 31, 2026 compared to the three months ended March 31, 2025
Current report — wording carried from elsewhere
On April 21, 2026, the board of directors authorized the repurchase of $100.0 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 April 23, 2025 authorization from $77.2 million to $100.0 million.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Reform, Recovery and Enforcement Act of 1989 (“FIRREA”) appraised values at origination, the weighted average loan-to-value ratio of this portfolio was 67.7% at September 30, 2025.
Previous report — wording carried elsewhere
Net result from derivative transactions of $1.9 million was comprised of a realized gain of $2.0 million and an unrealized loss of $(0.1) million for the nine months ended September 30, 2025. Net result from derivative transactions of $3.9 million was comprised of a realized gain of $5.5 million and an unrealized loss of $1.6 million for the nine months ended September 30, 2024. The hedge positions primarily relate to fixed rate conduit loans and securities investments. The derivative positions that generated these results were a combination of five and ten year U.S. treasury rate futures that we employed in an effort to hedge the interest rate risk primarily on the financing of our fixed rate assets and the net interest income we earn against the impact of changes in interest rates. The net gain in 2025 was primarily related to changes in interest rates during the nine months ended September 30, 2025.