{ "markdown": "Table of Contents\n\n\nWe maintain a diversified and flexible financing strategy supporting our investment strategy and overall business operations, including the use of senior\nunsecured notes and our unsecured revolving credit facility. Refer to \u201cOur Financing Strategies\u201d and \u201cLiquidity and Capital Resources\u201d for further information.\n\n\nLadder was founded in October 2008 and we completed our initial public offering in February 2014. We are led by a disciplined and highly aligned\nmanagement team. As of June 30, 2026, our management team and directors held interests in our Company comprising 13% of our total equity. On average,\nour management team members have over 30 years of experience in the industry. Our management team includes Brian Harris, Chief Executive Officer;\nPamela McCormack, President; Paul J. Miceli, Chief Financial Officer; Robert Perelman, Head of Asset Management; and Kelly Porcella, Chief\nAdministrative Officer & General Counsel. Anthony V. Esposito, Chief Accounting Officer, and Stephanie Lin, Assistant Secretary, are additional officers of\nLadder.\n\n\n*Our Businesses*\nWe invest primarily in loans, securities and other interests in U.S. commercial real estate, with a focus on senior secured assets. Our complementary business\nsegments are designed to provide us with the flexibility to opportunistically allocate capital in order to generate attractive risk-adjusted returns under varying\nmarket conditions. The following chart summarizes our investment portfolio as of June 30, 2026 ($ in thousands):\n\n\n
\n\nA donut chart titled '$5.8B Investment Assets & Cash' showing the breakdown of investment assets. The chart is divided into four segments: CRE Loans (49%, $2,817), CRE Securities (32%, $1,872), CRE Equity (18%, $1,058), and Cash & Cash Equivalents (<1%, $38).
CategoryAmount ($B)Percentage
CRE Loans2,81749%
CRE Securities1,87232%
CRE Equity1,05818%
Cash & Cash Equivalents38<1%
(1) CRE equity asset amounts represent undepreciated asset values.
\n\nThere are a number of factors that influence our operating results. Some of these factors include: (1) our competition; (2) market and economic conditions,\nincluding inflation; (3) loan origination and repayment volume; (4) profitability of securitizations; (5) avoidance of credit losses; (6) availability of debt and\nequity funding and the costs of that funding; (7) the net interest margin on our investments; (8) effectiveness of our hedging and other risk management\npractices; (9) real estate transaction volumes; (10) occupancy rates; and (11) expense management. 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