{ "markdown": "Table of Contents\n\n\nAs of June 30, 2026, the estimated fair value of our portfolio of CMBS investments totaled $1.9 billion in 112 CUSIPs ($16.5 million average investment per\nCUSIP). Included in the $1.9 billion of CMBS securities are $8.8 million of CMBS securities designated as risk retention securities under the Dodd-Frank Act,\nwhich are subject to transfer restrictions over the term of the securitization trust. The following chart summarizes our securities investments by market value,\n98.5% of which were rated investment grade by Standard & Poor's Ratings Group, Moody's Investors Service, Inc. or Fitch Ratings Inc. as of June 30, 2026:\n\n\n
\n\nA donut chart illustrating the distribution of credit ratings. The vast majority of the chart is dark blue, representing the AAA/Aaa rating. A small segment on the right, broken into three thin slices, represents lower ratings.
Rating CategoryPercentage
AAA / Aaa96.0%
AA / Aa1%
A / A0.3%
BBB / Baa / other3%
\n\nAs of June 30, 2026, our CMBS investments had a weighted average duration of 3.0 years. The commercial real estate collateral underlying our CMBS\ninvestment portfolio is located throughout the United States. As of June 30, 2026, by property count and market value, respectively, 60.9% and 66.4% of the\ncollateral underlying our CMBS investment portfolio was distributed throughout the top 25 metropolitan statistical areas (\u201cMSAs\u201d) in the United States, with\n6.5% and 12.5%, by property count and market value, respectively, of the collateral located in the New York-Newark-Jersey City MSA, and the concentrations\nin each of the remaining top 24 MSAs ranging from 0.6% to 6.1% by property count and 0.1% to 6.1% by market value.\n\n\nAAA-rated CMBS or U.S. Agency securities investments in excess of $106.0 million and all other investment grade CMBS or U.S. Agency securities\ninvestments in excess of $51.0 million, each in any single class of any single issuance, require the approval of our board of directors' Risk and Underwriting\nCommittee. The Risk and Underwriting Committee also must approve any investments in non-rated or sub-investment grade CMBS or U.S. Agency securities\nin any single class of any single issuance in excess of the lesser of (x) $21.0 million and (y) 10% of the total net asset value of the respective Ladder subsidiary\nor other entity for which Ladder has authority to make investment decisions.\n\n\n**Other Investments**\n*Unconsolidated Ventures.* From time to time we invest in real estate related ventures. As of June 30, 2026, the carrying value of our unconsolidated ventures\nwas $41.5 million.\n\n\n**Our Financing Strategies**\nOur financing strategies are critical to the success and growth of our business. We manage our financing to complement our asset composition and to diversify\nour exposure across multiple capital markets and counterparties. In addition to cash flow from operations, we fund our operations and investment strategy\nthrough a diverse array of funding sources, including:\n - Senior unsecured notes\n - Unsecured revolving credit facilities\n - Unsecured term loan facility\n - Secured loan and securities repurchase financing\n\n\n53\n\n", "structure": { "type": "document", "markdown": null, "children": [ { "type": "page", "page": null, "span": null, "width": null, "height": null, "dpi": null, "grounding": { "page": 1, "range": { "start": 0, "end": 3347 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 1.0, "ymax": 1.0 } }, "markdown": null, "status": "ok", "reason": null, "children": [ { "type": "marginalia", "id": "marginalia-0", "span": null, "grounding": { "page": 1, "range": { "start": 0, "end": 18 }, "box": { "xmin": 0.02450369, "ymin": 0.02456117, "xmax": 0.1399038, "ymax": 0.04611056 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 18 }, "box": { "xmin": 0.0287703, "ymin": 0.0292684, 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