00015776702020FYFALSEus-gaap:AccountingStandardsUpdate201613MemberP4Yus-gaap:AccountingStandardsUpdate201613MemberP3Y1,7751,7751,7751,7751,7751,775us-gaap:OtherLiabilities00015776702020-01-012020-12-31iso4217:USD00015776702020-06-30xbrli:shares0001577670us-gaap:CommonClassAMember2021-02-230001577670us-gaap:CommonClassBMember2021-02-2300015776702020-12-3100015776702019-12-31iso4217:USDxbrli:shares0001577670us-gaap:CommonClassAMember2020-12-310001577670us-gaap:CommonClassAMember2019-12-310001577670us-gaap:CommonClassBMember2020-12-310001577670us-gaap:CommonClassBMember2019-12-3100015776702019-01-012019-12-3100015776702018-01-012018-12-310001577670us-gaap:CommonClassAMember2020-01-012020-12-310001577670us-gaap:CommonClassAMember2019-01-012019-12-310001577670us-gaap:CommonClassAMember2018-01-012018-12-310001577670us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-12-310001577670us-gaap:CommonStockMemberus-gaap:CommonClassBMember2019-12-310001577670us-gaap:AdditionalPaidInCapitalMember2019-12-310001577670us-gaap:TreasuryStockMember2019-12-310001577670us-gaap:RetainedEarningsMember2019-12-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001577670ladr:NoncontrollingInterestInOperatingPartnershipMember2019-12-310001577670ladr:NoncontrollingInterestInConsolidatedJointVenturesMember2019-12-310001577670ladr:NoncontrollingInterestInConsolidatedJointVenturesMember2020-01-012020-12-310001577670ladr:NoncontrollingInterestInOperatingPartnershipMember2020-01-012020-12-310001577670us-gaap:AdditionalPaidInCapitalMember2020-01-012020-12-310001577670us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-01-012020-12-310001577670us-gaap:TreasuryStockMember2020-01-012020-12-310001577670us-gaap:RetainedEarningsMember2020-01-012020-12-310001577670us-gaap:CommonStockMemberus-gaap:CommonClassBMember2020-01-012020-12-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310001577670us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001577670srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310001577670us-gaap:CommonClassAMemberus-gaap:CommonStockMember2020-12-310001577670us-gaap:CommonStockMemberus-gaap:CommonClassBMember2020-12-310001577670us-gaap:AdditionalPaidInCapitalMember2020-12-310001577670us-gaap:TreasuryStockMember2020-12-310001577670us-gaap:RetainedEarningsMember2020-12-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001577670ladr:NoncontrollingInterestInOperatingPartnershipMember2020-12-310001577670ladr:NoncontrollingInterestInConsolidatedJointVenturesMember2020-12-310001577670us-gaap:CommonClassAMemberus-gaap:CommonStockMember2018-12-310001577670us-gaap:CommonStockMemberus-gaap:CommonClassBMember2018-12-310001577670us-gaap:AdditionalPaidInCapitalMember2018-12-310001577670us-gaap:TreasuryStockMember2018-12-310001577670us-gaap:RetainedEarningsMember2018-12-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001577670ladr:NoncontrollingInterestInOperatingPartnershipMember2018-12-310001577670ladr:NoncontrollingInterestInConsolidatedJointVenturesMember2018-12-3100015776702018-12-310001577670ladr:NoncontrollingInterestInConsolidatedJointVenturesMember2019-01-012019-12-310001577670ladr:NoncontrollingInterestInOperatingPartnershipMember2019-01-012019-12-310001577670us-gaap:AdditionalPaidInCapitalMember2019-01-012019-12-310001577670us-gaap:CommonClassAMemberus-gaap:CommonStockMember2019-01-012019-12-310001577670us-gaap:TreasuryStockMember2019-01-012019-12-310001577670us-gaap:RetainedEarningsMember2019-01-012019-12-310001577670us-gaap:CommonStockMemberus-gaap:CommonClassBMember2019-01-012019-12-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310001577670us-gaap:CommonClassAMemberus-gaap:CommonStockMember2017-12-310001577670us-gaap:CommonStockMemberus-gaap:CommonClassBMember2017-12-310001577670us-gaap:AdditionalPaidInCapitalMember2017-12-310001577670us-gaap:TreasuryStockMember2017-12-310001577670us-gaap:RetainedEarningsMember2017-12-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2017-12-310001577670ladr:NoncontrollingInterestInOperatingPartnershipMember2017-12-310001577670ladr:NoncontrollingInterestInConsolidatedJointVenturesMember2017-12-3100015776702017-12-310001577670ladr:NoncontrollingInterestInConsolidatedJointVenturesMember2018-01-012018-12-310001577670ladr:NoncontrollingInterestInOperatingPartnershipMember2018-01-012018-12-310001577670us-gaap:AdditionalPaidInCapitalMember2018-01-012018-12-310001577670us-gaap:CommonClassAMemberus-gaap:CommonStockMember2018-01-012018-12-310001577670us-gaap:TreasuryStockMember2018-01-012018-12-310001577670us-gaap:RetainedEarningsMember2018-01-012018-12-310001577670us-gaap:CommonStockMemberus-gaap:CommonClassBMember2018-01-012018-12-310001577670us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-01-012018-12-310001577670us-gaap:EquitySecuritiesMember2020-01-012020-12-310001577670us-gaap:EquitySecuritiesMember2019-01-012019-12-310001577670us-gaap:EquitySecuritiesMember2018-01-012018-12-310001577670us-gaap:MutualFundMember2020-01-012020-12-310001577670us-gaap:MutualFundMember2019-01-012019-12-310001577670us-gaap:MutualFundMember2018-01-012018-12-310001577670srt:PartnershipInterestMember2020-01-012020-12-310001577670srt:PartnershipInterestMember2019-01-012019-12-310001577670srt:PartnershipInterestMember2018-01-012018-12-310001577670us-gaap:CorporateJointVentureMember2020-01-012020-12-310001577670us-gaap:CorporateJointVentureMember2019-01-012019-12-310001577670us-gaap:CorporateJointVentureMember2018-01-012018-12-31xbrli:pure0001577670ladr:LadderCapitalFinanceHoldingsLLLPMember2020-12-310001577670ladr:COVID19CrisisMember2020-04-012020-06-300001577670us-gaap:BuildingMembersrt:MinimumMember2020-01-012020-12-310001577670srt:MaximumMemberus-gaap:BuildingMember2020-01-012020-12-310001577670us-gaap:BuildingAndBuildingImprovementsMembersrt:MinimumMember2020-01-012020-12-310001577670us-gaap:BuildingAndBuildingImprovementsMembersrt:MaximumMember2020-01-012020-12-310001577670ladr:SeniorUnsecuredNotesMemberladr:MaturingOnVariousDateMember2020-12-310001577670ladr:SeniorUnsecuredNotesMemberladr:MaturingOnVariousDateMember2019-12-310001577670us-gaap:AccountingStandardsUpdate201602Member2019-01-0100015776702018-01-012018-03-3100015776702020-01-0100015776702020-01-012020-01-01ladr:loans0001577670ladr:AssetSpecificReserveCompanyLoanMember2020-01-010001577670ladr:FirstMortgageHeldForInvestmentMember2020-12-310001577670ladr:FirstMortgageHeldForInvestmentMember2020-01-012020-12-310001577670ladr:MezzanineLoanMember2020-12-310001577670ladr:MezzanineLoanMember2020-01-012020-12-310001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2020-12-310001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2020-01-012020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2020-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2020-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2020-01-012020-12-310001577670ladr:FirstMortgageHeldForInvestmentMember2019-12-310001577670ladr:FirstMortgageHeldForInvestmentMember2019-01-012019-12-310001577670ladr:MezzanineLoanMember2019-12-310001577670ladr:MezzanineLoanMember2019-01-012019-12-310001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2019-12-310001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2019-01-012019-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2019-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2019-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2019-01-012019-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2020-01-012020-12-310001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2018-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2018-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2018-12-310001577670ladr:MortgageLoansTransferedButNotConsideredSoldMember2019-01-012019-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2019-01-012019-12-310001577670ladr:MortgageLoansTransferedButNotConsideredSoldMember2019-12-3100015776702019-03-3100015776702019-01-012019-03-310001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2017-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2017-12-310001577670ladr:MortgageLoansHeldByConsolidatedSubsidiariesMember2018-01-012018-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2018-01-012018-12-310001577670srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2020-01-012020-12-310001577670srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-01-012019-12-310001577670srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2018-01-012018-12-31ladr:loan0001577670ladr:TwoOfCompanyLoansMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2020-01-012020-12-310001577670ladr:TwoOfCompanyLoansMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:TwoOfCompanyLoans1Member2020-01-012020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:TwoOfCompanyLoans1Member2020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoansMember2020-01-012020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoansMember2020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoans1Member2020-01-012020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoans1Member2020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoans2Member2020-01-012020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoans2Member2020-12-310001577670ladr:OneOfCompanyLoans3Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2020-01-012020-12-310001577670ladr:OneOfCompanyLoans3Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2020-12-310001577670us-gaap:SeriesBMemberladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoansMember2020-12-310001577670ladr:AssetSpecificReserveCompanyLoanMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2020-12-310001577670us-gaap:HeldtomaturitySecuritiesMember2020-12-310001577670us-gaap:HeldtomaturitySecuritiesMember2020-01-012020-12-310001577670us-gaap:HeldtomaturitySecuritiesMember2020-01-010001577670us-gaap:HeldtomaturitySecuritiesMember2020-01-012020-01-010001577670us-gaap:AccountingStandardsUpdate201613Member2020-01-010001577670us-gaap:AccountingStandardsUpdate201613Member2020-12-310001577670us-gaap:AccountingStandardsUpdate201613Memberladr:AssetSpecificReserveCompanyLoanMember2020-01-012020-12-310001577670us-gaap:AccountingStandardsUpdate201613Memberladr:AssetSpecificReserveCompanyLoanMember2020-12-310001577670us-gaap:AccountingStandardsUpdate201613Member2020-01-012020-12-310001577670ladr:NortheastMember2020-12-310001577670ladr:SouthwestMember2020-12-310001577670ladr:SouthMember2020-12-310001577670ladr:MidwestMember2020-12-310001577670ladr:WestMember2020-12-31ladr:security0001577670ladr:TwoOfCompanyLoansMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2016-01-012016-12-310001577670ladr:TwoOfCompanyLoansMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2016-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoansMember2016-01-012016-12-310001577670ladr:TwoOfCompanyLoansMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2018-01-012018-12-310001577670ladr:TwoOfCompanyLoansMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2018-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoansMember2018-01-012018-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoansMember2018-12-310001577670srt:MultifamilyMember2020-12-310001577670srt:OfficeBuildingMember2020-12-310001577670ladr:HospitalityMember2020-12-310001577670ladr:MixedUseMember2020-12-310001577670srt:RetailSiteMember2020-12-310001577670ladr:OtherIndustrialMember2020-12-310001577670srt:IndustrialPropertyMember2020-12-310001577670ladr:ManufacturedHousingMember2020-12-310001577670ladr:SelfStorageMember2020-12-310001577670ladr:AllOfCompanyLoansMember2020-12-310001577670ladr:TwoOfCompanyLoans2Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2020-01-012020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoansMember2018-03-312018-03-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoansMember2018-03-310001577670ladr:AssetSpecificReserveCompanyLoanMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2018-03-312018-03-310001577670srt:MinimumMember2018-03-312018-03-310001577670srt:MaximumMember2018-03-312018-03-310001577670srt:MinimumMember2020-01-012020-12-310001577670srt:MaximumMember2020-01-012020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2018-10-170001577670ladr:AssetSpecificReserveCompanyLoanMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2018-10-170001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoansMemberus-gaap:SeriesAMember2018-10-170001577670us-gaap:SeriesBMemberladr:MortgageLoanReceivablesHeldForInvestmentMemberladr:OneOfCompanyLoansMember2018-10-170001577670us-gaap:AccountingStandardsUpdate201613Memberladr:AssetSpecificReserveCompanyLoanMember2020-03-310001577670ladr:AssetSpecificReserveCompanyLoanMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2020-04-012020-06-300001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2020-10-012020-12-310001577670ladr:ThreeOfCompanyLoansMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2020-12-310001577670ladr:NonPerformingLoansHeldForInvestmentMember2020-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2020-01-012020-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2020-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2020-01-012020-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2020-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2020-01-012020-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-01-012020-12-310001577670ladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2020-12-310001577670ladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2020-01-012020-12-310001577670us-gaap:CommonStockMember2020-01-012020-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2019-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2019-01-012019-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2019-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2019-01-012019-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2019-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2019-01-012019-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2019-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMember2019-01-012019-12-310001577670ladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2019-12-310001577670ladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2019-01-012019-12-310001577670us-gaap:CommonStockMember2019-12-310001577670ladr:ProvisionForCurrentExpectedCreditLossesMember2020-12-310001577670us-gaap:LandMember2020-12-310001577670us-gaap:LandMember2019-12-310001577670us-gaap:BuildingMember2020-12-310001577670us-gaap:BuildingMember2019-12-310001577670ladr:InplaceLeasesAndOtherIntangiblesMember2020-12-310001577670ladr:InplaceLeasesAndOtherIntangiblesMember2019-12-310001577670ladr:UndepreciatedRealEstateAndRelatedLeaseIntangiblesMember2020-12-310001577670ladr:UndepreciatedRealEstateAndRelatedLeaseIntangiblesMember2019-12-310001577670us-gaap:AboveMarketLeasesMember2020-01-012020-12-310001577670us-gaap:AboveMarketLeasesMember2019-01-012019-12-310001577670us-gaap:AboveMarketLeasesMember2018-01-012018-12-310001577670ladr:InplaceLeasesIntangiblesMember2020-12-310001577670ladr:AmortizationExpenseMember2020-12-3100015776702019-01-102019-01-100001577670us-gaap:AssetsLeasedToOthersMember2019-03-3100015776702019-02-062019-02-0600015776702019-05-012019-05-010001577670us-gaap:AssetsLeasedToOthersMember2020-01-012020-12-310001577670us-gaap:AssetsLeasedToOthersMember2020-12-310001577670ladr:LosAngelesCaliforniaMemberladr:DiversifiedMember2020-12-310001577670ladr:WinstonSalemNorthCarolinaMemberladr:DiversifiedMember2020-12-310001577670ladr:SouthBendINMemberladr:DiversifiedMember2020-12-310001577670us-gaap:AssetsLeasedToOthersMember2019-01-012019-12-310001577670us-gaap:AssetsLeasedToOthersMember2019-12-310001577670ladr:OmahaNebraskaMemberladr:DiversifiedMember2019-02-280001577670ladr:OmahaNebraskaMemberladr:DiversifiedMember2019-12-310001577670ladr:SanDiegoCaliforniaMemberladr:DiversifiedMember2019-12-310001577670ladr:FortWorthAndArlingtonTexasMemberladr:DiversifiedMember2019-12-310001577670ladr:SouthBendINMemberladr:DiversifiedMember2020-01-012020-12-310001577670us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberladr:SouthBendINMember2020-01-012020-12-310001577670ladr:DiversifiedMember2020-06-300001577670ladr:WinstonSalemNorthCarolinaMemberladr:DiversifiedMember2020-06-300001577670ladr:WinstonSalemNorthCarolinaMemberladr:DiversifiedMember2020-06-012020-06-3000015776702020-06-012020-06-300001577670us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberladr:WinstonSalemNorthCarolinaMember2020-01-012020-12-310001577670ladr:LosAngelesCaliforniaMemberladr:DiversifiedMember2020-01-012020-12-310001577670us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberladr:LosAngelesCaliforniaMember2020-01-012020-12-310001577670ladr:SanDiegoCAMemberladr:DiversifiedMember2019-12-310001577670us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberladr:SanDiegoCAMemberladr:DiversifiedMember2019-12-012019-12-310001577670ladr:FirstMortgageHeldForInvestmentMemberladr:SanDiegoCAMemberladr:DiversifiedMember2019-12-012019-12-310001577670ladr:SanDiegoCAMemberladr:DiversifiedMember2019-12-012019-12-310001577670ladr:FortWorthAndArlingtonTXMemberladr:DiversifiedMember2020-12-310001577670ladr:FortWorthTXMemberladr:DiversifiedMember2019-12-180001577670ladr:SanDiegoCAMemberladr:DiversifiedMember2019-12-182019-12-180001577670ladr:ArlingtonTXMemberladr:DiversifiedMember2019-12-180001577670ladr:FortWorthAndArlingtonTXMemberladr:DiversifiedMember2019-12-182019-12-180001577670ladr:FortWorthAndArlingtonTXMemberladr:DiversifiedMember2019-12-310001577670us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberladr:FortWorthAndArlingtonTXMember2019-12-012019-12-310001577670ladr:OmahaNebraskaMemberladr:DiversifiedMember2019-02-012019-02-280001577670us-gaap:RealEstateAcquiredInSatisfactionOfDebtMemberladr:OmahaNebraskaMember2019-02-012019-02-280001577670ladr:MiamiFloridaMembersrt:MultifamilyMemberladr:DisposalProperties2020Member2020-01-012020-12-310001577670ladr:MiamiFloridaMembersrt:MultifamilyMemberladr:DisposalProperties2020Member2020-12-31ladr:property0001577670ladr:RichmondVirginia1Memberladr:DiversifiedMemberladr:DisposalProperties2020Member2020-01-012020-12-310001577670ladr:RichmondVirginia1Memberladr:DiversifiedMemberladr:DisposalProperties2020Member2020-12-310001577670ladr:RichmondVirginia2Memberladr:DiversifiedMemberladr:DisposalProperties2020Member2020-01-012020-12-310001577670ladr:RichmondVirginia2Memberladr:DiversifiedMemberladr:DisposalProperties2020Member2020-12-310001577670ladr:BellportNewYorkMemberladr:NetLeaseMemberladr:DisposalProperties2020Member2020-01-012020-12-310001577670ladr:BellportNewYorkMemberladr:NetLeaseMemberladr:DisposalProperties2020Member2020-12-310001577670ladr:LithiaSpringsGeorgiaMemberladr:DiversifiedMemberladr:DisposalProperties2020Member2020-01-012020-12-310001577670ladr:LithiaSpringsGeorgiaMemberladr:DiversifiedMemberladr:DisposalProperties2020Member2020-12-310001577670ladr:WinstonSalemNorthCarolinaMemberladr:DiversifiedMemberladr:DisposalProperties2020Member2020-01-012020-12-310001577670ladr:WinstonSalemNorthCarolinaMemberladr:DiversifiedMemberladr:DisposalProperties2020Member2020-12-310001577670ladr:SouthBendINMemberladr:DiversifiedMemberladr:DisposalProperties2020Member2020-01-012020-12-310001577670ladr:SouthBendINMemberladr:DiversifiedMemberladr:DisposalProperties2020Member2020-12-310001577670ladr:DisposalProperties2020Member2020-01-012020-12-310001577670ladr:DisposalProperties2020Member2020-12-310001577670ladr:DisposalProperties2019Membersrt:MultifamilyMemberladr:LasVegasNevadaMember2019-01-012019-12-310001577670ladr:DisposalProperties2019Membersrt:MultifamilyMemberladr:LasVegasNevadaMember2019-12-310001577670ladr:MiamiFloridaMemberladr:DisposalProperties2019Membersrt:MultifamilyMember2019-01-012019-12-310001577670ladr:MiamiFloridaMemberladr:DisposalProperties2019Membersrt:MultifamilyMember2019-12-310001577670ladr:WayneNewJerseyMemberladr:DisposalProperties2019Memberladr:DiversifiedMember2019-01-012019-12-310001577670ladr:WayneNewJerseyMemberladr:DisposalProperties2019Memberladr:DiversifiedMember2019-12-310001577670ladr:GrandRapidsMichiganMemberladr:DisposalProperties2019Memberladr:DiversifiedMember2019-01-012019-12-310001577670ladr:GrandRapidsMichiganMemberladr:DisposalProperties2019Memberladr:DiversifiedMember2019-12-310001577670ladr:GrandRapidsMichigan1Memberladr:DisposalProperties2019Memberladr:DiversifiedMember2019-01-012019-12-310001577670ladr:GrandRapidsMichigan1Memberladr:DisposalProperties2019Memberladr:DiversifiedMember2019-12-310001577670ladr:DisposalProperties2019Member2019-01-012019-12-310001577670ladr:DisposalProperties2019Member2019-12-310001577670ladr:DisposalProperties2018Membersrt:MultifamilyMemberladr:LasVegasNevadaMember2018-01-012018-12-310001577670ladr:DisposalProperties2018Membersrt:MultifamilyMemberladr:LasVegasNevadaMember2018-12-310001577670ladr:DisposalProperties2018Memberladr:MiamiFloridaMembersrt:MultifamilyMember2018-01-012018-12-310001577670ladr:DisposalProperties2018Memberladr:MiamiFloridaMembersrt:MultifamilyMember2018-12-310001577670ladr:DisposalProperties2018Memberladr:ElMonteCAMemberladr:DiversifiedMember2018-01-012018-12-310001577670ladr:DisposalProperties2018Memberladr:ElMonteCAMemberladr:DiversifiedMember2018-12-310001577670ladr:RichmondVirginia1Memberladr:DisposalProperties2018Memberladr:DiversifiedMember2018-01-012018-12-310001577670ladr:RichmondVirginia1Memberladr:DisposalProperties2018Memberladr:DiversifiedMember2018-12-310001577670ladr:DisposalProperties2018Memberladr:StPaulMNMemberladr:DiversifiedMember2018-01-012018-12-310001577670ladr:DisposalProperties2018Memberladr:StPaulMNMemberladr:DiversifiedMember2018-12-310001577670ladr:DisposalProperties2018Member2018-01-012018-12-310001577670ladr:DisposalProperties2018Member2018-12-310001577670ladr:GraceLakeJVLLCMember2020-12-310001577670ladr:GraceLakeJVLLCMember2019-12-310001577670ladr:A24SecondAvenueHoldingsLLCMember2020-12-310001577670ladr:A24SecondAvenueHoldingsLLCMember2019-12-310001577670ladr:GraceLakeJVLLCMember2020-01-012020-12-310001577670ladr:GraceLakeJVLLCMember2019-01-012019-12-310001577670ladr:GraceLakeJVLLCMember2018-01-012018-12-310001577670ladr:A24SecondAvenueHoldingsLLCMember2020-01-012020-12-310001577670ladr:A24SecondAvenueHoldingsLLCMember2019-01-012019-12-310001577670ladr:A24SecondAvenueHoldingsLLCMember2018-01-012018-12-310001577670ladr:GraceLakeJVLLCMember2012-04-012012-04-300001577670ladr:GraceLakeJVLLCMemberus-gaap:LimitedPartnerMember2013-03-220001577670ladr:GraceLakeJVLLCMemberus-gaap:LimitedLiabilityCompanyMember2020-12-310001577670ladr:GraceLakeJVLLCMemberladr:LadderCapitalFinancialCorporationMember2020-01-012020-12-310001577670us-gaap:ConstructionLoanPayableMemberladr:A24SecondAvenueHoldingsLLCMemberus-gaap:CoVenturerMember2019-03-310001577670ladr:A24SecondAvenueHoldingsLLCMemberladr:MezzaineLoanMember2019-03-310001577670ladr:A24SecondAvenueHoldingsLLCMembersrt:OtherPropertyMember2020-12-310001577670ladr:RealEstatePropertySoldMemberladr:A24SecondAvenueHoldingsLLCMembersrt:ApartmentBuildingMember2020-12-310001577670ladr:RealEstatePropertySold1Memberladr:A24SecondAvenueHoldingsLLCMembersrt:ApartmentBuildingMember2020-12-310001577670us-gaap:ConstructionLoanPayableMemberladr:A24SecondAvenueHoldingsLLCMemberus-gaap:CoVenturerMember2020-12-310001577670ladr:A24SecondAvenueHoldingsLLCMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-12-310001577670ladr:A24SecondAvenueHoldingsLLCMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2019-12-310001577670ladr:A24SecondAvenueHoldingsLLCMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2020-01-012020-12-310001577670ladr:A24SecondAvenueHoldingsLLCMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2019-01-012019-12-310001577670ladr:A24SecondAvenueHoldingsLLCMemberus-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2018-01-012018-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon19December2022Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon19December2022Membersrt:MinimumMember2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:Maturingon19December2022Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOnFebruary262021Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:MaturingOnFebruary262021Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:MaturingOnFebruary262021Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn16December2021Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn16December2021Membersrt:MinimumMember2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:MaturingOn16December2021Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon6November2022Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:Maturingon6November2022Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:Maturingon6November2022Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn31December2022Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn31December2022Membersrt:MinimumMember2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:MaturingOn31December2022Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn24October2021Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn24October2021Membersrt:MinimumMember2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:MaturingOn24October2021Member2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMember2020-12-310001577670ladr:TermMasterRepurchaseAgreementMemberladr:Maturingon23December2021Member2020-12-310001577670ladr:TermMasterRepurchaseAgreementMemberladr:Maturingon23December2021Membersrt:MinimumMember2020-12-310001577670ladr:TermMasterRepurchaseAgreementMembersrt:MaximumMemberladr:Maturingon23December2021Member2020-12-310001577670ladr:MaturingOnVariousDateMemberladr:UncommittedSecuritiesRepurchaseFacilitiesMember2020-12-310001577670ladr:MaturingOnVariousDateMembersrt:MinimumMemberladr:UncommittedSecuritiesRepurchaseFacilitiesMember2020-12-310001577670srt:MaximumMemberladr:MaturingOnVariousDateMemberladr:UncommittedSecuritiesRepurchaseFacilitiesMember2020-12-310001577670us-gaap:RepurchaseAgreementsMember2020-12-310001577670ladr:MaturingOn11February2022Memberus-gaap:RevolvingCreditFacilityMember2020-12-310001577670ladr:MaturingOn11February2022Memberus-gaap:RevolvingCreditFacilityMembersrt:MinimumMember2020-12-310001577670ladr:MaturingOn11February2022Membersrt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2020-12-310001577670us-gaap:MortgagesMemberladr:MaturingOnVariousDateMember2020-12-310001577670us-gaap:MortgagesMemberladr:MaturingOnVariousDateMembersrt:MinimumMember2020-12-310001577670srt:MaximumMemberus-gaap:MortgagesMemberladr:MaturingOnVariousDateMember2020-12-310001577670ladr:MaturingOn6May2023Memberladr:SecuredFinancingFacilityMember2020-12-310001577670ladr:MaturingOn6May2023Membersrt:MinimumMemberladr:SecuredFinancingFacilityMember2020-12-310001577670ladr:MaturingOn6May2023Membersrt:MaximumMemberladr:SecuredFinancingFacilityMember2020-12-310001577670ladr:MaturingOn16May2024Memberus-gaap:CollateralizedLoanObligationsMember2020-12-310001577670ladr:MaturingOn16May2024Membersrt:MinimumMemberus-gaap:CollateralizedLoanObligationsMember2020-12-310001577670ladr:MaturingOn16May2024Membersrt:MaximumMemberus-gaap:CollateralizedLoanObligationsMember2020-12-310001577670us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMemberladr:MaturingOnVariousDateMember2020-12-310001577670us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMemberladr:MaturingOnVariousDateMembersrt:MinimumMember2020-12-310001577670srt:MaximumMemberus-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMemberladr:MaturingOnVariousDateMember2020-12-310001577670ladr:SeniorUnsecuredNotesMemberladr:MaturingOnVariousDateMembersrt:MinimumMember2020-12-310001577670ladr:SeniorUnsecuredNotesMembersrt:MaximumMemberladr:MaturingOnVariousDateMember2020-12-310001577670ladr:DebtObligationsMember2020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon23December2021Member2020-03-230001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:Maturingon23December2021Member2020-02-260001577670ladr:TermMasterRepurchaseAgreementMemberladr:Maturingon23December2021Member2020-03-23ladr:Extension0001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon19December2022Member2020-01-012020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOnFebruary262021Member2020-01-012020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn16December2021Member2020-01-012020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon6November2022Member2020-01-012020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn31December2022Member2020-01-012020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:MaturingOn24October2021Member2020-01-012020-12-310001577670ladr:MaturingOn11February2022Memberus-gaap:RevolvingCreditFacilityMember2020-01-012020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon19December2022Member2019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon19December2022Membersrt:MinimumMember2019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:Maturingon19December2022Member2019-12-310001577670ladr:MaturingOn24May2020Memberladr:CommittedMasterRepurchaseAgreementsMember2019-12-310001577670ladr:MaturingOn24May2020Memberladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMember2019-12-310001577670ladr:MaturingOn24May2020Memberladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMember2019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon19December2020Member2019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon19December2020Membersrt:MinimumMember2019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:Maturingon19December2020Member2019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon6November2022Member2019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:Maturingon6November2022Member2019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:Maturingon6November2022Member2019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon3January2023Member2019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon3January2023Membersrt:MinimumMember2019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:Maturingon3January2023Member2019-12-310001577670ladr:Maturingon24December2020Memberladr:CommittedMasterRepurchaseAgreementsMember2019-12-310001577670ladr:Maturingon24December2020Memberladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMember2019-12-310001577670ladr:Maturingon24December2020Memberladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMember2019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMember2019-12-310001577670ladr:TermMasterRepurchaseAgreementMemberladr:Maturingon23December2021Member2019-12-310001577670ladr:TermMasterRepurchaseAgreementMemberladr:Maturingon23December2021Membersrt:MinimumMember2019-12-310001577670ladr:TermMasterRepurchaseAgreementMembersrt:MaximumMemberladr:Maturingon23December2021Member2019-12-310001577670ladr:MaturingOnVariousDateMemberladr:UncommittedSecuritiesRepurchaseFacilitiesMember2019-12-310001577670ladr:MaturingOnVariousDateMembersrt:MinimumMemberladr:UncommittedSecuritiesRepurchaseFacilitiesMember2019-12-310001577670srt:MaximumMemberladr:MaturingOnVariousDateMemberladr:UncommittedSecuritiesRepurchaseFacilitiesMember2019-12-310001577670us-gaap:RepurchaseAgreementsMember2019-12-310001577670ladr:Maturing11February2020Memberus-gaap:RevolvingCreditFacilityMember2019-12-310001577670us-gaap:MortgagesMemberladr:MaturingOnVariousDateMember2019-12-310001577670us-gaap:MortgagesMemberladr:MaturingOnVariousDateMembersrt:MinimumMember2019-12-310001577670srt:MaximumMemberus-gaap:MortgagesMemberladr:MaturingOnVariousDateMember2019-12-310001577670us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMemberladr:MaturingOnVariousDateMember2019-12-310001577670us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMemberladr:MaturingOnVariousDateMembersrt:MinimumMember2019-12-310001577670srt:MaximumMemberus-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMemberladr:MaturingOnVariousDateMember2019-12-310001577670ladr:SeniorUnsecuredNotesMemberladr:MaturingOnVariousDateMembersrt:MinimumMember2019-12-310001577670ladr:SeniorUnsecuredNotesMembersrt:MaximumMemberladr:MaturingOnVariousDateMember2019-12-310001577670ladr:DebtObligationsMember2019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon19December2022Member2019-01-012019-12-310001577670ladr:MaturingOn24May2020Memberladr:CommittedMasterRepurchaseAgreementsMember2019-01-012019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon19December2020Member2019-01-012019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon6November2022Member2019-01-012019-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon3January2023Member2019-01-012019-12-310001577670ladr:Maturingon24December2020Memberladr:CommittedMasterRepurchaseAgreementsMember2019-01-012019-12-310001577670ladr:Maturing11February2020Memberus-gaap:RevolvingCreditFacilityMember2019-01-012019-12-31ladr:agreement0001577670ladr:CommittedMasterRepurchaseAgreementsMember2020-01-012020-12-310001577670ladr:TermMasterRepurchaseAgreementMember2020-12-31ladr:counterparty0001577670us-gaap:RepurchaseAgreementsMemberladr:DeutsheBankJ.P.MorganandWellsFargoMember2020-12-310001577670us-gaap:RepurchaseAgreementsMemberladr:DeutsheBankJ.P.MorganandWellsFargoMember2020-01-012020-12-310001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon19December2022Member2020-02-140001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MinimumMemberladr:MaturingOnFebruary262021Member2020-02-260001577670ladr:CommittedMasterRepurchaseAgreementsMembersrt:MaximumMemberladr:MaturingOnFebruary262021Member2020-02-260001577670ladr:CommittedMasterRepurchaseAgreementsMemberladr:Maturingon23December2021Member2019-12-310001577670us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:RevolvingCreditFacilityMember2020-12-310001577670us-gaap:LetterOfCreditMember2020-12-310001577670us-gaap:LondonInterbankOfferedRateLIBORMemberus-gaap:RevolvingCreditFacilityMember2019-11-250001577670ladr:MaturingFebruary112021Memberus-gaap:RevolvingCreditFacilityMember2020-12-310001577670ladr:CreditAgreementandRevolvingCreditFacilityMember2020-12-310001577670ladr:CreditAgreementandRevolvingCreditFacilityMember2019-12-310001577670srt:MinimumMemberladr:UncommittedSecuritiesRepurchaseFacilitiesMember2020-01-012020-12-310001577670srt:MaximumMemberladr:UncommittedSecuritiesRepurchaseFacilitiesMember2020-01-012020-12-310001577670srt:MinimumMemberus-gaap:MortgagesMember2020-12-310001577670srt:MaximumMemberus-gaap:MortgagesMember2020-12-310001577670us-gaap:MortgagesMember2020-12-310001577670us-gaap:MortgagesMember2019-12-310001577670us-gaap:MortgagesMember2020-01-012020-12-310001577670us-gaap:MortgagesMember2019-01-012019-12-310001577670us-gaap:MortgagesMember2018-01-012018-12-310001577670ladr:NonRecourseNotesMemberladr:KochRealEstateInvestmentsLLCMemberus-gaap:SecuredDebtMember2020-04-300001577670us-gaap:LondonInterbankOfferedRateLIBORMemberladr:NonRecourseNotesMemberladr:KochRealEstateInvestmentsLLCMembersrt:MinimumMember2020-04-300001577670us-gaap:LondonInterbankOfferedRateLIBORMembersrt:MaximumMemberladr:NonRecourseNotesMemberladr:KochRealEstateInvestmentsLLCMember2020-04-300001577670ladr:NonRecourseNotesMemberladr:KochRealEstateInvestmentsLLCMemberus-gaap:CommonClassAMemberus-gaap:SecuredDebtMember2020-04-300001577670ladr:NonRecourseNotesMemberladr:KochRealEstateInvestmentsLLCMemberus-gaap:SecuredDebtMemberladr:PurchaseRightMember2020-04-302020-04-300001577670ladr:NonRecourseNotesMemberladr:KochRealEstateInvestmentsLLCMemberus-gaap:SecuredDebtMemberladr:PurchaseRightMember2020-04-300001577670ladr:SecuredFinancingFacilityMember2020-12-310001577670ladr:NonRecourseNotesMemberus-gaap:CollateralizedLoanObligationsMember2020-04-2700015776702020-04-272020-04-270001577670ladr:MaturingOnVariousDateMemberus-gaap:CollateralizedLoanObligationsMember2020-12-310001577670ladr:MaturingOnVariousDateMemberus-gaap:CollateralizedLoanObligationsMember2017-10-170001577670ladr:MaturingOnVariousDateMembersrt:AffiliatedEntityMemberus-gaap:CollateralizedLoanObligationsMember2017-10-170001577670ladr:MaturingOnVariousDateMemberus-gaap:CollateralizedLoanObligationsMember2017-12-210001577670ladr:MaturingOnVariousDateMembersrt:AffiliatedEntityMemberus-gaap:CollateralizedLoanObligationsMember2017-12-210001577670us-gaap:FederalHomeLoanBankAdvancesMemberladr:TueborCaptiveInsuranceCompanyLLCMember2017-12-060001577670us-gaap:FederalHomeLoanBankAdvancesMemberladr:TueborCaptiveInsuranceCompanyLLCMember2017-12-062017-12-060001577670us-gaap:FederalHomeLoanBankAdvancesMemberladr:TueborCaptiveInsuranceCompanyLLCMember2020-04-010001577670srt:ScenarioForecastMemberus-gaap:FederalHomeLoanBankAdvancesMemberladr:TueborCaptiveInsuranceCompanyLLCMember2021-01-010001577670us-gaap:FederalHomeLoanBankAdvancesMemberladr:TueborCaptiveInsuranceCompanyLLCMember2020-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMemberladr:TueborCaptiveInsuranceCompanyLLCMember2020-01-012020-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMembersrt:MinimumMemberladr:TueborCaptiveInsuranceCompanyLLCMember2020-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMembersrt:MaximumMemberladr:TueborCaptiveInsuranceCompanyLLCMember2020-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMembersrt:MinimumMemberladr:TueborCaptiveInsuranceCompanyLLCMember2020-01-012020-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMembersrt:MaximumMemberladr:TueborCaptiveInsuranceCompanyLLCMember2020-01-012020-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMemberladr:CommercialMortgageBackedSecuritiesAndUSAgencySecuritiesMemberladr:TueborCaptiveInsuranceCompanyLLCMember2020-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:FirstMortgageMemberladr:TueborCaptiveInsuranceCompanyLLCMember2020-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMemberladr:TueborCaptiveInsuranceCompanyLLCMember2019-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMemberladr:TueborCaptiveInsuranceCompanyLLCMember2019-01-012019-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMembersrt:MinimumMemberladr:TueborCaptiveInsuranceCompanyLLCMember2019-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMembersrt:MaximumMemberladr:TueborCaptiveInsuranceCompanyLLCMember2019-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMembersrt:MinimumMemberladr:TueborCaptiveInsuranceCompanyLLCMember2019-01-012019-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMembersrt:MaximumMemberladr:TueborCaptiveInsuranceCompanyLLCMember2019-01-012019-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMemberladr:CommercialMortgageBackedSecuritiesAndUSAgencySecuritiesMemberladr:TueborCaptiveInsuranceCompanyLLCMember2019-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:FirstMortgageMemberladr:TueborCaptiveInsuranceCompanyLLCMember2019-12-310001577670ladr:TueborCaptiveInsuranceCompanyLLCMember2020-12-310001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2021Member2020-12-310001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2021Member2014-08-010001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2022Member2020-12-310001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2022Member2017-03-160001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2025Member2020-12-310001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2025Member2017-09-250001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2027Member2020-12-310001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2027Member2020-01-300001577670us-gaap:UnsecuredDebtMember2020-12-310001577670us-gaap:UnsecuredDebtMember2020-01-012020-12-310001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2021Member2016-02-240001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2021Member2020-01-012020-12-310001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2022Member2020-01-012020-12-310001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2025Member2020-01-012020-12-310001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2027Member2020-01-012020-12-310001577670ladr:SeniorUnsecuredNotesMember2020-12-310001577670ladr:MaturingOn6May2023Memberladr:PurchaseRightMember2020-12-310001577670us-gaap:CollateralizedLoanObligationsMember2020-12-310001577670ladr:MortgageLoanReceivableFinancingMember2020-12-310001577670ladr:MortgageLoanReceivableFinancingMember2020-01-012020-12-310001577670ladr:MaturingFebruary112021Memberus-gaap:RevolvingCreditFacilityMember2020-03-310001577670us-gaap:UnsecuredDebtMemberladr:SeniorNotesDue2027Member2020-10-012020-12-3100015776702020-10-012020-12-3100015776702020-04-012020-06-300001577670us-gaap:InterestRateCapMember2020-12-310001577670us-gaap:InterestRateCapMember2020-01-012020-12-310001577670ladr:InterestRateFutureFiveYearUSTreasuryNoteMember2020-12-310001577670ladr:InterestRateFutureFiveYearUSTreasuryNoteMember2020-01-012020-12-310001577670ladr:InterestRateFutureTenYearUSTreasuryNoteMember2020-12-310001577670ladr:InterestRateFutureTenYearUSTreasuryNoteMember2020-01-012020-12-310001577670us-gaap:FutureMember2020-12-310001577670us-gaap:InterestRateCapMember2019-12-310001577670us-gaap:InterestRateCapMember2019-01-012019-12-310001577670ladr:InterestRateFutureFiveYearUSTreasuryNoteMember2019-12-310001577670ladr:InterestRateFutureFiveYearUSTreasuryNoteMember2019-01-012019-12-310001577670ladr:InterestRateFutureTenYearUSTreasuryNoteMember2019-12-310001577670ladr:InterestRateFutureTenYearUSTreasuryNoteMember2019-01-012019-12-310001577670ladr:A5yearU.S.TreasuryNoteMember2019-12-310001577670ladr:A5yearU.S.TreasuryNoteMember2019-01-012019-12-310001577670us-gaap:FutureMember2019-12-310001577670ladr:CreditRiskContractVIXMember2019-12-310001577670ladr:CreditRiskContractVIXMember2019-01-012019-12-310001577670us-gaap:CreditRiskContractMember2019-12-310001577670us-gaap:FutureMember2020-01-012020-12-310001577670us-gaap:CreditRiskContractMember2020-01-012020-12-310001577670us-gaap:FutureMember2019-01-012019-12-310001577670us-gaap:CreditRiskContractMember2019-01-012019-12-310001577670us-gaap:FutureMember2018-01-012018-12-310001577670us-gaap:SwapMember2018-01-012018-12-310001577670us-gaap:CreditRiskContractMember2018-01-012018-12-310001577670us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-31ladr:Class_of_Stockladr:Vote0001577670us-gaap:CommonClassBMember2020-01-012020-12-310001577670ladr:SeriesREITLPUnitsMember2020-01-012020-12-310001577670ladr:SeriesTRSLPUnitsMember2020-01-012020-12-310001577670ladr:SeriesREITLPUnitsMember2019-01-012019-12-310001577670ladr:SeriesTRSLPUnitsMember2019-01-012019-12-310001577670us-gaap:CommonClassBMember2019-01-012019-12-310001577670us-gaap:CommonClassAMemberladr:A2014ShareRepurchaseAuthorizationProgramMember2014-10-300001577670ladr:A2014ShareRepurchaseAuthorizationProgramMember2020-12-310001577670us-gaap:CommonClassAMemberladr:A2014ShareRepurchaseAuthorizationProgramMember2019-12-310001577670us-gaap:CommonClassAMemberladr:A2014ShareRepurchaseAuthorizationProgramMember2020-01-012020-12-310001577670us-gaap:CommonClassAMemberladr:A2014ShareRepurchaseAuthorizationProgramMember2020-12-310001577670us-gaap:CommonClassAMemberladr:A2014ShareRepurchaseAuthorizationProgramMember2018-12-310001577670us-gaap:CommonClassAMemberladr:A2014ShareRepurchaseAuthorizationProgramMember2019-01-012019-12-310001577670us-gaap:CommonClassAMemberladr:A2014ShareRepurchaseAuthorizationProgramMember2017-12-310001577670us-gaap:CommonClassAMemberladr:A2014ShareRepurchaseAuthorizationProgramMember2018-01-012018-12-310001577670us-gaap:CommonClassAMember2020-02-272020-02-270001577670us-gaap:CommonClassAMember2020-05-282020-05-280001577670us-gaap:CommonClassAMember2020-08-312020-08-310001577670us-gaap:CommonClassAMember2020-12-152020-12-150001577670us-gaap:CommonClassAMember2019-02-272019-02-270001577670us-gaap:CommonClassAMember2019-05-302019-05-300001577670us-gaap:CommonClassAMember2019-08-222019-08-220001577670us-gaap:CommonClassAMember2019-11-262019-11-260001577670us-gaap:CommonClassAMember2018-02-272018-02-270001577670us-gaap:CommonClassAMember2018-05-302018-05-300001577670us-gaap:CommonClassAMember2018-09-052018-09-050001577670us-gaap:CommonClassAMember2018-11-012018-11-010001577670us-gaap:CommonClassAMember2018-10-302018-10-300001577670us-gaap:CommonClassAMemberus-gaap:TaxYear2020Member2020-04-012020-04-010001577670us-gaap:CommonClassAMemberus-gaap:TaxYear2020Member2020-07-012020-07-010001577670us-gaap:CommonClassAMemberus-gaap:TaxYear2020Member2020-10-012020-10-010001577670us-gaap:CommonClassAMemberus-gaap:SubsequentEventMemberus-gaap:TaxYear2020Member2021-01-152021-01-150001577670us-gaap:CommonClassAMemberus-gaap:TaxYear2020Member2020-01-012020-12-310001577670us-gaap:TaxYear2019Memberus-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2021-01-152021-01-150001577670us-gaap:TaxYear2019Memberus-gaap:CommonClassAMember2019-04-012019-04-010001577670us-gaap:TaxYear2019Memberus-gaap:CommonClassAMember2019-07-012019-07-010001577670us-gaap:TaxYear2019Memberus-gaap:CommonClassAMember2019-10-012019-10-010001577670us-gaap:TaxYear2019Memberus-gaap:CommonClassAMember2020-01-032020-01-030001577670us-gaap:TaxYear2019Memberus-gaap:CommonClassAMember2019-01-012019-12-310001577670us-gaap:CommonClassAMemberus-gaap:TaxYear2018Member2018-01-032018-01-030001577670us-gaap:CommonClassAMemberus-gaap:TaxYear2018Member2018-04-022018-04-020001577670us-gaap:CommonClassAMemberus-gaap:TaxYear2018Member2018-07-022018-07-020001577670us-gaap:CommonClassAMemberus-gaap:TaxYear2018Member2018-10-012018-10-010001577670us-gaap:CommonClassAMemberus-gaap:TaxYear2018Member2019-01-242019-01-240001577670us-gaap:CommonClassAMemberus-gaap:TaxYear2018Member2018-01-012018-12-310001577670us-gaap:CommonClassAMemberus-gaap:TaxYear2018Member2017-01-012017-12-310001577670us-gaap:CommonClassAMember2019-01-242019-01-240001577670us-gaap:CommonClassBMember2019-01-242019-01-240001577670ladr:SeriesREITLPUnitsMember2019-01-242019-01-240001577670us-gaap:AociAttributableToNoncontrollingInterestMember2019-12-310001577670us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2019-12-310001577670us-gaap:AociAttributableToNoncontrollingInterestMember2020-01-012020-12-310001577670us-gaap:AociAttributableToNoncontrollingInterestMember2020-12-310001577670us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001577670us-gaap:AociAttributableToNoncontrollingInterestMember2018-12-310001577670us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2018-12-310001577670us-gaap:AociAttributableToNoncontrollingInterestMember2019-01-012019-12-310001577670us-gaap:AociAttributableToNoncontrollingInterestMember2017-12-310001577670us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2017-12-310001577670us-gaap:AociAttributableToNoncontrollingInterestMember2018-01-012018-12-31ladr:Joint_Venture0001577670us-gaap:CorporateJointVentureMember2020-12-310001577670us-gaap:CorporateJointVentureMembersrt:MinimumMemberladr:NoncontrollingInterestInConsolidatedJointVenturesMember2020-12-310001577670srt:MaximumMemberus-gaap:CorporateJointVentureMemberladr:NoncontrollingInterestInConsolidatedJointVenturesMember2020-12-310001577670ladr:IslaVistaCaliforniaMemberladr:StudentHousingMemberus-gaap:CorporateJointVentureMember2020-12-310001577670ladr:RichmondVirginia1Memberus-gaap:CorporateJointVentureMembersrt:OfficeBuildingMember2020-12-310001577670ladr:OaklandCountyMichiganMemberus-gaap:CorporateJointVentureMembersrt:OfficeBuildingMember2020-12-310001577670ladr:MiamiFloridaMembersrt:ApartmentBuildingMemberus-gaap:CorporateJointVentureMember2020-12-310001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2020-01-012020-12-310001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2019-01-012019-12-310001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2018-01-012018-12-310001577670us-gaap:CommonClassAMemberus-gaap:EmployeeStockOptionMember2020-01-012020-12-310001577670us-gaap:CommonClassAMemberus-gaap:EmployeeStockOptionMember2019-01-012019-12-310001577670us-gaap:CommonClassAMemberus-gaap:EmployeeStockOptionMember2018-01-012018-12-310001577670ladr:PhantomEquityInvestmentPlanMember2020-01-012020-12-310001577670ladr:PhantomEquityInvestmentPlanMember2019-01-012019-12-310001577670ladr:LadderCapitalDeferredCompensationPlanMember2018-01-012018-12-310001577670us-gaap:DividendDeclaredMemberus-gaap:CommonClassAMember2020-01-012020-12-310001577670us-gaap:DividendDeclaredMemberus-gaap:CommonClassAMember2019-01-012019-12-310001577670us-gaap:EmployeeStockOptionMember2020-01-012020-12-310001577670us-gaap:EmployeeStockOptionMember2019-01-012019-12-310001577670us-gaap:RestrictedStockMember2019-12-310001577670us-gaap:EmployeeStockOptionMember2019-12-310001577670us-gaap:RestrictedStockMember2020-01-012020-12-310001577670us-gaap:RestrictedStockMember2020-12-310001577670us-gaap:EmployeeStockOptionMember2020-12-310001577670ladr:StockOptionsWarrantsAndRightsMember2020-12-310001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2018-02-182018-02-180001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:BoardOfDirectorsMember2018-02-182018-02-180001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2018-04-232018-04-23ladr:installment0001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2018-07-192018-07-19ladr:anniversary0001577670us-gaap:RestrictedStockMemberladr:OmnibusIncentivePlan2014Memberladr:PerformanceBasedVestingMemberladr:ManagementGranteesMember2017-02-182017-02-180001577670us-gaap:RestrictedStockMemberladr:OmnibusIncentivePlan2014Memberladr:ManagementGranteesMember2020-05-270001577670us-gaap:RestrictedStockMemberladr:OmnibusIncentivePlan2014Memberladr:ManagementGranteesMember2020-01-012020-12-310001577670us-gaap:RestrictedStockMemberladr:OmnibusIncentivePlan2014Memberladr:ManagementGranteesMember2020-12-3100015776702019-02-182019-02-180001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:ManagementGranteesMember2019-02-182019-02-180001577670us-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:ManagementGranteesMember2019-02-182019-02-180001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:PerformanceBasedVestingMemberladr:ManagementGranteesMemberladr:OmnibusIncentivePlan2014Member2017-02-182017-02-180001577670ladr:NonManagementGranteeMemberus-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2019-02-182019-02-180001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:BoardOfDirectorsMember2019-02-182019-02-180001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:ManagementGranteesMember2019-01-242019-01-240001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:BoardOfDirectorsMember2019-06-042019-06-040001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:ManagementGranteesMember2019-06-042019-06-040001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2019-06-042019-06-040001577670ladr:NonManagementGranteeMemberus-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2019-07-012019-07-0100015776702020-02-182020-02-180001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:ManagementGranteesMember2020-02-182020-02-180001577670ladr:NonManagementGranteeMemberus-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2020-02-182020-02-180001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:BoardOfDirectorsMember2020-02-182020-02-180001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:BoardOfDirectorsMember2020-03-262020-03-260001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:ManagementGranteesMember2020-12-172020-12-170001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Memberladr:ManagementGranteesMember2020-12-172020-12-170001577670ladr:NonManagementGranteeMemberus-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2020-12-172020-12-170001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMember2020-02-182020-02-180001577670us-gaap:CommonClassAMemberladr:DeferredCompensationPlan2014Member2015-03-172015-03-170001577670ladr:DeferredCompensationPlan2014Member2015-03-172015-03-170001577670ladr:DeferredCompensationPlan2014Member2020-12-310001577670ladr:DeferredCompensationPlan2014Member2019-12-310001577670ladr:DeferredCompensationPlan2014PhantomUnits2Member2019-12-3100015776702020-12-160001577670us-gaap:StockCompensationPlanMember2020-12-1600015776702020-12-162020-12-3100015776702020-02-0600015776702020-02-062020-02-0600015776702019-02-0700015776702019-02-072019-02-070001577670ladr:BonusExpenseMember2020-01-012020-12-310001577670ladr:BonusExpenseMember2019-01-012019-12-310001577670ladr:BonusExpenseMember2018-01-012018-12-310001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberladr:OmnibusIncentivePlan2014Member2019-06-040001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMemberladr:OmnibusIncentivePlan2014Member2019-06-040001577670ladr:SharebasedCompensationAwardTrancheFourMemberus-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Member2019-06-040001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:SharebasedCompensationAwardTrancheFiveMemberladr:OmnibusIncentivePlan2014Member2019-06-040001577670ladr:SharebasedCompensationAwardTrancheSixMemberus-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:OmnibusIncentivePlan2014Member2019-06-040001577670us-gaap:RestrictedStockMemberus-gaap:CommonClassAMemberladr:SharebasedCompensationAwardTrancheSevenMemberladr:OmnibusIncentivePlan2014Member2019-06-040001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2020-01-012020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2020-01-012020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2020-01-012020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2020-01-012020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2020-01-012020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:ProvisionsForLoanLossesMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:ProvisionsForLoanLossesMember2020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2020-01-012020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForSaleMember2020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForSaleMember2020-01-012020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CostApproachValuationTechniqueMemberus-gaap:InvestmentInFederalHomeLoanBankStockMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CounterpartyQuotationsValuationTechniqueMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CounterpartyQuotationsValuationTechniqueMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2020-01-012020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:RepurchaseAgreementsShortTermMember2020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:RepurchaseAgreementsShortTermMember2020-01-012020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:RepurchaseAgreementsLongTermMember2020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:RepurchaseAgreementsLongTermMember2020-01-012020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RevolvingCreditFacilityMember2020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:RevolvingCreditFacilityMember2020-01-012020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2020-01-012020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:SecuredFinancingFacilityMember2020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:SecuredFinancingFacilityMember2020-01-012020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2020-01-012020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalHomeLoanBankAdvancesMember2020-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalHomeLoanBankAdvancesMember2020-01-012020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:BrokerQuotationsPricingServicesValuationTechniqueMemberus-gaap:SeniorNotesMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:BrokerQuotationsPricingServicesValuationTechniqueMemberus-gaap:SeniorNotesMember2020-01-012020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2020-01-012020-12-310001577670us-gaap:CollateralizedDebtObligationsMember2020-01-012020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2019-01-012019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2019-01-012019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2019-01-012019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2019-01-012019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2019-01-012019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2019-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2019-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForInvestmentMember2019-01-012019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:ProvisionsForLoanLossesMember2019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForSaleMember2019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:MortgageLoanReceivablesHeldForSaleMember2019-01-012019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CostApproachValuationTechniqueMemberus-gaap:InvestmentInFederalHomeLoanBankStockMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CounterpartyQuotationsValuationTechniqueMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CounterpartyQuotationsValuationTechniqueMemberus-gaap:DerivativeFinancialInstrumentsAssetsMember2019-01-012019-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:RepurchaseAgreementsShortTermMember2019-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:RepurchaseAgreementsShortTermMember2019-01-012019-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:RepurchaseAgreementsLongTermMember2019-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:RepurchaseAgreementsLongTermMember2019-01-012019-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2019-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgagesMember2019-01-012019-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalHomeLoanBankAdvancesMember2019-12-310001577670ladr:DiscountedCashFlowValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FederalHomeLoanBankAdvancesMember2019-01-012019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:BrokerQuotationsPricingServicesValuationTechniqueMemberus-gaap:SeniorNotesMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:BrokerQuotationsPricingServicesValuationTechniqueMemberus-gaap:SeniorNotesMember2019-01-012019-12-310001577670ladr:NonhedgeDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberladr:CounterpartyQuotationsValuationTechniqueMember2019-12-310001577670ladr:NonhedgeDerivativesMemberus-gaap:FairValueMeasurementsRecurringMemberladr:CounterpartyQuotationsValuationTechniqueMember2019-01-012019-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2019-01-012019-12-310001577670us-gaap:CollateralizedDebtObligationsMember2019-01-012019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2020-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2020-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2020-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001577670us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001577670us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMember2020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberus-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670us-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:FairValueInputsLevel2Member2020-12-310001577670us-gaap:FairValueInputsLevel3Member2020-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2020-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMemberus-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:MortgageLoanReceivablesHeldForSaleMember2020-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2020-12-310001577670us-gaap:FairValueInputsLevel1Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2020-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2020-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2020-12-310001577670us-gaap:InvestmentInFederalHomeLoanBankStockMember2020-12-310001577670us-gaap:InvestmentInFederalHomeLoanBankStockMemberus-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:InvestmentInFederalHomeLoanBankStockMember2020-12-310001577670us-gaap:InvestmentInFederalHomeLoanBankStockMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670ladr:RepurchaseAgreementsShortTermMember2020-12-310001577670ladr:RepurchaseAgreementsShortTermMemberus-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:RepurchaseAgreementsShortTermMember2020-12-310001577670ladr:RepurchaseAgreementsShortTermMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670ladr:RepurchaseAgreementsLongTermMember2020-12-310001577670ladr:RepurchaseAgreementsLongTermMemberus-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:RepurchaseAgreementsLongTermMember2020-12-310001577670ladr:RepurchaseAgreementsLongTermMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670us-gaap:RevolvingCreditFacilityMember2020-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:RevolvingCreditFacilityMember2020-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:RevolvingCreditFacilityMember2020-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:RevolvingCreditFacilityMember2020-12-310001577670us-gaap:MortgagesMember2020-12-310001577670us-gaap:MortgagesMemberus-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:MortgagesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001577670us-gaap:MortgagesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670ladr:SecuredFinancingFacilityMember2020-12-310001577670us-gaap:FairValueInputsLevel1Memberladr:SecuredFinancingFacilityMember2020-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:SecuredFinancingFacilityMember2020-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:SecuredFinancingFacilityMember2020-12-310001577670us-gaap:CollateralizedDebtObligationsMember2020-12-310001577670us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel1Member2020-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedDebtObligationsMember2020-12-310001577670us-gaap:CollateralizedDebtObligationsMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMember2020-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FederalHomeLoanBankAdvancesMember2020-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FederalHomeLoanBankAdvancesMember2020-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670us-gaap:SeniorNotesMember2020-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2020-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMember2020-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMember2020-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2019-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2019-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMember2019-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMemberus-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommonStockMember2019-12-310001577670us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001577670us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001577670us-gaap:DerivativeFinancialInstrumentsAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2019-12-310001577670us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeFinancialInstrumentsLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2019-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberus-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:MortgageLoanReceivablesHeldForInvestmentMember2019-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670us-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:FairValueInputsLevel2Member2019-12-310001577670us-gaap:FairValueInputsLevel3Member2019-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMember2019-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMemberus-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:MortgageLoanReceivablesHeldForSaleMember2019-12-310001577670ladr:MortgageLoanReceivablesHeldForSaleMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMember2019-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2019-12-310001577670us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2019-12-310001577670us-gaap:FairValueInputsLevel1Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2019-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2019-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:CommercialMortgageBackedSecuritiesInterestOnlyMember2019-12-310001577670us-gaap:InvestmentInFederalHomeLoanBankStockMember2019-12-310001577670us-gaap:InvestmentInFederalHomeLoanBankStockMemberus-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:InvestmentInFederalHomeLoanBankStockMember2019-12-310001577670us-gaap:InvestmentInFederalHomeLoanBankStockMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670ladr:RepurchaseAgreementsShortTermMember2019-12-310001577670ladr:RepurchaseAgreementsShortTermMemberus-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:RepurchaseAgreementsShortTermMember2019-12-310001577670ladr:RepurchaseAgreementsShortTermMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670ladr:RepurchaseAgreementsLongTermMember2019-12-310001577670ladr:RepurchaseAgreementsLongTermMemberus-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:FairValueInputsLevel2Memberladr:RepurchaseAgreementsLongTermMember2019-12-310001577670ladr:RepurchaseAgreementsLongTermMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670us-gaap:MortgagesMember2019-12-310001577670us-gaap:MortgagesMemberus-gaap:FairValueInputsLevel1Member2019-12-310001577670us-gaap:MortgagesMemberus-gaap:FairValueInputsLevel2Member2019-12-310001577670us-gaap:MortgagesMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMember2019-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:FederalHomeLoanBankAdvancesMember2019-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:FederalHomeLoanBankAdvancesMember2019-12-310001577670us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670us-gaap:SeniorNotesMember2019-12-310001577670us-gaap:FairValueInputsLevel1Memberus-gaap:SeniorNotesMember2019-12-310001577670us-gaap:FairValueInputsLevel2Memberus-gaap:SeniorNotesMember2019-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMember2019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2020-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2020-12-310001577670srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMember2020-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:MinimumMember2020-01-012020-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMember2020-01-012020-12-310001577670srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2020-01-012020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2020-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2020-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2020-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2020-01-012020-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2020-01-012020-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMember2020-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMember2020-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMember2020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2020-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2020-12-310001577670srt:MaximumMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2020-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2020-01-012020-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2020-01-012020-12-310001577670srt:MaximumMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMember2020-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMember2020-12-310001577670srt:MaximumMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMember2020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2020-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2020-12-310001577670srt:MaximumMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2020-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2020-01-012020-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2020-01-012020-12-310001577670srt:MaximumMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2020-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2020-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMembersrt:WeightedAverageMember2020-12-310001577670srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2020-12-310001577670us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2020-01-012020-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMembersrt:WeightedAverageMember2020-01-012020-12-310001577670srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2020-01-012020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2020-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2019-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2019-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2019-12-310001577670srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:MeasurementInputDiscountRateMember2019-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:MinimumMember2019-01-012019-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMembersrt:WeightedAverageMember2019-01-012019-12-310001577670srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2019-01-012019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2019-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2019-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2019-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2019-01-012019-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2019-01-012019-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMember2019-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMember2019-12-310001577670ladr:CommercialMortgageBackedSecuritiesInterestOnlyMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMember2019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2019-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2019-12-310001577670srt:MaximumMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2019-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2019-01-012019-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2019-01-012019-12-310001577670srt:MaximumMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputPrepaymentRateMember2019-12-310001577670ladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputPrepaymentRateMember2019-12-310001577670srt:MaximumMemberladr:GovernmentNationalMortgageAssociationCertificatesAndObligationsGNMAInterestOnlyMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPrepaymentRateMember2019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMember2019-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMember2019-12-310001577670srt:MaximumMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2019-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMember2019-01-012019-12-310001577670us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMember2019-01-012019-12-310001577670srt:MaximumMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2019-01-012019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2019-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2019-12-310001577670us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMembersrt:WeightedAverageMember2019-12-310001577670srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2019-12-310001577670us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2019-01-012019-12-310001577670us-gaap:FairValueInputsLevel3Memberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMembersrt:WeightedAverageMember2019-01-012019-12-310001577670srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberladr:GovernmentNationalMortgageAssociationPermanentSecuritiesMember2019-01-012019-12-310001577670ladr:InternalModelThirdPartyInputsValuationTechniqueMemberus-gaap:FairValueInputsLevel3Member2019-12-310001577670us-gaap:OtherAssetsMember2020-12-310001577670us-gaap:OtherAssetsMember2019-12-3100015776702019-01-012019-01-310001577670us-gaap:AccruedLiabilitiesMember2020-12-310001577670us-gaap:AccruedLiabilitiesMember2019-12-310001577670ladr:AmountPayablePursuanttoTaxReceivableAgreementMember2020-12-310001577670ladr:AmountPayablePursuanttoTaxReceivableAgreementMember2019-12-310001577670srt:AffiliatedEntityMember2016-10-180001577670srt:AffiliatedEntityMember2020-06-222020-06-220001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2020-12-310001577670ladr:MortgageLoanReceivablesHeldForInvestmentMember2019-12-31ladr:segment0001577670ladr:LoansSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2020-01-012020-12-310001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2020-01-012020-12-310001577670us-gaap:CorporateNonSegmentMember2020-01-012020-12-310001577670ladr:LoansSegmentMemberus-gaap:OperatingSegmentsMember2020-12-310001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2020-12-310001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2020-12-310001577670us-gaap:CorporateNonSegmentMember2020-12-310001577670ladr:LoansSegmentMemberus-gaap:OperatingSegmentsMember2019-01-012019-12-310001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2019-01-012019-12-310001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2019-01-012019-12-310001577670us-gaap:CorporateNonSegmentMember2019-01-012019-12-310001577670ladr:LoansSegmentMemberus-gaap:OperatingSegmentsMember2019-12-310001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2019-12-310001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2019-12-310001577670us-gaap:CorporateNonSegmentMember2019-12-310001577670ladr:LoansSegmentMemberus-gaap:OperatingSegmentsMember2018-01-012018-12-310001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2018-01-012018-12-310001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2018-01-012018-12-310001577670us-gaap:CorporateNonSegmentMember2018-01-012018-12-310001577670ladr:LoansSegmentMemberus-gaap:OperatingSegmentsMember2018-12-310001577670us-gaap:OperatingSegmentsMemberladr:AvailableForSaleSecuritiesSegmentMember2018-12-310001577670us-gaap:OperatingSegmentsMemberladr:RealEstateSegmentMember2018-12-310001577670us-gaap:CorporateNonSegmentMember2018-12-310001577670us-gaap:OperatingSegmentsMember2020-12-310001577670us-gaap:OperatingSegmentsMember2019-12-310001577670ladr:SeniorUnsecuredNotesMemberus-gaap:CorporateNonSegmentMember2020-12-310001577670ladr:SeniorUnsecuredNotesMemberus-gaap:CorporateNonSegmentMember2019-12-3100015776702020-07-012020-09-3000015776702020-01-012020-03-310001577670us-gaap:CommonClassAMember2020-10-012020-12-310001577670us-gaap:CommonClassAMember2020-07-012020-09-300001577670us-gaap:CommonClassAMember2020-04-012020-06-300001577670us-gaap:CommonClassAMember2020-01-012020-03-3100015776702019-10-012019-12-3100015776702019-07-012019-09-3000015776702019-04-012019-06-300001577670us-gaap:CommonClassAMember2019-10-012019-12-310001577670us-gaap:CommonClassAMember2019-07-012019-09-300001577670us-gaap:CommonClassAMember2019-04-012019-06-300001577670us-gaap:CommonClassAMember2019-01-012019-03-310001577670us-gaap:SeniorNotesMemberus-gaap:SubsequentEventMemberladr:SeniorNotesDue2021Member2021-01-270001577670us-gaap:SeniorNotesMemberus-gaap:SubsequentEventMemberladr:SeniorNotesDue2021Member2021-01-272021-01-270001577670us-gaap:SubsequentEventMember2021-01-272021-01-270001577670srt:RetailSiteMemberladr:NewburghINMember2020-12-310001577670srt:RetailSiteMemberladr:NewburghINMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:LittleFallsMNMember2020-12-310001577670srt:RetailSiteMemberladr:LittleFallsMNMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:NewburghIN1Member2020-12-310001577670srt:RetailSiteMemberladr:NewburghIN1Member2020-01-012020-12-310001577670srt:RetailSiteMemberladr:IsantiMNMember2020-12-310001577670srt:RetailSiteMemberladr:IsantiMNMember2020-01-012020-12-310001577670ladr:WaterlooIAMembersrt:RetailSiteMember2020-12-310001577670ladr:WaterlooIAMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:SiouxCityIAMembersrt:RetailSiteMember2020-12-310001577670ladr:SiouxCityIAMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:WardsvilleMOMembersrt:RetailSiteMember2020-12-310001577670ladr:WardsvilleMOMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:KincheloeMIMembersrt:RetailSiteMember2020-12-310001577670ladr:KincheloeMIMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:ClintonINMember2020-12-310001577670srt:RetailSiteMemberladr:ClintonINMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:SaginawMIMember2020-12-310001577670srt:RetailSiteMemberladr:SaginawMIMember2020-01-012020-12-310001577670ladr:RollaMOMembersrt:RetailSiteMember2020-12-310001577670ladr:RollaMOMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:SullivanIllinoisMember2020-12-310001577670srt:RetailSiteMemberladr:SullivanIllinoisMember2020-01-012020-12-310001577670ladr:BeckerMinnesotaMembersrt:RetailSiteMember2020-12-310001577670ladr:BeckerMinnesotaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:AdrianMissouriMembersrt:RetailSiteMember2020-12-310001577670ladr:AdrianMissouriMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:ChilicotheILMembersrt:RetailSiteMember2020-12-310001577670ladr:ChilicotheILMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:PoseyvilleIndianaMembersrt:RetailSiteMember2020-12-310001577670ladr:PoseyvilleIndianaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:DexterMissouriMembersrt:RetailSiteMember2020-12-310001577670ladr:DexterMissouriMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:HubbardLakeMIMembersrt:RetailSiteMember2020-12-310001577670ladr:HubbardLakeMIMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:FayetteMissouriMember2020-12-310001577670srt:RetailSiteMemberladr:FayetteMissouriMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:CentraliaIllinoisMember2020-12-310001577670srt:RetailSiteMemberladr:CentraliaIllinoisMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:TrentonMissouriMember2020-12-310001577670srt:RetailSiteMemberladr:TrentonMissouriMember2020-01-012020-12-310001577670ladr:HoughtonLakeMichiganMembersrt:RetailSiteMember2020-12-310001577670ladr:HoughtonLakeMichiganMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:PelicanRapidsMNMember2020-12-310001577670srt:RetailSiteMemberladr:PelicanRapidsMNMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:CarthageMOMember2020-12-310001577670srt:RetailSiteMemberladr:CarthageMOMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:BolivarMOMember2020-12-310001577670srt:RetailSiteMemberladr:BolivarMOMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:PinconningMIMember2020-12-310001577670srt:RetailSiteMemberladr:PinconningMIMember2020-01-012020-12-310001577670ladr:NewHamptonIAMembersrt:RetailSiteMember2020-12-310001577670ladr:NewHamptonIAMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:OgdenIAMembersrt:RetailSiteMember2020-12-310001577670ladr:OgdenIAMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:WonderLakeILMembersrt:RetailSiteMember2020-12-310001577670ladr:WonderLakeILMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:MoscowMillsMOMember2020-12-310001577670srt:RetailSiteMemberladr:MoscowMillsMOMember2020-01-012020-12-310001577670ladr:FoleyMNMembersrt:RetailSiteMember2020-12-310001577670ladr:FoleyMNMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:KirbyvilleMOMembersrt:RetailSiteMember2020-12-310001577670ladr:KirbyvilleMOMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:GladwinMIMembersrt:RetailSiteMember2020-12-310001577670ladr:GladwinMIMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:RockfordMinnesotaMember2020-12-310001577670srt:RetailSiteMemberladr:RockfordMinnesotaMember2020-01-012020-12-310001577670ladr:WintersetIowaMembersrt:RetailSiteMember2020-12-310001577670ladr:WintersetIowaMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:KawkawlinMichiganMember2020-12-310001577670srt:RetailSiteMemberladr:KawkawlinMichiganMember2020-01-012020-12-310001577670ladr:AromaParkIllinoisMembersrt:RetailSiteMember2020-12-310001577670ladr:AromaParkIllinoisMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:EastPeoriaIllinoisMember2020-12-310001577670srt:RetailSiteMemberladr:EastPeoriaIllinoisMember2020-01-012020-12-310001577670ladr:MilfordIowaMembersrt:RetailSiteMember2020-12-310001577670ladr:MilfordIowaMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:JeffersonCityMissouriMember2020-12-310001577670srt:RetailSiteMemberladr:JeffersonCityMissouriMember2020-01-012020-12-310001577670ladr:DenverIowaMembersrt:RetailSiteMember2020-12-310001577670ladr:DenverIowaMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:PortOConnorTexasMember2020-12-310001577670srt:RetailSiteMemberladr:PortOConnorTexasMember2020-01-012020-12-310001577670ladr:WabashaMinnesotaMembersrt:RetailSiteMember2020-12-310001577670ladr:WabashaMinnesotaMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:JacksonvilleFloridaMember2020-12-310001577670srt:RetailSiteMemberladr:JacksonvilleFloridaMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:ShelbyvilleIllinoisMember2020-12-310001577670srt:RetailSiteMemberladr:ShelbyvilleIllinoisMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:JesupIowaMember2020-12-310001577670srt:RetailSiteMemberladr:JesupIowaMember2020-01-012020-12-310001577670ladr:HannaCityIllinoisMembersrt:RetailSiteMember2020-12-310001577670ladr:HannaCityIllinoisMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:RidgedaleMissouriMembersrt:RetailSiteMember2020-12-310001577670ladr:RidgedaleMissouriMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:PeoriaIllinoisMember2020-12-310001577670srt:RetailSiteMemberladr:PeoriaIllinoisMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:CarmiIllinoisMember2020-12-310001577670srt:RetailSiteMemberladr:CarmiIllinoisMember2020-01-012020-12-310001577670ladr:SpringfieldIllinoisMembersrt:RetailSiteMember2020-12-310001577670ladr:SpringfieldIllinoisMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:FayettevilleNorthCarolinaMember2020-12-310001577670srt:RetailSiteMemberladr:FayettevilleNorthCarolinaMember2020-01-012020-12-310001577670ladr:DrydenMichiganMembersrt:RetailSiteMember2020-12-310001577670ladr:DrydenMichiganMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:LamarMissouriMembersrt:RetailSiteMember2020-12-310001577670ladr:LamarMissouriMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:UnionMissouriMembersrt:RetailSiteMember2020-12-310001577670ladr:UnionMissouriMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:PawneeIllinoisMembersrt:RetailSiteMember2020-12-310001577670ladr:PawneeIllinoisMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:LinnMissouriMember2020-12-310001577670srt:RetailSiteMemberladr:LinnMissouriMember2020-01-012020-12-310001577670ladr:CapeGirardeauMissouriMembersrt:RetailSiteMember2020-12-310001577670ladr:CapeGirardeauMissouriMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:DecaturIllinoisOneMember2020-12-310001577670srt:RetailSiteMemberladr:DecaturIllinoisOneMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:RantoulIllinoisMember2020-12-310001577670srt:RetailSiteMemberladr:RantoulIllinoisMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:FloraVistaNewMexicoMember2020-12-310001577670srt:RetailSiteMemberladr:FloraVistaNewMexicoMember2020-01-012020-12-310001577670ladr:MountainGroveMissouriMembersrt:RetailSiteMember2020-12-310001577670ladr:MountainGroveMissouriMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:DecaturIllinoisTwoMembersrt:RetailSiteMember2020-12-310001577670ladr:DecaturIllinoisTwoMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:ChampaignIllinoisMember2020-12-310001577670srt:RetailSiteMemberladr:ChampaignIllinoisMember2020-01-012020-12-310001577670ladr:SanAntonioTexasMembersrt:RetailSiteMember2020-12-310001577670ladr:SanAntonioTexasMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:BorgerTexasMember2020-12-310001577670srt:RetailSiteMemberladr:BorgerTexasMember2020-01-012020-12-310001577670ladr:DimmittTexasMembersrt:RetailSiteMember2020-12-310001577670ladr:DimmittTexasMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:St.CharlesMinnesotaMember2020-12-310001577670srt:RetailSiteMemberladr:St.CharlesMinnesotaMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:PhiloIllinoisMember2020-12-310001577670srt:RetailSiteMemberladr:PhiloIllinoisMember2020-01-012020-12-310001577670ladr:RadfordVirginiaMembersrt:RetailSiteMember2020-12-310001577670ladr:RadfordVirginiaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:RuralRetreatVirginiaMembersrt:RetailSiteMember2020-12-310001577670ladr:RuralRetreatVirginiaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:AlbionPennsylvaniaMembersrt:RetailSiteMember2020-12-310001577670ladr:AlbionPennsylvaniaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:MountVernonAlabamaMembersrt:RetailSiteMember2020-12-310001577670ladr:MountVernonAlabamaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:MaloneNewYorkMembersrt:RetailSiteMember2020-12-310001577670ladr:MaloneNewYorkMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:MercedesTexasMember2020-12-310001577670srt:RetailSiteMemberladr:MercedesTexasMember2020-01-012020-12-310001577670ladr:GordonvilleMissouriMembersrt:RetailSiteMember2020-12-310001577670ladr:GordonvilleMissouriMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:RiceMinnesotaMember2020-12-310001577670srt:RetailSiteMemberladr:RiceMinnesotaMember2020-01-012020-12-310001577670ladr:BixbyOklahomaMembersrt:RetailSiteMember2020-12-310001577670ladr:BixbyOklahomaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:FarmingtonIllinoisMembersrt:RetailSiteMember2020-12-310001577670ladr:FarmingtonIllinoisMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:GroveOklahomaMembersrt:RetailSiteMember2020-12-310001577670ladr:GroveOklahomaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:JenksOklahomaMembersrt:RetailSiteMember2020-12-310001577670ladr:JenksOklahomaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:BloomingtonIllinoisMembersrt:RetailSiteMember2020-12-310001577670ladr:BloomingtonIllinoisMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:MontroseMinnesotaMember2020-12-310001577670srt:RetailSiteMemberladr:MontroseMinnesotaMember2020-01-012020-12-310001577670ladr:LincolnCountyMissouriMembersrt:RetailSiteMember2020-12-310001577670ladr:LincolnCountyMissouriMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:WilmingtonIllinoisMember2020-12-310001577670srt:RetailSiteMemberladr:WilmingtonIllinoisMember2020-01-012020-12-310001577670ladr:DanvilleIllinoisMembersrt:RetailSiteMember2020-12-310001577670ladr:DanvilleIllinoisMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:MoultrieGeorgiaMember2020-12-310001577670srt:RetailSiteMemberladr:MoultrieGeorgiaMember2020-01-012020-12-310001577670ladr:RoseHillNorthCarolinaMembersrt:RetailSiteMember2020-12-310001577670ladr:RoseHillNorthCarolinaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:RockinghamNorthCarolinaMembersrt:RetailSiteMember2020-12-310001577670ladr:RockinghamNorthCarolinaMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:BiscoeNorthCarolinaMember2020-12-310001577670srt:RetailSiteMemberladr:BiscoeNorthCarolinaMember2020-01-012020-12-310001577670ladr:DeSotaIowaMemberMembersrt:RetailSiteMember2020-12-310001577670ladr:DeSotaIowaMemberMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:KerrvilleTexasMember2020-12-310001577670srt:RetailSiteMemberladr:KerrvilleTexasMember2020-01-012020-12-310001577670ladr:FloresvilleTexasMembersrt:RetailSiteMember2020-12-310001577670ladr:FloresvilleTexasMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:MinotNorthDakotaMembersrt:RetailSiteMember2020-12-310001577670ladr:MinotNorthDakotaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:LebanonMichiganMembersrt:RetailSiteMember2020-12-310001577670ladr:LebanonMichiganMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:EffinghamCountyIllinoisMembersrt:RetailSiteMember2020-12-310001577670ladr:EffinghamCountyIllinoisMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:PoncePuertoRicoMembersrt:RetailSiteMember2020-12-310001577670ladr:PoncePuertoRicoMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:TremontIllinoisMember2020-12-310001577670srt:RetailSiteMemberladr:TremontIllinoisMember2020-01-012020-12-310001577670ladr:PleasantonTexasMembersrt:RetailSiteMember2020-12-310001577670ladr:PleasantonTexasMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:PeoriaIllinois2Member2020-12-310001577670srt:RetailSiteMemberladr:PeoriaIllinois2Member2020-01-012020-12-310001577670srt:RetailSiteMemberladr:BridgeportIllinoisMember2020-12-310001577670srt:RetailSiteMemberladr:BridgeportIllinoisMember2020-01-012020-12-310001577670ladr:WarrenMinnesotaMembersrt:RetailSiteMember2020-12-310001577670ladr:WarrenMinnesotaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:CanyonLakeTexasMembersrt:RetailSiteMember2020-12-310001577670ladr:CanyonLakeTexasMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:WheelerTexasMembersrt:RetailSiteMember2020-12-310001577670ladr:WheelerTexasMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:AuroraMinnesotaMembersrt:RetailSiteMember2020-12-310001577670ladr:AuroraMinnesotaMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:RedOakIowaMember2020-12-310001577670srt:RetailSiteMemberladr:RedOakIowaMember2020-01-012020-12-310001577670ladr:ZapataTexasMembersrt:RetailSiteMember2020-12-310001577670ladr:ZapataTexasMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:St.FrancisMinnesotaMembersrt:RetailSiteMember2020-12-310001577670ladr:St.FrancisMinnesotaMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:YorktownTexasMember2020-12-310001577670srt:RetailSiteMemberladr:YorktownTexasMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:BattleLakeMinnesotaMember2020-12-310001577670srt:RetailSiteMemberladr:BattleLakeMinnesotaMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:PaynesvilleMinnesotaMember2020-12-310001577670srt:RetailSiteMemberladr:PaynesvilleMinnesotaMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:WheatonMissouriMember2020-12-310001577670srt:RetailSiteMemberladr:WheatonMissouriMember2020-01-012020-12-310001577670ladr:RotterdamNewYorkMembersrt:RetailSiteMember2020-12-310001577670ladr:RotterdamNewYorkMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:HilliardOhioMembersrt:RetailSiteMember2020-12-310001577670ladr:HilliardOhioMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:NilesOhioMember2020-12-310001577670srt:RetailSiteMemberladr:NilesOhioMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:YoungstownOhioMember2020-12-310001577670srt:RetailSiteMemberladr:YoungstownOhioMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:KingsMountainNorthCarolinaMember2020-12-310001577670srt:RetailSiteMemberladr:KingsMountainNorthCarolinaMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:IberiaMissouriMember2020-12-310001577670srt:RetailSiteMemberladr:IberiaMissouriMember2020-01-012020-12-310001577670ladr:PineIslandMinnesotaMembersrt:RetailSiteMember2020-12-310001577670ladr:PineIslandMinnesotaMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:IsleMinnesotaMember2020-12-310001577670srt:RetailSiteMemberladr:IsleMinnesotaMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:JacksonvilleNorthCarolinaMember2020-12-310001577670srt:RetailSiteMemberladr:JacksonvilleNorthCarolinaMember2020-01-012020-12-310001577670ladr:EvansvilleIndianaMembersrt:RetailSiteMember2020-12-310001577670ladr:EvansvilleIndianaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:WoodlandParkColoradoMembersrt:RetailSiteMember2020-12-310001577670ladr:WoodlandParkColoradoMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:AnkenyIowaMembersrt:RetailSiteMember2020-12-310001577670ladr:AnkenyIowaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:SpringfieldMissouriMembersrt:RetailSiteMember2020-12-310001577670ladr:SpringfieldMissouriMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:CedarRapidsIowaMembersrt:RetailSiteMember2020-12-310001577670ladr:CedarRapidsIowaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:FairfieldIowaMembersrt:RetailSiteMember2020-12-310001577670ladr:FairfieldIowaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:OwatonnaMinnesotaMembersrt:RetailSiteMember2020-12-310001577670ladr:OwatonnaMinnesotaMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:MuscatineIowaMember2020-12-310001577670srt:RetailSiteMemberladr:MuscatineIowaMember2020-01-012020-12-310001577670ladr:SheldonIowaMembersrt:RetailSiteMember2020-12-310001577670ladr:SheldonIowaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:MemphisTennesseeMembersrt:RetailSiteMember2020-12-310001577670ladr:MemphisTennesseeMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:BennettColoradoMember2020-12-310001577670srt:RetailSiteMemberladr:BennettColoradoMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:ConyersGeorgiaMember2020-12-310001577670srt:RetailSiteMemberladr:ConyersGeorgiaMember2020-01-012020-12-310001577670ladr:OFallonIllinoisMembersrt:RetailSiteMember2020-12-310001577670ladr:OFallonIllinoisMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:ElCentroCaliforniaMember2020-12-310001577670srt:RetailSiteMemberladr:ElCentroCaliforniaMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:DurantOklahomaMember2020-12-310001577670srt:RetailSiteMemberladr:DurantOklahomaMember2020-01-012020-12-310001577670ladr:GallatinTennesseeMembersrt:RetailSiteMember2020-12-310001577670ladr:GallatinTennesseeMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:Mt.AiryNorthCarolinaMember2020-12-310001577670srt:RetailSiteMemberladr:Mt.AiryNorthCarolinaMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:AikenSouthCarolinaMember2020-12-310001577670srt:RetailSiteMemberladr:AikenSouthCarolinaMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:JohnsonCityTennesseeMember2020-12-310001577670srt:RetailSiteMemberladr:JohnsonCityTennesseeMember2020-01-012020-12-310001577670ladr:PalmviewTexasMembersrt:RetailSiteMember2020-12-310001577670ladr:PalmviewTexasMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:OoltewahTennesseeMember2020-12-310001577670srt:RetailSiteMemberladr:OoltewahTennesseeMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:AbingdonVirginiaMember2020-12-310001577670srt:RetailSiteMemberladr:AbingdonVirginiaMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:WichitaKansasMember2020-12-310001577670srt:RetailSiteMemberladr:WichitaKansasMember2020-01-012020-12-310001577670ladr:NorthDartsmouthMassachusettsMembersrt:RetailSiteMember2020-12-310001577670ladr:NorthDartsmouthMassachusettsMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:VinelandNewJerseyMembersrt:RetailSiteMember2020-12-310001577670ladr:VinelandNewJerseyMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:SaratogaSpringsNewYorkMembersrt:RetailSiteMember2020-12-310001577670ladr:SaratogaSpringsNewYorkMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:WaldorfMarylandMember2020-12-310001577670srt:RetailSiteMemberladr:WaldorfMarylandMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:MooresvilleNorthCarolinaMember2020-12-310001577670srt:RetailSiteMemberladr:MooresvilleNorthCarolinaMember2020-01-012020-12-310001577670ladr:SennettNewYorkMembersrt:RetailSiteMember2020-12-310001577670ladr:SennettNewYorkMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:DeLeonSpringsFloridaMembersrt:RetailSiteMember2020-12-310001577670ladr:DeLeonSpringsFloridaMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:OrangeCityFloridaMember2020-12-310001577670srt:RetailSiteMemberladr:OrangeCityFloridaMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:SatsumaFloridaMember2020-12-310001577670srt:RetailSiteMemberladr:SatsumaFloridaMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:GreenwoodArkansasMember2020-12-310001577670srt:RetailSiteMemberladr:GreenwoodArkansasMember2020-01-012020-12-310001577670ladr:SnellvilleGeorgiaMembersrt:RetailSiteMember2020-12-310001577670ladr:SnellvilleGeorgiaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:ColumbiaSouthCarolinaMembersrt:RetailSiteMember2020-12-310001577670ladr:ColumbiaSouthCarolinaMembersrt:RetailSiteMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:MillbrookAlabamaMember2020-12-310001577670srt:RetailSiteMemberladr:MillbrookAlabamaMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:PittsfieldMassachusettsMember2020-12-310001577670srt:RetailSiteMemberladr:PittsfieldMassachusettsMember2020-01-012020-12-310001577670srt:RetailSiteMemberladr:SpartanburgSouthCarolinaMember2020-12-310001577670srt:RetailSiteMemberladr:SpartanburgSouthCarolinaMember2020-01-012020-12-310001577670ladr:TupeloMississippiMembersrt:RetailSiteMember2020-12-310001577670ladr:TupeloMississippiMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:LilburnGeorgiaMembersrt:RetailSiteMember2020-12-310001577670ladr:LilburnGeorgiaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:DouglasvilleGeorgiaMembersrt:RetailSiteMember2020-12-310001577670ladr:DouglasvilleGeorgiaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:ElktonMarylandMembersrt:RetailSiteMember2020-12-310001577670ladr:ElktonMarylandMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:LexingtonSouthCarolinaMembersrt:RetailSiteMember2020-12-310001577670ladr:LexingtonSouthCarolinaMembersrt:RetailSiteMember2020-01-012020-12-310001577670ladr:SanDiegoCAMemberladr:DiversifiedMember2020-12-310001577670ladr:SanDiegoCAMemberladr:DiversifiedMember2020-01-012020-12-310001577670ladr:FortWorthAndArlingtonTXMemberladr:DiversifiedMember2020-01-012020-12-310001577670ladr:DiversifiedMemberladr:OmahaNE2Member2020-12-310001577670ladr:DiversifiedMemberladr:OmahaNE2Member2020-01-012020-12-310001577670ladr:IslaVistaCaliforniaMemberladr:DiversifiedMember2020-12-310001577670ladr:IslaVistaCaliforniaMemberladr:DiversifiedMember2020-01-012020-12-310001577670ladr:DiversifiedMemberladr:CrumLaynnePennsylvaniaMember2020-12-310001577670ladr:DiversifiedMemberladr:CrumLaynnePennsylvaniaMember2020-01-012020-12-310001577670ladr:MiamiFlorida2Memberladr:DiversifiedMember2020-12-310001577670ladr:MiamiFlorida2Memberladr:DiversifiedMember2020-01-012020-12-310001577670ladr:PeoriaIL3Memberladr:DiversifiedMember2020-12-310001577670ladr:PeoriaIL3Memberladr:DiversifiedMember2020-01-012020-12-310001577670ladr:WayneNewJerseyMemberladr:DiversifiedMember2020-12-310001577670ladr:WayneNewJerseyMemberladr:DiversifiedMember2020-01-012020-12-310001577670ladr:CarmelNewYorkMemberladr:DiversifiedMember2020-12-310001577670ladr:CarmelNewYorkMemberladr:DiversifiedMember2020-01-012020-12-310001577670ladr:RichmondVirginia1Memberladr:DiversifiedMember2020-12-310001577670ladr:RichmondVirginia1Memberladr:DiversifiedMember2020-01-012020-12-310001577670ladr:OaklandCountyMichiganMemberladr:DiversifiedMember2020-12-310001577670ladr:OaklandCountyMichiganMemberladr:DiversifiedMember2020-01-012020-12-310001577670ladr:DiversifiedMember2020-12-310001577670ladr:MiamiFloridaMembersrt:MultifamilyMember2020-12-310001577670us-gaap:CommercialRealEstateMember2019-12-310001577670us-gaap:ResidentialRealEstateMember2019-12-310001577670us-gaap:CommercialRealEstateMember2020-01-012020-12-310001577670us-gaap:ResidentialRealEstateMember2020-01-012020-12-310001577670us-gaap:CommercialRealEstateMember2020-12-310001577670us-gaap:ResidentialRealEstateMember2020-12-310001577670us-gaap:CommercialRealEstateMember2018-12-310001577670us-gaap:ResidentialRealEstateMember2018-12-310001577670us-gaap:CommercialRealEstateMember2019-01-012019-12-310001577670us-gaap:ResidentialRealEstateMember2019-01-012019-12-310001577670us-gaap:CommercialRealEstateMember2017-12-310001577670us-gaap:ResidentialRealEstateMember2017-12-310001577670us-gaap:CommercialRealEstateMember2018-01-012018-12-310001577670us-gaap:ResidentialRealEstateMember2018-01-012018-12-310001577670srt:MaximumMemberladr:FirstMortgagesIndividuallyGreaterThanThreePercentMembersrt:MultifamilyMember2020-01-012020-12-310001577670ladr:FirstMortgagesIndividuallyGreaterThanThreePercentMembersrt:MinimumMembersrt:MultifamilyMember2020-01-012020-12-310001577670ladr:FirstMortgagesIndividuallyGreaterThanThreePercentMembersrt:MultifamilyMember2020-12-310001577670ladr:HotelIndustrialLandMobileHomeParkMixedUseMultiFamilyOfficeRetailSelfStorageAndCondominiumMemberladr:FirstMortgagesIndividuallyGreaterThanThreePercentMembersrt:MinimumMember2020-01-012020-12-310001577670ladr:HotelIndustrialLandMobileHomeParkMixedUseMultiFamilyOfficeRetailSelfStorageAndCondominiumMembersrt:MaximumMemberladr:FirstMortgagesIndividuallyGreaterThanThreePercentMember2020-01-012020-12-310001577670ladr:HotelIndustrialLandMobileHomeParkMixedUseMultiFamilyOfficeRetailSelfStorageAndCondominiumMemberladr:FirstMortgagesIndividuallyLessThanThreePercentMember2020-12-310001577670us-gaap:FirstMortgageMember2020-12-310001577670ladr:FirstMortgagesIndividuallyGreaterThanThreePercentMembersrt:MinimumMemberladr:HotelIndustrialLandMobileHomeParkMixedUseMultifamilyOfficeOtherCommercialRetailMember2020-01-012020-12-310001577670srt:MaximumMemberladr:FirstMortgagesIndividuallyGreaterThanThreePercentMemberladr:HotelIndustrialLandMobileHomeParkMixedUseMultifamilyOfficeOtherCommercialRetailMember2020-01-012020-12-310001577670ladr:SubordinateMortgagesIndividuallyLessThanThreePercentMemberladr:HotelIndustrialLandMobileHomeParkMixedUseMultifamilyOfficeOtherCommercialRetailMember2020-12-310001577670us-gaap:SecondMortgageMember2020-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

Form 10-K

 

(Mark One)

 

☒     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2020

 

Or

 

☐         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from      to      

 

Commission file number:

001-36299

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol(s)			Name of Each Exchange on Which Registered
Class A common stock, $0.001 par value			LADR			New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  ☒  No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes  ☐  No  ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒  No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒  No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): 

Yes ☐  No ☒

The aggregate market value of the Class A common stock held by non-affiliates of the registrant was $855,736,869 as of June 30, 2020, based on the closing price of the registrant’s Class A common stock reported on the New York Stock Exchange on such date of $8.10 per share. The registrant has no non-voting common stock.

 

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

 

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the definitive proxy statement for the Company’s 2021 Annual Meeting of Shareholders have been incorporated by reference into Part III of this Report.

LADDER CAPITAL CORP

 

FORM 10-K

December 31, 2020

Index

Page

PART I

Item 1.

Business

5

Item 1A.

Risk Factors

22

Item 1B.

Unresolved Staff Comments

56

Item 2.

Properties

57

Item 3.

Legal Proceedings

57

Item 4.

Mine Safety Disclosures

57

PART II

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities

58

Item 6.

Selected Financial Data

61

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

63

Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

88

Item 8.

Financial Statements and Supplementary Data

91

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

194

Item 9A.

Controls and Procedures

194

Item 9B.

Other Information

195

PART III

Item 10.

Directors, Executive Officers and Corporate Governance

196

Item 11.

Executive Compensation

196

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

196

Item 13.

Certain Relationships and Related Transactions, and Director Independence

196

Item 14.

Principal Accounting Fees and Services

196

PART IV

Item 15.

Exhibits and Financial Statement Schedules

197

Item 16.

Form 10-K Summary

197

EXHIBIT INDEX

SIGNATURES

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

This Annual Report on Form 10-K (this “Annual Report”) includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact contained in this Annual Report, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “should,” “can have,” “likely,” “continue,” “design,” and other words and terms of similar expressions are intended to identify forward-looking statements.

 

We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ from those expressed in our forward-looking statements. Our future financial position and results of operations, as well as any forward-looking statements are subject to change and inherent risks and uncertainties. You should consider our forward-looking statements in light of a number of factors that may cause actual results to vary from our forward-looking statements including, but not limited to:

 

•risks discussed under the heading “Risk Factors” in this Annual Report, as well as our consolidated financial statements, related notes, and the other financial information appearing elsewhere in this Annual Report and our other filings with the United States Securities and Exchange Commission (“SEC”);

•the ongoing impact of the COVID-19 pandemic and of responsive measures implemented by various governmental authorities, businesses and other third parties;

•the impact of the new U.S. presidential administration and congressional majority on the regulatory landscape, capital markets, and the response to, and management of, the COVID-19 pandemic;

•changes in general economic conditions, in our industry and in the commercial finance and the real estate markets;

•changes to our business and investment strategy;

•our ability to obtain and maintain financing arrangements;

•the financing and advance rates for our assets, including the potential effects of LIBOR replacement rates;

•our actual and expected leverage and liquidity;

•the adequacy of collateral securing our loan portfolio and a decline in the fair value of our assets;

•interest rate mismatches between our assets and our borrowings used to fund such investments;

•changes in interest rates and the market value of our assets;

•changes in prepayment rates on our mortgages and the loans underlying our mortgage-backed and other asset-backed securities;

•the effects of hedging instruments and the degree to which our hedging strategies may or may not protect us from interest rate and credit risk volatility;

•the increased rate of default or decreased recovery rates on our assets;

•the adequacy of our policies, procedures and systems for managing risk effectively;

•a potential downgrade in the credit ratings assigned to Ladder or our investments;

•our compliance with, and the impact of and changes in laws, governmental regulations, accounting guidance and similar matters;

•our ability to maintain our qualification as a real estate investment trust (“REIT”) for U.S. federal income tax purposes and our ability and the ability of our subsidiaries to operate in compliance with REIT requirements;

•our ability and the ability of our subsidiaries to maintain our and their exemptions from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”);

•potential liability relating to environmental matters that impact the value of properties we may acquire or the properties underlying our investments;

•the inability of insurance covering real estate underlying our loans and investments to cover all losses;

•the availability of investment opportunities in mortgage-related and real estate-related instruments and other securities;

•fraud by potential borrowers;

•the availability of qualified personnel;

•the impact of any tax legislation or IRS guidance;

•the degree and nature of our competition; and

•the market trends in our industry, interest rates, real estate values and the debt securities markets.

 

You should not rely upon forward-looking statements as predictions of future events. In addition, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The forward-looking statements contained in this Annual Report are made as of the date hereof, and the Company assumes no obligation to update or supplement any forward-looking statements.

REFERENCES TO LADDER CAPITAL CORP

 

Ladder Capital Corp is a holding company, and its primary assets are a controlling equity interest in Ladder Capital Finance Holdings LLLP (“LCFH” or the “Operating Partnership”) and in each series thereof, directly or indirectly. Unless the context suggests otherwise, references in this report to “Ladder,” “Ladder Capital,” the “Company,” “we,” “us” and “our” refer (1) prior to the February 2014 initial public offering (“IPO”) of the Class A common stock of Ladder Capital Corp and related transactions, to LCFH (“Predecessor”) and its consolidated subsidiaries and (2) after our IPO and related transactions, to Ladder Capital Corp and its consolidated subsidiaries.