LADR — what changed in the latest 10-Q
A section-by-section comparison of LADR's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-26 vs the prior 10-Q · 2026-07-27
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +57 | −52 | ~83 | 73 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~5 | 15 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-26
Activity for the three months ended September 30, 2026 included fundings of $200.4 million and paydowns of $37.9 million, which contributed to a $161.0 million increase in commercial mortgage loans. Activity for the three months ended September 30, 2026 included securities purchases of $481.0 millio…
The $2.2 million increase in interest income was primarily attributable to net originations within our loan portfolio. There was a $5.7 million decrease in average securities investments from the three months ended June 30, 2026 to three months ended September 30, 2026. The average balance was $2.1 …
The $1.6 million increase in interest expense was primarily attributable to an increase in usage of our Unsecured Corporate Revolver, our Term Loan Facility and our securities and loan repurchase facilities.
As of September 30, 2026 and June 30, 2026, the weighted average yield on our mortgage loan receivables was 7.4% and 7.2%, respectively. As of September 30, 2026, the weighted average interest rate on borrowings against our mortgage loan receivables was 5.3%, compared to 5.1% as of June 30, 2026. As…
As of September 30, 2026 and June 30, 2026, the weighted average yield on our securities was 5.5% and 5.2%, respectively. As of September 30, 2026 and June 30, 2026, the weighted average interest rate on borrowings against our securities was 4.4% and 4.1%, respectively. As of September 30, 2026, we …
Text removed vs the prior filing · source: 10-Q · 2026-07-27
Activity for the three months ended March 31, 2026 included fundings of $567.8 million, paydowns of $91.1 million and the sale of $13.0 million of a conduit loan, which contributed to a $388.6 million increase in commercial mortgage loans. Activity for the three months ended March 31, 2026 included …
The $4.0 million increase in interest income was primarily attributable to net originations within our loan portfolio. There was a $24.3 million increase in average securities investments from the three months ended March 31, 2026 to three months ended
June 30, 2026. The average balance was $2.1 billion for the three months ended June 30, 2026 and March 31, 2026. There was a $0.2 billion increase in average loan investments from $2.5 billion for the three months ended March 31, 2026 to $2.7 billion for the three months ended June 30, 2026.
The $4.4 million increase in interest expense was primarily attributable to an increase in usage of our Unsecured Corporate Revolver, our Term Loan Facility and our securities and loan repurchase facilities.
The decrease in net interest income before provision for loan losses of $0.4 million is primarily driven by a net increase in borrowings, partially offset by increased income on loans.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice