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 · 2026-07-27 vs the prior 10-Q · 2026-04-27
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +33 | −29 | ~102 | 73 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~3 | 17 |
| 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 · 2026-07-27
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.
As of June 30, 2026 and March 31, 2026, the weighted average yield on our mortgage loan receivables was 7.2% and 8.0%, respectively. As of June 30, 2026, the weighted average interest rate on borrowings against our mortgage loan receivables was 5.1%. As of June 30, 2026, we had outstanding borrowing…
Income (loss) from our investment in unconsolidated ventures totaled $0.3 million and $(0.3) million for the three months ended June 30, 2026 and March 31, 2026, respectively. The increase in income from investment in unconsolidated ventures is primarily attributable to an increase in property opera…
Compensation and employee benefits are comprised primarily of salaries, bonuses, stock-based compensation and other employee benefits. The decrease of $10.1 million in compensation expense was primarily attributable to the immediate vesting of shares that were granted during the three months ended M…
Text removed vs the prior filing · source: 10-Q · 2026-04-27
interest coverage ratios. These restrictions, which would permit us to incur substantial additional debt, are subject to significant qualifications and exceptions.
The $6.2 million increase in interest income was primarily attributable to net originations within our loan portfolio, partially offset by a decrease in interest earned from CMBS securities due to a net decrease in the portfolio as a result of amortization and sales activity. There was a $0.1 billio…
ended December 31, 2025 to $2.1 billion for the three months ended March 31, 2026. There was a $0.5 billion increase in average loan investments from $2.0 billion for the three months ended December 31, 2025 to $2.5 billion for the three months ended March 31, 2026.
As of March 31, 2026 and December 31, 2025, the weighted average yield on our mortgage loan receivables was 8.0% and 7.7%, respectively. As of March 31, 2026 and December 31, 2025, we did not have any borrowings against our mortgage loan receivables.
Operating expenses are primarily comprised of professional fees, and lease, technology and administrative expenses. The increase of $0.2 million during the three months ended March 31, 2026 compared to the three months ended December 31, 2025 was primarily related to an increase in administrative ex…
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