Strong capital, liquidity, and asset quality Experienced management team Access to Federal Home Loan Bank (FHLB) borrowings Concentration in commercial real estate (CRE) Reliance on secured financing lines with the potential for margin calls Only in operation since 2008 Our outlook on Ladder Capital Finance Holdings LLLP (LCFH) is stable. We expect the company--whose parent, Ladder Capital Corp. (LCC), recently converted to a REIT--to maintain conservative leverage and at least adequate liquidity in 2015. We also expect that LCFH will continue originating loans to sell in the commercial mortgage-backed securities (CMBS) market and to hold on its balance sheet. As a REIT, we expect LCC to pay out about $100 million in cash dividends to its shareholders, likely representing more
