Strong asset quality Experienced management team Current access to Federal Home Loan Bank (FHLB) borrowings Concentration in commercial real estate (CRE), including transitional properties for on-balance-sheet loans Use of secured financing lines with the potential for margin calls The positive outlook on Ladder Capital Finance Holdings LLLP reflects the company's good operating performance and improving funding mix. S&P Global Ratings expects the company to maintain debt to adjusted total equity (ATE) of less than 3x, minimal credit losses, and adequate liquidity. We could raise our rating on Ladder over the next 12 months if the company further improves its funding by reducing its reliance on short-term funding, lowering the amount of repurchase agreements with mark-to-market margin call terms, and increasing
