Ladder Capital Finance Holdings LLLP demonstrated stable operating performance last year with leverage, measured as debt to adjusted total equity (ATE), at 2.78x as of Dec. 31. Ladder also maintains sufficient liquidity with $549 million in cash, an undrawn $266 million corporate revolver, and about $1.6 billion in unencumbered first mortgage loans. We revised our outlook to positive from stable and affirmed our 'BB-' issuer credit and senior unsecured debt ratings on Ladder. The positive outlook reflects our expectation that over the next year, Ladder will report stable asset quality trends while maintaining its existing funding mix with adequate liquidity and leverage of around 3.0x. On April 27, 2022, S&P Global Ratings revised its rating outlook on Ladder Capital Finance
