Ladder Capital Finance Holdings LLLP has diversified its funding over the past year by adding collateralized debt obligations (CLO), increased unsecured debt, and reducing its use of repurchase facilities. The company's asset mix has become more heavily weighted toward transitional loans versus high-grade commercial mortgage-backed securities, while leverage is at the higher end of our expectations. We are affirming the issuer credit rating on the company at 'BB'. In addition, we are affirming our unsecured debt rating at 'BB-'. The stable outlook reflects our expectation that the company will maintain leverage of 2.5x to 3.5x debt to adjusted total equity, adequate liquidity, and good stable asset performance across its investment portfolios. On May 1, 2018, S&P Global Ratings affirmed its
