...- We believe Ladder has good diversification, expertise in managing troubled assets, ample liquidity in the form of unrestricted cash, and sizable unencumbered assets that will allow it to navigate challenges in the commercial real estate (CRE) markets without eroding its financial or business position. - Ladder's asset quality has deteriorated moderately in the first quarter of 2024 (in line with most other CRE lender peers), and we expect this to continue for the remainder of the year amid difficult conditions in the CRE markets. - The company's plan to access the unsecured debt markets and use the net proceeds to pay down the repurchase facilities will further unencumber assets, reduce potential margin call exposure, and help address refinancing risk related to its 2025 unsecured debt maturity. - As a result, we raised our issuer credit and issue ratings on the company and on its senior unsecured notes to '##' from '##-'. We also assigned our '##' rating to the company's proposed issuance...
