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 Our outlook on Ladder Capital Finance Holdings LLLP (LCFH) is stable. S&P Global Ratings expects the company to maintain conservative leverage consistent with its target debt-to-equity ratio of 2x-3x, adequate liquidity, and good stable asset performance across its investment portfolios, but with some volatility in its conduit business. We could raise our rating on LCFH over the next 12 months if the company significantly reduced leverage to near 1.5x and maintains strong asset performance, or strengthens its funding profile by reducing its
