Strong asset quality Current access to Federal Home Loan Bank (FHLB) borrowings Diverse revenue sources Concentration in commercial real estate (CRE), including transitional properties for on-balance-sheet loans Significant, though modest, use of secured financing lines with the potential for margin calls The stable outlook reflects S&P Global Ratings' expectation that Ladder Capital Finance Holdings LLLP will maintain conservative leverage consistent with a debt-to-adjusted total equity (ATE) ratio of 2.5x to 3.5x, adequate liquidity, and good stable asset performance across its investment portfolios, but with some volatility in its conduit business. We could lower our rating on the company over the next 12 months if we expect it to consistently report leverage, excluding commercial mortgage-backed securities (CMBS) and related debt, of
