During the period of TowerBrook Fund II’s investment, Ladder Capital Finance Holdings LLP was a vertically integrated, full-service commercial real estate (CRE) finance and investment management company. Ladder was formed in September 2008 to take advantage of long-term, structural changes in the CRE lending market in the US. The company’s business was to underwrite, structure, acquire, manage and distribute CRE mortgages and other CRE debt instruments. In February 2014, Ladder completed an IPO on the New York Stock Exchange. TowerBrook exited its investment in Ladder in 2017 via the sale of its remaining holding in the company.