Ladder was founded in October 2008 and we completed our IPO in February 2014. 11Table of ContentsThird-party Appraisal. We have also led single asset securitizations on single loans we have originated. Employees As of December 31, 2020, we employed 58 full-time persons. Currently the majority of our employees remain working remotely. Certain statements in "Risk Factors" are forward-looking statements. We also consider the availability and cost of our likely sources of capital. Some courts have construed the term "judicial action" broadly. When we participate in a public securitization, certain Risk Retention Rules apply. Defaults on the pool of loans therefore first affect the most junior tranches. We are subject to additional risks associated with loan participations. However, such agreements may include a recourse component. Tuebor's outstanding advances from the FHLB as of December 31, 2020 were $288 million. Any such adjustment in our strategy could have a material adverse effect on us. We elected for certain of our subsidiaries to be treated as TRSs. However, there are certain exceptions to this rule.
