Ladder Capital - Investor Presentation (March 2021)

1. 1
INVESTOR
PRESENTATION
MARCH 2021
NYSE: LADR
A Leading Commercial Real Estate Investment Trust

2. 2
DISCLAIMERS
This presentation contains forward-looking statements regarding possible or assumed future results of the business, financial condition, plans and objectives of
Ladder Capital Corp and its subsidiaries and affiliates (collectively, “Ladder Capital,” “Ladder,” “LADR,” or the “Company”). Any statement concerning future
events or expectations, express or implied, is a forward-looking statement. Words such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,”
“estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology are intended to identify forward-
looking statements that are subject to risk and uncertainties. Such risks and uncertainties include, among others, the impact of the COVID-19 pandemic and
the responsive measures implemented by various governmental authorities, businesses and other third parties, and the risks and uncertainties discussed in the
Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and its other filings with the U.S. Securities and Exchange Commission.
There can be no assurance that any expectations, express or implied, in a forward-looking statement will prove correct or that the contemplated event or result
will occur as anticipated. In particular, there can be no assurance that Ladder will achieve any performance objectives set forth in this presentation. Further,
any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for Ladder to
predict those events or their effect on the Company. Except as required by law, Ladder is not obligated to, and does not intend to, update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise.
This presentation includes certain preliminary financial estimates for the period running from January 1, 2021 through February 19, 2021 and as of February 19,
2021. Our independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures on this preliminary financial
information, and, accordingly, does not express an opinion or other form of assurance with respect thereto. There can be no assurance that our final results for
the period running from January 1, 2021 through February 19, 2021 and as of February 19, 2021, respectively, will not differ from these estimates, and any
such changes could be material. Therefore, you should not place undue reliance on these preliminary estimates or assume that they are indicative of future
periods.
This presentation is strictly for informational purposes. It is not intended to be relied upon as investment advice and is not, and should not be assumed to be,
complete. The contents herein are not to be construed as legal, business or tax advice, and each recipient should consult its own attorney, business advisor
and tax advisor as to legal, business and tax advice.
Certain information contained herein is based on, or derived from, information provided by independent third-party sources. Ladder believes that such
information is accurate and that the sources from which it has been obtained are reliable. However, Ladder cannot guarantee the accuracy of such information
and has not independently verified the assumptions on which such information is based. All data is presented as of December 31, 2020, unless otherwise
indicated.
This presentation includes certain non-GAAP financial measures. These non-GAAP financial measures should be considered only as supplemental to, and not
as superior to, financial measures prepared in accordance with GAAP. Please refer to the Company’s December 31, 2020 Form 10-K filing and earnings press
release, which are available on Ladder’s website (www.laddercapital.com), as well as the supplemental financial tables included herein, for a reconciliation of
the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP.
Totals may not equal the sum of components due to rounding.

3. 3
LADDER CAPITAL (NYSE: LADR) IS A LEADING COMMERCIAL REAL ESTATE (CRE) CAPITAL
PROVIDER, WITH $5.9 BILLION OF ASSETS AND $1.5 BILLION OF BOOK EQUITY
MULTI-CYLINDER PLATFORM WITH CORE COMPETENCY OF CRE CREDIT UNDERWRITING
THREE COMPLEMENTARY, SYNERGISTIC PRODUCTS – CRE LOANS, SECURITIES & EQUITY
HOUSEHOLD NAME WITH A NATIONAL DIRECT CRE ORIGINATION PLATFORM –
$41 BILLION OF INVESTMENTS SINCE INCEPTION, INCLUDING $26 BILLION OF LOANS
MIDDLE-MARKET FOCUS – <$20 MILLION AVERAGE LOAN SIZE
INTERNALLY-MANAGED CRE FINANCE REIT WITH HIGH INSIDER OWNERSHIP –
MANAGEMENT & DIRECTORS OWN OVER 10% OF THE COMPANY
CYCLE-TESTED & ALIGNED MANAGEMENT TEAM WITH TRACK RECORD OF CONSISTENT
PROFITABILITY
DIVERSE, LONG & STRONG LIABILITY STRUCTURE WITH SIGNIFICANT UNSECURED DEBT;
CORPORATE RATINGS OF BB+/Ba1/BB- BY FITCH/MOODY’S /S&P
LADDER CAPITAL HIGHLIGHTS
Note: As of 12/31/2020

4. 4
WELL POSITIONED FOR 2021 OPPORTUNITIES
Significant Dry
Powder for New
Investments
Strong Asset
Performance
 Focused on preserving and generating additional liquidity since onset of COVID-19, resulting in
$1.3 billion unrestricted cash balance
 Currently evaluating new investment opportunities, with >$250 million of loans under application as of
03/01/2021
Best-in-Class
Platform
Best-in-Class
Capital Structure
 99% collection rate of interest and rents across CRE loan and equity portfolio since onset of COVID-19
 Received substantial proceeds from loan repayments and sales of loans and securities at or near par
over last several quarters
 Internally-managed – distinguishes us from competitors
 Management and directors own over 10% of the company (>$150 million1
equity investment)
 Personnel compensated based on profitability, with a significant portion in stock – 97% of 2020
compensation paid in stock, with all managers paid 100% in stock
 Adjusted leverage2
, net of cash of 1.4x, and adjusted leverage2
, net of cash & excluding securities of 0.8x
 $1.7 billion of unsecured debt outstanding (corporate bonds & revolver), comprising 45% of total debt
 Mark-to-market debt comprises <17% of total capitalization
 $2.8 billion of high-quality unencumbered assets (48% of total assets), including $2.3 billion of
combined unrestricted cash and first mortgage loans (as of 12/31/2020)
Full Shareholder
Alignment
Note: All amounts as of 02/19/2021, based on mid-point of range shown on page 30, unless noted otherwise
1. Based on $11.45 LADR closing price on 03/01/2021
2. For a description of this non-GAAP financial measure, see Selected Definitions on page 31
 Highly experienced executive team – managers average 10 years’ tenure at Ladder and over 20 years of
industry experience
 Comprehensive in-house team includes 15 originators, 12 underwriters and 10 experienced attorneys

5. 5
Michael Scarola
Chief Credit Officer
Craig Robertson
Head of Underwriting & Loan
Portfolio Manager
Ryan Jantzen
Co-Head of Origination
Adam Siper
Co-Head of Origination
Ed Peterson
Head of CMBS Trading &
Co-Head of Securitization
David Henschke
Co-Head of Securitization
Brian Harris
Chief Executive Officer
Pamela McCormack
President
Paul Miceli
Chief Financial Officer
Robert Perelman
Head of Asset Management
Kelly Porcella
Chief Administrative Officer
& General Counsel
David Traitel
Head of Legal
Structuring
Mark Ableman
Head of Transaction
Management
Michelle Wallach
Chief Compliance Officer &
Senior Regulatory Counsel
Kevin Moclair
Chief Accounting Officer
Matthew FitzGerald
Treasurer
David Merkur
Executive Director –
Capital Markets
✓ Executive team averages 24 years of industry experience and thought leadership through multiple market cycles
✓ Managers average 10 years’ tenure at Ladder and over 20 years of industry experience
✓ Led by Brian Harris – formerly Head of Commercial Real Estate at UBS / Dillon Read and Credit Suisse
BEST-IN-CLASS TEAM OF SEASONED LEADERS

6. 6
$1,503
$1,109
$907
09/30/2020 12/31/2020 02/19/2021
$876
$1,254
$1,343
09/30/2020 12/31/2020 02/19/2021
2.9x
2.5x
2.3x
09/30/2020 12/31/2020 02/19/2021
2.3x
1.7x
1.4x
09/30/2020 12/31/2020 02/19/2021
Adjusted Leverage
1
Adjusted Leverage
1
, Net of Cash
Adjusted Leverage
1
, Net of Cash &
Excluding Securities
Total Debt ($mm) Unrestricted Cash ($mm)
IMPROVEMENTS IN LEVERAGE & LIQUIDITY
1. Based on total debt obligations, net of deferred financing costs, adjusted for non-recourse indebtedness related to securitizations that is consolidated on the Company’s GAAP balance sheet.
1. GAAP debt/equity ratio was 3.1x as of 09/30/2020, 2.7x as of 12/31/2020, and 2.5x as of 02/19/2021, estimated using the mid-point of the range shown on page 30
2. Estimated using the mid-point of the range shown on page 30
3. Excludes financing that is subject to credit events only
2 2
1.4x
1.0x
0.8x
09/30/2020 12/31/2020 02/19/2021
2
Mark-to-Market Debt ($mm)
3
$4,715
$4,210
$3,818
09/30/2020 12/31/2020 02/19/2021
2 2 2

7. 7
Note: As of 12/31/2020
1. Capital allocation represents carrying value of CRE debt and equity assets less secured funding debt by business line
Three complementary, synergistic products within a relative-value, risk-adjusted return investment approach
CORE COMPETENCY:
CRE CREDIT UNDERWRITING
Portfolio Allocation Across CRE Capital Stack

8. 8
Note: As of 12/31/2020
1. Amounts in these charts shown before $41.5 million allowance for loan losses
2. Includes mezzanine and subordinate loans
Loan Type
1
Geography
Property Type
DIVERSIFIED & GRANULAR SENIOR SECURED
LOAN PORTFOLIO
Other Key Loan Portfolio Metrics
2
 95% senior secured first mortgage loans
 67% weighted-average LTV on total loan
portfolio
 1.1-year weighted-average duration on
balance sheet first mortgage loans
 Lightly-transitional loans – only $149
million of current future funding
commitments (6% of total outstanding
loan portfolio)
 100% of floating-rate loans have
interest rate floors (~1.85% current
weighted-average LIBOR floor)
 Only ~$250 million of outstanding loan
repo financing
 99% interest collections since onset of
COVID-19
Loan Size
1
Middle-market focus – $19 million avg. loan size
$2.3 billion total loan portfolio
Disciplined lending approach with middle-market focus and national footprint

9. 9
CONDUIT LOANS
A consistent ROE enhancer & source of retained earnings
Note: As of and through 12/31/2020
1. After hedging costs; before corporate overhead expenses; all statistics cumulative since inception
$705
million
$1.7
billion
$16.6
billion
Top 10 69
Cumulative
gains1
Total
transactions
Total loans
securitized
CMBS loan
contributor
 Partners include Citi, Credit Suisse, Deutsche Bank, J.P. Morgan, UBS and Wells Fargo
 Short holding period enables frequent de-risking of balance sheet
 Conduit loan business is complementary to NIM-driven balance sheet lending business
Loans securitized
in four Ladder-only
transactions

10. 10
Source of stable, recurring net rental income with potential NAV upside; financed with long-term, non-recourse debt
CRE Equity Portfolio Metrics
Total Gross Asset Value $1.2 billion
Total Net Equity Invested $450 million
Approx. Total Square Feet 7.7 million
CRE Equity Assets by Geography
Diversified/Other CRE Equity
(35% of CRE Equity portfolio)
Gross Asset Value $425 million
Total Diversified/Other CRE Properties 12
% Ladder Ownership 87%
In-Place Annual Net Operating Income $18.1 million
Net Leased CRE Equity
(65% of CRE Equity portfolio)
Gross Asset Value $791 million
Total Single-Tenant Net Leased Properties 164
Weighted-Average Remaining Lease Term >11 years
% Leased 100%
% Ladder Ownership 100%
In-Place Annual Net Operating Income $51.0 million
CRE Equity Assets by Property Type
Note: As of 12/31/2020, and all gross asset amounts represent undepreciated asset values
HIGH-QUALITY CRE EQUITY PORTFOLIO –
PREDOMINANTLY NET LEASE
100% Q4 2020 rent collections
98% Q4 2020 rent collections
Necessity-based businesses, incl.
BJ’s, Walgreens & Dollar General

11. 11
 Highly-rated, liquid, short-duration portfolio
 Predominantly CMBS
 Ability to create liquidity and de-lever and/or reallocate capital
 Limited exposure to price volatility and macro-economic conditions –
received $1.2 billion from securities sales and amortization from
03/31/2020 to 02/19/2021, including $624 million of securities sales in
Q4 2020 & Q1 2021 at a weighted-average price of approximately par1
Securities on Balance Sheet (02/19/2021 estimate)1
$814 million
Securities on Balance Sheet (12/31/2020) $1.1 billion
% CMBS 100%
% Investment Grade-Rated 99%+
% AAA-Rated or Agency-Backed 89%
Weighted-Average Duration 2.0 years
Average Investment per CUSIP $8.6 million
Investment Overview
Securities Portfolio Metrics Highly-Rated Securities Portfolio
HIGHLY-RATED & GRANULAR, SHORT-DATED
SECURITIES PORTFOLIO
Note: As of 12/31/2020, unless noted otherwise
1. Estimated as of 02/19/2021, using the mid-point of the range shown on page 30

12. 12
EVOLUTION OF CAPITAL STRUCTURE
More diversified, durable
capital structure in place
with reduced leverage
$6.5B
Total
Capitalization
$5.8B
Total
Capitalization
21% non-recourse
financing
12/31/2019 Capitalization Summary ($mm)
Significant enhancement in capital structure during 2020, including improved diversity of funding and
greater focus on unsecured, non-recourse, and non-mark-to-market financing
12/31/2020 Capitalization Summary ($mm)
81% book equity,
unsecured debt
and non-recourse
financing

13. 13
DIVERSE AND ROBUST CAPITAL STRUCTURE
 >90% of outstanding debt composed of committed, term financing and unsecured bonds (as of 12/31/2020)
 $2.3 billion of unsecured bonds issued since 2012 across five separate issuances
 $266 million unsecured corporate revolving credit facility with 9 participating banks; over 4 years remaining before final maturity
 $2.3 billion of diversified, committed, term repurchase financing capacity from 6 counterparties
 Supported Ladder credit by repurchasing $195 million of corporate bonds at a discount since the onset of COVID-19 and
redeeming 5.875% corporate bonds due 2021
 Company is rated BB+/Ba1/BB- by Fitch, Moody’s and S&P, respectively
Best-in-class capital structure, with focus on liquidity, modest leverage, counterparty diversity,
and unsecured, non-recourse, and non-mark-to-market financing
Key Capital Structure Highlights
Improving Capital Structure and Credit Metrics Over Time
1. Excludes total cash on balance sheet of $356 million and $1,284 million as of 12/31/2019 and 12/31/2020, respectively
2. Excludes total cash on balance sheet of $356 million and $1,284 million and securities of $1,721 million and $1,058 million as of 12/31/2019 and 12/31/2020, respectively
3. Non-mark-to-market financing includes financing that is subject to credit events only
4. Represents percentage of total capitalization
5. Estimated using the mid-point of the range shown on page 30
Adjusted Debt/Equity (Adjusted Leverage Ratio):
Net Adjusted Debt1
(excluding Cash) /Equity Ratio:
Net Adjusted Debt (excluding Cash) & Excluding Securities2
/Equity Ratio:
Non-Mark-to-Market Financing3
+ Book Equity:
12/31/2020
2.5x
1.7x
1.0x
81%4
12/31/2019
3.0x
2.7x
1.7x
61%4
2.3x
1.4x
0.8x
83%4
02/19/20215

14. 14
SIGNIFICANT REDUCTION IN CMBS PORTFOLIO
ASSETS & SECURED FINANCING
Securities Portfolio: Summary of Assets & Financing Key Securities Portfolio Trends1
Total
Securities
Assets
Assets Financing
12/31/2020
12/31/2019
Repurchase
Financing
FHLB
Financing
Total
Securities
Financing
1. As of and for the period ended 12/31/2020, unless noted otherwise
2. Estimated through 02/19/2021, using the mid-point of the range shown on page 30
$1,721
$1,114
$489
$1,602
$1,058
$565
$229
$795
 Reduced securities balance by $663 million, or
39% since 12/31/2019
 Over $365 million of securities sold in Q4 2020
at an average price of ~99.9% of par, plus an
additional $258 million sold in Q1 2021 at or
above par2
 Reduced securities repurchase financing by
$548 million, or nearly 50% since 12/31/2019
 Securities repurchase financing represents only
13% of Ladder’s total outstanding debt

15. 15
WELL-STAGGERED DEBT MATURITY PROFILE
Further extended debt maturities during 2020 with a larger component of non-recourse and non-mark-to-market financing
Secured Debt
Unsecured Debt1
12/31/2020 Unsecured & Secured Debt Maturities ($mm)
1. Amounts shown for existing unsecured corporate bonds are net of deferred financing fees
Long & strong liability structure in place, with no single year of maturities representing more than 19% of debt outstanding
Redeemed in
January 2021

16. 16
$2.8B
Total
Unencumbered
Assets
SUBSTANTIAL, HIGH-QUALITY
UNENCUMBERED ASSET POOL
Total Unencumbered Asset Pool ($mm) Key Unencumbered Asset Pool Highlights
1
✓ 48% of total asset base is composed of unencumbered assets
✓ 82% of unencumbered assets are cash, first mortgage loans or investment grade securities
Note: As of 12/31/2020
1. Represents undepreciated asset value
2. Calculated by deducting unrestricted cash from the numerator and denominator
 Predominantly senior, financeable, oversized unencumbered asset base
 1.74x unencumbered asset/unsecured debt ratio ($877 million in
excess of the 1.20x covenant)
 4.35x unencumbered asset/unsecured debt ratio net of unrestricted
cash
2
 $1.0 billion of unencumbered senior secured first mortgage loans
 $1.3 billion of unencumbered unrestricted cash

17. 17
LADDER INVESTMENT THESIS
Complementary, synergistic
business lines
Highest insider ownership
in the industry
Consistently profitable
since inception
Superior credit skills –
a foundation for
long-term success
Highly-experienced
management team
One of the only
internally-managed
CRE finance REITs
Ladder
Capital
Long & strong liability structure
with significant unsecured and
non-mark-to-market financing

18. 18
APPENDIX

19. 19
COMPANY INFORMATION
Company Contact Information:
New York Headquarters:
345 Park Avenue – 8th Floor
New York, NY 10154
(212) 715-3170
Research Analyst Coverage:
B. Riley:
Randy Binner – (703) 312-1890
JMP Securities:
Steven DeLaney – (404) 848-7773
J.P. Morgan (equity):
Charles Arestia – (212) 622-0755
J.P. Morgan (credit):
Mark Streeter – (212) 834-5086
Rating Agency Coverage:
Moody’s:
Joseph Pucella – (212) 553-7455
Corporate Rating: Ba1
Standard & Poor’s:
Gaurav Parikh – (212) 438-1131
Corporate Rating: BB-
Fitch:
Chelsea Richardson – (212) 612-7899
Corporate Rating: BB+
Investor Relations:
investor.relations@laddercapital.com
(917) 369-3207
Ladder is an internally-managed real estate investment trust that is a leader in commercial real estate finance. Ladder originates and
invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Ladder’s
investment activities include: (i) direct origination of commercial real estate first mortgage loans; (ii) investments in investment grade
securities secured by first mortgage loans on commercial real estate; and (iii) investments in net leased and other commercial real
estate equity. Founded in 2008, Ladder is run by a highly experienced management team with extensive expertise in all aspects of
the commercial real estate industry, including origination, credit, underwriting, structuring, capital markets and asset management.
Raymond James:
Stephen Laws – (901) 579-4868
Keefe Bruyette & Woods:
Jade Rahmani – (212) 887-3882
Wolfe Research:
Matt Howlett – (646) 582-9306
BTIG:
Tim Hayes – (212) 738-6199

20. 20
Ladder’s Commitment to Responsible and Sustainable Growth
Environmental
• Environmental Risk Assessment
− Environmental policy applies to all real
estate debt and equity investments
− All properties require inspection by
licensed environmental engineers
− Findings and recommendations from all
property inspections reviewed by
environmental counsel
− Monitored by our seasoned asset
management team
• Responsible and Sustainable
Business Practices
− Use office equipment that meet energy
management standards
− Participate in waste recycling
programs
− Encourage employees to be
environmentally friendly
Social
• Supporting Community Development
− Investments and financings include
multifamily and commercial real estate in
under-served low- to moderate-income
communities
• Investment in Human Capital
− Committed to attracting and developing a
diverse and productive workforce
− Open-door policy promotes transparency
− Interdepartmental programs, including formal
mentoring and “Ladder Climbers” enable
development of leadership skills
• Response to COVID-19
− Promptly activated Business Continuity Plan,
including Pandemic Plan, with focus on
employee safety, remote working
procedures and operational resiliency
Governance
• Strong Corporate Culture
− Tone at the top promotes transparency,
accountability, and ethical behavior
− Legal & compliance policies and ongoing
employee training
• Robust Corporate Structure
− Majority Board independence
− Women on the Board and in the C-suite
• Seasoned, Aligned Management Team
− Depth and substantial years of experience
− Strong alignment of interests via internally-
managed platform with high insider
ownership
• Systemic Risk Management
− Practices overseen by the Board
− Separate origination, underwriting and
transaction management for checks and
balances
− Privacy and data protection policies and
cybersecurity protocols
CORPORATE RESPONSIBILITY OVERVIEW

21. 21
LADDER FINANCIAL SNAPSHOT
Snapshot of Business Lines Total Assets & Liabilities, Book Equity, Leverage and ROE
Balance Sheet Loans Net Leased Commercial Real Estate (100% Owned) Total Assets
Carrying Value of Assets $2,354 Carrying Value of Assets $640 Cash & Cash Equivalents $1,254
Secured Financing on Assets 769 Undepreciated Book Value of Assets 791 Loans, Securities & Real Estate 4,659
Net Equity Invested (excl. Corporate Debt) 1,585 Secured Financing on Assets 516 Accumulated Depreciation & Amortization (231)
% First Mortgage 95% Net Equity Invested (excl. Corporate Debt) 276 Other Assets4
199
% Other (Mezzanine/Subordinate) 5% Total Square Feet 5,303,666 Total Assets 5,881
Weighted-Average Coupon 6.3% Weighted-Average % Leased 100%
Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $51.0 Total Liabilities
Accounting method: carried at depreciated book value Unsecured Corporate Bonds $1,599
Unsecured Revolving Credit Facility 266
Conduit Loans Total Unsecured Debt 1,866
Carrying Value of Assets $31 Diversified Commercial Real Estate2,3
Secured Financing 2,344
Secured Financing on Assets 14 Carrying Value of Assets $346 Total Debt 4,210
Net Equity Invested (excl. Corporate Debt) 17 Undepreciated Book Value of Assets 425 Other Liabilities4
123
Weighted-Average Coupon 4.1% Secured Financing on Assets 250 Total Liabilities 4,333
Origination and Purchase Volume (LTM) $213 Net Equity Invested (excl. Corporate Debt) 174
Loan Sale Volume (LTM) 314 Total Square Feet 2,425,518 Book Equity Value
Accounting method: carried at lower of cost or FMV Weighted-Average Occupancy 76% GAAP Book Equity Value (excl. NCI in JVs) $1,543
In-Place Annual Net Operating Income (NOI) $18.1 Total Shares Outstanding (mm) 126.4
Weighted-Average % Owned by Ladder 87.0% GAAP Book Value per Share4
$12.21
Accounting method: carried at depreciated book value Undepreciated Book Value per Share5
$13.94
Securities
Carrying Value of Assets $1,058 Leverage
Secured Financing on Assets 795 Condominium Residential Real Estate (100% Owned) Adjusted Debt (for Adjusted Leverage Ratio)5
$3,933
Net Equity Invested (excl. Corporate Debt) 264 Carrying Value of Assets – Total GAAP Book Equity (incl. NCI in JVs) 1,548
% First Mortgage Secured 100% Undepreciated Book Value of Assets – Adjusted Leverage Ratio5
2.5x
% AAA-Rated or Agency-Backed 89% Secured Financing on Assets –
% Investment Grade-Rated 99%+ Net Equity Invested (excl. Corporate Debt) – Return on Average Equity5
Average CUSIP Size $8.6 Total Remaining Units – Distributable Earnings (LTM) $68
Weighted-Average Duration 2.0 Years Unit Sale Price as % of GAAP Book Value (LTM) 86% Average Book Equity Value (LTM) 1,525
Accounting method: carried at FMV Accounting method: carried at depreciated book value After-Tax Distributable ROAE (LTM) 4.7%
Note: As of 12/31/2020
1. Pre-tax and pre-overhead allocation
2. All metrics shown on a consolidated basis, except Weighted-Average % Owned by Ladder, which excludes the potential effects of partnership/joint venture promote/sharing arrangements
3. Excludes two unconsolidated joint venture investments with total book value of $46.3 million as of 12/31/2020
4. For a description of these financial measures, see Selected Definitions on page 31
5. For a description of these non-GAAP financial measures, see Selected Definitions on page 31
B
C
D
E
A B C D E
($ in millions, except per share amounts)
A

22. 22
LOAN PORTFOLIO KEY METRICS
Type of
Loan
Loan Balance1
($mm)
% of Loan
Portfolio
% of Total
Assets
Business
Plan Rate
Weighted-
Average
Coupon
Weighted-
Average
LTV
Balance Sheet First
Mortgage Loans
$2,233 93.6% 38.0%
Held for
investment
Generally
floating-rate
6.1% 67.4%
Conduit First
Mortgage Loans
$31 1.3% 0.5% Held for sale
Generally
fixed-rate
4.1% 66.7%
Mezzanine and
Other CRE-Related
Loans
$121 5.1% 2.1%
Held for
investment
Fixed or
floating-rate
10.8% 66.6%
Total $2,385 100.0% 40.6% 6.3% 67.4%
Note: As of 12/31/2020
1. Amounts are shown before $41.5 million allowance for loan losses

23. 23
CRE EQUITY PORTFOLIO KEY METRICS
Type of
Real Estate
Undepreciated
Asset
Value
Asset
Carrying Value
(Depreciated)
% of CRE Equity
Portfolio
(Undepreciated)
Non-Recourse
Mortgage Financing
Net Equity
Invested
(Undepreciated)
~Total
Square
Feet
In-Place Annual
Net Operating
Income
Net Leased Commercial
Real Estate
(164 properties)
$791 $640 65.1% $516 $276 5,303,666 $51.0
Diversified Commercial
Real Estate1
(12 properties;
62 buildings)
$425 $346 34.9% $250 $174 2,425,518 $18.1
Total /
Weighted-Average
(176 properties)
$1,216 $985 100.0% $766 $450 7,729,184 $69.0
($ in millions)
Note: As of 12/31/2020
1. Amounts shown on a fully-consolidated basis

24. 24
BJ's Wholesale Bank of America Walgreens Dollar Hy-Vee Inc. Additional Net Total Net Leased/
Club Inc. Office Campus Co General Corp Supermarkets Leased Properties Weighted-Avg.
(8 Properties) (1 Property) (21 Properties) (102 Properties) (7 Properties) (25 Properties) (164 Properties)
Undepreciated Asset Value $144.6 $145.4 $119.0 $130.0 $73.6 $178.9 $791.5
Asset Carrying Value (Depreciated) $99.0 $128.6 $94.7 $115.8 $59.2 $142.4 $639.6
Non-Recourse Mortgage Debt Financing $91.6 $83.1 $80.7 $89.7 $50.4 $120.3 $515.7
Weighted-Average Interest Rate on Debt 5.0% 5.0% 5.1% 5.4% 4.6% 5.1% 5.1%
Net Equity Invested $53.1 $62.3 $38.4 $40.3 $23.1 $58.6 $275.7
In-Place Annual Net Operating Income (NOI) $11.2 $7.4 $7.9 $8.9 $4.3 $11.2 $51.0
Weighted-Avg. Remaining Lease Term (years) 11.1 10.7 12.7 11.2 13.8 10.3 11.3
~Total Square Feet 828,864 822,540 307,664 929,285 516,762 1,898,551 5,303,666
Weighted-Average % Leased 100% 100% 100% 100% 100% 100% 100%
% of Total CRE Equity Portfolio
(by Undepreciated Asset Value)
12% 12% 10% 11% 6% 15% 65%
% of Net Leased CRE Portfolio
(by Undepreciated Asset Value)
18% 18% 15% 16% 9% 23% 100%
($ in millions)
NET LEASED CRE EQUITY PORTFOLIO KEY DETAILS
Note: As of 12/31/2020

25. 25
Richmond, VA Isla Vista, CA Miami, FL Additional Diversified Total Diversified CRE/
Office Portfolio Student Housing Multifamily Property CRE Properties Weighted-Avg.
(1 Property) (1 Property) (1 Property) (9 Properties ) (12 Properties)
Undepreciated Asset Value $109.8 $86.2 $41.3 $187.5 $424.8
Asset Carrying Value (Depreciated) $72.2 $81.7 $37.1 $154.6 $345.7
Non-Recourse Mortgage Debt Financing $67.8 $69.7 $33.9 $79.0 $250.3
Weighted-Average Interest Rate on Debt 4.4% 6.0% 5.8% 4.8% 5.1%
Net Equity Invested $42.0 $16.5 $7.5 $108.4 $174.4
In-Place Annual Net Operating Income (NOI) $8.4 $3.0 $2.5 $4.2 $18.1
~Total Square Feet 994,040 117,324 166,176 1,147,978 2,425,518
Weighted-Average Ladder Ownership 77.5% 75.0% 80.0% 99.4% 87.0%
($ in millions)
DIVERSIFIED CRE EQUITY PORTFOLIO KEY DETAILS
Note: As of 12/31/2020
1. Property types include office, industrial, hotel, multifamily, and grocery-anchored shopping center
2. Excludes potential effects of partnership /joint venture promote /sharing arrangements
1
2

26. 26
 15 originators,
including 4 managing
directors
 Key relationships with
direct borrowers &
leading brokers
nationwide
 Compensation linked
to loan performance,
not volume
 Independent
underwriter leads
due diligence
 Independent
appraisal and third
party reports
 Visit every asset
prior to funding
 Limited outsourcing
to ensure quality and
accountability
 Comprehensive Credit
Committee Memo and
meeting for every
investment
 Management (with
significant LADR
ownership stake)
approves every
investment
 Risk and Underwriting
Committee of the Board
approves investments
above certain size
thresholds
 Maintain direct dialogue
with loan servicers and
borrowers
 Proactively manage and
oversee all assets
 Conduct regular formal
asset and portfolio
reviews
 Provide comprehensive
quarterly reporting
 Independent, highly-
experienced team of
attorneys leads legal
process and closings
 Conduct legal diligence
and manage outside
counsel
 Oversee securitizations
and asset dispositions
Origination Credit/
Underwriting
Investment
Committee
Transaction
Management
Asset
Management
INVESTMENT & RISK MANAGEMENT PROCESS
Separate departments function as “check & balance” on internal process

27. 27
LADDER TEAM BIOS:
EXECUTIVE TEAM
Name Title
Industry
Experience Previous Experience/Bios
Brian Harris Founder &
Chief Executive Officer
36 years Prior to forming Ladder in 2008, Mr. Harris served as a Senior Partner and Head of
Global Commercial Real Estate at Dillon Read Capital Management, a wholly owned
subsidiary of UBS, and previously as Head of Global Commercial Real Estate at UBS
and a member of the Board of UBS Investment Bank, as well as Head of Commercial
Mortgage Trading at Credit Suisse. Mr. Harris received a B.S. and an M.B.A. from The
State University of New York at Albany.
Pamela
McCormack
Founder &
President
24 years Prior to forming Ladder in 2008, Ms. McCormack served as Head of Transaction
Management – Global Commercial Real Estate at UBS/Dillon Read Capital
Management. Ms. McCormack received a B.A., cum laude, from the State University of
New York at Stony Brook and a J.D. from St. John’s University School of Law.
Paul Miceli Chief Financial Officer 16 years Prior to joining Ladder in 2019, Mr. Miceli served as a Managing Director in the
accounting and finance group of Colony Capital, Inc., and previously as Deputy Chief
Financial Officer of NorthStar Asset Management Group. Mr. Miceli is a Certified Public
Accountant and received a B.S. from the University of Delaware.
Robert Perelman Founder &
Head of Asset Management
32 years Prior to forming Ladder in 2008, Mr. Perelman served as a Director and Head of Asset
Management at UBS/Dillon Read Capital Management. Mr. Perelman received a B.S.
from Syracuse University and a J.D. from Fordham University School of Law.
Kelly Porcella Chief Administrative Officer
& General Counsel
14 years Prior to joining Ladder in 2009, Ms. Porcella served as a member of the Global
Commercial Real Estate group at UBS/Dillon Read Capital Management. Ms. Porcella
received a B.S., summa cum laude, from The Peter J. Tobin College of Business at St.
John’s University and a J.D., magna cum laude, from St. John’s University School of
Law.

28. 28
LADDER TEAM BIOS:
OTHER SENIOR EXECUTIVES
Name Title
Industry
Experience Previous Experience/Bios
Michael Scarola Chief Credit Officer 22 years Prior to joining Ladder in 2008, Mr. Scarola served as Co-Head of Underwriting at
UBS/Dillon Read Capital Management. Mr. Scarola received a B.S. from the Leonard N.
Stern School of Business at New York University.
Craig Robertson Head of Underwriting &
Loan Portfolio Manager
13 years Prior to joining Ladder in 2012, Mr. Robertson served as Manager and Real Estate
Consultant at Deloitte Financial Advisory Services. Mr. Robertson received a B.A. from
the College of Arts and Sciences at the University of Virginia.
Ryan Jantzen Co-Head of Origination 16 years Prior to joining Ladder in 2010, Mr. Jantzen served as a member of the Global Real
Estate CMBS Group at Merrill Lynch & Co. Mr. Jantzen received a B.S. from
Binghamton University.
Adam Siper Co-Head of Origination 14 years Prior to joining Ladder in 2012, Mr. Siper served as a Vice President in the Commercial
Real Estate Finance Group at RBS. Mr. Siper received a B.A. from Emory University
and an M.S. in Real Estate Finance and Investment from New York University.
Ed Peterson Head of CMBS Trading &
Co-Head of Securitization
35 years Prior to joining Ladder in 2008, Mr. Peterson served as a Managing Director and Co-
Head of CMBS Capital Markets at Eurohypo, and previously as an Executive Director at
UBS/Dillon Read Capital Management. Mr. Peterson received a B.S. and a Ph.D. in
Computer Science from the City University of New York.
David Henschke Co-Head of Securitization 16 years Prior to joining Ladder in 2011, Mr. Henschke served as a Director at Standard & Poor’s.
Mr. Henschke received a B.A. from Wesleyan University and is a CFA Charterholder.

29. 29
LADDER TEAM BIOS:
OTHER SENIOR EXECUTIVES (CONT.)
Name Title
Industry
Experience Previous Experience/Bios
David Traitel Head of Legal Structuring 25 years Prior to joining Ladder in 2010, Mr. Traitel served as a Partner at Winston & Strawn LLP.
Mr. Traitel received a B.A. from the University of Michigan and a J.D. from the University
of Michigan Law School.
Mark Ableman Head of Transaction
Management
18 years Prior to joining Ladder in 2011, Mr. Ableman served as an Associate at Cadwalader,
Wickersham & Taft LLP. Mr. Ableman received a B.S. from Indiana University and a J.D.
from Queen’s University, Faculty of Law.
Michelle Wallach Chief Compliance Officer &
Senior Regulatory Counsel
29 years Prior to joining Ladder in 2012, Ms. Wallach serves as the Deputy Chief Compliance
Officer and Director of Operational Risk Management at Reservoir Capital Group, L.L.C.,
and previously as an Executive Director at Morgan Stanley & Co. Incorporated. Ms.
Wallach received a B.A. with Honors, magna cum laude, from Brown University, and a
J.D. from New York University Law School.
Kevin Moclair Chief Accounting Officer 26 years Prior to joining Ladder in 2009, Mr. Moclair served as Controller for North America for
Rabobank International. Mr. Moclair received a B.S., magna cum laude, from Manhattan
College.
Matthew FitzGerald Treasurer 8 years Prior to joining Ladder in 2013, Mr. FitzGerald served as a co-founder and iOS
developer for Emergency Networking LLC, and previously as Vice President at Bear,
Stearns & Co. Inc. Mr. FitzGerald received a B.S.E. from Princeton University.
David Merkur Executive Director –
Capital Markets
9 years Prior to joining Ladder in 2011, Mr. Merkur served as an Associate at Tri-Artisan Capital
Partners, and previously as an Investment Banking Analyst at Merrill Lynch & Co. Mr.
Merkur received a B.S., magna cum laude, from Cornell University.

30. 30
RANGES FOR 02/19/2021 ESTIMATES
Note: This presentation includes certain preliminary financial estimates for the period running from January 1, 2021 through February 19, 2021 and as of February 19, 2021. Our independent
Note: registered public accounting firm has not audited, reviewed, compiled or performed any procedures on this preliminary financial information, and, accordingly, does not express an
Note: opinion or other form of assurance with respect thereto. There can be no assurance that our final results of operations and financial condition for the period running from January 1,
Note: 2021 through February 19, 2021 and as of February 19, 2021, respectively, will not differ from these estimates, and any such changes could be material. Therefore, you should not
Note: place undue reliance on these preliminary estimates or assume that they are indicative of future periods.
($ in millions)
Low High
Estimated Data as of 02/19/2021
Debt Obligations, Net $3,798 $3,838
Less: CLO Debt (243) (223)
Adjusted Debt Obligations 3,555 3,615
Total Unsecured Debt $1,710 $1,730
Total Mark-to-Market Debt 897 917
Cash and Cash Equivalents (Unrestricted Cash) 1,333 1,353
Restricted Cash 143 163
Total Cash on Balance Sheet 1,476 1,516
Total Real Estate Securities 804 824
Total Equity 1,518 1,558
GAAP Debt/Equity Ratio 2.4x 2.6x
Adjusted Leverage Ratio 2.2x 2.4x
Adjusted Leverage Ratio, Net of Cash 1.3x 1.5x
Adjusted Leverage Ratio, Net of Cash & Excluding Securities 0.7x 0.9x
Estimated Data for 02/19/2021 Quarter-to-Date
Amount of Real Estate Securities Sold $248 $268
Price of Real Estate Securities Sold 100.0 100.2

31. 31
SELECTED DEFINITIONS
• Adjusted Leverage Ratio (non-GAAP)
̶ Total debt obligations, net of deferred financing costs, adjusted for non-recourse indebtedness related to securitizations that is consolidated on
our GAAP balance sheet and liability for transfers not considered sales, divided by GAAP total equity.
• After-Tax Distributable Return on Average Equity (After-Tax Distributable ROAE) (non-GAAP)
̶ After-Tax Distributable Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures.
• Distributable Earnings (non-GAAP)
̶ Income before taxes adjusted for: (i) real estate depreciation and amortization; (ii) the impact of derivative gains and losses related to the
hedging of assets on our balance sheet as of the end of the specified accounting period; (iii) unrealized gains/(losses) related to our investments
in fair value securities and passive interest in unconsolidated joint ventures; (iv) economic gains on loan sales not recognized under GAAP
accounting for which risk has substantially transferred during the period and the exclusion of resultant GAAP recognition of the related
economics during the subsequent periods; (v) unrealized provision for loan losses and unrealized real estate impairment; (vi) realized provisions
for loan losses and realized real estate impairment; (vii) non-cash stock-based compensation; and (viii) certain transactional items.
• Distributable EPS (non-GAAP)
̶ After-Tax Distributable Earnings divided by adjusted weighted-average shares outstanding.
• GAAP Book Value per Share
̶ Total shareholders’ equity divided by Class A common shares outstanding.
• Other Assets
̶ Includes cash collateral held by broker, allowance for loan losses, investments in unconsolidated joint ventures, FHLB stock, derivative
instrument assets, amount due from brokers, accrued interest receivable, mortgage loans transferred but not considered sold and other assets.
• Other Liabilities
̶ Includes amount due to brokers, derivative instrument liabilities, amount payable pursuant to tax receivable agreement, dividend payable,
accrued expenses, liabilities for transfers not considered sales and other liabilities.
• Pre-Tax Distributable Return on Average Equity (Pre-Tax Distributable ROAE) (non-GAAP)
̶ Distributable Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures.
• Undepreciated Book Equity and Undepreciated Book Value per Share (non-GAAP)
̶ Total equity, adjusted to exclude total noncontrolling interest in consolidated joint ventures and adjusted to include our share of total real estate
accumulated depreciation and amortization. Per share information is derived by dividing the preceding amount by total diluted shares
outstanding.

32. 32
INDEX OF SLIDES
Slide # Slide Contents Slide # Slide Contents
1 Cover 17 Ladder Investment Thesis
2 Disclaimers 18 Appendix
3 Ladder Capital Highlights 19 Company Information
4 Well Positioned for 2021 Opportunities 20 Corporate Responsibility Overview
5 Best-in-Class Team of Seasoned Leaders 21 Ladder Financial Snapshot
6 Improvements in Leverage & Liquidity 22 Loan Portfolio Detail (Key Metrics)
7 Core Competency: CRE Credit Underwriting 23 CRE Equity Portfolio Detail (Key Metrics)
8 Lending Segment Overview 24 Net Lease Portfolio Detail
9 Conduit Business Highlights 25 Diversified CRE Portfolio Detail
10 CRE Equity Segment Overview 26 Investment & Risk Management Process
11 Securities Segment Overview 27 Ladder Bios – Executive Team
12 Evolution of Capital Structure 28 Ladder Bios – Other Senior Executives
13 Diverse and Robust Capital Structure 29 Ladder Bios – Other Senior Executives (cont.)
14 Significant Reduction in CMBS Portfolio 30 Ranges for 02/19/2021 Estimates
15 Well-Staggered Debt Maturity Profile 31 Selected Definitions
16 Substantial, High-Quality Unencumbered Asset Pool 32 Index of Slides