Ladder Capital - Q4 2019 Earnings Supplemental presentation (2020-02-27)

1. S-0
SUPPLEMENTAL DATA FOR
THE QUARTER AND YEAR
ENDED DECEMBER 31,2019
NYSE: LADR
A Leading Commercial Mortgage REIT

2. S-1
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. 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 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, 2019,
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, 2019 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.
DISCLAIMERS

3. S-2
Earnings and
Dividends(1)
Investment
Activity
Financing and
Liquidity
Portfolio
Composition
Interest
Rates
 $6.7 billion in assets, including $3.4 billion (50% of total) in loans, $1.7 billion (26%) in CMBS & other securities, and
$1.0 billion (16%) in real estate equity
 79% of assets are senior secured and/or investment grade-rated
Loans
 Originated $858 million of loans in Q4 2019 and $2.5 billion of loans in FY 2019
 Sold $456 million of loans, generating $15 million of Core gains in Q4 2019; sold $1.0 billion of loans, generating
$39 million of Core gains in FY 2019
Real Estate (Equity)
 Acquired $6 million of net leased commercial real estate properties in Q4 2019 and $20 million in FY 2019
 Received net proceeds from real estate sales of $24 million in FY 2019
 Core Earnings of $48.6 million and Core EPS of $0.40 in Q4 2019; Core Earnings of $190.6 million and Core EPS of
$1.60 in FY 2019
 After-Tax Core Return on Average Equity (Core ROAE) of 11.5% for Q4 2019 and 11.6% for FY 2019
 Declared Q4 2019 cash dividend of $0.34/share, which represents a 8.4% annual dividend yield(2)
and an
85% cash dividend/Core EPS payout ratio (full-year 2019 payout ratio was also 85%)
 Adjusted Leverage Ratio of 3.0x, or 1.9x excluding investment grade-rated securities portfolio(3)
 Over $2.5 billion of undrawn committed financing capacity
 74% of Ladder’s loans are floating-rate
 Core Earnings are positively correlated to rising rates – a 1.0% increase in U.S. LIBOR would increase net interest
income by approximately $0.03 per share per quarter, whereas a 1.0% decrease in U.S. LIBOR would reduce net
interest income by less than a penny per share per quarter
FOURTH QUARTER & FULL-YEAR 2019
HIGHLIGHTS(1)
Note: As of 12/31/2019
(1) For a description of these financial and non-GAAP financial measures, see Selected Definitions on page S-14
(2) Based on $16.28 LADR closing stock price on 02/27/2019
(3) Ladder’s total securities portfolio was $1.7 billion as of 12/31/2019, of which 99% was investment grade-rated

4. S-3
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 $3,257 Carrying Value of Assets $671 Cash & Cash Equivalents $58
Secured Financing on Assets 1,196 Undepreciated Book Value of Assets 800 Loans, Securities & Real Estate 6,355
Net Equity Invested (excl. Corporate Debt) 2,061 Secured Financing on Assets 524 Accumulated Depreciation & Amortization (206)
% First Mortgage 96% Net Equity Invested (excl. Corporate Debt) 276 Other Assets(5)
462
% Other (Mezzanine/Subordinate) 4% Total Square Feet 5,338,661 Total Assets 6,669
Weighted-Average Coupon 6.5% Weighted-Average % Leased 100%
Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $51.4 Total Liabilities
Accounting method: carried at depreciated book value Unsecured Corporate Bonds $1,158
Unsecured Revolving Credit Facility –
Conduit Loans Total Unsecured Debt 1,158
Carrying Value of Assets $122 Diversified Commercial Real Estate(3)(4)
Secured Financing 3,702
Secured Financing on Assets 91 Carrying Value of Assets $375 Total Debt 4,860
Net Equity Invested (excl. Corporate Debt) 31 Undepreciated Book Value of Assets 452 Other Liabilities(5)
170
Weighted-Average Coupon 4.2% Secured Financing on Assets 289 Total Liabilities 5,030
Origination and Purchase Volume (LTM) $956 Net Equity Invested (excl. Corporate Debt) 163
Loan Sale Volume (LTM) 1,004 Total Square Feet 3,224,468 Book Equity Value
Loan Sale Profit, Net (LTM)(1)
39 Weighted-Average Occupancy 82% GAAP Book Equity Value (excl. NCI in JVs) $1,630
Core Earnings Contribution (LTM)(2)
42 In-Place Annual Net Operating Income (NOI) $28.7 Total Shares Outstanding (mm) 119.7
Accounting method: carried at lower of cost or FMV Weighted-Average % Owned by Ladder 84.9% GAAP Book Value per Share(5)
$13.56
Accounting method: carried at depreciated book value Undepreciated Book Value per Share(6)
$15.23
Securities (CMBS, Corporate Bonds & Common Stock) Leverage
Carrying Value of Assets $1,721 Condominium Residential Real Estate (100% Owned) Adjusted Debt (for Adjusted Leverage Ratio)(6)
$4,860
Secured Financing on Assets 1,602 Carrying Value of Assets $2 Total GAAP Book Equity (incl. NCI in JVs) 1,639
Net Equity Invested (excl. Corporate Debt) 119 Undepreciated Book Value of Assets 2 Adjusted Leverage Ratio(6)
3.0x
% First Mortgage Secured 99% Secured Financing on Assets –
% AAA-Rated 89% Net Equity Invested (excl. Corporate Debt) 2 Return on Average Equity (based on Core Earnings)(6)
% Investment Grade-Rated 99% Total Remaining Units 6 Core Earnings (LTM) $191
Weighted-Average Duration 2.4 Years Unit Sale Price as % of GAAP Book Value (LTM) 103% Average Book Equity Value (LTM) 1,634
Accounting method: carried at FMV Accounting method: carried at depreciated book value After-Tax Core ROAE (LTM) 11.6%
Note: As of 12/31/2019
(1) Based on “Core gain on sale of loans” as reported in Company filings. For reconciliation, see page S-11
(2) Pre-tax and pre-overhead allocation
(3) 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
(4) Excludes two unconsolidated joint venture investments with total book value of $48.4 million as of 12/31/2019
(5) For a description of these financial measures, see Selected Definitions on page S-14
(6) For a description of these non-GAAP financial measures, see Selected Definitions on page S-14
B
C
D
E
F
A B C D E F
LADDER SNAPSHOT
($ in millions, except per share amounts)
A

5. S-4
($ in millions)
INVESTMENT PORTFOLIO SUMMARY
Investment Portfolio Core Earnings Contribution
(as of 12/31/2019) (Full-Year 2019)
Carrying Value % of Total Amount of % of Total
Investment Type of Assets Assets Contribution Contribution
Conduit First Mortgage Loans $122 2% $41.9 13%
Balance Sheet First Mortgage Loans 3,127 47% 201.5 62%
Other (Mezzanine/Subordinate) Loans 130 2% 15.6 5%
Allowance for Loan Losses (21) (0.3%) – –
Total Loans $3,359 50% $259.0 80%
Securities (CMBS, Corporate Bonds & Stocks) $1,721 26% $28.4 9%
Net Leased Commercial Real Estate $671 10% $28.5 9%
Diversified Commercial Real Estate 375 6% 6.6 2%
Condominium Residential Real Estate 2 0.03% (0.1) (0.02%)
Total Real Estate Equity Properties $1,048 16% $35.0 11%
Other Investments $110 2% $2.6 1%
Total Investment Assets $6,238 94% $325.1 100%
Cash and Cash Equivalents (unrestricted) $58 1%
Restricted Cash 298 4%
Other Assets 75 1%
Total Assets $6,669 100% $325.1 100%
Corporate Bond Interest Expense (67.2) (21%)
Corporate Operating Expenses/Other (67.4) (21%)
Total Core Earnings $190.6 59%

6. S-5
Other
Commercial
Real Estate-
Related Loans
$130mm
Balance
Sheet
First
Mortgage
Loans
$3,127mm
Conduit
First
Mortgage
Loans
$122mm
LOAN PORTFOLIO OVERVIEW
$18 million average loan balance
$3.4 billion total loan portfolio
74% floating rate/26% fixed rate
Note: As of 12/31/2019
(1) Amounts in this chart shown before $20.5 million allowance for loan losses
(2) Includes mezzanine and subordinate loans
(2)
Below
$25mm:
42%
$25mm –
$50mm:
33%
$51mm –
$75mm:
16%
$76mm –
$100mm
5%
Above
$100mm:
4%
Northeast
29%
South
20%
Midwest
18%
West
15% Southwest
16%
Various
2%
Hotel
11%
Retail
11%
Multifamily
28%
Office
24%
Mixed
Use
15%
MHP
3%
Industrial
4%
Other
4%
Loan Type(1)
Loan Size
Geography Property Type

7. S-6
LOANS SEGMENT SUMMARY
($ in millions)
(1) Equivalent to “Core gain on sale of loans” as reported in Company filings. For reconciliation, see page S-11
Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018
Conduit First Mortgage Loans
Carrying Value of Assets (end of quarter) $122 $174 $112 $190 $182 $375 $108 $274
Origination and Purchase Volume 392 231 158 175 182 350 232 533
Weighted-Average Coupon (end of quarter) 4.2% 4.6% 5.0% 5.5% 5.5% 5.2% 5.2% 5.1%
Loan Sale Volume $456 $141 $238 $170 $365 $102 $401 $437
Loan Sale Profit, Net (1)
15 7 11 6 7 3 8 12
Balance Sheet First Mortgage Loans
Carrying Value of Assets (end of quarter) $3,127 $3,098 $2,977 $3,159 $3,171 $3,648 $3,606 $3,370
Origination and Purchase Volume 459 501 260 274 238 326 480 435
Weighted-Average Coupon (end of quarter) 6.3% 6.7% 7.3% 7.3% 7.4% 7.3% 7.3% 6.9%
Weighted-Average LTV (end of quarter) 70% 70% 70% 69% 68% 68% 67% 66%
Other (Mezzanine/Subordinate) Loans
Carrying Value of Assets (end of quarter) $130 $133 $143 $144 $148 $158 $158 $158
Origination Volume 7 – – 7 – – – –
Mezz./Subordinate Loans % of Total Assets 1.9% 2.0% 2.2% 2.2% 2.4% 2.5% 2.5% 2.5%
Weighted-Average Coupon (end of quarter) 10.9% 10.8% 10.9% 10.9% 10.9% 10.8% 10.8% 10.8%
Weighted-Average LTV (end of quarter) 68% 68% 70% 68% 68% 69% 70% 70%
Allowance for Loan Losses ($21) ($19) ($19) ($18) ($18) ($18) ($7) ($7)
Total Loan Portfolio
Carrying Value of Assets (end of quarter) $3,359 $3,387 $3,213 $3,474 $3,483 $4,163 $3,865 $3,795
Weighted-Average Yield (end of quarter) 6.9% 7.2% 7.9% 7.6% 7.7% 7.5% 7.6% 7.2%

8. S-7
12/31/2019 09/30/2019 06/30/2019 03/31/2019 12/31/2018 09/30/2018 06/30/2018 03/31/2018
Carrying Value of Assets $1,721 $1,911 $1,788 $1,619 $1,410 $978 $1,106 $1,100
Weighed-Average Yield 3.1% 3.2% 3.3% 3.3% 3.2% 3.1% 3.0% 3.0%
Number of CUSIPs 161 181 188 197 182 132 142 140
Average CUSIP Size $10.7 $10.6 $9.5 $8.2 $7.7 $7.4 $7.8 $7.9
Weighted-Average Duration 2.4 Years 2.4 Years 2.3 Years 2.5 Years 2.4 Years 2.5 Years 2.9 Years 3.0 Years
% AAA-Rated or Agency-Backed 89% 86% 84% 83% 81% 80% 80% 79%
% Investment Grade-Rated 99% 98% 97% 97% 95% 99%+ 99%+ 99%+
11%
62%
22%
4% 1%
11%
73%
95%
99% 100%
0%
20%
40%
60%
80%
100%
0-1 year 1-3 years 3-5 years 5-7.5 years >7.5 years
SECURITIES SEGMENT SUMMARY
($ in millions)
CMBS & Corporate Bond Portfolio Duration Profile (as of 12/31/2019)
Cumulative Portfolio Weighting
$1.1
billion
$1.3
billion
$1.7
billion
$387
million
$1.6
billion
$1.7
billion
$17
million$192
million
$192
million
Category Portfolio Weighting
Note: Weighted-average yield and duration in the table above exclude the impact of Ladder’s $13 million of common stock investments as of 12/31/2019
$61
million
Highly-rated, short-duration, highly-liquid securities portfolio

9. S-8
REAL ESTATE SEGMENT SUMMARY
($ in millions)
(1) All metrics shown on a consolidated basis
Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018
Net Leased Commercial Real Estate (100% Owned)
Acquisitions $6 $9 $3 $2 $7 – $6 –
Net Sales Proceeds – – – – – – – –
Carrying Value of Assets (end of quarter) 671 669 666 670 673 671 677 677
Square Feet (end of quarter) 5,338,661 5,291,867 5,224,039 5,204,471 5,186,271 5,135,139 5,135,139 5,091,472
Net Operating Income (Rental Income) $13.7 $13.0 $13.3 $13.2 $13.0 $13.0 $12.8 $14.0
Diversified Commercial Real Estate(1)
Acquisitions $66 – – $18 – – $85 $24
Net Sales Proceeds – 7 12 – – 109 – 93
Carrying Value of Assets (end of quarter) 375 309 315 331 318 319 370 289
Square Feet (end of quarter) 3,224,468 2,910,991 3,070,991 3,224,545 3,115,990 3,115,990 3,876,308 3,758,984
Net Operating Income $5.6 $4.8 $4.5 $4.6 $6.1 $6.6 $6.9 $6.4
Condominium Residential Real Estate(1)
Net Sales Proceeds $1 $0.3 $2 $2 $6 $3 $4 $4
Carrying Value of Assets (end of quarter) 2 3 3 5 7 10 13 15
Remaining Condo Units (end of quarter) 6 9 10 17 23 35 43 51
Unit Sale Price as % of GAAP Book Value 120% 94% 96% 99% 119% 111% 137% 130%
Total Real Estate Portfolio
Carrying Value of Assets (end of quarter) $1,048 $981 $984 $1,006 $998 $1,000 $1,060 $981

10. S-9
INCOME STATEMENT BY QUARTER
(1) For a description of these non-GAAP financial measures, see Selected Definitions on page S-14
($ in millions, except per share values) Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018
Net interest income
Interest income $76.2 $82.3 $85.3 $86.5 $91.0 $90.4 $85.2 $78.2
Interest expense 49.3 51.4 52.4 51.2 49.7 51.5 48.4 44.7
Net interest income $26.9 $30.9 $33.0 $35.2 $41.3 $38.9 $36.8 $33.5
Provision for loan losses 2.0 – 0.3 0.3 0.3 10.3 0.3 3.0
Net interest income after provision for loan losses $24.9 $30.9 $32.7 $34.9 $41.0 $28.6 $36.5 $30.5
Other income
Operating lease income 25.3 24.4 27.8 28.9 26.9 25.0 26.2 28.1
Sale of loans, net 16.2 11.2 20.3 7.1 3.6 1.9 6.1 4.9
Realized gain (loss) on securities 4.2 3.4 4.5 2.9 (0.9) (2.6) (1.2) (1.1)
Unrealized gain (loss) on equity securities 0.4 0.3 (1.0) 2.1 (1.6) – – –
Unrealized gain (loss) on Agency interest-only securities 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.2
Realized gain on sale of real estate, net 0.4 2.1 (1.1) 0.0 (0.5) 63.7 1.6 31.0
Impairment of real estate – – – (1.4) – – – –
Fee and other income 7.4 5.2 7.2 4.7 8.7 4.9 6.5 6.3
Net result from derivative transactions 5.9 (9.5) (15.5) (11.0) (13.2) 7.1 7.1 15.0
Earnings (loss) from investment in unconsolidated joint ventures (0.2) 1.1 1.6 1.0 0.3 0.4 0.0 0.1
Gain (loss) on extinguishment/defeasance of debt – – – (1.1) – (4.3) – (0.1)
Total other income $59.6 $38.2 $43.7 $33.1 $23.4 $96.2 $46.4 $84.3
Costs and expenses
Salaries and employee benefits 15.0 14.3 14.9 23.6 13.4 15.8 13.9 17.1
Operating expenses 5.9 5.3 6.0 5.4 5.1 5.5 5.6 5.5
Real estate operating expenses 5.5 6.3 6.0 5.5 6.0 7.2 7.8 8.8
Fee expense 1.1 2.1 1.2 1.7 2.1 1.3 0.8 0.8
Depreciation and amortization 9.3 9.0 9.9 10.2 10.1 10.4 10.7 10.8
Total costs and expenses $36.8 $37.0 $38.1 $46.4 $36.6 $40.1 $38.8 $43.1
Income (loss) before taxes $47.6 $32.1 $38.3 $21.7 $27.8 $84.7 $44.1 $71.7
Income tax expense (benefit) 2.2 1.1 2.2 (2.9) 1.0 1.2 0.6 3.9
Net income (loss) $45.4 $30.9 $36.1 $24.5 $26.8 $83.5 $43.6 $67.8
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures 0.0 (0.1) 0.3 0.4 0.3 (7.8) 0.1 (8.4)
Net (income) loss attributable to noncontrolling interest in operating partnership (4.8) (3.3) (4.1) (2.8) (3.0) (9.0) (5.3) (8.5)
Net income (loss) attributable to Class A common shareholders $40.6 $27.6 $32.2 $22.2 $24.1 $66.6 $38.4 $50.9
Earnings per share:
Basic $0.38 $0.26 $0.31 $0.21 $0.24 $0.69 $0.40 $0.53
Diluted 0.37 0.26 0.30 0.21 0.24 0.67 0.40 0.53
Weighted average shares outstanding (mm):
Basic 106.0 106.0 105.5 104.3 99.9 96.9 96.8 95.2
Diluted 118.9 106.6 105.9 105.0 100.6 110.7 97.2 95.4
Core Earnings (pre-tax)(1)
$48.6 $44.1 $51.0 $46.9 $52.5 $63.4 $50.4 $63.8
Core EPS (after-tax)(1)
$0.40 $0.38 $0.43 $0.40 $0.45 $0.59 $0.45 $0.55

11. S-10
CORE EARNINGS, CORE EPS AND ROAE
RECONCILIATIONS BY QUARTER(1)
(1) For a description of these non-GAAP financial measures, see Selected Definitions on page S-14
($ in millions, except per share values)
Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018
Net income (loss) $45.4 $30.9 $36.1 $24.5 $26.8 $83.5 $43.6 $67.8
Income tax expense (benefit) 2.2 1.1 2.2 (2.9) 1.0 1.2 0.6 3.9
Income (loss) before taxes $47.6 $32.1 $38.3 $21.7 $27.8 $84.7 $44.1 $71.7
(0.0) (0.1) 0.3 0.4 0.3 (7.9) 0.1 (8.4)
Our share of real estate depreciation, amortization and gain adjustments 8.2 6.7 6.6 5.7 7.5 (12.4) 8.8 6.1
Adjustments for unrecognized derivative results (10.7) 1.9 2.2 9.1 16.3 (3.6) (4.6) (8.1)
Unrealized (gain) loss on agency IO securities (0.5) (0.2) 0.9 (2.1) 1.5 (0.1) (0.1) (0.2)
0.2 (0.2) (0.6) (0.0) (0.3) 0.0 (0.2) (0.3)
Non-cash stock-based compensation 3.7 3.9 3.4 12.1 1.8 2.8 2.3 3.1
One-time transactional adjustment – – – – (2.5) – – –
Core earnings $48.6 $44.1 $51.0 $46.9 $52.5 $63.4 $50.4 $63.8
Core estimated corporate tax benefit (expense) (1.6) 0.4 0.0 0.3 (1.3) 1.7 (0.6) (3.5)
After-tax core earnings $47.0 $44.6 $51.0 $47.2 $51.2 $65.1 $49.8 $60.4
Adjusted weighted average shares outstanding (diluted) (mm) 118.9 118.8 118.6 118.2 113.7 110.7 110.5 110.3
Core EPS $0.40 $0.38 $0.43 $0.40 $0.45 $0.59 $0.45 $0.55
Weighted average shares outstanding (diluted) (mm) 118.9 106.6 105.9 105.0 100.6 110.7 97.2 95.4
Effect of shares issuable to converted Class B shareholders, unvested restricted stock,
and unvested stock options (mm) – 12.2 12.7 13.2 13.1 – 13.3 14.9
Adjusted weighted average shares outstanding (diluted) (mm) 118.9 118.8 118.6 118.2 113.7 110.7 110.5 110.3
Full-Year 2019
Core earnings $190.6 $48.6 $44.1 $51.0 $46.9 $52.5 $63.4 $50.4 $63.8
Average book equity 1,634.0 1,630.4 1,634.6 1,636.7 1,634.1 1,588.7 1,522.2 1,497.1 1,484.7
Pre-tax Core ROAE 11.7% 11.9% 10.8% 12.5% 11.5% 13.2% 16.7% 13.5% 17.2%
After-tax core earnings $189.8 $47.0 $44.6 $51.0 $47.2 $51.2 $65.1 $49.8 $60.4
Average book equity 1,634.0 1,630.4 1,634.6 1,636.7 1,634.1 1,588.7 1,522.2 1,497.1 1,484.7
After-tax Core ROAE 11.6% 11.5% 10.9% 12.5% 11.6% 12.9% 17.1% 13.3% 16.3%
Adjustment for economic gain on loan sales not recognized under GAAP for which risk has
been substantially transferred, net of reversal/amortization
Net (income) loss attributable to noncontrolling interest in consolidated joint ventures
and operating partnership

12. S-11
LOAN SALE PROFITABILITY AND OTHER
GAAP RECONCILIATIONS BY QUARTER
($ in millions)
Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018
Face amount of loans sold $455.7 $140.7 $237.8 $169.7 $364.8 $102.0 $400.8 $436.5
Income from sale of loans, net $16.2 $11.2 $20.3 $7.1 $3.6 $1.9 $6.1 $4.9
Realized losses on loans related to lower of cost or market adjustments – – – – – – – 0.5
Hedge gain/(loss) related to loan sales (see GAAP reconciliation below) (1.4) (5.0) (9.1) (1.2) 3.4 0.5 2.3 6.6
Income from sales of loans, net of hedging $14.7 $6.2 $11.2 $5.9 $7.1 $2.3 $8.5 $11.9
$0.4 $0.4 ($0.3) $0.4 $0.0 $0.3 $0.0 ($0.0)
Core gain on sale of loans $15.1 $6.6 $10.9 $6.2 $7.1 $2.6 $8.5 $11.9
Hedge gain/(loss) GAAP reconciliation
Net results from derivative transactions $5.9 ($9.5) ($15.5) ($11.0) ($13.2) $7.1 $7.1 $15.0
Hedge gain/(loss) related to lending and securities positions (7.4) 4.4 6.3 9.8 16.7 (6.7) (4.8) (8.4)
Hedge gain/(loss) related to loan sales ($1.4) ($5.0) ($9.1) ($1.2) $3.4 $0.5 $2.3 $6.6
Other GAAP reconciliations
GAAP realized gain (loss) on securities $4.2 $3.4 $4.5 $2.9 ($0.9) ($2.6) ($1.2) ($1.1)
Plus: Other than temporary impairment, net of hedging – (0.1) – – 0.1 0.4 0.0 0.1
Hedging realized result - security sales (3.1) (2.1) (2.5) (0.8) 1.1 4.4 1.7 2.7
Core gain on securities $1.1 $1.2 $1.9 $2.0 $0.2 $2.3 $0.5 $1.7
Operating lease income $25.3 $24.4 $27.8 $28.9 $26.9 $25.0 $26.2 $28.1
Less: Real estate operating expenses (5.5) (6.3) (6.0) (5.5) (6.0) (7.2) (7.8) (8.8)
Net rental income $19.7 $18.1 $21.7 $23.4 $20.9 $17.8 $18.3 $19.3
Adjustment for economic gain on loan sales not recognized under GAAP for
which risk has been substantially transferred

13. S-12
BALANCE SHEET BY QUARTER
(1) For a description of these non-GAAP financial measures, see Selected Definitions on page S-14
(2) For a description of these financial measures, see Selected Definitions on page S-14
($ in millions, except per share values) 12/31/2019 09/30/2019 06/30/2019 03/31/2019 12/31/2018 09/30/2018 06/30/2018 03/31/2018
Assets
Cash and cash equivalents $58.2 $83.1 $126.5 $45.2 $67.9 $49.6 $51.9 $68.4
Restricted cash 297.6 38.7 88.9 80.1 30.6 35.3 42.8 44.8
Mortgage loan receivables held for investment, net, at amortized cost
Mortgage loans held by consolidated subsidiaries 3,257.0 3,231.4 3,119.9 3,302.8 3,318.4 3,805.4 3,764.2 3,528.2
Mortgage loans transferred but not considered sold – – – 15.5 – – – –
Allowance for loan losses (20.5) (18.5) (18.5) (18.2) (17.9) (17.6) (7.3) (7.0)
Mortgage loan receivables held for sale 122.3 174.2 112.0 189.5 182.4 375.2 107.7 273.6
Real estate securities, available for sale 1,721.3 1,911.5 1,788.4 1,619.1 1,410.1 978.3 1,106.4 1,100.1
Real estate and related lease intangibles, net 1,048.1 981.3 984.4 1,006.0 998.0 1,000.0 1,060.2 980.9
Investments in unconsolidated joint ventures 48.4 51.4 57.8 93.8 40.4 36.1 35.3 34.6
FHLB stock 61.6 61.6 61.6 61.6 57.9 57.9 77.9 77.9
Derivative instruments 0.7 0.0 0.5 1.6 – 0.1 0.7 0.1
Due from brokers 0.2 4.0 0.0 5.5 – – – –
Accrued interest receivable 21.1 22.7 24.3 26.6 27.2 27.8 27.6 27.2
Other assets 53.1 78.5 61.0 96.2 157.9 77.7 121.9 102.6
Total assets $6,669.2 $6,619.9 $6,406.8 $6,525.4 $6,272.9 $6,425.7 $6,389.4 $6,231.3
Liabilities
Debt obligations:
Secured and unsecured debt obligations $4,859.9 $4,860.7 $4,613.1 $4,716.4 $4,452.6 $4,757.6 $4,702.4 $4,624.6
Liability for transfers not considered sales – – – 15.8 – – – –
Due to brokers 0.2 7.0 25.5 49.8 1.3 – 44.8 –
Derivative instruments – 0.1 – – 1.0 0.3 – –
Amount payable pursuant to tax receivable agreement 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6
Dividends payable 38.7 2.4 1.9 1.4 37.3 2.0 1.6 1.2
Accrued expenses 72.4 45.8 55.5 34.3 82.4 57.1 60.3 38.9
Other liabilities 57.4 63.2 61.2 61.8 53.1 53.6 66.3 61.7
Total liabilities $5,030.2 $4,980.6 $4,758.7 $4,881.2 $4,629.2 $4,872.1 $4,877.0 $4,728.0
Equity
Class A common stock, par value $0.001 per share, 600,000,000 shares authorized $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.1
Class B common stock, no par value, 100,000,000 shares authorized 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Additional paid-in capital 1,532.4 1,529.6 1,526.5 1,508.5 1,471.2 1,375.0 1,370.1 1,368.5
Treasury stock (42.7) (41.6) (41.5) (40.8) (32.8) (32.8) (32.8) (32.7)
Retained earnings (35.7) (39.9) (30.8) (26.5) 11.3 22.6 (12.1) (18.7)
Accumulated other comprehensive income/(loss) 4.2 10.4 12.2 7.1 (4.6) (8.6) (9.9) (7.9)
Total shareholders' equity $1,458.3 $1,458.7 $1,466.4 $1,448.3 $1,445.2 $1,356.3 $1,315.5 $1,309.4
Noncontrolling interest in operating partnership 172.1 171.7 172.5 186.3 188.4 187.5 185.2 184.2
Noncontrolling interest in consolidated joint ventures 8.6 8.8 9.2 9.6 10.1 9.8 11.9 9.7
Total equity $1,639.0 $1,639.3 $1,648.1 $1,644.2 $1,643.6 $1,553.6 $1,512.5 $1,503.3
Total liabilities and equity $6,669.2 $6,619.9 $6,406.8 $6,525.4 $6,272.9 $6,425.7 $6,389.4 $6,231.3
Adjusted Leverage Ratio(1)
3.0x 2.9x 2.6x 2.6x 2.3x 2.6x 2.7x 2.6x
Total Shares Outstanding (mm) 119.7 119.7 119.7 119.8 117.1 111.3 111.3 111.3
GAAP Book Value per Share(2)
$13.56 $13.56 $13.63 $13.59 $13.90 $13.82 $13.43 $13.37
Undepreciated Book Value per Share(1)
$15.23 $15.15 $15.16 $15.09 $15.34 $15.25 $14.97 $14.82
Distributions per LADR Share $0.34 $0.34 $0.34 $0.34 $0.57 $0.325 $0.325 $0.315

14. S-13
BOOK EQUITY, SHARECOUNT, AND ADJUSTED
LEVERAGE GAAP RECONCILIATION BY QUARTER
(1) For a description of these financial measures, see Selected Definitions on page S-14
(2) For a description of these non-GAAP financial measures, see Selected Definitions on page S-14
($ in millions, except per share values)
12/31/2019 09/30/2019 06/30/2019 03/31/2019 12/31/2018 09/30/2018 06/30/2018 03/31/2018
Beginning book equity balance $1,639.3 $1,648.1 $1,644.2 $1,643.6 $1,553.6 $1,512.5 $1,503.3 $1,488.1
Net income (loss) 45.4 30.9 36.1 24.5 26.8 83.5 43.6 67.8
Dividends/distributions (41.2) (41.6) (41.0) (40.6) (43.8) (46.8) (36.6) (48.4)
Changes in other comprehensive income (OCI) (6.8) (2.0) 5.6 13.2 4.5 1.4 (2.2) (8.9)
Issuance of common stock, net of offering costs – – – – 99.0 – – –
Other 2.3 3.9 3.2 3.4 3.5 3.1 4.4 4.6
Ending book equity balance (Total equity) $1,639.0 $1,639.3 $1,648.1 $1,644.2 $1,643.6 $1,553.6 $1,512.5 $1,503.3
Noncontrolling interests in consolidated joint ventures (JVs) (8.6) (8.8) (9.2) (9.6) (10.1) (9.8) (11.9) (9.7)
Book equity balance excluding noncontrolling interests in consolidated JVs $1,630.3 $1,630.4 $1,638.8 $1,634.6 $1,633.6 $1,543.8 $1,500.6 $1,493.6
Average book equity balance excluding noncontrolling interests in consolidated JVs $1,630.4 $1,634.6 $1,636.7 $1,634.1 $1,588.7 $1,522.2 $1,497.1 $1,484.7
Accumulated depreciation & amortization – net leased commercial real estate 129.3 122.9 116.6 110.3 104.0 97.8 91.6 85.4
Accumulated depreciation & amortization – diversified commercial real estate 76.3 73.5 72.1 73.4 69.1 65.2 83.3 78.8
Accumulated depreciation & amortization – condominium residential real estate 0.3 0.4 0.4 0.7 0.8 1.2 1.5 1.7
Less: JV noncontrolling interests' share of accumulated real estate depreciation & amortization (13.4) (13.0) (12.6) (12.2) (11.7) (11.1) (11.3) (10.7)
Accumulated real estate depreciation & amortization – our share $192.4 $183.8 $176.5 $172.1 $162.2 $153.1 $165.1 $155.2
Undepreciated book value $1,822.8 $1,814.2 $1,815.4 $1,806.7 $1,795.8 $1,697.0 $1,665.7 $1,648.8
Class A shares outstanding (mm) 107.5 107.6 107.6 106.6 103.9 98.1 97.9 98.0
Class B shares outstanding (mm) 12.2 12.2 12.2 13.2 13.1 13.1 13.3 13.3
Total shares outstanding (mm) 119.7 119.7 119.7 119.8 117.1 111.3 111.3 111.3
Shareholders' equity GAAP reconciliation
Total shareholders' equity $1,458.3 $1,458.7 $1,466.4 $1,448.3 $1,445.2 $1,356.3 $1,315.5 $1,309.4
Plus: noncontrolling interest in operating partnership (Class B shareholder book equity) 172.1 171.7 172.5 186.3 188.4 187.5 185.2 184.2
Total equity excluding noncontrolling interests in consolidated JVs $1,630.3 $1,630.4 $1,638.8 $1,634.6 $1,633.6 $1,543.8 $1,500.6 $1,493.6
GAAP Book Value per Share(1)
$13.56 $13.56 $13.63 $13.59 $13.90 $13.82 $13.43 $13.37
Undepreciated Book Value per Share(2)
15.23 15.15 15.16 15.09 15.34 15.25 14.97 14.82
Debt obligations GAAP reconciliation
Committed loan repurchase facilities $702.3 $760.5 $685.3 $611.4 $497.5 $752.0 $599.7 $550.5
Committed securities repurchase facility 42.8 85.5 – 93.8 – 97.9 99.9 98.8
Uncommitted securities repurchase facility 1,070.9 940.1 582.1 324.8 166.2 123.7 120.4 105.1
Revolving Credit Facility – – – – – – – –
Mortgage loan financing, net of unamortized debt issuance costs 812.6 723.3 734.7 739.5 743.9 743.2 770.9 683.5
CLO debt, net of unamortized debt issuance costs – 117.8 263.2 497.3 601.5 672.0 685.4 683.1
Participation financing (on mortgage loan receivable) – – – 2.4 2.5 2.5 2.6 2.8
Borrowings from the FHLB 1,073.5 1,076.4 1,191.4 1,291.4 1,286.0 1,212.0 1,270.0 1,348.0
Senior unsecured notes, net of unamortized debt issuance costs 1,157.8 1,157.1 1,156.4 1,155.7 1,155.0 1,154.3 1,153.5 1,152.8
Liability for transfers not considered sales – – – 15.8 – – – –
Debt obligations, net $4,859.9 $4,860.7 $4,613.1 $4,732.3 $4,452.6 $4,757.6 $4,702.4 $4,624.6
Less: CLO debt – (117.8) (263.2) (497.3) (601.5) (672.0) (685.4) (683.1)
Less: Liability for transfers not considered sales – – – (15.8) – – – –
Adjusted debt obligations $4,859.9 $4,742.9 $4,349.9 $4,219.1 $3,851.0 $4,085.6 $4,017.0 $3,941.5
Total equity $1,639.0 $1,639.3 $1,648.1 $1,644.2 $1,643.6 $1,553.6 $1,512.5 $1,503.3
Adjusted leverage ratio 3.0x 2.9x 2.6x 2.6x 2.3x 2.6x 2.7x 2.6x

15. S-14
• 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 Core Return on Average Equity (After-Tax Core ROAE) (non-GAAP)
̶ After-Tax Core Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures.
• Core 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 securitization transactions not recognized for 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 period, (v) non-cash stock-based compensation and (vi) certain one-time transactional items.
• Core EPS (non-GAAP)
̶ After-Tax Core 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 Core Return on Average Equity (Pre-Tax Core ROAE) (non-GAAP)
̶ Core 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.
SELECTED DEFINITIONS