Ladder Capital - Investor Presentation (September 2018)

1. INVESTOR PRESENTATION
SEPTEMBER 2018
NYSE: LADR

2. 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 June 30, 2018, 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 June 30, 2018 Form 10-Q filing and
earnings press release, as well as the Company’s Earnings Supplement presentations, which are available on Ladder’s website
(www.laddercapital.com), 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
2

3. WHO WE ARE

4. NYSE: LADR / INTERNALLY-MANAGED COMMERCIAL REAL ESTATE (“CRE”) FINANCE REIT
CYCLE-TESTED AND ALIGNED MANAGEMENT TEAM
NATIONAL DIRECT CRE ORIGINATION PLATFORM
$1.9B EQUITY MARKET CAP / 7.6% DIVIDEND YIELD
30% DIVIDEND INCREASE SINCE INITIAL DIVIDEND IN Q1 2015 – 8%+ CAGR
$6.4B OF CRE DEBT & EQUITY ASSETS WITH A SENIOR SECURED FOCUS
$33.9B OF CRE INVESTMENTS SINCE INCEPTION WITH NO QUARTERLY LOSSES
4
Note: As of 06/30/2018
(1) Based on $17.18 LADR closing price on 09/14/2018
(1)
LADDER SNAPSHOT
4
(1)

5. 5
 CRE finance groups led by Ladder’s CEO, Brian Harris, have never experienced a losing quarter
through multiple economic cycles and interest rate environments
 Core team members have worked together for over two decades
 The expertise of our fully integrated CRE investment team is one of our most valuable assets –
the 5 members of our management team have 144 years of cumulative experience
Note: As of 06/30/2018
(1) Based on $17.18 LADR closing price on 09/14/2018
(2) For a description of this non-GAAP financial measure, see Selected Definitions on page 42. “NIM” represents net interest margin on loan & CMBS bond assets
 Internally-managed REIT for maximum alignment of interest with shareholders – Ladder is sole focus
of management team – unique to sector
 Management & directors own $232 million
(1)
of LADR stock (over 12% of total equity market cap)
 Ladder is the sole focus of the management team – unique to sector
Alignment of
Interest
Internally-Managed, Aligned Team Producing Attractive and Protected Dividend
Cycle-Tested
Management
Team
 $1.30 annualized cash dividend, up 30% since Q1 2015, with 8%+ compounded annual growth rate
 7.6% well-covered dividend yield
(1)
with 76% of earnings sourced from recurring NIM & CRE equity NCF
Attractive &
Well-Protected
Dividend
 Consistently earn 10% – 13%+ ROE
 13.5% after-tax core return on average equity
(2)
in the last twelve months, with 2.7x average leverage
Market-Leading
ROE
LADDER SUMMARY
5

6. 6
6
LADDER INVESTMENT HIGHLIGHTS
(1)
(1) Based on review of SEC filings, company presentations and research reports for publicly-traded U.S. CRE finance REITs with equity market capitalizations over $1 billion
(2) Based on historical Core EPS as of the date hereof
ONLY internally-managed CRE finance REIT of scale (investors “own” management team)
HIGHEST management/board member insider ownership
LOWEST payout ratio – well-covered(2)
& growing dividend
HIGHLY EXPERIENCED management team
COMPELLING valuation versus book value/analyst estimated NAV
LONG & STRONG liability structure with ratings momentum
MARKET LEADING ROE

7. THE PLATFORM

8. 8
COMPLEMENTARY CRE PRODUCTS
(1) As of 06/30/2018. Represents carrying value of assets less secured funding debt
(2) Excludes mezzanine/subordinate loans and net lease & other equity investments
Capital Allocation Across CRE Capital Stack(1)
CRE Investment Product Mix
Best risk-
adjusted
return
opportunityEquity
Loans
CMBS
Bonds
Value-oriented allocation of CRE assets under one comprehensive CRE platform
CMBS Bonds: 9%
Conduit Loans: 2%
Balance
Sheet Loans: 77%
Net Lease &
Other Equity: 12%
Most
liquid
assets
82% of capital(1)
allocated to
senior secured(2)
CRE investments

9. $356
$382
$404
$422
$371
2019 2020 2021 2022 2023
9
 Robust origination team with 24 originators in 2 offices, including
6 Managing Directors (“MDs”)
 Long-standing direct borrower and key broker relationships nationwide
 Average loan size of ~$20 million with focus on mid-market lending
 Loyal client base - more than 50% of balance sheet loans to repeat
borrowers
 Certainty of execution and ability to act quickly with key decision
makers in the same building
 Flexibility to originate and manage multiple CRE products is a key
differentiator
 Leverage deep CRE credit expertise through the capital stack
 Market recognition with reputation for integrity and fair dealing
LADDER’S COMPETITIVE ADVANTAGE
Compelling Market Opportunity with
Substantial Annual CRE Debt Maturities
(1)
(1) Source: Trepp, as of Q1 2018. Includes bank, CMBS, life company and other debt for non-residential CRE (including multi-family)
Over $1.9 trillion of CRE debt
maturing over the next 5 years
($ in billions)
Unique full service CRE platform focused on mid-market lending

10. FULLY INTEGRATED CRE INVESTMENT TEAM
Marc Fox
CHIEF FINANCIAL
OFFICER
FINANCE AND
ACCOUNTING
Thomas Harney
HEAD OF
CAPITAL MARKETS
CAPITAL
MARKETS
Brian Harris
CEO
Robert Perelman
HEAD OF
ASSET MANAGEMENT
ASSET
MANAGEMENT
Pamela McCormack
PRESIDENT
ORIGINATION
(24 total originators, including 6 MDs)
Michael Olson
Daniel Orbach
Andrew Babat
Michael Bette
Adam Saltzman
Alex Neubauer
Daniel Cruz
Isaac Wood
Geoff Weinstock
Mathew Fogel
Nicholas Capozzi
ACCOUNTING
/REPORTING
Kevin Moclair (CAO)
Christine Curcio
Tara Tannure
(CONTROLLER)
Ryan Smith
(TAX DIRECTOR)
Benjamin JeanBaptiste
Karina Rodrigues
da Silva
FINANCE
Matthew FitzGerald
(TREASURER)
Elise Chamberlain
Andrea Rodriguez-
Padilla
NEW YORK
Adam Siper
Michael Bontumasi
Malcolm Shaw
Adam Frank
Eric Crum
Justin Desiderio
Ryan Jantzen
Walker Brown
James Gorman
Michael Ainbinder
Michael FitzMaurice
Zachary Mulkern
Lee Warshaw
Jack Weisselberg
Andrew Steiner
Marc Waldman
Michael Fife
Matthew Baron
LOS ANGELES, CA
Jeffrey Giudice
Michael Arnovitz
Loren Biller
Josh Natker
Jonathan Goldberg
Caroline Taylor
Alexander Swan
David Merkur
TRANSACTION
MANAGEMENT
Michael Scarola
(CHIEF CREDIT OFFICER,
HEAD OF BALANCE
SHEET UNDERWRITING)
Craig Robertson
(HEAD OF CONDUIT
UNDERWRITING)
Sarah Gochberg
Michael Alexander
Michael DiOrio
Colette Edmonds
Tierney Boisvert
REAL ESTATE TRADING &
SECURITIZATION
LEGAL, COMPLIANCE&
HUMAN RESOURCES
CORPORATE
LEGAL & HR
Stephanie Lin
Carmela
DiMeo-Laskaris
Craig Sedmak
Keith Statfeld
Sam Greenwald
Blair Lewis
Eddie Peterson
David Traitel (HEAD OF
LEGAL STRUCTURING)
Mark Ableman (HEAD
OF TRANSACTION MGT)
CREDIT
Ed Peterson
(HEAD OF CMBS
TRADING, CO-
HEAD OF
SECURITIZATION)
Kelly Porcella
(GENERAL
COUNSEL)
Michelle
Wallach (CCO)
Member of
Management Team
David Henschke
(CO-HEAD OF
SECURITIZATION)
33
22
27 3329
#
Managing Director
Department Head &
Managing Director
years of experience
LEGEND
1222
15
133119
10
11
13
13
29
13
11
20 17
26
23
18
• Nearly 3 decades of management experience and thought-leadership through multiple market cycles, with deep seasoned bench
• 43% of employees have been with Ladder over 5 years, and 27% of employees have been with Ladder over 7 years
Adam Siper
Ryan Jantzen
Todd Hirsch (consultant)
Ezra Kwestel
10

11. 11
 24 originators,
including 6 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 equity
risk) 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
Separate departments function as “check & balance” on internal process
INVESTMENT & RISK MANAGEMENT PROCESS
11
Origination Credit/
Underwriting
Investment
Committee
Transaction
Management
Asset
Management

12. EXECUTING THE STRATEGY &
SCALABILITY

13. 13
EXECUTING THE STRATEGY
06/30/2018
Total Assets:
Balance Sheet Loan NIM +
CMBS Bond NIM +
CRE Equity Net Cash Flow
Real Estate
Equity Portfolio
Total Committed
Financing Capacity
Total Unsecured &
Non-Recourse Borrowings
$6.4 billion
$1.2 billion undepreciated asset value
216 buildings
~9.0 million square feet
$6.9 billion
$2.6 billion
+155%
+145%
+135%
+286%
+206%
+73%
+324%
Balance Sheet Loan Portfolio
(loans held-for-investment)
$3.8 billion+918%
$264 million
(LTM 06/30/2018)
Number of Employees +19%
Total assets have increased by 155% since IPO to $6.4 billion, with only 11 additional employees
70
% Change since IPO(1)
(1) Based on 09/30/2013 financials (latest available at IPO)

14. 36%
52%
70%
74%
78% 76%
0%
20%
40%
60%
80%
2013 2014 2015 2016 2017 LTM 06/30/2018
$538
$1,524
$1,742
$2,000
$3,282
$3,764
$0
$1,000
$2,000
$3,000
$4,000
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 6/30/2018
14
Stable base of predictable, recurring revenue from NIM and rental income
Balance Sheet
Loans
Outstanding
($ in millions)
EXECUTING THE STRATEGY (CONT.)
% Revenue
Contribution
from Balance
Sheet Loan NIM,
CMBS Bonds,
and CRE Equity
Net Cash Flow
76%
36%

15. (1) Source: Public filings and Company information for ownership data and Yahoo Finance for LADR daily trading volume. IPO date excluded from average trading volume
(1) calculations, where applicable
Source of
Earnings
2013 (year leading up to LADR IPO) 12 Months Ended 06/30/2018
THEN NOW
Overhang &
Liquidity (1)
Top 4 Pre-IPO Holders
% Ladder Ownership –
at IPO (02/06/2014)
LADR Average Daily
Trading Volume –
First 24 Months Public
51%
148,913
3%
1,187,939
Top 4 Pre-IPO Holders
% Ladder Ownership –
06/30/2018
LADR Average Daily
Trading Volume –
06/30/2018 (3-month)
15
Gain-on-Sale
from
Securitization
59%
Recurring
NIM & CRE
Equity NCF
36%
Other
5%
EXECUTING THE STRATEGY (CONT.)
Gain-on-Sale
from
Securitization
12%
Recurring
NIM & CRE
Equity NCF
76%
Other
12%
$108
Million
$264
Million

16. 16
$1.00
Q1 2015
Annualized Cash Dividend per Share
$1.30
Q2 2018
Dividend Coverage
Annual Cash
Dividends
per Share(1)
Core EPS
(LTM 6/30/18)
$1.81
$1.30
8%+ dividend compounded annual growth rate Well-covered dividend – 72% payout ratio
DIVIDEND GROWTH & COVERAGE
(1) Represents run-rate of current $0.325 quarterly cash dividend per LADR share

17. FINANCIAL PERFORMANCE

18. 18
Asset Type
Weighted-Average
Return on Asset
Illustrative Asset-Level
Levered Return(1)
Balance Sheet First Mortgage Loans 6.0% – 8.0% 10.0% – 12.0%
Mezzanine/Subordinate Loans 10.5% – 13.5% 10.5% – 13.5%
Net Leased Real Estate Equity 6.0% – 7.5% 9.5% – 10.5%
Diversified CRE Equity 7.5% – 8.5% 12.0% – 15.0%+
CMBS Bonds 3.0% – 4.0% 7.5% – 9.0%
Core REIT Asset ROE (2)
9.0% – 10.0%
(+) Conduit Loan Securitization Gains 25% – 35%+
(+) Real Estate Equity Gains 20% – 30%+
Total Illustrative Ladder ROE
(2)
10.0% – 13.0%+
Note: Returns shown are strictly for illustrative purposes and are based on management’s view of current market conditions
(1) Assumes utilization of available leverage based on financing facilities currently in place
(2) Net of all estimated corporate overhead expenses and corporate debt service
ILLUSTRATIVE RETURNS

19. 12.1%
10.7%
11.5%
13.5%
2015 2016 2017 LTM 06/30/2018
19
2.8xLeverage :
(1) For a description of this non-GAAP financial measure, see Selected Definitions on page 42
(2) Represents average Adjusted Leverage Ratio during period. For a description of this non-GAAP financial measure, see Selected Definitions on page 42
(2)
2.7x2.8x
Core ROAE (after-tax)(1)
9% – 10%
Core REIT
Operations
ATTRACTIVE CORE REIT ROE ENHANCED BY
PROFITABLE SECURITIZATIONS
2.7x

20. Profitable capital recycling enhances returns above solid baseline REIT ROE of 9%–10%
20
Note: As of 06/30/2018
(1) After hedging costs; before corporate overhead expenses
(2) Ladder had one securitization net loss in August 2011 of $5.1 million from hedging results when the United States was downgraded by S&P and treasury bonds rallied
The conduit business: a consistent ROE enhancer
CONDUIT BUSINESS – CONSISTENTLY PROFITABLE
$655 million
(1)
of cumulative core gains 4.4% weighted-average profit margin
(1)
54 of 55 transactions were profitable
(2)
Top 10 CMBS loan originator
Ladder’s
Conduit Loan
Securitization
Business
$14.9 billion of loans securitized
Partners are Citi, DB, JPM, UBS & Wells

21. CRE INVESTMENT PORTFOLIO

22. Carrying Value $3.9 billion
% Floating-Rate 77%
Number of Loans 202
First Mortgage % of Portfolio 96%
Weighted-Average LTV 67%
Weighted-Average Coupon – Portfolio 7.4%
Floating-Rate 7.7%
Fixed-Rate(1)
6.2%
Average Loan Size ~$20 million
22Note: As of 06/30/2018
(1) Includes $108 million of conduit loans at a 5.2% coupon and $158 million of mezzanine loans at a 10.8% coupon
(2) 96% of loan portfolio was comprised of senior secured first mortgage loans as of 06/30/2018
Diversification by Region Diversification by Property Type
Consistent Loan Portfolio LTVs Over Time
$3.9 billion diversified, senior secured(2)
loan portfolio with strong fundamentals
22
LENDING PORTFOLIO SNAPSHOT
$3.9 Billion of Assets
79% Capital Allocation
Northeast
28%
South
21%
West
16%
Southwest
14%
Midwest
15%
Various
6%
Hotel
26%
Retail
9%
Multifamily
23%
Office
22%
Mixed
Use
9%
MHP
4%
Industrial
2%
Other
5%
69%
63% 66% 65% 67% 67%
0%
20%
40%
60%
80%
100%
12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 6/30/18
Selected Loan Portfolio Metrics

23. 155 E 48th Street
New York, NY
$15,500,000
Floating-rate balance sheet
first mortgage loan
Golden Belt
Durham, NC
$18,000,000
Floating-rate balance sheet
first mortgage loan
Bank of America
Jacksonville, FL
$74,000,000
Floating-rate balance sheet
first mortgage loan
Loan Description Middle-Market LTV/LTC <70% Repeat Borrower
23
SELECTED LOANS
GNL Industrial Portfolio
various locations
$32,750,000
Fixed-rate conduit
first mortgage loan

24. 24
Note: As of 06/30/2018
(1) Represents weighted-average % leased for net leased equity investments and weighted-average % occupied for diversified CRE equity investments
Undepreciated Asset Value $1.2 billion
Asset Carrying Value $1.1 billion
Non-Recourse Mortgage Financing $771 million
Net Equity Invested $466 million
~ Total Square Feet 9.0 million
In-Place Annual NOI $81.1 million
Weighted-Average % Leased / Occupied(1)
96%
Investment Overview
 Real estate portfolio comprised of ~9.0 million square feet
 Investments are comprised of single-tenant net leased
properties (solely-owned) and diversified CRE, including
office, industrial and mobile homes, both solely-owned and
majority-owned in joint venture format
 Portfolio is financed with long-term, non-recourse, fixed-rate
financing
Portfolio Metrics
Portfolio by Region
Portfolio by Property Type
CRE EQUITY PORTFOLIO SNAPSHOT
Source of stable recurring cash flows with potential NAV upside
$1.2 Billion of Assets
12% Capital Allocation
Northeast
17%
South
43%
West
9%
Southwest
5%
Midwest
25%
Various
1%
Office
33%
Wholesale
Club
12%
Drug Store
11%
Grocery
Store
9%
Dollar
Store
9%
Other
Retail
6%
Warehouse
5%
Other
15%

25. 25
 Source of stable recurring net interest income and portfolio
liquidity
 Mix of single-asset/single-borrower (“SASB”) and conduit loan
collateral
 Ladder management has deep knowledge of collateral and
structure
CMBS on Balance Sheet $1.1 billion
% Investment Grade-Rated 100%
% AAA-Rated 80%
Weighted-Average Duration 2.9 years
Average Investment per CUSIP $7.8 million
Weighted-Average Advance Rate 80%
Portfolio Metrics Portfolio Collateral Types
Note: As of 06/30/2018
Investment Overview Portfolio Ratings
SASB –
Other
16%
SASB –
Office
23%
SASB –
Multi-
family
20%
Conduit –
Super
Senior
18%
Conduit–
Other
23%
59% SASB/41% Conduit
CMBS BOND PORTFOLIO SNAPSHOT
Short-duration, highly-rated, highly-liquid bond portfolio
$1.1 Billion of Assets
9% Capital Allocation
AAA /
Aaa
80%
AA / Aa
16%
A / A
2%
BBB / Baa /
other
2%
100% Investment Grade-Rated

26. CAPITAL STRUCTURE

27. 66% of capital base comprised of book
equity, unsecured debt, and non-recourse
mortgage & CLO financing
97% of outstanding debt comprised
of committed, term financing and unsecured
bonds
Note: As of 06/30/2018
($ in millions)
27
ROBUST & DIVERSIFIED CAPITAL STRUCTURE
Committed
Bank Warehouse
Facilities
$702
(11%)
Other Securities
Repurchase
Facilities
$120
(2%)
Non-Recourse
Mortgage
Financing
$771
(12%)
Non-Recourse
CLO Financing
$685
(11%)
FHLB
Financing
$1,270
(21%)
Unsecured
Corporate
Bonds &
Corporate
Revolver
$1,154
(19%)
Book Equity
$1,512
(24%)

28. 28
Non Mark-to-Market, Non-Recourse and
Unsecured Financing as % of Total Financing
SELECTED KEY FUNDING TRENDS
Average Remaining Tenor of Senior
Unsecured Corporate Bonds (# of years)
Weighted-Average Interest Rate on
Senior Unsecured Corporate Bonds
Depth & Breadth of Funding –
Continued Diversification
3.8
4.6
3.6
2.6
5.3
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2013 2014 2015 2016 2017
7.4%
6.6% 6.6% 6.7%
5.4%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
2013 2014 2015 2016 2017
Note: All metrics shown as of year-end
% Unsecured% Non-Recourse & Non-Mark-to-Market
($ in billions)
Mortgage Debt (Non-Recourse)Book Equity
13% 11% 13% 15%
31%
15% 15% 14%
15%
27%
28% 26% 27%
30%
58%
0%
10%
20%
30%
40%
50%
60%
70%
2013 2014 2015 2016 2017
Unsecured Bonds/Revolver
$1.2 $1.5 $1.5 $1.5 $1.5
$0.3
$0.6 $0.6 $0.6
$1.2
$0.3
$0.4 $0.5 $0.6
$0.7
$0.7
$1.0
$1.6 $1.9 $1.7
$1.4
$0.6
$1.5 $1.3 $1.1
$0.5
$3.4
$5.7 $5.8
$5.5
$5.9
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
2013 2014 2015 2016 2017
Repurchase/Other FinancingCLO Financing FHLB Financing

29. Remaining Term(1)
Size Outstanding 2018 2019 2020 2021 2022 2023 2024 2025
$1,408 $1,154 Total Unsecured Debt (25% of total debt)
$6,850 $4,582 Total Committed & Unsecured Debt (97% of total debt)
$6,850 $4,702 Total Financing
– 120 Short-Term Repo
1,934 1,270 FHLB Financing
685 685 Non-Recourse CLO Financing
$400 $395
2,053 702
771 771
241 –
Committed Bilateral Bank Facilities (6 facilities)
5.250% Unsecured Bonds
5.250% Unsecured Bonds
5.875% Unsecured Bonds
Unsecured Syndicated Revolving Credit Facility
Non-Recourse Mortgage Debt on Owned Real Estate
($ in millions)
Facility Debt
266 264
500 494
Note: As of 06/30/2018
(1) Includes extensions at Company’s option
(2) Secured by stock of selected unrestricted subsidiaries
(2)
29
Superior access to capital with substantial liquidity and $2.3 billion of undrawn, committed financing capacity
LONG & STRONG LIABILITY STRUCTURE
Moody’s
Ba2 Corp
Ba3 Bonds
Positive outlook
S&P
BB Corp
BB- Bonds
Stable outlook
Fitch
BB Corp
BB Bonds
Stable outlook

30. 30
 Balance sheet loans – typically 1 to 3-year, floating-rate loans that generate more income with rising interest rates
 Conduit loans – 5 to 10-year fixed-rate loans typically with all of the interest rate risk hedged
 Real estate equity – typically financed with long-term, fixed-rate, third-party, non-recourse mortgage debt
 CMBS portfolio – highly-rated (100% investment grade), short-duration (2.9-year weighted-average), and typically hedged if
duration >5 years
 Fixed-rate financing – 55% of Ladder’s debt obligations are fixed-rate, including $1.2 billion of unsecured, fixed-rate
corporate bonds
Note: As of 06/30/2018
$0.16
Estimated annual increase in net interest
income per share with increase in LIBOR of: 100 bps 200 bps 300 bps
$0.32
$0.48
Earnings Positively Correlated to Rising Rates
Summary of Interest Rate Hedging
WELL-POSITIONED FOR RISING RATE ENVIRONMENT
77% of loan portfolio comprised of floating-rate loans with interest rate floors

31. 31
31
LADDER INVESTMENT HIGHLIGHTS
(1)
(1) Based on review of SEC filings, company presentations and research reports for publicly-traded U.S. CRE finance REITs with equity market capitalizations over $1 billion
(2) Based on historical Core EPS as of the date hereof
ONLY internally-managed CRE finance REIT of scale (investors “own” management team)
HIGHEST management/board member insider ownership
LOWEST payout ratio – well-covered(2)
& growing dividend
HIGHLY EXPERIENCED management team
COMPELLING valuation versus book value/analyst estimated NAV
LONG & STRONG liability structure with ratings momentum
MARKET LEADING ROE

32. 32
Company Contact Information:
New York Headquarters:
345 Park Avenue – 8th Floor
New York, NY 10154
(212) 715-3170
Los Angeles Regional Office:
520 Broadway – Suite 200
Santa Monica, CA 90401
(310) 601-2460
Equity Research Analyst Coverage:
B. Riley-FBR:
Tim Hayes – (703) 312-1819
Bank of America/Merrill Lynch:
Kenneth Bruce – (415) 676-3545
Deutsche Bank:
George Bahamondes – (212) 250-1587
JMP Securities:
Steven DeLaney – (404) 848-7773
J.P. Morgan:
Richard Shane – (415) 315-6701
Keefe Bruyette & Woods:
Jade Rahmani – (212) 887-3882
Rating Agency Coverage:
Moody’s:
Mark Wasden – (212) 553-4866
Rating: Ba2 / Outlook: Positive
Standard & Poor’s:
Diogenes Mejia – (212) 438-0145
Rating: BB / Outlook: Stable
Fitch:
Sean Pattap – (212) 908-0642
Rating: BB / Outlook: Stable
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.
COMPANY INFORMATION
Raymond James:
Stephen Laws – (901) 579-4868

33. APPENDIX

34. 34
Note: As of 06/30/2018
LADDER STATISTICAL SNAPSHOT

35. 35
Note: As of 06/30/2018
LADDER STATISTICAL SNAPSHOT (CONT.)

36. 36
Name Title
Industry
Experience Previous Experience/Bios
Brian Harris CEO and Director 33 years Brian Harris is a founder and Chief Executive Officer of Ladder Capital. Prior to forming Ladder Capital, Mr. Harris
served as a Senior Partner, Managing Director and Head of Global Commercial Real Estate at Dillon Read Capital
Management, a wholly owned subsidiary of UBS, managing over $500 million of equity capital from UBS for Dillon
Read’s commercial real estate activities globally. Before joining Dillon Read, Mr. Harris served as Managing
Director and Head of Global Commercial Real Estate at UBS, managing UBS’ proprietary commercial real estate
activities globally. Mr. Harris also served as a Member of the Board of Directors of UBS Investment Bank. Prior to
joining UBS, Mr. Harris served as Head of Commercial Mortgage Trading at Credit Suisse, where he was
responsible for managing all proprietary commercial real estate investment and trading activities. Mr. Harris also
previously worked in the real estate groups at Lehman Brothers, Salomon Brothers, Smith Barney and Daiwa
Securities. Mr. Harris earned a B.S. in Biology and an M.B.A. from The State University of New York at Albany.
Pamela McCormack President 22 years Pamela McCormack is a founder and President of Ladder Capital. Ms. McCormack most recently served as
Ladder’s Chief Operating Officer and previously as the Company’s Chief Strategy Officer and General Counsel.
Before forming Ladder, Ms. McCormack served as Head of Transaction Management – Global Commercial Real
Estate at both Dillon Read Capital Management and at UBS. Prior to joining UBS, Ms. McCormack was Vice
President and Counsel at Credit Suisse and an associate at leading global law firms. Ms. McCormack received a B.
A. in English, cum laude, from the State University of New York at Stony Brook and a J.D. from St. John’s University
School of Law.
Marc Fox Chief Financial Officer 27 years Marc Fox is Chief Financial Officer of Ladder Capital. Prior to joining Ladder Capital, Mr. Fox served as Treasurer
of Capmark Financial Group Inc., where Mr. Fox formulated and executed its worldwide funding strategies. Mr. Fox
was significantly involved in the formation of Capmark’s wholly owned banking platform and debt management of
Capmark Bank, a regulated industrial bank subsidiary of Capmark. Mr. Fox earned a B.S. in Economics and an
M.B.A. from The Wharton School of the University of Pennsylvania.
Thomas Harney Head of Merchant Banking &
Capital Markets
33 years Thomas Harney is Head of Merchant Banking & Capital Markets of Ladder Capital. Prior to joining Ladder Capital,
Mr. Harney served as the Head of Real Estate at Tri-Artisan Capital Partners, a private merchant banking group
based in New York. Before joining Tri-Artisan, Mr. Harney served as Senior Managing Director of the Real Estate
Investment Banking Group at Bear Stearns. Mr. Harney has extensive experience in completing large-scale M&A
transactions, as well as a broad range of debt and equity securities transactions in both public and private formats.
Mr. Harney graduated magna cum laude with a B.A. in Urban Studies from the University of Pennsylvania and is a
graduate of the New York University Finance & Development Program.
Robert Perelman Head of Asset Management 29 years Robert Perelman is a founder and Head of Asset Management of Ladder Capital. Prior to forming Ladder Capital,
Mr. Perelman served as a Director and Head of Asset Management at UBS. Prior to UBS, Mr. Perelman served as a
Director and Head of Asset Management at Dillon Read Capital Management. In that capacity, Mr. Perelman
managed a team responsible for the portfolio management of all real estate investments globally. Before joining
Dillon Read, Mr. Perelman served as a Managing Director and Partner at Hudson Realty Capital LLC, a private
equity fund, where Mr. Perelman was responsible for loan origination, real estate investments and asset
management. Prior to joining Hudson Realty, Mr. Perelman served as a Director at Credit Suisse, where he had
significant responsibility for the structuring and closing of a wide variety of real estate investments within the U.S.
and Asia. Mr. Perelman earned a B.S. in Telecommunications Management from Syracuse University and a J.D.
from Fordham University School of Law.
MANAGEMENT BIOS

37. 37
Type of
Loan
Loan Balance
($mm)
% of Loan
Portfolio
% of Total
Assets
Business
Plan Rate
Weighted-
Average
Coupon
Weighted-
Average
LTV
Balance Sheet First
Mortgage Loans
$3,606 93% 56%
Held for
investment
Generally
floating-rate
7.3% 67%
Conduit First
Mortgage Loans
$108 3% 2% Held for sale
Generally
fixed-rate
5.2% 65%
Mezzanine and Other
CRE-Related Loans
$158 4% 2%
Held for
investment
Fixed or
floating-rate
10.8% 70%
Total $3,872 100% 60% 7.4% 67%
Note: As of 06/30/2018
LOAN PORTFOLIO KEY METRICS

38. Type of
Real Estate
Undepreciated
Asset
Value
Asset
Carrying Value
(Depreciated)
Non-Recourse
Mortgage
Financing
Net Equity
Invested
(Undepreciated)
~Total
Square
Feet
In-Place Annual
Net Operating
Income
Weighted-
Average
% Leased/
Occupied
(1)
Net Leased Commercial
Real Estate
(141 buildings)
$769 $677 $501 $268 5,135,139 $48.9 100%
Diversified Commercial
Real Estate(2)
(73 buildings)
$454 $370 $270 $183 3,876,308 $32.2 88%
Condominium
Projects(2)
(2 buildings(4)
)
$14 $13 – $14 n/a n/a n/a
Total /
Weighted-Average
(216 buildings)
$1,237 $1,060 $771 $466 9,011,447 $81.1 96%
38
Note: As of 06/30/2018
(1) Represents weighted-average % leased for net leased equity investments and weighted-average % occupied for diversified CRE equity investments
(2) Amounts shown on a fully-consolidated basis
(3) Excludes Condominium Projects
(4) Includes Veer Towers (Las Vegas) and Terrazas (Miami) condominium projects. Excludes projects accounted for in Investments in Unconsolidated Joint Ventures
(3)(3)(3)
CRE EQUITY PORTFOLIO KEY METRICS
($ in millions)

39. 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 Buildings) (5 Buildings) (22 Buildings) (74 Buildings) (7 Buildings) (25 Buildings) (141 Buildings)
Undepreciated Asset Value $148.0 $141.6 $133.7 $93.2 $73.6 $178.9 $769.1
Asset Carrying Value (Depreciated) $117.4 $136.5 $114.4 $87.0 $65.0 $157.1 $677.5
Non-Recourse Mortgage Debt Financing $94.2 $83.4 $89.1 $62.4 $50.7 $120.8 $500.8
Weighted-Average Interest Rate on Debt 4.9% 5.0% 5.1% 5.4% 4.6% 5.0% 5.0%
Net Equity Invested $53.8 $58.2 $44.6 $30.8 $22.8 $58.1 $268.3
In-Place Annual Net Operating Income (NOI) $10.7 $7.3 $9.0 $6.4 $4.3 $11.2 $48.9
Weighted-Avg. Remaining Lease Term (years) 14.4 13.3 15.0 12.5 16.3 12.8 13.8
~Total Square Feet 831,464 822,540 392,852 672,970 516,762 1,898,551 5,135,139
Weighted-Average % Leased 100% 100% 100% 100% 100% 100% 100%
($ in millions)
39
Note: As of 06/30/2018
NET LEASED CRE PORTFOLIO KEY DETAILS

40. Richmond, VA Isla Vista, CA St. Paul, MN Additional Diversified Total Diversified CRE/
Office Portfolio Student Housing Office Portfolio CRE Properties Weighted-Avg.
(19 Buildings) (40 Buildings) (4 Buildings) (10 Buildings ) (73 Buildings)
Undepreciated Asset Value $132.7 $84.5 $69.3 $167.0 $453.5
Asset Carrying Value (Depreciated) $94.8 $83.9 $48.4 $143.1 $370.2
Non-Recourse Mortgage Debt Financing $90.7 $68.6 $47.2 $63.5 $270.1
Weighted-Average Interest Rate on Debt 4.5% 5.4% 4.7% 4.8% 4.8%
Net Equity Invested $42.0 $15.9 $22.1 $103.4 $183.4
In-Place Annual Net Operating Income (NOI) $10.7 $4.3 $8.1 $9.0 $32.2
~Total Square Feet 1,189,921 117,324 760,318 1,808,745 3,876,308
Weighted-Average Occupancy 89% 99% 100% 77% 88%
Weighted-Average Ladder Ownership 77.5% 75.0% 97.0% 88.8% 83.9%
($ in millions)
40
Note: As of 06/30/2018
(1) Property types include office, multi-family, grocery-anchored shopping center and industrial
(1)
DIVERSIFIED CRE PORTFOLIO KEY DETAILS

41. Snapshot of Business Lines Total Assets & Liabilities, Book Equity, Leverage and ROE
Conduit Loans Net Leased Commercial Real Estate (100% Owned) Total Assets
Carrying Value of Assets $108 Carrying Value of Assets $677 Cash & Cash Equivalents $52
Secured Financing on Assets 46 Undepreciated Book Value of Assets 769 Loans, CMBS Bonds & Real Estate 6,215
Net Equity Invested (excl. Corporate Debt) 61 Secured Financing on Assets 501 Accumulated Depreciation & Amortization (176)
Weighted-Average Coupon 5.2% Net Equity Invested (excl. Corporate Debt) 268 Other Assets(4)
299
Origination and Purchase Volume (LTM) $1,666 Total Square Feet 5,135,139 Total Assets 6,389
Securitization Volume (LTM) 1,688 Weighted-Average % Leased 100%
Securitization Profit Margin (LTM)(1)
3.0% In-Place Annual Net Operating Income (NOI) $48.9 Total Liabilities
Number of Securitizations (LTM) 11 Accounting method: carried at depreciated book value Unsecured Corporate Bonds $1,154
Net Revenue Contribution (LTM) $57 Unsecured Revolving Credit Facility –
Accounting method: carried at lower of cost or FMV Total Unsecured Debt 1,154
Diversified Commercial Real Estate(2)(3)
Secured Financing 3,549
Carrying Value of Assets $370 Total Debt 4,702
Balance Sheet Loans Undepreciated Book Value of Assets 454 Other Liabilities(4)
175
Carrying Value of Assets $3,764 Secured Financing on Assets 270 Total Liabilities 4,877
Secured Financing on Assets 1,845 Net Equity Invested (excl. Corporate Debt) 183
Net Equity Invested (excl. Corporate Debt) 1,919 Total Square Feet 3,876,308 Book Equity Value
% First Mortgage 96% Weighted-Average Occupancy 87% GAAP Book Equity Value (excl. NCI in JVs) $1,501
% Other (Mezzanine/Subordinate) 4% In-Place Annual Net Operating Income (NOI) $32.2 Total Shares Outstanding (mm) 111.3
Weighted-Average Coupon 7.4% Weighted-Average % Owned by Ladder 83.9% GAAP Book Value per Share(4)
$13.43
Accounting method: carried at lower of cost or FMV Accounting method: carried at depreciated book value Undepreciated Book Value per Share(5)
$14.97
Leverage
Securities (CMBS Bonds) Condominium Residential Real Estate(2)
Adjusted Debt (for Adjusted Leverage Ratio)(5)
$4,017
Carrying Value of Assets $1,106 Carrying Value of Assets $13 Total GAAP Book Equity (incl. NCI in JVs) 1,512
Secured Financing on Assets 887 Undepreciated Book Value of Assets 14 Adjusted Leverage Ratio(5)
2.7x
Net Equity Invested (excl. Corporate Debt) 220 Secured Financing on Assets –
% First Mortgage Secured 100% Net Equity Invested (excl. Corporate Debt) 14 Return on Average Equity (based on Core Earnings)(5)
% AAA-Rated 80% Total Remaining Units 43 GAAP Net Income (LTM) $187
% Investment Grade-Rated 100% Unit Sale Price as % of GAAP Book Value (LTM) 143% Core Earnings (LTM) 210
Weighted-Average Duration 2.9 Years Weighted-Average % Owned by Ladder 99.7% Average Book Equity Value (LTM) 1,482
Accounting method: carried at FMV Accounting method: carried at depreciated book value After-Tax Core ROAE (LTM) 13.5%
($ in millions, except per share amounts)
Note: As of 06/30/2018
(1) Based on “Core gain on sale of securitized loans” as reported in Company filings. For reconciliation, see page S-11 of Ladder’s 06/30/2018 Quarterly Earnings Supplement
(2) All metrics shown on a consolidated basis, except Weighted-Average % Owned by Ladder
(3) Excludes two unconsolidated joint venture investments with total book value of $35.3 million as of 06/30/2018
(4) For a description of these financial measures, see Selected Definitions on page 42
(5) For a description of these non-GAAP financial measures, see Selected Definitions on page 42
A
B
C
D
E
F
A B C D E F
LADDER FINANCIAL SNAPSHOT
41

42. 42
SELECTED DEFINITIONS
• Adjusted Leverage Ratio (non-GAAP)
̶ Total debt obligations, net of deferred financing costs, adjusted for non-recourse borrowings under collateralized loan obligations, divided by 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 Agency
interest-only securities, (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, investments in unconsolidated joint ventures, FHLB stock, derivative instrument assets, amount due from
brokers, accrued interest receivable and other assets.
• Other Liabilities
̶ Includes amount due to brokers, derivative instrument liabilities, amount payable pursuant to tax receivable agreement, dividend payable, accrued
expenses 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.