Ladder Capital Investor Presentation (May 2017)

1. INVESTOR PRESENTATION
MAY 2017
NYSE: LADR

2. 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 March 31, 2017, 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 March 31, 2017
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

3. LADDER OVERVIEW
3
Note: As of 03/31/2017
(1) Based on $14.44 LADR closing price on 03/31/2017. Equal to 11.8% of common equity outstanding
(2) For a description of this non-GAAP financial measure, see Selected Definitions on page 19
Ladder Capital Corp is an internally-managed commercial real estate finance REIT
28 years average industry experience of senior managementExperienced
$5.9 billion portfolio of commercial real estate debt & equity assetsBalanced
10.2% after-tax core return on equity(2)
in the last twelve monthsProfitable
Management and directors own $189 million of equity in the Company(1)
Aligned
Disciplined credit culture with no credit losses since inceptionCredit-Centric

4. Lending
67%
Real Estate
Equity
17%
Securities
16%
COMPLEMENTARY BUSINESS LINES
4
Note: As of 03/31/2017
(1) Based on core gross income contribution before overhead and other corporate expenses
Stable and Diverse Income Streams from Commercial Real Estate
Net Revenue Contribution(1)
Three Months Ended 03/31/2017
LENDING – $2.8 BILLION OF ASSETS
Balance Sheet Loans / Loans held for investment
Ladder directly originates and invests in mortgage loans typically secured by
income-generating commercial real estate nationwide, earning net interest
income for Ladder
Conduit Loans / Loans held for sale
Ladder sells fixed-rate, 5 to 10-year mortgage loans into CMBS trusts
(“securitizations”), typically earning a gain on sale of loans, net of associated
hedging costs
SECURITIES – $1.7 BILLION OF ASSETS
Ladder invests in short duration, investment grade-rated commercial
mortgage-backed securities (“CMBS”) to earn net interest income and manage
liquidity
REAL ESTATE – $945 MILLION OF UNDEPRECIATED ASSETS
Ladder owns and operates 7.2 million square feet of real estate, including 4.1
million of net lease real estate, and 3.1 million of other office and multifamily
real estate

5. Mezzanine/
Subordinate
Loans
3%
Balance
Sheet First
Mortgage
Loans
40%
Conduit
Loans
10%
Net Leased
CRE Equity
10%
Other CRE
Equity
4%
Condominium
Real Estate
Equity
1%
CRE
Securities
32%
DIVERSIFIED ASSETS
Predominantly Senior Secured Asset Base of Commercial Real Estate-Related Investments
Investment Asset Mix Loan Portfolio Overview
$5.9 billion of total assets
75% senior secured assets
Equity Portfolio Overview
Note: As of 03/31/2017
5
Northeast
22%
South
35%
West
3%
South-
west
7%
Midwest
32%
Various
1%
Northeast
31%
South
29%
West
19%Southwest
7% Midwest
9%
Various
5%
Hotel
34%
Retail
13%
Multifamily
16%
Office
24%
Mixed
Use
7%
Land
1% MHP
2%
Industrial
3%
Office
28%
Wholesale
Club
16%
Grocery
Store
13%
Drug
Store
15%
Dollar
Store
10%
Other
Retail
7%
Ware-
house
7%
Condo-
minium
4%

6. 6
Loan Portfolio LTV
Over Time
CRE Securities Portfolio
Over Time
Owned Real Estate Portfolio
Over Time
(undepreciated book value of assets)
($ in millions)
% AAA-Rated
% Investment Grade-Rated
Other CRE Equity (JVs)
Net Lease
Condominium
HIGH-QUALITY ASSET BASE
100% 98% 99% 100% 100%
90%
81%
87%
83% 84%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
12/31/13 12/31/14 12/31/15 12/31/16 3/31/17
$302
$420
$583 $601 $605
$172
$278
$259
$301 $301
$175
$122
$76
$43 $38
$650
$820
$918
$944 $945
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
12/31/13 12/31/14 12/31/15 12/31/16 3/31/17
69%
63%
66% 65% 63%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
12/31/13 12/31/14 12/31/15 12/31/16 3/31/17

7. LENDING
7
$2.8 billion
Loans on balance sheet
94.1%
Of loans are first mortgages
6.6%
Weighted average yield
63.0%
Weighted Average LTV
$19,500,000
Fixed rate conduit first mortgage
4100 Alpha Road – Dallas, TX
$53,100,000
Floating rate balance sheet first mortgage
Fifth Third Center – Cleveland, OH
$17,520,000
Fixed rate conduit first mortgage
Aloft Hotel Nashville – Franklin, TN
$15,800,000
Floating rate balance sheet first mortgage
Monarch At Liberty Pointe – Fayetteville, NC
Note: As of 03/31/2017. Photographs and descriptions represent selected assets, not entire portfolio. Conduit loans have already been sold by Ladder into securitizations.
$18.3 million
Average loan size

8. LENDING PROGRAMS
8
Lending
Program
Assets on
Balance
Sheet
Loan-to-
Value Ratio
(LTV)
Weighted-
Average
Coupon
Average
Loan
Size
Interest
Rate Type
Loan
Term
Business
Plan
Conduit
Loans
$517 million 53.7% 5.0% $23.5 million Typically fixed
rate
Typically five years
or ten years
Held for
sale
Balance
Sheet First
Mortgage
Loans
$2,134 million 64.6% 6.4% $22.0 million Typically
floating rate,
with a high
floor
Typically one to
five years,
including extension
options
Held for
investment
Mezzanine
and Other
CRE-Related
Loans
$166 million 70.6% 10.9% $4.8 million Typically fixed
rate
Typically five to ten
years
Held for
investment
Total Loans $2,817 million 63.0% 6.6%(1)
$18.3 million 65% of loan
portfolio is
floating-rate
2.8 years weighted-
average remaining
maturity (excluding
extension options)
Note: As of 03/31/2017
(1) Represents total loan portfolio yield

9. SECURITIES
9
COMM 2014-CR19 A2
AAA-rated, five-year securities backed by a
diversified pool of commercial real estate loans
LCCM 2014-PKMD A
AAA-rated securities backed by a multi-family
apartment community in San Francisco
COMM 2015-3BP A
AAA-rated securities backed by 3 Bryant Park,
a Class A office building in New York City
COMM 2016-CR28 XPA
AAA-rated, interest-only securities backed by a
diversified pool of commercial real estate loans
Note: As of 03/31/2017. Photographs and descriptions represent selected assets, not entire portfolio.
$1.7 billion
CMBS on balance sheet
3.4 years
Weighted-average duration
$7.9 million
Average investment per
CUSIP
84%
AAA-rated
100%
Investment grade-rated

10. REAL ESTATE EQUITY
10
Net Lease Portfolio
4.2 million square feet featuring tenants such
as Walgreens and Hy-Vee supermarkets
Other Joint Ventures
Ladder is invested in two unconsolidated real
estate joint ventures, in NYC and MI
Value-Add Portfolio
2.9 million square feet of office and other
commercial real estate
Condominiums
Ladder owns residential condominiums in
Las Vegas and Miami, which it is selling over time
Note: As of 03/31/2017. Photographs and descriptions represent selected assets, not entire portfolio.
$945 million
Undepreciated book value of
real estate on balance sheet
$38 million
Condominium inventory
(undepreciated)
7.2 million
Total square feet
$301 million
Office & other CRE portfolio
(undepreciated)
$605 million
Net lease portfolio
(undepreciated)

11. $55
$62
$49 $53
$48
$52
$41
$50
$38 $31
$44 $45
$32
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
13.5%
14.3% 13.8%
15.3%
14.3%
13.5% 12.9% 12.7% 12.1%
10.8% 11.0% 10.6% 10.2%
Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17
Pre-Tax Core ROAE (LTM)(1)
FINANCIAL PERFORMANCE
11
Core Earnings(1)
1.4x 1.5x 2.1x 2.8x 2.8x 2.7x 2.8x 2.9x 2.8x 3.0x 3.0xLeverage :
($ in millions)
(1) For a description of this non-GAAP financial measure, see Selected Definitions on page 19
(2) Represents Core Leverage Ratio at end of quarter. For a description of this non-GAAP financial measure, see Selected Definitions on page 19.
(2)
2.6x
10%
9%
2.9x
Pre-Tax
Core
ROAE

12. Cash Dividends(1)
vs. Core EPS
(2)
DIVIDEND COVERAGE
12
Ladder’s well-covered dividends have allowed for superior capital retention
(1) Q4 2015 and Q4 2016 dividends were subject to a cash/stock election. Amounts shown represent average cash dividend paid to Class A shareholders.
(2) For a description of this non-GAAP financial measure, see Selected Definitions on page 19
$1.065
$1.125 $1.15
$1.85
$1.48
$1.40
FY 2015 FY 2016 LTM 03/31/2017
Cash Dividend per Share Core EPS

13. Source
Facility Size
($mm)
Debt
Outstanding
($mm)
Remaining
Term(1)
Eligible CRE
Collateral
Bank A – facility 1 of 2 $600 $311 4.5+ years Conduit and balance sheet loans
Bank B 450 137 3.0+ years Conduit and balance sheet loans
Bank C 300 151 3.0+ years Conduit and balance sheet loans
Bank D 100 34 2.0+ years Conduit and balance sheet loans
Bank E 200 51 4.5+ years Conduit and balance sheet loans
Bank A – facility 2 of 2 400 115 1.0+ years Securities
Securities Repurchase Facilities – 239 1 – 3 months Securities
Revolving Credit Facility 169 168 3.5+ years N/A (unsecured)
Non-Recourse Mortgage Loan Receivable Financing 57 57 N/A Conduit and balance sheet loans
Non-Recourse Mortgage Financing (3rd Party) 589 589 6.9 years Real estate equity investments
Federal Home Loan Bank 2,000 1,476 Member
Conduit and balance sheet loans;
securities
Unsecured Corporate Bonds (2)(3)
292 292 6 months N/A (unsecured)
Unsecured Corporate Bonds (2)
266 264 4.0+ years N/A (unsecured)
Unsecured Corporate Bonds (2)
500 493 4.5+ years N/A (unsecured)
Total $5,923 $4,378
DIVERSE FINANCING SOURCES
13
Note: As of 03/31/2017
(1) Includes extensions at Company’s option
(2) Corporate family ratings: Moody’s: Ba2 / S&P: BB- / Fitch: BB. Corporate bond ratings: Moody’s: Ba3 / S&P: B+ / Fitch: BB
(3) Repaid on 04/03/2017

14. LEVERAGE MATCHED TO ASSET LIQUIDITY
14
 Excluding its securities portfolio,
Ladder’s debt/equity ratio was
1.8x at 03/31/2017
 Total Company leverage (Core
Leverage) was 2.9x as of
03/31/2017, or 2.7x if the
corporate bonds repaid on
04/03/2017 are excluded
 Ladder targets total Company
debt to equity of approximately
2.0x – 3.0x
 Ladder employs higher
leverage on its portfolio of
liquid, principally AAA-rated
securities
Note: As of 03/31/2017
Debt/Equity Ratio
1.8x
2.9x
Total Company –
without Securities
Total Company –
with Securities

15.  In a rising interest rate environment, Ladder would expect to benefit from:
̶ $1.8 billion floating rate balance sheet loan portfolio
̶ $1.8 billion of fixed rate debt with remaining terms greater than one year
̶ $976.8 million (notional value) of interest rate hedge positions that place Ladder in a
position equivalent to that of a “fixed rate payer/floating rate receiver”
̶ The Company estimates that a 100 basis point increase in LIBOR would result in an increase
in annual net interest income of approximately $8.3 million
Change in LIBOR
Projected Change in Annual
Net Interest Income
Projected Change in
Portfolio Value
Decrease of 100 Basis Points ($5.3 million) $29.4 million (2.0% of book equity)
Increase of 100 Basis Points $8.3 million ($28.8 million) (1.9% of book equity)
INTEREST RATE RISK MANAGEMENT
15
Note: As of 03/31/2017

16. RISK MANAGEMENT OVERVIEW
16
Liquidity Risk
Management
Hedging
Practices
• Utilize standard interest rate and credit spread hedging tools with multiple ISDA counterparties
• Gap and rate sensitivity analyses performed and reviewed by the Risk and Underwriting
Committee of the Board of Directors
Superior
Liability
Structure
• Target debt/equity ratio of approximately 2x–3x, inclusive of higher leverage on investment
grade-rated securities
• Long-term leverage forecasting including various scenario analyses performed on a regular basis
• FHLB membership, six committed term financing relationships with five leading financial
institutions, corporate unsecured revolver and bonds, and non-recourse mortgage financing
• Preponderance of assets are either senior secured or investment grade-rated
• Emphasis on committed term funding with multiple counterparties (including FHLB) to manage
duration risk and enhance diversity
• Detailed cash and debt management forecast updated and reviewed by management daily

17. BALANCE SHEET SUMMARY
17
($ in millions)
Consistent emphasis on senior secured assets, liquidity and moderate leverage
Note: As of 03/31/2017
75% senior secured asset base
Cash & Cash Equivalents $63
Loans Held for Sale 517
Loans Held for Investment 2,300
Securities 1,702
Net Lease & Other Equity Investments 814
Equity Investment in Partnerships & JVs 34
Other Assets 512
Total Assets $5,942
Total Debt $4,377
Other Liabilities 83
Total Liabilities 4,460
Equity Capital 1,476
Non-Controlling Interest (Joint Ventures) 5
Total Equity Capital 1,481
Total Liabilities and Equity $5,942

18. 18
($ in millions, except per share amounts)
LADDER SNAPSHOT
Note: As of 03/31/2017
(1) All metrics shown on a consolidated basis, except Weighted-Average % Owned by Ladder
(2) Excludes two unconsolidated joint venture investments with total book value of $34.2 million as of 03/31/2017
(3) For a description of these financial measures, see Selected Definitions on page 19
(4) For a description of these non-GAAP financial measures, see Selected Definitions on page 19
Snapshot of Business Lines Other Assets, Financing, Book Equity and ROE
Conduit Loans Net Leased Commercial Real Estate (100% Owned) Other Assets
Carrying Value of Assets $517 Carrying Value of Assets $543 Cash & Cash Equivalents $63
Weighted-Average Coupon 5.1% Undepreciated Book Value of Assets 605 Other Assets(3)
546
Origination and Purchase Volume (LTM) 1,413 Total Square Feet 4,151,296
Securitization Volume (LTM) 1,079 Weighted-Average Occupancy 100% Financing
Securitization Profit Margin (LTM) 3.2% In-Place Annual Net Operating Income (NOI) $39.8 Secured Debt $3,329
Number of Securitizations (LTM) 4 Accounting method: carried at depreciated book value Unsecured Debt 1,049
Net Revenue Contribution (LTM) $49 Total Debt 4,378
Accounting method: carried at lower of cost or FMV Other Commercial Real Estate(1)(2) Other Liabilities(3)
83
Carrying Value of Assets $236
Balance Sheet Loans Undepreciated Book Value of Assets 301 Book Equity Value
Carrying Value of Assets $2,300 Total Square Feet 2,918,519 Book Equity Value (excluding NCI in JVs) $1,476
% First Mortgage 93% Weighted-Average Occupancy 89% Total Shares Outstanding (mm) 110.7
% Other (Mezzanine/Subordinate) 7% In-Place Annual Net Operating Income (NOI) $24.4 GAAP Book Value per Share(3)
$13.24
Weighted-Average Coupon 6.7% Weighted-Average % Owned by Ladder 88.3% Undepreciated Book Value per Share(4)
$14.42
Accounting method: carried at lower of cost or FMV Accounting method: carried at depreciated book value
Leverage
Securities Condominium Residential Real Estate(1) Core Leverage Ratio(4)
2.9x
Carrying Value of Assets $1,702 Carrying Value of Assets $35
% First Mortgage Secured 100% Total Remaining Units 129 Return on Average Equity (based on Core Earnings)(4)
% AAA-Rated 84% Total Remaining Square Feet 139,577 Core Earnings (LTM) $152
% Investment Grade-Rated 100% Unit Sale Price as % of GAAP Book Value (LTM) 150% Average Book Equity Value (LTM) 1,489
Weighted-Average Duration 3.4 Years Weighted-Average % Owned by Ladder 99.5% Pre-Tax Core ROAE (LTM) 10.2%
Accounting method: carried at FMV Accounting method: carried at depreciated book value Core ROAE (After-Tax) (LTM) 10.2%

19. 19
SELECTED DEFINITIONS
• Core Earnings (non-GAAP)
̶ Income before taxes adjusted to exclude (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) the premium (discount) on mortgage loan financing and the related amortization of premium (discount) on
mortgage loan financing recorded during the 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.
• Core Leverage Ratio (non-GAAP)
̶ Total debt obligations, adjusted to exclude non-recourse mortgage loan receivable financing on loans held for sale, divided by total equity (capital).
• Core Return on Average Equity (Core ROAE) (non-GAAP)
̶ After-tax Core Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures.
• 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 (capital), adjusted to exclude total noncontrolling interest in consolidated joint ventures and adjusted to include total real estate
accumulated depreciation and amortization. Per share information is derived by dividing the preceding amount by total diluted shares outstanding.