Ladder Capital - Investor Presentation (May 2019)

1. A Leading Commercial Mortgage REIT
NYSE: LADR
INVESTOR PRESENTATION
MAY 2019

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, 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 March 31, 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. NYSE: LADR
INTERNALLY-MANAGED COMMERCIAL REAL ESTATE (“CRE”) FINANCE REIT
CYCLE-TESTED AND ALIGNED MANAGEMENT TEAM
NATIONAL DIRECT CRE ORIGINATION PLATFORM
$2.0B EQUITY MARKET CAP1
8.3% DIVIDEND YIELD1
36% DIVIDEND INCREASE SINCE INITIAL DIVIDEND IN Q1 2015 – 8% CAGR
$6.5B OF CRE DEBT & EQUITY ASSETS WITH A SENIOR SECURED FOCUS
$36.5B OF CRE INVESTMENTS SINCE INCEPTION WITH NO QUARTERLY LOSSES
Note: As of 03/31/2019
1. Based on $16.45 LADR closing price on 05/28/2019
LADDER CAPITAL – A LEADER IN
COMMERCIAL REAL ESTATE FINANCE
3

4.  CEO Brian Harris’ CRE teams have never experienced a losing quarter in over three decades
 Senior management has collaborated for over two decades
 Deep bench with 20 originators, 12 underwriters, 6 asset managers and 5 transaction managers
Note: As of 03/31/2019
1. Based on $16.45 LADR closing price on 05/28/2019
2. For a description of this non-GAAP financial measure, see Selected Definitions on page 35
 Internally-managed REIT for complete alignment with shareholders, a distinction versus peer group
 Management & directors own $223 million of LADR stock (11.3% of LADR’s total equity market cap)1
Shareholder
Alignment
Cycle-Tested
Management
Team
 $1.36 annualized cash dividend, up 36% since Q1 2015; six dividend increases in last four years
 8.3%, well-covered dividend yield1
 Superior coverage ratio relative to peers – over 1.4x dividend coverage in the last twelve months
Attractive &
Well-Protected
Dividend
 Consistently achieve industry-leading 9%–13% ROE
 13.7% after-tax core ROE2
in the last twelve months, with 2.6x average leverage
 LADR shares attractively valued at 1.1x1
price/undepreciated book value
Market-Leading
Return on Equity
INTERNALLY-MANAGED, ALIGNED TEAM
DELIVERING ATTRACTIVE & PROTECTED DIVIDEND
4

5. Note: As of 03/31/2019
1. Undepreciated asset value
Best risk-
adjusted
return
opportunity
Real
Estate
Equity
Loans
Securities
Complementary products – unfettered relative value investment approach
Loans
Real Estate Equity
Securities
$3.5 Billion
Fixed and floating-rate senior
first mortgage loans secured by
commercial real estate properties
$1.2 Billion1
Owned real estate properties providing
stable, recurring cash flows
$1.6 Billion
Primarily investments in Commercial
Mortgage-Backed Securities (CMBS),
providing stable interest income and
helping manage liquidity
LADDER TARGETS MOST ATTRACTIVE
RISK-ADJUSTED RETURNS
5

6. Average Loan Size $18 million
Number of Loans 194
First Mortgage % of Portfolio 96%
Weighted-Average LTV 69%
Weighted-Average Coupon 7.4%
Note: As of 03/31/2019
LENDING SEGMENT: COMMERCIAL MORTGAGE
LOAN PORTFOLIO WITH A NATIONAL FOOTPRINT
Loan Portfolio Metrics
Diversified, predominantly senior secured loan portfolio with strong fundamentals
 Originated loans in over 475 cities across 48 states, Puerto Rico
and the Cayman Islands collateralized by all commercial real
estate property types
 Origination platform includes three offices – the Company’s
headquarters in New York, NY and regional offices in California
and Florida
U
Hotel
22%
Retail
11%
Multifamily
25%
Office
23%
Mixed
Use
13%
MHP
1%
Industrial
1%
Other
4%
$3.5B
Portfolio
6

7. Compelling Market Opportunity with
Substantial Annual CRE Debt Maturities1
1. Source: Trepp, as of Q4 2018. Includes bank, CMBS, life company and other debt for commercial and multi-family properties
$2.0 trillion of CRE debt maturing
over the next 5 years
($ in billions)
Unique full service CRE platform focused on mid-market lending
LADDER’S COMPETITIVE ADVANTAGE
WELL-CAPITALIZED:
Publicly traded company with a $6.5 billion,
flexible balance sheet
NATIONAL ORIGINATION PLATFORM:
$36.5 billion of CRE investments since inception with 20 originators,
including 6 Managing Directors
FLEXIBLE FINANCING OPTIONS:
Bridge and fixed rate products providing capital solutions for the
entire property life cycle
FULL CAPITAL STACK SOLUTIONS:
Active provider of mortgage, mezzanine, and JV equity capital –
product diversification is a key differentiator
CERTAINTY OF EXECUTION:
Key decision makers and credit committee all residing in the same building
eliminates bureaucracy
MIDDLE MARKET FOCUSED, WITH LARGE LOAN EXPERIENCE:
Average loan size of ~$20 million with largest loan of $450 million
LOYAL CLIENT BASE:
Over 50% of balance sheet loans to repeat borrowers;
reputation for integrity and fair dealing
IN-HOUSE ASSET MANAGEMENT:
Loans held on balance sheet are actively managed internally by same group
of key decision makers; bypasses the bureaucratic inertia of servicers
$360
$387
$409
$435
$394
2019 2020 2021 2022 2023
7

8. 8
 Repeat borrowers  < 70% LTV / LTC  Middle-market focus
SELECTED COMMERCIAL MORTGAGE LOANS
$42 Million
Millennium Park
Livonia, MI
2-year fixed-rate bridge loan to acquire retail
power center and divide the property into
five tax parcels to sell off individually.
$74 Million
Bank of America
Jacksonville, FL
2-year floating-rate bridge loan to acquire and lease up
downtown property. Initial funding of $66 million to
close the acquisition and $8 million to lease up.
$18 Million
Golden Belt
Durham, NC
3-year floating-rate bridge loan to acquire mixed-use
property with 110,000 SF of commercial space and
37 multi-family units. Business plan is to renovate the
asset and increase rents and occupancy.
$22 Million
61 Grove Street
New York, NY
10-year interest-only loan to refinance existing
debt secured by multifamily & retail building in the
West Village neighborhood.
$15 Million
Wisconsin Walmart Portfolio
Various, WI
10-year loan secured by two Walmart locations.
Proceeds used to refinance existing debt,
including a prior Ladder conduit loan.
$137 Million
Holiday Inn Manhattan FiDi
New York, NY
10-year interest-only mortgage loan in lower
Manhattan. Loan split between $87 million Ladder
A-Note and $50 million B-Note that Ladder placed
with strategic capital partner.

9. Profitable capital recycling enhances returns above solid baseline REIT ROE of 9%–10%
9
Note: As of 03/31/2019
1. After hedging costs; before corporate overhead expenses; all statistics cumulative since inception
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
$671 million of
cumulative core gains1
$1.7 billion of loans securitized
in four Ladder-only transactions
Top 10 CMBS loan originator
$15.5 billion of total
loans securitized
Active CMBS loan contributor, starting with
first post-crisis conduit CMBS transaction
4.3% weighted-average
profit margin1
59 of 60 profitable
transactions2
Partners are Citi, Credit Suisse, Deutsche
Bank, J.P. Morgan, UBS and Wells Fargo

10.  Source of stable recurring net interest income and portfolio
liquidity
 Predominantly CMBS
 Ladder management has deep knowledge of collateral and
structure
Note: As of 03/31/2019
A reliable source of recurring net interest income
CMBS & Other Securities on Balance Sheet $1.6 billion
% Investment Grade-Rated 97%
% AAA-Rated 83%
Weighted-Average Duration 2.5 years
Average Investment per CUSIP $8.2 million
SECURITIES SEGMENT: SHORT-DURATION,
HIGHLY-LIQUID, HIGHLY-RATED PORTFOLIO
Investment Overview
Portfolio Metrics CMBS Bond Portfolio Ratings
CMBS Bond Portfolio Collateral Types
Conduit –
Super
Senior
17%
Conduit –
Other
9% CRE CLO
30%
SASB –
Other
9%SASB –
Office
20%
SASB –
Multi-family
15%
AAA / Aaa
85%
AA / Aa
12%
A / A
2%
BBB / Baa / other
1%
10

11. Note: As of 03/31/2019
Undepreciated Asset Value $1.2 billion
Net Equity Invested (Undepreciated) $451 million
~Total Square Feet 8.5 million
In-Place Annual NOI $74.4 million
Weighted-Average % Leased 94%
Net Lease Portfolio Avg. Remaining Lease Term 13.1 years
Investment Overview
 Real estate portfolio comprised of ~8.5 million square feet
 Comprised of 145 single-tenant net leased properties (solely-
owned) with a 13.1-year average remaining lease term, as well as
diversified CRE equity investments, including office, industrial and
mobile homes, both solely-owned and majority-owned in joint
venture format
 Portfolio is predominantly financed with long-term,
non-recourse, fixed-rate financing
Portfolio Metrics CRE Equity Assets by Investment Type
CRE Equity Assets by Property Type
Source of stable recurring cash flows with potential NAV upside
($ in millions;
based on
undepreciated
asset values)
Drives recurring
earnings through
net rental income
Drives periodic
gains-on-sale,
supplemented by
meaningful NOI
CRE EQUITY SEGMENT: STABLE, RECURRING
CASH FLOWS WITH POTENTIAL NAV UPSIDE
Net Lease
$780
(66%)
Diversified
CRE/
Other
$410
(34%)
Office
29%
Wholesale
Club
12%
Drug
Store
11%
Dollar
Store
11%
Grocery
Store
9%
Other
Retail
6%
Warehouse
5%
Other
17%
11

12. 12
1. As of 03/31/2019. Represents carrying value of assets less secured funding debt
2. Excludes mezzanine/subordinate loans, corporate bond & stock investments, and net lease & other equity investments
Value-oriented allocation of CRE assets under one comprehensive CRE platform
Securities: 15%
Conduit Loans: 3%
Balance
Sheet Loans: 72%
Net Lease &
Other Equity: 10%
Most
liquid
assets
83% of capital
1
allocated to
senior secured
2
CRE investments
CAPITAL ALLOCATION ACROSS CRE
CAPITAL STACK

13. 13
Fully-integrated platform allows Ladder to deliver solid results in various market conditions
Best risk-
adjusted
return
opportunity
Real
Estate
Equity
Loans
Securities
 Attractive during periods of
heightened volatility
 Acquire liquid, highly-rated,
short-duration securities
 Attractive during periods of low volatility
 Highest ROE business
 Middle-market focus – lend at lower LTV’s, higher rates
and shorter maturities, as competition is more limited
 Selective CRE equity opportunities
 Attractive near-term returns
 Maintain ability to sell
COMPLEMENTARY CRE PRODUCT PORTFOLIO

14. 14
Asset Type Segment
Weighted-Average
Return on Asset
Illustrative Asset-Level
Levered Return1
Balance Sheet First Mortgage Loans Lending 6.0% – 8.0% 10.0% – 12.0%
Mezzanine/Subordinate Loans Lending 10.5% – 13.5% 10.5% – 13.5%
Net Leased Real Estate Equity Real Estate Equity 6.0% – 7.5% 9.5% – 10.5%
Diversified CRE Equity Real Estate Equity 7.5% – 8.5% 12.0% – 15.0%+
CMBS Bonds Securities 3.0% – 4.0% 7.5% – 9.0%
Core REIT Asset ROE
2
9.0% – 10.0%
(+) Conduit Loan Securitization Gains Lending 25% – 35%+
(+) Real Estate Equity Gains Real Estate Equity 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

15. 12.1%
10.7%
11.5%
14.9%
13.7%
2015 2016 2017 2018 LTM 03/31/2019
15
2.8xLeverage :
1. For a description of this non-GAAP financial measure, see Selected Definitions on page 35
2. Represents average Adjusted Leverage Ratio during period. For a description of this non-GAAP financial measure, see Selected Definitions on page 35
2
2.7x2.8x
Core ROAE (after-tax)1
9% – 10%
Core REIT
Operations
2.6x
ATTRACTIVE CORE REIT ROE ENHANCED BY
PROFITABLE SECURITIZATIONS & REAL ESTATE GAINS
2.5x

16. 16
STABLE BASE OF PREDICTABLE, RECURRING
REVENUE FROM NET INTEREST AND RENTAL INCOME
Balance Sheet
Loans
Outstanding
($ in millions)
% Revenue
Contribution
from Balance
Sheet Loan NIM,
CMBS Bonds,
and CRE Equity
Net Cash Flow
Ladder’s revenues predominantly driven by recurring earnings
$538
$1,524
$1,742
$2,000
$3,282 $3,318 $3,303
$0
$1,000
$2,000
$3,000
$4,000
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 03/31/2019
36%
52%
70%
74%
78% 77%
82%
0%
15%
30%
45%
60%
75%
90%
2013 2014 2015 2016 2017 2018 LTM 03/31/2019
36%
82%

17. 17
1. Represents run-rate of current $0.34 quarterly cash dividend per LADR share
2. For a description of this non-GAAP financial measure, see Selected Definitions on page 35
SUPERIOR DIVIDEND GROWTH & COVERAGE
$1.00
Q1 2015
Annualized Cash Dividend per Share
$1.36
Q1 2019
Dividend Coverage
Annual Cash
Dividends
per Share1
Core EPS2
(LTM 3/31/19)
$1.89
$1.36
8% dividend compounded annual growth rate Well-covered dividend – 72% payout ratio

18. 18
EXECUTIVE TEAM & OTHER SENIOR
EXECUTIVES
Brian Harris
Chief Executive Officer
Pamela McCormack
President
Marc Fox
Chief Financial Officer
Robert Perelman
Head of Asset Management
Kelly Porcella
Chief Administrative Officer &
General Counsel
Ryan Jantzen
Co-Head of Origination
Adam Siper
Co-Head of Origination
Michael Scarola
Chief Credit Officer
Craig Robertson
Head of Underwriting &
Loan Portfolio Manager
Michelle Wallach
Chief Compliance Officer &
Senior Regulatory Counsel
 All members of executive team joined Ladder in its first year of inception
 Only internally-managed commercial mortgage REIT of scale
Ed Peterson
Head of CMBS Trading &
Co-Head of Securitization
David Henschke
Co-Head of Securitization
Kevin Moclair
Chief Accounting Officer
Matthew FitzGerald
Treasurer
Mark Ableman
Head of Transaction
Management
David Traitel
Head of Legal
Structuring
David Merkur
Executive Director –
Capital Markets

19. FULLY INTEGRATED CRE INVESTMENT TEAM
Marc Fox
{CHIEF FINANCIAL
OFFICER)
FINANCE,
ACCOUNTING AND
CAPITAL MARKETS
Robert Perelman
(HEAD OF ASSET
MANAGEMENT)
Pamela McCormack
PRESIDENT
ORIGINATION
(20 total originators, including 6 MDs)
Daniel Orbach
Michael Bette
Michael Bontumasi
Philip Pesant
Adam Saltzman
Andrew Babat
Nicholas Capozzi
Daniel Cruz
Mathew Fogel
Alex Neubauer
Caroline Taylor
Geoff Weinstock
ACCOUNTING/
REPORTING
Kevin Moclair (CAO)
Christine Curcio
Tara Tannure
(CONTROLLER)
Ryan Smith
(TAX DIRECTOR)
Benjamin JeanBaptiste
Karina Rodrigues
da Silva
Michael Scarola
(CHIEF CREDIT OFFICER)
LEGAL,
COMPLIANCE AND
HUMAN RESOURCES
CORPORATE
LEGAL & HR
Michelle Wallach
(CHIEF
COMPLIANCE
OFFICER & SENIOR
REGULATORY
COUNSEL)
Stephanie Lin
Carmela
DiMeo-Laskaris
UNDERWRITING
AND
ASSET MANAGEMENT
David
Henschke
(CO-HEADOF
SECURITIZATION)
Kelly Porcella
(CHIEF ADMINISTRATIVE
OFFICER &
GENERAL COUNSEL)
Ed Peterson
(HEAD OF CMBS
TRADING &
CO-HEAD OF
SECURITIZATION)
22
28
#
Managing Director
years of experience
LEGEND
321320
TRANSACTION
MANAGEMENT
David Traitel (HEAD OF
LEGAL STRUCTURING)
Mark Ableman (HEAD
OF TRANSACTION MGT)
23
16
 Over 25 years of management experience and thought-leadership through multiple market cycles with deep, seasoned bench
 Over 25% of employees have been with Ladder at least 7 years, and over 40% of employees have been with Ladder at least 5 years
19
Brian Harris
CEO
34
Ryan Jantzen & Adam Siper
(CO-HEADS OF ORIGINATION)
Craig Robertson
(HEAD OF UNDER-
WRITING & LOAN
PORTFOLIO MANAGER)
11
Jonathan Goldberg
Michael DiOrio
Tierney Boisvert
Alexander Swan
REAL ESTATE
TRADING AND
SECURITIZATION
Craig Sedmak
Keith Statfeld
Sam Greenwald
Blair Lewis
Eddie Peterson
20
30
FINANCE
Matthew FitzGerald
(TREASURER)
Elise Chamberlain
Andrea Rodriguez-
Padilla
CAPITAL MARKETS
David Merkur
Tom Harney
(CONSULTANT)
Chris Ferris
(CONSULTANT)
18
2427
13
Sarah Gochberg
Michael Alexander
Colette Edmonds
17NEW YORK (cont.)
Lee Warshaw
Andrew Steiner
Marc Waldman
Michael Fife
Matthew Baron
LOS ANGELES, CA
Jeffrey Giudice
Michael Arnovitz
Jack Weisselberg
11
13
29
NEW YORK
Adam Siper
Adam Frank
Eric Crum
Justin Desiderio
Ezra Kwestel
Ryan Jantzen
Walker Brown
James Gorman
Michael Ainbinder
Michael FitzMaurice
Zachary Mulkern
Todd Hirsch (CONSULTANT)
12
14
13

20. 20
 20 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 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
Separate departments function as “check & balance” on internal process
20
Origination Credit/
Underwriting
Investment
Committee
Transaction
Management
Asset
Management
INVESTMENT & RISK MANAGEMENT PROCESS

21. 21
Comprehensive, multi-disciplinary analysis of every potential investment
EXAMPLE INVESTMENT COMMITTEE MEMO

22. Note: As of 03/31/2019
22
($ in millions)
 63% of capital base comprised of book
equity, unsecured debt, and non-recourse
mortgage & CLO financing
 93% of outstanding debt comprised
of committed, term financing and
unsecured bonds
 Additional leverage capacity – adjusted
debt/equity at 2.6x
 Access to additional financing resources
$6.4B
Capitalization
Committed Bank
Warehouse
Facilities
$708
(11%)
Other Securities
Repurchase
Facilities
$325
(5%)
Non-Recourse
Mortgage
Financing
$740
(12%)
Non-Recourse
CLO Financing
$497
(8%)
FHLB
Financing
$1,291
(20%)
Unsecured
Corporate
Bonds
$1,156
(18%)
Book Equity
$1,644
(26%)
ROBUST, DIVERSIFIED CAPITAL STRUCTURE

23. Note: As of 03/31/2019
1. Includes extensions at Company’s option
2. Secured by stock of selected unrestricted subsidiaries
2
23
Superior access to capital with substantial liquidity and $2.4 billion of undrawn, committed financing capacity
Moody’s
Ba2 Corp
Ba3 Bonds
Positive outlook
S&P
BB Corp
BB- Bonds
Stable outlook
Fitch
BB Corp
BB Bonds
Stable outlook
LONG & STRONG LIABILITY STRUCTURE
1
Remaining Term1
Size Outstanding 2019 2020 2021 2022 2023 2024 2025
$1,433 $1,156 Total Unsecured Debt (25% of total debt)
$6,768 $4,392 Total Committed & Unsecured Debt (93% of total debt)
$6,768 $4,716 Total Financing
– 325 Short-Term Repo
1,946 1,291
$400 $395
2,152 708
740 740
266 –
5.250% Unsecured Bonds
5.250% Unsecured Bonds
5.875% Unsecured Bonds
497 497 Non-Recourse CLO Financing
Unsecured Syndicated Revolving Credit Facility
FHLB Financing
($ in millions)
Facility Debt
266 265
500 495
Non-Recourse Mortgage Debt on Owned Real Estate
Committed Bilateral Bank Facilities (6 facilities)

24. 24
24
LADDER INVESTMENT THESIS
Note: Based on review of SEC filings, company presentations and research reports for publicly-traded U.S. CRE finance REITs with equity market capitalizations over $1.5 billion
1. 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
MOST CONSERVATIVE payout ratio – well-covered1
& growing dividend
HIGHLY EXPERIENCED management team
COMPELLING valuation versus book value/analyst estimated NAV
LONG & STRONG liability structure with ratings momentum
MARKET LEADING ROE

25. 25
Company Contact Information:
New York Headquarters:
345 Park Avenue – 8th Floor
New York, NY 10154
(212) 715-3170
California Regional Office:
520 Broadway – Suite 200
Santa Monica, CA 90401
(310) 601-2465
Equity Research Analyst Coverage:
B. Riley-FBR:
Tim Hayes – (703) 312-1819
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:
Chelsea Richardson – (212) 612-7899
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
Florida Regional Office:
110 Front Street – Suite 300
Jupiter, FL 33477
(212) 715-3170

26. APPENDIX

27. LADDER FINANCIAL SNAPSHOT
27
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 $3,303 Carrying Value of Assets $670 Cash & Cash Equivalents $45
Secured Financing on Assets 1,457 Undepreciated Book Value of Assets 780 Loans, Securities & Real Estate 6,302
Net Equity Invested (excl. Corporate Debt) 1,846 Secured Financing on Assets 505 Accumulated Depreciation & Amortization (184)
% First Mortgage 96% Net Equity Invested (excl. Corporate Debt) 275 Other Assets(5)
363
% Other (Mezzanine/Subordinate) 4% Total Square Feet 5,204,471 Total Assets 6,525
Weighted-Average Coupon 7.5% Weighted-Average % Leased 100%
Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $49.9 Total Liabilities
Accounting method: carried at depreciated book value Unsecured Corporate Bonds $1,156
Unsecured Revolving Credit Facility –
Conduit Loans Total Unsecured Debt 1,156
Carrying Value of Assets $190 Diversified Commercial Real Estate(3)(4)
Secured Financing 3,561
Secured Financing on Assets 115 Carrying Value of Assets $331 Total Debt 4,716
Net Equity Invested (excl. Corporate Debt) 75 Undepreciated Book Value of Assets 405 Other Liabilities(5)
165
Weighted-Average Coupon 5.5% Secured Financing on Assets 234 Total Liabilities 4,881
Origination and Purchase Volume (LTM) $940 Net Equity Invested (excl. Corporate Debt) 170
Securitization Volume (LTM) 1,037 Total Square Feet 3,224,545 Book Equity Value
Securitization Profit Margin (LTM)(1)
2.3% Weighted-Average Occupancy 82% GAAP Book Equity Value (excl. NCI in JVs) $1,635
Number of Securitizations (LTM) 8 In-Place Annual Net Operating Income (NOI) $24.5 Total Shares Outstanding (mm) 119.8
Net Revenue Contribution (LTM)(2)
$30 Weighted-Average % Owned by Ladder 82.7% GAAP Book Value per Share(5)
$13.59
Accounting method: carried at lower of cost or FMV Accounting method: carried at depreciated book value Undepreciated Book Value per Share(6)
$15.09
Leverage
Securities (CMBS, Corporate Bonds & Common Stock) Condominium Residential Real Estate(3)
Adjusted Debt (for Adjusted Leverage Ratio)(6)
$4,219
Carrying Value of Assets $1,619 Carrying Value of Assets $5 Total GAAP Book Equity (incl. NCI in JVs) 1,644
Secured Financing on Assets 1,250 Undepreciated Book Value of Assets 6 Adjusted Leverage Ratio(6)
2.6x
Net Equity Invested (excl. Corporate Debt) 369 Secured Financing on Assets –
% First Mortgage Secured 97% Net Equity Invested (excl. Corporate Debt) 6 Return on Average Equity (based on Core Earnings)(6)
% AAA-Rated 83% Total Remaining Units 17 GAAP Net Income (LTM) $178
% Investment Grade-Rated 97% Unit Sale Price as % of GAAP Book Value (LTM) 119% Core Earnings (LTM) 213
Weighted-Average Duration 2.5 Years Weighted-Average % Owned by Ladder 99.9% Average Book Equity Value (LTM) 1,561
Accounting method: carried at FMV Accounting method: carried at depreciated book value After-Tax Core ROAE (LTM) 13.7%
Note: As of 03/31/2019
(1) Based on “Core gain on sale of securitized loans” as reported in Company filings. For reconciliation, see page S-11 of Ladder’s Q1 2019 Quarterly Earnings Supplement
(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 $93.8 million as of 03/31/2019
(5) For a description of these financial measures, see Selected Definitions on page 35
(6) For a description of these non-GAAP financial measures, see Selected Definitions on page 35
B
C
D
E
F
A B C D E F
($ in millions, except per share amounts)
A

28. 28
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
$3,159 91% 48%
Held for
investment
Generally
floating-rate
7.3% 69%
Conduit First
Mortgage Loans
$190 5% 3% Held for sale
Generally
fixed-rate
5.5% 60%
Mezzanine and Other
CRE-Related Loans
$144 4% 2%
Held for
investment
Fixed or
floating-rate
10.9% 68%
Total $3,492 100% 53% 7.4% 69%
Note: As of 03/31/2019
1. Amounts are shown before $18.2 million loan loss provision
LOAN PORTFOLIO KEY METRICS

29. 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
Net Leased Commercial
Real Estate
(149 buildings)
$780 $670 $505 $275 5,204,471 $49.9 100%
Diversified Commercial
Real Estate1
(70 buildings)
$405 $331 $234 $170 3,224,545 $24.5 82%
Condominium
Projects1
(2 buildings3
)
$6 $5 – $6 31,924 n/a n/a
Total /
Weighted-Average
(221 buildings)
$1,190 $1,006 $740 $451 8,460,940 $74.4 94%
29
Note: As of 03/31/2019
1. Amounts shown on a fully-consolidated basis
2. Excludes condominium projects
3. Includes Veer Towers (Las Vegas) and Terrazas (Miami) condominium projects. Excludes projects accounted for in Investments in Unconsolidated Joint Ventures
222
CRE EQUITY PORTFOLIO KEY METRICS
($ in millions)

30. 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) (82 Buildings) (7 Buildings) (25 Buildings) (149 Buildings)
Undepreciated Asset Value $148.0 $142.5 $133.7 $103.4 $73.6 $178.9 $780.1
Asset Carrying Value (Depreciated) $113.1 $134.0 $111.7 $95.1 $63.3 $152.7 $669.8
Non-Recourse Mortgage Debt Financing $93.9 $83.3 $89.3 $67.2 $50.6 $120.7 $505.0
Weighted-Average Interest Rate on Debt 4.9% 5.0% 5.1% 5.5% 4.6% 5.0% 5.0%
Net Equity Invested $54.1 $59.2 $44.4 $36.2 $22.9 $58.2 $275.1
In-Place Annual Net Operating Income (NOI) $10.9 $7.4 $9.0 $7.1 $4.3 $11.2 $49.9
Weighted-Avg. Remaining Lease Term (years) 13.7 12.5 14.2 12.0 15.6 12.0 13.1
~Total Square Feet 831,464 822,540 392,852 742,302 516,762 1,898,551 5,204,471
Weighted-Average % Leased 100% 100% 100% 100% 100% 100% 100%
% of Total CRE Equity Portfolio
(by Undepreciated Asset Value)
12% 12% 11% 9% 6% 15% 66%
% of Net Leased CRE Portfolio
(by Undepreciated Asset Value)
19% 18% 17% 13% 9% 23% 100%
($ in millions)
30
NET LEASED CRE PORTFOLIO KEY DETAILS
Note: As of 03/31/2019

31. Richmond, VA Isla Vista, CA Miami, FL Additional Diversified Total Diversified CRE/
Office Portfolio Student Housing Multifamily Property CRE Properties Weighted-Avg.
(19 Buildings) (40 Buildings) (1 Property) (10 Buildings ) (70 Buildings)
Undepreciated Asset Value $133.5 $85.6 $38.5 $146.9 $404.5
Asset Carrying Value (Depreciated) $92.2 $83.4 $36.0 $119.6 $331.2
Non-Recourse Mortgage Debt Financing $89.6 $69.0 – $75.9 $234.5
Weighted-Average Interest Rate on Debt 4.5% 6.0% – 5.4% 5.2%
Net Equity Invested $43.9 $16.6 $38.5 $71.0 $170.0
In-Place Annual Net Operating Income (NOI) $10.7 $4.5 $2.7 $6.7 $24.5
~Total Square Feet 1,189,921 117,324 166,176 1,751,124 3,224,545
Weighted-Average % Leased 89% 100% 94% 60% 82%
Weighted-Average Ladder Ownership 77.5% 75.0% 100.0% 84.5% 82.7%
($ in millions)
31
Note: As of 03/31/2019
1. Property types include office, multi-family, grocery-anchored shopping center and industrial
2. Excludes potential effects of partnership/joint venture promote/sharing arrangements
1
DIVERSIFIED CRE PORTFOLIO KEY DETAILS
2

32. 32
Name Title
Industry
Experience Previous Experience/Bios
Brian Harris Founder &
Chief Executive Officer
34 years Prior to forming Ladder, 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
22 years Prior to forming Ladder, 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.
Marc Fox Chief Financial Officer 28 years Prior to joining Ladder, Mr. Fox served as Treasurer of Capmark Financial Group Inc. Mr.
Fox received a B.S. and an M.B.A. from The Wharton School of the University of
Pennsylvania.
Robert Perelman Founder &
Head of Asset Management
30 years Prior to forming Ladder, 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
13 years Prior to joining Ladder, 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.
LADDER TEAM BIOS

33. 33
Name Title
Industry
Experience Previous Experience/Bios
Michael Scarola Chief Credit Officer 20 years Prior to joining Ladder, 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
11 years Prior to joining Ladder, 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 14 years Prior to joining Ladder, 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 12 years Prior to joining Ladder, 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
32 years Prior to joining Ladder, 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 13 years Prior to joining Ladder, Mr. Henschke served as an Associate Director at Standard &
Poor’s. Mr. Henschke received a B.A. and a CFA Charter from Wesleyan University.
LADDER TEAM BIOS (CONT.)

34. 34
Name Title
Industry
Experience Previous Experience/Bios
David Traitel Head of Legal Structuring 23 years Prior to joining Ladder, 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
16 years Prior to joining Ladder, 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
27 years Prior to joining Ladder, Ms. Wallach served as the Deputy Chief Compliance Officer and
Director of Operational Risk Management at Reservoir Operations LP. 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 24 years Prior to joining Ladder, 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 6 years Prior to joining Ladder, 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
8 years Prior to joining Ladder, 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.
LADDER TEAM BIOS (CONT.)

35. 35
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, loan loss provision, 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.

36. 36
TABLE OF CONTENTS
Slide # Slide Contents Slide # Slide Contents
1 Cover 19 Full Personnel Organizational Chart
2 Disclaimers 20 Investment & Risk Management Process
3 Ladder Snapshot 21 Example Investment Committee Memo
4 Ladder Highlights 22 Capital Structure Composition
5 Core Competency: CRE Credit Underwriting 23 Long & Strong Liability Structure
6 Lending Segment Overview 24 Ladder Investment Thesis
7 Ladder's Competitive Advantage 25 Company Information
8 Selected Commercial Mortgage Loans 26 Appendix
9 Conduit Business Highlights 27 Ladder Financial Snapshot
10 Securities Segment Overview 28 Loan Portfolio Detail (Key Metrics)
11 CRE Equity Segment Overview 29 CRE Equity Portfolio Detail (Key Metrics)
12 CRE Capital Stack Capital Allocation 30 Net Lease Portfolio Detail
13 Complementary CRE Products 31 Diversified CRE Portfolio Detail
14 Illustrative ROE's by Segment 32 Ladder Bios – Executive Team
15 Historical ROE's & Leverage 33 Ladder Bios – Other Senior Executives
16 Stable Base of Recurring Revenue 34 Ladder Bios – Other Senior Executives (cont.)
17 Dividend Growth & Coverage 35 Selected Definitions
18 Executive Team & Other Senior Executives 36 Table of Contents