Ladder Capital - Investor Presentation (Nov. 2020)

1. 1
INVESTOR
PRESENTATION
NOVEMBER 2020
NYSE: LADR
A Leading Commercial Real Estate Investment Trust

2. 2
DISCLAIMERS
This presentation contains forward-looking statements regarding possible or assumed future results of the business, financial condition, plans and objectives
of Ladder Capital Corp and its subsidiaries and affiliates (collectively, “Ladder Capital,” “Ladder,” “LADR,” or the “Company”). Any statement concerning future
events or expectations, express or implied, is a forward-looking statement. Words such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,”
“estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology are intended to identify forward-
looking statements that are subject to risk and uncertainties. Such risks and uncertainties include, among others, the impact of the COVID-19 pandemic and
of responsive measures implemented by various governmental authorities, businesses and other third parties and the risks and uncertainties discussed in the
Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and its other filings with the U.S. Securities and Exchange Commission.
There can be no assurance that any expectations, express or implied, in a forward-looking statement will prove correct or that the contemplated event or result
will occur as anticipated. In particular, there can be no assurance that Ladder will achieve any performance objectives set forth in this presentation. Further,
any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for Ladder to
predict those events or their effect on the Company. Except as required by law, Ladder is not obligated to, and does not intend to, update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise.
This presentation 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 September 30, 2020, unless
otherwise indicated.
This presentation includes certain non-GAAP financial measures. These non-GAAP financial measures should be considered only as supplemental to, and
not as superior to, financial measures prepared in accordance with GAAP. Please refer to the Company’s September 30, 2020 Form 10-Q filing and earnings
press release, which are available on Ladder’s website (www.laddercapital.com), as well as the supplemental financial tables included herein, for a
reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance
with GAAP.
Totals may not equal the sum of components due to rounding.

3. 3
LADR HIGHLIGHTS
Note: As of 09/30/2020
1. Based on $8.19 LADR closing stock price on 11/11/2020
 Conservative leverage ratio – 2.9x adjusted total debt/equity and 2.3x net debt/equity ratio
 $2.0 billion of unsecured debt (corporate bonds & revolver) and $2.7 billion of unencumbered assets (43% of
total assets), including $2.0 billion of unrestricted cash and first mortgage loans
 Rated BB+/Ba1/BB- by Fitch, Moody’s and S&P, respectively
 Highly-experienced executive team, and all members have been with Ladder since first year of inception
 Comprehensive in-house team includes 14 originators, 13 underwriters and 10 experienced attorneys
 Middle-market focus with consistent track record of profitability – positive earnings every quarter since inception
Internally-Managed
Platform & Exceptional
Management Depth
Best-in-Class
Capital Structure with
Focus on Unsecured &
Non-Mark-to-Market
Financing
 LADR stock currently trading at 0.57x price/undepreciated book value and 9.8% dividend yield1
 Only internally-managed company among CRE finance REIT peers – distinguishes us from competitors
 Management and directors own $106 million of equity in the company (10.7% of total market cap)1
 Personnel compensated based on profitability, and significant portion paid in stock
 $2.7 billion of commercial real estate (“CRE”) loans – 96% first mortgage loans
 $1.0 billion of CRE equity investments, including $643 million net lease (~12-year avg. remaining lease term)
 $1.4 billion of investment grade-rated CRE securities – 99%+ I.G.-rated; 92% AAA-rated or Agency-backed
 Strong Q3 2020 collections – 97.8% loan debt service received and 98.7% rental income received
 No mission drift – continued focus on senior secured assets and emphasis on capital preservation
Multi-Cylinder
Platform with
Senior Secured Focus
Attractive Valuation &
Strongest Shareholder
Alignment Among Peers

4. 4
Ladder Financing & Liquidity Highlights
 Diverse array of committed, long-term funding
sources from a long list of counterparties
 Seasoned, five-time issuer of unsecured bonds,
with $1.7 billion currently outstanding, including
$750 million issued in January 2020
 Substantial base of liquid securities and
unencumbered first mortgage loans
 Unsecured corporate revolver with 9 banks in the
syndicate with ~4.5 years remaining before final
maturity
 Committed, secured funding with options to extend
out to 4+ years on loan repurchase financing
 $876 million of unrestricted cash on balance sheet
Generated Significant Liquidity in Q2 & Q3 2020
 Raised $1.8 billion of liquidity during the past two
quarters, including:
($mm)
CLO Financing $305 non-recourse, non-mark-to-market
Koch Facility 206 non-recourse, non-mark-to-market
Loan & Securities Sales 754 senior, liquid assets
Loan Payoffs 557 underwriting is core strength
Total $1,822
 Reduced debt by $967 million while increasing
unrestricted cash by $517 million
 Reduced annual overhead expenses by over $4 million
in 2020
1. Represents gross amount of financings before financing and other fees
1
1
WELL-PREPARED FOR MARKET VOLATILITY

5. 5
Michael Scarola
Chief Credit Officer
Craig Robertson
Head of Underwriting & Loan
Portfolio Manager
Ryan Jantzen
Co-Head of Origination
Adam Siper
Co-Head of Origination
Ed Peterson
Head of CMBS Trading &
Co-Head of Securitization
David Henschke
Co-Head of Securitization
Brian Harris
Chief Executive Officer
Pamela McCormack
President
Marc Fox
Chief Financial Officer
Robert Perelman
Head of Asset Management
Kelly Porcella
Chief Administrative Officer
& General Counsel
David Traitel
Head of Legal
Structuring
Mark Ableman
Head of Transaction
Management
Michelle Wallach
Chief Compliance Officer &
Senior Regulatory Counsel
Kevin Moclair
Chief Accounting Officer
Matthew FitzGerald
Treasurer
David Merkur
Executive Director –
Capital Markets
Paul Miceli
Director of Finance
✓ All members of executive team joined Ladder in its first year of inception and possess an average of 27 years of industry
experience and thought leadership through multiple market cycles
✓ Managers average 10 years’ tenure at Ladder and over 20 years of industry experience
✓ Led by Brian Harris – formerly Head of Commercial Real Estate at UBS / Dillon Read and Credit Suisse prior to that
BEST-IN-CLASS TEAM OF SEASONED LEADERS

6. 6
Note: As of 09/30/2020
1. Undepreciated asset value
Loans
CRE Equity
Securities
$2.7 Billion
Diversified portfolio of fixed and floating-rate senior first mortgage
loans secured by commercial real estate properties
• 96% first mortgage loans; 67% weighted-average LTV; 80% are
floating-rate loans with interest rate floors
$1.2 Billion1
Owned real estate properties providing stable, recurring cash flows
• Includes $789 million1
of net lease with 12-year average lease term
$1.4 Billion
Primarily commercial mortgage-backed securities (CMBS),
providing stable interest income and helping manage liquidity
• 99%+ IG and 92% AAA with weighted-average duration of 2.1 years
Three complementary, synergistic products within a relative-value,
risk-adjusted return investment approach
CRE
Equity
Loans
Securities
CRE
Credit
Underwriting
CORE COMPETENCY: CRE CREDIT
UNDERWRITING

7. 7
Note: As of 09/30/2020, unless noted otherwise
1. Amounts in these charts shown before $47.1 million allowance for loan losses
2. Includes mezzanine and subordinate loans
Loan Type
1
GeographyProperty Type
DIVERSIFIED & GRANULAR SENIOR SECURED
LOAN PORTFOLIO
Other Key Loan Portfolio Metrics
2
 96% senior secured first mortgage loans
 67% weighted-average LTV on total loan
portfolio
 1.0-year weighted-average duration on
balance sheet first mortgage loans
 Lightly-transitional loans – only $227
million of future funding commitments
(~8% of current outstanding balance)
 100% of floating-rate loans have
interest rate floors (~1.82% current
weighted-average LIBOR floor)
 Only $354 million of outstanding loan
repo financing, with only $13 million of
hotel loan financing
Loan Size
1
$19 million average loan balance
$2.7 billion total loan portfolio
80% floating rate/20% fixed rate
Disciplined lending approach with middle-market focus and national footprint

8. 8
CONDUIT LOANS
A consistent ROE enhancer & source of retained earnings
Note: As of 09/30/2020
1. Ladder had three securitization net losses: in August 2011 ($5.1 million loss) from hedging results when the United States was downgraded by S&P and treasury bonds rallied; and in June 2020
1.($3.7 million loss) and August 2020 ($1.3 million loss) due to market volatility and credit spread widening resulting from the COVID-19 pandemic
2. After hedging costs; before corporate overhead expenses; all statistics cumulative since inception
66 of 69 profitable
transactions1
$16.6 billion of total
loans securitized
Short holding period enables frequent
de-risking of balance sheet
$705 million of
cumulative core gains2
Conduit loan business is complementary
to NIM-driven balance sheet lending
business
Top 10 CMBS loan contributor
$1.7 billion of loans securitized
in four Ladder-only transactions
Partners include Citi, Credit Suisse,
Deutsche Bank, J.P. Morgan, UBS and
Wells Fargo

9. 9
Source of stable recurring net rental income with potential NAV upside; financed with long-term, non-recourse debt
CRE Equity Portfolio Metrics
Total Asset Carrying Value $1.2 billion
Total Net Equity Invested $442 million
Total Square Feet ~7.7 million
Average Asset Carrying Value per Property ~$6 million
CRE Equity Assets by Geography
Diversified/Other CRE Equity
(35% of CRE Equity portfolio)
Asset Carrying Value $423 million
Total Diversified/Other CRE Properties 13
% Ladder Ownership 87%
In-Place Annual Net Operating Income $20.2 million
Net Leased CRE Equity
(65% of CRE Equity portfolio)
Asset Carrying Value $789 million
Total Single-Tenant Net Leased Properties 163
Weighted-Average Remaining Lease Term 12 years
% Leased 100%
% Ladder Ownership 100%
In-Place Annual Net Operating Income $50.7 million
CRE Equity Assets by Property Type
Note: As of 09/30/2020, and all asset amounts represent undepreciated asset values
HIGH-QUALITY CRE EQUITY PORTFOLIO –
PREDOMINANTLY NET LEASE
100% Q3 2020 rent collections
95% Q3 2020 rent collections
Necessity-based businesses, incl.
BJ’s, Walgreens & Dollar General
Northeast
14%
South
38%
West
16%
Southwest
7%
Midwest
24%
Various
1%
Office
25%
Wholesale
Club
11%
Drug
Store
10%
Dollar
Store
13%
Grocery
Store
9%
Other
Retail
5%
Warehouse
5%
Multifamily
14%
Other
8%

10. 10
 Highly-rated, liquid, short-duration portfolio
 Ability to create liquidity and de-lever and/or reallocate
capital
 Reduced exposure to price volatility and macro-economic
conditions
 Predominantly CMBS
Securities on Balance Sheet $1.4 billion
% CMBS 100%
% Investment Grade-Rated 99%+
% AAA-Rated or Agency-Backed 92%
Weighted-Average Duration 2.1 years
Average Investment per CUSIP $10.8 million
Investment Overview
Securities Portfolio Metrics Highly-Rated CMBS Portfolio
Short-Duration Securities Portfolio
Note: As of 09/30/2020
HIGHLY-RATED & GRANULAR, SHORT-DATED
SECURITIES PORTFOLIO
AAA / Aaa
92%
AA / Aa
6% A / A
2%
BBB / Baa / other
0.5%
0-1 year:
20%
1-3 years:
57%
3-5 years:
20%
5-7.5 years:
3%

11. 11
SIGNIFICANT REDUCTION IN CMBS PORTFOLIO
ASSETS & FINANCING DURING Q2 & Q3 2020
Securities Portfolio: Summary of Assets & Financing
(03/31/2020 vs. 09/30/2020; $mm)
Key Securities Portfolio Trends
(from 03/31/2020 to 09/30/2020)
 Securities portfolio reduced from $1.9 billion
to $1.4 billion (25% reduction)
 Securities repurchase financing reduced from
$1.2 billion to $823 million (31% reduction)
 FHLB financing of securities reduced from
$418 million to $242 million (42% reduction)
Total
Securities
Assets
Assets Financing
09/30/202003/31/2020
Repurchase
Financing
FHLB
Financing
Total
Securities
Financing
$1,931
$1,190
$418
$1,608
$1,448
$823
$242
$1,065

12. 12
Committed Loan Repo Facilities
$354
(6%)
Committed Securities
Repo Facility
$352
(6%) FHLB
Financing
$326
(5%)
Other Securities
Repo Facilities
$471
(8%)
Non-Recourse
Koch Financing
$191
(3%)
Non-Recourse
CLO Financing
$282
(5%)
Non-Recourse
MortgageFinancing
$770
(12%)
Unsecured
Corporate Bonds &
Corporate Revolver
$1,969
(32%)
Book Equity
$1,522
(24%)
DIVERSE AND ROBUST CAPITAL STRUCTURE
 90% of outstanding debt comprised of committed, term
financing and unsecured bonds
 76% of capital base is comprised of book equity, unsecured
debt, and non-recourse financing
 $2.3 billion of unsecured bonds issued since 2012 across
five separate issuances ($1.7 billion currently
outstanding)
 $2.3 billion of diversified, committed, term repurchase
financing capacity from 6 counterparties
 $266 million unsecured corporate revolving credit
facility with 9 participating banks; 4.4-year remaining term
 2.9x adjusted leverage ratio, or 2.3x net debt/equity ratio
 2.0x leverage ratio without IG-rated, match-funded
securities portfolio
Capitalization Summary ($mm)
Best-in-class capital structure, with focus on modest leverage, counterparty diversity,
unsecured & non-recourse financing
Key Capital Structure Highlights
Note: As of 09/30/2020
$6.2B
Capitalization
$876M
Unrestricted
Cash

13. 13
$2,889
$1,283
12/31/2019 09/30/2020
$1,073
$326
12/31/2019 09/30/2020
23.8%
36.1%
12/31/2019 09/30/2020
Secured Debt
1
/ Total Assets FHLB Paydown Progress ($mm)
Leverage Ratios – Net of CashMark-to-Market Financing Exposure
2
($mm)
LIABILITY STRUCTURE WELL POSITIONED
FOR THE FUTURE
Note:
Gross Leverage: 2.97x 3.10x 2.97x 2.91x
$400 Million
02/19/2021
Requirement
Rating Agency Adjusted
1. Excludes corporate bonds and corporate revolver
2. Excludes financing that is subject to credit events only
Unsecured Bonds / Total Debt
2.75x
2.49x
12/31/2019 09/30/2020
2.75x
2.31x
12/31/2019 09/30/2020

14. 14
$7.2B
Capitalization
$358M
Unrestricted
Cash
03/31/2020 Capitalization ($mm)
Over the last two quarters, Ladder has decreased total & net leverage, increased non-mark-to-market &
non-recourse financing, and significantly increased unrestricted cash balance
More diversified, durable
capital structure in place
with reduced leverage
$6.2B
Capitalization
$876M
Unrestricted
Cash
09/30/2020 Capitalization ($mm)
Committed Loan Repo Facilities
$537
(7%)
Committed Securities
Repo Facility
$478
(7%)
FHLB
Financing
$1,008
(14%)
Other Securities
Repo Facilities
$712
(10%)
Non-Recourse
MortgageFinancing
$806
(11%)
Unsecured
Corporate Bonds &
Corporate Revolver
$2,140
(30%)
Book Equity
$1,501
(21%)
1. Net debt excludes total cash on balance sheet of $622 million as of 03/31/2020 and $918 million as of 09/30/2020
2. Non-mark-to-market financing includes financing that is subject to credit events only
3. Represents percentage of total capitalization
ENHANCED QUALITY OF CAPITAL BASE
Debt/Equity (Adjusted Leverage Ratio):
Net Debt1
(excluding Cash)/Equity Ratio:
Non-Mark-to-Market Financing2
+ Book Equity:
Non-Recourse & Unsecured Debt + Book Equity:
03/31/2020
3.8x
3.4x
67%3
62%3
09/30/2020
2.9x
2.3x
79%3
76%3
Committed Loan Repo Facilities
$354
(6%)
Committed Securities
Repo Facility
$352
(6%) FHLB
Financing
$326
(5%)
Other Securities
Repo Facilities
$471
(8%)
Non-Recourse
Koch Financing
$191
(3%)
Non-Recourse
CLO Financing
$282
(5%)
Non-Recourse
MortgageFinancing
$770
(12%)
Unsecured
Corporate Bonds &
Corporate Revolver
$1,969
(32%)
Book Equity
$1,522
(24%)

15. 15
Superior access to capital with diversified financing sources and substantial undrawn capacity
1. Includes extensions at Company’s option
2. Secured by stock of selected unrestricted subsidiaries
3. Includes $354 million of outstanding committed loan repurchase financing and $352 million of outstanding committed securities repurchase financing
LONG & STRONG LIABILITY STRUCTURE
Remaining Debt Maturities by Financing Type1
($mm; as of 09/30/2020)
3
Maturity Year (weighted-average, where applicable)
Facility Size Outstanding 2020 2021 2022 2023 2024 2025 2026 2027
$1,983 $1,969 Total Unsecured Debt (42% of total debt)
$6,695 $4,244 Total Unsecured & Committed Secured Debt (90% of total debt)
$6,695 $4,715 Total Financing
– 471 Uncommitted Repo
1,500 326 FHLB Financing
266 266 Unsecured Syndicated Revolving Credit Facility 2
770 770 Non-Recourse Mortgage Debt on Owned Real Estate
1,950 706 Committed Bilateral Bank Facilities (7 facilities)3
206 191 Non-Recourse Koch Financing
285 282 Non-Recourse CLO Financing
466 464 5.250% Unsecured Bonds
251 251 5.875% Unsecured Bonds
348 345 5.250% Unsecured Bonds
$652 $643 4.250% Unsecured Bonds (issued in January 2020)
Issuance / Debt

16. 16
Secured Debt
Unsecured Debt1
Unsecured & Secured Debt Maturities ($mm)
03/31/2020
$981 million reduction or extension in debt
maturities through 2021 (vs. 03/31/2020)
09/30/2020
$806
$454
$421
$153
$311
$130 $182
$264
$497
$659
$720
$264
$685 $650
$773 $788
$48
$902
$0
$250
$500
$750
$1,000
Q2 2020 Q3 2020 Q4 2020 2021 2022 2023 2024 2025 2026 2027 &
Beyond
STAGGERED DEBT MATURITY PROFILE
1. Amounts shown for existing unsecured corporate bonds are net of deferred financing fees
Further extended debt maturities with a larger component of non-recourse and non-mark-to-market financing
n/a n/a
$599
$153
$482
$129 $186
$251
$464
$611
$643
$378
$850
$617
$771
$740
$48
$830
$0
$250
$500
$750
$1,000
Q2 2020 Q3 2020 Q4 2020 2021 2022 2023 2024 2025 2026 2027 &
Beyond

17. 17
Ladder has issued unsecured corporate bonds five times – the first issuance was in September 2012,
and each subsequent issuance was at a lower rate or longer tenor than the previous issuance
$325 million
$300 million
$500 million
$400 million
$750 million
7.375%
5.875%
5.25% 5.25%
4.25%
1.500%
2.500%
3.500%
4.500%
5.500%
6.500%
7.500%
8.500%
9.500%
10.500%
11.500%
12.500%
13.500%
$0 million
$100 million
$200 million
$300 million
$400 million
$500 million
$600 million
$700 million
$800 million
$900 million
$1000 million
$1100 million
$1200 million
September
2012
July
2014
March
2017
September
2017
January
2020
5.875%
5.25% 5.25% 4.25%July
2014
March
2017
September
2017
January
2020
Coupon
$325 million
$300 million
$500 million
$400 million
$750 million
7.375%
5.875%
5.25% 5.25%
4.25%
1.500%
2.500%
3.500%
4.500%
5.500%
6.500%
7.500%
8.500%
9.500%
10.500%
11.500%
12.500%
13.500%
million
million
million
million
million
million
million
million
million
million
million
million
million
September
2012
July
2014
March
2017
September
2017
January
2020
Issuance Size
Coupon Rate
Tenor/Call Provisions: 5-year/NC-life 7-year/NC-3 5-year/NC-life 8-year/NC-3 7-year/NC-3
Issue Ratings
(Moody’s/S&P/Fitch):
Offer Spread: 666 bps 374 bps 317 bps 325 bps 254 bps
Ba3/B+/BB Ba3/B+/BB Ba3/B+/BB Ba3/BB-/BB Ba2/BB-/BB+
HISTORICAL UNSECURED BOND ISSUANCES
September 2012 July 2014 March 2017 September 2017 January 2020
Summary of Ladder’s Corporate Bond Issuances
Note: Current Moody’s/S&P/Fitch corporate credit ratings are Ba1/BB-/BB+ and unsecured bond credit ratings are Ba2/B+/BB+

18. 18
18
$2.7B
Total
Unencumbered
Assets
 Predominantly senior, financeable, oversized unencumbered asset base
 1.60x unencumbered asset/unsecured debt ratio
($683 million in excess of the 1.20x covenant)
 2.22x unencumbered asset/unsecured debt ratio net of unrestricted cash
2
 $1.2 billion of unencumbered senior secured first mortgage loans
 $876 million of unencumbered unrestricted cash
OVERSIZED, HIGH-QUALITY UNENCUMBERED
ASSET POOL
$1.2B
Unencumbered
First Mortgage
Loans
Unencumbered
First Mortgage Loans
Mixed Use
$297
Hotel
$269
Office
$179
Retail
$140
Industrial
$105
Multifamily
$76
Other
$87
Total Unencumbered Asset Pool Unencumbered First Mortgage Loans by Property Type
($ in millions)($ in millions)
Key Unencumbered Asset Pool Highlights
1
✓ 43% of total asset base is composed of unencumbered assets
✓ 74% of unencumbered assets are cash or first mortgage loans
Note: As of 09/30/2020
1. Represents undepreciated asset value
2. Calculated by deducting unrestricted cash from the numerator and denominator
Unrestricted
Cash
$876
(32%)
First
Mortgage
Loans
$1,153
(42%)
Mezzanine
Loans
$119
(4%)
Securities
$143
(5%)
FHLB
Stock
$62
(2%)
CRE
Equity
$76
(3%)
Other
Unencumbered
Assets
$315
(12%)

19. 19
Source: Company filings & presentations through 11/11/2020
1. Selected peers include ACRE, ARI, BXMT, CLNC, GPMT, KREF, STWD, TRMT, TRTX and XAN
2. Represents undrawn capacity on warehouse facilities and secured financing sources that has been approved by lenders
3. Funding commitments based on contractual maturities. For CLNC and GPMT, total funding commitments assumed to be evenly distributed over next three years
4. Excludes CRE debt securities, real estate equity and any other non-debt/preferred equity investments
LADR VERSUS SELECTED COMMERCIAL
MORTGAGE REIT PEERS
1
(Cash + Corporate Revolving Credit Facility (“RCF”) Availability) /
Whole Loan Warehouse Facility Drawn Balances
(Cash + Corporate RCF Availability + Approved but Undrawn Availability
2
) /
(Total Drawn Warehouse & Repo Balances + NTM Funding Commitments
3
)
Strong liquidity position & liability structure and in-line property type exposure vs. average of selected peers below
% Loan & Securities Repurchase Financing
(based on % of Total Debt + Preferred Securities)
% Hotel, Retail and Condo
CRE Loan Investments4
LADR Rank
vs. Peers:
#1 of 11
LADR Rank
vs. Peers:
#3 of 11
LADR Rank
vs. Peers:
#3 of 11
LADR Slightly
Above Peer
Average
26%
22%
LADR Peer Average
25%
48%
LADR Peer Average
247%
34%
LADR Peer Average
61%
36%
LADR Peer Average

20. 20
LADDER INVESTMENT THESIS
Complementary, synergistic
business lines
Attractive stock valuation &
highest insider ownership
in the industry
Consistently profitable
since inception
Superior credit skills –
a foundation for
long-term success
Highly-experienced
management team
Only internally-managed
company among
CRE finance REIT peers
Ladder
Capital
Long & strong liability structure
with significant unsecured and
non-mark-to-market financing

21. 21
Ladder’s Commitment to Responsible and Sustainable Growth
Environmental
• Environmental Risk Assessment
− Environmental policy applies to all real
estate debt and equity investments
− All properties require inspection by
licensed environmental engineers
− Findings and recommendations from all
property inspections reviewed by
environmental counsel
− Monitored by our seasoned asset
management team
• Responsible and Sustainable
Business Practices
− Use office equipment that meet energy
management standards
− Participate in waste recycling
programs
− Encourage employees to be
environmentally friendly
Social
• Supporting Community Development
− Investments and financings include
multifamily and commercial real estate in
under-served low- to moderate-income
communities
• Investment in Human Capital
− Committed to attracting and developing a
diverse and productive workforce
− Open-door policy promotes transparency
− Interdepartmental programs, including formal
mentoring and “Ladder Climbers” enable
development of leadership skills
• Response to COVID-19
− Promptly activated Business Continuity Plan,
including Pandemic Plan, with focus on
employee safety, remote working
procedures and operational resiliency
Governance
• Strong Corporate Culture
− Tone at the top promotes transparency,
accountability, and ethical behavior
− Legal & compliance policies and ongoing
employee training
• Robust Corporate Structure
− Majority Board independence
− Women on the Board and in the C-suite
• Seasoned, Aligned Management Team
− Depth and substantial years of experience
− Strong alignment of interests via internally-
managed platform with high insider
ownership
• Systemic Risk Management
− Practices overseen by the Board
− Separate origination, underwriting and
transaction management for checks and
balances
− Privacy and data protection policies and
cybersecurity protocols
CORPORATE RESPONSIBILITY OVERVIEW

22. 22
APPENDIX

23. 23
COMPANY INFORMATION
Company Contact Information:
New York Headquarters:
345 Park Avenue – 8th Floor
New York, NY 10154
(212) 715-3170
Equity Research Analyst Coverage:
B. Riley:
Michael Smyth – (703) 312-1823
JMP Securities:
Steven DeLaney – (404) 848-7773
J.P. Morgan:
Charles Arestia – (212) 622-0755
Keefe Bruyette & Woods:
Jade Rahmani – (212) 887-3882
Rating Agency Coverage:
Moody’s:
Joseph Pucella –
Corporate Rating: Ba1
Standard & Poor’s:
Diogenes Mejia – (212) 438-0145
Corporate Rating: BB-
Fitch:
Chelsea Richardson – (212) 612-7899
Corporate Rating: BB+
Investor Relations:
investor.relations@laddercapital.com
(917) 369-3207
Ladder is an internally-managed real estate investment trust that is a leader in commercial real estate finance. Ladder originates and
invests in a diverse portfolio of commercial real estate and real estate-related assets, focusing on senior secured assets. Ladder’s
investment activities include: (i) direct origination of commercial real estate first mortgage loans; (ii) investments in investment grade
securities secured by first mortgage loans on commercial real estate; and (iii) investments in net leased and other commercial real
estate equity. Founded in 2008, Ladder is run by a highly experienced management team with extensive expertise in all aspects of
the commercial real estate industry, including origination, credit, underwriting, structuring, capital markets and asset management.
Raymond James:
Stephen Laws – (901) 579-4868

24. 24
LADDER FINANCIAL SNAPSHOT
Note: As of 09/30/2020
1. Pre-tax and pre-overhead allocation
2. All metrics shown on a consolidated basis, except Weighted-Average % Owned by Ladder, which excludes the potential effects of partnership/joint venture promote/sharing arrangements
3. Excludes two unconsolidated joint venture investments with total book value of $49.2 million as of 09/30/2020
4. For a description of these financial measures, see Selected Definitions on page 33
5. For a description of these non-GAAP financial measures, see Selected Definitions on page 33
($ in millions, except per share amounts)
Snapshot of Business Lines Total Assets & Liabilities, Book Equity, Leverage and ROE
Balance Sheet Loans Net Leased Commercial Real Estate (100% Owned) Total Assets
Carrying Value of Assets $2,731 Carrying Value of Assets $643 Cash & Cash Equivalents $876
Secured Financing on Assets 897 Undepreciated Book Value of Assets 789 Loans, Securities & Real Estate 5,422
Net Equity Invested (excl. Corporate Debt) 1,835 Secured Financing on Assets 520 Accumulated Depreciation & Amortization (222)
% First Mortgage 96% Net Equity Invested (excl. Corporate Debt) 269 Other Assets4
284
% Other (Mezzanine/Subordinate) 4% Total Square Feet 5,294,566 Total Assets 6,359
Weighted-Average Coupon 6.4% Weighted-Average % Leased 100%
Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $50.7 Total Liabilities
Accounting method: carried at depreciated book value Unsecured Corporate Bonds $1,703
Unsecured Revolving Credit Facility 266
Conduit Loans Total Unsecured Debt 1,969
Carrying Value of Assets $31 Diversified Commercial Real Estate2,3
Secured Financing 2,745
Secured Financing on Assets 14 Carrying Value of Assets $347 Total Debt 4,715
Net Equity Invested (excl. Corporate Debt) 17 Undepreciated Book Value of Assets 423 Other Liabilities4
123
Weighted-Average Coupon 4.1% Secured Financing on Assets 250 Total Liabilities 4,838
Origination and Purchase Volume (LTM) $605 Net Equity Invested (excl. Corporate Debt) 172
Loan Sale Volume (LTM) 769 Total Square Feet 2,425,518 Book Equity Value
Core Earnings Contribution (LTM)1
18 Weighted-Average Occupancy 81% GAAP Book Equity Value (excl. NCI in JVs) $1,517
Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $21.6 Total Shares Outstanding (mm) 120.3
Weighted-Average % Owned by Ladder 87.0% GAAP Book Value per Share4
$12.61
Accounting method: carried at depreciated book value Undepreciated Book Value per Share5
$14.35
Securities
Carrying Value of Assets $1,448 Leverage
Secured Financing on Assets 1,065 Condominium Residential Real Estate (100% Owned) Adjusted Debt (for Adjusted Leverage Ratio)5
$4,433
Net Equity Invested (excl. Corporate Debt) 383 Carrying Value of Assets $1 Total GAAP Book Equity (incl. NCI in JVs) 1,522
% First Mortgage Secured 100% Undepreciated Book Value of Assets 1 Adjusted Leverage Ratio5
2.9x
% AAA-Rated or Agency-Backed 92% Secured Financing on Assets –
% Investment Grade-Rated 99%+ Net Equity Invested (excl. Corporate Debt) 1 Return on Average Equity (based on Core Earnings)5
Average CUSIP Size $10.8 Total Remaining Units 2 Core Earnings (LTM) $112
Weighted-Average Duration 2.1 Years Unit Sale Price as % of GAAP Book Value (LTM) 104% Average Book Equity Value (LTM) 1,550
Accounting method: carried at FMV Accounting method: carried at depreciated book value After-Tax Core ROAE (LTM) 7.2%
B
C
D
E
F
A B C D E F
A

25. 25
LOAN PORTFOLIO KEY METRICS
Type of
Loan
Loan Balance1
($mm)
% of Loan
Portfolio
% of Total
Assets
Business
Plan Rate
Weighted-
Average
Coupon
Weighted-
Average
LTV
Balance Sheet First
Mortgage Loans
$2,609 94.5% 41.0%
Held for
investment
Generally
floating-rate
6.2% 66.9%
Conduit First
Mortgage Loans
$31 1.1% 0.5% Held for sale
Generally
fixed-rate
4.1% 67.0%
Mezzanine and
Other CRE-Related
Loans
$122 4.4% 1.9%
Held for
investment
Fixed or
floating-rate
10.8% 67.1%
Total $2,762 100.0% 43.4% 6.3% 66.9%
Note: As of 09/30/2020
1. Amounts are shown before $47.1 million allowance for loan losses

26. 26
CRE EQUITY PORTFOLIO KEY METRICS
Type of
Real Estate
Undepreciated
Asset
Value
Asset
Carrying Value
(Depreciated)
% of CRE Equity
Portfolio
(Undepreciated)
Non-Recourse
Mortgage Financing
Net Equity
Invested
(Undepreciated)
~Total
Square
Feet
In-Place Annual
Net Operating
Income
Net Leased Commercial
Real Estate
(163 properties)
$789 $643 65.1% $520 $269 5,294,566 $50.7
Diversified Commercial
Real Estate1
(12 properties;
62 buildings)
$423 $347 34.9% $250 $172 2,425,518 $21.6
Condominium
Projects1
(1 property2)
$1 $1 0.06% – $1 2,986 n/a
Total /
Weighted-Average
(176 properties)
$1,212 $991 100.0% $770 $442 7,723,070 $72.33
($ in millions)
Note: As of 09/30/2020
1. Amounts shown on a fully-consolidated basis
2. Terrazas (Miami) condominium project. Excludes projects accounted for in Investments in Unconsolidated Joint Ventures
3. Excludes condominium projects

27. 27
BJ's Wholesale Bank of America Walgreens Dollar Hy-Vee Inc. Additional Net Total Net Leased/
Club Inc. Office Campus Co General Corp Supermarkets Leased Properties Weighted-Avg.
(8 Properties) (1 Property) (21 Properties) (101 Properties) (7 Properties) (25 Properties) (163 Properties)
Undepreciated Asset Value $144.6 $144.0 $119.0 $128.7 $73.6 $178.9 $788.8
Asset Carrying Value (Depreciated) $100.4 $128.4 $95.4 $115.4 $59.8 $143.9 $643.3
Non-Recourse Mortgage Debt Financing $91.7 $83.1 $84.2 $89.7 $50.5 $120.3 $519.5
Weighted-Average Interest Rate on Debt 5.0% 5.0% 5.2% 5.4% 4.6% 5.1% 5.1%
Net Equity Invested $53.0 $60.8 $34.8 $39.0 $23.1 $58.5 $269.3
In-Place Annual Net Operating Income (NOI) $11.1 $7.4 $7.9 $8.8 $4.3 $11.2 $50.7
Weighted-Avg. Remaining Lease Term (years) 11.4 11.0 13.0 11.4 14.1 10.5 11.6
~Total Square Feet 828,864 822,540 307,664 920,185 516,762 1,898,551 5,294,566
Weighted-Average % Leased 100% 100% 100% 100% 100% 100% 100%
% of Total CRE Equity Portfolio
(by Undepreciated Asset Value)
12% 12% 10% 11% 6% 15% 65%
% of Net Leased CRE Portfolio
(by Undepreciated Asset Value)
18% 18% 15% 16% 9% 23% 100%
($ in millions)
NET LEASED CRE EQUITY PORTFOLIO KEY DETAILS
Note: As of 09/30/2020

28. 28
Richmond, VA Isla Vista, CA Miami, FL Additional Diversified Total Diversified CRE/
Office Portfolio Student Housing Multifamily Property CRE Properties Weighted-Avg.
(1 Property) (1 Property) (1 Property) (9 Properties ) (12 Properties)
Undepreciated Asset Value $108.6 $86.1 $41.0 $186.8 $422.6
Asset Carrying Value (Depreciated) $71.7 $82.0 $37.1 $155.9 $346.6
Non-Recourse Mortgage Debt Financing $68.2 $69.6 $33.5 $79.2 $250.5
Weighted-Average Interest Rate on Debt 4.4% 6.0% 5.8% 4.8% 5.1%
Net Equity Invested $40.5 $16.6 $7.5 $107.6 $172.1
In-Place Annual Net Operating Income (NOI) $8.4 $5.1 $2.4 $5.7 $21.6
~Total Square Feet 994,040 117,324 166,176 1,147,978 2,425,518
Weighted-Average Ladder Ownership 77.5% 75.0% 80.0% 99.4% 87.0%
($ in millions)
DIVERSIFIED CRE EQUITY PORTFOLIO KEY DETAILS
Note: As of 09/30/2020
1. Property types include office, industrial, hotel, multifamily, and grocery-anchored shopping center
2. Excludes potential effects of partnership /joint venture promote /sharing arrangements
1
2

29. 29
 14 originators,
including 4 managing
directors
 Key relationships with
direct borrowers &
leading brokers
nationwide
 Compensation linked
to loan performance,
not volume
 Independent
underwriter leads
due diligence
 Independent
appraisal and third
party reports
 Visit every asset
prior to funding
 Limited outsourcing
to ensure quality and
accountability
 Comprehensive Credit
Committee Memo and
meeting for every
investment
 Management (with
significant LADR
ownership stake)
approves every
investment
 Risk and Underwriting
Committee of the Board
approves investments
above certain size
thresholds
 Maintain direct dialogue
with loan servicers and
borrowers
 Proactively manage and
oversee all assets
 Conduct regular formal
asset and portfolio
reviews
 Provide comprehensive
quarterly reporting
 Independent, highly-
experienced team of
attorneys leads legal
process and closings
 Conduct legal diligence
and manage outside
counsel
 Oversee securitizations
and asset dispositions
Origination Credit/
Underwriting
Investment
Committee
Transaction
Management
Asset
Management
INVESTMENT & RISK MANAGEMENT PROCESS
Separate departments function as “check & balance” on internal process

30. 30
LADDER TEAM BIOS:
EXECUTIVE TEAM
Name Title
Industry
Experience Previous Experience/Bios
Brian Harris Founder &
Chief Executive Officer
36 years Prior to forming Ladder in 2008, Mr. Harris served as a Senior Partner and Head of
Global Commercial Real Estate at Dillon Read Capital Management, a wholly owned
subsidiary of UBS, and previously as Head of Global Commercial Real Estate at UBS
and a member of the Board of UBS Investment Bank, as well as Head of Commercial
Mortgage Trading at Credit Suisse. Mr. Harris received a B.S. and an M.B.A. from The
State University of New York at Albany.
Pamela
McCormack
Founder &
President
24 years Prior to forming Ladder in 2008, Ms. McCormack served as Head of Transaction
Management – Global Commercial Real Estate at UBS/Dillon Read Capital
Management. Ms. McCormack received a B.A., cum laude, from the State University of
New York at Stony Brook and a J.D. from St. John’s University School of Law.
Marc Fox Chief Financial Officer 30 years Prior to joining Ladder in 2008, 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
32 years Prior to forming Ladder in 2008, Mr. Perelman served as a Director and Head of Asset
Management at UBS/Dillon Read Capital Management. Mr. Perelman received a B.S.
from Syracuse University and a J.D. from Fordham University School of Law.
Kelly Porcella Chief Administrative Officer
& General Counsel
14 years Prior to joining Ladder in 2009, Ms. Porcella served as a member of the Global
Commercial Real Estate group at UBS/Dillon Read Capital Management. Ms. Porcella
received a B.S., summa cum laude, from The Peter J. Tobin College of Business at St.
John’s University and a J.D., magna cum laude, from St. John’s University School of
Law.

31. 31
LADDER TEAM BIOS:
OTHER SENIOR EXECUTIVES
Name Title
Industry
Experience Previous Experience/Bios
Michael Scarola Chief Credit Officer 22 years Prior to joining Ladder in 2008, Mr. Scarola served as Co-Head of Underwriting at
UBS/Dillon Read Capital Management. Mr. Scarola received a B.S. from the Leonard N.
Stern School of Business at New York University.
Craig Robertson Head of Underwriting &
Loan Portfolio Manager
13 years Prior to joining Ladder in 2012, Mr. Robertson served as Manager and Real Estate
Consultant at Deloitte Financial Advisory Services. Mr. Robertson received a B.A. from
the College of Arts and Sciences at the University of Virginia.
Ryan Jantzen Co-Head of Origination 16 years Prior to joining Ladder in 2010, Mr. Jantzen served as a member of the Global Real
Estate CMBS Group at Merrill Lynch & Co. Mr. Jantzen received a B.S. from
Binghamton University.
Adam Siper Co-Head of Origination 14 years Prior to joining Ladder in 2012, Mr. Siper served as a Vice President in the Commercial
Real Estate Finance Group at RBS. Mr. Siper received a B.A. from Emory University
and an M.S. in Real Estate Finance and Investment from New York University.
Ed Peterson Head of CMBS Trading &
Co-Head of Securitization
34 years Prior to joining Ladder in 2008, Mr. Peterson served as a Managing Director and Co-
Head of CMBS Capital Markets at Eurohypo, and previously as an Executive Director at
UBS/Dillon Read Capital Management. Mr. Peterson received a B.S. and a Ph.D. in
Computer Science from the City University of New York.
David Henschke Co-Head of Securitization 15 years Prior to joining Ladder in 2011, Mr. Henschke served as a Director at Standard & Poor’s.
Mr. Henschke received a B.A. from Wesleyan University and is a CFA Charterholder.

32. 32
LADDER TEAM BIOS:
OTHER SENIOR EXECUTIVES (CONT.)
Name Title
Industry
Experience Previous Experience/Bios
David Traitel Head of Legal Structuring 25 years Prior to joining Ladder in 2010, Mr. Traitel served as a Partner at Winston & Strawn LLP.
Mr. Traitel received a B.A. from the University of Michigan and a J.D. from the University
of Michigan Law School.
Mark Ableman Head of Transaction
Management
18 years Prior to joining Ladder in 2011, Mr. Ableman served as an Associate at Cadwalader,
Wickersham & Taft LLP. Mr. Ableman received a B.S. from Indiana University and a J.D.
from Queen’s University, Faculty of Law.
Michelle Wallach Chief Compliance Officer &
Senior Regulatory Counsel
29 years Prior to joining Ladder in 2012, Ms. Wallach serves as the Deputy Chief Compliance
Officer and Director of Operational Risk Management at Reservoir Capital Group, L.L.C.,
and previously as an Executive Director at Morgan Stanley & Co. Incorporated. Ms.
Wallach received a B.A. with Honors, magna cum laude, from Brown University, and a
J.D. from New York University Law School.
Paul Miceli Director of Finance 16 years Prior to joining Ladder in 2019, Mr. Miceli served as a Managing Director in the
accounting and finance group of Colony Capital, Inc., and previously as Deputy Chief
Financial Officer of NorthStar Asset Management Group. Mr. Miceli is a Certified Public
Accountant and received a B.S. from the University of Delaware.
Kevin Moclair Chief Accounting Officer 26 years Prior to joining Ladder in 2009, Mr. Moclair served as Controller for North America for
Rabobank International. Mr. Moclair received a B.S., magna cum laude, from Manhattan
College.
Matthew FitzGerald Treasurer 8 years Prior to joining Ladder in 2013, Mr. FitzGerald served as a co-founder and iOS
developer for Emergency Networking LLC, and previously as Vice President at Bear,
Stearns & Co. Inc. Mr. FitzGerald received a B.S.E. from Princeton University.
David Merkur Executive Director –
Capital Markets
9 years Prior to joining Ladder in 2011, Mr. Merkur served as an Associate at Tri-Artisan Capital
Partners, and previously as an Investment Banking Analyst at Merrill Lynch & Co. Mr.
Merkur received a B.S., magna cum laude, from Cornell University.

33. 33
SELECTED DEFINITIONS
• Adjusted Leverage Ratio (non-GAAP)
̶ Total debt obligations, net of deferred financing costs, adjusted for non-recourse indebtedness related to securitizations that is consolidated on
our GAAP balance sheet and liability for transfers not considered sales, divided by GAAP total equity.
• After-Tax Core Return on Average Equity (After-Tax Core ROAE) (non-GAAP)
̶ After-Tax Core Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures.
• Core Earnings (non-GAAP)
̶ Income before taxes adjusted for (i) real estate depreciation and amortization, (ii) the impact of derivative gains and losses related to the hedging
of assets on our balance sheet as of the end of the specified accounting period, (iii) unrealized gains/(losses) related to our investments in fair
value securities and passive interest in unconsolidated joint ventures, (iv) economic gains on loan sales not recognized under GAAP accounting
for which risk has substantially transferred during the period and the exclusion of resultant GAAP recognition of the related economics during the
subsequent periods, (v) adjustment for CECL reserves, (vi) non-cash stock-based compensation, and (vii) certain transactional adjustments.
• Core EPS (non-GAAP)
̶ After-Tax Core Earnings divided by adjusted weighted-average shares outstanding.
• GAAP Book Value per Share
̶ Total shareholders’ equity divided by Class A common shares outstanding.
• Other Assets
̶ Includes cash collateral held by broker, allowance for loan losses, investments in unconsolidated joint ventures, FHLB stock, derivative
instrument assets, amount due from brokers, accrued interest receivable, mortgage loans transferred but not considered sold and other assets.
• Other Liabilities
̶ Includes amount due to brokers, derivative instrument liabilities, amount payable pursuant to tax receivable agreement, dividend payable,
accrued expenses, liabilities for transfers not considered sales and other liabilities.
• Pre-Tax Core Return on Average Equity (Pre-Tax Core ROAE) (non-GAAP)
̶ Core Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures.
• Undepreciated Book Equity and Undepreciated Book Value per Share (non-GAAP)
̶ Total equity, adjusted to exclude total noncontrolling interest in consolidated joint ventures and adjusted to include our share of total real estate
accumulated depreciation and amortization. Per share information is derived by dividing the preceding amount by total diluted shares
outstanding.

34. 34
INDEX OF SLIDES
Slide # Slide Contents Slide # Slide Contents
1 Cover 18 Oversized, High-Quality Unencumbered Asset Pool
2 Disclaimers 19 LADR vs. Selected Commercial Mortgage REIT Peers
3 Ladder Highlights 20 Ladder Investment Thesis
4 Well-Prepared for Market Volatility 21 Corporate Responsibility Overview
5 Executive Team & Other Senior Executives 22 Appendix
6 Core Competency: CRE Credit Underwriting 23 Company Information
7 Lending Segment Overview 24 Ladder Financial Snapshot
8 Conduit Business Highlights 25 Loan Portfolio Detail (Key Metrics)
9 CRE Equity Segment Overview 26 CRE Equity Portfolio Detail (Key Metrics)
10 Securities Segment Overview 27 Net Lease Portfolio Detail
11 Significant Reduction in Securities During Q2 2020 28 Diversified CRE Portfolio Detail
12 Diverse and Robust Capital Structure 29 Investment & Risk Management Process
13 Liability Structure Well Positioned for the Future 30 Ladder Bios – Executive Team
14 Enhanced Quality of Capital Base 31 Ladder Bios – Other Senior Executives
15 Long & Strong Liability Structure 32 Ladder Bios – Other Senior Executives (cont.)
16 Staggered Debt Maturity Profile 33 Selected Definitions
17 Historical Unsecured Bond Issuances 34 Index of Slides