#1LC LADDER CAPITAL INVESTOR PRESENTATION DECEMBER 2021 NYSE: LADR A Leading Commercial Real Estate Investment Trust#2DISCLAIMERS LC LADDER CAPITAL 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 the 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, 2020, 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 effects 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, 2021, 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 Appendix hereto and the Company's September 30, 2021 Form 10-Q filing 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.#3LADDER CAPITAL HIGHLIGHTS LC LADDER CAPITAL LADDER CAPITAL (NYSE: LADR) IS A LEADING COMMERCIAL REAL ESTATE (CRE) CAPITAL PROVIDER, WITH $5.4 BILLION OF ASSETS AND $1.5 BILLION OF BOOK EQUITY CORE COMPETENCY OF CRE CREDIT UNDERWRITING MULTI-CYLINDER BUSINESS MODEL WITH NATIONAL DIRECT CRE ORIGINATION PLATFORM - INVESTMENTS IN CRE DEBT & EQUITY OVER $42 BILLION OF INVESTMENTS SINCE INCEPTION, INCLUDING OVER $27 BILLION OF LOANS ORIGINATED AND OVER $24 BILLION OF LOANS PAID OFF, SECURITIZED OR SOLD MIDDLE-MARKET FOCUS WITH A DIVERSIFIED AND GRANULAR ASSET BASE INTERNALLY-MANAGED CRE FINANCE REIT WITH HIGH INSIDER OWNERSHIP - MANAGEMENT & DIRECTORS OWN OVER 10% OF THE COMPANY CYCLE-TESTED & ALIGNED MANAGEMENT TEAM WITH TRACK RECORD OF CONSISTENT PROFITABILITY LONG & STRONG LIABILITY STRUCTURE WITH SIGNIFICANT UNSECURED AND NON-RECOURSE, NON-MARK-TO-MARKET DEBT; CORPORATE RATINGS OF BB+/Ba1/BB- BY FITCH/MOODY'S/S&P Note: As of 09/30/2021 3#4WELL POSITIONED GOING FORWARD LC LADDER CAPITAL Strong Originations & Investment Pipeline with Significant Dry Powder ✓ ✓ Originated $1.6 billion of first mortgage loans during the nine months ended 09/30/2021, and 2021 is on track to produce the highest annual volume of balance sheet loan originations in Ladder's history Over $1.2 billion of additional loans in pipeline under application, with $592 million closed in Q4 2021¹ Over $1.0 billion of liquidity, including $758 million of unrestricted cash on balance sheet Strong Asset Base & Credit Performance Full Shareholder Alignment Best-in-Class Franchise & Platform Over 45% of current loan portfolio comprised of post-COVID loan originations 100% collections of interest & rental income from CRE loan & equity portfolio (year-to-date weighted avg.) ✓ Proven credit track record with <0.1% losses on all investments originated since 2008 inception ✓ Internally-managed - distinguishes Ladder from competitors Management and directors own over 10% of the Company (~$150 million² equity investment) Personnel compensated based on profitability, with a significant portion in stock - all managers' 2020 bonuses paid 100% in stock Continuity of senior management - majority of team has worked together for over 25 years Highly experienced executive team - managers average over 10 years at Ladder and over 20 years of industry experience ✓ Comprehensive in-house team includes 17 originators, 15 underwriters and 9 experienced attorneys ✓ $1.6 billion of unsecured corporate bonds Durable, Conservative Capital Structure with Modest Leverage ✓ 81% non-mark-to-market financing ✓ 2.1x adjusted leverage ratio; 1.6x excluding cash; 1.1x excluding cash and I.G.-rated securities Large, senior secured unencumbered asset pool Note: All amounts as of and through 09/30/2021, unless noted otherwise 1. Estimated as of 11/30/2021 2. Based on $11.39 LADR closing price on 11/30/2021 15% 43% 81% Unsecured + Non-Recourse Financing 19% 4% 19% Financing Mix Unsecured Bonds Non-Recourse CLO Debt Non-Recourse Mortgage Debt Non-Recourse Secured Facility Repo & Other Secured Debt 4#5LC LADDER QUARTERLY LOAN PRODUCTION CAPITAL Ladder is "back on offense,” deploying its substantial cash balance and replenishing its base of earning assets $1,000 $968 $800 $712 $677 $600 $400 $200 $0 Gross Loan Funding Volume ($mm) $456 $420 $418 $732 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 $858 Conservatively elected to focus on principal preservation and building up liquidity $527 Redeploying capital into new post-COVID balance sheet loans $158 $724 $553 $20 $9 $10 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Unrestricted Cash1: $68 $52 $50 $68 $45 $127 $83 $58 $358 $826 $876 $1,254 $1,306 $1,170 $758 ✓ Received >$1.9 billion of loan payoffs during pandemic (~58% of portfolio) ✓ Over 45% of current loan portfolio comprised of post-COVID loan originations ✓ Increased earnings power with upswing in originations and larger loan portfolio in place 1. Represents quarter-end unrestricted cash balance 5#6BEST-IN-CLASS TEAM OF SEASONED LEADERS LC LADDER CAPITAL ✓ Executive team averages 25 years of industry experience and thought leadership through multiple market cycles ✓ Managers average over 10 years 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 13 Brian Harris Founder & Chief Executive Officer Michael Scarola Chief Credit Officer 13 13 Pamela McCormack Paul Miceli Founder & President Chief Financial Officer 9 Craig Robertson Head of Underwriting & Adam Siper Head of Origination Loan Portfolio Manager 10 12 Robert Perelman Founder & 13 Head of Asset Management 13 12 Kelly Porcella Chief Administrative Officer & General Counsel 11 Ed Peterson David Traitel Head of CMBS Trading & Co-Head of Securitization Head of Legal Structuring 8 10 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 #years at Ladder 6#7CORE COMPETENCY: CRE CREDIT UNDERWRITING LC LADDER CAPITAL Three complementary, synergistic products within a relative-value, risk-adjusted return investment approach Portfolio Allocation Across CRE Capital Stack Most senior & most liquid assets ■Invest in short-dated investment grade securities secured by senior commercial real estate loans CRE Securities • $725 million portfolio with $7.0 million average CUSIP size 86% AAA-rated or agency-backed 2.2-year weighted-average duration Source of liquidity given short duration and investment grade credit ratings 79% of capital allocated to senior secured CRE investments¹ Senior Commercial Real Estate Loans ■ Primary business of originating senior first mortgage loans secured by commercial real estate • $2.8 billion of predominantly first mortgage loans with middle-market focus 67% weighted-average LTV ~2-year weighted-average duration to initial maturity Actively originate balance sheet and conduit first mortgage loans, and selectively originate mezzanine loans Mezzanine Loans Net Lease & Other CRE Equity ■ Acquire real estate with emphasis on net leased properties $1.2 billion (undepreciated asset value); ~7.5 million square feet; 173 properties 67% net leased with 10.5-year average remaining lease term; focus on necessity-based businesses (including BJs, Walgreens and Dollar General) Note: As of 09/30/2021 1. Capital allocation represents carrying value of CRE debt and equity assets (undepreciated value) less secured funding debt by business line 7#8DIVERSIFIED & GRANULAR SENIOR SECURED LOAN PORTFOLIO Disciplined lending approach with middle-market focus and national footprint 1 Loan Type Loan Size $25mm- $50mm: 24% Below Balance Sheet First O Mortgage Loans $2,709mm Conduit First Mortgage Loans $38mm Other Commercial Real Estate-Related Loans $102mm $25mm: $2.8 billion granular, diversified loan portfolio Geography 40% Above $100mm: 13% $76mm- $100mm: 3% $51mm- $75mm: 20% Mid-market by choice - $22 million avg. loan size Property Type Multifamily LC LADDER CAPITAL Other Key Loan Portfolio Metrics Over 45% of loans on balance sheet comprised of post-COVID originations ✓ 96% senior secured first mortgage loans ✓ 67% weighted-average LTV on total loan portfolio ~2-year weighted-average duration on balance sheet first mortgage loans ✓ Focus on lightly-transitional loans ✓ 100% of floating-rate loans have interest rate floors ✓ 100% interest collections year-to-date Northeast South 29% 32% Retail 9% Various 4% Southwest 8% West 12% Midwest 15% Hotel 11% 16% Office 34% Mixed Other 5% Use 16% Industrial MHP 5% 4% Note: As of 09/30/2021 1. Amounts in these charts shown before $33.6 million allowance for loan losses 2. Includes mezzanine and subordinate loans 00 8#9CONDUIT LOANS An attractive source of ROE enhancement & retained earnings Top 10 >$700 million $16.7 billion 70 CMBS loan contributor Cumulative gains¹ Total loans securitized Total transactions LC LADDER CAPITAL $1.7 billion Loans securitized in four Ladder-only transactions ✓ Partners include Citi, Credit Suisse, Deutsche Bank, J.P. Morgan, UBS and Wells Fargo ✓ Short holding period enables frequent de-risking of balance sheet ✓ Conduit loan business is complementary to NIM-driven balance sheet lending business Note: As of and through 09/30/2021 1. After hedging costs; before corporate overhead expenses; all statistics cumulative since inception 9#10HIGH-QUALITY CRE EQUITY PORTFOLIO - PREDOMINANTLY NET LEASE LC LADDER CAPITAL Source of stable, recurring net rental income with potential NAV upside; financed with long-term, non-recourse debt CRE Equity Portfolio Metrics CRE Equity Assets by Property Type Total Gross Asset Value Total Net Equity Invested Approx. Total Square Feet $1.2 billion $431 million 7.5 million Net Leased CRE Equity (67% of CRE Equity portfolio) Gross Asset Value Necessity-based businesses, incl. BJ's, Walgreens & Dollar General 100% rent collections¹ Total Single-Tenant Net Leased Properties Weighted-Average Remaining Lease Term % Leased % Ladder Ownership $773 million 163 10.5 years 100% 100% In-Place Annual Net Operating Income Diversified/Other CRE Equity (33% of CRE Equity portfolio) Gross Asset Value Total Diversified/Other CRE Properties % Ladder Ownership In-Place Annual Net Operating Income $49.7 million 98%+ rent collections¹ Dollar Store Office 13% 27% Drug Store 10% Wholesale Other 8% Club 8% Grocery Store Multifamily 15% Other Retail 6% 8% Warehouse 5% CRE Equity Assets by Geography Various 1% Northeast 11% Midwest 24% $381 million 10 84% $21.2 million Note: As of 09/30/2021, and all gross asset amounts represent undepreciated asset values 1. Year-to-date through 09/30/2021 West Southwest 16% 8% South 40% 10 10#11HIGHLY-RATED & GRANULAR, SHORT-DATED SECURITIES PORTFOLIO Total Securities Portfolio Metrics Securities on Balance Sheet % CMBS % Investment Grade-Rated % AAA-Rated or Agency-Backed Weighted-Average Duration $725 million 100% LC Highly-Rated CMBS Bond Portfolio¹ LADDER CAPITAL 99%+ 86% 2.2 years AAA/Aaa 85% AA / Aa 12% A/A 2% BBB/Baa/other 1% Average Investment per CUSIP $7.0 million ✓ ✓ Investment Overview Highly-rated, liquid, short-duration portfolio of predominantly CMBS with limited price volatility Provides Ladder with enhanced ability to nimbly reallocate capital into investments offering higher risk-adjusted returns Only $290 million of securities repo debt outstanding (<8% of total Company debt outstanding) Note: As of 09/30/2021 1. Based on $699 million CMBS securities portfolio; excludes $26 million of agency-backed securities 11#12DIVERSE AND ROBUST CAPITAL STRUCTURE WITH MODEST LEVERAGE 09/30/2021 Capitalization Summary ($mm) Loan Repo Facilities $147 (3%) Securities Repo Facilities $290 (5%) FHLB Financing $263 (5%) LC LADDER CAPITAL Book Equity $1,510 (29%) $5.3B Total Capitalization Non-Recourse Mortgage Financing $723 Unsecured (14%) Corporate Bonds & Corporate Revolver $1,630 (31%) Non-Recourse CLO Financing $558 (11%) Non-Recourse Secured Facility $154 (3%) Adjusted Debt/Equity (Adjusted Leverage Ratio): Net Adjusted Debt¹ (excluding Cash)/Equity Ratio: 2.1x 1.6x Net Adjusted Debt (excluding Cash) & Excluding Securities²/Equity Ratio: Non-Recourse, Non-Mark-to-Market & Unsecured Debt³ + Book Equity: Unsecured Debt % of Total Debt Outstanding: 1.1x 4 87% 43% 1. Excludes total cash on balance sheet of $844 million 2. Excludes total cash on balance sheet of $844 million and securities of $725 million 3. Non-mark-to-market financing includes financing that is subject to credit events only 4. Represents percentage of total capitalization 12#13LC LADDER CAPITAL LONG & STRONG LIABILITY STRUCTURE Superior access to capital with diversified financing sources and substantial undrawn capacity Remaining Debt Maturities by Financing Type¹ ($mm; as of 09/30/2021) Maturity Year (weighted-average, where applicable) Issuance / Facility Size Debt Outstanding 2021 2022 2023 $650 $640 4.750% Unsecured Bonds 652 645 4.250% Unsecured Bonds 348 346 5.250% Unsecured Bonds Unsecured Syndicated Revolving Credit Facility 266 $1,916 $1,630 723 723 563 5583 Total Unsecured Debt (43% of total debt) Non-Recourse Mortgage Debt on Owned Real Estate Non-Recourse CLO Financing 2024 161 154 Non-Recourse Koch Financing 1,600 1994 Committed Bilateral Bank Facilities (7 facilities) 263 263 FHLB Financing $5,227 $3,528 Total Unsecured & Committed Secured Debt (94% of total debt) 238 Uncommitted Repo $5,227 $3,766 Total Financing 2025 2026 2027 2028 2029 1. Includes extensions at Company's option 2. Secured by stock of selected unrestricted subsidiaries 3. Includes $493 million of matched-term financing. Maturity shown is illustrative and based on expected duration of assets financed 4. Includes $147 million of outstanding committed loan repurchase financing and $52 million of outstanding committed securities repurchase financing 13#14STAGGERED DEBT MATURITY PROFILE LC LADDER CAPITAL Further extended debt maturities with a larger component of unsecured, non-recourse and non-mark-to-market financing 09/30/2021 Unsecured & Secured Debt Maturities ($mm) $900 Unsecured Debt Secured Debt $760 $750 $686 $600 $472 $450 $645 $376 $339 $316 $640 $300 $250 $346 $150 $0 2021 2022 2023 2024 $48 $127 $116 $26 $46 2025 2026 2027 2028 2029 & Beyond Long & strong liability structure in place, with no corporate bond maturities until 2025 Note: Excludes $493 million of matched-term CLO financing 1. Amounts shown for existing unsecured corporate bonds are net of deferred financing fees 14#15WELL-POSITIONED FOR POTENTIAL RISING RATE ENVIRONMENT LC With large floating-rate balance sheet loan portfolio and predominantly fixed-rate liabilities, earnings are positively correlated to rising interest rates Estimated Annual Increase in Net Interest Income per Share $0.22 $0.18 $0.14 $0.10 $0.07 $0.03 Increase in LIBOR of: 25 bps 50 bps 75 bps 100 bps 125 bps 150 bps ✓ 86% of loan portfolio comprised of floating-rate loans with interest rate floors ✓ 62% of debt obligations are fixed-rate, including $1.6 billion of unsecured corporate bonds Note: As of 09/30/2021 LADDER CAPITAL 15#16LARGE, HIGH-QUALITY UNENCUMBERED ASSET POOL 51% of total asset base is composed of unencumbered assets ✓ 82% of unencumbered assets are cash, first mortgage loans or investment grade securities LC LADDER CAPITAL Total Unencumbered Asset Pool ($mm) Unrestricted Cash $758 (27%) $2.8B Total Unencumbered First Mortgage Loans $1,383 Assets (50%) Other Unencumbered Assets $337 Key Unencumbered Asset Pool Highlights ✓ Predominantly senior, financeable, oversized unencumbered asset base ✓ 1.69x unencumbered asset/unsecured debt ratio ($805 million in excess of the 1.20x covenant) ✓ 2.27x unencumbered asset/unsecured debt ratio net of unrestricted cash2 ✓ $1.4 billion of unencumbered senior secured first mortgage loans ✓ $758 million of unencumbered unrestricted cash (12%) CRE Equity¹ $78 Securities Mezzanine $130 (3%) Loans (5%) $98 (4%) Note: As of 09/30/2021 1. Represents undepreciated asset value 2. Calculated by deducting unrestricted cash from the numerator and denominator 116 16#17LADDER INVESTMENT THESIS LC LADDER CAPITAL Strong originations with robust investment pipeline and significant dry powder Highly-experienced management team Consistently profitable since inception Ladder Capital One of the only internally-managed CRE finance REITs Long & strong liability structure with significant unsecured and non-mark-to-market financing Superior credit skills - a foundation for long-term success Highest insider ownership in the industry 17#18APPENDIX LC LADDER CAPITAL#19LC LADDER COMPANY INFORMATION CAPITAL 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 Contact Information: New York Headquarters: 345 Park Avenue - 8th Floor New York, NY 10154 (212) 715-3170 Miami Office: 801 Brickell Avenue - Suite 811 Miami, FL 33131 (305) 913-3399, ext. 1269 Investor Relations: [email protected] (917) 369-3207 Research Analyst Coverage: B. Riley: Matt Howlett - (917) 538-4762 BTIG: Tim Hayes (212) 738-6199 - Rating Agency Coverage: Fitch: Chelsea Richardson - (212) 612-7899 Corporate Rating: BB+ JMP Securities: Steven DeLaney - (404) 848-7773 J.P. Morgan (credit): Mark Streeter - (212) 834-5086 Moody's: Joseph Pucella - (212) 553-7455 Corporate Rating: Ba1 Keefe Bruyette & Woods: Jade Rahmani - (212) 887-3882 Raymond James: Stephen Laws - (901) 579-4868 Standard & Poor's: Gaurav Parikh - (212) 438-1131 Corporate Rating: BB- 19#20CORPORATE RESPONSIBILITY OVERVIEW Ladder's Commitment to Responsible and Sustainable Growth LC LADDER CAPITAL 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 seasoned asset • • 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 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 Promptly activated Business Continuity Plan, including Pandemic Plan, with focus on employee safety, remote working procedures and operational resiliency Adopted New York State Model Hero Act · • - - - 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 20#21LADDER FINANCIAL SNAPSHOT ($ in millions, except per share amounts) LC LADDER CAPITAL 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 $2,811 Carrying Value of Assets $613 Cash & Cash Equivalents $758 Secured Financing on Assets Ⓐ 859 Undepreciated Book Value of Assets 773 Loans, Securities & Real Estate 4,727 Net Equity Invested (excl. Corporate Debt) 1,952 Secured Financing on Assets D 502 Accumulated Depreciation & Amortization (240) % First Mortgage 96% % Other (Mezzanine/Subordinate) 4% Net Equity Invested (excl. Corporate Debt) Total Square Feet 271 Other 5 170 5,187,011 Total Assets 5,416 Weighted-Average Coupon 5.6% Weighted-Average % Leased 100% Origination Volume (LTM) $1,495 In-Place Annual Net Operating Income (NOI) $49.7 Total Liabilities Funding Volume (LTM) 1,321 Accounting method: carried at depreciated book value Unsecured Corporate Bonds $1,630 Accounting method: carried at amortized cost Unsecured Revolving Credit Facility Total Unsecured Debt 1,630 Conduit Loans Carrying Value of Assets $38 Diversified Commercial Real Estate 2,3 Carrying Value of Assets Secured Financing A + B + C + D +E 2,135 $302 Total Debt 3,766 Secured Financing on Assets B Undepreciated Book Value of Assets 381 Other6 141 Net Equity Invested (excl. Corporate Debt) 38 Secured Financing on Assets E 221 Total Liabilities 3,906 Weighted-Average Coupon 3.9% Origination Volume (LTM) $127 Net Equity Invested (excl. Corporate Debt) Total Square Feet 160 2,327,271 Book Equity Value Loan Sale Volume (LTM) 121 Weighted-Average Occupancy* 87.6% GAAP Book Equity Value (excl. NCI in JVs) $1,503 Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $21.2 Total Shares Outstanding (mm) 125.5 Weighted-Average % Owned by Ladder 84.0% GAAP Book Value per Share? $11.98 Accounting method: carried at depreciated book value Undepreciated Book Value per Share' $13.78 Securities Carrying Value of Assets $725 Secured Financing on Assets C 553 Net Equity Invested (excl. Corporate Debt) 172 % First Mortgage Secured 100% % AAA-Rated or Agency-Backed 86% % Investment Grade-Rated 99%+ Average CUSIP Size $7.0 2.2 Years Leverage Adjusted Debt (for Adjusted Leverage Ratio)' $3,208 Total GAAP Book Equity (incl. NCI in JVs) 1,510 Adjusted Leverage Ratio' 2.1x Return on Average Equity' Distributable Earnings (LTM) $39 Average Book Equity Value (LTM) After-Tax Distributable ROAE (LTM) 1,523 2.7% Weighted-Average Duration: Accounting method: carried at FMV Note: As of 09/30/2021 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 $26.1 million as of 09/30/2021 4. Excludes hotel assets 5. Includes restricted cash, investments in unconsolidated joint ventures, accrued interest receivable, allowance for loan losses and other assets 6. Includes derivative instruments, dividends payable, accrued expenses and other liabilities 7. For a description of these GAAP and non-GAAP financial measures, see Selected Definitions on page 31 22 21#22LOAN PORTFOLIO KEY METRICS LC LADDER CAPITAL Type of Loan Loan Balance' ($mm) % of Loan Portfolio % of Total Assets Business Plan Rate Weighted- Average Coupon Weighted- Average LTV Balance Sheet First Mortgage Loans $2,709 95.1% 50.0% Held for investment Generally floating-rate 5.4% 67.2% Conduit First $38 1.3% 0.7% Held for sale Mortgage Loans Generally fixed-rate 3.9% 68.6% Mezzanine and Other CRE-Related Loans $102 3.6% 1.9% Held for investment Fixed or floating-rate 10.9% 68.2% Total $2,849 100.0% 52.6% Note: As of 09/30/2021 1. Amounts are shown before $33.6 million allowance for loan losses 5.5% 67.2% 22#23CRE EQUITY PORTFOLIO KEY METRICS LC LADDER CAPITAL ($ in millions) Type of Undepreciated Asset Asset Carrying Value Real Estate Value (Depreciated) % of CRE Equity Portfolio (Undepreciated) Non-Recourse Net Equity Invested ~ Total Square Mortgage Financing (Undepreciated) Feet Net Leased Commercial $773 $613 67.0% $502 $271 5,187,011 Real Estate (163 properties) In-Place Annual Net Operating Income $49.7 Diversified Commercial $381 $302 33.0% $221 $160 2,327,271 $21.2 Real Estate¹ (10 properties; 59 buildings) Total / $1,154 $914 100.0% $723 $431 7,514,282 $71.0 Weighted-Average (173 properties) Note: As of 09/30/2021 1. Amounts shown on a fully-consolidated basis 23#24NET LEASED CRE EQUITY PORTFOLIO KEY DETAILS LC LADDER CAPITAL ($ in millions) Bank of America Office Campus (1 Property) $146.4 Dollar General Corp Walgreens Co BJ's Wholesale Club Inc. (102 Properties) (21 Properties) (6 Properties) Hy-Vee Inc. Additional Net Supermarkets Leased Properties (6 Properties) (27 Properties) $57.0 $220.8 Total Net Leased Weighted-Avg. (163 Properties) Undepreciated Asset Value Asset Carrying Value (Depreciated) $130.0 $119.0 $100.0 $773.2 $125.9 $113.1 $92.3 $65.3 $44.2 $171.9 $612.8 Non-Recourse Mortgage Debt Financing $83.0 $90.4 $80.5 $61.8 $38.7 $147.8 $502.3 Weighted-Average Interest Rate on Debt 5.0% 5.3% 5.1% 4.9% 4.6% 5.0% 5.0% Net Equity Invested $63.4 $39.5 $38.5 $38.2 $18.3 $72.9 $270.9 In-Place Annual Net Operating Income (NOI) $7.4 $8.9 $7.9 $7.9 $3.3 $14.3 $49.7 Weighted-Avg. Remaining Lease Term (years) 10.0 10.4 12.0 10.3 13.1 9.5 10.5 ~Total Square Feet 822,540 929,285 307,664 639,996 421,890 2,065,636 5,187,011 Weighted-Average % Leased 100% 100% 100% 100% 100% 100% 100% % of Total CRE Equity Portfolio (by Undepreciated Asset Value) 13% 11% 10% 9% 5% 19% 67% % of Net Leased CRE Portfolio 19% 17% 15% 13% 7% 29% 100% (by Undepreciated Asset Value) Note: As of 09/30/2021 224 24#25DIVERSIFIED CRE EQUITY PORTFOLIO KEY DETAILS LC LADDER CAPITAL ($ in millions) Richmond, VA Office Portfolio (1 Property) Undepreciated Asset Value Asset Carrying Value (Depreciated) $110.3 Isla Vista, CA Student Housing Miami, FL Multifamily Property (1 Property) (1 Property) Additional Diversified CRE Properties (7 Properties') $86.4 $41.6 $142.6 Total Diversified CRE/ Weighted-Avg. (10 Properties) $380.8 $70.8 $80.9 $36.6 $113.2 $301.6 Non-Recourse Mortgage Debt Financing $66.9 $69.6 $33.9 $50.7 $221.1 Weighted-Average Interest Rate on Debt 4.4% 6.0% 5.8% 4.9% 5.2% Net Equity Invested $43.4 $16.8 $7.7 $91.8 $159.7 In-Place Annual Net Operating Income (NOI) $8.0 $5.8 $2.3 $5.1 $21.2 ~ Total Square Feet 994,040 117,324 166,176 1,049,731 2,327,271 Weighted-Average Ladder Ownership? 77.5% 75.0% 80.0% 95.7% 84.0% Note: As of 09/30/2021 1. Property types include office, industrial, hotel, multifamily, and grocery-anchored shopping center 2. Excludes potential effects of partnership/joint venture promote/sharing arrangements 25#26INVESTMENT & RISK MANAGEMENT PROCESS LC LADDER CAPITAL Separate departments function as “check & balance” on internal process Origination Credit/ Underwriting Transaction Management Investment Committee Asset Management ✓ 17 originators, including 3 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 Independent, highly- experienced team of attorneys leads legal process and closings ✓ Conduct legal diligence and manage outside counsel ✓ Oversee securitizations and asset dispositions ✓ 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 26#27TIMELINE OF KEY LADDER EVENTS LC LADDER CAPITAL 2009 2011 2013 2015 2017 2019 2021 MANAGEMENT PLUS INSTITUTIONAL AND SOVEREIGN WEALTH INVESTORS COMMIT INITIAL $611M OF PRIVATE EQUITY CAPITAL TO FOUND THE COMPANY IN OCTOBER 2008 $257M SERIES B EQUITY RAISE LADDER & J.P. MORGAN PARTICIPATE IN FIRST POST-2008 CMBS SECURITIZATION TRANSACTION FIRST UNSECURED BOND OFFERING: $325M 5-YEAR, 7.375% SENIOR NOTES $259M IPO ON NYSE: 15.2M SHARES SECOND UNSECURED BOND OFFERING: $300M 7-YEAR, 5.875% SENIOR NOTES THIRD UNSECURED BOND OFFERING: $500M 5-YEAR, 5.250% SENIOR NOTES FOURTH UNSECURED BOND OFFERING: $400M 8-YEAR, 5.250% SENIOR NOTES $99M FOLLOW-ON PRIMARY EQUITY ISSUANCE; 5.8M SHARES FIRST CLO FINANCING: $457M OF LOANS FINANCED FIFTH UNSECURED BOND OFFERING: $750M 7-YEAR, 4.250% SENIOR NOTES SIXTH UNSECURED BOND OFFERING: $650M 8-YEAR, 4.750% SENIOR NOTES FIRST MANAGED CLO FINANCING: $608M OF LOANS FINANCED 27#28LADDER TEAM BIOS: EXECUTIVE TEAM Name Title Industry Experience Brian Harris Founder & 37 years Chief Executive Officer Pamela McCormack Founder & President 25 years Paul Miceli Chief Financial Officer 17 years Robert Perelman Founder & 33 years Head of Asset Management Kelly Porcella Chief Administrative Officer & General Counsel 15 years LC LADDER CAPITAL Previous Experience/Bios 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. 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. 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. 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. 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. 28#29LADDER TEAM BIOS: OTHER SENIOR EXECUTIVES Name Title Industry Experience Michael Scarola Chief Credit Officer 23 years Craig Robertson Head of Underwriting & Loan Portfolio Manager 14 years Adam Siper Head of Origination 15 years Ed Peterson Head of CMBS Trading & Co-Head of Securitization 35 years David Traitel Head of Legal Structuring 26 years LC LADDER CAPITAL Previous Experience/Bios 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. 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. 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. 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. 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. 29#30LADDER TEAM BIOS: OTHER SENIOR EXECUTIVES (CONT.) Name Title Industry Experience Mark Ableman Head of Transaction Management 19 years Michelle Wallach Chief Compliance Officer & Senior Regulatory Counsel 30 years Kevin Moclair Chief Accounting Officer 27 years Matthew FitzGerald Treasurer 8 years David Merkur Executive Director - Capital Markets 10 years LC LADDER CAPITAL Previous Experience/Bios 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. 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. 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. 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. 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. 30#31SELECTED DEFINITIONS . Adjusted Leverage Ratio (non-GAAP) LC LADDER CAPITAL 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 Distributable Return on Average Equity (After-Tax Distributable ROAE) (non-GAAP) - After-Tax Distributable Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures. Distributable 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) unrealized provision for loan losses and unrealized real estate impairment; (vi) realized provisions for loan losses and realized real estate impairment; (vii) non-cash stock-based compensation; and (viii) certain transactional items. Distributable EPS (non-GAAP) - After-Tax Distributable 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 Distributable Return on Average Equity (Pre-Tax Distributable ROAE) (non-GAAP) - Distributable 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. 31#32INDEX OF SLIDES LC Slide # Slide Contents Slide # Slide Contents 1 Cover 17 Ladder Investment Thesis 2 Disclaimers 18 Appendix 3 Ladder Capital Highlights 19 Company Information 4 Well Positioned Going Forward 20 Corporate Responsibility Overview 5 Quarterly Loan Production 21 Ladder Financial Snapshot 6 Best-in-Class Team of Seasoned Leaders 22 22 Loan Portfolio Detail (Key Metrics) 7 Core Competency: CRE Credit Underwriting 23 CRE Equity Portfolio Detail (Key Metrics) 8 Lending Segment Overview 24 Net Lease Portfolio Detail 6 Conduit Business Highlights 25 Diversified CRE Portfolio Detail 10 CRE Equity Segment Overview 26 Investment & Risk Management Process 11 Securities Segment Overview 27 Timeline of Key Ladder Events 12 Diverse and Robust Capital Structure 28 Ladder Bios - Executive Team 13 Long & Strong Liability Structure 29 Ladder Bios - Other Senior Executives 14 14 Well-Staggered Debt Maturity Profile 30 Ladder Bios Other Senior Executives (cont.) 15 Well-Positioned For Potential Rising Rates 31 Selected Definitions 16 Large, High-Quality Unencumbered Asset Pool 32 Index of Slides LADDER CAPITAL 32