Investor Presentaiton

CONDUIT 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

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