Investor Presentaiton

LARGE, 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

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