INVESTOR PRESENTATION SEPTEMBER 2017

NYSE: LADR

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 June 30, 2017, 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 June 30, 2017 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

LADDER OVERVIEW

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Ladder Capital Corp is the only internally-managed commercial real estate finance REIT

28 years average industry experience of senior management Experienced

$5.7 billion portfolio of commercial real estate debt & equity assets Balanced

11.0% after-tax core return on equity

(2) in the last twelve months Profitable

Management and directors own $175 million of equity in the Company

(1) Aligned

Disciplined credit culture with no credit losses since inception Credit-Centric

Note: As of 06/30/2017. All metrics are shown based on Ladder’s Core Balance Sheet. For reconciliation from GAAP Balance Sheet to Core Balance Sheet, see page 21 (1) Based on $13.41 LADR closing price on 06/30/2017. Equal to 11.8% of common equity outstanding (2) For a description of this non-GAAP financial measure, see Selected Definitions on page 23

Balance Sheet

Lending 53%

Conduit Lending

18%

Real Estate Equity

15%

Securities 14%

COMPLEMENTARY BUSINESS LINES

4

Note: As of 06/30/2017. All metrics are shown based on Ladder’s Core Balance Sheet. For reconciliation from GAAP Balance Sheet to Core Balance Sheet, see page 21 (1) Based on core gross income contribution before overhead and other corporate expenses

Stable and Diverse Income Streams from Commercial Real Estate

Net Revenue Contribution (1)

Six Months Ended 06/30/2017

LENDING – $2.8 BILLION OF ASSETS

Balance Sheet Loans / Loans held for investment

Ladder directly originates and invests in mortgage loans typically secured by income-generating commercial real estate nationwide, earning net interest income for Ladder

Conduit Loans / Loans held for sale

Ladder sells fixed-rate, 5 to 10-year mortgage loans into CMBS trusts (“securitizations”), typically earning a gain on sale of loans, net of associated hedging costs

SECURITIES – $1.5 BILLION OF ASSETS

Ladder invests in short duration, investment grade-rated commercial mortgage-backed securities (“CMBS”) to earn net interest income and manage liquidity

REAL ESTATE – $1.1 BILLION OF ASSETS (UNDEPRECIATED VALUE)

Ladder owns and operates 8.0 million square feet of real estate, including 4.2 million of net lease real estate, and 3.7 million of other office and multifamily real estate

Mezzanine/ Subordinate

Loans 3%

Balance Sheet First Mortgage

Loans 46%

Conduit Loans

4%

Net Leased CRE Equity

10% Other CRE Equity

8% Condominium Real Estate

Equity 1%

CRE Securities

28%

DIVERSIFIED ASSETS Predominantly Senior Secured Asset Base of Commercial Real Estate-Related Investments

Investment Asset Mix Loan Portfolio Overview

$5.7 billion of total assets

76% senior secured assets

Equity Portfolio Overview

5

Note: As of 06/30/2017. All metrics are shown based on Ladder’s Core Balance Sheet. For reconciliation from GAAP Balance Sheet to Core Balance Sheet, see page 21

Office36%

WholesaleClub13%

GroceryStore10%

DrugStore12%

DollarStore9%Other

Retail6%

Ware-house

5%

MHC5%

Other4%

Northeast17%

South42%

West8%

South-west5%

Midwest27%

Various1%

Hotel34%

Retail12%

Multifamily23%

Office17%

MixedUse7% Land

2%MHP2%

Industrial3%

South30%

Northeast27%

West18%

Southwest10% Midwest

10%

Various5%

6

Consistent and steady growth in recurring revenue streams

Balance Sheet Loans

Outstanding

Revenue Contribution from

Balance Sheet Loans, CRE

Securities, and Net Lease Rents

(1)

($ in millions)

(1) Revenues not depicted in graph include conduit gain-on-sale income, other commercial real estate net operating income, real estate gains on sale, and income from equity (1) investments in JVs

GROWTH IN RECURRING REVENUE

35%

48%

62%70% 68%

0%

20%

40%

60%

80%

2013 2014 2015 2016 06/30/2017 LTM

$538

$1,524 $1,742

$2,000

$2,627

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

12/31/2013 12/31/2014 12/31/2015 12/31/2016 06/30/2017

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Loan Portfolio LTV Over Time

CRE Securities Portfolio Over Time

Owned Real Estate Portfolio Over Time

(undepreciated book value of assets)

($ in millions)

% AAA-Rated

% Investment Grade-Rated

Other CRE Equity (JVs)

Net Lease

Condominium

HIGH-QUALITY ASSET BASE

Note: As of 06/30/2017. All metrics are shown based on Ladder’s Core Balance Sheet. For reconciliation from GAAP Balance Sheet to Core Balance Sheet, see page 21

$302

$420

$583 $601 $613

$172

$278

$259 $301

$500

$175

$122

$76 $43

$33

$650

$820

$918 $944

$1,147

$0

$200

$400

$600

$800

$1,000

$1,200

12/31/13 12/31/14 12/31/15 12/31/16 6/30/17

100% 98% 99% 100% 100%

90%

81%

87%83% 81%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

12/31/13 12/31/14 12/31/15 12/31/16 6/30/17

69%

63%66% 65% 65%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

12/31/13 12/31/14 12/31/15 12/31/16 6/30/17

LENDING

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$2.8 billion Loans on balance sheet

94.3% Of loans are first mortgages

6.8% Weighted average yield

64.8% Weighted Average LTV

$19,500,000

Fixed rate conduit first mortgage 4100 Alpha Road – Dallas, TX

$53,100,000

Floating rate balance sheet first mortgage Fifth Third Center – Cleveland, OH

$17,520,000

Fixed rate conduit first mortgage Aloft Hotel Nashville – Franklin, TN

$15,800,000

Floating rate balance sheet first mortgage Monarch at Liberty Pointe – Fayetteville, NC

Note 2: Photographs and descriptions represent selected assets, not entire portfolio. Conduit loans have already been sold by Ladder into securitizations

$17.0 million Average loan size

Note 1: As of 06/30/2017. All metrics are shown based on Ladder’s Core Balance Sheet. For reconciliation from GAAP Balance Sheet to Core Balance Sheet, see page 21

LENDING PROGRAMS

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Lending Program

Assets on Balance Sheet

Loan-to- Value Ratio

(LTV)

Weighted-Average Coupon

Average Loan Size

Interest Rate Type

Loan Term

Business Plan

Conduit Loans

$201 million 57.4% 5.1% $25.1 million Typically fixed rate

Typically five years or ten years

Held for sale

Balance Sheet First Mortgage Loans

$2,466 million 64.9% 6.4% $19.9 million Typically floating rate, with a high floor

Typically one to five years, including extension options

Held for investment

Mezzanine and Other CRE-Related Loans

$161 million 70.4% 10.9% $4.7 million Typically fixed rate

Typically five to ten years

Held for investment

Total Loans $2,827 million 64.8% 6.8%

(1) $17.0 million 72% of loan portfolio is floating-rate

3.0-year weighted- average remaining maturity (excluding extension options)

Note: As of 06/30/2017. All metrics are shown based on Ladder’s Core Balance Sheet. For reconciliation from GAAP Balance Sheet to Core Balance Sheet, see page 21 (1) Represents total loan portfolio yield

SECURITIES

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COMM 2014-CR19 A2 AAA-rated, five-year securities backed by a diversified pool of commercial real estate loans

LCCM 2014-PKMD A AAA-rated securities backed by a multi-family apartment community in San Francisco

COMM 2015-3BP A AAA-rated securities backed by 3 Bryant Park, a Class A office building in New York City

COMM 2016-CR28 XPA AAA-rated, interest-only securities backed by a diversified pool of commercial real estate loans

$1.5 billion CMBS on balance sheet

3.2 years Weighted-average duration

$7.3 million Average investment per CUSIP

81% AAA-rated

100% Investment grade-rated

Note 2: Photographs and descriptions represent selected assets, not entire portfolio Note 1: As of 06/30/2017. All metrics are shown based on Ladder’s Core Balance Sheet. For reconciliation from GAAP Balance Sheet to Core Balance Sheet, see page 21

REAL ESTATE EQUITY

11

Net Lease Portfolio

4.2 million square feet; 15.5-year weighted-average remaining lease term; includes tenants such as Walgreens and Hy-Vee (grocery)

Other Joint Ventures (1)

Ladder is invested in two unconsolidated real estate joint ventures, in New York and Michigan

Other CRE Portfolio

3.7 million square feet of office joint ventures and other commercial real estate properties

Condominiums

Ladder owns residential condominiums in Las Vegas and Miami, which it is selling over time

Note: As of 06/30/2017. Photographs and descriptions represent selected assets, not entire portfolio (1) Not included in Real Estate on Ladder’s 06/30/2017 balance sheet (included in Investments in Unconsolidated Joint Ventures) or in totals on right side of page (2) Includes Veer Towers (Las Vegas) and Terrazas (Miami) condominium projects. Excludes projects accounted for in Investments in Unconsolidated Joint Ventures

$1.1 billion

Undepreciated book value of real estate on balance sheet

$33 million Condominium inventory (undepreciated)

(2)

8.0 million Total square feet

$500 million Office & other CRE portfolio (undepreciated)

$613 million Net lease portfolio (undepreciated)

REAL ESTATE PORTFOLIO KEY METRICS

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Type of Real Estate

Undepreciated Asset Value

Asset Carrying Value (Depreciated)

Non-Recourse Mortgage Financing

Net Equity

Invested

Total Square

Feet

In-Place Net Operating

Income

Weighted- Average

Occupancy

Net Leased Commercial Real Estate ( 125 properties )

$613 million $547 million $409 million $138 million 4,214,602 $40.4 million 100%

Office JV’s & Other Commercial Real Estate

(1) ( 37 properties )

$500 million $429 million $256 million $173 million 3,741,059 $32.6 million 91%

Condominium Projects

(1) ( 2 properties

(3) )

$33 million $30 million – $30 million n/a n/a n/a

Total / Weighted-Average

$1,147 million $1,006 million $665 million $341 million 7,955,661 $73.0 million 96%

Note: As of 06/30/2017. Financing amounts are based on Ladder’s Core Balance Sheet. For reconciliation from GAAP Balance Sheet to Core Balance Sheet, see page 21 (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

(2) (2) (2)

$55 $62

$49 $53 $48 $52

$41 $50

$38 $31 $44 $45

$32

$51

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

Pre-Tax Core ROAE (LTM) (1)

FINANCIAL PERFORMANCE

13

Core Earnings

(1)

1.4x 1.5x 2.1x 2.8x 2.8x 2.7x 2.8x 2.9x 2.8x 3.0x 3.0x Leverage :

($ in millions)

(1) For a description of this non-GAAP financial measure, see Selected Definitions on page 23 (2) Represents Adjusted Leverage Ratio at end of quarter. For a description of this non-GAAP financial measure, see Selected Definitions on page 23

(2) 2.6x

10% 9%

2.9x

Pre-Tax Core

ROAE

2.8x

13.5% 14.3% 13.8%15.3%

14.3% 13.5% 12.9% 12.7% 12.1%10.8% 11.0% 10.6% 10.2%

11.6%

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

Cash Dividends

(1) vs. Core EPS

(2)

DIVIDEND COVERAGE

14

Ladder’s well-covered dividends have allowed for superior capital retention

(1) Q4 2015 and Q4 2016 dividends were subject to a cash / stock election. Amounts shown represent average cash dividend paid to Class A shareholders (2) For a description of this non-GAAP financial measure, see Selected Definitions on page 23

$1.065 $1.125 $1.175

$1.85

$1.48 $1.50

FY 2015 FY 2016 LTM 06/30/2017

Cash Dividend per Share Core EPS

DIVERSE FINANCING SOURCES

Source Facility Size

($ mm)

Debt Outstanding

($ mm) Remaining

Term (1)

Eligible CRE Collateral

Unsecured Corporate Bonds (2) $266 $264 4.0 + years N/A (unsecured)

Unsecured Corporate Bonds (2) 500 493 4.5 + years N/A (unsecured)

Revolving Credit Facility 169 100 3.5 + years N/A (unsecured)

Federal Home Loan Bank 2,000 1,401 Member Conduit and balance sheet loans; securities

Non-Recourse Mortgage Debt (3rd Party) 665 665 approx. 6.7 years Real estate equity

investments

Bank A – facility 1 of 2 600 339 4.0 + years Conduit and balance sheet loans

Bank B 450 231 3.5 + years Conduit and balance sheet loans

Bank C 300 101 2.5 + years Conduit and balance sheet loans

Bank D 100 40 1.5 + years Conduit and balance sheet loans

Bank E 200 138 4.5 + years Conduit and balance sheet loans

Bank A – facility 2 of 2 400 108 1.0 + years Securities

Loan Participation Financing 4 4 5 + months Mortgage Loan Receivable Participation

Securities Repurchase Facilities – 193 1 – 3 months Securities

Total $5,654 $4,076

95% of outstanding debt comprised of committed, term financing & unsecured bonds

79% of total capital structure comprised of book equity, unsecured debt, FHLB financing and non-recourse mortgage financing

Capital Structure Summary ($ mm)

Over $1.5 billion of committed undrawn financing capacity

15

Note: As of 06/30/2017. Debt amounts are based on Ladder’s Core Balance Sheet. For reconciliation from GAAP Balance Sheet to Core Balance Sheet, see page 21 (1) Includes extensions at Company’s option (2) Corporate family ratings: Moody’s: Ba2 / S&P: BB - / Fitch: BB. Corporate bond ratings: Moody’s: Ba3 / S&P: B + / Fitch: BB

Other Securities Repurchase Facilities & Other Financing

$197 (4%)

CommittedBank Warehouse

Facilities$957 (17%)

Non-Recourse Mortgage Financing

$665(12%)

FHLB Financing

$1,401 (25%)

Unsecured Corporate Bonds & Corporate Revolver

$857(16%)

Book Equity$1,468(26%)

1.8x

2.8x

Total Company –without Securities

Total Company –with Securities

LEVERAGE MATCHED TO ASSET LIQUIDITY

16

Note: As of 06/30/2017 (1) For a description of this non-GAAP financial measure, see Selected Definitions on page 23

• Ladder targets total Company leverage of approximately 2.0x – 3.0x

• Total Company leverage (Adjusted Leverage Ratio

(1) ) was 2.8x as of

06/30/2017

• Ladder employs higher leverage on its portfolio of liquid, principally AAA-rated securities. Excluding its securities portfolio, Ladder’s debt / equity ratio was 1.8x at 06/30/2017

Debt / Equity Ratio (as of 06/30/2017)

17

INTEREST RATE RISK MANAGEMENT

Note: As of 06/30/2017

• Conduit loans are 5 to 10-year fixed-rate loans. Ladder typically hedges all or most of the interest rate risk associated with these loans

• Balance sheet loans are typically 1 to 3-year, floating-rate loans, which generate more income with rising interest rates

• Securities portfolio is very highly-rated (100% investment grade) and short in duration (3.4-year weighted-average), which offers significant protection against changes in interest rates. Ladder typically hedges securities positions with durations longer than 5 years

• Real estate (equity), most of which is net-leased, is typically financed with long-term, fixed-rate, non-recourse mortgage debt

• Additionally, Ladder has $757 million of unsecured, fixed-rate corporate bonds outstanding

• In a rising interest rate environment, Ladder would expect to benefit from:

$2.1 billion floating rate balance sheet loan portfolio

$1.7 billion of fixed rate debt with remaining terms greater than one year

$695.1 million (notional value) of interest rate hedge positions that place Ladder in a position equivalent to that of a “fixed rate payer / floating rate receiver”

The Company estimates that a 100 basis point increase in LIBOR would result in an increase in annual net interest income of approximately $11.5 million

Change in LIBOR

Projected Change in Annual Net Interest Income

Projected Change in Portfolio Value

Decrease of 100 Basis Points ($9.0 million) $25.9 million (1.8% of book equity)

Increase of 100 Basis Points $11.5 million ($25.6 million) (1.7% of book equity)

INTEREST RATE RISK MANAGEMENT (CONT.)

18

Note: As of 06/30/2017

RISK MANAGEMENT OVERVIEW

19

Liquidity Risk Management

Hedging Practices

• Utilize standard interest rate and credit spread hedging tools with multiple ISDA counterparties

• Gap and rate sensitivity analyses performed and reviewed by the Risk and Underwriting Committee of the Board of Directors

Superior Liability

Structure

• Target debt / equity ratio of approximately 2x – 3x, inclusive of higher leverage on investment grade-rated securities

• Long-term leverage forecasting including various scenario analyses performed on a regular basis

• FHLB membership, six committed term financing relationships with five leading financial institutions, corporate unsecured revolver and bonds, and non-recourse mortgage financing

• Preponderance of assets are either senior secured or investment grade-rated

• Emphasis on committed term funding with multiple counterparties (including FHLB) to manage duration risk and enhance diversity

• Detailed cash and debt management forecast updated and reviewed by management daily

BALANCE SHEET SUMMARY

20

($ in millions)

Consistent emphasis on senior secured assets, liquidity and moderate leverage

76% senior secured asset base

Cash & Cash Equivalents $58

Loans Held for Sale 201

Loans Held for Investment (pre-provision) 2,627

Securities 1,482

Net Lease & Other Equity Investments 1,006

Equity Investment in Partnerships & JVs 35

Other Assets 283

Total Assets $5,692

Total Debt $4,076

Other Liabilities 120

Total Liabilities 4,195

Equity Capital 1,486

Non-Controlling Interest (Joint Ventures) 11

Total Equity Capital 1,497

Total Liabilities and Equity $5,692

Note: As of 06/30/2017. All metrics are shown based on Ladder’s Core Balance Sheet. For reconciliation from GAAP Balance Sheet to Core Balance Sheet, see page 21

21

RECONCILIATION OF GAAP BALANCE SHEET TO CORE BALANCE SHEET (AS OF 06/30/2017) ($ in millions)

GAAP Core Adjustments for: CoreBalance Ladder-Only Other Balance

Sheet Securitization Adjustments SheetAssetsCash and cash equivalents $58.2 – – $58.2Restricted cash 97.3 – – 97.3Mortgage loan receivables held for investment, net, at amortized cost: – –

Mortgage loans held by consolidated subsidiaries 2,626.7 – – 2,626.7Mortgage loans transferred but not considered sold 599.5 (547.7) (51.8) –Provision for loan losses (4.0) – – (4.0)

Mortgage loan receivables held for sale 200.7 – – 200.7Real estate securities, available-for-sale 1,407.5 74.8 – 1,482.4Real estate and related lease intangibles, net 1,006.3 – – 1,006.3Investments in unconsolidated joint ventures 34.5 – – 34.5FHLB stock 77.9 – – 77.9Derivative instruments 4.6 – – 4.6Due from brokers 26.4 – – 26.4Accrued interest receivable 26.5 (1.2) (0.2) 25.1Other assets 55.9 – – 55.9 Total assets $6,218.1 ($474.1) ($52.1) $5,692.0

Liabilities and Equity Liabilities Debt obligations, net:

Secured and unsecured debt obligations $3,998.8 $76.7 – $4,075.5Liability for transfers not considered sales 632.1 (580.0) (52.1) –

Due to brokers 1.7 – – 1.7Derivative instruments 4.3 – – 4.3Amount payable pursuant to tax receivable agreement 2.4 – – 2.4Dividends payable 1.3 – – 1.3Accrued expenses 54.2 0.3 (0.2) 54.3Other liabilities 55.6 – – 55.6 Total liabilities $4,750.4 ($503.1) ($52.3) $4,195.1

Total equity $1,467.7 $29.0 $0.2 $1,496.9

Total liabilities and equity $6,218.1 ($474.1) ($52.1) $5,692.0

A

Description of Key Adjustments

Mortgage loans to third party borrowers transferred to a securitization trust

Mortgage debt secured by Ladder-owned real estate, payable to a securitization trust

Net sale proceeds from transfer of loans, less the portion of securities purchased by Ladder

CMBS securities purchased by Ladder

B-note transferred to third party but not considered sold under GAAP due to A-note held by the LC26 securitization trust

Net sale proceeds from transfer of B-note

E

D

B

C F

A

B

C

D

E

Ladder transferred $625.7 million of loans to the LCCM 2017-LC26 securitization trust, but did not recognize sales for GAAP due to transfer restrictions placed on the majority owner of the controlling classes pursuant to the risk retention requirements of the Dodd-Frank Act.

In order to back out the effects of this with respect to Ladder’s 06/30/2017 balance sheet, the adjustments that have been made to get from the Company’s GAAP Balance Sheet to its Core Balance Sheet are described as follows :

F

22

($ in millions, except per share amounts)

LADDER SNAPSHOT

Note: As of 06/30/2017. All metrics are shown based on Ladder’s Core Balance Sheet. For reconciliation from GAAP Balance Sheet to Core Balance Sheet, see page 21 (1) Includes earnings contribution from mortgage loans transferred but not considered sold in Q2 2017 (2) All metrics shown on a consolidated basis, except Weighted-Average % Owned by Ladder (3) Excludes two unconsolidated joint venture investments with total book value of $34.5 million as of 06/30/2017 (4) For a description of these financial measures, see Selected Definitions on page 23 (5) For a description of these non-GAAP financial measures, see Selected Definitions on page 23

Snapshot of Business Lines Other Assets, Financing, Book Equity and ROE

Conduit Loans Net Leased Commercial Real Estate (100% Owned) Other AssetsCarrying Value of Assets $201 Carrying Value of Assets $547 Cash & Cash Equivalents $58Weighted-Average Coupon 5.1% Undepreciated Book Value of Assets 613 Other Assets

(4) 322Origination and Purchase Volume (LTM) 1,427 Total Square Feet 4,214,602Securitization Volume (LTM) 1,704 Weighted-Average Occupancy 100% FinancingSecuritization Profit Margin (LTM)

(1) 3.2% In-Place Annual Net Operating Income (NOI) $40.4 Secured Debt $3,319Number of Securitizations (LTM) 5 Accounting method: carried at depreciated book value Unsecured Debt 757

Net Revenue Contribution (LTM) (1) $68 Total Debt 4,076

Accounting method: carried at lower of cost or FMV Other Commercial Real Estate (2)

(3) Other Liabilities (4) 120

Carrying Value of Assets $429

Balance Sheet Loans Undepreciated Book Value of Assets 500 Book Equity ValueCarrying Value of Assets (pre-provision) $2,627 Total Square Feet 3,741,059 Book Equity Value (excluding NCI in JVs) $1,457% First Mortgage 94% Weighted-Average Occupancy 91% Total Shares Outstanding (mm) 110.7% Other (Mezzanine / Subordinate) 6% In-Place Annual Net Operating Income (NOI) $32.6 GAAP Book Value per Share

(4) $13.10Weighted-Average Coupon 6.7% Weighted-Average % Owned by Ladder 89.8% Undepreciated Book Value per Share

(5) $14.33Accounting method: carried at lower of cost or FMV Accounting method: carried at depreciated book value

LeverageSecurities Condominium Residential Real Estate

(2) Adjusted Leverage Ratio (5) 2.8x

Carrying Value of Assets $1,482 Carrying Value of Assets $30% First Mortgage Secured 100% Undepreciated Book Value of Assets 33 Return on Average Equity (based on Core Earnings)

(5)

% AAA-Rated 81% Total Remaining Units 110 Core Earnings (LTM) $172% Investment Grade-Rated 100% Unit Sale Price as % of GAAP Book Value (LTM) 151% Average Book Equity Value (LTM) 1,486Weighted-Average Duration 3.2 Years Weighted-Average % Owned by Ladder 99.5% Pre-Tax Core ROAE (LTM) 11.6%

Accounting method: carried at FMV Accounting method: carried at depreciated book value Core ROAE (After-Tax) (LTM) 11.0%

23

SELECTED DEFINITIONS • Adjusted Leverage Ratio (non-GAAP)

Total debt obligations, net of deferred financing costs, adjusted for liabilities for transfers not considered sales under GAAP, divided by total equity.

• 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.

• Core Return on Average Equity (Core ROAE) (non-GAAP) After-tax Core Earnings divided by average book equity balance excluding total noncontrolling interest in consolidated joint ventures.

• GAAP Book Value per Share Total shareholders’ equity divided by Class A common shares outstanding.

• Other Assets Includes cash collateral held by broker, investments in unconsolidated joint ventures, FHLB stock, derivative instrument assets, amount due from

brokers, accrued interest receivable and other assets.

• Other Liabilities Includes amount due to brokers, derivative instrument liabilities, amount payable pursuant to tax receivable agreement, dividend payable, accrued

expenses 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.