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 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 March 31,
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 March 31, 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.
3. 3
LADDER CAPITAL HIGHLIGHTS
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
THREE COMPLEMENTARY, SYNERGISTIC PRODUCTS – CRE LOANS, SECURITIES & EQUITY
NATIONAL DIRECT CRE ORIGINATION PLATFORM – $41 BILLION OF INVESTMENTS SINCE
INCEPTION, INCLUDING $26 BILLION OF LOANS
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
DIVERSE, LONG & STRONG LIABILITY STRUCTURE WITH SIGNIFICANT UNSECURED DEBT;
CORPORATE RATINGS OF BB+/Ba1/BB- BY FITCH/MOODY’S /S&P
Note: As of 03/31/2021
4. 4
WELL POSITIONED FOR 2021 AND BEYOND
Significant Dry Powder
with Investment
Pipeline Building
$1.3 billion of unrestricted cash on hand
Originated ~$280 million of first mortgage loans year-to-date through 05/25/2021
~$950 million of additional loans under application as of 05/25/2021
Best-in-Class Platform
Best-in-Class
Capital Structure
99% collection rate of interest and rents across CRE loan and equity portfolio over the last twelve months
Converted ~$3.0 billion of investments into cash over the last twelve months, including payoffs of
79 loans totaling $1.5 billion, or 45% of our 03/31/2020 balance sheet loan portfolio
Internally-managed – distinguishes us from competitors
Management and directors own over 10% of the company (>$150 million1
equity investment)
Personnel compensated based on profitability, with a significant portion in stock – 97% of 2020
compensation paid in stock, with all managers’ bonuses paid 100% in stock
Adjusted leverage2
, net of cash of 1.4x, and adjusted leverage2
, net of cash & excluding securities of 0.9x
$1.7 billion of unsecured debt outstanding (corporate bonds & revolver), comprising 45% of total debt
Less than $600 million of repo debt outstanding (<11% of total capital base)
$2.8 billion of high-quality unencumbered assets (52% of total assets), including $2.2 billion of combined
unrestricted cash and first mortgage loans
Full Shareholder
Alignment
Note: All amounts as of and through 03/31/2021, unless noted otherwise
1. Based on $11.56 LADR closing price on 05/26/2021
2. For a description of this non-GAAP financial measure, see Selected Definitions on page 31
Highly experienced executive team – managers average 10 years at Ladder and over 20 years of industry
experience
Comprehensive in-house team includes 16 originators, 12 underwriters and 10 experienced attorneys
Strong Asset
Performance
5. 5
Michael Scarola
Chief Credit Officer
Craig Robertson
Head of Underwriting & Loan
Portfolio Manager
Adam Siper
Head of Origination
Ed Peterson
Head of CMBS Trading &
Co-Head of Securitization
David Traitel
Head of Legal Structuring
Brian Harris
Chief Executive Officer
Pamela McCormack
President
Paul Miceli
Chief Financial Officer
Robert Perelman
Head of Asset Management
Kelly Porcella
Chief Administrative Officer
& General Counsel
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
✓ Executive team averages 25 years of industry experience and thought leadership through multiple market cycles
✓ Managers average 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
BEST-IN-CLASS TEAM OF SEASONED LEADERS
6. 6
IMPROVEMENTS IN LEVERAGE & LIQUIDITY
$4,715
$4,210
$3,768
09/30/2020 12/31/2020 03/31/2021
2.3x
1.7x
1.4x
09/30/2020 12/31/2020 03/31/2021
Adjusted Leverage
1
Adjusted Leverage
1
, Net of Cash
Adjusted Leverage
1
, Net of Cash &
Excluding Securities
Total Debt ($mm) Unrestricted Cash ($mm)
1. Based on total debt obligations, net of deferred financing costs, adjusted for non-recourse indebtedness related to securitizations that is consolidated on the Company’s GAAP balance sheet.
1. GAAP debt/equity ratio was 3.1x as of 09/30/2020, 2.7x as of 12/31/2020, and 2.5x as of 03/31/2021
2. Excludes financing that is subject to credit events only
Mark-to-Market Debt ($mm)
2
2.9x
2.5x
2.3x
09/30/2020 12/31/2020 03/31/2021
1.4x
1.0x
0.9x
09/30/2020 12/31/2020 03/31/2021
$1,503
$1,109
$865
09/30/2020 12/31/2020 03/31/2021
$876
$1,254
$1,305
09/30/2020 12/31/2020 03/31/2021
$1,503
$1,109
$865
09/30/2020 12/31/2020 03/31/2021
7. 7
CORE COMPETENCY:
CRE CREDIT UNDERWRITING
Three complementary, synergistic products within a relative-value, risk-adjusted return investment approach
Portfolio Allocation Across CRE Capital Stack
a
CRE Securities
Senior
Commercial
Real Estate
Loans
Mezzanine Loans
Net Lease &
Other CRE Equity
Invest in short-dated investment grade securities secured by senior
commercial real estate loans
• $764 million portfolio with $6.9 million average CUSIP size
• 85% AAA-rated
• 1.9-year weighted-average duration
• Source of liquidity given short duration and investment grade credit ratings
Primary business of originating senior first mortgage loans
secured by commercial real estate
• $2.0 billion of first mortgage loans with middle-market focus
• 69% weighted-average LTV
• 15-month weighted-average duration to initial maturity
• Actively originate balance sheet and conduit first mortgage loans, and
selectively originate mezzanine loans
Acquire real estate with emphasis on net leased properties
• $1.2 billion (undepreciated asset value); ~7.7 million square feet; 176 properties
• 65% net leased with >11-year average remaining lease term; focus on
necessity-based businesses (including BJs, Walgreens and Dollar General)
• Well-positioned to provide preferred equity or “rescue capital”
Most
senior
& most
liquid
assets
71% of
capital allocated
to senior secured
CRE investments1
Note: As of 03/31/2021
1. Capital allocation represents carrying value of CRE debt and equity assets (undepreciated value) less secured funding debt by business line
8. 8
DIVERSIFIED & GRANULAR SENIOR SECURED
LOAN PORTFOLIO
Note: As of 03/31/2021
1. Amounts in these charts shown before $36.2 million allowance for loan losses
2. Includes mezzanine and subordinate loans
Loan Type
1
Geography
Property Type
Other Key Loan Portfolio Metrics
94% senior secured first mortgage loans
69% weighted-average LTV on total loan
portfolio
1.3-year weighted-average duration on
balance sheet first mortgage loans
Lightly-transitional loans – only $140
million of current future funding
commitments (<7% of total outstanding
loan portfolio)
100% of floating-rate loans have
interest rate floors
Only $239 million of outstanding loan
repo financing
99% interest collections over the last
twelve months
Loan Size
1
Middle-market focus – $19 million avg. loan size
$2.0 billion total loan portfolio
Disciplined lending approach with middle-market focus and national footprint
2
9. 9
CONDUIT LOANS
A consistent ROE enhancer & source of retained earnings
Note: As of and through 03/31/2021
1. After hedging costs; before corporate overhead expenses; all statistics cumulative since inception
$705
million
$1.7
billion
$16.6
billion
Top 10 69
Cumulative
gains1
Total
transactions
Total loans
securitized
CMBS loan
contributor
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
Loans securitized
in four Ladder-only
transactions
10. 10
Source of stable, recurring net rental income with potential NAV upside; financed with long-term, non-recourse debt
CRE Equity Assets by Geography
CRE Equity Assets by Property Type
HIGH-QUALITY CRE EQUITY PORTFOLIO –
PREDOMINANTLY NET LEASE
CRE Equity Portfolio Metrics
Total Gross Asset Value $1.2 billion
Total Net Equity Invested $452 million
Approx. Total Square Feet 7.7 million
Diversified/Other CRE Equity
(35% of CRE Equity portfolio)
Gross Asset Value $426 million
Total Diversified/Other CRE Properties 12
% Ladder Ownership 87%
In-Place Annual Net Operating Income $23.6 million
Net Leased CRE Equity
(65% of CRE Equity portfolio)
Gross Asset Value $792 million
Total Single-Tenant Net Leased Properties 164
Weighted-Average Remaining Lease Term >11 years
% Leased 100%
% Ladder Ownership 100%
In-Place Annual Net Operating Income $51.0 million
Note: As of 03/31/2021, and all gross asset amounts represent undepreciated asset values
1. For the twelve month period ended 03/31/2021
100% rent collections1
98% rent collections1
Necessity-based businesses, incl.
BJ’s, Walgreens & Dollar General
11. 11
HIGHLY-RATED & GRANULAR, SHORT-DATED
SECURITIES PORTFOLIO
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 $338 million of securities repo debt outstanding
Securities on Balance Sheet $764 million
% CMBS 100%
% Investment Grade-Rated 99%+
% AAA-Rated or Agency-Backed 85%
Weighted-Average Duration 1.9 years
Average Investment per CUSIP $6.9 million
Investment Overview
Securities Portfolio Metrics Highly-Rated Securities Portfolio
Note: As of 03/31/2021
12. 12
03/31/2021 Capitalization Summary ($mm)
$5.3B
Total
Capitalization
Adjusted Debt/Equity (Adjusted Leverage Ratio):
Net Adjusted Debt1
(excluding Cash) /Equity Ratio:
Net Adjusted Debt (excluding Cash) & Excluding Securities2
/Equity Ratio:
Non-Mark-to-Market Financing3
+ Book Equity:
Non-Recourse & Unsecured Debt + Book Equity:
2.3x
1.4x
0.9x
84%4
84%4
1. Excludes total cash on balance sheet of $1,452 million
2. Excludes total cash on balance sheet of $1,452 million and securities of $764 million
3. Non-mark-to-market financing includes financing that is subject to credit events only
4. Represents percentage of total capitalization
DIVERSE AND ROBUST CAPITAL STRUCTURE
WITH MODEST LEVERAGE
13. 13
Best-in-class capital structure, with focus on liquidity, modest leverage, counterparty diversity,
and unsecured, non-recourse, and non-mark-to-market financing
93% of outstanding debt composed of committed, term financing and unsecured bonds
$2.3 billion of unsecured bonds issued since 2012 across five separate issuances
$266 million unsecured corporate revolving credit facility with 9 participating banks; over 4 years remaining before final maturity
$2.3 billion of diversified, committed, term repurchase financing capacity from 6 counterparties
Supported Ladder credit by repurchasing $180 million of corporate bonds at a discount and redeeming 5.875% corporate bonds
due 2021 during the twelve month period ended 03/31/2021
Company is rated BB+/Ba1/BB- by Fitch, Moody’s and S&P, respectively
Key Capital Structure Highlights
Improving Capital Structure and Credit Metrics Over Time
1. Excludes total cash on balance sheet of $356 million, $1,284 million and $1,452 million as of 12/31/2019, 12/31/2020 and 03/31/2021, respectively
2. Excludes total cash on balance sheet of $356 million, $1,284 million and $1,452 million and securities of $1,721 million, $1,058 million and $764 million as of 12/31/2019, 12/31/2020 and
2. 03/31/2021, respectively
3. Non-mark-to-market financing includes financing that is subject to credit events only
4. Represents percentage of total capitalization
Adjusted Debt/Equity (Adjusted Leverage Ratio):
Net Adjusted Debt1
(excluding Cash) /Equity Ratio:
Net Adjusted Debt (excluding Cash) & Excluding Securities2
/Equity Ratio:
Non-Mark-to-Market Financing3
+ Book Equity:
12/31/2020
2.5x
1.7x
1.0x
81%4
12/31/2019
3.0x
2.7x
1.7x
61%4
2.3x
1.4x
0.9x
84%4
03/31/2021
CAPITAL STRUCTURE HIGHLIGHTS
14. 14
Ladder has previously 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%
1
0.500%
1
1
.500%
1
2.500%
1
3.500%
$0 million
$1
00 million
$200 million
$300 million
$400 million
$500 million
$600 million
$700 million
$800 million
$900 million
$1
000 million
$1
1
00 million
$1
200 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%
1
0.500%
1
1
.500%
1
2.500%
1
3.500%
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+
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 $239 million of outstanding committed loan repurchase financing and $63 million of outstanding committed securities repurchase financing
LONG & STRONG LIABILITY STRUCTURE
Remaining Debt Maturities by Financing Type1
($mm; as of 03/31/2021)
3
Maturity Year (weighted-average, where applicable)
Facility Size Outstanding 2021 2022 2023 2024 2025 2026 2027
$1,732 $1,710 Total Unsecured Debt (45% of total debt)
$5,176 $3,493 Total Unsecured & Committed Secured Debt (93% of total debt)
$5,176 $3,768 Total Financing
4.250% Unsecured Bonds
$644
$652
Committed Bilateral Bank Facilities (7 facilities)3
Issuance / Debt
348 345 5.250% Unsecured Bonds
466 464 5.250% Unsecured Bonds
1,950 302
206 195
235 233
266 256
765 765 Non-Recourse Mortgage Debt on Owned Real Estate
Non-Recourse CLO Financing
Non-Recourse Koch Financing
Unsecured Syndicated Revolving Credit Facility2
– 275 Uncommitted Repo
288 288 FHLB Financing
16. 16
STAGGERED DEBT MATURITY PROFILE
Further extended debt maturities with a larger component of non-recourse and non-mark-to-market financing
1. Amounts shown for existing unsecured corporate bonds are net of deferred financing fees
Secured Debt
Unsecured Debt1
03/31/2021 Unsecured & Secured Debt Maturities ($mm)
Long & strong liability structure in place, with no single year of maturities representing more than 20% of debt outstanding
$153 $128 $116
$464
$602 $644
$433
$617
$433
$677
$729
$48
$760
$71
$0
$250
$500
$750
$1,000
2021 2022 2023 2024 2025 2026 2027 2028 & Beyond
17. 17
$2.8B
Total
Unencumbered
Assets
SUBSTANTIAL, HIGH-QUALITY
UNENCUMBERED ASSET POOL
Total Unencumbered Asset Pool ($mm) Key Unencumbered Asset Pool Highlights
1
✓ 52% of total asset base is composed of unencumbered assets
✓ 83% of unencumbered assets are cash, first mortgage loans or investment grade securities
Note: As of 03/31/2021
1. Represents undepreciated asset value
2. Calculated by deducting unrestricted cash from the numerator and denominator
Predominantly senior, financeable, oversized unencumbered asset base
1.93x unencumbered asset/unsecured debt ratio ($1.1 billion in excess
of the 1.20x covenant)
9.55x unencumbered asset/unsecured debt ratio net of unrestricted
cash
2
$899 million of unencumbered senior secured first mortgage loans
$1.3 billion of unencumbered unrestricted cash
18. 18
LADDER INVESTMENT THESIS
Significant dry powder with
investment pipeline building
Highest insider ownership
in the industry
Consistently profitable
since inception
Superior credit skills –
a foundation for
long-term success
Highly-experienced
management team
One of the only
internally-managed
CRE finance REITs
Ladder
Capital
Long & strong liability structure
with significant unsecured and
non-mark-to-market financing
20. 20
COMPANY INFORMATION
Company Contact Information:
New York Headquarters:
345 Park Avenue – 8th Floor
New York, NY 10154
(212) 715-3170
Research Analyst Coverage:
B. Riley:
Matt Howlett – (917) 538-4762
JMP Securities:
Steven DeLaney – (404) 848-7773
J.P. Morgan (equity):
Charles Arestia – (212) 622-0755
J.P. Morgan (credit):
Mark Streeter – (212) 834-5086
Rating Agency Coverage:
Moody’s:
Joseph Pucella – (212) 553-7455
Corporate Rating: Ba1
Standard & Poor’s:
Gaurav Parikh – (212) 438-1131
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
Keefe Bruyette & Woods:
Jade Rahmani – (212) 887-3882
BTIG:
Tim Hayes – (212) 738-6199
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
LADDER FINANCIAL SNAPSHOT
($ 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 $2,008 Carrying Value of Assets $634 Cash & Cash Equivalents $1,306
Secured Financing on Assets 666 Undepreciated Book Value of Assets 792 Loans, Securities & Real Estate 4,061
Net Equity Invested (excl. Corporate Debt) 1,341 Secured Financing on Assets 515 Accumulated Depreciation & Amortization (241)
% First Mortgage 94% Net Equity Invested (excl. Corporate Debt) 276 Other Assets5
280
% Other (Mezzanine/Subordinate) 6% Total Square Feet 5,303,666 Total Assets 5,406
Weighted-Average Coupon 6.3% Weighted-Average % Leased 100%
Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $51.0 Total Liabilities
Accounting method: carried at depreciated book value Unsecured Corporate Bonds $1,454
Unsecured Revolving Credit Facility 256
Conduit Loans Diversified Commercial Real Estate2,3
Total Unsecured Debt 1,710
Carrying Value of Assets $71 Carrying Value of Assets $343 Secured Financing 2,058
Secured Financing on Assets – Undepreciated Book Value of Assets 426 Total Debt 3,768
Net Equity Invested (excl. Corporate Debt) 71 Secured Financing on Assets 250 Other Liabilities5
107
Weighted-Average Coupon 4.2% Net Equity Invested (excl. Corporate Debt) 176 Total Liabilities 3,875
Origination and Purchase Volume (LTM) $41 Total Square Feet 2,425,518
Loan Sale Volume (LTM) 128 Weighted-Average Occupancy4
88% Book Equity Value
Accounting method: carried at lower of cost or FMV In-Place Annual Net Operating Income (NOI) $23.6 GAAP Book Equity Value (excl. NCI in JVs) $1,526
Weighted-Average % Owned by Ladder 86.9% Total Shares Outstanding (mm) 126.3
Accounting method: carried at depreciated book value GAAP Book Value per Share5
$12.08
Undepreciated Book Value per Share6
$13.88
Securities
Carrying Value of Assets $764 Leverage
Secured Financing on Assets 626 Adjusted Debt (for Adjusted Leverage Ratio)6
$3,535
Net Equity Invested (excl. Corporate Debt) 138 Total GAAP Book Equity (incl. NCI in JVs) 1,531
% First Mortgage Secured 100% Adjusted Leverage Ratio6
2.3x
% AAA-Rated or Agency-Backed 85%
% Investment Grade-Rated 99%+ Return on Average Equity6
Average CUSIP Size $6.9 Distributable Earnings (LTM) $41
Weighted-Average Duration 1.9 Years Average Book Equity Value (LTM) 1,518
Accounting method: carried at FMV After-Tax Distributable ROAE (LTM) 3.0%
Note: As of 03/31/2021
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 $44.5 million as of 03/31/2021
4. Excludes hotel assets
5. For a description of these financial measures, see Selected Definitions on page 31
6. For a description of these non-GAAP financial measures, see Selected Definitions on page 31
B
C
D
E
A B C D E
A
23. 23
LOAN PORTFOLIO KEY METRICS
Type of
Loan
Loan Balance1
($mm)
% of Loan
Portfolio
% of Total
Assets
Business
Plan Rate
Weighted-
Average
Coupon
Weighted-
Average
LTV
Balance Sheet First
Mortgage Loans
$1,887 90.8% 34.9%
Held for
investment
Generally
floating-rate
6.0% 69.2%
Conduit First
Mortgage Loans
$71 3.4% 1.3% Held for sale
Generally
fixed-rate
4.2% 60.8%
Mezzanine and
Other CRE-Related
Loans
$121 5.8% 2.2%
Held for
investment
Fixed or
floating-rate
10.8% 67.2%
Total $2,079 100.0% 38.4% 6.2% 68.8%
Note: As of 03/31/2021
1. Amounts are shown before $36.2 million allowance for loan losses
24. 24
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
(164 properties)
$792 $634 65.0% $515 $276 5,303,666 $51.0
Diversified Commercial
Real Estate1
(12 properties;
62 buildings)
$426 $343 35.0% $250 $176 2,425,518 $23.6
Total /
Weighted-Average
(176 properties)
$1,217 $977 100.0% $765 $452 7,729,184 $74.6
($ in millions)
Note: As of 03/31/2021
1. Amounts shown on a fully-consolidated basis
25. 25
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) (102 Properties) (7 Properties) (25 Properties) (164 Properties)
Undepreciated Asset Value $144.6 $145.9 $119.0 $130.0 $73.6 $178.9 $791.9
Asset Carrying Value (Depreciated) $97.6 $127.9 $93.9 $114.9 $58.6 $140.9 $633.8
Non-Recourse Mortgage Debt Financing $91.5 $83.1 $80.6 $89.7 $50.4 $120.2 $515.5
Weighted-Average Interest Rate on Debt 5.0% 5.0% 5.1% 5.4% 4.6% 5.1% 5.1%
Net Equity Invested $53.2 $62.8 $38.4 $40.3 $23.2 $58.7 $276.5
In-Place Annual Net Operating Income (NOI) $11.2 $7.4 $7.9 $8.9 $4.3 $11.2 $51.0
Weighted-Avg. Remaining Lease Term (years) 10.9 10.5 12.5 10.9 13.6 10.0 11.1
~Total Square Feet 828,864 822,540 307,664 929,285 516,762 1,898,551 5,303,666
Weighted-Average % Leased 100% 100% 100% 100% 100% 100% 100%
% of Total CRE Equity Portfolio
(by Undepreciated Asset Value)
12% 12% 10% 11% 6% 15% 65%
% of Net Leased CRE Portfolio
(by Undepreciated Asset Value)
18% 18% 15% 16% 9% 23% 100%
($ in millions)
NET LEASED CRE EQUITY PORTFOLIO KEY DETAILS
Note: As of 03/31/2021
26. 26
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 $110.1 $86.2 $41.4 $187.8 $425.6
Asset Carrying Value (Depreciated) $71.9 $81.5 $37.0 $152.9 $343.2
Non-Recourse Mortgage Debt Financing $67.4 $69.6 $33.9 $78.8 $249.6
Weighted-Average Interest Rate on Debt 4.4% 6.0% 5.8% 4.8% 5.1%
Net Equity Invested $42.7 $16.7 $7.6 $109.0 $175.9
In-Place Annual Net Operating Income (NOI) $7.9 $5.8 $2.9 $7.0 $23.6
~Total Square Feet 994,040 117,324 166,176 1,147,978 2,425,518
Weighted-Average Ladder Ownership 77.5% 75.0% 80.0% 99.4% 86.9%
($ in millions)
DIVERSIFIED CRE EQUITY PORTFOLIO KEY DETAILS
Note: As of 03/31/2021
1. Property types include office, industrial, hotel, multifamily, and grocery-anchored shopping center
2. Excludes potential effects of partnership /joint venture promote /sharing arrangements
1
2
27. 27
16 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
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
28. 28
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
25 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.
Paul Miceli Chief Financial Officer 17 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.
Robert Perelman Founder &
Head of Asset Management
33 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.
29. 29
LADDER TEAM BIOS:
OTHER SENIOR EXECUTIVES
Name Title
Industry
Experience Previous Experience/Bios
Michael Scarola Chief Credit Officer 23 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
14 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.
Adam Siper Head of Origination 15 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
35 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 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.
30. 30
LADDER TEAM BIOS:
OTHER SENIOR EXECUTIVES (CONT.)
Name Title
Industry
Experience Previous Experience/Bios
Mark Ableman Head of Transaction
Management
19 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.
Kevin Moclair Chief Accounting Officer 27 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
10 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.
31. 31
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 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.
32. 32
INDEX OF SLIDES
Slide # Slide Contents Slide # Slide Contents
1 Cover 17 Substantial, High-Quality Unencumbered Asset Pool
2 Disclaimers 18 Ladder Investment Thesis
3 Ladder Capital Highlights 19 Appendix
4 Well Positioned for 2021 and Beyond 20 Company Information
5 Best-in-Class Team of Seasoned Leaders 21 Corporate Responsibility Overview
6 Improvements in Leverage & Liquidity 22 Ladder Financial Snapshot
7 Core Competency: CRE Credit Underwriting 23 Loan Portfolio Detail (Key Metrics)
8 Lending Segment Overview 24 CRE Equity Portfolio Detail (Key Metrics)
9 Conduit Business Highlights 25 Net Lease Portfolio Detail
10 CRE Equity Segment Overview 26 Diversified CRE Portfolio Detail
11 Securities Segment Overview 27 Investment & Risk Management Process
12 Diverse and Robust Capital Structure 28 Ladder Bios – Executive Team
13 Capital Structure Highlights 29 Ladder Bios – Other Senior Executives
14 Historical Unsecured Bond Issuances 30 Ladder Bios – Other Senior Executives (cont.)
15 Long & Strong Liability Structure 31 Selected Definitions
16 Well-Staggered Debt Maturity Profile 32 Index of Slides