![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000000_01ed662dcf34f2ff8519fa4bb6b1d97acf3140ede3dd4bdac6fbda8acf353221.png) Logo ## NYSE: LADR ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000001_e39904df8254cbdcf5efd03a2d6cb07e77814ac493c736ac31af4fbc34130b29.png) Photograph ## July 2026 Investor Presentation ## AN INVESTMENT GRADE REIT ## N E W Y O R K | M I A M I ## 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 (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 are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, 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 June 30, 2026, 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, 2026 Form 10-Q filing and earnings press release, which are available on Ladder's website (www.laddercapital.com), as well as the supplemental financial tables included herein, 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. ## THE CASE FOR LADDER CAPITAL ## Conservative risk. Compelling returns. ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000002_cbd457e7a2902d2b71345e68002355160e555ac61f71554609605e2d74cdfc78.png) Logo ## TOTAL RETURN POTENTIAL current discount to book value = Attractive Entry Point ## ~$52 Billion ## INVESTMENTS SINCE INCEPTION ~ 0.1% realized losses since 2008 = Cycle-Tested Management Team 13% (>$155 Million) MANAGEMENT & BOARD OWNERSHIP high inside ownership & internal management = Shareholder Alignment >85% SENIOR-SECURED / IG-RATED ASSETS primarily first mortgage loans & AAA securities = Enhanced Downside Protection ~9.5% ## DIVIDEND YIELD dividend supported by recurring cash flows = Stable, Reliable Income ## Investment Grade ONLY IG-RATED CRE FINANCE REIT IG bond market access & favorable cost of funds = Safe, Superior Liability Structure ## LADDER AT A GLANCE ## Investment grade REIT with focus on commercial real estate credit ## Multi-Cylinder Strategy ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000003_fb48b3f5bdd74571c4e7aa8ca1a4fd02ed58ef697121f02203438829ff85f5d4.png) Pie chart ## Skin in the Game ## >$155M / 13% Management & director ownership ## Internally managed Fully aligned with stakeholders ## 30 years Avg. executive team experience ~10% ROE since IPO, with only ~10 bps of losses ## Stock buybacks $100M program; $24M LTM repurchases ## Fortress Balance Sheet ## IG-Rated Moody's: Baa3 / Fitch: BBB- 67% Unsecured debt / total debt 2.3x Adjusted leverage (target 2.0-3.0x) 73% Unencumbered assets / total assets >$1.5B Unsecured bank credit facility capacity ## RELATIVE OUTPERFORMANCE ## 'Stay rich, not get rich strategy' : capital preservation with attractive returns ## Book Value Preservation 1 ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000004_c5138695ae04c65606bf8e49aef80620651a2adf1320e73c32c836cc102e15e4.png) Line chart Note: As of 06/30/2026, unless otherwise noted. Source: FactSet. Source: Public company filings, company presentations and FactSet. 1. Depicts cumulative change in undepreciated book value per share through 03/31/2026 2. Non-IG CMREITs include ARI, BRSP, BXMT, CMTG, FBRT, KREF, STWD and TRTX. 3. Represents stock price change plus cumulative dividends, as of 07/22/2026. Graph bars are not to scale. 4. Market capitalization-weighted average of Non-IG CMREITs 5. Market capitalization-weighted average of AAT, BNL, CDP, CUZ, EGP, EPR, EPRT, FCPT, FR, HIW, IRT, KRC, KRG, PECO, SKT and UDR 6. Represents MSCI U.S. REIT Index (RMZ) 7. Represents SPDR S&P Regional Banking ETF ## 5-Year Total Returns 3 ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000005_e9464e43b8a50713b89971c93ad4f9c416197593a2b7fc53b5ba0340b01596fb.png) Bar chart ## RECENT MOMENTUM ## > $2.6B loan originations over last 18 months, with positive rating and funding developments ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000006_a481ac052ed51b9cc776a4010c7da65fbdde0826836fbe48b368261aa966ea5f.png) Bar chart ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000007_948bf1ec538685126334052dac53f43ed2a5a459b0e630ef9a3fb02e69567ac2.png) Full page image ## MULTI-CYLINDER STRATEGY ## CRE investing expressed in three forms : ( W a t e r ) ( S t e a m ) ( I c e ) Loans, Securities, Equity ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000008_9dc14ff671b23ca8d170899ce837e4f8cf1848cc556c3203e968be10a6839b08.png) Flow chart Note: As of 06/30/2026. CRE Equity amounts shown at undepreciated value. 1. Represents amount invested since inception (asset value) ## THREE FORMS OF CRE INVESTING ## Complementary investment products with focus on credit ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000009_0c0551263a11f4f9ea75af183241171028358c31a82d815d3f7a7be15a9d2e7b.png) Screenshot from computer ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000010_ee3d5e29290b8d948c064d30e153ef6b9fb165f66fa2175e78d7b5f353507036.png) Full page image ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000011_aaef2e1e5aa10e8c059546edfc50b20b43f14a5cc73314850c3ca03381520be6.png) Full page image ## CURRENT INVESTMENT MIX ## Diversified, granular asset base with senior secured focus ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000012_16c8314fd0b898115fe4fc21ea0f03408be0f2ae5ce3626132275dfcd9f1e2eb.png) Full page image ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000013_21bfd3f783086f64ed19e86f894f2eabe97982a0485b03a746d8d59b11f21a81.png) Pie chart ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000014_a8be473b6ca08842d99af7855f1f20a0d986129f033a6d4f288349c044d0be38.png) Pie chart ## INVESTMENT ALLOCATION OVER TIME ## Flexibility to rotate across products based on market conditions ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000015_9a8a351de906c2ef5ae7e61fcf2f9cc610a221eb4cce73fd839f4af755414adb.png) Bar chart Note: Data shown since LADR's IPO. Represents average asset allocation during each year or year-to-date period shown, based on quarter-end amounts; excludes other assets. 1. Represents cash and cash equivalents, including Treasury Bills ## EARNINGS DRIVERS ## Durable 'Carry'' earnings enhanced by ROE upside from gains ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000016_9baa2490254def3891f4b53a5789de3fafdb46c74a1a58110ed1c5b04143edb3.png) Table | ILLUSTRATIVE | 'CARRY' ROE | TOTAL ROE | |----------------|---------------|------------------| | LEVERED ROE: | 8.0% - 9.0% 1 | 9.0% - 10.0% + 1 | Note: Returns shown are strictly for illustrative purposes and are based on management's view of current market conditions. ## BRIDGING TO BOOK VALUE ## Path to closing gap to book with levers we control ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000017_8cf6acd9c9cb98a54ea4f241566281376c646d0d298d15edb2c19c7dfa191434.png) Flow chart ## PATH TO EARNINGS GROWTH ## Optimize asset mix and supplement Carry earnings with gains ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000018_e5f6cbb362d005260486fc72ed1c73bf629bfd8d10f8fa5210c3cf8998874333.png) Flow chart ## SIGNIFICANT UPSIDE POTENTIAL ## Earnings growth and yield compression = stock price upside ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000019_40a093c292c6b48b582b6403d8ce1edd0e9466159fd9c7d0aa5499ff6f41ce67.png) Bar chart ## LADDER VALUE PROPOSITION ## Fortress balance sheet at significant discount to book ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000020_b81250753afb4a9735281e14ed216742dc79b91ab31897f35416567c35ba3f12.png) Table Note: As of 06/30/2026 1. Loans shown at lower of cost or fair market value. Securities shown at fair market value. CRE equity, total assets, book equity value, and book value per share shown on an undepreciated basis. 2. Represents management and director ownership 3. Based on $9.75 LADR closing price on 07/22/2026 ## APPENDIX ## COMPELLING MARKET OPPORTUNITY ## Attractive market backdrop for Ladder ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000021_f220137046df202f161c0e59d3afa640c6bc7b8371b7a94cc0b81328d6551122.png) Bar chart ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000022_ce376d48e3e0a3d10f3cf75d529754b53641315f523d4c1f7432fc379604fc51.png) Bar chart ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000023_cdfb69d23f37139941f74813d63966cbc8f2c325fd974c806cad1d84833215a8.png) Pie chart ## CRE LOAN PORTFOLIO ## Middle-market loans provide enhanced liquidity and mitigate concentration risk ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000024_5b0cb327291e51db05c513f04a9c7429182f4823db4e986fee4326d148f68dda.png) Pie chart ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000025_9e8f966235d3340edf742f3e7906dd96b04890322d32c872a8f75823448d86c8.png) Pie chart ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000026_47fa8c78e6cf02bf2840825ca43869ff09fbf8957bee3bf424541e33c7fecf6d.png) Table ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000027_b1f196c83d4681f556d81d8b9ef3f115b439352dd77f3d9846f8a6ab9179ce4e.png) Pie chart ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000028_1198d7da28c9b9847af210076a9efe233759b55c442ab7d338da33f59c41f0d2.png) Pie chart Note: As of 06/30/2026. Amounts in charts before $47.1M CECL allowance. Other CRE-related loans include mezzanine and subordinate loans. 1. For a description of this financial measure, see Selected Definitions on page 34 ## CRE SECURITIES PORTFOLIO ## Highly-rated, short-duration, granular portfolio ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000029_ea19e8efc343efa474f34fb2061fd5aa27be4475d67686f0ab755d6712570417.png) Pie chart ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000030_4e057aa1bc92a3c9e43836b9f9e32c0ef8b1ab7ddb24ec9d4f5961421b553f8e.png) Table ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000031_9b884c8d46780a1ad44f81e4e210ab30c276a8c11f88faca85078838b1c28411.png) Table ## CRE EQUITY PORTFOLIO ## Durable, recurring net rental income with potential NAV upside ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000032_93f9f649794267e32a0a4b28ce874bd6663227ee19bb6798ea7e5b5cf05b82da.png) Pie chart ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000033_11273b5f02612f5b0e0fc68b17af562409194dc86a125bb4e644d928711d10f0.png) Pie chart ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000034_40199f0cd0c497808fc69457adca1cc5381a04e1dba60a4c26c48e441ca78d75.png) Table ## EMBEDDED VALUE IN CRE EQUITY ## History of realized gains selling above undepreciated carrying value ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000035_55acaddd75ee44535147e2eddf52cd89f452ed08805d6f447375ab3e41fdd5a2.png) Bar chart ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000036_25ce43816cb4b6bd3d1d549bb1a32eb483c7daf32270056190e30d88ed1abcf5.png) Table ## NET LEASE PORTFOLIO KEY METRICS | | Bank of America Office Campus (1 Property) | Dollar General Corp (102 Properties) | Walgreens Co (21 Properties) | BJ's Wholesale Club Inc. (4 Properties) | Hy-Vee Inc. Supermarkets (6 Properties) | Additional Net Leased Properties (15 Properties) | Total Net Leased / Weighted-Avg. (149 Properties) | |----------------------------------------------------------------|----------------------------------------------|----------------------------------------|--------------------------------|-------------------------------------------|-------------------------------------------|----------------------------------------------------|-----------------------------------------------------| | Undepreciated Asset Value | 1 $158.9 1 | $130.0 | $119.0 | $73.0 | $57.0 | $59.0 | $596.9 | | Asset Carrying Value (Depreciated) | $112.6 | $96.1 | $78.2 | $33.7 | $35.6 | $37.3 | $393.4 | | Non-Recourse Mortgage Debt Financing | $82.4 | $61.4 | $64.2 | $55.4 | $8.1 | $9.0 | $280.5 | | Weighted-Average Interest Rate on Debt | 5.0% | 5.2% | 4.9% | 6.8% | 6.8% | 5.4% | 5.4% | | Net Equity Invested | 1 $76.6 1 | $68.6 | 1 $54.8 | $17.6 | $48.9 | $50.0 | $316.4 | | In-Place Annual Net Operating Income (NOI) | $8.1 | $8.9 | $7.9 | $6.1 | $3.3 | $3.8 | $38.2 | | Weighted-Avg. Remaining Lease Term (years) | 5.3 | 6.4 | 7.2 | 5.3 | 8.3 | 5.7 | 6.2 | | ~ Total Square Feet | 822,540 | 929,285 | 307,664 | 456,176 | 421,890 | 499,814 | 3,437,369 | | Weighted-Average % Leased | 100% | 100% | 100% | 100% | 100% | 100% | 100% | | % of Total CRE Equity Portfolio (by Undepreciated Asset Value) | 15% | 12% | 11% | 7% | 5% | 6% | 56% | | % of Net Leased CRE Portfolio (by Undepreciated Asset Value) | 27% | 22% | 20% | 12% | 10% | 10% | 100% | ## INVESTMENT GRADE CAPITAL STRUCTURE ## Modest leverage with focus on unsecured capital ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000037_69ead0d20d4bdb7a1670819a3ff7d5c98953fcf414020ba2b18e244e9f04b343.png) Pie chart ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000038_04850b8c33941cfedcd4df4b34689c3d0c2c356385c21eadfff91259d99bb32f.png) Table ## UNSECURED LENDING SYNDICATE - 13 INSTITUTIONS BARCLAYS ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000039_7fa53641b469255695d2878fa501e371d6f3995b23f7d71bb5232d18b0b3bad7.png) Logo M&TBank citi Pinnacle Citizens RAYMONDJAMES RAYMOND JAMES Deutsche Bank Huntington Bank sn usbank GENERALE FINANCIAL PARTNERS Pinnacle FINANCIAL PARTNERS bank GENERALE Note: As of 06/30/2026. Dollars in millions. Adjusted leverage ratio 2.3x vs. 3.5x IG covenant maximum. Unencumbered asset/unsecured debt ratio 1.56x vs. 1.20x minimum. 1. For a description of this non-GAAP financial measures, see Selected Definitions on page 34 2. Percentage of total capitalization J.P.Morgan WELLS FARGO SOCIETE SOCIETE ## WELL-LADDERED DEBT MATURITIES ## Staggered maturities with focus on unsecured debt ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000040_a39da2661155cf9d4e47582c109ac9c37d2e387b0f941aafc69c12b75e72ba68.png) Bar chart Note: As of 06/30/2026. Dollars in millions. 1. 2029 unsecured maturities include $634M corporate bond maturity and $202M corporate revolver maturity 2. 2030 unsecured maturities include $500M corporate bond maturity and $275M term loan maturity ## LIQUID UNENCUMBERED ASSET POOL ## Senior secured, financeable unencumbered asset base ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000041_fc77d22ebffd6c81aa7a94de06b2eb1c725e276f8066dc51d096e6b9115bcbca.png) Pie chart ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000042_7626920b9f8ce02444f2cb5968ad46244f61b18d84f3be44f4a8108d84e9aaba.png) Table ## EIGHTEEN-YEAR TRACK RECORD ## 18 years since founding, 14 years as corporate bond issuer, 12 years as public company ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000043_53a47a1373f2d1bfc6dc45a68db9281aa9f1c4d14ad509c65f9c6f069359bacd.png) Line chart ## CYCLE-TESTED TEAM ## Highly experienced executive team with deep bench of senior managers ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000044_f19cd03974b118b52c70697a899c0027089e101ecef592d227e9da35af03b016.png) Photograph Brian Harris Founder & Chief Executive Officer ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000045_3f7be2d6c967007bcaa773e35a4b6326f24b34072a02f8ba683447f6209e71b7.png) Photograph Pamela McCormack Founder & President ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000046_d418c722898323405023326e558d3eaaaac4e2363f28997eb9ff7603432d376d.png) Photograph ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000047_aab95d8d34e1ac5f8b20a5687ba56f62d2825a27908f6b85443589afa1aea68a.png) Photograph Michael Scarola Chief Credit Officer ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000048_659a4538d4ff8bd3f3928882fcd3673d08a522eaeca2337d88211596daa7903d.png) Photograph Michelle Wallach Chief Compliance Officer & Senior Regulatory Counsel ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000049_a557416aff677e8ed6e62c278ebcc5dbf78fe2be2b54fd4753bcdf62b260fdce.png) Photograph Paul Miceli Chief Financial Officer ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000050_93cb053ae4f9e929e9305551e927088e28443fc0e513f705b18813d87b801f70.png) Photograph Craig Robertson Head of Underwriting & Loan Portfolio Manager ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000051_8ee156ced0229e46088cccd8558895f2b2c8b7a6911ac65cce1bb4453ea5c464.png) Photograph David Merkur Managing Director Capital Markets ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000052_ad9e1b483bd46f02939d003990a708ca22890d302ab56d02187900305c4b4f5c.png) Photograph Robert Perelman Founder & Head of Asset Management ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000053_2bf16cb8b7dd951ed1965cabe96eef3ea5ea8dfdf5c1f8505b0f31a2045371e3.png) Photograph Adam Siper Head of Origination ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000054_7248284c7c2d8c1618b1eba034233c9f33db066695076b94ddf258ef4d55bad5.png) Photograph Michael Cafaro Chief Technology Officer ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000055_a4f89551110a3dbfd64edb28f1b9b9396f01eaa01b23f2e5e214f31ffc1b45d1.png) Photograph Kelly Porcella Chief Administrative Officer & General Counsel ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000056_6c567f11cc66146ce7357199ae3599602931e559e0ce1f65d8646ec8e9a2e24d.png) Photograph Ed Peterson Head of CMBS Trading & Co-Head of Securitization ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000057_3890733b95304872a4bf568283865453471bf0664a3030191d109935276158bb.png) Photograph Anthony Esposito Chief Accounting Officer David Traitel Head of Legal Structuring ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000058_20585f8d3e1ca9ef97b06dda2f3c7cc1893fc7415f51f8c2d9c5e89f19a1859c.png) Photograph Matthew FitzGerald Treasurer ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000059_0f75bb64d40c18a849e48dc73bf91c1fa6e02e74f546eb3db893149be9f8042c.png) Photograph Mark Ableman Head of Transaction Management ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000060_c97f44d3e63f3d7edfc7815cd6bce4aab506c68317ba7547e583f85d627d38fd.png) Photograph Tara Tannure Executive Director & Controller ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000061_a0e9017c4a4150e86c8c0b7818dd89e222c09ea9b86baaf5eb665b46df9cb0fb.png) Icon ## INVESTMENT AND RISK MANAGEMENT PROCESS ## Independent oversight at every stage of investment process ![Image](data/playground/uploads/8f4cb58f68d249e2-artifacts/8f4cb58f68d249e2.docling_artifacts/image_000062_1b6d1668499c0aa2996a369544898adfd60024409de3af1ce6ad5e89768f081f.png) Flow chart ## 13 ORIGINATORS - Key relationships with direct borrowers & leading brokers nationwide - Compensation linked to loan performance, not volume; significant portion paid in stock ## 11 UNDERWRITERS - Independent from origination - leads due diligence process - Independent appraisal and thirdparty reports - Visit every asset prior to funding - Limited outsourcing to ensure quality and accountability ## LEGAL & CLOSINGS - Independent, highly experienced team of attorneys leads legal process and transaction closings - Conduct legal diligence and manage outside counsel - Oversee securitizations and asset dispositions ## APPROVAL PROCESS - Every investment approved through comprehensive credit committee comprised of managers with significant stake in LADR - Risk & Underwriting Committee of the Board approves investments above size thresholds ## ACTIVE SURVEILLANCE - 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 ## LADDER FINANCIAL SNAPSHOT | Snapshot of Business Lines | Snapshot of Business Lines | Snapshot of Business Lines | Snapshot of Business Lines | Total Assets & Liabilities, Book Equity, Leverage and ROE | Total Assets & Liabilities, Book Equity, Leverage and ROE | |----------------------------------------------------|----------------------------------------------------|------------------------------------------------------|------------------------------------------------------|-------------------------------------------------------------|-------------------------------------------------------------| | Balance Sheet Loans | Balance Sheet Loans | Net Leased Commercial Real Estate (100% Owned) | Net Leased Commercial Real Estate (100% Owned) | Total Assets | Total Assets | | Carrying Value of Assets | $2,790 | Carrying Value of Assets | $393 | Cash & Cash Equivalents | $38 | | Secured Financing on Assets A | 107 | Undepreciated Book Value of Assets | 597 | Loans, Securities & Real Estate | 5,748 | | Net Equity Invested (excl. Corporate Debt) | 2,683 | Secured Financing on Assets D | 281 | Accumulated Depreciation & Amortization | (281) | | % First Mortgage | 99.9% | Net Equity Invested (excl. Corporate Debt) | 316 | Other 4 | 102 | | % Other (Mezzanine / Subordinate) | 0.1% | Total Square Feet | 3,437,369 | Total Assets | 5,606 | | Weighted-Average Yield | 7.3% | Weighted-Average % Leased | 100% | | | | Origination Volume (LTM) | $2,089 | In-Place Annual Net Operating Income (NOI) | $38.2 | Total Liabilities | | | Funding Volume (LTM) | 1,931 | Accounting method: carried at depreciated book value | Accounting method: carried at depreciated book value | Unsecured Corporate Bonds | $2,207 | | Accounting method: carried at amortized cost | Accounting method: carried at amortized cost | | | Unsecured Revolving Credit Facility | 477 | | | | | | Total Unsecured Debt | 2,684 | | Conduit Loans | Conduit Loans | Diversified Commercial Real Estate 1, 2 | | Secured Financing A B C D E | 1,321 | | Carrying Value of Assets | $27 | Carrying Value of Assets | $383 | Total Debt | 4,005 | | Secured Financing on Assets B | - | Undepreciated Book Value of Assets | 461 | Other 5 | 175 | | Net Equity Invested (excl. Corporate Debt) | 27 | Secured Financing on Assets E | 107 | Total Liabilities | 4,180 | | Weighted-Average Coupon | 4.6% | Net Equity Invested (excl. Corporate Debt) | 354 | | | | Origination Volume (LTM) | $26 | Total Square Feet | 2,530,614 | Book Equity Value | | | Loan Sale Volume (LTM) | 34 | Weighted-Average Occupancy 3 | 79% | GAAP Book Equity Value (excl. NCI) | $1,429 | | Accounting method: carried at lower of cost or FMV | Accounting method: carried at lower of cost or FMV | In-Place Annual Net Operating Income (NOI) | $30.6 | Total Shares Outstanding (mm) | 126.9 | | | | Weighted-Average % Owned by Ladder | 94.8% | GAAP Book Value per Share 6 | $11.27 | | | | Accounting method: carried at depreciated book value | Accounting method: carried at depreciated book value | Undepreciated Book Value per Share 6 | $13.44 | | Securities | | | | | | | Carrying Value of Assets | $1,872 | | | Leverage 6 | | | Secured Financing on Assets C | 826 | | | Adjusted Debt (for Adjusted Leverage Ratio) | $4,005 | | Net Equity Invested (excl. Corporate Debt) | 1,047 | | | Total Adjusted Equity | 1,736 | | % AAA-Rated | 96% | | | Adjusted Leverage Ratio | 2.3x | | % Investment Grade-Rated | 99% | | | | | | Weighted-Average Yield | 5.2% | | | Return on Average Equity 6 | | | Average CUSIP Size | $13.9 | | | Distributable Earnings (LTM) | $112 | | Weighted-Average Duration | 3.0 Years | | | Average Shareholders' Equity Value (LTM) | 1,473 | | Accounting method: carried at FMV | Accounting method: carried at FMV | | | After-Tax Distributable ROAE (LTM) | 7.4% | Note: As of 06/30/2026. Dollars in millions, except per share amounts. 1. All metrics shown on a consolidated basis, except weighted-average % owned by Ladder 2. Excludes investments in unconsolidated ventures with total book value of $41.5 million 3. Excludes hotel assets 4. Includes restricted cash, investments in unconsolidated ventures, accrued interest receivable, CECL allowance, derivative instruments and other assets 5. Includes dividends payable, accrued expenses and other liabilities 6. For a description of these GAAP and non-GAAP financial measures, see Selected Definitions on page 34 ## INCOME STATEMENT BY QUARTER | ($ in millions, except per share values) | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | |------------------------------------------------------------------------------------|-----------|-----------|-----------|-----------|-----------| | Net interest income | | | | | | | Interest income | $78.2 | $74.2 | $68.1 | $71.8 | $62.7 | | Interest expense | 55.6 | 51.2 | 45.7 | 44.0 | 41.2 | | Net interest income | $22.6 | $23.0 | $22.3 | $27.8 | $21.5 | | Provision for (release of) loan loss reserves | 0.1 | (0.0) | (0.0) | (0.0) | (0.0) | | Net interest income after provision for (release of) loan losses | $22.5 | $23.0 | $22.3 | $27.8 | $21.6 | | Other income | | | | | | | Real estate operating income | 30.9 | 27.3 | 25.1 | 26.7 | 25.8 | | Net result from mortgage loan receivables held for sale | 0.2 | 0.1 | 0.0 | (0.4) | 4.9 | | Fee and other income | 3.6 | 1.4 | 3.0 | 3.9 | 2.8 | | Net result from derivative transactions | 0.2 | 0.3 | (0.0) | 0.0 | 1.5 | | Earnings (loss) from investment in unconsolidated ventures | 0.3 | (0.3) | 0.0 | (0.4) | (0.3) | | Gain on extinguishment of debt | 0.1 | - | - | (0.1) | 0.0 | | Total other income | $35.2 | $28.9 | $28.1 | $29.7 | $34.7 | | Costs and expenses | | | | | | | Compensation and employee benefits | 12.3 | 22.3 | 10.9 | 11.6 | 11.6 | | Operating expenses | 5.1 | 5.1 | 4.9 | 5.3 | 4.8 | | Real estate operating expenses | 12.9 | 11.3 | 10.0 | 11.4 | 10.3 | | Investment related expenses | 1.7 | 1.2 | 0.8 | 0.9 | 0.8 | | Depreciation and amortization | 9.3 | 8.9 | 8.4 | 8.2 | 8.0 | | Total costs and expenses | $41.3 | $48.7 | $34.9 | $37.3 | $35.5 | | Income (loss) before taxes | $16.3 | $3.2 | $15.5 | $20.1 | $20.8 | | Income tax expense (benefit) | 1.7 | 0.6 | (0.3) | 1.0 | 3.7 | | Net income (loss) | $14.6 | $2.6 | $15.9 | $19.2 | $17.1 | | Net (income) loss attributable to noncontrolling interest in consolidated ventures | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | | Net income (loss) attributable to Class A common shareholders | $14.6 | $2.6 | $15.9 | $19.2 | $17.3 | | Earnings per share: | | | | | | | Basic | $0.12 | $0.02 | $0.13 | $0.15 | $0.14 | | Diluted | 0.12 | 0.02 | 0.13 | 0.15 | 0.14 | | Weighted average shares outstanding (mm): | | | | | | | Basic | 124.7 | 125.4 | 125.2 | 125.3 | 125.8 | | Diluted | 125.2 | 126.0 | 126.2 | 126.1 | 126.2 | | Distributable Earnings (pre-tax) 1 | $30.8 | $28.0 | $21.4 | $32.1 | $30.9 | | Distributable EPS (after-tax) 1 | $0.24 | $0.22 | $0.17 | $0.25 | $0.23 | | Distributable EPS prior to charge-off of allowance for credit losses 2 | $0.24 | $0.22 | $0.21 | $0.25 | $0.23 | 1. For a description of these non-GAAP financial measures, see Selected Definitions on page 34 2. For a reconciliation of this metric, see page 31 ## EARNINGS RECONCILIATIONS BY QUARTER | ($ in millions, except per share values) | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | |-------------------------------------------------------------------------------------------|-----------------|-----------|-----------|-----------|-----------| | Net income (loss) | $14.6 | $2.6 | $15.9 | $19.2 | $17.1 | | Income tax expense (benefit) | 1.7 | 0.6 | (0.3) | 1.0 | 3.7 | | Income (loss) before taxes | $16.3 | $3.2 | $15.5 | $20.1 | $20.8 | | Net (income) loss attributable to noncontrolling interest in consolidated ventures (GAAP) | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | | Our share of real estate depreciation, amortization and sale adjustments | 10.4 | 8.7 | 7.9 | 8.1 | 7.8 | | Adjustments for derivative results and loan sale activity | 0.4 | 0.1 | 0.0 | 0.6 | (0.7) | | Unrealized (gain) loss on securities | (0.1) | 1.9 | (0.1) | 0.2 | (0.1) | | Adjustment for impairment | 0.1 | (0.0) | (0.0) | (0.0) | (0.0) | | Non-cash stock-based compensation | 3.7 | 14.2 | 3.1 | 3.0 | 3.0 | | Distributable earnings prior to charge-off of allowance for credit losses | $30.8 | $28.0 | $26.4 | $32.1 | $30.9 | | Charge-off of allowance for credit losses | - | - | (5.0) | - | - | | Distributable earnings 1 | $30.8 | $28.0 | $21.4 | $32.1 | $30.9 | | Estimated corporate tax (expense) benefit | (1.0) | (0.7) | (0.5) | (0.9) | (2.0) | | After-tax distributable earnings | $29.8 | $27.3 | $21.0 | $31.2 | $28.9 | | Weighted average diluted shares outstanding (mm) | 125.2 | 126.0 | 126.2 | 126.1 | 126.2 | | Distributable EPS 1 | $0.24 | $0.22 | $0.17 | $0.25 | $0.23 | | Per share impact of charge-off of allowance for credit losses | - | - | 0.04 | - | - | | Distributable EPS prior to charge-off of allowance for credit losses | $0.24 | $0.22 | $0.21 | $0.25 | $0.23 | | 12 Months Ended | | | | | | | Distributable earnings | $112.3 $30.8 | $28.0 | $21.4 | $32.1 | $30.9 | | Average shareholders' equity | 1,473.2 1,438.2 | 1,465.5 | 1,490.0 | 1,499.3 | 1,509.6 | | Pre-tax Distributable ROAE 1 | 7.6% 8.6% | 7.6% | 5.7% | 8.6% | 8.2% | | After-tax distributable earnings | $109.3 $29.8 | $27.3 | $21.0 | $31.2 | $28.9 | | Average shareholders' equity | 1,473.2 1,438.2 | 1,465.5 | 1,490.0 | 1,499.3 | 1,509.6 | | After-tax Distributable ROAE 1 | 7.4% 8.3% | 7.5% | 5.6% | 8.3% | 7.7% | 1. For a description of these non-GAAP financial measures, see Selected Definitions on page 34 ## BALANCE SHEET BY QUARTER | ($ in millions, except per share values) | 06/30/2026 | 03/31/2026 | 12/31/2025 | 09/30/2025 | 06/30/2025 | |-----------------------------------------------------------------------|--------------|--------------|--------------|--------------|--------------| | Assets | | | | | | | Cash and cash equivalents | $37.6 | $33.1 | $38.0 | $49.4 | $134.9 | | Restricted cash | 16.8 | 18.5 | 14.9 | 13.5 | 13.4 | | Mortgage loan receivables held for investment, net, at amortized cost | 2,743.0 | 2,559.3 | 2,170.2 | 1,868.5 | 1,541.5 | | Mortgage loan receivables held for sale | 27.2 | 27.6 | 28.0 | 28.0 | 28.3 | | Securities | 1,872.4 | 2,073.7 | 2,088.3 | 1,940.5 | 1,966.5 | | Real estate and related lease intangibles, net | 776.5 | 775.7 | 703.5 | 705.5 | 690.2 | | Investments in and advances to unconsolidated ventures | 41.5 | 44.2 | 44.5 | 18.5 | 18.9 | | Derivative instruments | 0.1 | 0.4 | 0.3 | 0.3 | 0.2 | | Accrued interest receivable | 17.0 | 17.8 | 15.9 | 14.5 | 13.3 | | Other assets | 74.1 | 56.4 | 49.0 | 47.9 | 50.2 | | Total assets | $5,606.3 | $5,606.7 | $5,152.5 | $4,686.5 | $4,457.5 | | Liabilities | | | | | | | Debt obligations, net | $4,004.9 | $4,027.6 | $3,510.4 | $2,997.2 | $2,783.2 | | Dividends payable | 31.1 | 30.6 | 31.8 | 31.4 | 30.9 | | Accrued expenses | 64.4 | 45.1 | 76.4 | 55.4 | 55.3 | | Other liabilities | 79.2 | 58.8 | 52.5 | 109.1 | 88.0 | | Total liabilities | $4,179.6 | $4,162.1 | $3,671.2 | $3,193.1 | $2,957.4 | | Equity | | | | | | | Total shareholders' equity | $1,429.3 | $1,447.1 | $1,483.9 | $1,496.0 | $1,502.6 | | Noncontrolling interest in consolidated ventures | (2.6) | (2.6) | (2.6) | (2.6) | (2.5) | | Total equity | $1,426.7 | $1,444.5 | $1,481.4 | $1,493.4 | $1,500.1 | | Total liabilities and equity | $5,606.3 | $5,606.7 | $5,152.5 | $4,686.5 | $4,457.5 | | Total Leverage Ratio | 2.8x | 2.8x | 2.4x | 2.0x | 1.9x | | Adjusted Leverage Ratio 1 | 2.3x | 2.3x | 2.0x | 1.7x | 1.6x | | Total Shares Outstanding (mm) | 126.9 | 127.7 | 127.2 | 127.3 | 127.5 | | GAAP Book Value per Share 2 | $11.27 | $11.33 | $11.66 | $11.75 | $11.79 | | Undepreciated Book Value per Share 1 | $13.44 | $13.42 | $13.69 | $13.71 | $13.68 | | Distributions per LADR Share | $0.23 | $0.23 | $0.23 | $0.23 | $0.23 | 1. For a description of these non-GAAP financial measures, see Selected Definitions on page 34 2. For a description of this financial measure, see Selected Definitions on page 34 ## BOOK EQUITY & ADJUSTED LEVERAGE BY QUARTER | ($ in millions, except per share values) | 06/30/2026 | 03/31/2026 | 12/31/2025 | 09/30/2025 | 06/30/2025 | |----------------------------------------------------------------------------------------------|--------------|--------------|--------------|--------------|--------------| | Beginning book equity balance | $1,444.5 | $1,481.4 | $1,493.4 | $1,500.1 | $1,514.4 | | Net income (loss) attributable to Class A common shareholders | 14.6 | 2.6 | 15.9 | 19.2 | 17.3 | | Dividends | (29.2) | (29.3) | (29.3) | (29.3) | (29.3) | | Changes in other comprehensive income (OCI) | 1.2 | (1.7) | (0.8) | 2.3 | 1.6 | | Other | (4.5) | (8.4) | 2.1 | 1.1 | (3.9) | | Ending book equity balance (Total equity) | $1,426.7 | $1,444.5 | $1,481.4 | $1,493.4 | $1,500.1 | | Noncontrolling interest in consolidated ventures | 2.6 | 2.6 | 2.6 | 2.6 | 2.5 | | Total shareholders' equity | $1,429.3 | $1,447.1 | $1,483.9 | $1,496.0 | $1,502.6 | | Average book equity balance excluding noncontrolling interest in consolidated ventures | $1,438.2 | $1,465.5 | $1,490.0 | $1,499.3 | $1,509.6 | | Accumulated depreciation & amortization - net leased commercial real estate | 203.5 | 198.8 | 194.1 | 189.5 | 184.9 | | Accumulated depreciation & amortization - diversified commercial real estate | 77.8 | 72.9 | 68.6 | 64.6 | 60.9 | | Less: noncontrolling interests' share of accumulated real estate depreciation & amortization | (5.4) | (5.3) | (5.1) | (5.0) | (4.9) | | Accumulated real estate depreciation & amortization - our share | $275.8 | $266.5 | $257.5 | $249.1 | $240.9 | | Undepreciated book value | $1,705.2 | $1,713.6 | $1,741.5 | $1,745.1 | $1,743.5 | | Total shares outstanding (mm) | 126.9 | 127.7 | 127.2 | 127.3 | 127.5 | | GAAP Book Value per Share 1 | $11.27 | $11.33 | $11.66 | $11.75 | $11.79 | | Undepreciated Book Value per Share 2 | $13.44 | $13.42 | $13.69 | $13.71 | $13.68 | | Debt obligations GAAP reconciliation | | | | | | | Loan repurchase facilities | $107.2 | - | - | - | $62.7 | | Securities repurchase financing | 825.9 | 934.9 | 627.0 | 361.6 | 294.4 | | Revolving credit facility (unsecured) | 202.0 | 492.0 | 280.0 | 20.0 | - | | Term loan (unsecured) | 275.0 | - | - | - | - | | Mortgage debt, net of unamortized debt issuance costs | 387.5 | 384.2 | 388.2 | 401.7 | 421.9 | | Senior unsecured notes, net of unamortized debt issuance costs | 2,207.3 | 2,216.4 | 2,215.2 | 2,213.9 | 2,004.1 | | Debt obligations, net | $4,004.9 | $4,027.6 | $3,510.4 | $2,997.2 | $2,783.2 | | Less: CLO debt | - | - | - | - | - | | Adjusted debt obligations | $4,004.9 | $4,027.6 | $3,510.4 | $2,997.2 | $2,783.2 | | Total equity | $1,426.7 | $1,444.5 | $1,481.4 | $1,493.4 | $1,500.1 | | Plus: Accumulated depreciation and amortization on real estate and related intangibles | 281.2 | 271.7 | 262.7 | 254.1 | 245.8 | | Less: Accumulated amortization of below market leases | (19.3) | (18.8) | (18.3) | (17.8) | (17.2) | | Plus: CECL allowance | 47.1 | 47.1 | 47.1 | 52.1 | 52.2 | | Total adjusted equity | $1,735.8 | $1,744.6 | $1,772.9 | $1,781.9 | $1,780.8 | | Adjusted leverage ratio 2 | 2.3x | 2.3x | 2.0x | 1.7x | 1.6x | 1. For a description of this financial measure, see Selected Definitions on page 34 2. For a description of these non-GAAP financial measures, see Selected Definitions on page 34 ## SELECTED DEFINITIONS ## Adjusted Leverage Ratio (non-GAAP) ̶ - Total debt obligations, net of deferred financing costs, adjusted to exclude non-recourse indebtedness related to securitizations that is consolidated on our GAAP balance sheet and liabilities for transfers not considered sales, divided by Total Adjusted Equity. ## After-Tax Distributable Return on Average Equity (After-Tax Distributable ROAE) (non-GAAP) ̶ - After-Tax Distributable Earnings divided by average shareholders' equity balance excluding total noncontrolling interest in consolidated ventures. ## Distributable Earnings (non-GAAP) ̶ - Income before taxes adjusted for: (i) net (income) loss attributable to noncontrolling interests in consolidated ventures; (ii) our share of real estate depreciation, amortization and gain adjustments and the inclusion of income distributions from investments in unconsolidated ventures; (iii) the impact of derivative gains and losses related to hedging fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk as of the end of the specified accounting period; (iv) economic gains or losses on loans sales, certain of which may not be recognized under GAAP accounting in consolidation for which risk has substantially transferred during the period, as well as the exclusion of the related GAAP economics in subsequent periods; (v) unrealized gains or losses related to our investments in securities recorded at fair value in current period earnings; (vi) unrealized and realized provision for loan losses and real estate impairment; (vii) non-cash stock-based compensation; and (viii) certain non-recurring transactional items. ## Distributable EPS (non-GAAP) ̶ - After-Tax Distributable Earnings divided by weighted-average diluted shares outstanding. ## GAAP Book Value per Share ̶ - Total shareholders' equity divided by total shares outstanding. ## Loan-to-Value Ratio (LTV) ̶ - Outstanding loan balance divided by the 'as-is' third-party Financial Institutions Reform, Recovery and Enforcement Act of 1989 ('FIRREA') appraised value at origination. ## Pre-Tax Distributable Return on Average Equity (Pre-Tax Distributable ROAE) (non-GAAP) ̶ - Distributable Earnings divided by average shareholders' equity balance excluding total noncontrolling interest in consolidated ventures. ## Total Adjusted Equity (non-GAAP) ̶ - Total equity adjusted for accumulated depreciation and amortization on real estate and related intangibles and general CECL allowance. ## Undepreciated Book Equity and Undepreciated Book Value per Share (non-GAAP) ̶ - Total shareholders' equity, adjusted to include our share of total real estate accumulated depreciation and amortization, divided by total shares outstanding. ## COMPANY INFORMATION Ladder Capital Corp (NYSE: LADR) is an internally-managed, investment grade REIT. Ladder's primary business is originating first mortgage loans on all major commercial property types, with a focus on the middle market. Our multi-cylinder business model also includes owning and operating real estate and investing in highly-rated commercial real estate securities. Ladder's investment objective is to preserve and protect shareholder capital while generating attractive risk-adjusted returns - a discipline reinforced by 13% insider ownership, with management and the board of directors together constituting Ladder's largest shareholder. Since our founding in 2008, Ladder has deployed $52 billion of capital, serving institutional and middle-market clients nationwide. ## Company Contact Information New York Headquarters: 320 Park Avenue - 15 th Floor New York, NY 10022 (212) 715-3170 Investor Relations: investor.relations@laddercapital.com (917) 369-3207 Miami Office: 3390 Mary Street Miami, FL 33133 (305) 340-2779 ## Research Analyst Coverage Citizens / JMP Securities: Chris Muller - (212) 906-3559 J.P. Morgan (credit): Mark Streeter - (212) 834-5086 Raymond James: Gabe Poggi - (571) 227-9641 Keefe Bruyette & Woods: Jade Rahmani - (212) 887-3882 Bank of America: Derek Hewett - (646) 855-2087 Bank of America (credit): Ryan Shelley - (646) 855-8283 ## BTIG: Thomas Catherwood - (212) 738-6140 Wolfe Research: Logan Epstein - (646) 582-9267 B. Riley: Tim D'Agostino - (646) 885-5406 ## Rating Agency Coverage ## Moody's: Stephen Lynch - (212) 553-9585 Corporate Rating: Baa3 / Stable outlook ## Standard & Poor's: Alan Zigman - (416) 507-2556 Corporate Rating: BB+ / Positive outlook ## Fitch: Kimberly Green - (646) 582-4042 Corporate Rating: BBB- / Stable outlook