Document:

Form of Management Agreement

 Exhibit 10.3 
 MANAGEMENT AGREEMENT 
 THIS MANAGEMENT AGREEMENT (this
“Agreement”) is made as of [—], 2009 by and among LADDER CAPITAL REALTY FINANCE INC, a Maryland corporation (the “Company”), LADDER CAPITAL REALTY (TRS) INC, a
Delaware corporation (the “TRS”), and LADDER CAPITAL REALTY FINANCE MANAGER LLC, a Delaware limited liability company (together with its permitted assignees, the “Manager”). 
 WHEREAS, the Company is a newly organized corporation that intends to elect and to qualify to be taxed as a REIT (as defined
herein) for U.S. federal income tax purposes; 
 WHEREAS, the TRS is a wholly-owned subsidiary of the Company; and

 WHEREAS, the Company, the TRS and each of the other Subsidiaries (as defined herein) desire to retain the Manager to
provide certain management advisory services to them on the terms and conditions hereinafter set forth, and the Manager wishes to be retained to provide such services upon the terms and conditions hereof. 
 NOW THEREFORE, in consideration of the mutual agreements herein set forth, the parties hereto agree as follows: 
 Section 1. Definitions. The following terms have the following meanings assigned to them: 
 (a) “Advisor” means Ladder Capital Finance LLC, a Delaware limited liability company. 
 (b) “Affiliate” means, with respect to any Person, (i) any other Person directly or indirectly controlling,
controlled by, or under common control with such other Person, (ii) any executive officer, general partner or employee of such Person, (iii) any member of the board of directors or board of managers (or bodies performing similar functions)
of such Person, and (iv) any legal entity for which such Person acts as an executive officer or general partner. 
 (c)
“Agreement” means this Management Agreement, as amended, restated or supplemented from time to time. 
 (d)
“Bankruptcy” means, with respect to any Person, (a) the filing by such Person of a voluntary petition seeking liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United
States Code or any other federal, state or foreign insolvency law, or such Person’s filing an answer consenting to or acquiescing in any such petition, (b) the making by such Person of any assignment for the benefit of its creditors,
(c) the expiration of 90 days after the filing of an involuntary petition under Title 11 of the Unites States Code, an application for the appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition
seeking liquidation, reorganization, arrangement or readjustment of its debts under any other federal, state or foreign insolvency law, provided, that the same shall not have been vacated, set aside or stayed within such 90-day period or
(d) the entry against it of a final and non-appealable order for relief under any bankruptcy, insolvency or similar law now or hereinafter in effect. 
 (e) “Base Management Fee” means a base management fee, calculated and payable (in cash) quarterly in arrears, in an amount equal to 1.50% per annum of Stockholders’ Equity.

 (f) “Board of Directors” means the Board of Directors of the Company. 

 (g) “Business Day” means any day except a Saturday, a Sunday or a day on
which banking institutions in New York, New York are not required to be open. 
 (h) “CMBS” shall have the
meaning set forth in Section 3(b) of this Agreement. 
 (i) “Code” means the Internal Revenue Code
of 1986, as amended. 
 (j) “Common Stock” means the common stock, par value $0.01, of the Company.

 (k) “Company” shall have the meaning set forth in the introductory paragraph of this Agreement. 

(l) “Company Account” shall have the meaning set forth in Section 5 of this Agreement. 
 (m) “Company Indemnified Party” shall have the meaning set forth in Section 12(c) of this Agreement.

 (n) “Company Percentage” shall have the meaning set forth in Section 8(d)(i) of this Agreement.

 (o) “Concurrent Private Placement” means the shares of Common Stock to be sold by the Company in a private
placement to an Affiliate of the Manager simultaneously with the Initial Public Offering. 
 (p) “Conditional Payment
Period” shall have the meaning set forth in Section 9(a). 
 (q) “Core Earnings” means the net
income (loss), computed in accordance with GAAP, excluding non-cash equity compensation expense, unrealized gains, losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items
are included in other comprehensive income or loss, or in net income. The amount of Core Earnings will be adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges, in each case after discussions between the
Manager and the Independent Directors and after approval by a majority of the Independent Directors. 
 (r) “Effective
Termination Date” shall have the meaning set forth in Section 14(a) of this Agreement. 
 (s)
“Excess Funds” shall have the meaning set forth in Section 2(o) of this Agreement. 
 (t)
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (u) “Expenses” shall
have the meaning set forth in Section 10 of this Agreement. 
 (v) “GAAP” means generally accepted
accounting principles, as applied in the United States. 
 (w) “Governing Instruments” means, with regard to
any entity, the articles of incorporation and bylaws in the case of a corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles of formation and
the

  

 - 2 - 

 
operating agreement in the case of a limited liability company, the trust instrument in the case of a trust, or similar governing documents, in each case as amended from time to time. 

(x) “Guidelines” shall have the meaning set forth in Section 2(b)(i) of this Agreement. 
 (y) “Indemnitee” shall have the meaning set forth in Section 12(c) of this Agreement. 
 (z) “Indemnitor” shall have the meaning set forth in Section 12(d) of this Agreement. 
 (aa) “Independent Directors” means the members of the Board of Directors who are not officers or employees of the Manager
or any Person directly or indirectly controlling or controlled by the Manager, and who are otherwise “independent” in accordance with the NYSE’s corporate governance listing standards (or the rules of any other national securities
exchange on which the Common Stock is listed). 
 (bb) “Initial Public Offering” means the Company’s sale
of Common Stock to the public through underwriters pursuant to the Company’s Registration Statement on Form S-11 (File No. 333-160667). 
 (cc) “Initial Term” shall have the meaning set forth in Section 14(a) of this Agreement. 
 (dd) “Investment Advisory Agreement” means the Investment Advisory Agreement by and between the Manager and the Advisor, dated as of the date hereof, pursuant to which the Manager will be
provided access to, among other things, the Advisor’s portfolio management, asset valuation, risk management and asset management services as well as administration services addressing legal, compliance, investor relations and information
technologies. 
 (ee) “Investment Committee” means the Manager’s investment committee that will oversee
the Company’s investment and financing strategies as well as compliance with the Company’s investment guidelines. 
 (ff) “Investment Company Act” means the Investment Company Act of 1940, as amended 
 (gg)
“Investments” means the investments of the Company and the Subsidiaries. 
 (hh) “IPO Underwriting
Agreement” means the Underwriting Agreement, dated [—], 2009, by and among the Company, the Manager and the underwriters of the Initial Public Offering. 
 (ii) “Last Appraiser” shall have the meaning set forth in Section 9(d) of this Agreement. 
 (jj) “LIBOR” means London Interbank Offered Rate. 
 (kk) “Manager” shall have the meaning set forth in the introductory paragraph of this Agreement. 
  

 - 3 - 

 (ll) “Manager Change of Control” means the occurrence of any of the
following: 
  

	 	(i)	the sale, lease, transfer or other disposition, in one or a series of related transactions, of all or substantially all of the assets of the Manager, taken as a whole,
to any Person other than the Advisor or any of its Affiliates; and 

  

	 	(ii)	the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision),
including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than the Advisor and its Affiliates, in a single transaction or in a related
series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of 50% or more of the total voting
power of the voting capital interests of the Manager. 

 Manager Change of Control shall not include public
offerings of the capital stock of the Manager or any assignment of this Agreement by the Manager as permitted hereby and in accordance with the terms hereof. 
 (mm) “Manager Conditional Payment” shall have the meaning set forth in Section 9(a). 
 (nn) “Manager Indemnified Party” shall have the meaning set forth in Section 12(b) of this Agreement. 
 (oo) “Manager Offering Payments” means [—]. 
 (pp) “Monitoring Services” shall have the meaning set forth in Section 2(b) of this Agreement. 
 (qq) “Notice of Proposal to Negotiate” shall have the meaning set forth in Section 14(a) of this Agreement.

 (rr) “NYSE” means the New York Stock Exchange, Inc. 
 (ss) “Person” means any individual, corporation, partnership, joint venture, limited liability company, estate, trust,
unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 
 (tt) “Performance Hurdle Rate” shall have the meaning set forth in Section 9(a). 
 (uu) “Portfolio Management Services” shall have the meaning set forth in Section 2(b) of this Agreement.

 (vv) “REIT” means a “real estate investment trust,” as defined under the Code. 
 (ww) “Renewal Term” shall have the meaning set forth in Section 14(a) of this Agreement. 
  

 - 4 - 

 (xx) “Risk and Underwriting Committee” means the risk and underwriting
committee of the Board of Directors that reviews and evaluates the Company’s and the Subsidiaries’ risk management and processes and procedures relating to the underwriting of risks undertaken by the Company and the Subsidiaries.

 (yy) “SEC” means the Securities and Exchange Commission. 
 (zz) “Securities Act” means the Securities Act of 1933, as amended. 
 (aaa) “Stockholders’ Equity” means: 
  

	 	(i)	the sum of 

  

	 	(a)	the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the
calendar quarter of any such issuance), plus 

  

	 	(b)	the Company’s retained earnings at the end of the most recently completed calendar quarter (as determined in accordance with GAAP), adjusted to exclude any
non-cash equity compensation expense incurred in current or prior periods, 

  

	 	(ii)	less 

  

	 	(a)	any amount that the Company pays for repurchases of its Common Stock since inception, any unrealized gains, losses and other non-cash items that have impacted
Stockholders’ Equity as reported in the Company’s financial statements prepared in accordance with GAAP, and 

  

	 	(b)	one-time events pursuant to changes in GAAP and certain non-cash items not set forth in subclause (ii)(a) above, in each case after discussions between the Manager and
the Company’s Independent Directors and approval by a majority of the Independent Directors. 

 (bbb)
“Subsidiary” means any subsidiary of the Company; any partnership, the general partner of which is the Company or any subsidiary of the Company; any limited liability company, the managing member of which is the Company or any
subsidiary of the Company; and any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by the Company or any
subsidiary of the Company. 
 (ccc) “Termination Fee” shall have the meaning set forth in
Section 14(b) of this Agreement. 
 (ddd) “Termination Notice” shall have the meaning set forth in
Section 14(a) of this Agreement. 
  

 - 5 - 

 (eee) “Treasury Regulations” means the regulations promulgated under the
Code as amended from time to time. 
 (fff) “TRS” shall have the meaning set forth in the recitals of this
Agreement. 
 (ggg) “TRS Percentage” shall have the meaning set forth in Section 8(e)(ii) of this
Agreement. 
 (hhh) “Valuation Notice” shall have the meaning set forth in Section 9(d) of this
Agreement. 
 (iii) The words “hereof,” “herein” and “hereunder” and words of similar import when
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified. 
 (jjj) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The words
include, includes and including shall be deemed to be followed by the phrase “without limitation.” 
 Section 2.
Appointment and Duties of the Manager. 
 (a) The Company, the TRS and each of the other Subsidiaries hereby appoints
the Manager to manage the assets and day-to-day operations of the Company, the TRS and the other Subsidiaries, subject to the terms and conditions set forth in this Agreement and the supervision of, and such further limitations, as may be imposed
from time to time by, the Board of Directors. The Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein, except where a higher standard of care is specified in this Agreement, in which case
such higher standard of care shall apply. The appointment of the Manager shall be exclusive to the Manager except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the Manager elects,
in accordance with the terms of this Agreement, to cause the duties of the Manager hereunder to be provided by third parties. 
 (b) The Manager, in its capacity as manager of the assets and the day-to-day operations of the Company and the Subsidiaries, at all times will be subject to the supervision of the Board of Directors and will have only such functions and
authority as the Company may delegate to it including, without limitation, the functions and authority identified herein and delegated to the Manager hereby. The Manager will be responsible for the day-to-day operations of the Company and the
Subsidiaries and will perform (or cause to be performed) such services and activities relating to the assets and operations of the Company and the Subsidiaries as may be appropriate, including, without limitation: 
 (i) serving as the Company’s and the Subsidiaries’ consultant with respect to the periodic review of the investment guidelines
and other parameters for the Investments, financing activities and operations, which review shall occur no less often than annually, any modification to which shall be approved by a majority of the Independent Directors (such guidelines as initially
approved and attached hereto as Exhibit A, as the same may be modified, supplemented or waived with such approval, the “Guidelines”); 
 (ii) identifying, investigating, analyzing and selecting possible investment opportunities and originating, acquiring, financing, negotiating, monitoring, retaining, selling, restructuring or disposing of
Investments consistent with the Guidelines; 
  

 - 6 - 

 (iii) with respect to prospective purchases, sales or exchanges of Investments, conducting
negotiations on behalf of the Company and the Subsidiaries with sellers, purchasers, trustees, primary dealers, custodians, and brokers and, if applicable, their respective agents and representatives; 
 (iv) negotiating and entering into, on behalf of the Company and the Subsidiaries, repurchase agreements, credit agreements,
resecuritizations, securitizations, warehouse facilities, bank credit facilities (including term loans and revolving facilities), credit finance agreements, agreements relating to borrowings under programs established by the U.S. government and/or
any agencies thereof, commercial papers, interest rate swap agreements and other hedging instruments and all other agreements and engagements required for the Company and the Subsidiaries to conduct their business; 
 (v) engaging and supervising, on behalf of the Company and the Subsidiaries and at the expense of the Company and the Subsidiaries,
independent contractors that provide investment banking, mortgage brokerage, securities brokerage, special servicing, other financial services, due diligence services, underwriting review services, legal and accounting services, and all other
services (including transfer agent and registrar services) as may be required relating to the Company’s and the Subsidiaries’ operations, Investments or potential Investments; 
 (vi) advising us on, preparing, negotiating and entering into, on behalf of the Company and the Subsidiaries, applications and agreements
relating to programs established by the U.S. government and/or any agencies thereof; 
 (vii) coordinating and managing
operations of co-investment interests or joint ventures held by the Company and the Subsidiaries and conducting all matters with the co-investment partners or joint venture partners; 
 (viii) providing executive and administrative personnel, office space and office services required in rendering services to the Company and
the Subsidiaries; 
 (ix) administering the day-to-day operations and performing and supervising the performance of such other
administrative functions necessary to the management of the Company and the Subsidiaries as may be agreed upon by the Manager and the Board of Directors, including, without limitation, the services in respect of any equity incentive plans, the
collection of revenues and the payment of the debts and obligations of the Company and the Subsidiaries and maintenance of appropriate computer services to perform such administrative functions; 
 (x) communicating on behalf of the Company and the Subsidiaries with the holders of any of their equity or debt securities as required to
satisfy the reporting and other requirements of any governmental bodies or agencies or trading exchanges or markets and to maintain effective relations with such holders, including website maintenance, logo design, analyst presentations, investor
conferences and annual meeting arrangements; 
 (xi) counseling the Company in connection with policy decisions to be made by
the Board of Directors; 
 (xii) evaluating and recommending to the Board of Directors hedging strategies and engaging in
hedging activities on behalf of the Company and the Subsidiaries, consistent with such strategies as modified from time to time, with maintaining the Company’s qualification as a REIT and with the Guidelines; 
  

 - 7 - 

 (xiii) counseling the Company regarding the maintenance of its qualification as a REIT and
monitoring compliance with the various REIT qualification tests and other rules set out in the Code and Treasury Regulations thereunder and using commercially reasonable efforts to cause the Company to qualify for taxation as a REIT; 
 (xiv) counseling the Company and the Subsidiaries regarding the maintenance of their exemptions from the status of an investment company
required to register under the Investment Company Act, monitoring compliance with the requirements for maintaining such exemptions and using commercially reasonable efforts to cause them to maintain such exemptions from such status; 
 (xv) furnishing reports and statistical and economic research to the Company and the Subsidiaries regarding their activities and services
performed for the Company and the Subsidiaries by the Manager; 
 (xvi) monitoring the operating performance of Investments and
providing periodic reports with respect thereto to the Board of Directors, including comparative information with respect to such operating performance and budgeted or projected operating results; 
 (xvii) deploying and redeploying any moneys and securities of the Company and the Subsidiaries (including investing in short-term
Investments pending the investment of other Investments, payment of fees, costs and expenses, or payment of dividends or distributions to securityholders and partners of the Company and the Subsidiaries) and advising the Company and the Subsidiaries
as to their capital structure and capital raising; 
 (xviii) causing the Company and the Subsidiaries to retain qualified
accountants and legal counsel, as applicable, to assist in developing appropriate accounting procedures and systems, internal controls and other compliance procedures and testing systems with respect to financial reporting obligations and compliance
with the provisions of the Code and Treasury Regulations applicable to REITs and, if applicable, TRSs, and to conduct quarterly compliance reviews with respect thereto; 
 (xix) assisting the Company and the Subsidiaries to qualify to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses; 
 (xx) assisting the Company and the Subsidiaries in complying with all regulatory requirements applicable to them with respect to their
business activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required by any governmental body or agency under
the Exchange Act or the Securities Act, or by the NYSE or other stock exchange requirements, as applicable; 
 (xxi) assisting
the Company and the Subsidiaries in taking all necessary action to enable the Company and the Subsidiaries to make required tax filings and reports, including soliciting stockholders of the Company or interest holders in any Subsidiary for required
information to the extent required by the provisions of the Code and Treasury Regulations applicable to REITs; 
 (xxii)
placing, or arranging for the placement of, all orders pursuant to the Manager’s investment determinations for the Company and the Subsidiaries, either directly with the issuer or with a broker or dealer (including any affiliated broker or
dealer); 
 (xxiii) handling and resolving all claims, disputes or controversies (including all litigation, arbitration,
settlements or other proceedings or negotiations) on the Company’s and/or the

  

 - 8 - 

 
Subsidiaries’ behalf in which the Company and/or the Subsidiaries may be involved or to which they may be subject arising out of their day-to-day operations (other than with the Manager or
its Affiliates), subject to such limitations or parameters as may be imposed from time to time by the Board of Directors; 
 (xxiv) using commercially reasonable efforts to cause expenses incurred by the Company and the Subsidiaries or on their behalf to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines
set by the Board of Directors from time to time; 
 (xxv) advising the Company and the Subsidiaries with respect to and
structuring (1) long-term financing vehicles for their portfolio of assets and (2) the offering and selling of securities publicly or privately in connection with any such structured financing, in each case consistent with the Guidelines;

 (xxvi) forming the Manager’s Investment Committee, which will prepare the Guidelines to be approved by the majority of
the Independent Directors; 
 (xxvii) serving as the Company’s and the Subsidiaries’ consultant with respect to
decisions regarding any financings, hedging activities or borrowings undertaken by the Company and/or the Subsidiaries, including (1) assisting the Company and/or the Subsidiaries in developing criteria for debt and equity financing that are
specifically tailored to the Company’s and the Subsidiaries’ investment objectives, and (2) advising the Company and the Subsidiaries with respect to obtaining appropriate financing for the Investments; 
 (xxviii) providing the Company and the Subsidiaries with portfolio management; 
 (xxix) arranging marketing materials, advertising, industry group activities (such as conference participations and industry organization
memberships) and other promotional efforts designed to promote the Company’s and the Subsidiaries’ business; 
 (xxx)
performing such other services as may be required from time to time for the management and other activities relating to the assets, business and operations of the Company and the Subsidiaries as the Board of Directors shall reasonably request or the
Manager shall deem appropriate under the particular circumstances; and 
 (xxxi) using commercially reasonable efforts to cause
the Company and the Subsidiaries to comply with all applicable laws. 
 Without limiting the foregoing, the Manager will perform portfolio
management services (the “Portfolio Management Services”) on behalf of the Company and the Subsidiaries with respect to the Investments. Such services will include, but not be limited to, consulting with the Company and the
Subsidiaries on the purchase and sale of, and other opportunities in connection with, the Company’s and the Subsidiaries’ portfolio of assets; the collection of information and the submission of reports pertaining to the Company’s and
the Subsidiaries’ assets, interest rates and general economic conditions; periodic review and evaluation of the performance of the Company’s and the Subsidiaries’ portfolio of assets; acting as liaison between the Company and the
Subsidiaries and banking, mortgage banking, investment banking and other parties with respect to the purchase, financing and disposition of assets; and other customary functions related to portfolio management. Additionally, the Manager will perform
monitoring services (the “Monitoring Services”) on behalf of the Company and the Subsidiaries with respect to any activities provided by third parties. Such Monitoring Services will include, but not be limited to, negotiating
servicing agreements; acting as a liaison between the servicers of the assets and the Company and the

  

 - 9 - 

 
Subsidiaries; review of servicers’ delinquency, foreclosure and other reports on assets; supervising claims filed under any insurance policies; and enforcing the obligation of any servicer
to repurchase assets. 
 (c) For the period and on the terms and conditions set forth in this Agreement, each of the Company
and the Subsidiaries hereby constitutes, appoints and authorizes the Manager as its true and lawful agent and attorney-in-fact, in its name, place and stead, to negotiate, execute, deliver and enter into such credit finance, warehouse finance,
securities repurchase and reverse repurchase agreements, bank credit facilities, credit agreements, agreements relating to borrowings under programs established by the U.S. government, commercial papers and arrangements, brokerage agreements,
interest rate swap agreements, custodial agreements and such other agreements, instruments and authorizations on their behalf, on such terms and conditions as the Manager, acting in its sole and absolute discretion, deems necessary or appropriate.
This power of attorney is deemed to be coupled with an interest. 
 (d) The Manager may enter into agreements with other
parties, including its Affiliates, for the purpose of engaging one or more parties for and on behalf, and at the sole cost and expense, of the Company and the Subsidiaries to provide credit analysis, risk management, property management, asset
management, leasing, development and/or other services to the Company and the Subsidiaries (including, without limitation, Portfolio Management Services and Monitoring Services) pursuant to agreement(s) with terms which are then customary for
agreements regarding the provision of services to companies that have assets similar in type, quality and value to the assets of the Company and the Subsidiaries; provided, that (i) any such agreements entered into with Affiliates of the
Manager shall be (A) on terms no more favorable to such Affiliates than would be obtained from a third party on an arm’s-length basis and (B) to the extent the same do not fall within the provisions of the Guidelines, approved by a
majority of the Independent Directors, (ii) with respect to Portfolio Management Services, (A) any such agreements shall be subject to the Company’s prior written approval and (B) the Manager shall remain liable for the
performance of such Portfolio Management Services, and (iii) with respect to Monitoring Services, any such agreements shall be subject to the Company’s prior written approval. 
 (e) The Manager and the Advisor have entered into the Investment Advisory Agreement pursuant to which the Manager will have access to the
personnel and resources of the Advisor in the implementation of the Company’s business strategy. 
 (f) To the extent that
the Manager deems necessary or advisable, the Manager may, from time to time at the sole cost and expense of the Manager, propose to retain one or more additional entities for the provision of sub-advisory services to the Manager in addition to the
advisory services provided to the Manager by the Advisor pursuant to the Investment Advisory Agreement in order to enable the Manager to provide the services to the Company and the Subsidiaries specified by this Agreement; provided that any
such agreement (i) shall be on terms and conditions substantially identical to the terms and conditions of this Agreement or otherwise not adverse to the Company and the Subsidiaries, and (ii) shall be approved by a majority of the
Independent Directors of the Company. The Company and the TRS hereby acknowledge and approve the terms of the Investment Advisory Agreement. 
 (g) The Manager may retain, for and on behalf and at the sole cost and expense of the Company and the Subsidiaries, such services of accountants, legal counsel, appraisers, insurers, brokers, transfer
agents, registrars, developers, investment banks, financial advisors, due diligence firms, underwriting review firms, banks and other lenders and others as the Manager deems necessary or advisable in connection with the management and operations of
the Company and the Subsidiaries. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services to be rendered by its employees or Affiliates. Except as otherwise provided herein, the Company
and the Subsidiaries shall pay or reimburse the Manager or its Affiliates performing such

  

 - 10 - 

 
services for the documented cost thereof; provided, that such costs and reimbursements are no greater than those which would be payable to outside professionals or consultants engaged to
perform such services pursuant to agreements negotiated on an arm’s-length basis. 
 (h) The Manager may effect
transactions by or through the agency of another person with it or its Affiliates which have an arrangement under which that party or its Affiliates will from time to time provide to or procure for the Manager and/or its Affiliates goods, services
or other benefits (including, but not limited to, research and advisory services; economic and political analysis, including valuation and performance measurement; market analysis, data and quotation services; computer hardware and software
incidental to the above goods and services; clearing and custodian services and investment related publications), the nature of which is such that provision can reasonably be expected to benefit the Company and the Subsidiaries as a whole and may
contribute to an improvement in the performance of the Company and the Subsidiaries or the Manager or its Affiliates in providing services to the Company and the Subsidiaries on terms that no direct payment is made but instead the Manager and/or its
Affiliates undertake to place business with that party. 
 (i) In executing portfolio transactions and selecting brokers or
dealers, the Manager will use its best efforts to seek on behalf of the Company and the Subsidiaries the best overall terms available. In assessing the best overall terms available for any transaction, the Manager shall consider all factors that it
deems relevant, including, without limitation, the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for
the specific transaction and on a continuing basis. In evaluating the best overall terms available, and in selecting the broker or dealer to execute a particular transaction, the Manager may also consider whether such broker or dealer furnishes
research and other information or services to the Manager. 
 (j) The Manager has no duty or obligation to seek in advance
competitive bidding for the most favorable commission rate applicable to any particular purchase, sale or other transaction, or to select any broker-dealer on the basis of its purported or “posted” commission rate, but will endeavor to be
aware of the current level of charges of eligible broker-dealers and to minimize the expense incurred for effecting purchases, sales and other transactions to the extent consistent with the interests and policies of the Company and the Subsidiaries.
Although the Manager will generally seek competitive commission rates, it is not required to pay the lowest commission or commission equivalent, provided, that such decision is made in good faith to promote the best interests of the Company
and the Subsidiaries. 
 (k) As frequently as the Manager may deem necessary or advisable, or at the direction of the Board of
Directors, the Manager shall, at the sole cost and expense of the Company and the Subsidiaries, prepare, or cause to be prepared, with respect to any Investment, reports and other information with respect to such Investment as may be reasonably
requested by the Company. 
 (l) The Manager shall prepare, or cause to be prepared, at the sole cost and expense of the
Company and the Subsidiaries, all reports, financial or otherwise, with respect to the Company and the Subsidiaries reasonably required by the Board of Directors in order for the Company and the Subsidiaries to comply with their Governing
Instruments or any other materials required to be filed with any governmental body or agency, including, but not limited to, the SEC, and shall prepare, or cause to be prepared, all materials and data necessary to complete such reports and other
materials including, without limitation, an annual audit of the Company’s and the Subsidiaries’ books of account by a nationally recognized registered independent public accounting firm. 
 (m) The Manager shall prepare regular reports for the Board of Directors to enable the Board of Directors to review the Company’s and
the Subsidiaries’ acquisitions, portfolio composition

  

 - 11 - 

 
and characteristics, credit quality, performance and compliance with the Guidelines and policies approved by the Board of Directors. 
 (n) The Manager shall establish an Investment Committee, which shall initially be comprised of a chief executive officer, president, chief
financial officer and general counsel of the Company. The Investment Committee will meet periodically, as many times as necessary but no less than once every quarter, to discuss investment opportunities. The Investment Committee will periodically
review the Company’s investment portfolio and its compliance with the Guidelines, and provide the Board of Directors an investment report at the end of each quarter in conjunction with its review of the quarterly results of the Company and the
Subsidiaries. Investments must be approved as follows: (i) all Investments must be approved by the Investment Committee, (ii) any Investment in excess of 10% of the Company’s and the Subsidiaries’ equity but less than or equal to
20% of the Company’s and the Subsidiaries’ equity requires the approval of the Risk and Underwriting Committee of the Board of Directors acting by an 80% supermajority vote, and (iii) any Investment in excess of 20% of the
Company’s and Subsidiaries’ requires the approval of the Board of Directors. 
 (o) Notwithstanding anything
contained in this Agreement to the contrary, except to the extent that the payment of additional money is proven by the Company to have been required as a direct result of the Manager’s acts or omissions which result in the right of the Company
and the Subsidiaries to terminate this Agreement pursuant to Section 16 of this Agreement, the Manager shall not be required to expend money (“Excess Funds”) in connection with any expenses that are required to be
paid for or reimbursed by the Company and the Subsidiaries pursuant to Section 10 in excess of that contained in any applicable Company Account (as herein defined) or otherwise made available by the Company and the Subsidiaries to
be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the right of the Company and the Subsidiaries under Section 14(a) of this Agreement to
terminate this Agreement due to the Manager’s unsatisfactory performance. 
 (p) In performing its duties under this
Section 2, the Manager shall be entitled to rely reasonably on qualified experts and professionals (including, without limitation, accountants, legal counsel and other service providers) hired by the Manager at the Company’s
and the Subsidiaries’ sole cost and expense. 
 Section 3. Devotion of Time; Additional Activities. 
 (a) The Manager and its Affiliates will provide the Company and the Subsidiaries with a management team, including a chief executive
officer, a dedicated chief financial officer, and other appropriate support personnel, to provide the management services to be provided by the Manager to the Company and the Subsidiaries hereunder, the members of which team shall devote such
portion of their time to the management of the Company and the Subsidiaries as is necessary and appropriate to enable the Company to operate its business, commensurate with the Company’s level of activity. The Manager is not obligated to
dedicate any of its employees (other than the Chief Financial Officer of the Company) exclusively to the Company, nor is the Manager or its employees obligated to dedicate any specific portion of its or their time to the Company. The Company shall
have the benefit of the Manager’s best judgment and effort in rendering services and, in furtherance of the foregoing, the Manager shall not undertake activities which, in its reasonable and good faith judgment, will adversely affect the
performance of its obligations under this Agreement. 
 (b) The Manager agrees to offer the Company and the Subsidiaries the
right to participate in all opportunities that the Manager determines are appropriate for the Company and the Subsidiaries in view of their objectives, policies and strategies, and other relevant factors, subject to the

  

 - 12 - 

 
exception that the Company and the Subsidiaries might not participate in each such opportunity but will on an overall basis equitably participate with the Manager’s or its Affiliates’
current and future programs, funds, vehicles, managed accounts, ventures or other entities managed or owned by the Manager or its Affiliates in relevant opportunities. The Manager and its Affiliates have agreed that, until at least $300 million of
the net proceeds of the IPO and the Concurrent Private Placement have been deployed by the Company and the Subsidiaries into investments in first mortgage loans, they will allocate to the Company at least two out of every three first mortgage loan
opportunities that are identified as appropriate for the Company and the Subsidiaries. Thereafter, with respect to (i) first mortgage loan originations, and at all times with respect to loans other than first mortgage loan originations, the
Manager and its Affiliates have agreed that they will allocate to the Company at least one of every two such investment opportunities they source and (ii) commercial mortgage-backed securities (“CMBS”), the Manager and its
Affiliates have agreed that they will allocate CMBS greater than $5 million in alternating order among the Company and certain accounts managed by the Manager and its Affiliates. 
 (c) Nothing in this Agreement shall (i) prevent the Manager or any of its Affiliates, officers, directors, employees or personnel,
from engaging in other businesses or from rendering services of any kind to any other Person, including, without limitation, investing in, or rendering advisory services to others investing in, any type of business (including, without limitation,
acquisitions of assets that meet the principal objectives of the Company), whether or not the objectives or policies of any such other Person or entity are similar to those of the Company or (ii) in any way bind or restrict the Manager or any
of its Affiliates, officers, directors, employees or personnel from buying, selling or trading any securities or assets for their own accounts or for the account of others for whom the Manager or any of its Affiliates, officers, directors, employees
or personnel may be acting. When making decisions where a conflict of interest may arise, the Manager will endeavor to allocate acquisition and financing opportunities in a fair and equitable manner over time as between the Company and the
Subsidiaries and the Manager’s other funds and clients. While information and recommendations supplied to the Company shall, in the Manager’s reasonable and good faith judgment, be appropriate under the circumstances and in light of the
investment objectives and policies of the Company, they may be different from the information and recommendations supplied by the Manager or any Affiliate of the Manager to current and future programs, funds, vehicles, managed accounts, ventures or
other entities managed or owned by the Manager or its Affiliates. The Company shall be entitled to equitable treatment under the circumstances in receiving information, recommendations and any other services, but the Company recognizes that it is
not entitled to receive preferential treatment as compared with the treatment given by the Manager or any Affiliate of the Manager to any current and future programs, funds, vehicles, managed accounts, ventures or other entities managed or owned by
the Manager or its Affiliates other than any fund or advisory account which contains only funds invested by the Manager, its Affiliates (and not any funds of any of their clients or customers) or their officers and directors. 
 (d) Managers, partners, officers, employees, personnel and agents of the Manager or Affiliates of the Manager may serve as directors,
officers, employees, partners, personnel, agents, nominees or signatories for the Company and/or any Subsidiary, to the extent permitted by their Governing Instruments or by any resolutions duly adopted by the Board of Directors pursuant to the
Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company or the Subsidiaries, such persons shall use their respective titles in the Company or the Subsidiaries. 
 (e) Subject to Section 2(d), the Manager is authorized, for and on behalf, and at the sole cost and expense, of the Company and
the Subsidiaries, to employ securities dealers for the purchase and sale of Investments as the Manager deems necessary or appropriate, in its sole discretion. 
  

 - 13 - 

 (f) The Company (including the Board of Directors) agrees to take, or cause to be taken,
all actions reasonably required to permit and enable the Manager to carry out its duties and obligations under this Agreement, including, without limitation, all steps reasonably necessary to allow the Manager to file any registration statement on
behalf of the Company in a timely manner or to deliver any financial statements or other reports with respect to the Company or any Subsidiary. 
 Section 4. Agency. The Manager shall act as agent of the Company and the Subsidiaries in making, acquiring, financing and disposing of Investments, disbursing and collecting the funds of the
Company and the Subsidiaries, paying the debts and fulfilling the obligations of the Company and the Subsidiaries, supervising the performance of professionals engaged by or on behalf of the Company and the Subsidiaries and handling, prosecuting and
settling any claims of or against the Company and the Subsidiaries, the Board of Directors, holders of the Company’s securities or representatives or properties of the Company and the Subsidiaries. 
 Section 5. Bank Accounts. At the direction of the Board of Directors, the Manager may establish and maintain as agent on behalf of
the Company and the Subsidiaries one or more bank accounts in the name of the Company or any Subsidiary (any such account, a “Company Account”), and may collect and deposit funds into any such Company Account or Company Accounts,
and disburse funds from any such Company Account or Company Accounts, under such terms and conditions as the Board of Directors may approve; and the Manager shall from time to time render appropriate accountings of such collections and payments to
the Board of Directors and, upon request, to the auditors of the Company or any Subsidiary. 
 Section 6. Records;
Confidentiality. The Manager shall maintain appropriate books of accounts and records relating to services performed under this Agreement, and such books of account and records shall be accessible for inspection by representatives of the Company
or any Subsidiary at any time during normal business hours upon reasonable advance notice. The Manager shall keep confidential any and all information obtained in connection with the services rendered under this Agreement and shall not disclose any
such information (or use the same except in furtherance of its duties under this Agreement) to unaffiliated third parties except (i) with the prior written consent of the Board of Directors; (ii) to legal counsel, accountants and
other professional advisors; (iii) to appraisers, financing sources and others in the ordinary course of the Company’s and the Subsidiaries’ business; (iv) to governmental officials having jurisdiction over the Company or any
Subsidiary; (v) in connection with any governmental or regulatory filings of the Company or any Subsidiary or disclosure or presentations to Company investors; (vi) as required by law or legal process to which the Manager or any Person to
whom disclosure is permitted hereunder is a party; or (vii) to the extent such information is otherwise publicly available. The foregoing shall not apply to information which has previously become publicly available through the actions of a
Person other than the Manager not resulting from the Manager’s violation of this Section 6. The provisions of this Section 6 shall survive the expiration or earlier termination of this Agreement for a period of one year.

 Section 7. Obligations of Manager; Restrictions. 
 (a) The Manager shall require each seller or transferor of Investments to the Company and the Subsidiaries to make such representations and
warranties regarding such assets as may, in the judgment of the Manager, be necessary and appropriate. In addition, the Manager shall take such other action as it deems necessary or appropriate with regard to the protection of the Investments.

 (b) The Manager shall refrain from any action that, in its sole judgment made in good faith: 
  

 - 14 - 

	 	•	 	 is not in compliance with the Guidelines; 

  

	 	•	 	 would adversely and materially affect the qualification of the Company as a REIT under the Code; 

  

	 	•	 	 would adversely and materially affect the Company’s or any Subsidiary’s status as an entity intended to be exempted or excluded from
investment company status under the Investment Company Act; or 

  

	 	•	 	 would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or any Subsidiary or that would
otherwise not be permitted by the Company’s Governing Instruments. 

 If the Manager is ordered to take
any such action by the Board of Directors, the Manager shall promptly notify the Board of Directors of the Manager’s judgment that such action would be in contravention of the Guidelines or adversely and materially affect the qualification of
the Company as a REIT, the Company’s or any Subsidiary’s status as an entity intended to be exempted or excluded from registration under the Investment Company Act, or violate any such law, rule or regulation or the Governing Instruments.
Notwithstanding the foregoing, the Manager, its directors, members, officers, stockholders, managers, personnel, employees and any Person controlling or controlled by the Manager and any Person providing sub-advisory services to the Manager shall
not be liable to the Company or any Subsidiary, the Board of Directors, or the Company’s or any Subsidiary’s stockholders, members or partners, for any act or omission by the Manager, its directors, officers, stockholders or employees
except as provided in Section 12 of this Agreement. 
 (c) The Board of Directors shall periodically review the
Guidelines and the Company’s portfolio of Investments but will not review each proposed Investment, except as otherwise provided herein. If a majority of the Independent Directors determines in their periodic review of transactions that a
particular transaction does not comply with the Guidelines, then a majority of the Independent Directors will consider what corrective action, if any, can be taken. The Manager shall be permitted to rely upon the direction of the Secretary of the
Company to evidence the approval of the Board of Directors or the Independent Directors with respect to a proposed Investment. 
 (d) Neither the Company nor the Subsidiaries shall purchase or invest in any loan originated by the Manager or any Affiliate thereof or purchase or invest in any security structured or issued by an entity managed by the Manager or any
Affiliate thereof, or invest in, acquire or sell any assets, or arrange financing from or provide financing to, any entity managed by the Manager or its Affiliates unless (i) the transaction is made in accordance with the Guidelines;
(ii) the transaction is approved in advance by a majority of the Independent Directors; and (iii) the transaction is made in accordance with applicable laws. 
 (e) The Manager agrees to be bound by all policies and procedures, including the Company’s code of business conduct and ethics and other compliance and governance policies and procedures, applicable
to the Manager and its officers, directors, members, managers and employees that are adopted by the Board of Directors from time to time, including those required under the Exchange Act or the Securities Act, or by the NYSE or other stock exchange
requirements, as applicable, and to take, or cause to be taken, all actions reasonably required to cause its officers, directors, members, managers and employees, and any principals, officers or employees of its Affiliates (including the Advisor)
who are involved in the business and affairs of the Company, to be bound by such policies and procedures to the extent applicable to such persons. 
  

 - 15 - 

 (f) The Manager shall at all times during the term of this Agreement maintain “errors
and omissions” insurance coverage and other insurance coverage which is customarily carried by property, asset and investment managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to
the assets of the Company and the Subsidiaries, in an amount which is comparable to that customarily maintained by other managers or servicers of similar assets. 
 (g) The Manager shall provide the Company with at least 30 days’ prior written notice of any proposed changes to its allocation policies, which notice shall set forth the proposed changes.

 Section 8. Compensation. 
 (a) During the Initial Term and any Renewal Term (each as defined below), the Company and the TRS shall pay the Manager the Base Management Fee quarterly in arrears commencing with the quarter in which
this Agreement was executed (with such initial payment pro-rated based on the number of days during such quarter that this Agreement was in effect). The Base Management Fee is payable independent of the performance of the Company, any of the
Subsidiaries or the Investments. 
 (b) The Manager shall compute each installment of the Base Management Fee within 30 days
after the end of the calendar quarter with respect to which such installment is payable. A copy of the computations made by the Manager to calculate such installment of the Base Management Fee shall thereafter, subject in any event to
Section 14(a) of this Agreement, promptly be delivered to the Board of Directors and, upon such delivery, payment of such installment of the Base Management Fee shown therein shall be due and payable in cash no later than the date which
is five (5) Business Days after the date of delivery to the Board of Directors of such computations. 
 (c) The Base
Management Fee is subject to adjustment pursuant to and in accordance with the provisions of Section 14(a) of this Agreement. 
 (d) The Base Management Fee payable pursuant to Section 8(a) above, shall be payable by the TRS as follows: 
 (i) The Company shall pay the portion of the Base Management Fee determined by multiplying the Base Management Fee payable with respect to the relevant quarter by a fraction the numerator of which is the
gross book value at the end of such quarter of the assets of the Company and its Subsidiaries other than the TRS and its Subsidiaries and the denominator of which is the gross book value at the end of such quarter of the assets of the Company and
its Subsidiaries including the TRS and its Subsidiaries (the “Company Percentage”); and 
 (e) The TRS shall
pay the portion of the Base Management Fee determined by multiplying the Base Management Fee for the relevant quarter by a fraction the numerator of which is the gross book value at the end of such quarter of the assets of the TRS and its
Subsidiaries and the denominator of which is the gross book value at the end of such quarter of the assets of the Company and its Subsidiaries including the TRS and its Subsidiaries (the “TRS Percentage”). 
 (f) As a component of the Manager’s compensation, the Company may issue to personnel of the Manager stock-based compensation under the
Company’s equity incentive plan. 
 Section 9. Conditional Payment. The Company acknowledges the obligation of the
Manager to pay to the underwriters of the Initial Public Offering the Manager Offering Payments pursuant to Section 2(b) of the IPO Underwriting Agreement. 
  

 - 16 - 

 (a) The Company agrees to reimburse the Manager an amount (the “Manager Conditional
Payment”) equal to the Manager Offering Payments if during any full four calendar quarter period during the 24 full calendar quarters after the closing of the Initial Public Offering (the “Conditional Payment Period”), the
Company’s Core Earnings for such four-quarter period exceeds the product of: (1) the weighted average of the issue price per share of Common Stock of all of the Company’s public offerings of Common Stock (including the Initial Public
Offering) multiplied by the weighted average number of shares of Common Stock outstanding (including, for the avoidance of doubt, any restricted shares of Common Stock or any shares of Common Stock underlying other awards granted under the
Company’s equity incentive plan or future equity plans, if any) in the four-quarter period; and (2) 8% (such product of (1) and (2), the “Performance Hurdle Rate”). 
 (b) If the Manager Conditional Payment has not been made during the Conditional Payment Period, the Manager shall compute Core Earnings for
each full four-quarter period within 45 days after the end of each fiscal quarter and shall promptly deliver such computation and the calculation of the Performance Hurdle Rate to the Board of Directors. In the event that the Performance Hurdle Rate
has been met, the Company shall pay the Manager Conditional Payment in cash to the Manager no later than the date which is five (5) Business Days after the date of delivery to the Board of Directors of the applicable computation of Core
Earnings and the calculation of the Performance Hurdle Rate. 
 (iii) In the event that the Termination Fee is payable to the
Manager prior to the end of the Conditional Payment Period and the Manager Conditional Payment has not been paid, the Company shall pay the Manager Conditional Payment in cash to the Manager on the same date as the payment of the Termination Fee,
irrespective of whether the Performance Hurdle Rate has been met. 
 Section 10. Expenses of the Company. 
 (a) The Company and the TRS shall pay all of the expenses of the Company and the Subsidiaries and shall reimburse the Manager for
documented expenses of the Manager incurred on behalf of the Company and the Subsidiaries (collectively, the “Expenses”), excepting those expenses that are specifically the responsibility of the Manager as set forth in
Sections 2 and 10(b) of this Agreement. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of the Company and the Subsidiaries shall be paid by the TRS and shall not
be paid by the Manager or Affiliates of the Manager: 
 (i) expenses in connection with the IPO, the Concurrent Private
Placement and transaction costs incident to the acquisition, disposition and financing of the Company’s and the Subsidiaries’ consumed and unconsumed Investments; 
 (ii) subject to Section 10(b) of this Agreement, costs of legal, tax, accounting, third party administrators for the
establishment and maintenance of the books and records, consulting, auditing, administrative and other similar services rendered for the Company and the Subsidiaries by providers retained by the Manager or, if provided by the Manager’s
personnel, in amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis; 
 (iii) the compensation and expenses of the Company’s directors (excluding those directors who are officers of the Manager) and the
cost of liability insurance to indemnify the Company’s directors and officers; 
 (iv) costs associated with the
establishment and maintenance of any of the Company’s or any Subsidiary’s credit facilities, other financing arrangements, indebtedness (including

  

 - 17 - 

 
commitment fees, accounting fees, legal fees, closing and other similar costs) or any of the Company’s or any Subsidiary’s securities offerings; 
 (v) expenses in connection with the application for, and participation in, programs established by the U.S. government; 
 (vi) expenses connected with communications to holders of the Company’s or any Subsidiary’s securities and other bookkeeping and
clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs of preparing and
filing required reports with the SEC, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or trading of the Company’s stock on any exchange, the fees payable by the Company to any such
exchange in connection with its listing, and the costs of preparing, printing and mailing the Company’s annual report to its stockholders and proxy materials with respect to any meeting of the Company’s stockholders; 
 (vii) costs associated with any computer software or hardware, electronic equipment or purchased information technology services from third
party vendors that is used by the Company and/or the Subsidiaries, provided, that the Company and the TRS shall only be responsible for a proportionate share of such expenses as determined by the Manager in good faith where such expenses were
not incurred solely for the benefit of the Company and the Subsidiaries; 
 (viii) expenses incurred by managers, officers,
personnel and agents of the Manager for travel solely on the Company’s behalf and other out-of-pocket expenses incurred by managers, officers, personnel and agents of the Manager in connection with the purchase, financing, refinancing, sale or
other disposition of an Investment or the establishment and maintenance of the Company’s or any Subsidiary’s credit facilities, other financing arrangements, indebtedness and borrowings under programs established by the U.S. government or
agencies thereunder, and any of the Company’s or any of the Subsidiary’s future securities offerings, provided, that the Company and the TRS shall only be responsible for a proportionate share of such expenses as determined by the
Manager in good faith where such expenses were not incurred solely for the benefit of the Company and the Subsidiaries; 
 (ix)
costs and expenses incurred with respect to market information systems and publications, research publications, and materials and settlement, clearing and custodial fees and expenses, provided, that the Company and the TRS shall only be
responsible for a proportionate share of such expenses, as determined by the Manager in good faith, where such expenses were not incurred solely for the benefit of the Company and the Subsidiaries; 
 (x) compensation and expenses of the Company’s custodian and transfer agent, if any; 
 (xi) the costs of maintaining compliance with all federal, state and local rules and regulations or any other regulatory agency;

 (xii) all taxes and license fees; 
 (xiii) all insurance costs incurred in connection with the operation of the Company’s and the Subsidiaries’ business, except for the costs attributable to the insurance that the Manager elects
to carry for itself and its personnel; 
  

 - 18 - 

 (xiv) costs and expenses incurred in contracting with third parties; 
 (xv) all other costs and expenses relating to the business operations of the Company and the Subsidiaries, including, without limitation,
the costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of Investments, including appraisal, reporting, audit and legal fees; 
 (xvi) expenses relating to any office(s) or office facilities, including, but not limited to, disaster backup recovery sites and facilities, maintained for the Company and the Subsidiaries or
Investments separate from the office or offices of the Manager; 
 (xvii) expenses associated with a dedicated Chief Financial
Officer and, if provided by the Manager, other dedicated personnel approved by a majority of the Independent Directors; 
 (xviii) expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made by the Board of Directors to or on account of holders of the Company’s or any
Subsidiary’s securities, including, without limitation, in connection with any dividend reinvestment plan; 
 (xix) any
judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company or any Subsidiary, or against any trustee, director, partner, member or officer of the Company or of any Subsidiary in his
capacity as such for which the Company or any Subsidiary is required to indemnify such Person by any court or governmental agency; 
 (xx) all other expenses actually incurred by the Manager (except as described below) which are reasonably necessary for the performance by the Manager of its duties and functions under this Agreement. 
 (b) Neither the Company nor any other Subsidiary shall have any obligation to reimburse the Manager or its Affiliates for the
(x) salaries and other compensation of the Manager’s personnel who provide services to the Company under this Agreement except that, the Company shall reimburse the Manager for (1) the compensation paid to the Manager’s personnel
serving as the Company’s dedicated Chief Financial Officer and, if provided by the Manager, a dedicated compliance officer and (2) personnel hired by the Manager, with the approval of a majority of the Independent Directors, who are
dedicated exclusively to the Company or (y) any fee paid to the Advisor pursuant to, or cost or expense incurred in connection with, the Investment Advisory Agreement. 
 (c) In addition, the Company and the TRS will be required to pay the Company’s and the Subsidiaries’ pro rata portion of
rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Manager and its Affiliates required for the operations of the Company and the Subsidiaries. These expenses will be allocated
between the Manager, on the one hand, and Company and the TRS, on the other hand, based on the ratio of the Company’s and the Subsidiaries’ proportion of gross assets compared to all remaining gross assets managed or held by the Manager or
its Affiliates as calculated at each calendar quarter end. The Manager and the Company will modify this allocation methodology, subject to the Independent Directors’ approval, if the allocation becomes inequitable, based on significant leverage
differences between the Company and the Manager’s other funds and clients. 
 (d) The Manager may, at its option, elect
not to seek reimbursement for certain expenses during a given quarterly period, which determination shall not be deemed to construe a waiver

  

 - 19 - 

 
of reimbursement for similar expenses in future periods. In the event that the IPO is consummated, the Company will reimburse the Manager for all organizational, formation and offering costs it
has incurred on behalf of the Company and its Subsidiaries. 
 (e) The provisions of this Section 10 shall survive
the expiration or earlier termination of this Agreement to the extent such expenses have previously been incurred or are incurred in connection with such expiration or termination. 
 (f) The expense reimbursements payable by the Company and the TRS hereunder (other than any expenses that are clearly allocable
(e.g., taxes) either to the Company and its Subsidiaries (other than the TRS and its Subsidiaries) on the one hand or to the TRS and its Subsidiaries on the other hand) shall be borne by each of them in accordance with the Company Percentage
or the TRS Percentage, as applicable, with respect to the relevant quarter. 
 Section 11. Calculations of Expenses. The
Manager shall prepare a statement documenting the Expenses of the Company and the Subsidiaries and the Expenses incurred by the Manager on behalf of the Company and the Subsidiaries during each calendar quarter, and shall deliver such statement to
the Company within 30 days after the end of each calendar quarter. Expenses incurred by the Manager on behalf of the Company and the Subsidiaries shall be reimbursed by the Company to the Manager no later than the fifth (5th) Business Day
immediately following the date of delivery of such statement; provided, however, that such reimbursements may be offset by the Manager against amounts due to the Company and the Subsidiaries. The provisions of this
Section 11 shall survive the expiration or earlier termination of this Agreement. 
 Section 12. Limits of the
Manager’s Responsibility; Indemnification. 
 (a) The Manager assumes no responsibility under this Agreement other
than to render the services specified under this Agreement in good faith and shall not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth
in Section 7(b) of this Agreement. The Manager, its officers, stockholders, members, managers, directors, personnel, any Person controlling or controlled by the Manager and any Person providing sub-advisory services to the Manager
will not be liable to the Company or any Subsidiary, the Board of Directors, or the Company’s or any Subsidiary’s stockholders, members or partners for any acts or omissions by any such Person (including, without limitation, trade errors
that may result from ordinary negligence, such as errors in the investment decision making process or in the trade process), performed in accordance with and pursuant to this Agreement, except by reason of acts or omissions constituting bad faith,
willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement, as determined by a final non-appealable order of a court of competent jurisdiction. 
 (b) The Company shall, to the full extent permitted by law, reimburse, indemnify and hold the Manager, its officers, stockholders, members,
managers, directors, personnel, any Person controlling or controlled by the Manager and any Person providing sub-advisory services to the Manager, together with such Person’s managers, officers, directors and personnel (each a “Manager
Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) in respect of or arising from any acts or
omissions of such Manager Indemnified Party made in good faith in the performance of the Manager’s duties under this Agreement and not constituting, as determined by a court or competent jurisdiction, such Manager Indemnified Party’s bad
faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement. In the event that any Manager Indemnified Party becomes involved in any capacity in any suit, action, proceeding or investigation in
connection with

  

 - 20 - 

 
any matter arising out of or in connection with the Manager’s duties hereunder, the Company will periodically reimburse such Manager Indemnified Party for its reasonable legal and other
expenses (including the cost of any investigation and preparation) incurred in connection therewith; provided, however, that prior to any such advancement of expenses (i) such Manager Indemnified Party shall provide the Company with an
undertaking to promptly repay to the Company the amount of any such expenses paid to it if it shall ultimately be determined that such Manager Indemnified Party is not entitled to be indemnified by the Company as herein provided in connection with
such suit, action, proceeding or investigation, and (ii) the Manager Indemnified Party shall provide the Company with a written affirmation that such Manager Indemnified Party in good faith believes that it has met the standard of conduct
necessary for indemnification hereunder; provided, further, however, that the failure for any reason of the Company to advance funds to any Manager Indemnified Party shall in no way affect such Manager Indemnified Party’s right to
reimbursement of such costs if it is ultimately determined that such Manager Indemnified Party was entitled to indemnification pursuant to the terms hereof. Any Manager Indemnified Party entitled to indemnification from the Company hereunder shall
seek recovery under any insurance policies by which such Manager Indemnified Party is covered and any Manager Indemnified Party shall obtain the written consent of the Company prior to entering into any compromise or settlement which would result in
an obligation of the Company to indemnify such Manager Indemnified Party; provided, however, that the possibility of recovery under any such insurance policies shall not preclude a Manager Indemnified Party from seeking indemnification
pursuant to this Section 12. If such Manager Indemnified Party shall actually recover any amounts under any applicable insurance policies, it shall offset the net proceeds so received against any amounts owed by the Company by reason of
the indemnity provided hereunder or, if all such amounts shall have been paid by the Company in full prior to the actual receipt of such net insurance proceeds, it shall pay over such proceeds (up to the amount of indemnification paid by the Company
to such Manager Indemnified Party) to the Company. If the amounts in respect of which indemnification is sought arise out of the conduct of the business and affairs of the Company or any Subsidiary and also of any other Person or entity for which
the Manager Indemnified Party hereunder was then acting in a similar capacity, the amount of the indemnification to be provided by the Company and may be limited to the Company and the Subsidiaries’ proportionate share thereof if so determined
by the Company in good faith. 
 (c) The Manager shall, to the full extent permitted by law, reimburse, indemnify and hold the
Company (or any Subsidiary), its stockholders, directors, officers, personnel, agents and each other Person, if any, controlling the Company (each, a “Company Indemnified Party” and together with a Manager Indemnified Party, the
“Indemnitee”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) in respect of or arising from the
Manager’s bad faith, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement or any claims by the Manager’s personnel relating to the terms and conditions of their employment by the Manager.

 (d) The Indemnitee will promptly notify the party against whom indemnity is claimed (the
“Indemnitor”) of any claim for which it seeks indemnification; provided, however, that the failure to so notify the Indemnitor will not relieve the Indemnitor from any liability which it may have hereunder, except
to the extent such failure actually prejudices the Indemnitor. The Indemnitor shall have the right to assume the defense and settlement of such claim; provided, that the Indemnitor notifies the Indemnitee of its election to assume such
defense and settlement within 30 days after the Indemnitee gives the Indemnitor notice of the claim. In such case, the Indemnitee will not settle or compromise such claim, and the Indemnitor will not be liable for any such settlement made without
its prior written consent. If the Indemnitor is entitled to, and does, assume such defense by delivering the aforementioned notice to the Indemnitee, the Indemnitee will (i) have the right to approve the Indemnitor’s counsel (which
approval will not be unreasonably withheld, delayed or conditioned), (ii) be obligated to cooperate in furnishing evidence and testimony and in any other manner in which the Indemnitor may reasonably

  

 - 21 - 

 
request and (iii) be entitled to participate in (but not control) the defense of any such action, with its own counsel and at its own expense. 
 (e) The provisions of this Section 12 shall survive the expiration or earlier termination of this Agreement. 
 Section 13. No Joint Venture. Nothing in this Agreement shall be construed to make the Company and the Manager partners or joint
venturers or impose any liability as such on either of them. 
 Section 14. Term; Termination. 
 (a) Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect until December 31, 2012 (the
“Initial Term”) and shall be automatically renewed for a one-year term each anniversary date thereafter (a “Renewal Term”) unless at least two-thirds of the Independent Directors agree that (i) there
has been unsatisfactory performance by the Manager that is materially detrimental to the Company and the Subsidiaries or (ii) the determination that the compensation payable to the Manager under this Agreement is unfair; provided, that
the Company shall not have the right to terminate this Agreement under clause (ii) above if the Manager agrees to continue to provide the services under this Agreement at a reduced fee that at least two-thirds of the Independent Directors
determines to be fair pursuant to the procedure set forth below. If the Company elects not to renew this Agreement at the expiration of the Initial Term or any Renewal Term as set forth above, the Company shall deliver to the Manager prior written
notice (the “Termination Notice”) of the Company’s intention not to renew this Agreement based upon the terms set forth in this Section 14(a) not less than 180 days prior to the expiration of the then existing
term. If the Company so elects not to renew this Agreement, the Company shall designate the date (the “Effective Termination Date”), not less than 180 days from the date of the notice, on which the Manager shall cease to provide
services under this Agreement, and this Agreement shall terminate on such date; provided, however, that in the event that such Termination Notice is given in connection with a determination that the compensation payable to the Manager
is unfair, the Manager shall have the right to renegotiate such compensation by delivering to the Company, no fewer than 45 days prior to the prospective Effective Termination Date, written notice (any such notice, a “Notice of Proposal to
Negotiate”) of its intention to renegotiate its compensation under this Agreement. Thereupon, the Company (represented by the Independent Directors) and the Manager shall endeavor to negotiate in good faith the revised compensation
payable to the Manager under this Agreement. If the Manager and at least two-thirds of the Independent Directors agree to the terms of the revised compensation to be payable to the Manager within 45 days following the receipt of the Notice of
Proposal to Negotiate, the Termination Notice shall be deemed of no force and effect and this Agreement shall continue in full force and effect on the terms stated in this Agreement, except that the compensation payable to the Manager hereunder
shall be the revised compensation then agreed upon by the parties to this Agreement. The Company, the TRS and the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised compensation promptly upon reaching an
agreement regarding same. In the event that the Company, the TRS and the Manager are unable to agree to the terms of the revised compensation to be payable to the Manager during such 45-day period, this Agreement shall terminate, such termination to
be effective on the date which is the later of (A) 10 days following the end of such 45-day period and (B) the Effective Termination Date originally set forth in the Termination Notice. 
 (b) In recognition of the upfront effort required by the Manager to structure and acquire the assets of the Company and the Subsidiaries
and the commitment of resources by the Manager, in the event that this Agreement is terminated in accordance with the provisions of Section 14(a) or Section 16(b) of this Agreement, the Company shall pay, or cause the TRS to
pay, to the Manager, on the date on which such termination is effective, a termination fee (the “Termination Fee”) equal to three times

  

 - 22 - 

 
the average annual Base Management Fee paid to the Manager during the 24-month period immediately preceding the date of such termination, calculated as of the end of the most recently completed
calendar quarter prior to the date of termination. The obligation of the Company to pay, or cause the TRS to pay, the Termination Fee shall survive the termination of this Agreement. 
 (c) No later than 180 days prior to the expiration of the Initial Term or Renewal Term, the Manager may deliver written notice to the
Company informing it of the Manager’s intention to decline to renew this Agreement, whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the anniversary date of this Agreement next following
the delivery of such notice. The Company is not required to pay, or cause the TRS to pay, to the Manager the Termination Fee if the Manager terminates this Agreement pursuant to this Section 14(c). 
 (d) If this Agreement is terminated pursuant to Section 14, such termination shall be without any further liability or
obligation of either party to the other, except as provided in Sections 6, 10, 11, 14(b), 16(b), and 17 of this Agreement. In addition, Sections 12 and 24 of this Agreement shall survive
termination of this Agreement. In connection with any Termination, the Manager shall cooperate with the Company and the Subsidiaries with respect to the orderly transition of the duties hereunder to a new manager or an internal management team.

 Section 15. Assignment. 
 (a) Except as set forth in Section 15(b) of this Agreement, this Agreement shall terminate automatically without payment of the Termination Fee in the event of its assignment, in whole or
in part, by the Manager, unless such assignment is consented to in writing by the Company with the approval of a majority of the Independent Directors; provided, however, that no such approval shall be required in the case of an
assignment by the Manager to an Affiliate of the Manager if such assignment does not require the Company’s approval under the Investment Advisers Act of 1940, as amended. Any such permitted assignment shall bind the assignee under this
Agreement in the same manner as the Manager is bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee under any such assignment. In addition, the assignee shall execute and deliver to the Company and the
TRS a counterpart of this Agreement naming such assignee as manager. This Agreement shall not be assigned by the Company and the TRS without the prior written consent of the Manager, except in the case of assignment by the Company and the TRS to
another REIT (in the case of the Company) or other organization which is a successor (by merger, consolidation, purchase of assets, or similar transaction) to the Company and the TRS in which case such successor organization shall be bound
under this Agreement and by the terms of such assignment in the same manner as the Company and the TRS are bound under this Agreement. 
 (b) Notwithstanding any provision of this Agreement, the Manager may subcontract and assign any or all of its responsibilities under this Agreement to any of its Affiliates in accordance with the terms of
this Agreement applicable to any such subcontract or assignment, and the Company and the TRS hereby consent to any such assignment and subcontracting. In addition, provided, that the Manager provides prior written notice to the Company for
informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement. In addition, the Manager may assign one or more of its duties
under this Agreement to any of its Affiliates without the approval of the Company’s Independent Directors if such assignment does not require their approval under the Investment Advisers Act of 1940, as amended. 
  

 - 23 - 

 Section 16. Termination for Cause. 
 (a) The Company may terminate this Agreement, at any time, including during the Initial Term, effective upon at least 30 days’ prior
written notice of termination from the Board of Directors of the Company to the Manager, without payment of any Termination Fee, if 
  

	 	•	 	 Manager, its agents or its assignees materially breach any provision of this Agreement and such breach shall continue for a period of 30 days after
written notice thereof specifying such breach and requesting that the same be remedied in such 30-day period (or 45 days after written notice of such breach if the Manager takes steps to cure such breach within 30 days of the written notice);

  

	 	•	 	 the Manager engages in any act of fraud, misappropriation of funds, or embezzlement against the Company or any Subsidiary;

  

	 	•	 	 there is an event of any gross negligence on the part of the Manager in the performance of its duties under this Agreement;

  

	 	•	 	 there is a commencement of any proceeding relating to the Manager’s Bankruptcy or insolvency, including an order for relief in an involuntary
Bankruptcy case or the Manager authorizing or filing a voluntary Bankruptcy petition; 

  

	 	•	 	 there is a Manager Change of Control and at least 75% of the Board of Directors reasonably determines in writing that such Manager Change of Control is
materially detrimental to the Company and the Subsidiaries and will result in unsatisfactory performance by our Manager; 

  

	 	•	 	 the Manager is convicted (including a plea of nolo contendere) of a felony; and 

  

	 	•	 	 there is a dissolution of the Manager. 

 (b) The Manager may terminate this Agreement effective upon 60 days’ prior written notice of termination to the Company in the event that the Company shall default in the performance or observance of
any material term, condition or covenant contained in this Agreement and such default shall continue for a period of 30 days after written notice thereof specifying such default and requesting that the same be remedied in such 30-day period. The
Company is required to pay to the Manager the Termination Fee if the termination of this Agreement is made pursuant to this Section 16(b). 
 (c) The Manager may terminate this Agreement, without payment of any Termination Fee, in the event the Company becomes regulated as an “investment company” under the Investment Company Act, with
such termination deemed to have occurred immediately prior to such event. If the Manager terminates this Agreement pursuant to this Section 16(c), the Company shall not be required to pay the Termination Fee. 
 Section 17. Action Upon Termination. From and after the effective date of termination of this Agreement, pursuant to Sections
14, 15 or 16 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to

  

 - 24 - 

 
the date of termination and, if terminated pursuant to Section 14(a) or Section 16(b), the applicable Termination Fee. Upon such termination, the Manager shall forthwith:

 (i) after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled, pay over to
the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement; 
 (ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the
Board of Directors with respect to the Company or a Subsidiary; and 
 (iii) deliver to the Board of Directors all property and
documents of the Company or any Subsidiary then in the custody of the Manager. 
 Section 18. Release of Money or Other
Property Upon Written Request. The Manager agrees that any money or other property of the Company or any Subsidiary held by the Manager under this Agreement shall be held by the Manager as custodian for the Company or Subsidiary, and the
Manager’s records shall be appropriately marked clearly to reflect the ownership of such money or other property by the Company or such Subsidiary. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the
Company requesting the Manager to release to the Company or any Subsidiary any money or other property then held by the Manager for the account of the Company or any Subsidiary under this Agreement, the Manager shall release such money or other
property to the Company or any Subsidiary within a reasonable period of time, but in no event later than 30 days following such request. The Manager shall not be liable to the Company, any Subsidiary, the Independent Directors, or the Company’s
or a Subsidiary’s securityholders or partners for any acts performed or omissions to act by the Company or any Subsidiary in connection with the money or other property released to the Company or any Subsidiary in accordance with the second
sentence of this Section 18. The Company shall indemnify the Manager and its officers, directors, personnel, managers, and officers and against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature
whatsoever, which arise in connection with the Manager’s release of such money or other property to the Company or any Subsidiary in accordance with the terms of this Section 18. Indemnification pursuant to this provision shall be
in addition to any right of the Manager to indemnification under Section 12 of this Agreement. 
 Section 19.
Representations and Warranties. 
 (a) The Company and the TRS hereby make the following representations and warranties
to the Manager, all of which shall survive the execution and delivery of this Agreement: 
 (i) Each of the Company and the TRS
is a corporation or limited partnership duly organized, validly existing and in good standing under the laws of the State of Maryland or the State of Delaware, as applicable, and each is, or shall be prior to the commencement of services hereunder,
qualified to do business and in good standing in Maryland or Delaware, as applicable. Each of the Company and the TRS has all power and authority required to execute and deliver this Agreement and to perform all its duties and obligations hereunder.

 (ii) The execution, delivery, and performance of this Agreement by each of the Company and the TRS have been duly authorized
by all necessary action on the part of the Company and the TRS, respectively. 
  

 - 25 - 

 (iii) This Agreement constitutes a legal, valid, and binding agreement of each of the
Company and the TRS, enforceable against each of the Company and the TRS in accordance with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to time in effect and general principles of equity,
including, without limitation, those relating to the availability of specific performance. 
 (b) The Manager hereby makes the
following representations and warranties to the Company and the TRS all of which shall survive the execution and delivery of this Agreement: 
 (i) The Manager is a limited liability company duly formed, validly existing, and in good standing under the laws of the State of Delaware and is, or shall be prior to the commencement of services
hereunder, qualified to do business and in good standing in Delaware. The Manager has all power and authority required to execute and deliver this Agreement and to perform all its duties and obligations hereunder, subject only to its qualifying to
do business and obtaining all requisite permits and licenses required as a result of or relating to the nature or location of any of the assets or properties of the Company and the Subsidiaries (which it shall do promptly after being required to do
so.) 
 (ii) The execution, delivery, and performance of this Agreement by the Manager have been duly authorized by all
necessary action on the part of the Manager. 
 (iii) This Agreement constitutes a legal, valid, and binding agreement of the
Manager enforceable against the Manager in accordance with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to time in effect and general principles of equity, including, without limitation, those
relating to the availability of specific performance. 
 Section 20. Notices. Unless expressly provided otherwise in this
Agreement, all notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of
(i) personal delivery, (ii) delivery by reputable overnight courier, (iii) delivery by facsimile transmission with telephonic confirmation or (iv) delivery by registered or certified mail, postage prepaid, return receipt
requested, addressed as set forth below: 
  

	 	(a)	If to the Company: 

  

	 	    	Ladder Capital Realty Finance Inc 

	 	    	 600 Lexington Avenue, 23rd Floor 

	 	    	New York, New York 10022 

	 	    	Attention: Pamela McCormack 

  

	 	(b)	If to the TRS: 

  

	 	    	Ladder Capital Realty (TRS) Inc 

	 	    	 600 Lexington Avenue, 23rd Floor 

	 	    	New York, New York 10022 

	 	    	Attention: Pamela McCormack 

  

 - 26 - 

	 	(c)	If to the Manager: 

  

	 	    	Ladder Capital Realty Finance Manager LLC 

	 	    	 600 Lexington Avenue, 23rd Floor 

	 	    	New York, New York 10022 

	 	    	Attention: Pamela McCormack 

 Either party may
alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this Section 20 for the giving of notice. 
 Section 21. Binding Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement. 
 Section 22. Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements,
understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this Agreement. The express terms of this Agreement control and supersede any course of performance
and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified or amended other than by an agreement in writing signed by the parties hereto. 
 Section 23. Amendments. Neither this Agreement, nor any terms hereof, may be amended, supplemented or modified except in an
instrument in writing executed by the parties hereto. 
 Section 24. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES TO THE CONTRARY. EACH OF THE PARTIES HEREBY
IRREVOCABLY AGREES THAT THE COURTS OF THE STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION IN CONNECTION WITH ANY ACTIONS OR PROCEEDINGS ARISING BETWEEN THE PARTIES UNDER THIS AGREEMENT. EACH OF THE PARTIES HEREBY IRREVOCABLY CONSENTS AND SUBMITS
TO THE JURISDICTION OF SAID COURTS FOR ANY SUCH ACTION OR PROCEEDING. EACH OF THE PARTIES HEREBY WAIVES THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF ANY SUCH ACTION OR PROCEEDING IN SAID COURTS. 
 Section 25. No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any party hereto, any
right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. No waiver of any provision hereunder shall be effective
unless it is in writing and is signed by the party asserted to have granted such waiver. 
 Section 26. Headings. The
headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed part of this Agreement. 
 Section 27. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and

  

 - 27 - 

 
all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear
the signatures of all of the parties reflected hereon as the signatories. 
 Section 28. Severability. Any provision of
this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 29. Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender,
masculine, feminine or neuter, as the context requires. 
 [SIGNATURE PAGE FOLLOWS] 
  

 - 28 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	LADDER CAPITAL REALTY FINANCE INC
		
	By:	 	 
		 	 Name:
 Title:

  

			
	LADDER CAPITAL REALTY (TRS) INC
		
	By:	 	 
		 	 Name:
 Title:

  

			
	LADDER CAPITAL REALTY FINANCE MANAGER, LLC
		
	By:	 	 
		 	 Name:
 Title:

  

 - 29 - 

 Exhibit A 
 Investment Guidelines 
  

	 	•	 	 No investment will be made that would cause the Company to fail to qualify as a REIT for federal income tax purposes; 

  

	 	•	 	 No investment will be made that would cause the Company to be regulated as an investment company under the Investment Company Act;

  

	 	•	 	 The Company’s portfolio will be predominantly in target assets; 

  

	 	•	 	 At least a majority of the Company’s and the Subsidiaries’ assets (beginning with the 12-month anniversary of the completion of the IPO and
the Concurrent Private Placement) will consist of first mortgage loans; 

  

	 	•	 	 No Investment will be made in land loans or “ground up” or other construction loans; and 

  

	 	•	 	 Until other appropriate uses can be identified, the Manager may invest the proceeds of the IPO and any future offerings in interest-bearing, short-term
investments, including money market accounts and senior CMBS with short duration, that are consistent with the Company’s intention to qualify as a REIT. 

 Target Investments 
  

	 	•	 	 First Mortgage Loans 

  

	 	•	 	 Senior Participation Interests in First Mortgage Loans 

  

	 	•	 	 CMBS 

  

	 	•	 	 First Mortgage Loan Financing 

  

	 	•	 	 B-Notes 

  

	 	•	 	 Mezzanine Loans 

  

 - 1 -Form of Investment Advisory Agreement

 Exhibit 10.4 
 INVESTMENT ADVISORY AGREEMENT 
 This INVESTMENT
ADVISORY AGREEMENT (this “Agreement”), dated as of [—], 2009, is made and entered into by and between LADDER CAPITAL FINANCE LLC, a Delaware limited liability company (the
“Advisor”), and LADDER CAPITAL REALTY FINANCE MANAGER LLC, a Delaware limited liability company (the “Manager”). 
 WHEREAS, the Advisor is an affiliate of the Manager; 
 WHEREAS, concurrently with
the execution of this Agreement, the Manager will execute a Management Agreement (the “Management Agreement”) with Ladder Capital Realty Finance Inc (the “Company”) and Ladder Capital Realty (TRS) Inc (the
“TRS”), pursuant to which the Manager will provide for the day-to-day management of the operations of the Company and its subsidiaries and will be responsible for the selection, purchase and sale of the Company’s portfolio
investments, the Company’s financing activities, and providing the Company with investment advisory services; 
 WHEREAS,
the Manager desires to avail itself of the experience, sources of information, advice, assistance and certain facilities of the Advisor and its affiliates and to have access to, among other things, the Advisor’s portfolio management, asset
valuation, risk management and asset management services as well as certain administration services that the Manager may deem necessary for the performance of its duties under the Management Agreement, and to have the Advisor undertake the duties,
services and functions hereinafter set forth; and 
 WHEREAS, the Advisor desires to render such services and perform such
functions upon the terms and conditions hereof. 
 NOW, THEREFORE, in consideration of the mutual promises contained herein, the
parties hereto agree as follows: 
 ARTICLE I  
 Duties, Services and Functions of the Advisor 
 1.01.
Investment Advisory Services. The Advisor hereby agrees to use its commercially reasonable efforts to perform or cause to be performed such investment advisory services for the benefit of the Manager as may be necessary for the Manager to
perform its duties under the Management Agreement, including, without limitation: 
 (a) advising the Manager with respect to
the investment guidelines, objectives, policies and strategies of the Company and its subsidiaries and the capital structure and capital raising activities of the Company and its subsidiaries; 
 (b) investigating, analyzing, identifying and selecting possible investment opportunities for the Company and its subsidiaries consistent
with their investment guidelines, objectives, policies and strategies; 

 (c) advising the Manager regarding the financing activities of the Company and its subsidiaries,
including the specific financing options for the Company’s investments and portfolio of assets and the offer and sale of securities publicly or privately by the Company in connection with any such structured financing; 
 (d) assisting the Manager in the management of the Company’s investment portfolio and assets, including, but not limited to, advising the Manager
regarding the purchase, management, servicing, restructuring, modification, exchange, sale or other disposition of, and other investment opportunities in connection with, the Company’s assets, and other customary functions related to portfolio
and asset management; 
 (e) collecting information and preparing reports pertaining to the Company’s assets, interest rates and general
economic conditions and periodically reviewing and evaluating the performance of the Company’s portfolio of assets; 
 (f) advising and
assisting the Manager with respect to the engagement of certain professionals and consultants that provide investment banking, securities brokerage, mortgage brokerage, special servicing, other financial services, due diligence services,
underwriting review services, legal and accounting services, and all other services (including transfer agent and registrar services) in connection with the purchase, financing and disposition of assets and the operations of the Company and its
subsidiaries; 
 (g) providing asset valuation services with respect to the Company’s portfolio of assets and any potential investment;

 (h) periodically assessing the level of risk assumed by the Company and its subsidiaries through their investments and advising the
Manager with respect to risk management practices and policies; and 
 (i) performing such other services as may be necessary from time to
time in order to enable the Manager to manage the investment portfolio and other assets of the Company and its subsidiaries in a manner consistent with the terms of, and otherwise perform its duties under, the Management Agreement. 
 1.02. Executive and Administrative Services. 
 (a) The Advisor or its affiliates shall provide the Manager with the office space, equipment, services and personnel, information technology hardware, software and network access services, and investor relations services necessary for the
Manager to render services to the Company and its subsidiaries under the Management Agreement. 
 (b) The Advisor shall provide the Manager
with a management team, including a chief executive officer, a dedicated chief financial officer and other appropriate support personnel, to provide the management services to be provided by the Manager to the Company and its subsidiaries under the
Management Agreement. The members of such management team shall devote such portion of their time to the Manager as is necessary for the Manager to perform its duties under the Management Agreement. None of the members of such management team will
be dedicated exclusively to the Manager, other than the dedicated chief financial officer. 
  

 2 

 (c) The Advisor shall assist and advise the Manager with respect to certain other administrative and
compliance matters relating to the management by the Manager of the investment portfolio, assets and operations of the Company and its subsidiaries and the Manager’s performance of its duties generally under the Management Agreement, including,
without limitation: 
 (i) the engagement of accountants, legal counsel, consultants and other professionals and the acquisition and
maintenance of insurance, licenses, permits and approvals on behalf of the Company and its subsidiaries; 
 (ii) compliance with all laws,
rules and regulations applicable to the Company and its subsidiaries, including the preparation of all financial statements and the preparation and filing of all reports and documents required under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), the Securities Act of 1933, as amended (the “Securities Act”), or by the listing standards of the New York Stock Exchange, Inc. (the “NYSE”); 
 (iii) the maintenance of the Company’s qualification as a real estate investment trust (“REIT”) and monitoring compliance with
the various REIT qualification tests and other rules set forth in the Internal Revenue Code of 1986, as amended, and Treasury Regulations thereunder; 
 (iv) the maintenance of the Company’s and its subsidiaries’ exemptions from the status as an investment company required to register under the Investment Company Act of 1940, as amended, and monitoring
compliance with the requirements for maintaining such exemptions; 
 (v) the preparation of all tax filings and reports required to be made
by the Company and its subsidiaries; 
 (vi) the handling and resolving of all claims, disputes or controversies (including all litigation,
arbitration, settlements or other proceedings or negotiations) in which the Company and/or its subsidiaries may be involved or to which they may be subject; 
 (vii) investor relations policies and practices, including communications by the Company with its stockholders or market or industry analysts; and 
 (viii) the retention of third parties to perform Contract Services (as hereinafter defined) on behalf of the Company and its subsidiaries whenever,
in the reasonable judgment of the Advisor or the Manager, such services are necessary for the Manager to perform its duties under the Management Agreement, and the monitoring of the performance of all Contract Services performed by all third
parties. 
 As used herein, the term “Contract Services” means those third party services and products necessary for the
Manager to perform its duties under the Management Agreement including, without limitation, real estate brokerage services, property and casualty insurance, financing arrangements, environmental reviews, legal services, independent public accounting
services, investigators, market studies, feasibility studies, appraisal services and investment banking services. The Advisor shall use all reasonable efforts to ensure that the fees for Contract Services are at market rates or better. 

1.03. Compliance with Applicable Policies and Procedures. The Advisor agrees to comply with all policies and procedures of the Company
applicable to the Advisor and/or its principals, officers, directors, members, managers or employees that are adopted by the Board of Directors of the Company from time to time, including those required under the Exchange Act or the Securities Act,
or by the NYSE or other stock exchange requirements, as applicable, and to take, or cause to be taken, all actions reasonably required to cause any of its principals, officers, directors, members, managers and employees, and any principals, officers
or employees of its affiliates, in each case who are involved in the business and affairs of the Company, to comply with such policies and procedures to the extent applicable to such persons. 
  

 3 

 ARTICLE II  
 Consultation; Communication and Reporting 
 2.01. Current Advice and Consultation. The Advisor
shall cause the Manager and the Company’s chief financial officer to be currently advised and informed of all matters involving the Advisor’s activities in connection with this Agreement and the status and activities relating to investment
opportunities for the Company and its subsidiaries then under consideration. The Advisor’s management personnel shall be available at the request of the Manager for prompt consultation and shall promptly provide the Manager with all information
as is requested. 
 2.02. Telephone Conference Meetings. The senior management personnel of the Advisor shall make themselves
available for telephone conference meetings at reasonable times, from time to time, at the request of the Manager to discuss such matters relating to the business, investments and portfolio of assets of the Company and its subsidiaries, as necessary
or appropriate. 
 2.03. Regular Reports. The Advisor shall assist and advise the Manager with respect to the preparation and
distribution of all reports, information and other items disseminated by the Company to its stockholders or filed with the Securities and Exchange Commission or the NYSE (or other securities exchange on which the Company’s shares of common
stock are traded). 
 2.04. Books and Records. The Advisor shall maintain the books and records of the Manager and shall assist and
advise the Manager with respect to the maintenance of the books and records of the Company and its subsidiaries. The Manager shall have the right, at any time, to review any aspect of the Advisor’s performance under this Agreement and the
Advisor shall cooperate, and cause its employees, contractors and agents to cooperate, fully in connection therewith. 
 ARTICLE III  

 Reimbursement of Expenses 
 3.01. Fees. The Manager shall pay to the Advisor such fees and expenses as shall be mutually agreed by the Manager and the Advisor from time to time for the services performed by the Advisor under this Agreement. 
 3.02. Reimbursement of Expenses. The Manager hereby agrees to periodically, but no less frequently than quarterly, reimburse the Advisor for the
costs and expenses, as reasonably determined by the Advisor, incurred by the Advisor in connection with the performance of its duties under this Agreement. 
  

 4 

 ARTICLE IV  
 Indemnification 
 4.01. Indemnification. 
 (a) The Manager shall, to the full extent permitted by law, indemnify and hold harmless the Advisor and each officer, director, stockholder, member,
manager and employee of the Advisor (each a “Covered Person”) from and against any and all claims or liabilities of any nature whatsoever, including reasonable legal fees and other expenses reasonably incurred, arising out of
or in connection with the business and operations of the Manager, the Company or its subsidiaries or any action taken or omitted by any such Covered Person by or on behalf of the Manager, the Company or its subsidiaries pursuant to authority granted
by this Agreement, except where found by a court of competent jurisdiction to be attributable to the gross negligence, willful misconduct, bad faith or reckless disregard of any such Covered Person’s duties under this Agreement, or a material
violation by such Covered Person of the provisions of this Agreement. In the event that any Covered Person becomes involved in any capacity in any suit, action, proceeding or investigation in connection with any matter arising out of or in
connection with the Advisor’s duties hereunder, the Manager will periodically reimburse such Covered Person for its reasonable legal and other expenses (including the cost of any investigation and preparation) incurred in connection
therewith; provided, however, that prior to any such advancement of expenses (i) such Covered Person shall provide the Manager with an undertaking to promptly repay to the Manager the amount of any such expenses paid to it if it shall
ultimately be determined that such Covered Person is not entitled to be indemnified by the Manager as herein provided in connection with such suit, action, proceeding or investigation, and (ii) the Covered Person shall provide the Manager with
a written affirmation that such Covered Person in good faith believes that it has met the standard of conduct necessary for indemnification hereunder; provided, further, however, that the failure for any reason of the Manager to advance funds to any
Covered Person shall in no way affect such Covered Person’s right to reimbursement of such costs if it is ultimately determined that such Covered Person was entitled to indemnification pursuant to the terms hereof. 
 (b) Any Covered Person entitled to indemnification from the Manager hereunder shall seek recovery under any insurance policies by which such Covered
Person is covered and any Covered Person shall obtain the written consent of the Manager prior to entering into any compromise or settlement which would result in an obligation of the Manager to indemnify such Covered Person; provided, however, that
the possibility of recovery under any such insurance policies shall not preclude a Covered Person from seeking indemnification pursuant to this Section 4.01. If such Covered Person shall actually recover any amounts under any applicable
insurance policies, it shall offset the net proceeds so received against any amounts owed by the Manager by reason of the indemnity provided hereunder or, if all such amounts shall have been paid by the Manager in full prior to the actual receipt of
such net insurance proceeds, it shall pay over such proceeds (up to the amount of indemnification paid by the Manager to such Covered Person) to the Manager. If the amounts in respect of which indemnification is sought to arise out of the
conduct of the business and affairs of the Manager and also of any other person or entity for which the Covered Person hereunder was then acting in a similar capacity, the amount of the indemnification provided by the Manager may be limited to the
Manager’s proportionate share thereof if so determined in good faith by the Manager. 
 (c) The Advisor shall, to the fullest extent
permitted by law, indemnify and hold harmless the Manager and its officers, directors, members, stockholders, managers and employees from and against any and all claims or liabilities of any nature whatsoever, including reasonable legal fees and
other expenses reasonably incurred, arising out of or in connection with acts of the Advisor constituting gross negligence, willful misconduct, bad faith or reckless disregard of the Advisor’s duties under this Agreement, or any claims by the
Advisor’s employees relating to the terms and conditions of their employment by the Advisor. 
  

 5 

 ARTICLE V  
 Representations and Warranties 
 5.01. Representations of the Advisor. The Advisor hereby
makes the following representations and warranties to the Manager, all of which shall survive the execution and delivery of this Agreement: 
 (a) The Advisor is a limited liability company duly formed, validly existing, and in good standing under the laws of the State of Delaware and is, or shall be prior to the commencement of services hereunder, qualified to do business and in
good standing in Delaware. The Advisor has all power and authority required to execute and deliver this Agreement and to perform all its duties and obligations hereunder, subject only to its qualifying to do business and obtaining all requisite
permits and licenses required as a result of or relating to the nature or location of any of the assets or properties of the Manager (which it shall do promptly after being required to do so.) 
 (b) The execution, delivery, and performance of this Agreement by the Advisor have been duly authorized by all necessary action on the part of the
Advisor. 
 (c) This Agreement constitutes a legal, valid, and binding agreement of the Advisor enforceable against the Advisor in accordance
with its terms, except as limited by bankruptcy, insolvency, receivership and similar laws from time to time in effect and general principles of equity, including, without limitation, those relating to the availability of specific performance.

 ARTICLE VI  
 Term 
 6.01. Term. This Agreement shall be effective as of the date first written above and shall terminate on the
first to occur of any of the following events: 
 (a) Immediately upon the execution by all parties hereto of a written agreement to
terminate this Agreement (or upon the effective date of such termination as specified in such written agreement), provided, however, that such termination shall not be effective unless and until it has been consented to by a majority of the
Company’s independent directors; or 
 (b) At such time as either (i) the Management Agreement is terminated by any party thereto,
for any reason, or (ii) the Manager ceases to be the manager of Company and its subsidiaries for any reason. 
 6.02. Advisor’s
Obligations after Termination. Upon expiration, dissolution or termination of this Agreement for any reason, the Advisor shall deliver to the Manager, or its nominee, all materials and supplies and all funds in its possession belonging to the
Manager, the Company or its subsidiaries or received by the Advisor pursuant to the terms of this Agreement. 
 6.03. Rights of
Termination. If this Agreement is terminated, such termination shall be without any further liability or obligation of either party to the other, except as provided in Sections 3.01, 3.02, 4.01 and 7.08. 

6.04. Other Activities of the Advisor. Nothing in this Agreement shall (i) prevent the Advisor or any of its affiliates, officers,
directors, employees or personnel from engaging in other businesses or 

  

 6 

 
from rendering services of any kind to any other person, including, without limitation, investing in, or rendering advisory services to others investing in,
any type of business (including, without limitation, acquisitions of assets that meet the principal objectives of the Company), whether or not the objectives or policies of any such other person or entity are similar to those of the Company or
(ii) in any way bind or restrict the Advisor or any of its affiliates, officers, directors, employees or personnel from buying, selling or trading any securities or assets for their own accounts or for the account of others for whom the Manager
or any of its affiliates, officers, directors, employees or personnel may be acting. 
 ARTICLE VII  
 Miscellaneous Provisions 
 7.01.
Assignment. This Agreement may not be assigned by any party hereto without the prior written consent of the other party; provided that any assignment by the Advisor to any affiliate of the Manager shall be deemed approved for purposes
of this Section 7. 
 7.02. Notice. 
 (a) All notices, demands or requests provided for or permitted to be given pursuant to this Agreement must be in writing, to the following addressess: 
 If to the Advisor, to: 
 Ladder Capital
Finance LLC 
 600 Lexington Avenue, 23rd floor 
 New York, New York 10022 
 Attention: Pamela McCormack 
 If to the Manager: 
 Ladder Capital Realty
Finance Manager LLC 
 600 Lexington Avenue, 23rd floor 
 New York, New York 10022 
 Attention: Pamela McCormack 
 (b) All notices, demands and requests to be sent to a party hereto pursuant to this Agreement shall be deemed to have been properly given or served if:
(i) personally delivered, (ii) deposited for next day delivery by Federal Express, or other similar overnight courier services, addressed to such party, (iii) deposited in the United States mail, addressed to such party, prepaid and
registered or certified with return receipt requested or (iv) transmitted via facsimile or other similar device to the attention of such party. 
 (c) All notices, demands and requests so given shall be deemed received: (i) when personally delivered, (ii) twenty-four (24) hours after being deposited for next day delivery with an overnight courier,
(iii) forty-eight (48) hours after being deposited in the United States mail, or (iv) three (3) hours after being transmitted via facsimile or otherwise transmitted and receipt has been confirmed. 
 7.03. Binding Nature of Agreement; Successors and Assigns; Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, personal 

  

 7 

 
representatives, successors and permitted assigns as provided in this Agreement, and nothing in this Agreement, express or implied, is intended to or shall
confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement, other than the provisions of Sections 1.03, 6.01, 7.03 and 7.05 (which are intended to be for the
benefit of the Company and may be enforced by the Company as a third party beneficiary). 
 7.04. Entire Agreement. This Agreement
contains the entire agreement and understanding among the parties hereto with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied,
oral or written, of any nature whatsoever with respect to the subject matter of this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this
Agreement. 
 7.05. Amendments. This Agreement may be amended or modified only by an agreement in writing signed by both parties
hereto. Notwithstanding the foregoing, Sections 1.03, 6.01, 7.03 and this Section 7.05 may be amended or modified only by an agreement in writing signed by both parties hereto which has been approved by a majority of
the Company’s independent directors. 
 7.06. Independent Contractor. The relationship between the Advisor and the Manager
created by this Agreement is a contractual relationship. The parties intend that the Advisor shall be an independent contractor of the Manager. Nothing in this Agreement creates or is intended to create a partnership, agency, joint venture or any
similar relationship between the parties hereto or between any other parties. 
 7.07. No Implied Waivers; Remedies. No failure or
delay on the part of any party in exercising any right, privilege, power, or remedy under this Agreement, and no course of dealing shall operate as a waiver of any such right, privilege, power or remedy; nor shall any single or partial exercise of
any right, privilege, power or remedy under this Agreement preclude any other or further exercise of any such right, privilege, power or remedy or the exercise of any other right, privilege, power or remedy. No waiver shall be asserted against any
party unless signed in writing by such party. The rights, privileges, powers and remedies available to the parties are cumulative and not exclusive of any other rights, privileges, powers or remedies provided by statute, at law, in equity or
otherwise. Except as provided in this Agreement, no notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in any similar or other circumstances or constitute a waiver of the right of the party
giving such notice or making such demand to take any other or further action in any circumstances without notice or demand. 
 7.08.
Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HEREBY IRREVOCABLY AGREES THAT THE COURTS OF THE STATE OF NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION IN
CONNECTION WITH ANY ACTIONS OR PROCEEDINGS ARISING BETWEEN THE PARTIES UNDER THIS AGREEMENT. EACH OF THE PARTIES HEREBY IRREVOCABLY CONSENTS AND SUBMITS TO THE JURISDICTION OF SAID COURTS FOR ANY SUCH ACTION OR PROCEEDING. EACH OF THE PARTIES HEREBY
WAIVES THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF ANY SUCH ACTION OR PROCEEDING IN SAID COURTS. 
 7.09. Headings. The
headings contained in this Agreement are for convenience only and shall not affect the construction or interpretation of any provisions of this Agreement. 
  

 8 

 7.10. Conflicts. In the case of any conflicts between the provisions of this Agreement and the
provisions of the Management Agreement, the provisions of the Management Agreement shall control. 
 7.11. Severability. If any
provision of the Agreement shall be held to be invalid, the remainder of the Agreement shall not be affected thereby. 
 7.12.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same
instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 9 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their representatives on the
date first written above. 
  

							
		 		 	ADVISOR
			
	Address:	 		 	LADDER CAPITAL FINANCE LLC,
	600 Lexington Avenue, 23rd Floor	 		 	a Delaware limited liability company
	New York, New York 10022	 		 		 	
				
		 		 	By:	 	  

		 		 	Title:	 	  

			
		 		 	 MANAGER

			
	Address:	 		 	LADDER CAPITAL REALTY
	600 Lexington Avenue, 23rd Floor	 		 	FINANCE MANAGER LLC,
	New York, New York 10022	 		 	a Delaware limited liability company
				
		 		 	By:	 	  

		 		 	Title:	 	  

  

 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]