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"markdown": "\n\n| Balance Sheet | Carrying Value\u00b9 | The Case for Ladder |\n|---|---|---|\n| LOANS | $2.8B | First mortgage loans + Securitization gains |\n| SECURITIES | $1.9B | AAA securities + Securities gains |\n| EQUITY | $1.1B | Net lease / IG tenant focus + NAV upside |\n| Cash & other assets | $0.1B | |\n| Total assets | $5.9B | |\n| Total liabilities | ($4.2B) | IG capital structure |\n| Book Equity Value | $1.7B | 13% inside ownership\u00b2 |\n| Shares outstanding | 126.9M | |\n| Book Value per Share | $13.44 | Stock at 27% discount to book\u00b3 |",
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