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 "markdown": "<a id='73b04046-81ad-42c5-8b83-65eebda92a99'></a>\n\nINVESTMENT ALLOCATION OVER TIME\n\n<a id='f05272ea-1f3c-4d0a-ad26-efe28f6cac2b'></a>\n\n<::Stacked Bar Chart: Flexibility to rotate across products based on market conditions\n\nY-axis: Liquidity & Seniority (with an upward arrow indicating increasing liquidity and seniority)\n\nAnnotation: Move to \"higher ground\" during market disruptions (spanning 2020-2025)\n\nLegend:\n-   Cash (gold, with '$' icon)\n-   Securities (dark blue, with 'three lines' icon)\n-   Loans (darker blue, with 'droplet' icon)\n-   Equity (light blue, with 'cube' icon)\n\nData:\n\n| Year      | Cash | Securities | Loans | Equity |\n|:----------|:-----|:-----------|:------|:-------|\n| 2014      | -    | 54%        | 27%   | 17%    |\n| 2015      | -    | 48%        | 33%   | 16%    |\n| 2016      | -    | 48%        | 33%   | 17%    |\n| 2017      | -    | 29%        | 50%   | 20%    |\n| 2018      | -    | 19%        | 60%   | 19%    |\n| 2019      | -    | 27%        | 53%   | 19%    |\n| 2020      | 11%  | 24%        | 46%   | 19%    |\n| 2021      | 18%  | 14%        | 47%   | 21%    |\n| 2022      | 7%   | 11%        | 65%   | 17%    |\n| 2023      | 13%  | 9%         | 62%   | 16%    |\n| 2024      | 24%  | 13%        | 46%   | 18%    |\n| 2025      | 8%   | 35%        | 38%   | 19%    |\n| Q2 2026   | -    | 36%        | 46%   | 18%    |\n\nTable below chart:\n\n| Category               | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Q2 2026 |\n|:-----------------------|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:--------|\n| Securities: % IG       | 99%  | 98%  | 98%  | 100% | 100% | 100% | 100% | 100% | 99%  | 99%  | 98%  | 99%  | 99%     |\n| Loans: % Sr. Secured   | 89%  | 88%  | 91%  | 94%  | 96%  | 96%  | 96%  | 96%  | 98%  | 99%  | 99%  | >99% | >99%    |\n| Equity: % Net Lease    | 44%  | 58%  | 66%  | 67%  | 67%  | 67%  | 67%  | 67%  | 66%  | 72%  | 68%  | 64%  | 58%     |\n: chart::>\n\n<a id='c1a4809d-2abd-42e1-be08-249886c0879e'></a>\n\nNote: Data shown since LADR's IPO. Represents average asset allocation during each year or year-to-date period shown, based on quarter-end amounts; excludes other assets.\n1. Represents cash and cash equivalents, including Treasury Bills\n\n<a id='a76e4e7a-a3f0-4f06-bb84-3d3386de19e3'></a>\n\n10",
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   "markdown": "<a id='73b04046-81ad-42c5-8b83-65eebda92a99'></a>\n\nINVESTMENT ALLOCATION OVER TIME\n\n<a id='f05272ea-1f3c-4d0a-ad26-efe28f6cac2b'></a>\n\n<::Stacked Bar Chart: Flexibility to rotate across products based on market conditions\n\nY-axis: Liquidity & Seniority (with an upward arrow indicating increasing liquidity and seniority)\n\nAnnotation: Move to \"higher ground\" during market disruptions (spanning 2020-2025)\n\nLegend:\n-   Cash (gold, with '$' icon)\n-   Securities (dark blue, with 'three lines' icon)\n-   Loans (darker blue, with 'droplet' icon)\n-   Equity (light blue, with 'cube' icon)\n\nData:\n\n| Year      | Cash | Securities | Loans | Equity |\n|:----------|:-----|:-----------|:------|:-------|\n| 2014      | -    | 54%        | 27%   | 17%    |\n| 2015      | -    | 48%        | 33%   | 16%    |\n| 2016      | -    | 48%        | 33%   | 17%    |\n| 2017      | -    | 29%        | 50%   | 20%    |\n| 2018      | -    | 19%        | 60%   | 19%    |\n| 2019      | -    | 27%        | 53%   | 19%    |\n| 2020      | 11%  | 24%        | 46%   | 19%    |\n| 2021      | 18%  | 14%        | 47%   | 21%    |\n| 2022      | 7%   | 11%        | 65%   | 17%    |\n| 2023      | 13%  | 9%         | 62%   | 16%    |\n| 2024      | 24%  | 13%        | 46%   | 18%    |\n| 2025      | 8%   | 35%        | 38%   | 19%    |\n| Q2 2026   | -    | 36%        | 46%   | 18%    |\n\nTable below chart:\n\n| Category               | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Q2 2026 |\n|:-----------------------|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:-----|:--------|\n| Securities: % IG       | 99%  | 98%  | 98%  | 100% | 100% | 100% | 100% | 100% | 99%  | 99%  | 98%  | 99%  | 99%     |\n| Loans: % Sr. Secured   | 89%  | 88%  | 91%  | 94%  | 96%  | 96%  | 96%  | 96%  | 98%  | 99%  | 99%  | >99% | >99%    |\n| Equity: % Net Lease    | 44%  | 58%  | 66%  | 67%  | 67%  | 67%  | 67%  | 67%  | 66%  | 72%  | 68%  | 64%  | 58%     |\n: chart::>\n\n<a id='c1a4809d-2abd-42e1-be08-249886c0879e'></a>\n\nNote: Data shown since LADR's IPO. Represents average asset allocation during each year or year-to-date period shown, based on quarter-end amounts; excludes other assets.\n1. Represents cash and cash equivalents, including Treasury Bills\n\n<a id='a76e4e7a-a3f0-4f06-bb84-3d3386de19e3'></a>\n\n10",
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