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 "markdown": "<a id='3bc2342f-e713-4cc4-8188-07039e3a4e9d'></a>\n\nSIGNIFICANT UPSIDE POTENTIAL\n\n<a id='78b5e350-031f-42c7-90a2-339c05e486bb'></a>\n\nEarnings growth and yield compression = stock price upside\n\n<a id='cb640ac7-8473-417d-8f0a-8263d6757f3e'></a>\n\n<::LADR Stock Price at Range of Dividend Yields: bar chart\n\nLeft-side legend:\nQuarterly Dividend\n$0.25 hypothetical\nRun-rate ROE (arrow pointing up)\n$0.23 current\n\nChart sections:\nCURRENT DISCOUNT\nHISTORICAL RANGE 1\nAPPROACHING IG REITS\n\nData columns (from left to right):\n\nColumn 1 (under CURRENT DISCOUNT):\nDividend Yield: 9.4%\nPremium/(Discount) to Book Value 3: (21%)\nPrice: $9.75 (current)\nUpper price: $10.60\nUpside: +9%\n\nColumn 2 (under CURRENT DISCOUNT):\nDividend Yield: 8.5%\nPremium/(Discount) to Book Value 3: (12%)\nPrice: $10.82\nUpper price: $11.76\nUpside: +21%\n\nColumn 3 (under HISTORICAL RANGE 1):\nDividend Yield: 8.0%\nPremium/(Discount) to Book Value 3: (7%)\nPrice: $11.50\nUpper price: $12.50\nUpside: +28%\n\nColumn 4 (under HISTORICAL RANGE 1):\nDividend Yield: 7.5%\nPremium/(Discount) to Book Value 3: (1%)\nPrice: $12.27\nUpper price: $13.33\nUpside: +37%\n\nColumn 5 (under APPROACHING IG REITS):\nDividend Yield: 7.0%\nPremium/(Discount) to Book Value 3: +6%\nPrice: $13.14\nUpper price: $14.29\nUpside: +47%\n\nColumn 6 (under APPROACHING IG REITS):\nDividend Yield: 6.5%\nPremium/(Discount) to Book Value 3: +14%\nPrice: $14.15\nUpper price: $15.38\nUpside: +58%\n\nDiagonal line: Significant upside\u00b2\n\nSummary table at bottom:\nDIVIDEND YIELD\n9.4% 8.5% 8.0% 7.5% 7.0% 6.5%\nPREMIUM/(DISCOUNT)\nTO BOOK VALUE \u00b3\n(21%) (12%) (7%) (1%) +6% +14%\n::>\n\n<a id='278fcf60-b044-40e2-aaa9-611ac9bac3b2'></a>\n\n1. Represents approximate average dividend yield for LADR stock over last 10 years, excluding 12-month period following onset of COVID in March 2020\n2. Hypothetical upside percentages based on implied stock price at $0.25 hypothetical quarterly dividend versus current stock price\n3. Based on implied stock price at $0.25 hypothetical quarterly dividend versus $13.44 undepreciated book value per share as of 06/30/2026\n\n<a id='7d6658c5-b1db-46be-a0d3-8cbad14923a8'></a>\n\n14",
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   "markdown": "<a id='3bc2342f-e713-4cc4-8188-07039e3a4e9d'></a>\n\nSIGNIFICANT UPSIDE POTENTIAL\n\n<a id='78b5e350-031f-42c7-90a2-339c05e486bb'></a>\n\nEarnings growth and yield compression = stock price upside\n\n<a id='cb640ac7-8473-417d-8f0a-8263d6757f3e'></a>\n\n<::LADR Stock Price at Range of Dividend Yields: bar chart\n\nLeft-side legend:\nQuarterly Dividend\n$0.25 hypothetical\nRun-rate ROE (arrow pointing up)\n$0.23 current\n\nChart sections:\nCURRENT DISCOUNT\nHISTORICAL RANGE 1\nAPPROACHING IG REITS\n\nData columns (from left to right):\n\nColumn 1 (under CURRENT DISCOUNT):\nDividend Yield: 9.4%\nPremium/(Discount) to Book Value 3: (21%)\nPrice: $9.75 (current)\nUpper price: $10.60\nUpside: +9%\n\nColumn 2 (under CURRENT DISCOUNT):\nDividend Yield: 8.5%\nPremium/(Discount) to Book Value 3: (12%)\nPrice: $10.82\nUpper price: $11.76\nUpside: +21%\n\nColumn 3 (under HISTORICAL RANGE 1):\nDividend Yield: 8.0%\nPremium/(Discount) to Book Value 3: (7%)\nPrice: $11.50\nUpper price: $12.50\nUpside: +28%\n\nColumn 4 (under HISTORICAL RANGE 1):\nDividend Yield: 7.5%\nPremium/(Discount) to Book Value 3: (1%)\nPrice: $12.27\nUpper price: $13.33\nUpside: +37%\n\nColumn 5 (under APPROACHING IG REITS):\nDividend Yield: 7.0%\nPremium/(Discount) to Book Value 3: +6%\nPrice: $13.14\nUpper price: $14.29\nUpside: +47%\n\nColumn 6 (under APPROACHING IG REITS):\nDividend Yield: 6.5%\nPremium/(Discount) to Book Value 3: +14%\nPrice: $14.15\nUpper price: $15.38\nUpside: +58%\n\nDiagonal line: Significant upside\u00b2\n\nSummary table at bottom:\nDIVIDEND YIELD\n9.4% 8.5% 8.0% 7.5% 7.0% 6.5%\nPREMIUM/(DISCOUNT)\nTO BOOK VALUE \u00b3\n(21%) (12%) (7%) (1%) +6% +14%\n::>\n\n<a id='278fcf60-b044-40e2-aaa9-611ac9bac3b2'></a>\n\n1. Represents approximate average dividend yield for LADR stock over last 10 years, excluding 12-month period following onset of COVID in March 2020\n2. Hypothetical upside percentages based on implied stock price at $0.25 hypothetical quarterly dividend versus current stock price\n3. Based on implied stock price at $0.25 hypothetical quarterly dividend versus $13.44 undepreciated book value per share as of 06/30/2026\n\n<a id='7d6658c5-b1db-46be-a0d3-8cbad14923a8'></a>\n\n14",
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