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   "markdown": "<a id='7fc023eb-ba16-43e7-9beb-c2b545071037'></a>\n\n5-Year Total Returns\u00b3\n\n<::\nTable: 5-Year Total Returns\n| Category                 | 5-Year Total Return |\n|:-------------------------|:--------------------|\n| LADR                     | +27%                |\n| BBB/BBB- Equity REITs\u2075   | +24%                |\n| Equity REITs Index\u2076      | +32%                |\n| Regional Bank Index\u2077     | +33%                |\n| Non-IG CMREITs\u2074          | (5%)                |\n: bar chart::>\n\nCURRENT DIVIDEND YIELD\n10.9% 9.4% 4.3% 3.6% 2.5%",
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 "markdown": "<a id='71b2c9bb-2333-48f6-905c-8c2d71676973'></a>\n\nRELATIVE OUTPERFORMANCE\n\n<a id='d1262acb-2632-441f-af7d-cd2293eecb4c'></a>\n\n\u201cStay rich, not get rich strategy\u201d: capital preservation with attractive returns\n\n<a id='32af6879-5ddf-4420-96cf-78f3f3842d16'></a>\n\n<::chart: Book Value Preservation. The chart shows two lines over time, from Q1 2022 to Q1 2026. The x-axis represents quarters: Q1 Q2 Q3 Q4 for years 2022, 2023, 2024, 2025, and Q1 for 2026. A shaded vertical band from Q1 2022 to Q2 2023 is labeled \"FED RATE HIKE CYCLE\". The dark blue line represents \"Ladder\" and the light blue line represents \"Non-IG CMREITS\". Both lines start at the same point on the left. The \"Ladder\" line remains relatively flat, showing slight fluctuations, and ends at Q1 2026 with a value of (1.8%). The \"Non-IG CMREITS\" line steadily declines throughout the period, ending at Q1 2026 with a value of (23.6%). An arrow points upwards from the \"Non-IG CMREITS\" line to the \"Ladder\" line at Q1 2026, with the text \"+21.8% BOOK VALUE OUTPERFORMANCE\".::>\n\n<a id='7fc023eb-ba16-43e7-9beb-c2b545071037'></a>\n\n5-Year Total Returns\u00b3\n\n<::\nTable: 5-Year Total Returns\n| Category                 | 5-Year Total Return |\n|:-------------------------|:--------------------|\n| LADR                     | +27%                |\n| BBB/BBB- Equity REITs\u2075   | +24%                |\n| Equity REITs Index\u2076      | +32%                |\n| Regional Bank Index\u2077     | +33%                |\n| Non-IG CMREITs\u2074          | (5%)                |\n: bar chart::>\n\nCURRENT DIVIDEND YIELD\n10.9% 9.4% 4.3% 3.6% 2.5%\n\n<a id='b6460593-0d92-4bc5-abc5-4ecb782195fc'></a>\n\nNote: As of 06/30/2026, unless otherwise noted. Source: FactSet.\nSource: Public company filings, company presentations and FactSet.\n1. Depicts cumulative change in undepreciated book value per share through 03/31/2026\n2. Non-IG CMREITs include ARI, BRSP, BXMT, CMTG, FBRT, KREF, STWD and TRTX.\n3. Represents stock price change plus cumulative dividends, as of 07/22/2026. Graph bars are not to scale.\n4. Market capitalization-weighted average of Non-IG CMREITS\n5. Market capitalization-weighted average of AAT, BNL, CDP, CUZ, EGP, EPR, EPRT, FCPT, FR, HIW, IRT, KRC, KRG, PECO, SKT and UDR\n6. Represents MSCI U.S. REIT Index (RMZ)\n7. Represents SPDR S&P Regional Banking ETF\n\n<a id='464d8b3d-bea6-433c-b32e-16d58c67f0fb'></a>\n\n5",
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