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"text": "First Quarter 2026 Earnings\nPresentation\n",
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"text": "# Disclaimer\n\nStatements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, which may relate to future events or the future performance or financial condition of Ares\nCommercial Real Estate Corporation (“ACRE” or, the “Company”), Ares Commercial Real Estate Management LLC (“ACREM” or the Company’s “Manager”), a subsidiary of Ares Management Corporation (“Ares Corp.”), Ares Corp., certain of their subsidiaries and accounts managed by\nACREM, Ares Corp. and/or their subsidiaries, including, without limitation, ACRE. These statements include, but are not limited to, statements about potential earnings, the resolution of underperforming loans, increased investment activity, liquidity management, reduction or increase of CECL reserve,\nreduction or increase of available borrowings, the industry and the loan market and are not guarantees of future results or financial condition and involve a number of risks and uncertainties. Actual results could differ materially from those in the forward-looking statements as a result of a number of factors,\nincluding global economic trends and economic conditions, including slower growth, changes to fiscal and monetary policy, inflation, labor shortages, changing interest rates, foreign currency exchange volatility and uncertainties caused by tariffs and trade disputes, as well as geopolitical instability, changes\nin interest rates and credit spreads, management’s estimate of current expected credit losses and current expected credit loss reserve, the amount of commercial mortgage loans requiring refinancing, the demand for commercial real estate loans, the Company’s expected investment capacity and available\ncapital, rates of default or decreased recovery rates on the Company’s target investments, the Company’s business and investment strategy, the Company’s projected operating results, the ability of Ares Commercial Real Estate Management LLC to locate suitable investments for the Company, monitor,\nservice and administer the Company’s investments and execute its investment strategy, and other risks described from time to time in ACRE’s filings within the Securities and Exchange Commission (“SEC”). Any forward-looking statement, including any contained herein, speaks only as of the time of this\nrelease and none of ACRE, ARES Corp. nor ACREM undertakes any duty to update any forward-looking statements made herein. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws.\n",
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"text": "Ares Corp. is the parent to several registered investment advisers, including Ares Management LLC (\"Ares Management\") and ACREM. Collectively, Ares Corp., its affiliated entities, and all underlying subsidiary entities shall be referred to as \"Ares\" unless specifically noted otherwise. For a discussion\nregarding potential risks on ACRE, see Part I., Item 7. \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" and Part I., Item 1A. \"Risk Factors\" in ACRE's Annual Report on Form 10-K and Part II, Item 1A. \"Risk Factors\" in ACRE's subsequent Quarterly Reports on\nForm 10-Q.\n",
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"text": "The information contained in this presentation is summary information that is intended to be considered in the context of ACRE's SEC filings and other public announcements that ACRE, ACREM or Ares may make, by press release or otherwise, from time to time. ACRE, ACREM and Ares undertake no\nduty or obligation to publicly update or revise the forward-looking statements or other information contained in this presentation. These materials contain information about ACRE, ACREM and Ares, and certain of their respective personnel and affiliates, information about their respective historical\nperformance and general information about the market. You should not view information related to the past performance of ACRE, ACREM or Ares or information about the market, as indicative of future results, the achievement of which cannot be assured.\n",
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"text": "Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by ACRE or any other fund or account managed by ACREM or Ares, or as legal, accounting or tax advice. None of ACRE, ACREM, Ares or any affiliate of ACRE, ACREM or Ares makes any\nrepresentation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance. Certain information set forth herein includes estimates and\nprojections and involves significant elements of subjective judgment and analysis. Further, such information, unless otherwise stated, is before giving effect to management and incentive fees and deductions for taxes. No representations are made as to the accuracy of such estimates or projections or that\nall assumptions relating to such estimates or projections have been considered or stated or that such estimates or projections will be realized.\n",
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"text": "In addition, in light of the various investment strategies of such other investment partnerships, funds and/or pools, it is noted that such other investment programs may have portfolio investments inconsistent with those of the investment vehicle or strategy discussed herein.\n",
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"text": "These materials are not intended as an offer to sell, or the solicitation of an offer to purchase, any security, the offer and/or sale of which can only be made by definitive offering documentation. Any offer or solicitation with respect to any securities that may be issued by ACRE will be made only by means of\ndefinitive offering memoranda or prospectus, which will be provided to prospective investors and will contain material information that is not set forth herein, including risk factors relating to any such investment.\n",
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"text": "This presentation may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor's. Such information has not been independently verified and, accordingly, ACRE makes no representation or warranty in respect of this information. Reproduction\nand distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or\nomissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR\nFITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR\nLOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations\nto purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.\n",
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"• GAAP net income (loss) of $(9.6) million or $(0.17) per diluted common share
• Distributable Earnings of $3.2 million or $0.06 per diluted common share¹
• Distributable Earnings of $6.5 million or $0.12 per diluted common share, excluding a realized loss of $3.3 million or $0.06 per diluted common share¹
• Book value of $492 million or $8.89 per common share (or $11.39 per common share excluding CECL reserve)²
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• Reduced risk rated 4 and 5 loans to $368 million at Q1 2026 driven by the exit of the $28 million risk rated 5 Pennsylvania multifamily loan³
• There were no negative credit migrations in the risk ratings across the portfolio in Q1 2026
• Reclassified the $53 million North Carolina REO property as held for sale at its carrying amount⁴
Continued to maintain moderate leverage profile and flexible balance sheet position in order to support asset resolutions and continued investing activity
• Collected $94 million of repayments in Q1 2026
• Increased borrowing capacity by $300 million through the upsize of two secured funding facilities
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• Available capital of $163 million supports continued asset resolutions and investment objectives⁵"
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• Increased total loans held for investment portfolio to $1.7 billion in Q1 2026, an increase of $110 million QoQ³
• All new loan commitments originated in Q1 2026 were co-investments alongside other Ares managed funds⁶
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"text": "# Portfolio Highlights\n\n$1.8$ billion total portfolio comprised of loans held for investment, REO properties and a loan held for sale1\n - Risk rated 1-3 loans (ex. office): Represent 59% of the total portfolio including a majority of loans collateralized by multifamily and industrial properties\n - Risk rated 1-3 office loans: Continued to perform with stable to improving leasing trends and continued sponsor support\n - Risk rated 4 and 5 loans: The two largest loans represent 93% of the four risk rated 4 and 5 loans\n - REO: Both properties have income yields of 9% or greater2\n - Loan held for sale: Collateralized by a retail property and is classified as held for sale3\n",
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"text": "ARES\nAs of March 31, 2026, unless otherwise noted. Past performance may not be indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Values related to loans held for investment are based on carrying value, which excludes the CECL\nreserve. Loans held for sale are based on carrying amount. REO properties are held at carrying amount net of accumulated depreciation and amortization. The North Carolina office property was reclassified as held for sale in Q1 2026 and therefore did not accumulate additional\ndepreciation and amortization in Q1 2026. 2) Income yield is calculated as the annualized property level net operating income for the three months ended March 31, 2026 (excluding non-recurring items) divided by the carrying amount. 3) As of March 31, 2026, the outstanding principal\nbalance of the portion of the loan held for sale was $61 million with a per annum interest rate of SOFR plus 2.75% and a maturity date of March 2029. 4) Does not include loan commitments held for sale. 5) REO includes REO held for investment and REO held for sale.\n",
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"text": "# Ares Management is a Global Leader\n\nWith approximately $644 billion in assets under management, Ares Management Corporation is a global alternative investment manager\noperating an integrated platform across five business groups\n",
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"text": "# The Ares Differentiators\n\n\n - Power of a broad and scaled\nplatform enhancing\ninvestment capabilities\n - 20+ year track record of\nattractive risk adjusted returns\nthrough market cycles5\n - Deep management team with\nintegrated and collaborative\napproach\n - A pioneer and leader in\nleveraged finance, private credit\nand secondaries\n",
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"text": "As of March 31, 2026. Ares AUM includes funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. Past performance is not indicative of future results.\n 1) Only counts one location per metro area. Includes only offices that Ares has leased or acquired. Does not include legacy GCP International locations where Ares is not acquiring the leases. 2) As of April 28, 2026. 3) New Delhi office is operated by a third party with whom\nAres Asia maintains an ongoing relationship relating to the sourcing, acquisition and/or management of investments. 4) Includes Ares Insurance Solutions, our dedicated, in-house team that provides solutions to insurance clients and the Ares AI and Innovation / Venture\n 5) Risk adjusted returns do not guarantee against loss of capital. 6) Reflective of the current underlying companies and properties within Secondaries Group active Private Equity, Real Estate and Infrastructure commingled funds. 7) $86.5 billion in AUM\nrepresents investments by insurance companies in various Ares' funds, SMAs and co-investments versus one discrete insurance platform. The AUM for these investments is included across each of our investment strategies and presented within other businesses to\ndemonstrate the scale of our aggregated insurance platform.\n",
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"text": "A bar chart displaying the outstanding principal balance of office loans over time. The chart tracks five time periods: Q1 2023, Q1 2024, Q1 2025, Q4 2025, and Q1 2026. A vertical dashed line separates the historical data (Q1 2023 - Q1 2025) from the more recent/projected data (Q4 2025 - Q1 2026). The bar values show a downward trend.\n\n| Time Period | Outstanding Principal Balance ($ in millions) |\n| --- | --- |\n| Q1 2023 | 830 |\n| Q1 2024 | 780 |\n| Q1 2025 | 585 |\n| Q4 2025 | 447 |\n| Q1 2026 | 447 |",
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"text": "# Office Loans Progress\n\nOffice loans measured by outstanding principal balance was flat QoQ and decreased 24% YoY\n",
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"text": "This is a bar chart displaying financial metrics over five quarters from Q1 2025 to Q1 2026. The chart uses two data series: 'Total Outstanding Borrowings' represented by dark blue bars and 'Net Debt to Equity Excluding CECL' represented by light blue circular data points overlaid on the bars. The X-axis lists the time periods, and the Y-axis represents monetary values in millions. The values for total borrowings are displayed above each bar, and the net debt to equity ratios are displayed below each corresponding light blue circle.\n\n| Quarter | Total Outstanding Borrowings ($ millions) | Net Debt to Equity Excluding CECL |\n| --- | --- | --- |\n| Q1 2025 | $946 | 1.2x |\n| Q2 2025 | $889 | 1.2x |\n| Q3 2025 | $811 | 1.1x |\n| Q4 2025 | $1,048 | 1.6x |\n| Q1 2026 | $1,272 | 1.9x |",
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"text": "# Balance Sheet and Capital Position\n\n## Provides Flexibility\n\nMaintained balance sheet flexibility which supports the ability to resolve risk rated 4 and 5 loans and\ncontinued investment activity\n",
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"text": "As of March 31, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Total outstanding\nborrowings is based on total outstanding principal balance. 2) Net debt to equity ratio (excluding CECL reserve) is calculated as (i) $1.3 billion outstanding principal of borrowings less $86 million\nof cash, (ii) divided by the sum of total stockholders' equity of $492 million plus CECL reserve of $138 million. Net debt to equity ratio including CECL reserve is 2.4x as of March 31, 2026. Total\ndebt to equity ratio excluding CECL reserve is 2.0x and including CECL reserve is 2.6x as of March 31, 2026. Please see prior earnings presentations for calculations of net debt to equity ratio for\nprior periods. 3) As of March 31, 2026, includes $86 million of cash and approximately $77 million of available financing proceeds under our secured funding agreements.\n",
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"text": "The figure is a waterfall chart illustrating the changes in the Current Expected Credit Losses (CECL) reserve from Q4 2025 to Q1 2026. The chart starts with a dark blue bar representing the Q4 2025 CECL Reserve at $127 million. It then shows a small downward adjustment for 'Reversal of CECL Reserve Due to Exits' of $(2) million, followed by an upward adjustment for 'Net Increase in CECL Reserve on Existing Loans' of $11 million, and another upward adjustment for 'Impact from New Loan Commitments' of $2 million. The chart concludes with a final dark blue bar representing the Q1 2026 CECL Reserve at $138 million.\n\n| Category | Value |\n| --- | --- |\n| Q4 2025 CECL Reserve | $127 |\n| Reversal of CECL Reserve Due to Exits | $(2) |\n| Net Increase in CECL Reserve on Existing Loans | $11 |\n| Impact from New Loan Commitments | $2 |\n| Q1 2026 CECL Reserve | $138 |",
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"text": "Ø ARES As of March 31, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided.\n",
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"text": "The figure consists of two donut charts illustrating CECL (Current Expected Credit Losses) reserves categorized by risk rating and property type.\n\nThe left donut chart is titled 'CECL Reserve by Risk Rating' and highlights that 'CECL reserve related to risk rated 4 and 5 loans' accounts for 94% of the total. The right donut chart is titled 'CECL Reserve by Property Type' and highlights that 'CECL reserve related to office and residential/condo loans' accounts for 89% of the total.\n\n| Category | Label | Percentage |\n| --- | --- | --- |\n| CECL Reserve by Risk Rating | Risk Rated 1-3 Loans | 6% |\n| CECL Reserve by Risk Rating | Risk Rated 4 Loans | 43% |\n| CECL Reserve by Risk Rating | Risk Rated 5 Loans | 51% |\n| CECL Reserve by Property Type | Office | 11% |\n| CECL Reserve by Property Type | Residential/Condo | 35% |\n| CECL Reserve by Property Type | Other | 54% |",
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"text": "CECL Reserve\n\n$138 million\nTotal\nCECL Reserve1\n\n8%\nCECL Reserve as a Percent of Loans\nHeld for Investment2",
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"text": "[ARES Logo]\nAs of March 31, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Total CECL Reserve includes reserve on both the outstanding balances and unfunded\ncommitments on loans held for investment. 2) Percentages are based on outstanding principal balance of loans held for investment.\n",
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"text": "The figure is a donut chart representing the distribution of CECL reserves for risk-rated 4 and 5 loans across different property types. The chart is divided into three segments: Office (dark grey, 56%), Residential/Condo (light blue, 37%), and Other (teal, 7%). A legend below the chart identifies these categories by their corresponding colors.\n\n| Property Type | Percentage |\n| --- | --- |\n| Office | 56% |\n| Residential/Condo | 37% |\n| Other | 7% |",
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"text": "This bar chart displays the CECL reserve percentages for three loan categories: Office, Residential/Condo, and Other. The 'Office' category shows a 41% reserve, the 'Residential/Condo' category shows a 27% reserve, and the 'Other' category shows a 69% reserve.\n\n| Loan Category | CECL Reserve as a Percent of Loan Balance |\n| --- | --- |\n| Office | 41% |\n| Residential/Condo | 27% |\n| Other | 69% |",
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"text": "$129 million \nCECL Reserve1 for Risk Rated 4 and 5 Loans \n35% \nCECL Reserve as a Percent of Risk Rated 4 and 5 Loan Balance2",
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"text": "This image is a side-by-side comparison of two building types. The left panel shows a modern, multi-story commercial building with a prominent sign that reads \"MUSIC ALLEY\" in red letters, set against a backdrop of trees and a partly cloudy blue sky. The right panel shows a multi-story office building with a light-colored facade and numerous dark, reflective windows, also surrounded by mature green trees. Below the left image, a dark blue banner contains the white text \"Mixed-Use\". Below the right image, a corresponding dark blue banner contains the white text \"Office\".",
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"text": "[ARES Logo]\nAs of March 31, 2026, unless otherwise noted. Past performance may not be indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Carrying amount is net of accumulated depreciation and amortization of $8 million for the\nFlorida mixed-use property and $7 million for the North Carolina office property. The North Carolina office property was reclassified as held for sale in Q1 2026 and therefore did not accumulate additional depreciation and amortization in Q1 2026. 2) Income yield is calculated\nas the annualized property level net operating income for the three months ended March 31, 2026 (excluding non-recurring items) divided by the carrying amount.\n",
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"text": "As of March 31, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) The Illinois loan is structured as both a senior and\nmezzanine loan with the Company holding contiguous positions. The senior position has a per annum interest rate of S + 2.25% and the mezzanine position has a fixed per annum interest rate of 10.00%. The senior and mezzanine loans were both on non-accrual status as of\nMarch 31, 2026 and the Unleveraged Effective Yield is not applicable. In January 2026, the Company and the borrower entered into a modification and extension agreement to, among other things, extend the maturity date on the Illinois loan from January 2026 to April 2026. 3)\nThe Arizona loan is structured as a senior A-Note with an outstanding principal balance of $65.0 million, a subordinated B-Note with no initial outstanding principal balance and an unfunded commitment of $12.0 million for certain lender approved leasing costs and a\nsubordinated C-Note with an outstanding principal balance of $8.5 million. The subordinated B-Note is pari-passu with new borrower contributions for the loan principal paydown and other additional capital contributions. The subordinated C-Note is subordinate to the A-Note,\nB-Note and the new borrower contributions. The senior A-Note has a per annum interest rate of S + 2.00%, the subordinated B-Note has a fixed per annum interest rate of 12.00% and the subordinated C-Note has a fixed per annum interest rate of 5.50%. 4) In March 2026,\nthe borrower exercised a 12-month extension option in accordance with the loan agreement, which extended the maturity date on the senior New York loan to March 2027.\n",
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"#",
"Loan Type",
"Location",
"Origination Date",
"Current Loan Commitment",
"Outstanding
Principal",
"Carrying
Value",
"Interest
Rate",
"SOFR
Floor",
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Effective Yield",
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Date",
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Terms1"
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"Multifamily Loans:",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
[
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"Senior",
"NY",
"May 2022",
"$132.2",
"$132.2",
"$131.9",
"S+3.90%",
"0.2%",
"8.6%",
"Jun 2026",
"I/O"
],
[
"13",
"Senior",
"NY",
"Feb 2026",
"100.0",
"78.9",
"77.9",
"S+2.45%",
"3.0%",
"6.6%",
"Mar 2029",
"I/O"
],
[
"14",
"Senior",
"TX",
"Nov 2021",
"67.9",
"67.9",
"67.6",
"S+2.95%",
"-%",
"7.2%",
"Dec 20262",
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"text": "As of March 31, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) In January 2026, the Company and the borrower\nentered into a modification and extension agreement to, among other things, extend the maturity date on the senior Texas loan from January 2026 to December 2026. 3) In January 2026, the Company and the borrower entered into a modification and extension agreement to,\namong other things, extend the maturity date on the senior Texas loan from January 2026 to May 2026. 4) As of March 31, 2026, the senior New Jersey loan, which is collateralized by an industrial property, is in maturity default due to the failure of the borrower to repay the\noutstanding principal balance of the loan by the November 2024 maturity date and the borrower is current on all contractual interest payments. 5) The California loan is structured as a senior A-Note, with an outstanding principal balance of $7.0 million as of March 31, 2026, a\nsubordinated B-Note with no outstanding principal balance and an unfunded commitment of $500 thousand for certain lender approved leasing costs and a subordinated C-Note with an outstanding principal balance of $12.6 million as of March 31, 2026. The subordinated B-\nNote and C-Note are subordinate to new borrower equity related to additional capital contributions. As of March 31, 2026, the subordinated C-Note was on non-accrual status and therefore, the Unleveraged Effective Yield is not applicable.\n",
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"Location",
"Origination Date",
"Current Loan Commitment",
"Outstanding Principal",
"Carrying
Value",
"Interest
Rate",
"SOFR
Floor",
"Unleveraged
Effective Yield",
"Maturity
Date",
"Payment Terms1"
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"Residential/Condominium Loans:",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
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"NY",
"Mar 2022",
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"$179.8",
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"0.4%",
"—%2",
"Dec 2026",
"I/O"
],
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"",
"",
"$179.8",
"$179.8",
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"",
"",
"",
"",
""
],
[
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"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
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"Feb 2026",
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"",
"",
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"",
"",
"",
""
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"",
"",
"",
"",
"",
"",
"",
"",
"",
""
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"I/O"
],
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"",
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"",
"",
""
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"text": "[ARES Logo]\nAs of March 31, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) The weighted average floor is calculated based\non loans with SOFR floors.\n",
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"17,770"
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"89,360"
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"4,061"
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"8,442"
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"48,614"
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"532"
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"12/31/2025",
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"(9,835)",
"2,190",
"20,150",
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"text": "As of March 31, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) For the Secured Funding Agreements, total commitments are available subject to the pledge of\nadditional collateral. 2) Amount immediately available under the CNB Facility at any given time can fluctuate based on the fair value of the collateral in the borrowing base that secures the CNB Facility. As of March 31, 2026, there was $51.1 million of immediate availability\nunder the CNB Facility based on the fair value of the collateral in the borrowing base at such time. The amount immediately available under the CNB Facility may be increased to up to $75.0 million by the pledge of additional collateral into the borrowing base in accordance\nwith the CNB Facility agreement. 3) The Morgan Stanley facility contains an accordion provision such that the maximum commitment may be increased to up to $400.0 million at the Company's option, subject to the satisfaction of certain conditions, including payment of an\nupsize fee. 4) The Secured Term Loan includes interest rate increases on advances to the following fixed rates: (i) 4.50% per annum until May 1, 2025 and (ii) after May 1, 2025 through November 12, 2026, the interest rate increases 0.25% every three months.\n",
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"text": "**Q1 2026 Company Results and Highlights; page 3**\nAs of March 31, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers may not add up to the totals provided.\n 1. Distributable Earnings (Loss) and Distributable Earnings excluding realized gains (losses) are non-GAAP financial measures. See page 22 for Distributable Earnings (Loss) and Distributable Earnings excluding realized gains (losses) definitions and page 20 for the Reconciliation of Net\nIncome (Loss) to Non-GAAP Distributable Earnings (Loss) and Distributable Earnings excluding realized gains (losses).\n 2. Book value per common share excluding CECL reserve is calculated as (i) total stockholders' equity of $492 million plus CECL reserve of $138 million divided by (ii) total outstanding common shares of 55,367,672 as of March 31, 2026.\n 3. Based on outstanding principal balance of loans held for investment.\n 4. REO properties are held at carrying amount net of accumulated depreciation and amortization. The North Carolina office property was reclassified as held for sale in Q1 2026 and therefore did not accumulate additional depreciation and amortization in Q1 2026.\n 5. As of March 31, 2026, includes $86 million of cash and approximately $77 million of available financing proceeds under our secured funding agreements.\n 6. Loan commitments of loans held for investment and loan held for sale\n 7. Source: Bloomberg stock price for ACRE as of May 4, 2026.\n",
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