{
 "markdown": "End Notes\n\n\n**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\n\n\u00d8 ARES\n\n\n23\n\n<!-- doc_id=parse-01m2rrkfdah9ffhe2kqj603ff0 -->",
 "structure": {
  "type": "document",
  "markdown": null,
  "children": [
   {
    "type": "page",
    "page": null,
    "span": null,
    "width": null,
    "height": null,
    "dpi": null,
    "grounding": {
     "page": 1,
     "range": {
      "start": 0,
      "end": 1512
     },
     "box": {
      "xmin": 0.0,
      "ymin": 0.0,
      "xmax": 1.0,
      "ymax": 1.0
     }
    },
    "markdown": null,
    "status": "ok",
    "reason": null,
    "children": [
     {
      "type": "text",
      "id": "text-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 0,
        "end": 10
       },
       "box": {
        "xmin": 0.03443,
        "ymin": 0.07471,
        "xmax": 0.18378,
        "ymax": 0.13051
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 0,
         "end": 10
        },
        "box": {
         "xmin": 0.0367,
         "ymin": 0.07873,
         "xmax": 0.18088,
         "ymax": 0.12745
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "text",
      "id": "text-1",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 12,
        "end": 1496
       },
       "box": {
        "xmin": 0.03131,
        "ymin": 0.13616,
        "xmax": 0.92058,
        "ymax": 0.32412
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 12,
         "end": 63
        },
        "box": {
         "xmin": 0.03496,
         "ymin": 0.13924,
         "xmax": 0.19996,
         "ymax": 0.15919
        }
       },
       {
        "page": 1,
        "range": {
         "start": 63,
         "end": 226
        },
        "box": {
         "xmin": 0.03467,
         "ymin": 0.15926,
         "xmax": 0.53022,
         "ymax": 0.17714
        }
       },
       {
        "page": 1,
        "range": {
         "start": 226,
         "end": 515
        },
        "box": {
         "xmin": 0.03566,
         "ymin": 0.17701,
         "xmax": 0.91622,
         "ymax": 0.19462
        }
       },
       {
        "page": 1,
        "range": {
         "start": 515,
         "end": 633
        },
        "box": {
         "xmin": 0.05476,
         "ymin": 0.19525,
         "xmax": 0.41746,
         "ymax": 0.21224
        }
       },
       {
        "page": 1,
        "range": {
         "start": 633,
         "end": 870
        },
        "box": {
         "xmin": 0.03532,
         "ymin": 0.21283,
         "xmax": 0.76539,
         "ymax": 0.2303
        }
       },
       {
        "page": 1,
        "range": {
         "start": 870,
         "end": 943
        },
        "box": {
         "xmin": 0.03615,
         "ymin": 0.23032,
         "xmax": 0.26354,
         "ymax": 0.24776
        }
       },
       {
        "page": 1,
        "range": {
         "start": 943,
         "end": 1206
        },
        "box": {
         "xmin": 0.03541,
         "ymin": 0.24794,
         "xmax": 0.84219,
         "ymax": 0.26539
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1206,
         "end": 1361
        },
        "box": {
         "xmin": 0.03588,
         "ymin": 0.26574,
         "xmax": 0.51843,
         "ymax": 0.28361
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1361,
         "end": 1434
        },
        "box": {
         "xmin": 0.03586,
         "ymin": 0.28365,
         "xmax": 0.26864,
         "ymax": 0.3006
        }
       },
       {
        "page": 1,
        "range": {
         "start": 1434,
         "end": 1496
        },
        "box": {
         "xmin": 0.03544,
         "ymin": 0.30041,
         "xmax": 0.23905,
         "ymax": 0.31875
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "marginalia",
      "id": "marginalia-0",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 1498,
        "end": 1505
       },
       "box": {
        "xmin": 0.03238,
        "ymin": 0.90378,
        "xmax": 0.08801,
        "ymax": 0.94392
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 1498,
         "end": 1505
        },
        "box": {
         "xmin": 0.03601,
         "ymin": 0.90966,
         "xmax": 0.08334,
         "ymax": 0.93751
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     },
     {
      "type": "marginalia",
      "id": "marginalia-1",
      "span": null,
      "grounding": {
       "page": 1,
       "range": {
        "start": 1507,
        "end": 1510
       },
       "box": {
        "xmin": 0.94831,
        "ymin": 0.91445,
        "xmax": 0.96612,
        "ymax": 0.9414
       }
      },
      "atomic_grounding": [
       {
        "page": 1,
        "range": {
         "start": 1507,
         "end": 1510
        },
        "box": {
         "xmin": 0.95087,
         "ymin": 0.91958,
         "xmax": 0.96249,
         "ymax": 0.93505
        }
       }
      ],
      "markdown": null,
      "children": null,
      "row": null,
      "col": null,
      "colspan": null,
      "rowspan": null
     }
    ]
   }
  ]
 },
 "grounding": null,
 "metadata": {
  "req_id": null,
  "job_id": "parse-01m2rrkfdah9ffhe2kqj603ff0",
  "model_version": "dpt-3-pro-20260710",
  "page_count": 1,
  "markdown_chars": null,
  "output_markdown_chars": 1559,
  "range_units": "unicode_codepoints",
  "openapi_spec": "https://api.ade.landing.ai/openapi.json",
  "failed_pages": [],
  "duration_ms": 8140,
  "billing": {
   "service_tier": "standard",
   "total_credits": 0.9
  }
 }
}