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 "markdown": "Q1 2026 Company Results and Highlights\n\n\n<table>\n<tr><td>Earnings and Results</td><td>\u2022 GAAP net income (loss) of $(9.6) million or $(0.17) per diluted common share<br>\u2022 Distributable Earnings of $3.2 million or $0.06 per diluted common share\u00b9<br>\u2022 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 share\u00b9<br>\u2022 Book value of $492 million or $8.89 per common share (or $11.39 per common share excluding CECL reserve)\u00b2<br>\u2022 $138 million CECL reserve representing 8% of outstanding principal balance of loans held for investment</td></tr>\n<tr><td>Progress and Positioning</td><td>Further reduced risk rated 4 and 5 loans and continued addressing office loans and REO properties<br>\u2022 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 loan\u00b3<br>\u2022 There were no negative credit migrations in the risk ratings across the portfolio in Q1 2026<br>\u2022 Reclassified the $53 million North Carolina REO property as held for sale at its carrying amount\u2074<br><br>Continued to maintain moderate leverage profile and flexible balance sheet position in order to support asset resolutions and continued investing activity<br>\u2022 Collected $94 million of repayments in Q1 2026<br>\u2022 Increased borrowing capacity by $300 million through the upsize of two secured funding facilities<br>\u2022 Redeemed the FL4 CLO through available borrowing capacity on existing secured funding facilities<br>\u2022 Available capital of $163 million supports continued asset resolutions and investment objectives\u2075</td></tr>\n<tr><td>Investment Activity</td><td>Continued investment activity further diversifying and expanding the portfolio to support earnings<br>\u2022 Closed three senior loans totaling $294 million in commitments in Q1 2026 (includes a $144 million loan collateralized by a retail property of which $75 million is classified as held for investment and $69 million is classified as held for sale)<br>\u2022 Increased total loans held for investment portfolio to $1.7 billion in Q1 2026, an increase of $110 million QoQ\u00b3<br>\u2022 All new loan commitments originated in Q1 2026 were co-investments alongside other Ares managed funds\u2076<br>\u2022 Subsequent to quarter end, closed two senior loans totaling $95 million in commitments collateralized by multifamily and self storage properties</td></tr>\n<tr><td>Dividends</td><td>\u2022 Declared cash dividend of $0.15 per common share for shareholders for Q2 2026, which equates to an annualized implied dividend yield of approximately 11% to our stock price as of May 4, 2026\u2077</td></tr>\n</table>\n\n\u00d8 ARES\n\n\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. **See relevant endnotes on page 23.**\n\n\n3\n\n<!-- doc_id=parse-01m2rrj6rhrww2g7psw3cde5cw -->",
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