{ "markdown": "Portfolio Overview\n\n\n# 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\n\n
\n\nThe image displays a horizontal chart featuring a sequence of six floating bar segments, each associated with a percentage value. From left to right, the segments and their values are as follows: a dark grey bar labeled '59%\u00b9', a light blue bar labeled '15%\u00b9', a teal-colored bar labeled '16%\u00b9', a beige/tan bar labeled '7%\u00b9', a thin dark line/bar labeled '3%\u00b9', and a final purple bar labeled '100%\u00b9'. The chart appears to represent a breakdown of a whole, though the axes and labels are not fully visible.
Segment ColorValue
Dark Grey59%\u00b9
Light Blue15%\u00b9
Teal16%\u00b9
Beige/Tan7%\u00b9
Dark Line3%\u00b9
Purple100%\u00b9
\n\n\n\n\n\n
ACRE's Total Portfolio
($ in millions)		Risk Rated 1-3 Loans
(ex. Office)4		Risk Rated 1-3 Office
Loans4		Risk Rated 4 and 5
Loans4		REO5Loan Held for SaleTotal
Number of
Loans or REO Properties		26542138
Carrying Amount1$1,065$270$294$130$61$1,820
\n\n
\n\nThe figure is a title and two-panel information display regarding the progress of the largest risk-rated loans. The main title is 'Progress on Largest Risk Rated 4 and 5 Loans'. The display is split into two sections.\n\n### Chicago Office (Risk Rated 5)\n- **Visual:** A photograph of a large, dark, rectangular office building in a city setting.\n- **Carrying Value:** $138 million\n- **Q1 2026 Update:** Occupancy is over 90% with a weighted average lease term of eight years. The borrower continues to engage in a potential sale process.\n\n### Brooklyn Residential/Condo (Risk Rated 4)\n- **Visual:** A photograph of a multi-story brick residential building with many windows and an entrance canopy at street level.\n- **Carrying Value:** $136 million\n- **Q1 2026 Update:** Project nearing completion with cost and timing adjustments. Pre-sale activity is underway.
\n\nARES\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\n\n4\n\n", "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": 4206 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 1.0, "ymax": 1.0 } }, "markdown": null, "status": 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