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        "text": "SECOND QUARTER 2026",
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        "text": "EARNINGS PRESENTATION",
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        "text": "July 29, 2026",
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        "text": "ACRES",
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        "text": "A",
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        "text": "1)",
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        "text": "COMMERCIAL REALTY",
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        "text": "DISCLAIMER",
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      {
        "text": "Forward-Looking Statements",
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        "text": "This presentation contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are not historical facts but rather are based on ACRES Commercial Realty ",
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        "text": "Corp.'s ('ACR's' or the 'Company's') current beliefs, assumptions and expectations. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are ",
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        "text": "known to ACR or are within its control. If a change occurs, its business, financial condition, liquidity and results of operations may vary materially from those expressed in the forward-looking statements. You should ",
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        "text": "not place undue reliance on these forward-looking statements, which reflect ACR's view only as of the date of this presentation.  ACR uses words such as 'anticipate,' 'expect,' 'intend,' 'plan,' 'believe,' 'seek,' ",
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      {
        "text": "'estimate,' 'target,' and variations of these words and similar expressions to identify forward-looking statements. Forward-looking statements are subject to various risks and uncertainties that could cause actual ",
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      {
        "text": "results to vary from its forward-looking statements, including, but not limited to:",
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      {
        "text": "\u2022",
        "box": [
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        "text": "The degree and nature of its competition;",
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        "text": "\u2022",
        "box": [
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        "from_ocr": false,
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        "text": "The resolution of its non-performing and sub-performing assets;",
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      {
        "text": "\u2022",
        "box": [
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        "text": "The Company's ability to comply with financial covenants in its debt instruments;",
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "text": "The adequacy of its cash reserves and working capital;",
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        "text": "\u2022",
        "box": [
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        "text": "The timing of cash flows, if any, from its investments;",
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        "text": "\u2022",
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        "text": "Unanticipated increases in financial and other costs, including a rise in interest rates;",
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        "text": "\u2022",
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        "text": "Its ability to maintain compliance with over-collateralization and interest coverage tests in ",
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        "text": "certain financing arrangements;",
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        "text": "\u2022",
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        "text": "Environmental and/or safety requirements;",
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        "text": "\u2022",
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        "text": "Its ability to satisfy complex rules in order for ACR to qualify as a real estate investment trust ",
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        "text": "('REIT'), for federal income tax purposes and qualify for its exemption under the investment ",
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        "text": "company act of 1940, as amended, and its ability and the ability of its subsidiaries to operate ",
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        "text": "effectively within the limitations imposed by these rules; ",
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        "text": "\u2022",
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        "text": "Legislative and regulatory changes (including changes to laws governing the taxation of REITs or ",
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        "text": "the exemptions from registration as an investment company); and",
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        "text": "\u2022",
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        "text": "Other factors discussed under item IA. Risk factors in its annual report on form 10-K for the year ",
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        "text": "ended December 31, 2025 and those factors that may be contained in any subsequent filing ",
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        "text": "ACR makes with the Securities and Exchange Commission.",
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        "text": "\u2022",
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        "text": "Changes in the industry, interest rates, the debt securities markets, real estate markets or the ",
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        "text": "general economy;",
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        "text": "\u2022",
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        "text": "Increased rates of default and/or decreased recovery rates on its investments;",
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        "text": "\u2022",
        "box": [
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        "text": "The performance and financial condition of its borrowers;",
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        "text": "\u2022",
        "box": [
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        "text": "ACR's ability to consummate the proposed internalization and acquisition of the ACRES Capital ",
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        "text": "Corp. (the \"Merger\") and achieve the expected cost savings or other benefits therefrom;",
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        "text": "\u2022",
        "box": [
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        "text": "If ACR fails to consummate the proposed Merger, the Company's dependence on ACRES Capital, ",
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        "text": "LLC, (the 'Manager'), and the Company's ability to find a suitable replacement in a timely ",
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        "text": "manner, or at all, if its Manager or ACR were to terminate the management agreement;",
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        "text": "\u2022",
        "box": [
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        "text": "The cost and availability of its financings, which depend in part on its asset quality, the nature of ",
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        "text": "its relationships with its lenders and other capital providers, its business prospects and outlook ",
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        "text": "and general market conditions;",
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        "text": "\u2022",
        "box": [
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        "text": "The availability and attractiveness of terms of additional debt repurchases;",
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        "text": "\u2022",
        "box": [
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      {
        "text": "Availability, terms and deployment of short-term and long-term capital;",
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        "text": "\u2022",
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      {
        "text": "Availability of, and ability to retain, qualified personnel;",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "\u2022",
        "box": [
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        "from_ocr": false,
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        "text": "Changes in its business strategy;",
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        "text": "\u2022",
        "box": [
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      {
        "text": "Availability of investment opportunities in commercial real estate-related and commercial ",
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      {
        "text": "finance assets;",
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        "text": "2",
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        "text": "ACRESREIT.COM",
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  {
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      {
        "text": "DISCLAIMER",
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      {
        "text": "Forward-Looking Statements (continued)",
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        "text": "In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation might not occur and actual results, performance or achievement could differ materially ",
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        "text": "from those anticipated or implied in the forward-looking statements. The Company undertakes no obligation, and specifically disclaims any obligation, to publicly update or revise any forward-looking ",
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      {
        "text": "statements, whether as a result of new information, future events or otherwise, except as required by law. ",
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      {
        "text": "Past Performance",
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      {
        "text": "Past performance is not indicative of future results.  There is no guarantee that any investment strategy referenced herein will work under all market conditions. Prior to making any investment decision, you ",
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      {
        "text": "should evaluate your ability to invest for the long-term, especially during periods of downturns in the market. You alone assume the responsibility of evaluating the merits and risks associated with any ",
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      {
        "text": "potential investment or investment strategy referenced herein.",
        "box": [
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      {
        "text": "Notes on Presentation",
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      {
        "text": "This presentation contains information regarding financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the ",
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        "text": "United States ('GAAP'), which management believes is relevant to assessing ACR's financial performance. Please refer to page 16 for the reconciliation of Net Income (Loss), a GAAP financial measure, to ",
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      {
        "text": "Earnings Available for Distribution ('EAD'), a non-GAAP financial measure. Unless otherwise indicated, information included in this presentation is at or for the period ended June 30, 2026.",
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        "text": "Definitions",
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        "text": "Refer to page 19 for a description of certain terms not otherwise defined or footnoted, including EAD, Benchmark Rate, ",
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      {
        "text": "Book Value, and other key terms.",
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        "text": "This presentation is for informational purposes only and does not constitute an offer to sell or the solicitation of any offer to buy any ",
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        "text": "securities of ACR or any other entity. Any offering of securities would be made pursuant to separate documentation and any such ",
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        "text": "securities would not be offered or sold in the United States absent registration or an applicable exemption from registration ",
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      {
        "text": "requirements.",
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        "text": "No Offer or Sale of Securities",
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        "text": "3",
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      {
        "text": "ACRESREIT.COM",
        "box": [
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  {
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    "cells": [
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        "text": "HIGHLIGHTS",
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        "text": "Manager is focused on delivering shareholder value through EAD 1  growth",
        "box": [
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        "text": "4",
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        "text": "ACRESREIT.COM",
        "box": [
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      {
        "text": "Percentage of Multifamily-focused ",
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      {
        "text": "CRE in Loan Portfolio",
        "box": [
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        "text": "81%",
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      {
        "text": "Per Share-Diluted GAAP Net Loss / EAD",
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      {
        "text": "($1.87) / ($0.74)",
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      {
        "text": "2Q26 Net CRE Loan Repayments",
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      {
        "text": "$74.9M",
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      {
        "text": "$26.76",
        "box": [
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        "text": "Book Value Per Share at June 30, 2026 2,3",
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        "text": "Total Liquidity at June 30, 2026",
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      {
        "text": "$82.7M",
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      {
        "text": "1 Refer to page 16 for the reconciliation of Net Income (Loss), a GAAP financial measure, to EAD, a non-GAAP financial measure",
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        "text": "2 Includes $1.40 per share dilution from vesting 352,000 shares",
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          500.04052245614037
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        "text": "3 Includes $0.72 book value per share from the transaction costs",
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        "text": "Transaction Costs / Accelerated Equity Comp. ",
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        "text": "Expense Related to the Internalization",
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        "text": "$5.1M / $4.0M",
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  {
    "page_no": 5,
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        "text": "$2.1B",
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      {
        "text": "SECOND QUARTER 2026 RESULTS",
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        "text": "Financial Results",
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        "text": "Merger Transaction Items",
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        "text": "CRE Loan Activity & CRE Portfolio",
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        "text": "Capitalization, Liquidity & NOL",
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        "text": "5",
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        "text": "Total liquidity at June 30, 2026",
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      {
        "text": "$82.7M",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$104.6M",
        "box": [
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        "from_ocr": false,
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      {
        "text": "of net investments in real estate ",
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      {
        "text": "and properties held for sale",
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      {
        "text": "93.9%",
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      {
        "text": "of the par value of the CRE loan ",
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        "text": "portfolio is current on payments",
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      {
        "text": "of the par value of the CRE loan portfolio is ",
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        "text": "rated 4 or 5 2",
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        "text": "14%",
        "box": [
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      {
        "text": "Comprising 57 loans with a ",
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        "text": "weighted average LTV of 77",
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      {
        "text": "%",
        "box": [
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      {
        "text": "CRE loan portfolio at par value",
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      {
        "text": "$74.9M",
        "box": [
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        "confidence": 1.0
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      {
        "text": "of net loan repayments",
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      {
        "text": "$4.0M",
        "box": [
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      {
        "text": "Accelerated equity compensation expense ",
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      {
        "text": "of Manager's shares",
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          235.74778385964913
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      {
        "text": "$5.1M",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Merger and internalization costs",
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      {
        "text": "EAD 1  per share diluted",
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          148.28066400000014,
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        "confidence": 1.0
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      {
        "text": "($0.74)",
        "box": [
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          127.143,
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        "confidence": 1.0
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      {
        "text": "($1.87)",
        "box": [
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          127.143,
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      {
        "text": "GAAP net loss per share-diluted",
        "box": [
          57.375,
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          174.48358385964912
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 Refer to page 16 for the reconciliation of Net Income (Loss), a GAAP financial measure, to EAD, a non-GAAP financial measure",
        "box": [
          84.0558,
          491.55264,
          445.35328799999996,
          498.00802245614034
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2  Percentage represents the Company's economic interest in the CRE loans",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$32.1M",
        "box": [
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      {
        "text": "Net Operating Loss Carryforwards at June ",
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      {
        "text": "30, 2026",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Total capacity at June 30, 2026",
        "box": [
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          176.31304385964916
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        "confidence": 1.0
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      {
        "text": "$2.7B",
        "box": [
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          143.22789999999998,
          778.551,
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        "confidence": 1.0
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      {
        "text": "$954.8M",
        "box": [
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          810.303,
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        "confidence": 1.0
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      {
        "text": "Capacity available at June 30, 2026",
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        "confidence": 1.0
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      {
        "text": "$26.78",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Book value per share",
        "box": [
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        "confidence": 1.0
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  {
    "page_no": 6,
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        "text": "BALANCE SHEET OVERVIEW",
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      {
        "text": "2Q26 Balance Sheet Overview ",
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        "text": "Summary of Changes to Book Value per Share  1",
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      {
        "text": "$29.98",
        "box": [
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      {
        "text": "$26.76",
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      {
        "text": "$1.77",
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      {
        "text": "$0.05",
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      {
        "text": "$1.50",
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          736.6825,
          186.22169865255051
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value -",
        "box": [
          392.5124,
          234.93652000000003,
          433.37409199999985,
          241.56298456140354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March `26",
        "box": [
          396.30728,
          244.70512000000002,
          429.6652399999997,
          251.33158456140353
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loss",
        "box": [
          503.35988,
          234.93652000000003,
          530.861504,
          241.56298456140354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Comprehensive Income",
        "box": [
          572.46368,
          234.93652000000003,
          670.0741039999996,
          241.56298456140354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Compensation and",
        "box": [
          682.7483599999999,
          234.93652000000003,
          766.2759199999991,
          241.56298456140354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Vested Shares",
        "box": [
          701.52176,
          244.70512000000002,
          747.4993039999997,
          251.33158456140353
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value -",
        "box": [
          809.09696,
          234.93652000000003,
          849.9586519999999,
          241.56298456140354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June `26",
        "box": [
          815.94704,
          244.70512000000002,
          843.1785199999998,
          251.33158456140353
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets ($B)",
        "box": [
          53.2301,
          115.43858,
          122.3505079999999,
          123.84769584215593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.4",
        "box": [
          288.4791,
          114.86930000000001,
          310.04310000000004,
          125.00076487006737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liquidity ($M)",
        "box": [
          53.2301,
          151.20688,
          135.17898799999995,
          159.61599584215594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$82.7",
        "box": [
          282.3591,
          150.63760000000002,
          310.04310000000004,
          160.76906487006738
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE Whole Loans, at par ($B)",
        "box": [
          53.2301,
          182.17518,
          173.097704,
          190.58429584215594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Spread",
        "box": [
          53.2301,
          193.46862,
          89.37392,
          200.0950845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.1",
        "box": [
          288.4791,
          181.60590000000002,
          310.04310000000004,
          191.73736487006738
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.28%",
        "box": [
          290.0391,
          194.66862000000003,
          310.06754399999994,
          201.29508456140354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve - General ($M)",
        "box": [
          53.2301,
          217.94348000000002,
          172.38158000000013,
          226.35259584215595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per BV Share 1  / Basis Points",
        "box": [
          53.2301,
          229.23682000000002,
          142.65168799999998,
          235.86328456140353
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$21.1",
        "box": [
          282.3591,
          217.3741,
          310.04310000000004,
          227.50556487006736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.98/0.99%",
        "box": [
          268.799,
          230.43682,
          310.0667119999999,
          237.06328456140352
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in Real Estate and ",
        "box": [
          53.2301,
          252.44888000000003,
          183.03977599999993,
          260.85799584215596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties Held for Sale, net 2  ($M)",
        "box": [
          53.2301,
          264.44888000000003,
          195.778508,
          272.85979584215596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Investments",
        "box": [
          53.2301,
          275.74222000000003,
          130.172096,
          282.36868456140354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$104.6",
        "box": [
          276.239,
          257.8796,
          310.043,
          268.01106487006734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          305.9991,
          270.94232,
          310.07538,
          277.5687845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Borrowings, at cost ($B)",
        "box": [
          53.2301,
          298.95417999999995,
          175.85164400000002,
          307.36329584215594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Leverage Ratio",
        "box": [
          53.2301,
          310.24762,
          101.15573599999999,
          316.8740845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.8",
        "box": [
          288.4791,
          298.3849,
          310.04310000000004,
          308.5163648700674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.2x",
        "box": [
          296.399,
          311.44762000000003,
          310.07986399999993,
          318.07408456140354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset Specific Borrowings, at par ($B)",
        "box": [
          53.2301,
          334.72248,
          207.6469520000001,
          343.1315958421559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Spread",
        "box": [
          53.2301,
          346.01592,
          89.37392,
          352.6423845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.6",
        "box": [
          288.4791,
          334.15319999999997,
          310.04310000000004,
          344.2846648700674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.81%",
        "box": [
          290.0391,
          347.21592,
          310.06754399999994,
          353.8423845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Debt, at par ($M)",
        "box": [
          53.2301,
          370.49078,
          168.88661600000006,
          378.89989584215596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Coupon",
        "box": [
          53.2301,
          381.78412000000003,
          92.00460800000003,
          388.41058456140354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$201.5",
        "box": [
          276.239,
          369.92150000000004,
          310.043,
          380.0529648700674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.30%",
        "box": [
          290.0391,
          382.98422,
          310.06754399999994,
          389.6106845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred and Common Equity 3  ($M)",
        "box": [
          53.2301,
          406.25898,
          204.65754799999996,
          414.66809584215594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend %: WA Preferred / Common",
        "box": [
          53.2301,
          417.55242,
          174.811784,
          424.1788845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$224.0/$326.2",
        "box": [
          237.239,
          405.6897,
          310.04300000000006,
          415.8211648700674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.76% / NA",
        "box": [
          273.8391,
          418.75242000000003,
          310.0496519999999,
          425.3788845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          902.611,
          508.25268,
          907.66072,
          516.4615838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
          810.6591,
          507.6835,
          888.8403000000003,
          517.573745614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 Per share adjustments are calculated based on the share count outstanding of 7,075,542 utilized in the calculation of book value at June 30, 2026",
        "box": [
          83.0937,
          485.18514,
          500.01898800000015,
          491.64052245614033
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2  Investments in real estate and properties held for sale are shown net of related financings and real estate related lease obligations",
        "box": [
          83.0937,
          493.58514,
          458.773332,
          500.04052245614037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3  Includes $136.9 million of non-controlling interests",
        "box": [
          83.0937,
          501.98514,
          231.1263480000003,
          508.44052245614034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capitalization",
        "box": [
          351.4374,
          294.0608,
          419.68140000000005,
          304.1922648700674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Capitalization",
        "box": [
          353.3979,
          375.5842,
          445.85669999999993,
          385.47444561403506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.3B",
        "box": [
          352.6805,
          339.13208,
          446.6184680000002,
          372.8698580173243
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' equity",
        "box": [
          713.7034,
          365.90002000000004,
          779.8669719999995,
          372.52648456140355
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24%",
        "box": [
          682.0339,
          364.8841,
          703.0218999999998,
          375.01556487006735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term warehouse financing facilities (limited recourse)",
        "box": [
          713.7036,
          387.87342,
          888.7118879999988,
          394.4998845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          684.7939,
          386.8576,
          699.6619,
          396.98906487006735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured financing facility (limited recourse)",
        "box": [
          713.7036,
          409.84692,
          876.5948039999988,
          416.4733845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          684.7939,
          408.831,
          699.6619,
          418.9624648700674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage Payable (limited recourse)",
        "box": [
          713.7036,
          431.82032000000004,
          832.4270639999993,
          438.4467845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          684.7939,
          430.80449999999996,
          699.6619,
          440.9359648700674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Debt - TRUPS & 5.75% Notes (no guarantee)",
        "box": [
          713.7036,
          453.79362000000003,
          890.9767559999999,
          460.4200845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8%",
        "box": [
          683.4561,
          453.27660000000003,
          698.3240999999999,
          463.4080648700674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization Notes Payable (Non-Recourse)",
        "box": [
          713.7034,
          327.76432,
          858.8173599999998,
          334.3907845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "37%",
        "box": [
          681.6647,
          326.74850000000004,
          702.6526999999999,
          336.8799648700674
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Reinvestment Financing Facility",
        "box": [
          714.3373,
          346.04602,
          835.4446240000011,
          352.6724845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "27%",
        "box": [
          682.2986,
          345.03020000000004,
          703.2865999999998,
          355.1616648700674
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 7,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "$2,212 ",
        "box": [
          92.6673,
          365.6997,
          128.97930000000002,
          375.58994561403506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,138 ",
        "box": [
          400.0353,
          344.6997,
          436.3473,
          354.58994561403506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$92 ",
        "box": [
          201.6393,
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          222.7113,
          358.5019456140351
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        "confidence": 1.0
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      {
        "text": "$18 ",
        "box": [
          302.5113,
          346.1997,
          323.5833,
          356.08994561403506
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio March '26",
        "box": [
          59.5295,
          461.54458,
          159.97809200000003,
          469.7534838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payoffs and paydowns",
        "box": [
          165.50390000000002,
          461.54458,
          256.51937599999985,
          469.7534838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Future Fundings",
        "box": [
          279.41642,
          461.54458,
          345.10461200000003,
          469.7534838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio June '26",
        "box": [
          367.13414,
          461.54458,
          459.90058399999987,
          469.7534838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held for investment, at amortized cost",
        "box": [
          52.73,
          107.58678000000003,
          233.67033199999995,
          115.79568385964916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,128.9",
        "box": [
          423.5208800000001,
          107.58678000000003,
          458.9286800000001,
          115.99589584215596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserves",
        "box": [
          52.73000000000002,
          127.50678000000005,
          110.62449200000007,
          135.71568385964918
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($21.1)",
        "box": [
          429.88532000000004,
          127.50678000000005,
          458.9117480000001,
          135.91589584215598
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE whole loans, floating-rate WA",
        "box": [
          52.73000000000002,
          147.42678000000006,
          191.21583200000006,
          155.6356838596492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR + 3.28%",
        "box": [
          386.43980000000005,
          147.42678000000006,
          458.86692800000026,
          155.835895842156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA 1M SOFR Floor 2",
        "box": [
          52.73000000000002,
          166.39855999999997,
          133.29703999999998,
          175.5556838596492
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.22%",
        "box": [
          433.8437,
          167.35088000000002,
          458.864216,
          175.75999584215594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA CRE loan portfolio LTV",
        "box": [
          52.73425999999995,
          187.27088000000003,
          159.53832799999998,
          195.47978385964916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77%",
        "box": [
          441.53282,
          187.27088000000003,
          458.87318,
          195.67999584215596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total number of CRE loans",
        "box": [
          52.73425999999995,
          207.19088000000005,
          159.95067199999997,
          215.39978385964918
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57",
        "box": [
          448.84346,
          207.19088000000005,
          458.93294,
          215.59999584215598
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average CRE loan size, at par",
        "box": [
          52.73425999999995,
          227.11088000000007,
          169.616852,
          235.3197838596492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$37.5",
        "box": [
          436.12454,
          227.11088000000007,
          458.933936,
          235.519995842156
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Risk Rating, at par",
        "box": [
          52.73425999999995,
          247.03088000000008,
          142.24975999999987,
          255.2397838596492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.6",
        "box": [
          446.20406,
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          458.9329399999999,
          255.439995842156
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE LOAN PORTFOLIO OVERVIEW",
        "box": [
          46.2499,
          45.549080000000004,
          434.9470240000003,
          69.15539314725697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE Loan Summary  1",
        "box": [
          53.2499,
          85.24921999999998,
          155.96618,
          96.47796487006735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance by Region  1,3",
        "box": [
          500.6251,
          85.24921999999998,
          604.42374,
          96.47796487006735
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "7",
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        "text": "ACRESREIT.COM",
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        "text": "1  All $ amounts are in millions and the percentages for region and property type disclosures are based on total carrying value of the CRE loans",
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        "text": "2  At June 30, 2026, all CRE whole loans are indexed to SOFR and the WA benchmark rate was 3.64% ",
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        "text": "3  Texas (14.2%) and Ohio (11.5%) were the states with the highest concentrations.  Based on regions identified by the National Council of Real Estate Investment Fiduciaries (NCREIF)",
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        "text": "Loan Count",
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        "text": "60",
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        "text": "Loan Count",
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        "text": "57",
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        "text": "Loan Portfolio Activity, at par  1",
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        "text": "Property Type  1",
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        "text": "Pacific ",
        "box": [
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        "text": "9.1%",
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        "text": "Mountain",
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        "text": "13.5%",
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        "text": "Southwest",
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        "text": "16.3%",
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        "text": "West North Central ",
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        "text": "3.8%",
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        "text": "14.7%",
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        "text": "Southeast",
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        "text": "18.2%",
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        "text": "Mid Atlantic",
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        "text": "11.1%",
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        "text": "Northeast",
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        "text": "13.3%",
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        "text": "Multifamily",
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        "text": "80.8%",
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        "text": "11.4%",
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        "text": "Self-storage",
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        "text": "0.7%",
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        "text": "4.8%",
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        "text": "Fully Extended Loan and Interest Rate Cap Maturities ($ in millions at par)",
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        "text": "2030",
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        "text": "2031",
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        "text": "2032",
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      {
        "text": "Fully Extended Loan Maturities",
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        "text": "Interest Rate Cap Maturities",
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        "text": "8",
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        "text": "ACRESREIT.COM",
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        "text": "1  Excludes four loans in maturity default at June 30, 2026",
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        "text": "2  Fully-extended maturity basis assumes borrower elects and qualifies for all extensions",
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        "text": "3  Interest rate caps are contractually owned by the underlying borrower and supplement the property cash flows that collateralize the floating rate CRE loan portfolio  ",
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        "text": "4  Interest rate caps have maturities from July 2026 through March 2029",
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        "text": "5  Six loans funded debt service reserves in lieu of purchasing an interest rate cap",
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        "text": "Fully extended weighted average loan maturity  1,2  ",
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        "text": "of the par value of the portfolio has interest rate caps or debt service reserves in place at June 30, 2026  3,4,5",
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        "text": "3.1 years",
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        "text": "CRE LOAN RISK RATINGS AND CECL RESERVES",
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        "text": "52 ",
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        "text": "of ACR's 57 loans, or 94%, are current on contractual payments at ",
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        "text": "June 30, 2026",
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        "text": "16%",
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        "text": "3",
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        "text": "4",
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        "text": "5",
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        "text": "9",
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      {
        "text": "ACRESREIT.COM",
        "box": [
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      {
        "text": "1  See page 23 for additional information on the risk rating definitions",
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      {
        "text": "2  Percentage represents the Company's economic interest in the CRE loans",
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        "text": "3  Amount is less than 0.5%",
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        "text": "2.5",
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        "text": "3.1",
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        "text": "2.7",
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        "text": "4.0",
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        "text": "2.0",
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        "from_ocr": false,
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      {
        "text": "2.5",
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        "from_ocr": false,
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      {
        "text": "3.1",
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        "from_ocr": false,
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      {
        "text": "2.7",
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        "text": "4.0",
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        "from_ocr": false,
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      {
        "text": "2.0",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Multifamily",
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          169.72319999999974,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Office",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Hotel",
        "box": [
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      {
        "text": "Self-Storage",
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        "text": "Mixed-Use",
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      {
        "text": "W.A. Risk Rating by Collateral Type, $ at par",
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      {
        "text": "2Q26 W.A. Risk Rating: 2.6",
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      {
        "text": "1Q26 W.A. Risk Rating: 2.5",
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      {
        "text": "of ACR's loans have a risk rating of 1, 2 or 3 that are ",
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        "text": "performing in line with or near underwritten expectations  1,2",
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        "text": "86%",
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      {
        "text": "Specific CECL Reserve",
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        "from_ocr": false,
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      {
        "text": "General CECL Reserve",
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      {
        "text": "$19.4M",
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      {
        "text": "$21.1M",
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      {
        "text": "1Q26",
        "box": [
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      {
        "text": "2Q26",
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      {
        "text": "Total Reserve",
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      {
        "text": "$19.4M",
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      {
        "text": "Total Reserve",
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      {
        "text": "$21.1M",
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      {
        "text": "49% ",
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        "text": "Risk Rated 4 - 5",
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      {
        "text": "51% ",
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        "text": "Risk Rated 1 - 3",
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      {
        "text": "50% ",
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        "text": "Risk Rated 4 - 5",
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      {
        "text": "50%",
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      {
        "text": " Risk Rated 1 - 3",
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      {
        "text": "2Q26 Risk Rating Overview 2",
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      {
        "text": "$1.8B",
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        "text": "$1.7B",
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        "text": "$244.4M",
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      {
        "text": "$241.4M",
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        "text": "$103.3M",
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        "text": "$103.3M",
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        "text": "$16.0M",
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        "text": "$16.0M",
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        "text": "Loan Count",
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        "text": "9",
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        "text": "32",
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        "text": "1",
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        "text": "15",
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        "text": "0",
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        "text": "$49.3M",
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        "text": "$47.8M",
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        "text": "3",
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        "text": "\u25a1",
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  {
    "page_no": 10,
    "width": 960.0,
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    "cells": [
      {
        "text": "INVESTMENTS IN REAL ESTATE PROPERTIES",
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      {
        "text": "$104.6 million ",
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      {
        "text": "of net investments in real estate and properties held for sale  1,2",
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        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "388-key hotel next to a convention center",
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity investment in the north central region",
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        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conversion to a Hilton hotel and stabilization",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquired in April 2022",
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      {
        "text": "10",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
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      {
        "text": "1  Investments in real estate comprise five properties, two of which are held at depreciated/amortized cost basis and three of which are held for sale at lower of cost or fair value. Images exclude three REO properties totaling $36.5 million 3",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "2  Depreciation and amortization expense on investments in real estate is $1.2 million for the 2nd quarter of 2026",
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        "text": "3  Represents GAAP net equity basis value at June 30, 2026",
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        "text": "4  Money on invested capital ('MOIC') is equal to the EAD gain divided by the EAD equity basis plus 1",
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      {
        "text": "Hotel $28.3M  3",
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        "confidence": 1.0
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        "text": "Hotel $39.8M  3",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Realized Land Sale 1Q26",
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        "confidence": 1.0
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      {
        "text": "\u2022",
        "box": [
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        "from_ocr": false,
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      {
        "text": "279-key hotel next to a convention center",
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        "text": "\u2022",
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      {
        "text": "Equity via lending activities in the northeast region",
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        "text": "\u2022",
        "box": [
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        "text": "$22.7",
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        "text": "1.42x",
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        "text": "$16.6",
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        "text": "Total",
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        "text": "$18.1",
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        "text": "$54.1",
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  {
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      {
        "text": "CAPITALIZATION OVERVIEW",
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      {
        "text": "$ in Millions",
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        "text": "Amount 3",
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        "text": "$ Avail.",
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        "text": "Leverage ",
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        "text": "Term Reinvestment Financing  2",
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        "confidence": 1.0
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      {
        "text": "$645.0",
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      {
        "text": "$622.8",
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        "text": "1.1x",
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        "text": "443.5",
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        "text": "Senior Unsecured Notes",
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      {
        "text": "150.0",
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      {
        "text": "149.9",
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5.75%",
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        "text": "Trust Preferred Securities",
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        "text": "51.5",
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        "text": "51.5",
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      {
        "text": "-",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SOFR + 3.95%",
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        "text": "0.1x",
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        "text": "Total Recourse Debt",
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        "confidence": 1.0
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      {
        "text": "$1,870.3",
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      {
        "text": "$909.6",
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      {
        "text": "$956.9",
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        "text": "1.6x",
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        "from_ocr": false,
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        "text": "Securitizations  2",
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        "text": "873.7",
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        "text": "873.7",
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        "from_ocr": false,
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      {
        "text": "-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SOFR + 1.68%",
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        "text": "1.6x",
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      {
        "text": "Total Leverage",
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      {
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      {
        "text": "$1,783.3",
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      {
        "text": "5.55%",
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      {
        "text": "3.2x",
        "box": [
          917.0408800000001,
          292.49142,
          934.3324360000001,
          300.90053584215593
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred Equity",
        "box": [
          425.61448000000007,
          311.80386,
          492.40524399999964,
          320.0127638596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "224.0",
        "box": [
          710.4007600000001,
          311.80386,
          733.08964,
          320.0127638596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.76%",
        "box": [
          845.1894400000001,
          311.80386,
          869.95,
          320.0127638596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common Equity",
        "box": [
          425.61448000000007,
          331.1163,
          490.602484,
          339.32520385964915
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "189.3",
        "box": [
          710.4007600000001,
          331.1163,
          733.08964,
          339.32520385964915
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests",
        "box": [
          425.61448000000007,
          350.42874000000006,
          526.8349720000004,
          358.6376438596492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "136.9",
        "box": [
          710.40076,
          350.42874000000006,
          733.0896399999999,
          358.6376438596492
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Capitalization",
        "box": [
          425.61447999999996,
          369.74118000000004,
          505.84526799999986,
          378.15029584215597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,333.5",
        "box": [
          697.68184,
          369.74118000000004,
          733.0896399999999,
          378.15029584215597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.92%  1  ",
        "box": [
          839.074,
          369.71838,
          872.15406,
          378.15029584215597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Capitalization ($ in Millions)",
        "box": [
          53.4252,
          85.93438000000003,
          192.97974,
          94.34349584215596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,333.5",
        "box": [
          350.47224000000006,
          85.93438000000003,
          385.88004000000006,
          94.34349584215596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate WACC  1",
        "box": [
          53.42520000000002,
          104.13195999999999,
          128.71224,
          113.49657584215595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.92%",
        "box": [
          360.7939,
          105.08428000000004,
          385.814416,
          113.49339584215596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Asset Specific Financing",
        "box": [
          53.42829999999998,
          126.83692000000002,
          172.13157999999993,
          135.04582385964915
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,581.9",
        "box": [
          350.59486,
          126.83692000000002,
          385.8831400000001,
          135.04582385964915
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Asset Specific Debt Spread",
        "box": [
          53.42829999999998,
          151.35844000000003,
          177.81674800000013,
          159.56734385964916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.81%",
        "box": [
          330.43582000000004,
          151.35844000000003,
          385.91999200000026,
          159.56734385964916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term/Senior Secured Avail.",
        "box": [
          53.42829999999998,
          175.87996000000004,
          163.93649200000016,
          184.08886385964917
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$954.8",
        "box": [
          358.1545,
          175.87996000000004,
          385.884136,
          184.08886385964917
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recourse Debt Leverage",
        "box": [
          53.42829999999998,
          197.63260000000002,
          151.62991600000007,
          205.84150385964915
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.6x",
        "box": [
          368.9611,
          197.63260000000002,
          385.87318000000005,
          205.84150385964915
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Corporate Leverage",
        "box": [
          53.42829999999998,
          219.38524,
          158.040172,
          227.79435584215594
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.2x",
        "box": [
          368.9611,
          219.38524,
          385.87318000000005,
          227.59414385964914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          900.0935,
          508.25268,
          910.1829799999999,
          516.4615838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
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          507.6835,
          888.8403000000003,
          517.573745614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1  Weighted average cost of capital ('WACC') calculation excludes the impact of common equity in the denominator",
        "box": [
          77.8477,
          483.19214,
          405.91327600000005,
          489.64752245614034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2  Asset-specific borrowings total $1.6 billion, of which securitizations are 55%",
        "box": [
          77.8477,
          491.59214,
          297.2454040000002,
          498.04752245614037
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3  Includes $9.6 million of unamortized deferred debt issuance costs and discounts on borrowings",
        "box": [
          77.8477,
          499.99214,
          352.0748920000004,
          506.44752245614035
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding Financing",
        "box": [
          52.492,
          258.5347,
          164.25999999999996,
          268.66616487006735
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99%",
        "box": [
          55.767,
          288.89878,
          73.10736,
          297.3078958421559
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Mark-to-Market",
        "box": [
          87.90792,
          288.89878,
          173.56093200000004,
          297.1076838596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49%",
        "box": [
          55.75704000000003,
          308.34069999999997,
          73.09740000000002,
          316.74981584215595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitizations",
        "box": [
          87.89796000000004,
          308.34069999999997,
          147.118128,
          316.5496038596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "35%",
        "box": [
          55.75704000000004,
          327.78262,
          73.09740000000004,
          336.19173584215594
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Reinvestment Financing",
        "box": [
          87.89796000000004,
          327.78262,
          208.62511200000026,
          335.99152385964913
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8%",
        "box": [
          58.27692000000003,
          347.22454000000005,
          70.57752000000004,
          355.6336558421559
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Unsecured Notes",
        "box": [
          87.89796000000004,
          347.22454000000005,
          185.99200800000017,
          355.4334438596492
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          58.27692000000003,
          366.66646000000003,
          70.57752000000004,
          375.07557584215596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Secured Financing",
        "box": [
          87.89796000000004,
          366.66646000000003,
          189.7817880000002,
          374.87536385964916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          58.27692000000003,
          386.10838,
          70.57752000000004,
          394.517495842156
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust Preferred Securities",
        "box": [
          87.89796000000004,
          386.10838,
          191.27080800000024,
          394.31728385964914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          58.27692000000003,
          405.55030000000005,
          70.57752000000004,
          413.959415842156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgages Payable",
        "box": [
          87.89796000000004,
          405.55030000000005,
          165.698508,
          413.7592038596492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          58.27692000000003,
          424.9922200000001,
          70.57752000000004,
          433.40133584215596
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Warehouse Financing",
        "box": [
          87.89796000000004,
          424.9922200000001,
          199.14319200000025,
          433.2011238596492
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 12,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "LEVERAGE AND LIQUIDITY TREND",
        "box": [
          46.2499,
          45.549080000000004,
          435.1371520000001,
          69.15539314725697
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "12",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1  Includes the projected amount of proceeds available to the Company if the unfinanced loans were financed with the applicable facilities ",
        "box": [
          83.0937,
          501.98514,
          475.1425559999999,
          508.44052245614034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.7x",
        "box": [
          82.8986,
          190.3789,
          103.8866,
          200.51036487006735
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8x",
        "box": [
          182.4026,
          183.1309,
          203.39060000000003,
          193.26236487006736
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.8x",
        "box": [
          281.9066,
          255.61090000000002,
          302.8946,
          265.7423648700674
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.6x",
        "box": [
          381.41060000000004,
          270.1069,
          402.39860000000004,
          280.23836487006736
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.7x",
        "box": [
          111.24260000000004,
          190.3789,
          132.23060000000004,
          200.51036487006735
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8x",
        "box": [
          210.74660000000003,
          183.1309,
          231.73460000000006,
          193.26236487006736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4x",
        "box": [
          310.2506,
          139.6429,
          331.2386,
          149.77436487006736
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.2x",
        "box": [
          409.7546,
          154.13889999999998,
          430.7426,
          164.27036487006734
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3Q25",
        "box": [
          96.655,
          410.94007999999997,
          118.62476799999999,
          419.14898385964915
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4Q25",
        "box": [
          196.15540000000001,
          410.94007999999997,
          218.12516800000003,
          419.14898385964915
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26",
        "box": [
          295.6558,
          410.94007999999997,
          317.625568,
          419.14898385964915
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2Q26",
        "box": [
          395.1562,
          410.94007999999997,
          417.125968,
          419.14898385964915
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recourse Debt Leverage Ratio",
        "box": [
          147.3545,
          432.03278,
          269.12247199999996,
          440.24168385964913
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total Leverage Ratio",
        "box": [
          295.2595,
          432.03278,
          378.15160000000003,
          440.24168385964913
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$40.9",
        "box": [
          541.8521,
          320.41728,
          564.5409799999999,
          328.62618385964913
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$83.8",
        "box": [
          641.3525,
          270.91608,
          664.0413799999999,
          279.12498385964915
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$48.0",
        "box": [
          740.8529,
          312.23015999999996,
          763.5417799999999,
          320.4390638596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$41.1",
        "box": [
          840.3533,
          320.1882,
          863.0421799999999,
          328.3971038596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$23.6",
        "box": [
          541.8521,
          245.9862,
          564.5409799999999,
          254.19510385964912
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$24.1",
        "box": [
          641.3525,
          146.39616,
          664.0413799999999,
          154.60506385964914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$38.2",
        "box": [
          740.8529,
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          763.5417799999999,
          220.95858385964914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$41.6",
        "box": [
          840.3533,
          227.74944,
          863.0421799999999,
          235.95834385964912
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.6",
        "box": [
          742.3723,
          178.97868,
          760.0214199999999,
          187.18758385964912
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3Q25",
        "box": [
          542.2759,
          380.06111999999996,
          564.2456679999999,
          388.2700238596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4Q25",
        "box": [
          641.7763,
          380.06111999999996,
          663.7460679999999,
          388.2700238596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26",
        "box": [
          741.2767,
          380.06111999999996,
          763.2464679999999,
          388.2700238596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2Q26",
        "box": [
          840.7771,
          380.06111999999996,
          862.746868,
          388.2700238596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reinvestment Cash at CRE Securitiztions",
        "box": [
          591.0658,
          400.32182,
          721.3982199999986,
          406.9482845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE Term and Senior Secured Facilities Estimated Unfinanced Proceeds \u00b9",
        "box": [
          591.0658,
          415.48922,
          825.9857559999999,
          422.1156845614035
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrestricted Cash",
        "box": [
          591.0658,
          430.65652,
          649.169272,
          437.2829845614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$64.5",
        "box": [
          538.2568,
          208.4685,
          565.9407999999995,
          218.59996487006737
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$82.7",
        "box": [
          836.6248,
          168.44850000000002,
          864.3087999999996,
          178.57996487006739
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in millions",
        "box": [
          541.1559,
          84.93902000000003,
          580.0598520000003,
          91.56548456140354
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Leverage Ratios",
        "box": [
          53.2499,
          86.34660000000002,
          130.9979,
          96.47806487006739
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liquidity ($ in millions)",
        "box": [
          500.1299,
          86.34660000000002,
          641.3951000000004,
          96.47806487006739
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$107.9",
        "box": [
          634.9379,
          109.6866,
          668.7418999999994,
          119.81806487006736
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$86.8",
        "box": [
          737.1659,
          158.55059999999997,
          764.8498999999995,
          168.68206487006734
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 13,
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    "height": 540.0,
    "cells": [
      {
        "text": "APPENDIX",
        "box": [
          49.2631,
          295.51142,
          236.92194400000005,
          332.69389607314724
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "13",
        "box": [
          900.0935,
          508.25268,
          910.1829799999999,
          516.4615838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
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        "text": "CONSOLIDATED BALANCE SHEETS",
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        "text": "14",
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        "text": "(in thousands, except share and per share data)",
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        "text": "Jun. 30, 2026",
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        "text": "December 31, 2025",
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        "text": "(unaudited)",
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        "text": "Series C Preferred stock, par value $0.001",
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      {
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      {
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      {
        "text": "(733,570)",
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      {
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      {
        "text": "$          2,162,364 ",
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  {
    "page_no": 15,
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      {
        "text": "CONSOLIDATED STATEMENTS OF OPERATIONS",
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        "text": "15",
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      {
        "text": "ACRESREIT.COM",
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        "text": "(Unaudited, in thousands, except share and per share data)",
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      {
        "text": "For the Three Months Ended",
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      {
        "text": "For the Six Months Ended",
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      {
        "text": "Jun. 30, 2026",
        "box": [
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        "text": "Jun. 30, 2025",
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        "text": "Jun. 30, 2026",
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      {
        "text": "Revenues",
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        "text": "Interest income",
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      {
        "text": "$                    38,400 ",
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        "text": "Net interest income",
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        "text": "14,170 ",
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        "text": "Equity compensation - related party",
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          578.451,
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        "from_ocr": false,
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      {
        "text": "(780) ",
        "box": [
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          669.5034,
          283.75248421052635
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        "from_ocr": false,
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      {
        "text": "716 ",
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          760.5501,
          283.75248421052635
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        "from_ocr": false,
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      {
        "text": "(2,497) ",
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          851.6177,
          283.75248421052635
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      {
        "text": "Total operating expenses",
        "box": [
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          287.9866,
          138.46309999999997,
          295.4042842105263
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      {
        "text": "26,514 ",
        "box": [
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          578.4549,
          295.5717842105263
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      {
        "text": "17,511 ",
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          669.5103,
          295.5717842105263
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        "confidence": 1.0
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      {
        "text": "40,413 ",
        "box": [
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      {
        "text": "34,759 ",
        "box": [
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          288.15409999999997,
          851.621,
          295.5717842105263
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      {
        "text": "Other Income (Expense)",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Equity in (losses) earnings of unconsolidated subsidiaries",
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        "from_ocr": false,
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      {
        "text": "430 ",
        "box": [
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      {
        "text": "(669) ",
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      {
        "text": "675 ",
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          760.5591,
          319.21058421052635
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      {
        "text": "(1,161) ",
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      {
        "text": "Gain on sale of investment in real estate",
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          194.27479999999989,
          330.86238421052633
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      {
        "text": "- ",
        "box": [
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      {
        "text": "- ",
        "box": [
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      {
        "text": "3,336 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "- ",
        "box": [
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      {
        "text": "Other income",
        "box": [
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      {
        "text": "82 ",
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      {
        "text": "638 ",
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        "from_ocr": false,
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      {
        "text": "105 ",
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      {
        "text": "722 ",
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          851.6143999999999,
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      {
        "text": "Total other income",
        "box": [
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      {
        "text": "512 ",
        "box": [
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      {
        "text": "(31) ",
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      {
        "text": "4,116 ",
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          354.6686842105263
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      {
        "text": "(439) ",
        "box": [
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      {
        "text": "Income before Taxes",
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      {
        "text": "(5,022) ",
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      {
        "text": "4,331 ",
        "box": [
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      {
        "text": "2,507 ",
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      {
        "text": "3,677 ",
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      {
        "text": "Income tax expense",
        "box": [
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      {
        "text": "-",
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      {
        "text": "(7)",
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      {
        "text": "(1)",
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      {
        "text": "(83)",
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      {
        "text": "Net Income (Loss)",
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          113.62039999999993,
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      {
        "text": "(5,022) ",
        "box": [
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      {
        "text": "4,324 ",
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          390.12678421052635
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      {
        "text": "2,506 ",
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      {
        "text": "3,594 ",
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      {
        "text": "Net income allocated to preferred shares",
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      {
        "text": "(5,096)",
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      {
        "text": "(5,282)",
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      {
        "text": "(10,210)",
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      {
        "text": "(10,595)",
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        "text": "Net loss allocable to non-controlling interest, net of taxes",
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          406.1803,
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        "confidence": 1.0
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      {
        "text": "(2,401) ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "226 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(5,838) ",
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      {
        "text": "410 ",
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        "from_ocr": false,
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      {
        "text": "Net Income (Loss) Allocable to Common Shares",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$        ",
        "box": [
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      {
        "text": "(12,519) ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$       ",
        "box": [
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      {
        "text": "(732) ",
        "box": [
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      {
        "text": "$    ",
        "box": [
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      {
        "text": "(13,542)",
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      {
        "text": "$    ",
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      {
        "text": "(6,591)",
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      {
        "text": "Net Income (Loss) per Common Share - Basic",
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        "confidence": 1.0
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      {
        "text": "$                     (1.87) ",
        "box": [
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      {
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        "box": [
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      {
        "text": "$                     (2.04)",
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      {
        "text": "$                     (0.90)",
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        "text": "Net Income (Loss) per Common Share - Diluted",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$                     (1.87) ",
        "box": [
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      {
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      {
        "text": "$                     (0.90)",
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        "text": "Weighted Average Number of Common Shares Outstanding - Basic",
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      {
        "text": "6,693,915",
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        "text": "6,626,763",
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      {
        "text": "Weighted Average Number of Common Shares Outstanding - Diluted",
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        "text": "7,250,624",
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  {
    "page_no": 16,
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    "cells": [
      {
        "text": "EARNINGS AVAILABLE FOR DISTRIBUTION",
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        "text": "16",
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      {
        "text": "ACRESREIT.COM",
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      {
        "text": "1  See page 19 for additional information on these non-GAAP financial measures",
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      {
        "text": "2  Amount presented is net of the amount allocable to the non-controlling interest",
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      {
        "text": "3  Realized net gain (loss) on core activities represents the gain or loss, adjusted for any amounts allocated to non-controlling interests, recognized by the Company on dispositions of real estate or real estate-related assets, including CRE loans.",
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      {
        "text": "(Unaudited, in thousands, except share and per share data)",
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      {
        "text": "For the Three Months Ended",
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      {
        "text": "For the Six Months Ended",
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      {
        "text": "June 30, 2026",
        "box": [
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          175.14683584215595
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "June 30, 2025",
        "box": [
          602.91794,
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          659.4479119999997,
          175.14683584215595
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          724.3403000000001,
          166.73772000000002,
          780.8702719999998,
          175.14683584215595
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "June 30, 2025",
        "box": [
          850.4936600000001,
          166.73772000000002,
          907.0236319999998,
          175.14683584215595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loss Allocable to Common Shares - GAAP",
        "box": [
          46.2499,
          184.62588,
          233.70768400000006,
          193.03499584215592
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$             (12,519) ",
        "box": [
          498.2649,
          184.62588,
          568.5625800000003,
          192.83478385964912
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$               (732) ",
        "box": [
          626.7881,
          184.62588,
          689.0480600000002,
          192.83478385964912
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                    (13,542) ",
        "box": [
          728.0162,
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          814.0377320000003,
          192.83478385964912
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                    (6,591) ",
        "box": [
          855.1194,
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          936.1021680000003,
          192.83478385964912
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized gain on sale of investment in real estate",
        "box": [
          52.9699,
          203.09548,
          250.65000400000034,
          211.30438385964914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          557.3049,
          203.09548,
          568.5558599999999,
          211.30438385964914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          677.7881,
          203.09548,
          689.03906,
          211.30438385964914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,336) ",
        "box": [
          783.0962,
          203.09548,
          814.027976,
          211.30438385964914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          924.8395,
          203.09548,
          936.09046,
          211.30438385964914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reconciling Items from Continuing Operations:",
        "box": [
          53.4499,
          239.00038,
          247.46870800000022,
          247.40949584215593
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Non-cash equity compensation expense",
        "box": [
          53.4499,
          257.46622,
          215.2421320000003,
          265.67512385964915
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,098",
        "box": [
          543.6249,
          257.34998,
          566.3137800000001,
          265.55888385964914
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "585",
        "box": [
          671.6682,
          257.34998,
          686.7974399999999,
          265.55888385964914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,638",
        "box": [
          789.0962,
          257.34998,
          811.78508,
          265.55888385964914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,400",
        "box": [
          911.1594,
          257.34998,
          933.84828,
          265.55888385964914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash provision for (reversal of) CRE credit losses",
        "box": [
          53.4499,
          275.93958000000003,
          266.39569599999993,
          284.1484838596491
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2",
        "box": [
          266.3299,
          271.86726,
          269.73694,
          277.40579754385965
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1,249 ",
        "box": [
          543.6249,
          275.81958000000003,
          568.55478,
          284.0284838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(780) ",
        "box": [
          665.6682,
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          689.0383439999999,
          284.0284838596491
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "695 ",
        "box": [
          796.6562,
          275.81958000000003,
          814.02644,
          284.0284838596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(2,497) ",
        "box": [
          905.1594,
          275.81958000000003,
          936.091176,
          284.0284838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Realized net gain (loss) on core activities",
        "box": [
          53.4499,
          294.40918,
          217.07377599999987,
          302.6180838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          557.3049,
          294.28918,
          568.5558599999999,
          302.4980838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "- ",
        "box": [
          677.7881,
          294.28918,
          689.03906,
          302.4980838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,336 ",
        "box": [
          789.0962,
          294.28918,
          814.02608,
          302.4980838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(700) ",
        "box": [
          912.7195,
          294.28918,
          936.089644,
          302.4980838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate depreciation and amortization",
        "box": [
          53.4499,
          312.87878,
          223.80175599999998,
          321.08768385964913
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,226 ",
        "box": [
          543.6249,
          312.75878,
          568.55478,
          320.9676838596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,213 ",
        "box": [
          664.1082,
          312.75878,
          689.03808,
          320.9676838596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,396 ",
        "box": [
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          312.75878,
          814.02608,
          320.9676838596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2,368 ",
        "box": [
          911.1594,
          312.75878,
          936.08928,
          320.9676838596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings (Loss) Available for Distribution Allocable to Common Shares ",
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          46.2499,
          348.54368,
          338.0430400000002,
          356.9527958421559
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1",
        "box": [
          337.9699,
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          341.37694,
          353.6098975438597
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$   ",
        "box": [
          506.6649,
          348.54368,
          518.5173,
          356.7525838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(4,946) ",
        "box": [
          537.6249,
          348.54368,
          568.556676,
          356.7525838596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                286 ",
        "box": [
          630.6282,
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          689.0475840000001,
          356.7525838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                   (4,813) ",
        "box": [
          735.2162,
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          814.0376480000002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$                 (6,020) ",
        "box": [
          861.8395,
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          936.0992680000003,
          356.7525838596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings (Loss) Available for Distribution per Common Share - Diluted ",
        "box": [
          46.2499,
          367.01328,
          338.42252799999994,
          375.4223958421559
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          338.4499,
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          341.85694,
          372.0794975438597
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$              (0.74) ",
        "box": [
          506.0649,
          367.01328,
          568.5639000000002,
          375.22218385964914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$               0.04 ",
        "box": [
          630.2682,
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          689.0481360000001,
          375.22218385964914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                     (0.73) ",
        "box": [
          735.8162,
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          375.22218385964914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                   (0.82) ",
        "box": [
          862.3195,
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          375.22218385964914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Average Number of Common Shares Outstanding - Diluted on EAD Allocable to Common ",
        "box": [
          46.2499,
          387.56338,
          448.93434400000075,
          395.7722838596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Shares",
        "box": [
          46.2499,
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          73.18472800000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,693,915",
        "box": [
          525.9849,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,458,446",
        "box": [
          646.4681,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,626,763",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,306,123",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The following table provides a reconciliation from GAAP net income (loss) allocable to common shares to Earnings Available for ",
        "box": [
          56.7494,
          93.55971999999997,
          625.28732,
          102.65874596491227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distribution allocable to common shares, a non-GAAP measure, for the periods presented  1 :",
        "box": [
          56.74940000000004,
          109.39972,
          465.66812000000004,
          118.50114596491227
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 17,
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    "cells": [
      {
        "text": "CECL TREND ANALYSIS CHART",
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      {
        "text": "79%",
        "box": [
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      {
        "text": "77%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "77%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "75%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "75%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "82%",
        "box": [
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      {
        "text": "81%",
        "box": [
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          700.0280999999998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "81%",
        "box": [
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          792.3800999999997,
          229.5610456140351
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "21%",
        "box": [
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          365.5068,
          178.54409999999993,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "23%",
        "box": [
          250.0760999999999,
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          270.8960999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "23%",
        "box": [
          342.4280999999999,
          359.4588,
          363.2480999999999,
          369.34904561403505
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "25%",
        "box": [
          434.78009999999995,
          355.1028,
          455.60009999999994,
          364.99304561403505
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "25%",
        "box": [
          527.1320999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "18%",
        "box": [
          619.4840999999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "19%",
        "box": [
          711.8360999999999,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "19%",
        "box": [
          804.1880999999998,
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          825.0080999999997,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.00%",
        "box": [
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          885.3320999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.50%",
        "box": [
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          885.3320999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.00%",
        "box": [
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          342.0708,
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        "from_ocr": false,
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      {
        "text": "1.50%",
        "box": [
          855.5120999999998,
          299.7468,
          885.3320999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.00%",
        "box": [
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          885.3320999999995,
          267.3130456140351
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.50%",
        "box": [
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          885.3320999999995,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3.00%",
        "box": [
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          885.3320999999995,
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        "from_ocr": false,
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      {
        "text": "0%",
        "box": [
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          94.53209999999974,
          436.60904561403504
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20%",
        "box": [
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          378.3468,
          94.47209999999974,
          388.2370456140351
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        "from_ocr": false,
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      {
        "text": "40%",
        "box": [
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          329.97479999999996,
          94.47209999999974,
          339.865045614035
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "60%",
        "box": [
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          281.60279999999995,
          94.47209999999974,
          291.49304561403505
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        "from_ocr": false,
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      {
        "text": "80%",
        "box": [
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          94.47209999999974,
          243.12104561403504
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      {
        "text": "100%",
        "box": [
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          94.53209999999974,
          194.74904561403503
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3Q24",
        "box": [
          138.62009999999975,
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          164.86409999999975,
          452.16104561403506
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4Q24",
        "box": [
          230.97209999999976,
          442.27079999999995,
          257.21609999999976,
          452.16104561403506
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        "from_ocr": false,
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      {
        "text": "1Q25",
        "box": [
          323.32409999999976,
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          349.5680999999998,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2Q25",
        "box": [
          415.6760999999998,
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          441.9200999999998,
          452.16104561403506
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3Q25",
        "box": [
          508.02809999999977,
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          534.2720999999998,
          452.16104561403506
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4Q25",
        "box": [
          600.3800999999997,
          442.27079999999995,
          626.6240999999998,
          452.16104561403506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26",
        "box": [
          692.7320999999997,
          442.27079999999995,
          718.9760999999997,
          452.16104561403506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2Q26",
        "box": [
          785.0840999999997,
          442.27079999999995,
          811.3280999999997,
          452.16104561403506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve %",
        "box": [
          892.63946,
          261.7280159999999,
          903.6176326315789,
          345.993
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of CRE Loan Portfolio (1)",
        "box": [
          51.675039999999996,
          235.90512,
          63.807132631578945,
          371.913
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily %",
        "box": [
          351.504,
          461.994,
          418.64399999999995,
          471.8842456140351
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All Other %",
        "box": [
          456.1546,
          461.994,
          510.93459999999993,
          471.8842456140351
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve %",
        "box": [
          548.3951,
          461.994,
          624.6563000000003,
          471.8842456140351
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17",
        "box": [
          900.0935,
          508.25268,
          910.1829799999999,
          516.4615838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
          810.6591,
          507.6835,
          888.8403000000003,
          517.573745614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1  Property type percentages based on total carrying value of the CRE loans, CECL reserve percentage is based on the total par value of the CRE loans",
        "box": [
          83.0937,
          501.98514,
          503.8866600000001,
          508.44052245614034
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Since 3Q24, market liquidity and volatility in the commercial real estate sector have caused a decrease in the CECL reserves to 0.99% at 2Q26",
        "box": [
          73.2494,
          101.55701999999997,
          702.60116,
          110.65604596491227
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 18,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "BENCHMARK SENSITIVITY ANALYSIS TREND",
        "box": [
          46.2499,
          45.549080000000004,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At June 30, 2026, the CRE loan portfolio is 99% floating rate loans that are indexed to one-month term SOFR with a weighted average floor of 2.22%",
        "box": [
          54.0801,
          100.04271999999997,
          713.425332,
          109.14174596491227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(0.07)",
        "box": [
          77.3399,
          413.133,
          103.35800000000002,
          420.5506842105263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(0.04)",
        "box": [
          148.4939,
          392.66700000000003,
          174.51199999999994,
          400.08468421052635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.05 ",
        "box": [
          293.56489999999997,
          311.271,
          316.1314999999999,
          318.68868421052633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.09 ",
        "box": [
          364.71889999999996,
          283.983,
          387.2854999999999,
          291.4006842105263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR Change",
        "box": [
          202.5025,
          471.82432,
          262.9023399999999,
          481.145267680462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decreased ",
        "box": [
          66.2914,
          330.91582,
          116.066344,
          340.0148459649123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.00%",
        "box": [
          76.1314,
          344.11582,
          103.70932000000002,
          353.2148459649123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No Change",
        "box": [
          214.9107,
          371.43471999999997,
          263.599308,
          380.5337459649123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decreased ",
        "box": [
          136.0299,
          331.73488,
          185.80484399999986,
          340.83390596491233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50%",
        "box": [
          145.86654,
          344.93872,
          173.44446000000005,
          354.0377459649123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increased ",
        "box": [
          282.49757999999997,
          368.56431999999995,
          328.43281200000024,
          377.6633459649123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50%",
        "box": [
          290.41326,
          381.76815999999997,
          317.99117999999993,
          390.86718596491227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increased ",
        "box": [
          352.1379,
          368.11168,
          398.07313200000027,
          377.2107059649123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.00%",
        "box": [
          360.05358,
          381.31552,
          387.63149999999996,
          390.41454596491224
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR:",
        "box": [
          224.49342000000001,
          330.78544,
          251.4210840000001,
          340.1063876804619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.32%",
        "box": [
          223.89726000000002,
          343.98927999999995,
          251.86930800000005,
          353.31022768046194
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.02 ",
        "box": [
          580.6487,
          335.58090000000004,
          603.2153,
          342.99858421052636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(0.07)",
        "box": [
          649.0486999999999,
          414.9699,
          675.0668,
          422.3875842105263
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.08 ",
        "box": [
          794.1197,
          292.6419,
          816.6863,
          300.05958421052634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.16 ",
        "box": [
          865.2737,
          238.05690000000004,
          887.8403,
          245.47458421052636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR Change",
        "box": [
          703.0513,
          473.99592,
          763.4511399999997,
          483.316867680462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decreased ",
        "box": [
          569.2796,
          363.91782,
          619.0545439999996,
          373.0168459649123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.00%",
        "box": [
          579.1196,
          377.11782,
          606.6975199999999,
          386.2168459649123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No Change",
        "box": [
          713.1282,
          368.32651999999996,
          761.8168079999999,
          377.4255459649123
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decreased ",
        "box": [
          637.90164,
          331.79516,
          687.6765839999997,
          340.89418596491225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50%",
        "box": [
          647.73828,
          344.99899999999997,
          675.3162,
          354.09802596491227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increased ",
        "box": [
          784.35828,
          371.20795999999996,
          830.2935119999999,
          380.30698596491226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50%",
        "box": [
          792.27396,
          384.41179999999997,
          819.8518799999999,
          393.5108259649122
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increased ",
        "box": [
          852.68484,
          370.62283999999994,
          898.6200719999998,
          379.72186596491224
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.00%",
        "box": [
          860.60052,
          383.8266799999999,
          888.1784399999999,
          392.92570596491225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR:",
        "box": [
          719.78532,
          333.0978799999999,
          746.712984,
          342.4188276804619
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.65%",
        "box": [
          719.1891599999999,
          346.30171999999993,
          747.161208,
          355.62266768046186
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          900.0935,
          508.25268,
          910.1829799999999,
          516.4615838596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
          810.6591,
          507.6835,
          888.8403000000003,
          517.573745614035
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2025",
        "box": [
          53.2498,
          166.66711999999995,
          132.34694800000005,
          178.5209338979788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "June 30, 2026",
        "box": [
          547.2472,
          166.66711999999995,
          626.3443480000008,
          178.5209338979788
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Quarterly Net Interest Income per Share Sensitivity to Changes in SOFR",
        "box": [
          53.2498,
          140.94851999999997,
          377.25172000000055,
          150.26946768046196
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change to a positive correlation ",
        "box": [
          425.67316,
          237.73619999999994,
          570.2265040000009,
          246.83522596491224
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to net interest income ",
        "box": [
          425.67316,
          250.94003999999995,
          527.7743920000003,
          260.03906596491225
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assuming a 0.50% to 1.00% ",
        "box": [
          425.67316,
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          549.4867599999995,
          273.24290596491227
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase to SOFR",
        "box": [
          425.67316,
          277.34772,
          500.6645680000002,
          286.4467459649122
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 19,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "KEY DEFINITIONS",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings Available for Distribution: ",
        "box": [
          55.1195,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings Available for Distribution ('EAD') is a non-GAAP financial measure that the Company uses to evaluate its operating performance. EAD excludes the effects of certain transactions and GAAP ",
        "box": [
          55.1195,
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          122.76728385964913
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "adjustments that it believes are not necessarily indicative of its current CRE loan portfolio and other CRE-related investments and operations. EAD excludes income (loss) from all non-core assets ",
        "box": [
          55.1194999999999,
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          841.3220600000002,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comprising of investments and securities owned by the Company at the initial measurement date of December 31, 2016 in commercial finance, middle market lending, residential mortgage lending, ",
        "box": [
          55.119500000000016,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "certain legacy CRE loans and other non-CRE assets designated as assets held for sale.",
        "box": [
          55.1194999999999,
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          165.97376385964907
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EAD, for reporting purposes, is defined as GAAP net income (loss) allocable to common shares, excluding (i) non-cash equity compensation expense, (ii) unrealized gains and losses, (iii) non-cash ",
        "box": [
          55.109539999999924,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "provisions for loan losses, (iv) non-cash impairments on securities, (v) non-cash amortization of discounts or premiums associated with borrowings, (vi) net income or loss from a limited partnership ",
        "box": [
          55.08961999999997,
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          200.77400385964904
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "interest owned at the initial measurement date, (vii) net income or loss from non-core assets, (viii) real estate depreciation and amortization, (ix) foreign currency gains or losses and (x) income or ",
        "box": [
          55.079659999999876,
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          215.17616385964902
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loss from discontinued operations. EAD may also be adjusted periodically to exclude certain one-time events pursuant to changes in GAAP and certain non-cash items.",
        "box": [
          55.0696999999999,
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          729.2103080000002,
          229.578323859649
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Although pursuant to the Fourth Amended and Restated Management Agreement the Company calculates the Manager's incentive compensation using EAD excluding incentive fees payable to the ",
        "box": [
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          249.976403859649
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Manager, the Company includes incentive fees payable to the Manager in EAD for reporting purposes.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Overnight Finance Rate: ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Overnight Finance Rate ",
        "box": [
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          189.42848399999983,
          342.3220838596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('SOFR') refers to the collective one-",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "month Term Secured Overnight ",
        "box": [
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          371.12640385964914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Finance Rate that are used as ",
        "box": [
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          385.5285638596491
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "benchmarks on the originated loans. ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value : ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value is presented per ",
        "box": [
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          330.78818,
          406.2182039999994,
          338.99708385964914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common share, excluding unvested ",
        "box": [
          291.4053,
          345.19034,
          437.1679080000001,
          353.3992438596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "restricted stock and including ",
        "box": [
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          367.8014038596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "warrants to purchase common ",
        "box": [
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          418.21203599999996,
          382.20356385964914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock. The measure refers to ",
        "box": [
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          409.4552039999993,
          396.6057238596492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock book value, which is ",
        "box": [
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          436.93583999999976,
          411.00788385964916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculated as total stockholders' ",
        "box": [
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          417.20114,
          423.497808,
          425.41004385964914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equity less preferred stock equity. ",
        "box": [
          291.4053,
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          431.7735720000004,
          439.8122038596492
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Leverage ratio is calculated as the ",
        "box": [
          525.412,
          330.52498,
          664.4755120000002,
          338.73388385964915
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respective period ended ",
        "box": [
          525.412,
          344.92714,
          626.3038119999993,
          353.13604385964913
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings over total equity.  ",
        "box": [
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          648.0205960000013,
          367.5382038596491
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-specific leverage ratio ",
        "box": [
          525.412,
          373.73146,
          641.0725000000002,
          381.94036385964915
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excludes corporate debt from the ",
        "box": [
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        "text": "('CECL') refers to the provision to ",
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        "text": "earnings in order to estimate ",
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        "text": "MERGER AND ",
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        "text": "ACRES",
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        "text": "COMMERCIAL REALTY",
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        "text": "INTERNALIZATION AND ACQUISITION OF ACRES CAPITAL CORP.",
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        "text": "A Special Independent Committee of the ACR Board of Directors has unanimously approved the Transaction",
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        "text": "(1)",
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        "text": "\u2022",
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        "text": "\u2022",
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        "text": "In connection with the Transaction, ACR will issue shares of ACR ",
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        "text": "common stock as merger consideration and terminate the existing ",
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        "text": "Management Agreement",
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        "text": "earned from an evergreen fund vehicle, separately managed ",
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        "text": "accounts ('SMAs') and a growing insurance platform that will ",
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        "text": "Management will receive 100% of transaction consideration in the ",
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        "text": "form of ACR Shares priced at ACR Book Value per Share (2)",
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        "text": "Alignment of management interests through significant ownership ",
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        "text": "of ACR. Management and employees to own greater than 45% of ",
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        "text": "Company to internalize management, further aligning the interests ",
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        "text": "of the seasoned management team and ACR shareholders",
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        "text": "Anticipated reduced leverage with increased equity base",
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        "text": "since July 2020, and delivered a 65.8% increase in book value, will ",
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        "text": "become employed by ACR and continue to actively manage ACR ",
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        "text": "pursuant to long term employment agreements  ",
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        "text": "serve in key roles at the Company, including, but not limited to, ",
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        "text": "those who support ACR's asset management, legal, accounting, tax ",
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        "text": "and treasury operations",
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        "text": "expected to close in Q3 2026",
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        "text": "The Special Committee has received a Fairness Opinion from BTIG, LLC",
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        "text": "Book value is projected to reset for closing costs and one-time accounting ",
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        "text": "adjustments associated with the Transaction",
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        "text": "Improved operating leverage from internalized management structure",
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        "text": "fees, incentive fees and reimbursable expenses charged to ACR ",
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        "text": "shareholders pursuant to the existing Management Agreement",
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        "text": "Case 1",
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          721.3719400000006,
          144.15029389797883
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Case 2",
        "box": [
          676.6755999999999,
          149.10235999999998,
          713.7889359999999,
          160.95617389797883
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Internal ",
        "box": [
          758.9780799999999,
          132.29647999999997,
          808.2374200000005,
          144.15029389797883
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Case 3",
        "box": [
          763.5410799999999,
          149.10235999999998,
          800.6544159999999,
          160.95617389797883
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Projected CRE loan portfolio size (excl. consolidated Fund)",
        "box": [
          143.2368,
          178.32907999999998,
          449.2522079999997,
          189.0105452631579
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,250.0",
        "box": [
          511.52112,
          178.32907999999998,
          557.5550400000006,
          189.0105452631579
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,700.0",
        "box": [
          598.392,
          178.32907999999998,
          644.4259200000007,
          189.0105452631579
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,700.0",
        "box": [
          685.2628800000001,
          178.32907999999998,
          731.2968000000008,
          189.0105452631579
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,700.0",
        "box": [
          772.1337600000002,
          178.32907999999998,
          818.1676800000008,
          189.0105452631579
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Target range of GAAP leverage",
        "box": [
          143.24976000000015,
          198.89659999999998,
          303.2604000000001,
          209.5780652631579
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.5x",
        "box": [
          535.5360000000002,
          198.89659999999998,
          557.5809600000005,
          209.5780652631579
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.5x",
        "box": [
          622.4068800000002,
          198.89659999999998,
          644.4518400000005,
          209.5780652631579
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.5x",
        "box": [
          709.2777600000003,
          198.89659999999998,
          731.3227200000006,
          209.5780652631579
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.5x",
        "box": [
          796.1486400000003,
          198.89659999999998,
          818.1936000000006,
          209.5780652631579
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Illustrative return on net deployable capital",
        "box": [
          143.2627200000003,
          225.77563999999995,
          371.7838080000002,
          236.45710526315787
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.5%",
        "box": [
          525.3494400000003,
          225.76267999999993,
          557.6457600000007,
          236.1731978947368
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13.5%",
        "box": [
          612.2203200000004,
          225.76267999999993,
          644.5166400000007,
          236.1731978947368
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13.5%",
        "box": [
          699.0912000000004,
          225.76267999999993,
          731.3875200000008,
          236.1731978947368
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13.5%",
        "box": [
          785.9620800000005,
          225.76267999999993,
          818.2584000000008,
          236.1731978947368
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE net interest income",
        "box": [
          143.27568000000042,
          245.69515999999993,
          269.7238080000006,
          256.37662526315785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$71.7",
        "box": [
          528.0062400000004,
          245.69515999999993,
          557.6068800000008,
          256.37662526315785
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$83.8",
        "box": [
          614.8771200000004,
          245.69515999999993,
          644.4777600000009,
          256.37662526315785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$83.8",
        "box": [
          701.7480000000005,
          245.69515999999993,
          731.348640000001,
          256.37662526315785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$83.8",
        "box": [
          788.6188800000006,
          245.69515999999993,
          818.219520000001,
          256.37662526315785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "AUM fee stream",
        "box": [
          143.28864000000056,
          265.6146799999999,
          229.4817120000007,
          276.2961452631578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          537.2596800000006,
          265.6146799999999,
          557.7261120000005,
          276.2961452631578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48.3",
        "box": [
          621.4867200000006,
          265.6146799999999,
          644.4907200000009,
          276.2961452631578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60.0",
        "box": [
          708.3576000000006,
          265.6146799999999,
          731.361600000001,
          276.2961452631578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "73.2",
        "box": [
          795.2284800000007,
          265.6146799999999,
          818.232480000001,
          276.2961452631578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: general & administrative",
        "box": [
          143.3016000000007,
          285.53419999999994,
          301.74796800000087,
          296.2156652631578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11.5)",
        "box": [
          526.7102400000008,
          285.53419999999994,
          557.6276160000012,
          296.2156652631578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(35.5)",
        "box": [
          613.5811200000009,
          285.53419999999994,
          644.4907200000013,
          296.2156652631578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(35.5)",
        "box": [
          700.4520000000009,
          285.53419999999994,
          731.3616000000013,
          296.2156652631578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(35.5)",
        "box": [
          787.322880000001,
          285.53419999999994,
          818.2324800000014,
          296.2156652631578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: base and incentive management fees",
        "box": [
          143.31456000000094,
          305.4537199999999,
          368.90280000000075,
          316.13518526315784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6.3)",
        "box": [
          533.319840000001,
          305.4537199999999,
          557.6405760000014,
          316.13518526315784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          624.143520000001,
          305.4537199999999,
          644.6099520000009,
          316.13518526315784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          711.014400000001,
          305.4537199999999,
          731.480832000001,
          316.13518526315784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "N/A",
        "box": [
          797.8852800000011,
          305.4537199999999,
          818.351712000001,
          316.13518526315784
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: corporate interest expense",
        "box": [
          143.31456000000105,
          325.3732399999999,
          313.9135200000011,
          336.0547052631578
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13.2)",
        "box": [
          526.723200000001,
          325.3732399999999,
          557.6328000000015,
          336.0547052631578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32.0)",
        "box": [
          613.5940800000011,
          325.3732399999999,
          644.5036800000015,
          336.0547052631578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32.0)",
        "box": [
          700.4649600000012,
          325.3732399999999,
          731.3745600000016,
          336.0547052631578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(32.0)",
        "box": [
          787.3358400000012,
          325.3732399999999,
          818.2454400000016,
          336.0547052631578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: other EAD adjustments",
        "box": [
          143.3275200000012,
          345.29275999999993,
          294.0678720000013,
          355.9742252631578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11.6)",
        "box": [
          526.7361600000013,
          345.29275999999993,
          557.6457600000017,
          355.9742252631578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13.9)",
        "box": [
          613.6070400000013,
          345.29275999999993,
          644.5166400000018,
          355.9742252631578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13.9)",
        "box": [
          700.4779200000014,
          345.29275999999993,
          731.3875200000018,
          355.9742252631578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13.9)",
        "box": [
          787.3488000000015,
          345.29275999999993,
          818.2584000000019,
          355.9742252631578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: preferred dividends",
        "box": [
          143.34048000000143,
          365.21227999999996,
          275.8383360000016,
          375.8937452631578
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20.6)",
        "box": [
          526.7491200000015,
          365.21227999999996,
          557.658720000002,
          375.8937452631578
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(20.6)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20.6)",
        "box": [
          700.4908800000017,
          365.21227999999996,
          731.4004800000021,
          375.8937452631578
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(20.6)",
        "box": [
          787.3617600000017,
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          818.2791360000022,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Illustrative EAD",
        "box": [
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          223.42680000000186,
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        "confidence": 1.0
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      {
        "text": "$8.5",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$30.1",
        "box": [
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          644.542560000002,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$41.8",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$55.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EAD Earnings Per Share",
        "box": [
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          268.56388800000167,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$1.20",
        "box": [
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          557.6781600000021,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.24",
        "box": [
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          644.5490400000022,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.11",
        "box": [
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          731.4199200000022,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4.09",
        "box": [
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          818.2908000000023,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "HYPOTHETICAL ESTIMATED EAD PROFILE POST-TRANSACTION",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "22",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACR has presented this slide for illustrative purposes only. The illustrative earnings potential is based on current market conditions and assumptions with respect to general business, economic, regulatory, and financial conditions and other future events, as well as matters specific to ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACR's business, all of which are difficult to predict and many of which are beyond ACR's control. As a result, there can be no assurance that any of the results will be realized or achieved. The illustration should not be relied upon as being necessarily indicative of future results, and you ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "are cautioned not to place undue reliance on these scenarios. EAD is a non-GAAP financial measure. A quantitative reconciliation to the most directly comparable GAAP measure has not been provided because the hypothetical nature of the presentation makes a meaningful ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "reconciliation impracticable and would otherwise not be useful to investors.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The chart below is meant to display the illustrative earnings potential of the Company post-Transaction.  It is not meant to represent performance guidance for any period. (1)",
        "box": [
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          820.2147,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 23,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "OTHER DISCLOSURES",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Rating 1:",
        "box": [
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          90.03758800000003,
          242.78329584215595
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property performance has surpassed underwritten expectations",
        "box": [
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          245.09300385964917
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high-quality tenant mix",
        "box": [
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        "text": "Rating 2:",
        "box": [
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          279.7619,
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          288.17101584215595
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property performance is consistent with underwritten expectations and covenants and performance criteria are being met or exceeded",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Occupancy is stabilized, near stabilized or is on track with underwriting",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Rating 3:",
        "box": [
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          325.14962,
          90.03758800000006,
          333.5587358421559
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property performance lags behind underwritten expectations",
        "box": [
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          386.5268680000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Occupancy is not stabilized and the property has some tenancy rollover",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Rating 4:",
        "box": [
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          370.53734,
          90.03758800000006,
          378.9464558421559
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Occupancy is not stabilized and the property has a large amount of tenancy rollover",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rating 5:",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Expected sale ",
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        "text": "proceeds would not be sufficient to pay off the loan at maturity",
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        "text": "The property has a material vacancy rate and significant rollover of remaining tenants",
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        "text": "An updated appraisal is required upon designation and updated on an as-needed basis",
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        "text": "CRE loans are collateralized by a diversified mix of real estate properties and are assessed for credit quality based on the collective evaluation of several factors, including but not limited to: ",
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        "text": "collateral performance relative to underwritten plan, time since origination, current implied and/or re-underwritten loan-to-collateral value ratios, loan structure and exit plan. Depending ",
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        "text": "on the loan's performance against these various factors, loans are rated on a scale from 1 to 5, with loans rated 1 representing loans with the highest credit quality and loans rated 5 ",
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        "text": "representing loans with the lowest credit quality. The factors evaluated provide general criteria to monitor credit migration in the Company's loan portfolio; as such, a loan's rating may ",
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        "text": "improve or worsen, depending on new information received.",
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        "text": "The criteria set forth below should be used as general guidelines, and therefore not every loan will have all of the characteristics described in each category below.",
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        "text": "Commercial Real Estate Loans Risk Ratings",
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        "text": "23",
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        "text": "ACRESREIT.COM",
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        "text": "Additional information is available at the Company's website.",
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        "text": "CONTACT ",
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        "text": "INFORMATION",
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        "text": "Headquarters:",
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        "text": "390 RXR Plaza",
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        "text": "Uniondale, NY 11556",
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        "text": "Investor Relations:",
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        "text": "516-862-2385",
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        "text": "New York Stock Exchange:",
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        "text": "Common Stock Symbol: ACR",
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        "text": "Pref. Stock Symbols: ACRPrC & ACRPrD",
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        "text": "ACRES Commercial Realty Corp. is a real estate investment trust that is ",
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        "text": "primarily focused on originating, holding and managing commercial real ",
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        "text": "estate mortgage loans and equity investments in commercial real estate ",
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        "text": "property through direct ownership and joint ventures.",
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        "text": "COMMERCIAL REALTY",
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