{ "chunks": [ { "id": "e5d85de0-4e6e-4f49-823d-c55ea1f86af5", "grounding": { "box": { "bottom": 0.12964144349098206, "left": 0.041652411222457886, "right": 0.5741157531738281, "top": 0.06988976895809174 }, "page": 0 }, "markdown": "\n\nINVESTMENTS IN REAL ESTATE PROPERTIES", "type": "text" }, { "id": "44116155-cb58-487a-901c-55f291a7a657", "grounding": { "box": { "bottom": 0.3075384199619293, "left": 0.042792707681655884, "right": 0.9356223344802856, "top": 0.14657437801361084 }, "page": 0 }, "markdown": "\n\n$104.6 million\nof net investments in real estate and properties held for sale \u00b9,\u00b2", "type": "text" }, { "id": "a3a62722-de7d-49a7-9d77-b858d0cb1ac0", "grounding": { "box": { "bottom": 0.5801669359207153, "left": 0.04408371448516846, "right": 0.9352110028266907, "top": 0.31543293595314026 }, "page": 0 }, "markdown": "\n\nSelect Investment Highlights\n\n<::visual content::>\n\n**Hotel $39.8M 3**\n* 279-key hotel next to a convention center\n* Equity via lending activities in the northeast region\n* Acquired the deed in November 2020\n* Reclassified to held for sale as of September 30, 2022\n\n<::visual content::>\n\n**Hotel $28.3M 3**\n* 388-key hotel next to a convention center\n* Equity investment in the north central region\n* Conversion to a Hilton hotel and stabilization\n* Acquired in April 2022", "type": "text" }, { "id": "8cff6f2c-7697-4a75-8767-59bd052ea489", "grounding": { "box": { "bottom": 0.8800013661384583, "left": 0.04417356848716736, "right": 0.9339687824249268, "top": 0.592114269733429 }, "page": 0 }, "markdown": "\n\nReal Estate Investment Results\n\n\n\n\n\n\n\n
Real Estate Development Executed TransactionsTransaction PeriodEAD GainEAD Basis (Equity)MOIC(4)
Office in northeast region4Q24$5.3$14.91.35x
Student housing development in southeast region3Q25$9.5$22.71.42x
Development of land in the northeast region1Q26$3.3$16.61.20x
Total$18.1$54.11.33x
", "type": "table" }, { "id": "9f101784-654f-47b6-a936-3d6eea54d501", "grounding": { "box": { "bottom": 0.9486971497535706, "left": 0.08269628882408142, "right": 0.7993878126144409, "top": 0.8805164694786072 }, "page": 0 }, "markdown": "\n\n1 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\u00b3\n2 Depreciation and amortization expense on investments in real estate is $1.2 million for the 2nd quarter of 2026\n3 Represents GAAP net equity basis value at June 30, 2026\n4 Money on invested capital (\"MOIC\") is equal to the EAD gain divided by the EAD equity basis plus 1", "type": "text" }, { "id": "7cef028b-58eb-4f27-8dc6-6cf13b8372e1", "grounding": { "box": { "bottom": 0.9784756898880005, "left": 0.04453536123037338, "right": 0.0835510864853859, "top": 0.9149398803710938 }, "page": 0 }, "markdown": "\n\n<::logo: Undetermined\nA\nA dark green stylized letter \"A\" is enclosed within a circular, hand-drawn outline.::>", "type": "logo" }, { "id": "edd81722-5f17-46d2-a5b6-8b46463213e3", "grounding": { "box": { "bottom": 0.9699147939682007, "left": 0.8381596803665161, "right": 0.9565026760101318, "top": 0.923896312713623 }, "page": 0 }, "markdown": "\n\nACRESREIT.COM (10)", "type": "text" } ], "markdown": "\n\nINVESTMENTS IN REAL ESTATE PROPERTIES\n\n\n\n$104.6 million\nof net investments in real estate and properties held for sale \u00b9,\u00b2\n\n\n\nSelect Investment Highlights\n\n<::visual content::>\n\n**Hotel $39.8M 3**\n* 279-key hotel next to a convention center\n* Equity via lending activities in the northeast region\n* Acquired the deed in November 2020\n* Reclassified to held for sale as of September 30, 2022\n\n<::visual content::>\n\n**Hotel $28.3M 3**\n* 388-key hotel next to a convention center\n* Equity investment in the north central region\n* Conversion to a Hilton hotel and stabilization\n* Acquired in April 2022\n\n\n\nReal Estate Investment Results\n\n\n\n\n\n\n\n
Real Estate Development Executed TransactionsTransaction PeriodEAD GainEAD Basis (Equity)MOIC(4)
Office in northeast region4Q24$5.3$14.91.35x
Student housing development in southeast region3Q25$9.5$22.71.42x
Development of land in the northeast region1Q26$3.3$16.61.20x
Total$18.1$54.11.33x
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Real Estate Development Executed TransactionsTransaction PeriodEAD GainEAD Basis (Equity)MOIC(4)
Office in northeast region4Q24$5.3$14.91.35x
Student housing development in southeast region3Q25$9.5$22.71.42x
Development of land in the northeast region1Q26$3.3$16.61.20x
Total$18.1$54.11.33x
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