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        "text": "FIRST QUARTER 2026",
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        "text": "EARNINGS PRESENTATION",
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        "text": "April 30, 2026",
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        "text": "ACRES",
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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 expectatio",
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        "text": "ns 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-",
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        "text": "looking statements, which reflect ACR's view only as of the date of this presentation.",
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        "text": "  ",
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        "text": "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",
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        "text": "-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 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": "Its dependence on ACRES Capital, LLC, its 'manager', and ability to find a suitable replacement ",
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        "text": "in a timely manner, or at all, if its manager or the Company were to terminate the management ",
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        "text": "agreement;",
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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",
        "box": [
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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": "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",
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        "text": "The availability and attractiveness of terms of additional debt repurchases;",
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        "text": "\u2022",
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        "text": "Availability, terms and deployment of short-term and long-term capital;",
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        "text": "\u2022",
        "box": [
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        "text": "Availability of, and ability to retain, qualified personnel;",
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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": "\u2022",
        "box": [
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        "text": "The degree and nature of its competition;",
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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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        "text": "2",
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        "text": "ACRESREIT.COM",
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        "text": "A",
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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.",
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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 ",
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      {
        "text": "18 for the reconciliation of Net Income (Loss), a GAAP financial measure, to ",
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        "text": "Earnings Available for Distribution ('EAD'), a non",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-GAAP financial measure. Unless otherwise indicated, information included in this presentation is at or for the period ended March 31, 2026.",
        "box": [
          244.87,
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        "confidence": 1.0
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      {
        "text": "Definitions",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Refer to page 20 for a description of certain terms not otherwise defined or footnoted, including EAD, Benchmark Rate, ",
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          46.248,
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          347.47
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        "from_ocr": false,
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      },
      {
        "text": "Book Value, and other key terms.",
        "box": [
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          361.87
        ],
        "from_ocr": false,
        "confidence": 1.0
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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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        "from_ocr": false,
        "confidence": 1.0
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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 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "securities would not be offered or sold in the United States absent registration or an applicable exemption from registration ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "requirements.",
        "box": [
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        "from_ocr": false,
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      {
        "text": "No Offer or Sale of Securities",
        "box": [
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "ACRESREIT.COM",
        "box": [
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      },
      {
        "text": "A",
        "box": [
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        "from_ocr": true,
        "confidence": 0.98121
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    ]
  },
  {
    "page_no": 4,
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    "cells": [
      {
        "text": "HIGHLIGHTS",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Manager is focused on delivering shareholder value through EAD 1  growth",
        "box": [
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      {
        "text": "4",
        "box": [
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        "from_ocr": false,
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      {
        "text": "ACRESREIT.COM",
        "box": [
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      },
      {
        "text": "Percentage of Multifamily-focused ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE in Loan Portfolio",
        "box": [
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        "confidence": 1.0
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      {
        "text": "81%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per Share-Diluted GAAP Net Loss / EAD",
        "box": [
          353.57,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.16) / $0.02",
        "box": [
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          585.38576,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26 Net CRE Loan Activity",
        "box": [
          353.42,
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        "confidence": 1.0
      },
      {
        "text": "$374.4M",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$29.98",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value Per Share at March 31, 2026",
        "box": [
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          340.34000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRES 2026-FL4 ($1B Transaction Size)",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "86.5% at S+168",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to page 17 for the reconciliation of Net Income (Loss), a GAAP financial measure, to EAD, a non-GAAP financial measure",
        "box": [
          87.216,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage of CRE loan ",
        "box": [
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          772.3439999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio current on payments ",
        "box": [
          657.12,
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          205.8
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96.2%",
        "box": [
          658.18,
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          753.987088,
          261.086
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 5,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "$2.2B",
        "box": [
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          557.8340000000001,
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        "from_ocr": false,
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      },
      {
        "text": "FIRST QUARTER 2026 RESULTS",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Financial Results",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Book Value",
        "box": [
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        "from_ocr": false,
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      {
        "text": "CRE Loan Activity & CRE Portfolio",
        "box": [
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          670.048816,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Capitalization, Liquidity & NOL",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
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        "from_ocr": false,
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      {
        "text": "ACRESREIT.COM",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total liquidity at March 31, 2026",
        "box": [
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        "confidence": 1.0
      },
      {
        "text": "$86.8M",
        "box": [
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          798.2860000000001,
          267.84
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$106.3M",
        "box": [
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          392.18
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of net investments in real estate ",
        "box": [
          500.52,
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          633.7449599999997,
          409.0
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and properties held for sale",
        "box": [
          500.52,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "96.2%",
        "box": [
          499.22,
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          324.36
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the par value of the CRE loan ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "portfolio is current on payments",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "of the par value of the CRE loan portfolio is ",
        "box": [
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          278.59000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "rated 4 or 5 2",
        "box": [
          501.65,
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          290.59000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14%",
        "box": [
          501.65,
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          263.18
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Comprising 60 loans with a ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "weighted average LTV of 76",
        "box": [
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        "confidence": 1.0
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      {
        "text": "%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE loan portfolio at par value",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$374.4M",
        "box": [
          498.96,
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          213.36
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of net loan fundings",
        "box": [
          501.65,
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          228.86
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.9%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "annual increase since ACRES ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "acquisition in 3Q20 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$29.98",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value per share",
        "box": [
          279.14,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Down",
        "box": [
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          193.82
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          300.26,
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          302.294,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from $30.01 in 4Q25 and up ",
        "box": [
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          193.82
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "from $28.50 in 1Q25",
        "box": [
          278.78,
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          204.62
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "EAD 1  per share diluted",
        "box": [
          57.384,
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          229.486
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.02",
        "box": [
          57.384,
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          217.01
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.16)",
        "box": [
          57.384,
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          127.177056,
          163.15599999999995
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP net loss per share-diluted",
        "box": [
          57.384,
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          185.82512000000003,
          175.10000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          84.072,
          491.106,
          86.44476,
          495.786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Refer to page 17 for the reconciliation of Net Income (Loss), a GAAP financial measure, to EAD, a non-GAAP financial measure",
        "box": [
          87.432,
          491.556,
          445.3391199999998,
          498.516
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2 ",
        "box": [
          84.072,
          502.506,
          87.52964,
          507.186
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage represents the Company's economic interest in the CRE loans",
        "box": [
          87.432,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$32.1M",
        "box": [
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          327.84000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Operating Loss Carryforwards at ",
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          339.4
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          722.47,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total capacity at March 31, 2026",
        "box": [
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          854.7587199999997,
          176.92000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.8B",
        "box": [
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          778.6540000000001,
          164.42000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$974.8M",
        "box": [
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          810.4060000000001,
          214.82
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capacity available at March 31, 2026",
        "box": [
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          871.2225999999999,
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        "from_ocr": false,
        "confidence": 1.0
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    ]
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  {
    "page_no": 6,
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    "cells": [
      {
        "text": "BALANCE SHEET OVERVIEW",
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        "confidence": 1.0
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      {
        "text": "1Q26 Balance Sheet Overview ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Summary of Changes to Book Value per Share  1",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$30.01",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$29.98",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.16",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.05",
        "box": [
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          142.63
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.08",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Book Value -",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dec `25",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loss",
        "box": [
          503.42,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Comprehensive Income",
        "box": [
          572.54,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity Compensation and",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Vested Shares",
        "box": [
          701.62,
          243.81,
          747.5846799999999,
          251.84999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value -",
        "box": [
          809.21,
          234.04000000000002,
          850.07732,
          242.07999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March `26",
        "box": [
          813.0,
          243.81,
          846.3499200000001,
          251.84999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Assets ($B)",
        "box": [
          53.232,
          114.27999999999997,
          122.29464000000002,
          124.24000000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.5",
        "box": [
          288.53,
          113.47000000000003,
          310.094,
          125.47000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liquidity ($M)",
        "box": [
          53.232,
          150.07,
          135.1032,
          160.03000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$86.8",
        "box": [
          282.41,
          149.26,
          310.09400000000005,
          161.26
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE Whole Loans, at par ($B)",
        "box": [
          53.232,
          181.012,
          173.02003200000001,
          190.99599999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Spread",
        "box": [
          53.232,
          192.57000000000005,
          89.37180000000001,
          200.61
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.2",
        "box": [
          288.53,
          180.20200000000006,
          310.10031199999986,
          192.226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.29%",
        "box": [
          290.09,
          193.77000000000004,
          310.10959999999994,
          201.81
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve ",
        "box": [
          53.232,
          216.80999999999995,
          110.28287999999999,
          226.76999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          110.26,
          216.80999999999995,
          115.22008000000001,
          226.76999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " General ($M)",
        "box": [
          115.18,
          216.80999999999995,
          172.35952000000003,
          226.76999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per BV Share 1  / Basis Points",
        "box": [
          53.232,
          228.33000000000004,
          142.63896000000003,
          236.37
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$19.4",
        "box": [
          282.41,
          216.0,
          310.09400000000005,
          228.0
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.96/0.88%",
        "box": [
          268.82,
          229.53000000000003,
          310.07323999999994,
          237.57
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in Real Estate and ",
        "box": [
          53.232,
          251.32,
          182.90124000000003,
          261.28000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Properties Held for Sale, net 2  ($M)",
        "box": [
          53.232,
          263.32,
          195.7996,
          273.28000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Number of Investments",
        "box": [
          53.232,
          274.84000000000003,
          130.15872,
          282.88
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$106.3",
        "box": [
          276.26,
          256.51,
          310.1,
          268.51
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          306.05,
          270.04,
          310.12628,
          278.08
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Borrowings, at cost ($B)",
        "box": [
          53.232,
          297.83000000000004,
          175.73004000000003,
          307.79
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Leverage Ratio",
        "box": [
          53.232,
          309.35,
          101.14235999999997,
          317.39
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.9",
        "box": [
          288.53,
          297.02,
          310.094,
          309.02
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4x",
        "box": [
          296.45,
          310.55,
          310.10995999999994,
          318.59000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset Specific Borrowings, at par ($B)",
        "box": [
          53.232,
          333.62,
          207.50244000000004,
          343.58000000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Spread",
        "box": [
          53.232,
          345.14,
          89.37180000000001,
          353.17999999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.7",
        "box": [
          288.53,
          332.81,
          310.094,
          344.81
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.81%",
        "box": [
          290.09,
          346.34000000000003,
          310.10959999999994,
          354.38
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Debt, at par ($M)",
        "box": [
          53.232,
          369.4,
          168.76800000000003,
          379.36
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Coupon",
        "box": [
          53.232,
          380.91999999999996,
          91.98480000000004,
          388.96
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$201.5",
        "box": [
          276.26,
          368.59000000000003,
          310.1,
          380.59000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.30%",
        "box": [
          290.09,
          382.12,
          310.10959999999994,
          390.15999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred and Common Equity 3  ($M)",
        "box": [
          53.232,
          405.15999999999997,
          204.6796,
          415.12
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend %: WA Preferred / Common",
        "box": [
          53.232,
          416.68,
          174.75659999999996,
          424.72
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$224.0/$330.9",
        "box": [
          237.26,
          404.35,
          310.0280000000001,
          416.35
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.76% / NA",
        "box": [
          273.86,
          417.88,
          310.07216000000005,
          425.92
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6",
        "box": [
          902.74,
          507.186,
          907.78972,
          517.146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
          810.77,
          506.376,
          888.974,
          518.376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          83.112,
          484.722,
          85.48476,
          489.402
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Per share adjustments are calculated based on the share count outstanding of 6,558,865 utilized in the calculation of book value at March 31, 2026",
        "box": [
          86.472,
          485.172,
          505.5597600000001,
          492.132
        ],
        "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": [
          83.112,
          493.122,
          458.83127999999994,
          500.532
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3  Includes $134.3 million of non-controlling interests",
        "box": [
          83.112,
          501.504,
          231.10261599999995,
          508.938
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Capitalization",
        "box": [
          351.48,
          292.7,
          419.64000000000004,
          304.7
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Capitalization",
        "box": [
          353.45,
          374.26,
          445.8499999999999,
          386.26
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.4B",
        "box": [
          352.73,
          334.49,
          446.67724000000015,
          374.45000000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Stockholders' equity",
        "box": [
          713.78,
          365.03,
          779.93312,
          373.07
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23%",
        "box": [
          682.13,
          363.55,
          703.1179999999998,
          375.55
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term warehouse financing facilities (limited recourse)",
        "box": [
          713.81,
          386.99,
          888.7845200000006,
          395.03
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          684.89,
          385.51,
          699.7579999999999,
          397.51
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior secured financing facility (limited recourse)",
        "box": [
          713.81,
          408.98,
          876.6682400000005,
          417.02
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          684.89,
          407.5,
          699.7579999999999,
          419.5
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgage Payable (limited recourse)",
        "box": [
          713.81,
          430.96,
          832.4884400000002,
          439.0
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          684.89,
          429.48,
          699.7579999999999,
          441.48
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate Debt - TRUPS & 5.75% Notes (no guarantee)",
        "box": [
          713.81,
          452.946,
          891.0586400000004,
          460.986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8%",
        "box": [
          683.54,
          451.944,
          698.4079999999999,
          463.944
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitization Notes Payable (Non-Recourse)",
        "box": [
          713.78,
          326.87,
          858.9308000000001,
          334.90999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "36%",
        "box": [
          681.74,
          325.39,
          702.7279999999998,
          337.39
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Reinvestment Financing Facility",
        "box": [
          714.43,
          345.15999999999997,
          835.5124000000005,
          353.2
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "29%",
        "box": [
          682.39,
          343.68,
          703.3779999999998,
          355.68
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A",
        "box": [
          40.666666666666664,
          492.0,
          79.0,
          532.0
        ],
        "from_ocr": true,
        "confidence": 0.99432
      }
    ]
  },
  {
    "page_no": 7,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "$1,838 ",
        "box": [
          84.552,
          387.24,
          120.80400000000003,
          399.24
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,212 ",
        "box": [
          408.29,
          327.24,
          444.54200000000003,
          339.24
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$471 ",
        "box": [
          169.7,
          358.922,
          196.89729599999998,
          370.946
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$111 ",
        "box": [
          249.19,
          330.46000000000004,
          276.382,
          342.46000000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$14 ",
        "box": [
          334.92,
          328.37,
          355.992,
          340.37
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Dec",
        "box": [
          62.184,
          448.266,
          137.01348000000002,
          458.226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "'25",
        "box": [
          93.456,
          460.45799999999997,
          105.81636,
          470.418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "New loans",
        "box": [
          159.46,
          448.266,
          201.77008,
          458.226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Payoffs and",
        "box": [
          238.01,
          448.266,
          285.30008,
          458.226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "paydowns",
        "box": [
          240.96,
          460.45799999999997,
          282.36372000000006,
          470.418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Future Fundings",
        "box": [
          309.84,
          448.266,
          375.4763999999999,
          458.226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio",
        "box": [
          395.09,
          448.266,
          452.2604,
          458.226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March '26",
        "box": [
          403.27,
          460.45799999999997,
          444.16576,
          470.418
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loans held for investment, at amortized cost",
        "box": [
          52.728,
          106.42999999999995,
          233.5418400000001,
          116.38999999999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,202.8",
        "box": [
          423.58,
          106.42999999999995,
          458.9877999999998,
          116.38999999999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserves",
        "box": [
          52.728,
          126.34999999999997,
          110.60556000000004,
          136.31
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($19.4)",
        "box": [
          429.94,
          126.34999999999997,
          458.9733999999999,
          136.31
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE whole loans, floating-rate WA",
        "box": [
          52.728,
          146.252,
          191.256496,
          156.236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1M SOFR + 3.29%",
        "box": [
          386.5,
          146.252,
          458.9139520000002,
          156.236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA 1M SOFR Floor 2",
        "box": [
          52.728,
          165.64999999999998,
          133.31704,
          176.18
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.13%",
        "box": [
          433.9,
          166.21999999999997,
          458.9304399999998,
          176.18
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA CRE loan portfolio LTV",
        "box": [
          52.728,
          186.14,
          159.46932000000004,
          196.10000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76%",
        "box": [
          441.58,
          186.14,
          458.9208399999999,
          196.10000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total number of CRE loans",
        "box": [
          52.728,
          206.05999999999995,
          159.82788,
          216.01999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          448.9,
          206.05999999999995,
          458.9897199999999,
          216.01999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average CRE loan size, at par",
        "box": [
          52.728,
          225.97999999999996,
          169.48908000000006,
          235.94
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$36.9",
        "box": [
          436.18,
          225.97999999999996,
          458.99931999999984,
          235.94
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Risk Rating, at par",
        "box": [
          52.728,
          245.91999999999996,
          142.1688000000001,
          255.88
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.5",
        "box": [
          446.26,
          245.91999999999996,
          458.9993199999999,
          255.88
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE LOAN PORTFOLIO OVERVIEW",
        "box": [
          46.248,
          42.26999999999998,
          434.80812000000014,
          70.23000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE Loan Summary  1",
        "box": [
          53.256,
          84.33000000000004,
          155.99627999999998,
          96.95999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance by Region  1,3",
        "box": [
          500.69,
          84.33000000000004,
          604.5047199999999,
          96.95999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7",
        "box": [
          902.74,
          507.186,
          907.78972,
          517.146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
          810.77,
          506.376,
          888.974,
          518.376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "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",
        "box": [
          83.112,
          476.322,
          486.28703999999993,
          483.73199999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2  At March 31, 2026, all CRE whole loans are indexed to SOFR and the WA benchmark rate was 3.69% ",
        "box": [
          83.112,
          484.722,
          371.81808,
          492.132
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3  Texas (15.0%) and Florida (12.0%) were the states with the highest concentrations.  Based on regions identified by the National Council of Real Estate Investment Fiduciaries (NCREIF)",
        "box": [
          83.112,
          493.122,
          604.0056000000001,
          500.532
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4  ACRES originated 9 new loan commitments and purchased two loan commitments for a total of $495.6 million during the three months ended March 31, 2026",
        "box": [
          83.112,
          501.504,
          538.3474079999999,
          508.938
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Count",
        "box": [
          79.32,
          411.07,
          120.71099999999997,
          420.07
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "53",
        "box": [
          95.4,
          421.87,
          104.52300000000001,
          430.87
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Count",
        "box": [
          401.78,
          411.33,
          443.17099999999994,
          420.33
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60",
        "box": [
          417.86,
          422.13,
          426.983,
          431.13
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Portfolio Activity, at par  1,4",
        "box": [
          53.256,
          292.43,
          211.55472,
          305.06
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property Type  1",
        "box": [
          500.69,
          292.43,
          577.48628,
          305.06
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pacific ",
        "box": [
          524.59,
          117.43,
          547.1663200000003,
          125.46999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.3%",
        "box": [
          524.59,
          127.89999999999998,
          554.9379999999996,
          139.89999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mountain",
        "box": [
          524.59,
          153.79000000000002,
          556.52488,
          161.82999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13.0%",
        "box": [
          524.59,
          164.26,
          554.9379999999996,
          176.26
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Southwest",
        "box": [
          524.59,
          226.51000000000005,
          559.0976800000001,
          234.55
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16.9%",
        "box": [
          524.59,
          236.98000000000002,
          554.9379999999996,
          248.98000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "West North Central ",
        "box": [
          524.59,
          190.15000000000003,
          589.2637600000003,
          198.19
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.7%",
        "box": [
          524.59,
          200.62,
          548.8179999999998,
          212.62
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "East North Central",
        "box": [
          842.02,
          190.15000000000003,
          901.5803200000003,
          198.19
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14.1%",
        "box": [
          842.02,
          200.62,
          872.3679999999996,
          212.62
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Southeast",
        "box": [
          842.02,
          226.51000000000005,
          874.5900400000002,
          234.55
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19.0%",
        "box": [
          842.02,
          236.98000000000002,
          872.3679999999996,
          248.98000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mid Atlantic",
        "box": [
          842.02,
          153.79000000000002,
          881.7617200000002,
          161.82999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.4%",
        "box": [
          842.02,
          164.26,
          872.3679999999996,
          176.26
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Northeast",
        "box": [
          842.02,
          117.43,
          874.5900400000002,
          125.46999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.6%",
        "box": [
          842.02,
          127.89999999999998,
          872.3679999999996,
          139.89999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          784.87,
          338.56,
          822.1112800000001,
          346.6
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81.5%",
        "box": [
          741.91,
          337.41999999999996,
          772.2579999999996,
          349.41999999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          785.16,
          362.35,
          804.4042999999998,
          370.39
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.9%",
        "box": [
          741.91,
          359.98,
          772.2579999999996,
          371.98
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Self-storage",
        "box": [
          785.95,
          427.36,
          824.73532,
          435.4
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.7%",
        "box": [
          740.9,
          425.57,
          765.1279999999997,
          437.57
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel",
        "box": [
          786.12,
          385.05,
          803.7999599999999,
          393.09000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.7%",
        "box": [
          741.91,
          383.69,
          766.1379999999997,
          395.69
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mixed-Use",
        "box": [
          785.81,
          405.31,
          820.89512,
          413.35
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.2%",
        "box": [
          741.91,
          404.76,
          766.1379999999997,
          416.76
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 8,
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    "cells": [
      {
        "text": "Fully Extended Loan and Interest Rate Cap Maturities ($ in millions at par)",
        "box": [
          59.232,
          162.512,
          486.200976,
          176.57600000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE LOAN PORTFOLIO MATURITY PROFILE",
        "box": [
          46.248,
          42.26999999999998,
          532.3046400000003,
          70.23000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$308",
        "box": [
          119.88,
          334.202,
          140.06185200000004,
          344.18600000000004
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$350",
        "box": [
          232.94,
          324.69,
          253.10972000000007,
          334.65
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$43",
        "box": [
          348.53,
          394.39,
          363.6597199999999,
          404.35
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$344",
        "box": [
          459.05,
          326.06,
          479.2197199999999,
          336.02
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$626",
        "box": [
          572.11,
          262.04999999999995,
          592.2797199999999,
          272.01
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$452",
        "box": [
          685.18,
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          311.51
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$27",
        "box": [
          800.74,
          398.01,
          815.8697199999999,
          407.97
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$280",
        "box": [
          170.14,
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          190.30972000000006,
          350.54
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$590",
        "box": [
          283.2,
          270.22999999999996,
          303.36971999999986,
          280.19
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$402",
        "box": [
          396.24,
          312.90999999999997,
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          322.87
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$104",
        "box": [
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          390.5
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$200",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$400",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$600",
        "box": [
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      {
        "text": "$800",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$1,000",
        "box": [
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        "from_ocr": false,
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      {
        "text": "2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2027",
        "box": [
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        "from_ocr": false,
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      {
        "text": "2028",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2029",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2030",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2031",
        "box": [
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          437.15
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2032",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "Fully Extended Loan Maturities",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest Rate Cap Maturities",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8",
        "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  Excludes three loans in maturity default at March 31, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2  Fully-extended maturity basis assumes borrower elects and qualifies for all extensions",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "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  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4  Interest rate caps have maturities from April 2026 through March 2029",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5  Seven loans funded debt service reserves in lieu of purchasing an interest rate cap",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fully extended weighted average loan maturity  1,2  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of the par value of the portfolio has interest rate caps or debt service reserves in place at March 31, 2026  3,4,5",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.3 years",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
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  {
    "page_no": 9,
    "width": 960.0,
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    "cells": [
      {
        "text": "CRE LOAN RISK RATINGS AND CECL RESERVES",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "56 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of ACR's 60 loans, or 96%, are current on contractual payments at ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "March 31, 2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "CECL Reserve Overview",
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        "confidence": 1.0
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      {
        "text": "1%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "69%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0%",
        "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": "2",
        "box": [
          629.26,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
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          467.166
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5",
        "box": [
          854.14,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "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  See page 21 for additional information on the risk rating definitions",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2 ",
        "box": [
          82.776,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Percentage represents the Company's economic interest in the CRE loans.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3  Amount is less than 0.5%.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.6",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.1",
        "box": [
          276.86,
          178.63,
          292.1,
          190.63
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.3",
        "box": [
          445.87,
          177.01999999999998,
          461.062,
          189.01999999999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.0",
        "box": [
          614.88,
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          630.102384,
          183.36599999999999
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.0",
        "box": [
          783.86,
          187.47200000000004,
          799.082384,
          199.49599999999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.5",
        "box": [
          160.42,
          183.442,
          175.642384,
          195.46599999999995
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.1",
        "box": [
          329.42,
          178.63,
          344.612,
          190.63
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.7",
        "box": [
          498.41,
          181.85000000000002,
          513.602,
          193.85000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4.0",
        "box": [
          667.42,
          171.34200000000004,
          682.642384,
          183.36599999999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.0",
        "box": [
          836.4,
          187.47200000000004,
          851.622384,
          199.49599999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily",
        "box": [
          113.81,
          230.312,
          169.78172000000004,
          242.33599999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Office",
        "box": [
          296.26,
          230.312,
          325.27391200000005,
          242.33599999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel",
        "box": [
          466.51,
          230.312,
          493.02292,
          242.33599999999996
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Self-Storage",
        "box": [
          619.32,
          230.312,
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          242.33599999999996
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mixed-Use",
        "box": [
          791.54,
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          242.33599999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W.A. Risk Rating by Collateral Type, $ at par",
        "box": [
          53.256,
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          270.0599999999998,
          150.57999999999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26 W.A. Risk Rating: 2.5",
        "box": [
          782.62,
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          874.2355600000003,
          149.02999999999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4Q25 W.A. Risk Rating: 2.7",
        "box": [
          612.96,
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          704.5755600000003,
          149.35000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of ACR's loans have a risk rating of 1, 2 or 3 that are ",
        "box": [
          120.46,
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          100.87
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performing in line with or near underwritten expectations  1,2",
        "box": [
          120.46,
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          414.58667999999994,
          115.26999999999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "86%",
        "box": [
          56.736,
          89.36000000000001,
          105.46284,
          117.32
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Specific CECL Reserve",
        "box": [
          272.11,
          284.59000000000003,
          341.9695599999998,
          292.63
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "General CECL Reserve",
        "box": [
          379.92,
          284.59000000000003,
          450.6157199999999,
          292.63
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$20.4M",
        "box": [
          183.98,
          387.5,
          221.696,
          399.5
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$19.4M",
        "box": [
          291.5,
          390.84000000000003,
          329.216,
          402.84000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4Q25",
        "box": [
          189.77,
          470.574,
          216.03041600000003,
          482.598
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26",
        "box": [
          297.29,
          470.574,
          323.5504159999999,
          482.598
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Reserve",
        "box": [
          173.42,
          314.73,
          228.16016,
          324.69
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$20.4M",
        "box": [
          178.85,
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          317.26
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Reserve",
        "box": [
          282.86,
          321.76,
          337.6001600000001,
          331.72
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$19.4M",
        "box": [
          285.67,
          308.81,
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          322.85
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43% ",
        "box": [
          74.952,
          421.24,
          94.61304000000003,
          431.2
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rated 4 - 5",
        "box": [
          94.776,
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          156.70972,
          431.2
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57% ",
        "box": [
          74.952,
          436.242,
          94.61304000000003,
          446.202
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rated 1 - 3",
        "box": [
          94.776,
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          446.202
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "49% ",
        "box": [
          356.35,
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          431.2
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Rated 4 - 5",
        "box": [
          376.15,
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          438.07971999999995,
          431.2
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "51%",
        "box": [
          356.35,
          436.242,
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          446.202
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Risk Rated 1 - 3",
        "box": [
          373.75,
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          446.202
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26 Risk Rating Overview 2",
        "box": [
          501.0,
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          294.98
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.5B",
        "box": [
          103.51,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.8B",
        "box": [
          155.78,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$241.4M",
        "box": [
          319.42,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$235.2M",
        "box": [
          267.72,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$58.4M",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$103.3M",
        "box": [
          487.99,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$16.0M",
        "box": [
          659.33,
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          690.8446399999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$15.9M",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loan Count",
        "box": [
          681.46,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9",
        "box": [
          774.82,
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          333.61
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34",
        "box": [
          623.52,
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          333.61
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          848.33,
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          333.61
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15",
        "box": [
          697.51,
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          333.61
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          552.72,
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          333.61
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$47.8M",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$25.0M",
        "box": [
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        "confidence": 1.0
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      {
        "text": "3",
        "box": [
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        "from_ocr": false,
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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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        "confidence": 1.0
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      {
        "text": "$106.3 million ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of net investments in real estate ",
        "box": [
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          308.0159999999999,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and properties held for sale  1,2",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          591.82,
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          596.0200000000001,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "388-key hotel next to a convention center",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          591.82,
          260.184,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity investment in the north central region",
        "box": [
          600.82,
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          271.92
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          591.82,
          274.584,
          596.0200000000001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Conversion to a Hilton hotel and stabilization",
        "box": [
          600.82,
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          818.9079999999997,
          286.32
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          591.82,
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          596.0200000000001,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquired in April 2022",
        "box": [
          600.82,
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          300.72
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
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        "confidence": 1.0
      },
      {
        "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 $37.4 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 1st quarter of 2026.",
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        "confidence": 1.0
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      {
        "text": "3  Represents GAAP net equity basis value at March 31, 2026.",
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        "confidence": 1.0
      },
      {
        "text": "Hotel $29.1M  3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Hotel $39.8M  3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized Land Sale 1Q26",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          139.82,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12-acre parcel of land",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          139.82,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity investment in the northeast region",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          139.82,
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        "confidence": 1.0
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      {
        "text": "Acquired in November 2021 for $14.2M",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          139.82,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Sold in March 2026 for $20.0M",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          139.82,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP and EAD gain of $3.3M recorded in 1Q26",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          145.9,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "279-key hotel next to a convention center",
        "box": [
          154.9,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          145.9,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity via lending activities in the northeast region",
        "box": [
          154.9,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          145.9,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Acquired the deed in November 2020",
        "box": [
          154.9,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2022",
        "box": [
          145.9,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reclassified to held for sale as of September 30, 2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Select Investment Highlights",
        "box": [
          54.384,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized Land Sale 1Q26",
        "box": [
          53.448,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$",
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        "from_ocr": true,
        "confidence": 0.97977
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  {
    "page_no": 11,
    "width": 960.0,
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        "text": "CAPITALIZATION OVERVIEW",
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        "text": "$ in Millions",
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        "text": "Capitalization",
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        "text": "Amount 3",
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        "text": "$ Avail.",
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        "text": "W. Avg. ",
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        "text": "Leverage ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Ratio",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Term Reinvestment Financing  2",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$749.1",
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      {
        "text": "$709.2",
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      {
        "text": "$37.3",
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      {
        "text": "SOFR + 1.75%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.3x",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Term Warehouse Financing  2",
        "box": [
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        "confidence": 1.0
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        "text": "500.0",
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        "text": "18.9",
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      {
        "text": "480.4",
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        "confidence": 1.0
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      {
        "text": "SOFR + 4.00%",
        "box": [
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          165.71000000000004
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "-",
        "box": [
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          165.71000000000004
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior Secured Financing  2",
        "box": [
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          533.2270400000001,
          185.25
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "500.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "41.7",
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        "confidence": 1.0
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      {
        "text": "457.1",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SOFR + 3.77%",
        "box": [
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          870.0172799999997,
          185.25
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.1x",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mortgages Payable  2",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "20.2",
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        "confidence": 1.0
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        "text": "20.2",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          794.57,
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          797.6251040000001,
          204.76599999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.80%",
        "box": [
          814.56,
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          870.051072,
          204.76599999999996
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.1x",
        "box": [
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          934.44288,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior Unsecured Notes",
        "box": [
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          224.07999999999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "150.0",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "149.7",
        "box": [
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          733.1787999999999,
          224.07999999999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          794.57,
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          797.6177600000001,
          224.07999999999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.75%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.2x",
        "box": [
          917.52,
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          934.4420399999999,
          224.07999999999998
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Trust Preferred Securities",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "51.5",
        "box": [
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      {
        "text": "51.5",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          794.57,
          233.44,
          797.6177600000001,
          243.40000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 3.95%",
        "box": [
          814.56,
          233.44,
          870.0172799999997,
          243.40000000000003
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "0.1x",
        "box": [
          917.52,
          233.44,
          934.4420399999999,
          243.40000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Recourse Debt",
        "box": [
          425.66,
          252.73999999999995,
          509.4036800000002,
          262.7
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$1,970.8",
        "box": [
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          252.73999999999995,
          668.7177999999998,
          262.7
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$991.2",
        "box": [
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          733.1693199999997,
          262.7
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$974.8",
        "box": [
          769.73,
          252.73999999999995,
          797.5893199999998,
          262.7
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.8x",
        "box": [
          917.14,
          252.73999999999995,
          934.4412399999999,
          262.7
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitizations  2",
        "box": [
          425.66,
          271.48999999999995,
          490.50704,
          282.02
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "873.5",
        "box": [
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          668.7387999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "873.5",
        "box": [
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          733.1787999999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          794.57,
          272.05999999999995,
          797.6177600000001,
          282.02
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.68%",
        "box": [
          814.56,
          272.05999999999995,
          870.0172799999997,
          282.02
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.6x",
        "box": [
          917.52,
          272.05999999999995,
          934.4420399999999,
          282.02
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Leverage",
        "box": [
          425.66,
          291.38,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,844.3",
        "box": [
          633.31,
          291.38,
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          301.34000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,864.7",
        "box": [
          697.75,
          291.38,
          733.1577999999998,
          301.34000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$974.8",
        "box": [
          769.73,
          291.38,
          797.5893199999998,
          301.34000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.58%",
        "box": [
          844.94,
          291.38,
          869.9704399999999,
          301.34000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4x",
        "box": [
          917.14,
          291.38,
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          301.34000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred Equity",
        "box": [
          425.66,
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          492.3920000000001,
          320.63
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "224.0",
        "box": [
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          733.1787999999999,
          320.63
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.76%",
        "box": [
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          870.0804799999999,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common Equity",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "196.6",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Non-controlling interests",
        "box": [
          425.66,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134.3",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Capitalization",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,419.6",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5.94%  1  ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Total Capitalization ($ in Millions)",
        "box": [
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          192.86400000000006,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,419.6",
        "box": [
          350.52,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate WACC  1",
        "box": [
          53.424,
          103.37,
          128.73704,
          113.90000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.94%",
        "box": [
          360.84,
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          385.8704399999998,
          113.90000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Asset Specific Financing",
        "box": [
          53.424,
          125.67999999999995,
          172.0276800000001,
          135.64
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,663.5",
        "box": [
          350.64,
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          385.9382399999999,
          135.64
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "WA Asset Specific Debt Spread",
        "box": [
          53.424,
          150.20999999999998,
          177.71484000000012,
          160.17000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR + 1.81%",
        "box": [
          330.48,
          150.20999999999998,
          385.93728,
          160.17000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term/Senior Secured Avail.",
        "box": [
          53.424,
          174.73999999999995,
          163.87044000000003,
          184.7
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$974.8",
        "box": [
          358.2,
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          385.9186799999999,
          184.7
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recourse Debt Leverage",
        "box": [
          53.424,
          196.51,
          151.56984000000006,
          206.47000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.8x",
        "box": [
          369.0,
          196.51,
          385.92204,
          206.47000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Corporate Leverage",
        "box": [
          53.424,
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          157.976448,
          228.216
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4x",
        "box": [
          369.0,
          218.23200000000003,
          385.92288,
          228.216
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11",
        "box": [
          900.22,
          507.186,
          910.30972,
          517.146
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
          810.77,
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          888.974,
          518.376
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1 ",
        "box": [
          77.856,
          482.73,
          81.31363999999999,
          487.41
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average cost of capital ('WACC') calculation excludes the impact of common equity in the denominator",
        "box": [
          81.216,
          483.18,
          405.6215999999999,
          490.14
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2  Asset-specific borrowings total $1.7 billion, of which securitizations are 53%",
        "box": [
          77.856,
          491.13,
          297.0612,
          498.54
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3  Includes $10.9 million of unamortized deferred debt issuance costs and discounts on borrowings",
        "box": [
          77.856,
          499.53,
          355.31471999999997,
          506.94
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Outstanding Financing",
        "box": [
          52.488,
          257.14200000000005,
          164.43144,
          269.166
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99%",
        "box": [
          55.776,
          287.78,
          73.11684000000001,
          297.74
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Mark-to-Market",
        "box": [
          87.912,
          287.78,
          173.57116000000005,
          297.74
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          58.296,
          307.22,
          70.59684,
          317.18
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Warehouse Financing",
        "box": [
          87.912,
          307.22,
          199.06560000000007,
          317.18
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "47%",
        "box": [
          55.776,
          326.642,
          73.134312,
          336.626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Securitizations",
        "box": [
          87.912,
          326.642,
          147.11712000000003,
          336.626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "38%",
        "box": [
          55.776,
          346.12,
          73.11684000000001,
          356.08000000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Term Reinvestment Financing",
        "box": [
          87.912,
          346.12,
          208.56744000000003,
          356.08000000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8%",
        "box": [
          58.296,
          365.56,
          70.59684,
          375.52
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Unsecured Notes",
        "box": [
          87.912,
          365.56,
          185.94828000000004,
          375.52
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          58.296,
          385.0,
          70.59684,
          394.96000000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior Secured Financing",
        "box": [
          87.912,
          385.0,
          189.70320000000004,
          394.96000000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          58.296,
          404.44,
          70.59684,
          414.4
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust Preferred Securities",
        "box": [
          87.912,
          404.44,
          191.2569600000001,
          414.4
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          58.296,
          423.88,
          70.59684,
          433.84
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mortgages Payable",
        "box": [
          87.912,
          423.88,
          165.67967999999996,
          433.84
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 12,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "LEVERAGE AND LIQUIDITY TREND",
        "box": [
          46.248,
          42.26999999999998,
          435.05976,
          70.23000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
          810.77,
          506.376,
          888.974,
          518.376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12",
        "box": [
          900.22,
          507.186,
          910.30972,
          517.146
        ],
        "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": [
          83.112,
          501.504,
          475.19462400000003,
          508.938
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0x",
        "box": [
          82.92,
          167.26,
          103.908,
          179.26
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.7x",
        "box": [
          182.42,
          189.0,
          203.40800000000002,
          201.0
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8x",
        "box": [
          281.93,
          181.75,
          302.918,
          193.75
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.8x",
        "box": [
          381.46,
          254.26,
          402.448,
          266.26
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.0x",
        "box": [
          111.24,
          167.26,
          132.228,
          179.26
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.7x",
        "box": [
          210.77,
          189.0,
          231.75800000000004,
          201.0
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.8x",
        "box": [
          310.27,
          181.75,
          331.258,
          193.75
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.4x",
        "box": [
          409.78,
          138.26,
          430.768,
          150.26
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2Q25",
        "box": [
          96.672,
          409.84000000000003,
          118.63380000000001,
          419.8
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3Q25",
        "box": [
          196.18,
          409.84000000000003,
          218.14180000000002,
          419.8
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4Q25",
        "box": [
          295.7,
          409.84000000000003,
          317.6617999999999,
          419.8
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26",
        "box": [
          395.21,
          409.84000000000003,
          417.1717999999999,
          419.8
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Recourse Debt Leverage Ratio",
        "box": [
          147.38,
          430.94,
          269.0314400000001,
          440.9
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Leverage Ratio",
        "box": [
          295.3,
          430.94,
          378.1074400000001,
          440.9
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$42.7",
        "box": [
          541.92,
          317.23,
          564.6287999999998,
          327.19
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$40.9",
        "box": [
          641.42,
          319.31,
          664.1287999999998,
          329.27
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$83.8",
        "box": [
          740.95,
          269.79999999999995,
          763.6587999999999,
          279.76
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$48.0",
        "box": [
          840.46,
          311.11,
          863.1687999999999,
          321.07000000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$21.9",
        "box": [
          541.92,
          242.642,
          564.6435839999998,
          252.62599999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$23.6",
        "box": [
          641.42,
          244.86999999999995,
          664.1287999999998,
          254.82999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$24.1",
        "box": [
          740.95,
          145.26999999999998,
          763.6587999999999,
          155.23000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$38.2",
        "box": [
          840.46,
          214.63,
          863.1687999999999,
          224.59000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.6",
        "box": [
          842.98,
          177.82999999999998,
          860.6390799999999,
          187.79000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2Q25",
        "box": [
          542.35,
          378.932,
          564.3247839999999,
          388.916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3Q25",
        "box": [
          641.86,
          378.932,
          663.8347839999999,
          388.916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4Q25",
        "box": [
          741.38,
          378.932,
          763.3547839999999,
          388.916
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26",
        "box": [
          840.89,
          378.932,
          862.8647839999999,
          388.916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reinvestment Cash at CRE Securitiztions",
        "box": [
          591.14,
          399.45,
          721.4684000000001,
          407.49
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE Term and Senior Secured Facilities Estimated Unfinanced Proceeds \u00b9",
        "box": [
          591.14,
          414.62,
          825.9482000000007,
          422.66
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unrestricted Cash",
        "box": [
          591.14,
          429.78999999999996,
          649.2129200000002,
          437.83
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$64.7",
        "box": [
          538.32,
          207.10000000000002,
          566.0039999999996,
          219.10000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$86.8",
        "box": [
          838.1,
          157.18,
          865.7839999999995,
          169.18
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ in millions",
        "box": [
          541.22,
          84.02000000000004,
          580.1255600000002,
          92.06
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Leverage Ratios",
        "box": [
          53.256,
          84.95999999999998,
          130.956,
          96.95999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liquidity ($ in millions)",
        "box": [
          500.18,
          84.95999999999998,
          641.2159999999993,
          96.95999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$64.5",
        "box": [
          636.67,
          207.10000000000002,
          664.3539999999995,
          219.10000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$107.9",
        "box": [
          733.8,
          110.11000000000001,
          767.6039999999994,
          122.11000000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 13,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "ILLUSTRATIVE EARNINGS PROFILE",
        "box": [
          46.248,
          42.26999999999998,
          433.38216000000006,
          70.23000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13",
        "box": [
          900.22,
          507.186,
          910.30972,
          517.146
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
          810.77,
          506.376,
          888.974,
          518.376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Projected Maximum CRE Loan Portfolio Size &",
        "box": [
          223.32,
          122.69000000000005,
          489.68688000000014,
          136.73000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GAAP EPS & EAD per Share",
        "box": [
          223.32,
          139.49,
          379.8519600000001,
          153.52999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Projected maximum CRE loan portfolio size",
        "box": [
          223.32,
          160.91999999999996,
          450.34031999999996,
          173.88
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,300.0",
        "box": [
          527.33,
          160.91999999999996,
          573.3639200000003,
          173.88
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,500.0",
        "box": [
          601.15,
          160.91999999999996,
          647.1839200000003,
          173.88
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2,750.0",
        "box": [
          674.98,
          160.91999999999996,
          721.0139200000003,
          173.88
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Target range of asset-specific leverage",
        "box": [
          223.32,
          181.48999999999995,
          424.27183999999977,
          194.45
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.1x",
        "box": [
          551.33,
          181.48999999999995,
          573.3490400000002,
          194.45
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.5x",
        "box": [
          625.15,
          181.48999999999995,
          647.1690400000001,
          194.45
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.8x",
        "box": [
          698.98,
          181.48999999999995,
          720.9990400000002,
          194.45
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Illustrative return on net deployable capital",
        "box": [
          223.32,
          208.35199999999998,
          451.7604959999998,
          221.33599999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.5%",
        "box": [
          541.13,
          208.35199999999998,
          573.434192,
          221.33599999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.5%",
        "box": [
          614.95,
          208.35199999999998,
          647.2541920000001,
          221.33599999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13.0%",
        "box": [
          688.78,
          208.35199999999998,
          721.084192,
          221.33599999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE net interest income",
        "box": [
          223.32,
          228.30999999999995,
          349.7318399999999,
          241.26999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$67.2",
        "box": [
          543.77,
          228.30999999999995,
          573.3706400000002,
          241.26999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$72.7",
        "box": [
          617.59,
          228.30999999999995,
          647.1906400000003,
          241.26999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$80.4",
        "box": [
          691.42,
          228.30999999999995,
          721.0206400000002,
          241.26999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: general & administrative",
        "box": [
          223.32,
          248.22999999999996,
          381.70415999999983,
          261.19
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11.5)",
        "box": [
          542.45,
          248.22999999999996,
          573.3336800000002,
          261.19
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11.5)",
        "box": [
          616.27,
          248.22999999999996,
          647.1536800000001,
          261.19
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(11.5)",
        "box": [
          690.1,
          248.22999999999996,
          720.9836800000002,
          261.19
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: base and incentive management fees",
        "box": [
          223.32,
          268.15,
          448.8110399999997,
          281.11
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6.3)",
        "box": [
          549.05,
          268.15,
          573.36296,
          281.11
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6.3)",
        "box": [
          622.87,
          268.15,
          647.1829600000001,
          281.11
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(6.3)",
        "box": [
          696.7,
          268.15,
          721.0129600000001,
          281.11
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: corporate interest expense",
        "box": [
          223.32,
          288.07,
          393.88655999999986,
          301.03
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13.2)",
        "box": [
          542.45,
          288.07,
          573.3336800000002,
          301.03
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13.2)",
        "box": [
          616.27,
          288.07,
          647.1536800000001,
          301.03
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(13.2)",
        "box": [
          690.1,
          288.07,
          720.9836800000002,
          301.03
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: GAAP to EAD Adjustments",
        "box": [
          223.32,
          307.99,
          390.24480000000005,
          320.95000000000005
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(15.9)",
        "box": [
          542.45,
          307.99,
          573.3336800000002,
          320.95000000000005
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(16.6)",
        "box": [
          616.27,
          307.99,
          647.1536800000001,
          320.95000000000005
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(17.2)",
        "box": [
          690.1,
          307.99,
          720.9836800000002,
          320.95000000000005
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Less: preferred dividends",
        "box": [
          223.32,
          327.892,
          355.75679999999977,
          340.876
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20.4)",
        "box": [
          542.45,
          327.892,
          573.3649040000003,
          340.876
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20.4)",
        "box": [
          616.27,
          327.892,
          647.1849040000002,
          340.876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(20.4)",
        "box": [
          690.1,
          327.892,
          721.0149040000002,
          340.876
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Illustrative GAAP earnings",
        "box": [
          223.32,
          347.86,
          359.8276799999999,
          360.82000000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.1)",
        "box": [
          542.45,
          347.86,
          573.3336800000002,
          360.82000000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4.7",
        "box": [
          624.19,
          347.86,
          647.2199200000002,
          360.82000000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$11.8",
        "box": [
          691.42,
          347.86,
          721.0206400000002,
          360.82000000000005
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        "from_ocr": false,
        "confidence": 1.0
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        "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 ",
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      {
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          296.01,
          910.9096,
          304.04999999999995
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Lease liabilities",
        "box": [
          52.368,
          305.832,
          101.09875199999999,
          313.89599999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "46,096 ",
        "box": [
          613.46,
          307.34000000000003,
          637.7006,
          315.38
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "45,942 ",
        "box": [
          886.66,
          307.34000000000003,
          910.9005999999999,
          315.38
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions payable",
        "box": [
          52.368,
          317.18,
          121.27883999999996,
          325.22
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,423 ",
        "box": [
          617.54,
          318.64,
          637.69628,
          326.67999999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,457 ",
        "box": [
          890.74,
          318.64,
          910.89628,
          326.67999999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accrued tax liability",
        "box": [
          52.368,
          328.48,
          115.75535999999994,
          336.52
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75 ",
        "box": [
          627.74,
          329.95,
          637.7170400000001,
          337.99
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8 ",
        "box": [
          905.04,
          329.95,
          910.93704,
          337.99
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities held for sale",
        "box": [
          52.368,
          339.78999999999996,
          124.88075999999994,
          347.83
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,181 ",
        "box": [
          617.54,
          341.25,
          637.69628,
          349.28999999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,131 ",
        "box": [
          890.74,
          341.25,
          910.89628,
          349.28999999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities",
        "box": [
          52.368,
          351.09000000000003,
          102.36875999999998,
          359.13
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,931,182 ",
        "box": [
          603.62,
          352.53200000000004,
          637.7226559999998,
          360.596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,611,772 ",
        "box": [
          876.82,
          352.53200000000004,
          910.9226559999998,
          360.596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity",
        "box": [
          52.368,
          362.41999999999996,
          73.44887999999999,
          370.46
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Series C Preferred stock, par value $0.001",
        "box": [
          52.368,
          373.72,
          187.55255999999997,
          381.76
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 ",
        "box": [
          631.82,
          375.19,
          637.7170400000001,
          383.23
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 ",
        "box": [
          905.04,
          375.19,
          910.93704,
          383.23
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Series D Preferred stock, par value $0.001",
        "box": [
          52.368,
          385.03,
          188.16359999999997,
          393.07
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 ",
        "box": [
          631.82,
          386.49,
          637.7170400000001,
          394.53
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5 ",
        "box": [
          905.04,
          386.49,
          910.93704,
          394.53
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common stock, par value $0.001",
        "box": [
          52.368,
          396.33000000000004,
          158.97036,
          404.37
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7 ",
        "box": [
          631.82,
          397.78999999999996,
          637.7170400000001,
          405.83
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7 ",
        "box": [
          905.04,
          397.78999999999996,
          910.93704,
          405.83
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additional paid-in capital",
        "box": [
          52.368,
          407.63,
          134.04111999999998,
          415.67
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,142,949 ",
        "box": [
          603.62,
          409.12,
          637.7095999999999,
          417.16
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,142,410 ",
        "box": [
          876.82,
          409.12,
          910.9096,
          417.16
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accumulated other comprehensive loss",
        "box": [
          52.368,
          418.96,
          180.77484,
          427.0
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,277)",
        "box": [
          612.74,
          420.43,
          635.91932,
          428.47
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,603)",
        "box": [
          885.94,
          420.43,
          909.11932,
          428.47
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributions in excess of earnings",
        "box": [
          52.368,
          430.27,
          162.87780000000004,
          438.31
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(721,051)",
        "box": [
          604.82,
          431.73,
          636.0473599999999,
          439.77
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(720,028)",
        "box": [
          878.02,
          431.73,
          909.2473599999998,
          439.77
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Stockholders' Equity",
        "box": [
          52.368,
          441.57,
          138.94272,
          449.61
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "420,638 ",
        "box": [
          609.5,
          443.034,
          637.7043199999999,
          451.074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "420,796 ",
        "box": [
          882.7,
          443.034,
          910.90432,
          451.074
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-controlling interests",
        "box": [
          52.368,
          452.874,
          133.62023999999997,
          460.914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "134,285 ",
        "box": [
          609.5,
          454.32,
          637.7239999999998,
          462.384
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "129,796 ",
        "box": [
          882.7,
          454.32,
          910.9239999999999,
          462.384
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Equity",
        "box": [
          52.368,
          464.202,
          92.16599999999998,
          472.242
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "554,923 ",
        "box": [
          609.5,
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          637.7043199999999,
          473.706
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "550,592 ",
        "box": [
          882.7,
          465.666,
          910.90432,
          473.706
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Liabilities and Equity",
        "box": [
          52.368,
          475.506,
          139.78691999999998,
          483.546
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$          2,486,105 ",
        "box": [
          582.14,
          476.97,
          637.7124800000003,
          485.01
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$          2,162,364 ",
        "box": [
          855.34,
          476.97,
          910.9124800000003,
          485.01
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A",
        "box": [
          37.0,
          491.0,
          85.66666666666666,
          532.0
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        "from_ocr": true,
        "confidence": 0.99385
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    ]
  },
  {
    "page_no": 16,
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    "cells": [
      {
        "text": "CONSOLIDATED STATEMENTS OF OPERATIONS",
        "box": [
          46.248,
          42.26999999999998,
          577.9633200000002,
          70.23000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited, in thousands, except share and per share data)",
        "box": [
          52.728,
          85.99000000000001,
          275.12699999999984,
          94.99000000000001
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended",
        "box": [
          594.7,
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          701.6650000000006,
          96.35000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar. 31, 2026",
        "box": [
          485.71,
          98.75,
          537.298,
          107.75
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar. 31, 2025",
        "box": [
          759.02,
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          107.75
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Revenues",
        "box": [
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          110.38999999999999,
          88.818,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Interest income",
        "box": [
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          121.89200000000005,
          110.37331199999997,
          130.916
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                   34,360",
        "box": [
          568.99,
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          636.5619999999998,
          130.79000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                   28,726",
        "box": [
          842.28,
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          909.8519999999997,
          130.79000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest expense",
        "box": [
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          133.45999999999998,
          113.361,
          142.45999999999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25,114 ",
        "box": [
          611.47,
          133.31,
          638.569,
          142.31
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23,123 ",
        "box": [
          884.78,
          133.31,
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          142.31
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net interest income",
        "box": [
          52.728,
          144.98000000000002,
          125.466,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9,246 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5,603 ",
        "box": [
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          153.83599999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate income",
        "box": [
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          156.5,
          122.21700000000003,
          165.5
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8,547 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,366 ",
        "box": [
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          911.5189999999999,
          165.5
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other revenue",
        "box": [
          52.728,
          168.07,
          106.035,
          177.07
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "31 ",
        "box": [
          627.1,
          168.07,
          638.2539999999999,
          177.07
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "33 ",
        "box": [
          900.38,
          168.07,
          911.5339999999999,
          177.07
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total revenues",
        "box": [
          52.728,
          179.61,
          106.61999999999999,
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      {
        "text": "17,824 ",
        "box": [
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          179.61,
          638.2389999999999,
          188.61
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        "from_ocr": false,
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      },
      {
        "text": "17,002 ",
        "box": [
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          188.61
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Operating Expenses",
        "box": [
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          191.14999999999998,
          126.79799999999999,
          200.14999999999998
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "General and administrative",
        "box": [
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          151.88371200000003,
          211.676
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,036 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,159 ",
        "box": [
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          911.516,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate expenses",
        "box": [
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          214.24,
          128.72400000000002,
          223.24
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "9,710 ",
        "box": [
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          214.24,
          638.236,
          223.24
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13,342 ",
        "box": [
          884.42,
          214.24,
          911.5189999999999,
          223.24
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Management fees - related party",
        "box": [
          52.728,
          225.79000000000002,
          173.46100000000004,
          234.79000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,561 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,631 ",
        "box": [
          888.98,
          225.79000000000002,
          911.516,
          234.79000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity compensation - related party",
        "box": [
          52.728,
          237.35000000000002,
          184.144,
          246.35000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "540 ",
        "box": [
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          638.2539999999998,
          246.35000000000002
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "815 ",
        "box": [
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          237.35000000000002,
          911.5339999999999,
          246.35000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Corporate depreciation and amortization",
        "box": [
          52.728,
          248.89999999999998,
          202.69499999999994,
          257.9
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19 ",
        "box": [
          627.1,
          248.89999999999998,
          638.2539999999999,
          257.9
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18 ",
        "box": [
          900.38,
          248.89999999999998,
          911.5339999999999,
          257.9
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Reversal of) provision for credit losses, net",
        "box": [
          52.728,
          260.32,
          210.77699999999996,
          269.32
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(967) ",
        "box": [
          617.02,
          260.44,
          638.2239999999999,
          269.44
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,717) ",
        "box": [
          883.46,
          260.44,
          911.534,
          269.44
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total operating expenses",
        "box": [
          52.728,
          272.01,
          144.15900000000005,
          281.01
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "13,899 ",
        "box": [
          611.14,
          272.01,
          638.2389999999999,
          281.01
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17,248 ",
        "box": [
          884.42,
          272.01,
          911.5189999999999,
          281.01
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other Income (Expense)",
        "box": [
          52.728,
          283.53,
          142.701,
          292.53
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity in earnings (losses) on unconsolidated subsidiaries",
        "box": [
          52.728,
          295.05,
          261.85200000000003,
          304.05
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "245 ",
        "box": [
          622.87,
          294.93,
          638.5839999999998,
          303.93
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(492) ",
        "box": [
          890.66,
          294.93,
          911.8639999999999,
          303.93
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sale of investment in real estate",
        "box": [
          52.728,
          306.552,
          199.99065599999997,
          315.576
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,336 ",
        "box": [
          616.03,
          306.45,
          638.5659999999999,
          315.45
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          901.7,
          306.45,
          909.845,
          315.45
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other income",
        "box": [
          52.728,
          318.11,
          103.128,
          327.11
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23 ",
        "box": [
          627.43,
          317.97,
          638.5839999999998,
          326.97
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "84 ",
        "box": [
          900.74,
          317.97,
          911.8939999999999,
          326.97
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total other (expense) income",
        "box": [
          52.728,
          329.63,
          160.206,
          338.63
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,604 ",
        "box": [
          616.03,
          329.472,
          638.5899999999998,
          338.496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(408) ",
        "box": [
          890.66,
          329.472,
          911.893472,
          338.496
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income (Loss) before Taxes",
        "box": [
          52.728,
          341.15,
          153.81599999999995,
          350.15
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                     7,529 ",
        "box": [
          569.59,
          341.03,
          638.6019999999997,
          350.03
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                     (654) ",
        "box": [
          844.2,
          341.03,
          911.8529999999997,
          350.03
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income tax expense",
        "box": [
          52.728,
          352.66999999999996,
          125.106,
          361.66999999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1)",
        "box": [
          626.47,
          352.55,
          636.514,
          361.55
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(76)",
        "box": [
          895.22,
          352.55,
          909.827,
          361.55
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income (Loss) ",
        "box": [
          52.728,
          364.19,
          121.326,
          373.19
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                     7,528 ",
        "box": [
          569.47,
          364.07,
          638.5989999999996,
          373.07
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                     (730) ",
        "box": [
          844.08,
          364.07,
          911.8589999999995,
          373.07
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income allocated to preferred shares",
        "box": [
          52.728,
          375.71000000000004,
          202.93800000000002,
          384.71000000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,114)",
        "box": [
          610.51,
          375.59000000000003,
          636.4929999999999,
          384.59000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(5,313)",
        "box": [
          883.82,
          375.59000000000003,
          909.803,
          384.59000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (income) loss allocable to non-controlling interest, net of taxes",
        "box": [
          52.728,
          387.23,
          296.9289999999999,
          396.23
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,437) ",
        "box": [
          610.51,
          387.11,
          638.5719999999999,
          396.11
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "184 ",
        "box": [
          896.18,
          387.11,
          911.8939999999998,
          396.11
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (Loss) Income Allocable to Common Shares",
        "box": [
          52.728,
          398.75,
          229.02900000000002,
          407.75
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                  (1,023) ",
        "box": [
          570.07,
          398.63,
          638.5869999999996,
          407.63
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                  (5,859) ",
        "box": [
          843.36,
          398.63,
          911.8769999999996,
          407.63
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (Loss) Income per Common Share ",
        "box": [
          52.728,
          410.27,
          195.30599999999995,
          419.27
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          195.55,
          410.27,
          200.032,
          419.27
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Basic",
        "box": [
          199.99,
          410.27,
          221.02900000000002,
          419.27
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                    (0.16) ",
        "box": [
          570.67,
          410.15,
          638.5839999999997,
          419.15
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                    (0.80) ",
        "box": [
          843.96,
          410.15,
          911.8739999999998,
          419.15
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net (Loss) Income per Common Share ",
        "box": [
          52.728,
          421.79,
          195.30599999999995,
          430.79
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          195.55,
          421.79,
          200.032,
          430.79
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Diluted",
        "box": [
          199.99,
          421.79,
          229.29099999999997,
          430.79
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                    (0.16) ",
        "box": [
          570.67,
          421.67,
          638.5839999999997,
          430.67
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                    (0.80) ",
        "box": [
          843.96,
          421.67,
          911.8739999999998,
          430.67
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Average Number of Common Shares Outstanding - Basic",
        "box": [
          52.728,
          433.296,
          296.48041600000005,
          442.32
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,558,864",
        "box": [
          600.19,
          433.19,
          636.5409999999999,
          442.19
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,362,236",
        "box": [
          873.5,
          433.19,
          909.8509999999999,
          442.19
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Average Number of Common Shares Outstanding - Diluted",
        "box": [
          52.728,
          444.858,
          304.35100000000006,
          453.858
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,558,864",
        "box": [
          600.19,
          444.696,
          636.5657439999997,
          453.72
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,362,236",
        "box": [
          873.5,
          444.696,
          909.8757439999996,
          453.72
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16",
        "box": [
          900.22,
          507.186,
          910.30972,
          517.146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
          810.77,
          506.376,
          888.974,
          518.376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A",
        "box": [
          37.0,
          489.0,
          85.66666666666666,
          534.0
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        "from_ocr": true,
        "confidence": 0.99144
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    ]
  },
  {
    "page_no": 17,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "EARNINGS AVAILABLE FOR DISTRIBUTION",
        "box": [
          46.248,
          42.26999999999998,
          527.0761200000001,
          70.23000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "17",
        "box": [
          900.22,
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          517.146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
          810.77,
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        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1  See page 20 for additional information on these non- GAAP financial measures",
        "box": [
          85.152,
          493.818,
          311.97351999999995,
          501.228
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2  Amount presented is net of the amount allocable to the non-controlling interest",
        "box": [
          85.152,
          502.218,
          316.9062399999998,
          509.628
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Unaudited, in thousands, except share and per share data)",
        "box": [
          46.248,
          144.57,
          291.8118000000002,
          154.53000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For the Three Months Ended",
        "box": [
          647.52,
          144.57,
          765.9941999999996,
          154.53000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar. 31, 2026",
        "box": [
          562.32,
          162.43200000000002,
          619.5682559999997,
          172.416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mar. 31, 2025",
        "box": [
          796.94,
          162.43200000000002,
          854.1882559999997,
          172.416
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Loss Allocable to Common Shares ",
        "box": [
          46.248,
          180.34999999999997,
          204.68172000000004,
          190.31
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          204.79,
          180.34999999999997,
          209.75008,
          190.31
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " GAAP",
        "box": [
          209.71,
          180.34999999999997,
          235.645,
          190.31
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                 (1,023) ",
        "box": [
          627.94,
          180.34999999999997,
          702.1519599999993,
          190.31
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$               (5,859) ",
        "box": [
          864.38,
          180.34999999999997,
          934.1497999999993,
          190.31
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized gain on sale of investment in real estate",
        "box": [
          52.968,
          198.82999999999998,
          250.50468000000004,
          208.79000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(3,336) ",
        "box": [
          671.26,
          198.82999999999998,
          702.1957599999998,
          208.79000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          922.94,
          198.82999999999998,
          931.9538,
          208.79000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          931.94,
          198.82999999999998,
          934.19096,
          208.79000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net loss allocable to common shares - GAAP, adjusted",
        "box": [
          52.968,
          217.30999999999995,
          276.69016000000005,
          227.26999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                 (4,359) ",
        "box": [
          627.94,
          217.30999999999995,
          702.1519599999993,
          227.26999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$               (5,859) ",
        "box": [
          864.38,
          217.30999999999995,
          934.1497999999993,
          227.26999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reconciling Items from Continuing Operations:",
        "box": [
          53.448,
          253.21999999999997,
          247.2596400000001,
          263.18
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash equity compensation expense",
        "box": [
          53.448,
          271.7,
          215.16312000000013,
          281.66
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "540",
        "box": [
          684.82,
          271.58,
          699.94972,
          281.54
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "815",
        "box": [
          916.82,
          271.58,
          931.94972,
          281.54
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-cash reversal of CRE credit losses",
        "box": [
          53.448,
          290.15,
          206.70708000000008,
          300.11
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          206.71,
          286.46000000000004,
          210.11704,
          293.18
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(554) ",
        "box": [
          678.82,
          290.03,
          702.1663799999997,
          299.99
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(1,717) ",
        "box": [
          903.26,
          290.03,
          934.1957599999998,
          299.99
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized net gain (loss) on core activities",
        "box": [
          53.448,
          308.63,
          216.96132000000003,
          318.59000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3,336 ",
        "box": [
          677.26,
          308.51,
          702.1998399999999,
          318.47
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(700) ",
        "box": [
          910.82,
          308.51,
          934.1663799999997,
          318.47
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Real estate depreciation and amortization",
        "box": [
          53.448,
          327.11,
          223.65444000000002,
          337.07000000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,170 ",
        "box": [
          677.26,
          326.99,
          702.1998399999999,
          336.95000000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,155 ",
        "box": [
          909.26,
          326.99,
          934.1998399999999,
          336.95000000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings (Loss) Available for Distribution Allocable to Common Shares ",
        "box": [
          46.248,
          362.78,
          337.75728000000026,
          372.74
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          338.02,
          362.69,
          341.42704,
          369.40999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                   133 ",
        "box": [
          636.94,
          362.78,
          702.1580799999994,
          372.74
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$             (6,306) ",
        "box": [
          868.94,
          362.78,
          934.1580799999995,
          372.74
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings (Loss) Available for Distribution per Common Share ",
        "box": [
          46.248,
          381.26,
          298.42524000000026,
          391.22
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          298.54,
          381.26,
          303.50008,
          391.22
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Diluted ",
        "box": [
          303.46,
          381.26,
          338.43916000000013,
          391.22
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          338.5,
          381.17,
          341.90704,
          387.89
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$                  0.02 ",
        "box": [
          636.7,
          381.26,
          702.1770399999994,
          391.22
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$               (0.86) ",
        "box": [
          869.42,
          381.26,
          934.1898799999993,
          391.22
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted Average Number of Common Shares Outstanding - Diluted on EAD Allocable to Common Shares",
        "box": [
          46.248,
          407.79999999999995,
          475.93792,
          417.76
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6,839,819",
        "box": [
          659.62,
          407.79999999999995,
          699.9480399999999,
          417.76
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7,362,236",
        "box": [
          891.62,
          407.79999999999995,
          931.9480399999999,
          417.76
        ],
        "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": [
          56.76,
          92.28000000000003,
          625.365,
          103.32
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distribution allocable to common shares, a non-GAAP measure, for the periods presented  1 :",
        "box": [
          56.76,
          108.12,
          465.72872,
          119.15999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A",
        "box": [
          37.0,
          490.0,
          84.66666666666666,
          532.6666666666666
        ],
        "from_ocr": true,
        "confidence": 0.99232
      }
    ]
  },
  {
    "page_no": 18,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "CECL TREND ANALYSIS CHART",
        "box": [
          46.248,
          42.26999999999998,
          388.22676,
          70.23000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79%",
        "box": [
          125.11,
          222.17000000000002,
          145.93,
          234.17000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "79%",
        "box": [
          217.49,
          222.41000000000003,
          238.31000000000003,
          234.41000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77%",
        "box": [
          309.84,
          227.01999999999998,
          330.65999999999997,
          239.01999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77%",
        "box": [
          402.22,
          228.45999999999998,
          423.04,
          240.45999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75%",
        "box": [
          494.59,
          232.82,
          515.41,
          244.82
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "75%",
        "box": [
          586.94,
          232.82,
          607.7599999999999,
          244.82
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82%",
        "box": [
          679.32,
          216.12,
          700.1399999999999,
          228.12
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "81%",
        "box": [
          771.7,
          218.3,
          792.5199999999999,
          230.3
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21%",
        "box": [
          157.78,
          364.41999999999996,
          178.60000000000002,
          376.41999999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21%",
        "box": [
          250.15,
          364.18,
          270.96999999999997,
          376.18
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23%",
        "box": [
          342.5,
          359.57,
          363.32,
          371.57
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "23%",
        "box": [
          434.88,
          358.13,
          455.7,
          370.13
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          527.26,
          353.76,
          548.0799999999998,
          365.76
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "25%",
        "box": [
          619.61,
          353.76,
          640.4299999999998,
          365.76
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18%",
        "box": [
          711.98,
          370.46000000000004,
          732.7999999999998,
          382.46000000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19%",
        "box": [
          804.36,
          368.28,
          825.1799999999998,
          380.28
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.00%",
        "box": [
          855.67,
          425.36199999999997,
          885.4774960000001,
          437.38599999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50%",
        "box": [
          855.67,
          383.06,
          885.4539999999998,
          395.06
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.00%",
        "box": [
          855.67,
          340.73,
          885.4539999999998,
          352.73
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.50%",
        "box": [
          855.67,
          298.39,
          885.4539999999998,
          310.39
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.00%",
        "box": [
          855.67,
          256.06,
          885.4539999999998,
          268.06
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.50%",
        "box": [
          855.67,
          213.72000000000003,
          885.4539999999998,
          225.72000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.00%",
        "box": [
          855.67,
          171.41000000000003,
          885.4539999999998,
          183.41000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0%",
        "box": [
          79.896,
          425.36199999999997,
          94.613128,
          437.38599999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20%",
        "box": [
          73.848,
          377.02,
          94.548,
          389.02
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40%",
        "box": [
          73.848,
          328.63,
          94.548,
          340.63
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "60%",
        "box": [
          73.848,
          280.25,
          94.548,
          292.25
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80%",
        "box": [
          73.848,
          231.86,
          94.548,
          243.86
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "100%",
        "box": [
          67.776,
          183.5,
          94.56,
          195.5
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2Q24",
        "box": [
          138.7,
          440.952,
          164.944,
          452.952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3Q24",
        "box": [
          231.05,
          440.952,
          257.294,
          452.952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4Q24",
        "box": [
          323.42,
          440.952,
          349.66400000000004,
          452.952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q25",
        "box": [
          415.8,
          440.952,
          442.04400000000004,
          452.952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2Q25",
        "box": [
          508.15,
          440.952,
          534.3939999999999,
          452.952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3Q25",
        "box": [
          600.53,
          440.952,
          626.7739999999999,
          452.952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4Q25",
        "box": [
          692.9,
          440.952,
          719.1439999999999,
          452.952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26",
        "box": [
          785.26,
          440.952,
          811.5039999999999,
          452.952
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve %",
        "box": [
          891.1899962918717,
          261.78435985348,
          904.51,
          346.06000043956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of CRE Loan Portfolio (1)",
        "box": [
          50.62799956512864,
          235.94655990232002,
          64.578,
          371.98000043956
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily %",
        "box": [
          351.55,
          460.68,
          418.67799999999994,
          472.68
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "All Other %",
        "box": [
          456.22,
          460.68,
          510.96399999999994,
          472.68
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CECL Reserve %",
        "box": [
          548.47,
          460.68,
          624.7059999999999,
          472.68
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18",
        "box": [
          900.22,
          507.186,
          910.30972,
          517.146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
          810.77,
          506.376,
          888.974,
          518.376
        ],
        "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": [
          83.112,
          501.504,
          503.930496,
          508.938
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Since 2Q24, market liquidity and volatility in the commercial real estate sector have caused a decrease in the CECL reserves to 0.88% at 1Q26",
        "box": [
          73.248,
          100.27000000000004,
          702.6679999999999,
          111.31
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 19,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "BENCHMARK SENSITIVITY ANALYSIS TREND",
        "box": [
          46.248,
          42.26999999999998,
          547.4030399999999,
          70.23000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "At March 31, 2026, the CRE loan portfolio is 99% floating rate loans that are indexed to one-month term SOFR with a weighted average floor of 2.13%",
        "box": [
          54.096,
          98.76000000000005,
          721.76696,
          109.80000000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(0.10)",
        "box": [
          77.352,
          432.62,
          103.34400000000002,
          441.62
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(0.07)",
        "box": [
          148.51,
          412.15,
          174.50199999999995,
          421.15
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.07 ",
        "box": [
          293.62,
          296.63,
          316.1739999999999,
          305.63
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.15 ",
        "box": [
          364.78,
          242.02999999999997,
          387.3339999999999,
          251.02999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR Change",
        "box": [
          202.54,
          470.616,
          262.89567999999997,
          481.656
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decreased ",
        "box": [
          66.312,
          329.69,
          116.09135999999997,
          340.73
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.00%",
        "box": [
          76.152,
          342.89,
          103.70783999999998,
          353.92999999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No Change",
        "box": [
          214.94,
          370.2,
          263.61536000000007,
          381.24
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decreased ",
        "box": [
          136.06,
          330.5,
          185.83935999999997,
          341.53999999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50%",
        "box": [
          145.9,
          343.7,
          173.45584000000005,
          354.74
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increased ",
        "box": [
          282.53,
          367.34000000000003,
          328.45640000000003,
          378.38
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50%",
        "box": [
          290.45,
          380.53999999999996,
          318.00584000000003,
          391.58
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increased ",
        "box": [
          352.2,
          366.86,
          398.12640000000005,
          377.9
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.00%",
        "box": [
          360.12,
          380.09000000000003,
          387.67584000000005,
          391.13
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR:",
        "box": [
          224.54,
          329.53999999999996,
          251.43344000000002,
          340.58
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.69%",
        "box": [
          223.94,
          342.74,
          251.89848,
          353.78
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(0.02)",
        "box": [
          577.97,
          379.87,
          603.962,
          388.87
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$(0.06)",
        "box": [
          649.13,
          407.18,
          675.122,
          416.18
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.08 ",
        "box": [
          794.23,
          291.64,
          816.784,
          300.64
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.16 ",
        "box": [
          865.39,
          237.04000000000002,
          887.944,
          246.04000000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR Change",
        "box": [
          703.15,
          472.8,
          763.50568,
          483.84
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decreased ",
        "box": [
          565.7,
          330.65,
          615.4793600000003,
          341.69
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.00%",
        "box": [
          575.54,
          343.85,
          603.0958399999998,
          354.89
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No Change",
        "box": [
          713.23,
          367.1,
          761.90536,
          378.14
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Decreased ",
        "box": [
          637.99,
          330.55,
          687.7693600000002,
          341.59000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50%",
        "box": [
          647.83,
          343.75,
          675.3858399999999,
          354.78999999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increased ",
        "box": [
          784.46,
          369.98,
          830.3864000000001,
          381.02
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.50%",
        "box": [
          792.38,
          383.18,
          819.9358399999999,
          394.22
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Increased ",
        "box": [
          852.79,
          369.38,
          898.7164,
          380.41999999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.00%",
        "box": [
          860.74,
          382.58000000000004,
          888.2958399999999,
          393.62
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SOFR:",
        "box": [
          719.9,
          331.85,
          746.7934399999999,
          342.89
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3.66%",
        "box": [
          719.3,
          345.05,
          747.2584799999997,
          356.09000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "19",
        "box": [
          900.22,
          507.186,
          910.30972,
          517.146
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
          810.77,
          506.376,
          888.974,
          518.376
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "December 31, 2025",
        "box": [
          53.256,
          165.05,
          165.37943999999993,
          179.08999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "March 31, 2026",
        "box": [
          547.32,
          165.05,
          637.1479200000002,
          179.08999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Quarterly Net Interest Income per Share Sensitivity to Changes in SOFR",
        "box": [
          53.256,
          139.68,
          377.03712,
          150.71999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Change to a positive correlation ",
        "box": [
          425.74,
          236.5,
          570.2867200000004,
          247.53999999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "to net interest income ",
        "box": [
          425.74,
          249.70000000000005,
          527.7606400000001,
          260.74
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assuming a 0.50% to 1.00% ",
        "box": [
          425.74,
          262.90000000000003,
          549.48736,
          273.94
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "increase to SOFR",
        "box": [
          425.74,
          276.1,
          500.72368,
          287.14
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 20,
    "width": 960.0,
    "height": 540.0,
    "cells": [
      {
        "text": "KEY DEFINITIONS",
        "box": [
          46.248,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings Available for Distribution: ",
        "box": [
          55.128,
          93.12,
          217.10687999999985,
          104.15999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Earnings Available for Distribution ('EAD') is a non",
        "box": [
          55.128,
          113.41999999999996,
          259.37772000000007,
          123.38
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-GAAP financial measure that the Company uses to evaluate its operating performance. EAD excludes the effects of certain transactions and GAAP ",
        "box": [
          259.63,
          113.41999999999996,
          853.951319999999,
          123.38
        ],
        "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": [
          55.128,
          127.82,
          841.4311999999998,
          137.78000000000003
        ],
        "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": [
          55.128,
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          856.5574799999998,
          152.18
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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": [
          55.128,
          156.61999999999995,
          397.92916000000014,
          166.57999999999998
        ],
        "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": [
          55.128,
          177.01999999999998,
          838.77824,
          186.98000000000002
        ],
        "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": [
          55.128,
          191.41999999999996,
          853.6892399999996,
          201.38
        ],
        "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": [
          55.128,
          205.82,
          847.0777199999999,
          215.78000000000003
        ],
        "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": [
          55.128,
          220.202,
          729.3477120000001,
          230.18599999999998
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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 comp",
        "box": [
          55.128,
          240.64,
          613.1170799999999,
          250.60000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ensation using EAD excluding incentive fees payable to the ",
        "box": [
          613.68,
          240.64,
          853.4733599999997,
          250.60000000000002
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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": [
          55.128,
          255.03999999999996,
          469.0357200000005,
          265.0
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Overnight Finance Rate: ",
        "box": [
          57.216,
          311.5,
          208.44191999999995,
          322.53999999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Secured Overnight Finance Rate ",
        "box": [
          57.216,
          332.972,
          189.364224,
          342.956
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('SOFR') refers to the collective one",
        "box": [
          57.216,
          347.41999999999996,
          203.92680000000001,
          357.38
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          204.0,
          347.41999999999996,
          207.04776,
          357.38
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "month Term Secured Overnight ",
        "box": [
          57.216,
          361.82,
          187.7716800000001,
          371.78
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Finance Rate that are used as ",
        "box": [
          57.216,
          376.22,
          178.52880000000007,
          386.18
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "benchmarks on the originated loans. ",
        "box": [
          57.216,
          390.62,
          207.63192000000004,
          400.58000000000004
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book Value : ",
        "box": [
          289.63,
          311.5,
          349.23496,
          322.53999999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value is presented per ",
        "box": [
          291.43,
          329.68,
          406.14928000000003,
          339.64
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common share, excluding unvested ",
        "box": [
          291.43,
          344.08000000000004,
          437.1447999999999,
          354.04
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "restricted stock and including ",
        "box": [
          291.43,
          358.48,
          413.12127999999996,
          368.44
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "warrants to purchase common ",
        "box": [
          291.43,
          372.88,
          418.21084000000013,
          382.84000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stock. The measure refers to ",
        "box": [
          291.43,
          387.28,
          409.4161600000001,
          397.24
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "common stock book value, which is ",
        "box": [
          291.43,
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          436.96676800000006,
          411.646
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculated as total stockholders' ",
        "box": [
          291.43,
          416.11,
          423.40996,
          426.07
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equity less preferred stock equity. ",
        "box": [
          291.43,
          430.51,
          431.6668000000001,
          440.47
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Leverage ratio is calculated as the ",
        "box": [
          525.48,
          329.41999999999996,
          664.4419199999995,
          339.38
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "respective period ended ",
        "box": [
          525.48,
          343.82,
          626.3050799999997,
          353.78
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "borrowings over total equity.  ",
        "box": [
          525.48,
          358.22,
          647.96808,
          368.18
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Asset-specific leverage ratio ",
        "box": [
          525.48,
          372.62,
          641.0750399999997,
          382.58000000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "excludes corporate debt from the ",
        "box": [
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          387.02,
          664.1431199999996,
          396.98
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "calculation.",
        "box": [
          525.48,
          401.44,
          571.9932000000001,
          411.4
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Leverage Ratio: ",
        "box": [
          525.48,
          310.94,
          598.3881600000001,
          321.98
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20",
        "box": [
          900.22,
          507.186,
          910.30972,
          517.146
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ACRESREIT.COM",
        "box": [
          810.77,
          506.376,
          888.974,
          518.376
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Expected Credit Losses: ",
        "box": [
          731.93,
          308.45,
          878.5412000000001,
          319.49
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current Expected Credit Losses ",
        "box": [
          731.93,
          331.12,
          860.0952799999998,
          341.08000000000004
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "('CECL') refers to the provision to ",
        "box": [
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          355.48
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "earnings in order to estimate ",
        "box": [
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          851.7089599999996,
          369.88
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "expected losses.",
        "box": [
          731.93,
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          384.28
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "A",
        "box": [
          37.0,
          492.0,
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          531.3333333333334
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        "from_ocr": true,
        "confidence": 0.99452
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    ]
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  {
    "page_no": 21,
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    "cells": [
      {
        "text": "OTHER DISCLOSURES",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Rating 1:",
        "box": [
          53.328,
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          90.02064,
          243.21000000000004
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property performance has surpassed underwritten expectations",
        "box": [
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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",
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        "confidence": 1.0
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      {
        "text": "Rating 2:",
        "box": [
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          288.62
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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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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Rating 3:",
        "box": [
          53.328,
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          90.02064,
          334.0
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Property performance lags behind underwritten expectations",
        "box": [
          137.14,
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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
      },
      {
        "text": "Rating 4:",
        "box": [
          53.328,
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          379.40999999999997
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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": [
          137.14,
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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
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      {
        "text": "Rating 5:",
        "box": [
          53.328,
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          424.82
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "proceeds would not be sufficient to pay off the loan at maturity",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The property has a material vacancy rate and significant rollover of remaining tenants",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "An updated appraisal is required upon designation and updated on an as-needed basis",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "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: ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "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 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "on the loan's performance against these various factors, loans are rated on a scale from 1 to 5, with loans rated 1 represent",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ing loans with the highest credit quality and loans rated 5 ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "representing loans with the lowest credit quality. The factors evaluated provide general criteria to monitor credit migration in ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "the Company's loan portfolio; as such, a loan's rating may ",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "improve or worsen, depending on new information received.",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "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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        "confidence": 1.0
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      {
        "text": "Commercial Real Estate Loans Risk Ratings",
        "box": [
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        "confidence": 1.0
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      {
        "text": "21",
        "box": [
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        "confidence": 1.0
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      {
        "text": "ACRESREIT.COM",
        "box": [
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  {
    "page_no": 22,
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    "cells": [
      {
        "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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        "confidence": 1.0
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      {
        "text": "Headquarters:",
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      {
        "text": "390 RXR Plaza",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Uniondale, NY 11556",
        "box": [
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        "confidence": 1.0
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      {
        "text": "Investor Relations:",
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      {
        "text": "ir@acresreit.com",
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      {
        "text": "516-862-2385",
        "box": [
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      {
        "text": "New York Stock Exchange:",
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      {
        "text": "Common Stock Symbol: ACR",
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        "confidence": 1.0
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      {
        "text": "Pref. Stock Symbols: ACRPrC & ACRPrD",
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        "confidence": 1.0
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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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        "confidence": 1.0
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      {
        "text": "estate mortgage loans and equity investments in commercial real estate ",
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        "confidence": 1.0
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      {
        "text": "property through direct ownership and joint ventures.",
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        "text": "www.acresreit.com",
        "box": [
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      {
        "text": "ACRES",
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      {
        "text": "COMMERCIAL REALTY",
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      {
        "text": "\u7c73",
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        "confidence": 0.86352
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