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"text": "\u25cb A ACRES COMMERCIAL REALTY\n",
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"text": "FIRST QUARTER 2026\nEARNINGS PRESENTATION\n",
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"text": "April 30, 2026\n",
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"text": "**DISCLAIMER**\n",
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"text": "**Forward-Looking Statements**\nThis 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\nCorp.'s (\"ACR's\" or the \"Company's\") current beliefs, assumptions and expectations. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are\nknown 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\nnot place undue reliance on these forward-looking statements, which reflect ACR's view only as of the date of this presentation. ACR uses words such as \"anticipate,\" \"expect,\" \"intend,\" \"plan,\" \"believe,\" \"seek,\"\n\"estimate,\" \"target,\" and variations of these words and similar expressions to identify forward-looking statements. Forward-looking statements are subject to various risks and uncertainties that could cause actual\nresults to vary from its forward-looking statements, including, but not limited to:\n",
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"text": "- Changes in the industry, interest rates, the debt securities markets, real estate markets or the\ngeneral economy;\n- Increased rates of default and/or decreased recovery rates on its investments;\n- The performance and financial condition of its borrowers;\n- The cost and availability of its financings, which depend in part on its asset quality, the nature of\nits relationships with its lenders and other capital providers, its business prospects and outlook\nand general market conditions;\n- The availability and attractiveness of terms of additional debt repurchases;\n- Availability, terms and deployment of short-term and long-term capital;\n- Availability of, and ability to retain, qualified personnel;\n- Changes in its business strategy;\n- Availability of investment opportunities in commercial real estate-related and commercial\nfinance assets;\n- The degree and nature of its competition;\n- The resolution of its non-performing and sub-performing assets;\n- The Company's ability to comply with financial covenants in its debt instruments;\n",
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"text": "- The adequacy of its cash reserves and working capital;\n- The timing of cash flows, if any, from its investments;\n- Unanticipated increases in financial and other costs, including a rise in interest rates;\n- Its ability to maintain compliance with over-collateralization and interest coverage tests in\ncertain financing arrangements;\n- Its dependence on ACRES Capital, LLC, its \"manager\", and ability to find a suitable replacement\nin a timely manner, or at all, if its manager or the Company were to terminate the management\nagreement;\n- Environmental and/or safety requirements;\n- Its ability to satisfy complex rules in order for ACR to qualify as a real estate investment trust\n(\"REIT\"), for federal income tax purposes and qualify for its exemption under the investment\ncompany act of 1940, as amended, and its ability and the ability of its subsidiaries to operate\neffectively within the limitations imposed by these rules;\n- Legislative and regulatory changes (including changes to laws governing the taxation of REITs or\nthe exemptions from registration as an investment company); and\n- Other factors discussed under item IA. Risk factors in its annual report on form 10-K for the year\nended December 31, 2025 and those factors that may be contained in any subsequent filing\nACR makes with the Securities and Exchange Commission.\n",
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"text": "ACRESREIT.COM (2)\n",
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"text": "# DISCLAIMER\n\nForward-Looking Statements (continued)\nIn 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\nfrom 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\nstatements, whether as a result of new information, future events or otherwise, except as required by law.\n",
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"text": "**Past Performance**\nPast 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\nshould 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\npotential investment or investment strategy referenced herein.\n",
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"text": "**Notes on Presentation**\nThis 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\nUnited States (\u201cGAAP\u201d), which management believes is relevant to assessing ACR\u2019s financial performance. Please refer to page 18 for the reconciliation of Net Income (Loss), a GAAP financial measure, to\nEarnings Available for Distribution (\u201cEAD\u201d), a non-GAAP financial measure. Unless otherwise indicated, information included in this presentation is at or for the period ended March 31, 2026.\n",
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"text": "**Definitions**\nRefer to page 20 for a description of certain terms not otherwise defined or footnoted, including EAD, Benchmark Rate,\nBook Value, and other key terms.\n",
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"text": "**No Offer or Sale of Securities**\nThis presentation is for informational purposes only and does not constitute an offer to sell or the solicitation of any offer to buy any\nsecurities of ACR or any other entity. Any offering of securities would be made pursuant to separate documentation and any such\nsecurities would not be offered or sold in the United States absent registration or an applicable exemption from registration\nrequirements.\n",
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"text": "A\n",
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"page": 4,
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"text": "HIGHLIGHTS\n",
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"text": "Manager is focused on delivering shareholder value through EAD1 growth\n",
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"text": "Percentage of Multifamily-focused \nCRE in Loan Portfolio \n81% ",
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"text": "Per Share-Diluted GAAP Net Loss / EAD \n($0.16) / $0.02 ",
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"text": "Percentage of CRE loan \nportfolio current on payments \n96.2% ",
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"text": "ACRES 2026-FL4 ($1B Transaction Size) \n86.5% at S+168 ",
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"text": "1Q26 Net CRE Loan Activity\n$374.4M",
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"text": "Book Value Per Share at March 31, 2026 \n$29.98 ",
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"text": "1 Refer to page 17 for the reconciliation of Net Income (Loss), a GAAP financial measure, to EAD, a non-GAAP financial measure\n",
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"$2.2B Comprising 60 loans with a weighted average LTV of 76% CRE loan portfolio at par value"
],
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"$374.4M of net loan fundings"
],
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"14% of the par value of the CRE loan portfolio is rated 4 or 5<sup>2</sup>"
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"text": "Financial Results \n($0.16) \nGAAP net loss per share-diluted \n$0.02 \nEAD1 per share diluted ",
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"text": "### Book Value\n$29.98\nBook value per share\nDown from $30.01 in 4Q25 and up from $28.50 in 1Q25\n11.9%\nannual increase since ACRES acquisition in 3Q20",
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"text": "### Capitalization, Liquidity & NOL \n$2.8B \nTotal capacity at March 31, 2026 \n$974.8M \nCapacity available at March 31, 2026 \n$86.8M \nTotal liquidity at March 31, 2026 \n$32.1M \nNet Operating Loss Carryforwards at March 31, 2026 ",
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}
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[
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{
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"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",
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[
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{
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{
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}
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},
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}
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{
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}
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[
{
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},
{
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}
],
[
{
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},
{
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""
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[
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"$2.5"
],
[
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"$86.8"
],
[
"CRE Whole Loans, at par ($B)
WA Spread",
"$2.2
3.29%"
],
[
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Per BV Share<sup>1</sup> / Basis Points",
"$19.4
$2.96/0.88%"
],
[
"Investments in Real Estate and
Properties Held for Sale, net<sup>2</sup> ($M)
Number of Investments",
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5"
],
[
"Total Borrowings, at cost ($B)
Leverage Ratio",
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3.4x"
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[
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WA Spread",
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1.81%"
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[
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WA Coupon",
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6.30%"
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[
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"text": "1Per 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\n2Investments in real estate and properties held for sale are shown net of related financings and real estate related lease obligations\n3Includes $134.3 million of non-controlling interests\n",
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{
"text": "10.3%",
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{
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}
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{
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{
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}
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[
{
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{
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}
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[
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},
{
"text": "10.4%",
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}
],
[
{
"text": "East North Central",
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},
{
"text": "14.1%",
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}
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[
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},
{
"text": "19.0%",
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{
"text": "$1,838",
"provenance": "unclassified",
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},
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{
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{
"text": "Loan Portfolio March '26",
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{
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{
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{
"text": "2026",
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{
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{
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"text": "590",
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}
],
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{
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},
{
"text": "402",
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[
{
"text": "2029",
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{
"text": "344",
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{
"text": "104",
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}
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{
"text": "626",
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},
{
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],
[
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},
{
"text": "452",
"provenance": "unclassified",
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},
{
"text": "0",
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}
],
[
{
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{
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{
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"footnotes": [
{
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"text": "Excludes three loans in maturity default at March 31, 2026",
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{
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{
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"sources": [
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"document"
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},
{
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{
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"text": "3.3 years\nFully extended weighted average loan maturity1,2\n74%\nof the par value of the portfolio has interest rate caps or debt service reserves in place at March 31, 20263,4,5",
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"text": "1Excludes three loans in maturity default at March 31, 2026\n2Fully-extended maturity basis assumes borrower elects and qualifies for all extensions\n3Interest rate caps are contractually owned by the underlying borrower and supplement the property cash flows that collateralize the floating rate CRE loan portfolio\n4Interest rate caps have maturities from April 2026 through March 2029\n5Seven loans funded debt service reserves in lieu of purchasing an interest rate cap\n",
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{
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{
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{
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},
{
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},
{
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},
{
"text": "2.0",
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},
{
"text": "$47.8M",
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}
]
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"rows": [
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"text": "Total Reserve",
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},
{
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}
]
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"text": "3",
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}
],
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},
{
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}
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},
{
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"footnotes": []
},
{
"text": "0%",
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"text": "Amount is less than 0.5%."
}
]
}
]
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}
],
"footnotes": [
{
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"text": "Percentage represents the Company's economic interest in the CRE loans.",
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"text": "of ACR's loans have a risk rating of 1, 2 or 3 that are\nperforming in line with or near underwritten expectations 1,2\n",
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"text": "INVESTMENTS IN REAL ESTATE PROPERTIES\n",
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"text": "[\ud83d\udcb0] $106.3 million \nof net investments in real estate \nand properties held for sale 1,2 ",
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"text": "Select Investment Highlights\n[Hotel building image]\nHotel $39.8M 3\n - 279-key hotel next to a convention center\n - Equity via lending activities in the northeast region\n - Acquired the deed in November 2020\n - Reclassified to held for sale as of September 30, 2022\n[Hotel building image]\nHotel $29.1M 3\n - 388-key hotel next to a convention center\n - Equity investment in the north central region\n - Conversion to a Hilton hotel and stabilization\n - Acquired in April 2022\n",
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"text": "Realized Land Sale 1Q26\n[Apartment building rendering]\n - 12-acre parcel of land\n - Equity investment in the northeast region\n - Acquired in November 2021 for $14.2M\n - Sold in March 2026 for $20.0M\n - GAAP and EAD gain of $3.3M recorded in 1Q26\n",
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"description": "The figure presents a chart titled 'Outstanding Financing' with a table on the left and a corresponding donut chart on the right. The table lists financing categories and their percentages, while the donut chart visually represents the composition of these financing sources. The chart indicates that 99% of the financing is categorized as 'Non-Mark-to-Market', which is further broken down into specific types.",
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{
"text": "Senior Secured Financing",
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[
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"text": "ILLUSTRATIVE EARNINGS PROFILE\n",
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"text": "The chart below is meant to display the illustrative earnings potential of the Company. It is not meant to represent performance guidance for any period 1.\n",
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"text": "(1) 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\nfinancial conditions and other future events, as well as matters specific to ACR's business, all of which are difficult to predict and many of which are beyond ACR's control. As a result, there can be no assurance that\nany of the results will be realized or achieved. The illustration should not be relied upon as being necessarily indicative of future results, and you are cautioned not to place undue reliance on these scenarios.\n",
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"text": "25%",
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"text": "3Q25",
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{
"text": "25%",
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},
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"text": "~2.0%",
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"text": "4Q25",
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},
{
"text": "18%",
"provenance": "unclassified",
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},
{
"text": "~1.2%",
"provenance": "unclassified",
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}
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"text": "1Q26",
"provenance": "unclassified",
"footnotes": []
},
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"text": "81%",
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},
{
"text": "19%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "~0.9%",
"provenance": "unclassified",
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}
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{
"marker": "(1)",
"text": "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",
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"description": "The figure consists of two side-by-side bar charts titled 'Quarterly Net Interest Income per Share Sensitivity to Changes in SOFR'. Both charts show the impact of SOFR changes on net interest income per share. Each chart has a horizontal axis labeled 'SOFR Change' with categories: 'Decreased 1.00%', 'Decreased 0.50%', 'SOFR: [Rate] (No Change)', 'Increased 0.50%', and 'Increased 1.00%'. Bars represent the sensitivity, with green bars indicating positive values and red/negative values (indicated by parentheses) representing decreases.",
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},
{
"text": "SOFR: 3.66%",
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}
],
[
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"text": "Increased 0.50%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$0.07",
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},
{
"text": "$0.08",
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[
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"text": "Increased 1.00%",
"provenance": "unclassified",
"footnotes": []
},
{
"text": "$0.15",
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},
{
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}
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"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%\n",
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"page": 20,
"kind": "text",
"text": "**KEY DEFINITIONS**\n",
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"text": "**Earnings Available for Distribution:**\nEarnings Available for Distribution (\u201cEAD\u201d) is a non-GAAP financial measure that the Company uses to evaluate its operating performance. EAD excludes the effects of certain transactions and GAAP\nadjustments 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\ncomprising 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,\ncertain legacy CRE loans and other non-CRE assets designated as assets held for sale.\n",
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"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\nprovisions 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\ninterest 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\nloss 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.\n",
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"kind": "text",
"text": "Although pursuant to the Fourth Amended and Restated Management Agreement the Company calculates the Manager\u2019s incentive compensation using EAD excluding incentive fees payable to the\nManager, the Company includes incentive fees payable to the Manager in EAD for reporting purposes.\n",
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"text": "Secured Overnight Finance Rate: \nSecured Overnight Finance Rate (\u201cSOFR\u201d) refers to the collective one-month Term Secured Overnight Finance Rate that are used as benchmarks on the originated loans. ",
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"text": "Book Value : \nBook value is presented per common share, excluding unvested restricted stock and including warrants to purchase common stock. \nThe measure refers to common stock book value, which is calculated as total stockholders\u2019 equity less preferred stock equity. ",
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"text": "### Leverage Ratio: \nLeverage ratio is calculated as the \nrespective period ended \nborrowings over total equity. \nAsset-specific leverage ratio \nexcludes corporate debt from the \ncalculation. ",
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"text": "### Current Expected Credit Losses: \nCurrent Expected Credit Losses ('CECL') refers to the provision to earnings in order to estimate expected losses. ",
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"text": "OTHER DISCLOSURES\n",
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"text": "**Commercial Real Estate Loans Risk Ratings**\nCRE 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:\ncollateral 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\non the loan's performance against these various factors, loans are rated on a scale from 1 to 5, with loans rated 1 representing loans with the highest credit quality and loans rated 5\nrepresenting loans with the lowest credit quality. The factors evaluated provide general criteria to monitor credit migration in the Company's loan portfolio; as such, a loan's rating may\nimprove or worsen, depending on new information received.\n",
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"text": "The criteria set forth below should be used as general guidelines, and therefore not every loan will have all of the characteristics described in each category below.\n",
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"text": "ACRESREIT.COM (21)\n",
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"description": "A low-angle, close-up photograph of a modern building's exterior facade. The structure features a repeating, geometric grid pattern of white-framed window panels arranged in a slightly curved or cylindrical form. Each window pane is rectangular, vertically oriented, and tinted with a light blue hue, reflecting the sky and surrounding environment. The framing creates a strong architectural rhythm, with horizontal and vertical white mullions dividing the glass panels. The lighting suggests an overcast or bright day, casting soft shadows within the recessed window frames, emphasizing the depth and three-dimensional quality of the architectural grid.",
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"text": "\u25cb A ACRES COMMERCIAL REALTY\n",
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"text": "ACRES Commercial Realty Corp. is a real estate investment trust that is\nprimarily focused on originating, holding and managing commercial real\nestate mortgage loans and equity investments in commercial real estate\nproperty through direct ownership and joint ventures.\n",
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"text": "Additional information is available at the Company's website.\n[CURSOR_ICON]\nwww.acresreit.com\n",
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"text": "CONTACT INFORMATION\n\nHeadquarters: \n390 RXR Plaza \nUniondale, NY 11556 ",
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"text": "Investor Relations: \nir@acresreit.com \n516-862-2385 ",
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"text": "New York Stock Exchange: \nCommon Stock Symbol: ACR \nPref. Stock Symbols: ACRPrC & ACRPrD ",
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