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"markdown": "INVESTMENTS IN REAL ESTATE PROPERTIES\n\n\n[\ud83d\udcb0] $106.3 million \nof net investments in real estate \nand properties held for sale 1,2 \n\nSelect 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\n\nRealized 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\n\n1Investments 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 million3.\n2Depreciation and amortization expense on investments in real estate is $1.2 million for the 1st quarter of 2026.\n3Represents GAAP net equity basis value at March 31, 2026.\n\n\nA\n\n\nACRESREIT.COM (10)\n\n",
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