{
 "markdown": "LEVERAGE AND LIQUIDITY TREND\n\n\n<figure type=\"CHART\">\n\n<description>The figure is a grouped bar chart titled 'Leverage Ratios' displaying two metrics: 'Recourse Debt Leverage Ratio' (dark green bars) and 'Total Leverage Ratio' (light green bars) across four quarters: 2Q25, 3Q25, 4Q25, and 1Q26. Each quarter has two adjacent bars representing these metrics, with numeric values annotated above each bar.</description><table><thead><tr><th>Quarter</th><th>Recourse Debt Leverage Ratio</th><th>Total Leverage Ratio</th></tr></thead><tbody><tr><td>2Q25</td><td>3.0x</td><td>3.0x</td></tr><tr><td>3Q25</td><td>2.7x</td><td>2.7x</td></tr><tr><td>4Q25</td><td>2.8x</td><td>2.8x</td></tr><tr><td>1Q26</td><td>1.8x</td><td>3.4x</td></tr></tbody></table></figure>\n\n<figure type=\"CHART\">\n\n<description>The figure is a stacked bar chart titled \"Total Liquidity ($ in millions)\". It displays the breakdown of total liquidity across four time periods: 2Q25, 3Q25, 4Q25, and 1Q26. Each bar is divided into segments representing different liquidity components: \"Unrestricted Cash\" (dark green), \"CRE Term and Senior Secured Facilities Estimated Unfinanced Proceeds\" (medium green), and \"Reinvestment Cash at CRE Securitizations\" (light blue). The total value for each bar is displayed at the top.</description><table><thead><tr><th>Quarter</th><th>Unrestricted Cash ($M)</th><th>CRE Term and Senior Secured Facilities Estimated Unfinanced Proceeds ($M)</th><th>Reinvestment Cash at CRE Securitizations ($M)</th><th>Total Liquidity ($M)</th></tr></thead><tbody><tr><td>2Q25</td><td>42.7</td><td>21.9</td><td>-</td><td>64.7</td></tr><tr><td>3Q25</td><td>40.9</td><td>23.6</td><td>-</td><td>64.5</td></tr><tr><td>4Q25</td><td>83.8</td><td>24.1</td><td>-</td><td>107.9</td></tr><tr><td>1Q26</td><td>48.0</td><td>38.2</td><td>0.6</td><td>86.8</td></tr></tbody></table></figure>\n\nA\n\n\n\u00b9 Includes the projected amount of proceeds available to the Company if the unfinanced loans were financed with the applicable facilities\n\n\nACRESREIT.COM (12)\n\n<!-- doc_id=parse-01m2p09hmbr66fzgwx837pd3cf -->",
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