{ "markdown": "FIRST QUARTER 2026 RESULTS\n\n\nFinancial Results \n($0.16) \nGAAP net loss per share-diluted \n$0.02 \nEAD1 per share diluted \n\n### 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\n\n\n\n\n\n\n\n\n\n
CRE Loan Activity & CRE Portfolio
$2.2B Comprising 60 loans with a weighted average LTV of 76% CRE loan portfolio at par value
$374.4M of net loan fundings
14% of the par value of the CRE loan portfolio is rated 4 or 5<sup>2</sup>
96.2% of the par value of the CRE loan portfolio is current on payments
$106.3M
of net investments in real estate and properties held for sale
\n\n### 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 \n\n
\n\nThe image shows two footnote annotations superimposed over a blurry, abstract background photograph of an architectural structure. The text content is as follows: 1 Refer to page 17 for the reconciliation of Net Income (Loss), a GAAP financial measure, to EAD, a non-GAAP financial measure 2 Percentage represents the Company's economic interest in the CRE loans
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