{ "markdown": "# BALANCE SHEET OVERVIEW\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
1Q26 Balance Sheet Overview
Total Assets ($B)$2.5
Total Liquidity ($M)$86.8
CRE Whole Loans, at par ($B)
WA Spread		$2.2
3.29%
CECL Reserve \u2013 General ($M)
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		$106.3
5
Total Borrowings, at cost ($B)
Leverage Ratio		$1.9
3.4x
Asset Specific Borrowings, at par ($B)
WA Spread		$1.7
1.81%
Corporate Debt, at par ($M)
WA Coupon		$201.5
6.30%
Preferred and Common Equity<sup>3</sup> ($M)
Dividend %: WA Preferred / Common		$224.0/$330.9
8.76% / NA
\n\n
\n\nThis is a waterfall chart titled 'Summary of Changes to Book Value per Share' that illustrates the progression of book value from December 2025 to March 2026. The chart starts with a dark green bar representing the initial value, followed by a red bar indicating a decrease, and two smaller green bars indicating increases, ending with a final dark green bar for the closing value.
CategoryValueChange Direction
Book Value - Dec '25$30.01Start
Net Loss$0.16Decrease
Other Comprehensive Income$0.05Increase
Equity Compensation and Vested Shares$0.08Increase
Book Value - March '26$29.98End
\n\n
\n\nA pie chart titled 'Capitalization' illustrating the distribution of $2.4B in total capitalization across seven categories. The chart displays segments of varying sizes and colors, corresponding to the following breakdown provided in the legend:
PercentageCategory
36%Securitization Notes Payable (Non-Recourse)
29%Term Reinvestment Financing Facility
23%Stockholders\u2019 equity
1%Term warehouse financing facilities (limited recourse)
2%Senior secured financing facility (limited recourse)
1%Mortgage Payable (limited recourse)
8%Corporate Debt - TRUPS & 5.75% Notes (no guarantee)
\n\n1Per 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\n\nA\n\n\nACRESREIT.COM \u25cb 6\n\n", "structure": { "type": "document", "markdown": null, "children": [ { "type": "page", "page": null, "span": null, "width": null, "height": null, "dpi": null, "grounding": { "page": 1, "range": { "start": 0, "end": 3206 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 1.0, "ymax": 1.0 } }, "markdown": null, "status": "ok", "reason": null, "children": [ { "type": "text", "id": "text-0", "span": null, "grounding": { "page": 1, "range": { "start": 0, "end": 25 }, "box": { "xmin": 0.04386, "ymin": 0.07023, "xmax": 0.38802, "ymax": 0.12828 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 25 }, "box": { "xmin": 0.04746, "ymin": 0.07906, "xmax": 0.38359, "ymax": 0.12287 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "table", "id": "table-0", "span": null, "grounding": { "page": 1, "range": { "start": 27, "end": 1010 }, "box": { "xmin": 0.04322, "ymin": 0.13974, "xmax": 0.33487, "ymax": 0.87333 } }, "atomic_grounding": null, "markdown": null, "children": [ { "type": "table_cell", "id": "table_cell-0", "span": null, "grounding": { "page": 1, "range": { "start": 55, "end": 82 }, "box": { "xmin": 0.04804, "ymin": 0.14533, "xmax": 0.3303, "ymax": 0.18673 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 0, "col": 0, "colspan": 2, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-1", "span": null, "grounding": { "page": 1, "range": { "start": 101, "end": 118 }, "box": { "xmin": 0.04804, "ymin": 0.18668, "xmax": 0.23961, "ymax": 0.25194 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 1, "col": 0, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-2", "span": null, "grounding": { "page": 1, "range": { "start": 127, "end": 131 }, "box": { "xmin": 0.2396, "ymin": 0.18666, "xmax": 0.33031, "ymax": 0.25198 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 1, "col": 1, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-3", "span": null, "grounding": { "page": 1, "range": { "start": 150, "end": 170 }, "box": { "xmin": 0.04804, "ymin": 0.25184, "xmax": 0.2396, "ymax": 0.31843 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 2, "col": 0, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-4", "span": null, "grounding": { "page": 1, "range": { "start": 179, "end": 184 }, "box": { "xmin": 0.23959, "ymin": 0.25194, "xmax": 0.33032, "ymax": 0.31845 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 2, "col": 1, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-5", "span": null, "grounding": { "page": 1, "range": { "start": 203, "end": 244 }, "box": { "xmin": 0.04803, "ymin": 0.31839, "xmax": 0.23959, "ymax": 0.38455 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 3, "col": 0, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-6", "span": null, "grounding": { "page": 1, "range": { "start": 253, "end": 266 }, "box": { "xmin": 0.23959, "ymin": 0.31843, "xmax": 0.33033, "ymax": 0.38462 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 3, "col": 1, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-7", "span": null, "grounding": { "page": 1, "range": { "start": 285, "end": 367 }, "box": { "xmin": 0.04803, "ymin": 0.3844, "xmax": 0.23959, "ymax": 0.45103 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 4, "col": 0, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-8", "span": null, "grounding": { "page": 1, "range": { "start": 376, "end": 396 }, "box": { "xmin": 0.23958, "ymin": 0.38455, "xmax": 0.33034, "ymax": 0.45109 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 4, "col": 1, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-9", "span": null, "grounding": { "page": 1, "range": { "start": 415, "end": 532 }, "box": { "xmin": 0.04803, "ymin": 0.4509, "xmax": 0.23958, "ymax": 0.53464 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 5, "col": 0, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-10", "span": null, "grounding": { "page": 1, "range": { "start": 541, "end": 552 }, "box": { "xmin": 0.23957, "ymin": 0.45103, "xmax": 0.33035, "ymax": 0.53466 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 5, "col": 1, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-11", "span": null, "grounding": { "page": 1, "range": { "start": 571, "end": 619 }, "box": { "xmin": 0.04803, "ymin": 0.53462, "xmax": 0.23957, "ymax": 0.60094 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 6, "col": 0, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-12", "span": null, "grounding": { "page": 1, "range": { "start": 628, "end": 640 }, "box": { "xmin": 0.23957, "ymin": 0.53464, "xmax": 0.33036, "ymax": 0.60098 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 6, "col": 1, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-13", "span": null, "grounding": { "page": 1, "range": { "start": 659, "end": 710 }, "box": { "xmin": 0.04803, "ymin": 0.60085, "xmax": 0.23957, "ymax": 0.66734 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 7, "col": 0, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-14", "span": null, "grounding": { "page": 1, "range": { "start": 719, "end": 732 }, "box": { "xmin": 0.23956, "ymin": 0.60094, "xmax": 0.33037, "ymax": 0.66733 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 7, "col": 1, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-15", "span": null, "grounding": { "page": 1, "range": { "start": 751, "end": 791 }, "box": { "xmin": 0.04802, "ymin": 0.66733, "xmax": 0.23956, "ymax": 0.73347 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 8, "col": 0, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-16", "span": null, "grounding": { "page": 1, "range": { "start": 800, "end": 815 }, "box": { "xmin": 0.23955, "ymin": 0.66733, "xmax": 0.33038, "ymax": 0.7335 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 8, "col": 1, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-17", "span": null, "grounding": { "page": 1, "range": { "start": 834, "end": 927 }, "box": { "xmin": 0.04802, "ymin": 0.73341, "xmax": 0.23955, "ymax": 0.79853 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 9, "col": 0, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-18", "span": null, "grounding": { "page": 1, "range": { "start": 936, "end": 963 }, "box": { "xmin": 0.23955, "ymin": 0.73347, "xmax": 0.33038, "ymax": 0.79882 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 9, "col": 1, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-19", "span": null, "grounding": { "page": 1, "range": { "start": 982, "end": 982 }, "box": { "xmin": 0.04802, "ymin": 0.79792, "xmax": 0.23955, "ymax": 0.86613 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 10, "col": 0, "colspan": 1, "rowspan": 1 }, { "type": "table_cell", "id": "table_cell-20", "span": null, "grounding": { "page": 1, "range": { "start": 991, "end": 991 }, "box": { "xmin": 0.23954, "ymin": 0.79853, "xmax": 0.33039, "ymax": 0.86594 } }, "atomic_grounding": [], "markdown": null, "children": null, "row": 10, "col": 1, "colspan": 1, "rowspan": 1 } ], "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "figure", "id": "figure-0", "span": null, "grounding": { "page": 1, "range": { "start": 1012, "end": 1914 }, "box": { "xmin": 0.35404, "ymin": 0.14055, "xmax": 0.95697, "ymax": 0.48935 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 1012, "end": 1914 }, "box": { "xmin": 0.35404, "ymin": 0.14055, "xmax": 0.95697, "ymax": 0.48935 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "figure", "id": "figure-1", "span": null, "grounding": { "page": 1, "range": { "start": 1916, "end": 2808 }, "box": { "xmin": 0.35381, "ymin": 0.52451, "xmax": 0.95725, "ymax": 0.87411 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 1916, "end": 2808 }, "box": { "xmin": 0.35381, "ymin": 0.52451, "xmax": 0.95725, "ymax": 0.87411 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "text", "id": "text-1", "span": null, "grounding": { "page": 1, "range": { "start": 2810, "end": 3180 }, "box": { "xmin": 0.08313, "ymin": 0.89185, "xmax": 0.53076, "ymax": 0.94664 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 2810, "end": 2969 }, "box": { "xmin": 0.08476, "ymin": 0.8955, "xmax": 0.52895, "ymax": 0.91224 } }, { "page": 1, "range": { "start": 2969, "end": 3115 }, "box": { "xmin": 0.08427, "ymin": 0.91197, "xmax": 0.4806, "ymax": 0.92736 } }, { "page": 1, "range": { "start": 3115, "end": 3180 }, "box": { "xmin": 0.08452, "ymin": 0.92735, "xmax": 0.24379, "ymax": 0.94457 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "logo", "id": "logo-0", "span": null, "grounding": { "page": 1, "range": { "start": 3182, "end": 3184 }, "box": { "xmin": 0.04581, "ymin": 0.91642, "xmax": 0.08278, "ymax": 0.97663 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 3182, "end": 3184 }, "box": { "xmin": 0.04764, "ymin": 0.91859, "xmax": 0.08058, "ymax": 0.97428 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "text", "id": "text-2", "span": null, "grounding": { "page": 1, "range": { "start": 3186, "end": 3204 }, "box": { "xmin": 0.83901, "ymin": 0.92436, "xmax": 0.95542, "ymax": 0.96931 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 3186, "end": 3204 }, "box": { "xmin": 0.84319, "ymin": 0.92877, "xmax": 0.95334, "ymax": 0.96504 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null } ] } ] }, "grounding": null, "metadata": { "req_id": null, "job_id": "parse-01m2p096hxdgqhqfcnye9e21e3", "model_version": "dpt-3-pro-20260710", "page_count": 1, "markdown_chars": null, "output_markdown_chars": 3253, "range_units": "unicode_codepoints", "openapi_spec": "https://api.ade.landing.ai/openapi.json", "failed_pages": [], "duration_ms": 7745, "billing": { "service_tier": "standard", "total_credits": 1.4 } } }