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 "markdown": "CRE LOAN PORTFOLIO OVERVIEW\n\n\n<table>\n<tr><td colspan=\"2\">CRE Loan Summary &lt;sup&gt;1&lt;/sup&gt;</td></tr>\n<tr><td>Loans held for investment, at amortized cost</td><td>$2,202.8</td></tr>\n<tr><td>CECL Reserves</td><td>($19.4)</td></tr>\n<tr><td>CRE whole loans, floating-rate WA</td><td>1M SOFR + 3.29%</td></tr>\n<tr><td>WA 1M SOFR Floor&lt;sup&gt;2&lt;/sup&gt;</td><td>2.13%</td></tr>\n<tr><td>WA CRE loan portfolio LTV</td><td>76%</td></tr>\n<tr><td>Total number of CRE loans</td><td>60</td></tr>\n<tr><td>Average CRE loan size, at par</td><td>$36.9</td></tr>\n<tr><td>WA Risk Rating, at par</td><td>2.5</td></tr>\n</table>\n\n<figure type=\"CHART\">\n\n<description>A map of the United States divided into color-coded regions, displaying the 'Balance by Region' percentage for each. The map is accompanied by a legend on the left and right sides, mapping specific colors to region names and their corresponding percentages.</description> <table><tr><th>Region</th><th>Percentage</th></tr><tr><td>Pacific</td><td>10.3%</td></tr><tr><td>Mountain</td><td>13.0%</td></tr><tr><td>West North Central</td><td>3.7%</td></tr><tr><td>Southwest</td><td>16.9%</td></tr><tr><td>Northeast</td><td>12.6%</td></tr><tr><td>Mid Atlantic</td><td>10.4%</td></tr><tr><td>East North Central</td><td>14.1%</td></tr><tr><td>Southeast</td><td>19.0%</td></tr></table></figure>\n\n<figure type=\"CHART\">\n\n<description>This is a waterfall chart titled 'Loan Portfolio Activity, at par 1,4' showing the change in loan portfolio value from December 2025 to March 2026. The chart displays an initial value of $1,838 (with a loan count of 53) in December '25. This increases by $471 due to 'New loans' (green bar) and decreases by $111 due to 'Payoffs and paydowns' (red bar). A small increase of $14 is attributed to 'Future Fundings' (green line). The final value in March '26 is $2,212 (with a loan count of 60).</description> <table><tr><td>Category</td><td>Value</td><td>Notes</td></tr><tr><td>Loan Portfolio Dec '25</td><td>$1,838</td><td>Loan Count 53</td></tr><tr><td>New loans</td><td>+$471</td><td>Positive change</td></tr><tr><td>Payoffs and paydowns</td><td>-$111</td><td>Negative change</td></tr><tr><td>Future Fundings</td><td>+$14</td><td>Positive change</td></tr><tr><td>Loan Portfolio March '26</td><td>$2,212</td><td>Loan Count 60</td></tr></table></figure>\n\n<figure type=\"CHART\">Property Type 1 \n\n<description>The figure is a pie chart illustrating the distribution of property types. The largest segment is Multifamily at 81.5%, followed by Office at 10.9%, Hotel at 4.7%, Mixed-Use at 2.2%, and Self-storage at 0.7%.</description> <table><thead><tr><th>Property Type</th><th>Percentage</th></tr></thead><tbody><tr><td>Multifamily</td><td>81.5%</td></tr><tr><td>Office</td><td>10.9%</td></tr><tr><td>Hotel</td><td>4.7%</td></tr><tr><td>Mixed-Use</td><td>2.2%</td></tr><tr><td>Self-storage</td><td>0.7%</td></tr></tbody></table></figure>\n\n<sup>1</sup>All $ amounts are in millions and the percentages for region and property type disclosures are based on total carrying value of the CRE loans\n<sup>2</sup>At March 31, 2026, all CRE whole loans are indexed to SOFR and the WA benchmark rate was 3.69%\n<sup>3</sup>Texas (15.0%) and Florida (12.0%) were the states with the highest concentrations. Based on regions identified by the National Council of Real Estate Investment Fiduciaries (NCREIF)\n<sup>4</sup>ACRES originated 9 new loan commitments and purchased two loan commitments for a total of $495.6 million during the three months ended March 31, 2026\n\n\n\u24b6\n\n\nACRESREIT.COM (7)\n\n<!-- doc_id=parse-01m2p09f3wwvhmwg8m2dwefvr9 -->",
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