[ { "page_no": 1, "width": 612.0, "height": 792.0, "cells": [ { "text": "ARES COMMERCIAL REAL ESTATE CORPORATION REPORTS", "box": [ 154.84, 107.46887600000002, 457.1500000000005, 115.69717255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FIRST QUARTER 2026 RESULTS ", "box": [ 229.78, 119.46887600000002, 384.7199900000001, 127.69717255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "First quarter GAAP net income (loss) of $(9.6) million or $(0.17) per diluted common share and ", "box": [ 108.49, 143.46887600000002, 506.00998, 151.69717255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings 1 of $3.2 million or $0.06", "box": [ 152.95, 155.62890600000003, 349.12, 163.85720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 349.12, 155.62890600000003, 351.62, 163.85720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "per diluted common share", "box": [ 351.62, 155.62890600000003, 459.0499999999999, 163.85720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- Subsequent to the three months ended March 31, 2026 -", "box": [ 187.86, 179.46887600000002, 424.12998999999996, 187.69717255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Closed $95 million of new loan commitments", "box": [ 213.3, 203.46887600000002, 398.6999999999998, 211.69717255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Declared second quarter 2026 dividend of $0.15 per common share", "box": [ 168.03, 227.46887600000002, 443.9699999999999, 235.69717255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NEW YORK-(BUSINESS WIRE)-Ares Commercial Real Estate Corporation (the 'Company') (NYSE:ACRE), a specialty ", "box": [ 49.5, 251.62890600000003, 564.9500000000004, 259.85720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "finance company primarily engaged in directly originating and investing in commercial real estate loans and related ", "box": [ 49.5, 263.62890600000003, 564.9600000000002, 271.85720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investments, reported generally accepted accounting principles ('GAAP') net income (loss) of $(9.6) million or $(0.17) per ", "box": [ 49.5, 275.62890600000003, 564.9000300000001, 283.8572025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "diluted common share and Distributable Earnings 1 of $3.2 million or $0.06 per diluted common share for the first quarter of ", "box": [ 49.5, 287.628906, 564.8200200000001, 295.8572025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026. ", "box": [ 49.5, 299.628906, 74.5, 307.8572025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Supported by stable commercial real estate fundamentals, we maintained our investment momentum in the first quarter and ", "box": [ 49.5, 323.628906, 564.9300000000004, 331.8572025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "grew the portfolio with the closing of $294 million of new loan commitments,' said Bryan Donohoe, Chief Executive Officer ", "box": [ 49.5, 335.628906, 564.8700000000002, 343.8572025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of Ares Commercial Real Estate Corporation. 'We remain highly focused on resolving the remaining risk rated 4 and 5 loans ", "box": [ 49.5, 347.628906, 564.8799999999997, 355.8572025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and REO properties alongside selectively investing in high quality new loans in order to reshape and grow our portfolio.'", "box": [ 49.5, 359.628906, 534.8499999999999, 367.8572025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'During the first quarter, we maintained our balance sheet flexibility through additional repayments in the loan portfolio, ", "box": [ 49.5, 383.628906, 564.9000000000001, 391.8572025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "disciplined liquidity and liability management and expanded borrowing capacity,' said Jeff Gonzales, Chief Financial Officer ", "box": [ 49.5, 395.628906, 564.9000000000005, 403.8572025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of Ares Commercial Real Estate Corporation. 'We enhanced our financing structure by increasing the capacity on two of our ", "box": [ 49.5, 407.628906, 564.99, 415.8572025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "secured funding facilities by $300 million to support future growth and lowered our borrowing costs through the redemption of ", "box": [ 49.5, 419.628906, 564.9600099999999, 427.8572025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the FL4 CLO.'", "box": [ 49.5, 431.628906, 110.27999999999999, 439.8572025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "_________________________________", "box": [ 49.5, 443.628906, 214.5, 451.8572025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1) Distributable Earnings (Loss) is a non-GAAP financial measure. Refer to Schedule I for the definition and reconciliation of Distributable Earnings (Loss).", "box": [ 49.5, 458.5631148, 556.4759999999999, 465.14575204494616 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Exhibit 99.1", "box": [ 510.85001, 25.648926000000074, 562.5000099999999, 33.87722255618269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 303.5, 769.728886, 308.5, 777.9571825561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u00d8ARES", "box": [ 53.0, 48.0, 172.66666666666669, 97.66666666666666 ], "from_ocr": true, "confidence": 0.86064 } ] }, { "page_no": 2, "width": 612.0, "height": 792.0, "cells": [ { "text": "COMMON STOCK DIVIDEND ", "box": [ 49.5, 42.898926000000074, 191.35999999999996, 51.12722255618269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On February 10, 2026, the Board of Directors of the Company declared a regular cash dividend of $0.15 per common share for ", "box": [ 49.5, 68.25890600000002, 564.9100000000004, 76.48720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the first quarter of 2026. The first quarter 2026 dividend was paid on April 15, 2026 to common stockholders of record as of ", "box": [ 49.5, 80.25890600000002, 564.99, 88.48720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "March 31, 2026.", "box": [ 49.5, 92.25890600000002, 115.58, 100.48720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On May 7, 2026, the Board of Directors of the Company declared a regular cash dividend of $0.15 per common share for the ", "box": [ 49.5, 116.25890600000002, 564.7900100000003, 124.48720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "second quarter of 2026. The second quarter 2026 dividend will be payable on July 15, 2026 to common stockholders of record ", "box": [ 49.5, 128.25890600000002, 564.8899900000002, 136.48720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as of June 30, 2026.", "box": [ 49.5, 140.25890600000002, 129.46999999999997, 148.48720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ADDITIONAL INFORMATION", "box": [ 49.5, 164.09887600000002, 191.36, 172.32717255618263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company issued a presentation of its first quarter 2026 results, which can be viewed at www.arescre.com on the Investor ", "box": [ 49.5, 188.25890600000002, 564.8900100000001, 196.48720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Resources section of our home page under Events and Presentations. The presentation is titled 'First Quarter 2026 Earnings ", "box": [ 49.5, 200.25890600000002, 564.86999, 208.48720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Presentation.' The Company also filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 with the U.S. ", "box": [ 49.5, 212.25890600000002, 564.9299899999999, 220.48720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securities and Exchange Commission on May 7, 2026.", "box": [ 49.5, 224.25890600000002, 269.03998, 232.48720255618264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CONFERENCE CALL AND WEBCAST INFORMATION", "box": [ 49.5, 248.09887600000002, 303.24, 256.32717255618263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On Thursday, May 7, 2026, the Company invites all interested persons to attend its webcast/conference call at 12:00 p.m. ", "box": [ 49.5, 272.258906, 564.83997, 280.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Eastern Time) to discuss its first quarter 2026 financial results.", "box": [ 49.5, 284.25890599999997, 303.63999999999993, 292.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located ", "box": [ 49.5, 308.25890599999997, 565.0000000000005, 316.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on the Home page of the Investor Resources section of the Company's website at www.arescre.com. Please visit the website to ", "box": [ 49.5, 320.25890599999997, 564.88, 328.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "test your connection before the webcast. Domestic callers can access the conference call by dialing +1 (800) 343-5172. ", "box": [ 49.5, 332.25890599999997, 564.92999, 340.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "International callers can access the conference call by dialing +1 (203) 518-9856. Please provide passcode ACREQ126. All ", "box": [ 49.5, 344.25890599999997, 564.98003, 352.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. For ", "box": [ 49.5, 356.25890599999997, 564.9300000000001, 364.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interested parties, an archived replay of the call will be available through June 7, 2026 at 5:00 p.m. (Eastern Time) to domestic ", "box": [ 49.5, 368.25890599999997, 564.8199899999998, 376.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "callers by dialing +1 (800) 839-4016 and to international callers by dialing +1 (402) 220-7240. An archived replay will also be ", "box": [ 49.5, 380.25890599999997, 564.8099899999999, 388.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "available through June 7, 2026 on a webcast link located on the Home page of the Investor Resources section of the Company's ", "box": [ 49.5, 392.25890599999997, 564.81999, 400.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "website.", "box": [ 49.5, 404.25890599999997, 82.50999999999999, 412.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ABOUT ARES COMMERCIAL REAL ESTATE CORPORATION", "box": [ 49.5, 428.098906, 340.1500000000001, 436.3272025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ares Commercial Real Estate Corporation (the 'Company') is a specialty finance company primarily engaged in directly ", "box": [ 49.5, 452.25890599999997, 564.9600099999999, 460.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "originating and investing in commercial real estate loans and related investments. Through its national direct origination ", "box": [ 49.5, 464.25890599999997, 564.8800000000001, 472.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "platform, the Company provides a broad offering of flexible and reliable financing solutions for commercial real estate owners ", "box": [ 49.5, 476.25890599999997, 564.9000000000001, 484.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and operators. The Company invests in whole and co-invested senior mortgage loans, as well as subordinate financings, ", "box": [ 49.5, 488.25890599999997, 564.9900000000001, 496.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mezzanine debt and preferred equity, with an emphasis on providing value added financing on a variety of properties located in ", "box": [ 49.5, 500.25890599999997, 564.82, 508.4872025561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "liquid markets across the United States. Ares Commercial Real Estate Corporation elected and qualified to be taxed as a real ", "box": [ 49.5, 512.258906, 564.8400000000003, 520.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate investment trust and is externally managed by a subsidiary of Ares Management Corporation. For more information, ", "box": [ 49.5, 524.258906, 564.8900000000001, 532.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "please visit www.arescre.com. The contents of such website are not, and should not be deemed to be, incorporated by reference ", "box": [ 49.5, 536.258906, 564.8200000000003, 544.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "herein.", "box": [ 49.5, 548.258906, 76.96, 556.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FORWARD-LOOKING STATEMENTS", "box": [ 49.5, 572.098876, 225.21999999999997, 580.3271725561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Statements included herein or on the webcast / conference call may constitute 'forward-looking statements' within the meaning ", "box": [ 49.5, 596.258906, 564.9799999999998, 604.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section ", "box": [ 49.5, 608.258906, 564.9600000000003, 616.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21E of the Securities and Exchange Act of 1934, as amended. These statements relate to future events or the Company's future ", "box": [ 49.5, 620.258906, 564.9399999999999, 628.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance or financial condition and include, but are not limited to, statements about potential earnings, the resolution of ", "box": [ 49.5, 632.258906, 564.9499999999998, 640.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "underperforming loans, increased investment activity, liquidity management, reduction or increase of CECL reserve, reduction ", "box": [ 49.5, 644.258906, 564.9700000000004, 652.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or increase of available borrowings, the industry and the loan market. These statements are not guarantees of future ", "box": [ 49.5, 656.258906, 564.84, 664.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from ", "box": [ 49.5, 668.258906, 564.8400000000001, 676.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "those in the forward-looking statements as a result of a number of factors, including global economic trends and economic ", "box": [ 49.5, 680.258906, 564.9399999999999, 688.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "conditions, including slower growth, changes to fiscal and monetary policy, inflation, labor shortages, changing interest rates, ", "box": [ 49.5, 692.258906, 564.8600000000001, 700.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "foreign currency exchange volatility and uncertainties caused by tariffs and trade disputes, as well as geopolitical instability, ", "box": [ 49.5, 704.258906, 564.9499999999999, 712.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "changes in interest rates and credit spreads, management's estimate of current expected credit losses and current expected credit ", "box": [ 49.5, 716.258906, 564.84, 724.4872025561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loss reserve, the amount of commercial mortgage loans requiring refinancing, the demand for commercial real estate loans, the ", "box": [ 49.5, 728.258906, 564.84, 736.4872025561828 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's expected investment capacity and available capital, rates of default or decreased recovery rates on the Company's ", "box": [ 49.5, 740.258906, 564.9899999999999, 748.4872025561828 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2", "box": [ 303.5, 769.728886, 308.5, 777.9571825561827 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 3, "width": 612.0, "height": 792.0, "cells": [ { "text": "target investments, the Company's business and investment strategy, the Company's projected operating results, the ability of ", "box": [ 49.5, 43.058896000000004, 564.9699999999998, 51.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ares Commercial Real Estate Management LLC ('ACREM' or the Company's 'Manager') to locate suitable investments for ", "box": [ 49.5, 55.058896000000004, 564.9400000000002, 63.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company, monitor, service and administer the Company's investments and execute its investment strategy, and the risks ", "box": [ 49.5, 67.058896, 564.8599999999997, 75.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "described from time to time in the Company's filings with the Securities and Exchange Commission (the 'SEC'), including, but ", "box": [ 49.5, 79.058896, 564.9499999999998, 87.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "not limited to, the risk factors described in Part I, Item 1A. Risk Factors in the Company's Annual Report on Form 10-K, filed ", "box": [ 49.5, 91.058896, 565.0000000000005, 99.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with the SEC on February 10, 2026. Any forward-looking statement, including any contained herein, speaks only as of the time ", "box": [ 49.5, 103.058896, 564.8500000000001, 111.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of this press release and Ares Commercial Real Estate Corporation undertakes no duty to update any forward-looking ", "box": [ 49.5, 115.058896, 564.9100000000001, 123.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements made herein or on the webcast/conference call. Projections and forward-looking statements are based on ", "box": [ 49.5, 127.058896, 564.9999999999999, 135.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management's good faith and reasonable assumptions, including the assumptions described herein.", "box": [ 49.5, 139.058896, 445.1899999999998, 147.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "INVESTOR RELATIONS CONTACTS ", "box": [ 49.5, 162.89892600000007, 223.58999999999997, 171.1272225561827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 49.5, 175.058896, 52.0, 183.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ares Commercial Real Estate Corporation", "box": [ 49.5, 187.058896, 218.70000000000007, 195.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carl Drake or John Stilmar", "box": [ 49.5, 199.058896, 157.72000000000006, 207.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(888) 818-5298", "box": [ 49.5, 211.058896, 111.99, 219.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "iracre@aresmgmt.com", "box": [ 49.5, 223.058896, 140.51999999999995, 231.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3", "box": [ 303.5, 769.728886, 308.5, 777.9571825561827 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 4, "width": 612.0, "height": 792.0, "cells": [ { "text": "ARES COMMERCIAL REAL ESTATE CORPORATION AND SUBSIDIARIES", "box": [ 131.08, 42.898926000000074, 480.9100000000005, 51.12722255618269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CONSOLIDATED BALANCE SHEETS", "box": [ 219.10001, 54.898926000000074, 392.9000100000004, 63.12722255618269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands, except share and per share data)", "box": [ 205.21001, 66.89892600000007, 406.78001, 75.12722255618269 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 49.5, 79.058896, 52.0, 87.28719255618262 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 56.63, 102.23315479999997, 58.63, 108.81579204494619 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As of", "box": [ 467.48001, 102.23315479999997, 485.03201, 108.81579204494619 ], "from_ocr": false, "confidence": 1.0 }, { "text": "March 31, 2026", "box": [ 408.07999, 116.48315479999997, 461.17599000000007, 123.06579204494619 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 485.56, 116.48315479999997, 550.2, 123.06579204494619 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 415.59, 130.73315479999997, 455.55799999999994, 137.3157920449462 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ASSETS", "box": [ 56.63, 143.228886, 93.85, 151.4571825561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash and cash equivalents", "box": [ 56.63, 157.478886, 161.78, 165.7071825561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ ", "box": [ 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"box": [ 526.42, 171.728886, 556.42, 179.9571825561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held for investment ($138,950 related to consolidated VIEs as of December ", "box": [ 56.63, 184.978886, 388.22, 193.2071825561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31, 2025)", "box": [ 56.63, 194.978886, 94.96, 203.2071825561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 397.13, 194.978886, 399.63, 203.2071825561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,629,366 ", "box": [ 430.67, 194.978886, 473.17, 203.2071825561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 480.38, 194.978886, 482.88, 203.2071825561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,528,806 ", "box": [ 513.92, 194.978886, 556.42, 203.2071825561826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current expected credit loss reserve", "box": [ 56.63, 209.228886, 199.77, 217.4571825561826 ], "from_ocr": 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The presentation of this additional information is not meant to be considered in isolation or ", "box": [ 49.5, 133.96997069999998, 565.1125, 141.78685242837355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as a substitute for financial results prepared in accordance with GAAP. Distributable Earnings (Loss) is defined as net income (loss) ", "box": [ 49.5, 144.88995069999999, 565.0079999999999, 152.70683242837356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "attributable to common stockholders computed in accordance with GAAP, excluding non-cash equity compensation expense, the ", "box": [ 49.5, 155.80994069999997, 565.1600000000001, 163.62682242837354 ], "from_ocr": false, "confidence": 1.0 }, { "text": "incentive fees the Company pays to its Manager, depreciation and amortization (to the extent that any of the Company's target ", "box": [ 49.5, 166.72998070000006, 565.0270000000002, 174.54686242837363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investments are structured as debt and the Company forecloses on any properties underlying such debt), any unrealized gains, losses or ", "box": [ 49.5, 177.64996070000007, 565.0460000000003, 185.46684242837364 ], "from_ocr": false, "confidence": 1.0 }, { "text": "other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other ", "box": [ 49.5, 188.56995070000005, 564.97, 196.38683242837362 ], "from_ocr": false, "confidence": 1.0 }, { "text": "comprehensive income or loss, or in net income (loss), one-time events pursuant to changes in GAAP and certain non-cash charges ", "box": [ 49.5, 199.48999070000002, 565.0554999999999, 207.3068724283736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "after discussions between the Company's Manager and the Company's independent directors and after approval by a majority of the ", "box": [ 49.5, 210.40997070000003, 564.9985, 218.2268524283736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's independent directors. 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Distributable Earnings (Loss) is aligned with the calculation of 'Core Earnings,' which is defined in ", "box": [ 49.5, 232.24994070000002, 564.9415, 240.0668224283736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Management Agreement and is used to calculate the incentive fees the Company pays to its Manager.", "box": [ 49.5, 243.1699807, 449.5640000000001, 250.98686242837357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reconciliation of net income (loss) attributable to common stockholders, the most directly comparable GAAP financial measure, to ", "box": [ 51.75, 262.4899907, 558.195, 270.3068724283736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributable Earnings (Loss) is set forth in the table below for the three and twelve months ended March 31, 2026 ($ in ", "box": [ 51.75, 274.2399607, 558.0479799999999, 282.05684242837356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands):", "box": [ 51.75, 285.8899507, 95.54499999999999, 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