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"confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of ", "box": [ 33.74999859375, 531.0409934532909, 580.4999758124999, 535.5534954628054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such ", "box": [ 33.74999859375, 542.2909929845409, 580.4999758124999, 546.8034949940554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "filing requirements for the past 90 days. Yes ", "box": [ 33.74999859375, 553.5409925157909, 195.9726518344725, 558.0534945253054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2611", "box": [ 195.9726518344725, 554.582496412395, 203.44335469319319, 557.6554712760069 ], "from_ocr": false, "confidence": 1.0 }, { "text": " No ", "box": [ 203.44921402294906, 553.5409925157909, 221.19872501338608, 558.0534945253054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 221.20311578320312, 554.582496412395, 228.67381864192382, 557.6554712760069 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of ", "box": [ 33.74999859375, 570.7909917970409, 580.4999758124999, 575.3034938065554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Regulation S-T (\u00a7 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such ", "box": [ 33.74999859375, 582.0409913282909, 580.4999758124999, 586.5534933378054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "files). Yes ", "box": [ 33.74999859375, 593.2909908595409, 72.9960907084961, 597.8034928690554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2611", "box": [ 72.9960907084961, 594.332494756145, 80.4667935672168, 597.4054696197569 ], "from_ocr": false, "confidence": 1.0 }, { "text": " No ", "box": [ 80.47265289697265, 593.2909908595409, 98.22216388740966, 597.8034928690554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 98.22655840722655, 594.332494756145, 105.69726126594728, 597.4054696197569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or ", "box": [ 33.74999859375, 610.5409901407909, 580.4999758124999, 615.0534921503054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth ", "box": [ 33.74999859375, 621.790989672041, 580.4999758124999, 626.3034916815554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "company\" in Rule 12b-2 of the Exchange Act. ", "box": [ 33.74999859375, 633.0409892032909, 202.62890155712873, 637.5534912128054 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 643.2773169167773, 35.24999853125, 646.2856515897869 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Large accelerated filer", "box": [ 33.74999859375, 654.7909882970409, 114.6840774214966, 659.3034903065554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 202.16015157665998, 655.832492193645, 209.63085443538068, 658.9054670572569 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 304.4296748154297, 652.8046602398047, 307.4296746904297, 658.8213295858238 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accelerated filer", "box": [ 400.40623331640626, 654.7909882970409, 460.6113090678613, 659.3034903065554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2611", "box": [ 568.9452887939452, 655.832492193645, 576.415991652666, 658.9054670572569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Non-accelerated filer", "box": [ 33.74999859375, 668.2909877345409, 109.94677290888427, 672.8034897440554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 202.16015157665998, 669.332491631145, 209.63085443538068, 672.4054664947569 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 304.4296748154297, 666.3046596773047, 307.4296746904297, 672.3213290233239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Smaller reporting company", "box": [ 400.40623331640626, 668.2909877345409, 498.878885463379, 672.8034897440554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2611", "box": [ 568.9452887939452, 669.332491631145, 576.415991652666, 672.4054664947569 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 681.130533142668, 36.249373470859375, 686.1431707539662 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 204.39842898339845, 679.8046591148046, 207.39842885839843, 685.8213284608239 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 304.4296748154297, 679.8046591148046, 307.4296746904297, 685.8213284608239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Emerging growth company", "box": [ 400.40623331640626, 681.7909871720409, 498.88327998319585, 686.3034891815554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 568.9452887939452, 682.832491068645, 576.415991652666, 685.9054659322569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any ", "box": [ 33.74999859375, 699.0409864532909, 580.4999758124999, 703.5534884628054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ", "box": [ 33.74999859375, 710.290985984541, 406.1293780479416, 714.8034879940553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 406.1367055776365, 711.332489881145, 413.6074084363573, 714.405464744757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ", "box": [ 33.74999859375, 727.5409852657909, 447.1039858506661, 732.0534872753054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2610", "box": [ 447.1054538706053, 728.582489162395, 454.57615672932604, 731.6554640260069 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Yes ", "box": [ 454.58201605908187, 727.5409852657909, 475.3285973046409, 732.0534872753054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2611", "box": [ 475.33591769433593, 728.582489162395, 482.8066205530567, 731.6554640260069 ], "from_ocr": false, "confidence": 1.0 }, { "text": " No", "box": [ 482.8124798828125, 727.5409852657909, 496.06199106074945, 732.0534872753054 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The number of outstanding shares of the registrant's common stock on July 31, 2026 was 7,131,101 shares. 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{ "text": "44,850 ", "box": [ 540.5273249780271, 586.1237011712856, 566.7454488668552, 590.3842551143334 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 570.0585737475584, 588.3737010775367, 572.1829486402927, 592.6342550205827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 595.5895210573544, 33.99937359085938, 596.0896567117852 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 596.339521026106, 33.99937359085938, 596.839656680535 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 599.3805365489188, 36.249373470859375, 604.3931741602155 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 13, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 92.38055767391779, 447.9170176142287, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS", "box": [ 173.77734025927717, 104.38055717391762, 438.21288974356736, 109.39319478521429 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 116.38055667391745, 335.0195794033502, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 128.38055617391728, 330.99423636407215, 133.39319378521395 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 140.38055567391712, 36.249373470859375, 145.3931932852156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 737.3805307989169, 578.2459236369182, 742.3931684102154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 1 - ORGANIZATION", "box": [ 33.74999859375, 161.38055479891773, 158.45502867361927, 166.3931924102144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES Commercial Realty Corp., a Maryland corporation, along with its subsidiaries (collectively, the \"Company\"), is a real ", "box": [ 70.04296583154297, 182.38055392391834, 580.7493507833593, 187.393191535215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate investment trust (\"REIT\") that is primarily focused on originating, holding and managing commercial real estate (\"CRE\") ", "box": [ 33.74999859375, 194.38055342391817, 580.7493507833593, 199.39319103521484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mortgage loans and equity investments in commercial real estate properties through direct ownership and joint ventures. The ", "box": [ 33.74999859375, 206.380552923918, 580.7493507833593, 211.39319053521467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's manager is ACRES Capital, LLC (the \"Manager\"), a subsidiary of ACRES Capital Corp. (collectively, \"ACRES\"), a ", "box": [ 33.74999859375, 218.38055242391783, 580.7493507833593, 223.3931900352145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "private commercial real estate lender exclusively dedicated to nationwide middle market CRE lending with a focus on multifamily, ", "box": [ 33.74999859375, 230.38055192391766, 580.7493507833593, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "student housing, hospitality, office and industrial property in top United States (\"U.S.\") markets. ", "box": [ 33.74999859375, 242.3805514239175, 421.7610799078709, 247.39318903521416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has qualified, and expects to qualify in the current fiscal year, as a REIT.", "box": [ 70.04296583154297, 263.3805505489181, 420.945935841835, 268.3931881602148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company conducts its operations through the use of subsidiaries that it consolidates into its financial statements. The ", "box": [ 70.04296583154297, 284.3805496739169, 580.7493507833593, 289.3931872852154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's core assets are consolidated through its investments in ACRES Realty Funding, Inc. (\"ACRES RF\"), a wholly-owned ", "box": [ 33.74999859375, 296.38054917391673, 580.7493507833593, 301.3931867852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subsidiary, that holds CRE loans and CRE-related securities as well as special purpose subsidiaries established for securitization ", "box": [ 33.74999859375, 308.3805486739184, 580.7493507833593, 313.39318628521505 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purposes, which are consolidated as variable interest entities (\"VIEs\") as discussed in Note 3.", "box": [ 33.74999859375, 320.3805481739182, 406.9960004730823, 325.3931857852149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES", "box": [ 33.74999859375, 341.380547298917, 338.9761350034324, 346.3931849102155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Basis of Presentation", "box": [ 33.74999859375, 362.3805464239176, 123.16598939552213, 367.3931840352143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally ", "box": [ 70.04296583154297, 383.38054554891823, 580.7493507833593, 388.3931831602149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accepted in the U.S. (\"GAAP\"). In the opinion of management, the accompanying consolidated financial statements reflect all normal ", "box": [ 33.74999859375, 395.38054504891807, 580.7493507833593, 400.39318266021473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and recurring adjustments necessary to fairly state the Company's financial position, results of operations and cash flows. These ", "box": [ 33.74999859375, 407.3805445489179, 580.7493507833593, 412.39318216021456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related ", "box": [ 33.74999859375, 419.3805440489177, 580.7493507833593, 424.3931816602144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.", "box": [ 33.74999859375, 431.38054354891756, 445.2139554306678, 436.3931811602142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Certain prior period presentations were reclassified to ensure comparability with current period classifications.", "box": [ 70.04296583154297, 452.38054267391817, 512.2803585862339, 457.39318028521484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principles of Consolidation", "box": [ 33.74999859375, 473.38054179891697, 149.28734523213225, 478.39317941021545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The consolidated financial statements include the accounts of the Company, majority-owned or controlled subsidiaries and ", "box": [ 70.04296583154297, 494.3805409239176, 580.7493507833593, 499.39317853521425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "VIEs for which the Company is considered the primary beneficiary. All inter-company transactions and balances have been eliminated ", "box": [ 33.74999859375, 506.3805404239174, 580.7493507833593, 511.3931780352141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in consolidation.", "box": [ 33.74999859375, 518.3805399239172, 100.39340227319141, 523.3931775352139 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Use of Estimates", "box": [ 33.74999859375, 539.3805390489179, 104.27426070065195, 544.3931766602145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions ", "box": [ 70.04296583154297, 560.3805381739185, 580.7493507833593, 565.3931757852151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial ", "box": [ 33.74999859375, 572.3805376739183, 580.7493507833593, 577.393175285215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements and within the period of financial results. Actual results could differ from those estimates. Estimates affecting the ", "box": [ 33.74999859375, 584.3805371739181, 580.7493507833593, 589.3931747852148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accompanying consolidated financial statements include, but are not limited to, the net realizable and fair values of the Company's ", "box": [ 33.74999859375, 596.380536673918, 580.7493507833593, 601.3931742852146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investments, the estimated useful lives used to calculate depreciation, the expected lives over which to amortize premiums and accrete ", "box": [ 33.74999859375, 608.3805361739178, 580.7493507833593, 613.3931737852145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "discounts, reversals of or provisions for expected credit losses and the disclosure of contingent liabilities.", "box": [ 33.74999859375, 620.3805356739176, 454.0983695604837, 625.3931732852143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash and Cash Equivalents", "box": [ 33.74999859375, 641.3805347989182, 151.26438629272997, 646.3931724102149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash and cash equivalents include cash on hand and all highly liquid investments with original maturities of three months or ", "box": [ 70.04296583154297, 662.380533923917, 580.7493507833593, 667.3931715352155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "less at the time of purchase. From time to time, the Company may have bank balances in excess of federally insured amounts; however, ", "box": [ 33.74999859375, 674.3805334239169, 580.7493507833593, 679.3931710352153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure.", "box": [ 33.74999859375, 686.3805329239167, 518.2619559620008, 691.3931705352152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Restricted cash includes required account balance minimums in the Company's various escrow and deposit accounts and the ", "box": [ 70.04296583154297, 707.3805320489173, 569.089198769199, 712.393169660214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's consolidated CRE debt securitization has an expense reserve and reinvestment cash that is collateral to the senior notes.", "box": [ 33.74999859375, 719.3805315489171, 558.8768074697156, 724.3931691602156 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 14, "width": 612.0, "height": 792.0, "cells": [ { "text": "10", "box": [ 300.99608495849594, 38.380559923918554, 310.9935794794336, 43.39319753521522 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 15, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521463 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521429 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391728, 335.0195794033502, 133.39319378521577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.3931932852156 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517391695, 36.249373470859375, 157.39319278521543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table provides a reconciliation of cash, cash equivalents and restricted cash on the consolidated balance sheets ", "box": [ 70.04296583154297, 173.38055429891756, 580.7493507833593, 178.39319191021423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the total amount shown on the consolidated statements of cash flows (in thousands):", "box": [ 33.74999859375, 185.3805537989174, 380.5475830429375, 190.39319141021588 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 197.38055329891722, 72.54234070865235, 202.3931909102157 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 213.84374108984375, 211.4564267955302, 215.8424909690625, 215.46503267210755 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 396.65623347265625, 211.4564267955302, 398.654983351875, 215.46503267210755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30,", "box": [ 474.80857771630843, 210.70642682678044, 503.23996281916743, 214.7150327033578 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1484135771484, 210.70642682678044, 576.1471634563671, 214.7150327033578 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 213.84374108984375, 221.20642638928075, 215.8424909690625, 225.2150322658581 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 396.65623347265625, 221.20642638928075, 398.654983351875, 225.2150322658581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 435.64451684814435, 220.456426420531, 451.63448595689556, 224.46503229710834 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 483.3515423603516, 220.456426420531, 485.3502922395703, 224.46503229710834 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 487.42966719042965, 221.20642638928075, 489.42841706964845, 225.2150322658581 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 526.4179505659177, 220.456426420531, 542.407919674669, 224.46503229710834 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1484135771484, 220.456426420531, 576.1471634563671, 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386.0657688951756, 262.39318841021486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements of cash flows", "box": [ 37.07812345507813, 269.380550298918, 135.08572559184086, 274.3931879102147 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 396.65623347265625, 269.380550298918, 399.15560834976566, 274.3931879102147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 406.0077955830078, 267.13055039266874, 411.00654533722656, 272.1431880039654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41,947 ", "box": [ 453.78514109228496, 267.13055039266874, 484.50326479361314, 272.1431880039654 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 493.5585769350584, 267.13055039266874, 501.779979055, 274.3931879102147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "44,850 ", "box": [ 544.5585748100583, 267.13055039266874, 575.2766985113865, 272.1431880039654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income Taxes", "box": [ 33.74999859375, 290.38054942391864, 92.89530909977495, 295.3931870352153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company recorded a full valuation allowance against its net deferred tax assets (tax effected expense of $21.8 million) at ", "box": [ 70.04296583154297, 311.38054854891743, 580.7376357838474, 316.3931861602159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026, as the Company believes it is more likely than not that the deferred tax assets will not be realized at this time. This ", "box": [ 33.74999859375, 323.38054804891726, 580.7610732828708, 328.39318566021575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assessment was based on the Company's cumulative historical losses and uncertainties as to the amount of taxable income that would ", "box": [ 33.74999859375, 335.3805475489171, 580.7493507833593, 340.3931851602156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be generated in future years by the Company's taxable REIT subsidiaries.", "box": [ 33.74999859375, 347.38054704891874, 328.861352703693, 352.3931846602154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Earnings per Share", "box": [ 33.74999859375, 368.38054617391754, 117.06890021969036, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company presents both basic and diluted earnings per share (\"EPS\"). Basic EPS excludes dilution and is computed by ", "box": [ 70.04296583154297, 389.38054529891815, 580.7493507833593, 394.3931829102148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "dividing net income (loss) allocable to common shareholders by the weighted average number of shares outstanding for the period. ", "box": [ 33.74999859375, 401.380544798918, 580.7493507833593, 406.39318241021465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or ", "box": [ 33.74999859375, 413.3805442989178, 580.7493507833593, 418.3931819102145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "converted into common stock, where such exercise or conversion would result in a lower EPS amount.", "box": [ 33.74999859375, 425.38054379891764, 444.37922361544815, 430.3931814102143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recent Accounting Pronouncements", "box": [ 33.74999859375, 446.38054292391826, 188.69154278326508, 451.3931805352149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accounting Standards to be Adopted in Future Periods", "box": [ 33.74999859375, 467.38054204891705, 260.1188431821275, 472.39317966021554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In November 2024, the Financial Accounting Standards Board ('FASB\") issued guidance to improve transparency on certain ", "box": [ 70.04296583154297, 488.38054117391766, 580.7493507833593, 493.39317878521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "costs and expenses. This guidance is effective for fiscal years beginning after December 15, 2026 and is to be adopted on a prospective ", "box": [ 33.74999859375, 500.3805406739175, 580.7493507833593, 505.39317828521416 ], "from_ocr": false, "confidence": 1.0 }, { "text": "basis with the option to apply retrospectively. The Company is in the process of evaluating the impact of this guidance, however, the ", "box": [ 33.74999859375, 512.3805401739173, 580.7493507833593, 517.3931777852158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company does not expect a material impact to its consolidated financial statements.", "box": [ 33.74999859375, 524.3805396739172, 369.12470997605305, 529.3931772852156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 3 - VARIABLE INTEREST ENTITIES", "box": [ 33.74999859375, 545.3805387989178, 233.48006052410236, 550.3931764102144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has evaluated its loans, investments in unconsolidated entities, liabilities to subsidiary trusts issuing preferred ", "box": [ 70.04296583154297, 566.3805379239184, 580.7493507833593, 571.393175535215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securities (consisting of unsecured junior subordinated notes), securitizations, guarantees and other financial contracts in order to ", "box": [ 33.74999859375, 578.3805374239182, 580.7493507833593, 583.3931750352149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determine if they are variable interests in variable interest entities (\"VIEs\"). The Company regularly monitors these legal interests and ", "box": [ 33.74999859375, 590.380536923918, 580.7493507833593, 595.3931745352147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "contracts and, to the extent it has determined that it has a variable interest, analyzes the related entity for potential consolidation.", "box": [ 33.74999859375, 602.3805364239179, 547.0535504123511, 607.3931740352145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Consolidated VIE (the Company is the primary beneficiary)", "box": [ 33.74999859375, 623.3805355489185, 290.0673846443578, 628.3931731602152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Based on management's analysis, the Company was the primary beneficiary of one VIE, ACRES Commercial Realty 2026-", "box": [ 70.04296583154297, 644.3805346739173, 578.2493492617756, 649.3931722852158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "FL4 Issuer, LLC (\"ACR 2026-FL4\"), at June 30, 2026 (the \"Consolidated VIE\"). At December 31, 2025, the Company was not the ", "box": [ 33.74999859375, 656.3805341739171, 580.7493507833593, 661.3931717852156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "primary beneficiary of any VIEs.", "box": [ 33.74999859375, 668.380533673917, 166.16299555779156, 673.3931712852154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Consolidated VIE is a CRE securitization that was formed on behalf of the Company to invest in CRE whole loans that ", "box": [ 70.04296583154297, 689.3805327989176, 580.7493507833593, 694.3931704102142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were financed by the issuance of debt securities. By financing these assets with long-term borrowings through the issuance of debt ", "box": [ 33.74999859375, 701.3805322989174, 580.7493507833593, 706.3931699102159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securities, the Company seeks to generate attractive risk-adjusted equity returns and to match the term of its assets and liabilities. The ", "box": [ 33.74999859375, 713.3805317989172, 580.7493507833593, 718.3931694102157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "primary beneficiary determination for the VIE was made at the VIE's inception and is continually assessed. The Consolidated VIE is ", "box": [ 33.74999859375, 725.380531298917, 580.7493507833593, 730.3931689102155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accounted for as a secured borrowing in accordance with GAAP.", "box": [ 33.74999859375, 737.3805307989187, 293.5870699234549, 742.3931684102154 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 16, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 38.380559923918554, 578.2459236369182, 43.39319753521522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "11", "box": [ 300.99608495849594, 56.3805591739183, 310.9935794794336, 61.39319678521679 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 17, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521463 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521611 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391728, 335.0195794033502, 133.39319378521577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391893, 330.99423636407215, 145.3931932852156 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517391876, 36.249373470859375, 157.39319278521543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 722.380531423918, 578.2459236369182, 727.3931690352147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has exposure to losses on its securitization to the extent of its investments in the subordinated debt and ", "box": [ 70.04296583154297, 173.38055429891756, 580.7493507833593, 178.39319191021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "preferred equity of the securitization. The Company is entitled to receive payments of principal and interest on the debt securities it ", "box": [ 33.74999859375, 185.3805537989174, 580.7493507833593, 190.39319141021588 ], "from_ocr": false, "confidence": 1.0 }, { "text": "holds and, to the extent revenues exceed debt service requirements and other expenses of the securitization, distributions with respect to ", "box": [ 33.74999859375, 197.38055329891722, 580.7493507833593, 202.3931909102157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "its preferred equity interests. As a result of consolidation, the debt and equity interests the Company holds in its securitization have ", "box": [ 33.74999859375, 209.38055279891887, 580.7493507833593, 214.39319041021554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "been eliminated; and the Company's consolidated balance sheets reflect the assets held, debt issued by the securitization to third parties ", "box": [ 33.74999859375, 221.3805522989187, 580.7493507833593, 226.39318991021537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and any accrued payables to third parties. The Company's operating results and cash flows include the gross amounts related to the ", "box": [ 33.74999859375, 233.38055179891853, 580.7493507833593, 238.3931894102152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securitization's assets and liabilities as opposed to the Company's net economic interests in the securitization. Assets and liabilities ", "box": [ 33.74999859375, 245.38055129891836, 580.7493507833593, 250.39318891021503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "related to the securitization are disclosed, in the aggregate, on the Company's consolidated balance sheets. For a discussion of the debt ", "box": [ 33.74999859375, 257.3805507989182, 580.7493507833593, 262.39318841021486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "issued through the securitization, see Note 10.", "box": [ 33.74999859375, 269.380550298918, 218.10306814362184, 274.3931879102147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Creditors of the Company's Consolidated VIE have no recourse to the general credit of the Company. During the six months ", "box": [ 70.04296583154297, 290.38054942391864, 580.7493507833593, 295.3931870352153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026 and 2025, the Company did not provide any financial support to its Consolidated VIE nor does it have any ", "box": [ 33.74999859375, 302.38054892391847, 580.7493507833593, 307.39318653521514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "requirement to do so, although it may choose to do so in the future to maximize future cash flows on such investments by the Company. ", "box": [ 33.74999859375, 314.3805484239183, 580.7493507833593, 319.39318603521497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There are no explicit arrangements that obligate the Company to provide financial support to its Consolidated VIE.", "box": [ 33.74999859375, 326.38054792391813, 493.7856997818449, 331.3931855352148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CS-ACRES FSU Student Venture, LLC", "box": [ 33.74999859375, 347.38054704891874, 204.00504085070207, 352.3931846602154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In April 2022, the Company contributed an initial investment of $13.0 million for a 72.1% interest in CS-ACRES FSU Student ", "box": [ 70.04296583154297, 368.38054617391754, 580.7493507833593, 373.393183785216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Venture, LLC (the \"FSU Student Venture\"). The FSU Student Venture, a joint venture between the Company and two unrelated third ", "box": [ 33.74999859375, 380.38054567391737, 580.7493507833593, 385.39318328521585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "parties, was formed for the purpose of developing a student housing project. The FSU Student Venture was determined not to be a VIE ", "box": [ 33.74999859375, 392.3805451739172, 580.7493507833593, 397.3931827852157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "as there was sufficient equity at risk, it does not have disproportionate voting rights and its members all have the following ", "box": [ 33.74999859375, 404.38054467391885, 580.7493507833593, 409.3931822852155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "characteristics: (1) the power to direct activities, (2) the obligation to absorb losses and (3) the right to receive residual returns. ", "box": [ 33.74999859375, 416.3805441739187, 580.7493507833593, 421.39318178521535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "However, the Company consolidated the FSU Student Venture due to its 72.1% interest that provides the Company with control over ", "box": [ 33.74999859375, 428.3805436739185, 580.7610732828708, 433.3931812852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "all major decisions of the joint venture. The portion of the joint venture that the Company does not own is presented as non-controlling ", "box": [ 33.74999859375, 440.38054317391834, 580.7493507833593, 445.393180785215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest at and for the periods presented in the Company's consolidated financial statements.", "box": [ 33.74999859375, 452.38054267391817, 402.7148572514635, 457.39318028521484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In September 2025, the Company distributed one of the underlying properties held by FSU Student Venture to a newly formed ", "box": [ 70.04296583154297, 473.3805417989188, 580.7493507833593, 478.39317941021545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "joint venture, CS-ACRES Osceola Student Joint Venture, LLC (the \"FSU Osceola Student Venture\"). See additional details below. ", "box": [ 33.74999859375, 485.3805412989186, 580.7493507833593, 490.3931789102153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subsequent to this distribution, the Company sold its interest in the FSU Student Venture for $106.8 million, which resulted in a gain ", "box": [ 33.74999859375, 497.38054079891845, 580.7493507833593, 502.3931784102151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on the sale of investment in real estate.", "box": [ 33.74999859375, 509.3805402989183, 189.21384424733952, 514.393177910215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As part of the transaction, the Company provided seller financing in the form of a $90.0 million CRE whole loan commitment ", "box": [ 70.04296583154297, 530.3805394239189, 580.7493507833593, 535.3931770352156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and a $9.3 million preferred equity loan (the \"FSU Preferred Equity Loan\") to the new FSU Student Venture partners. The Company ", "box": [ 33.74999859375, 542.3805389239187, 580.7493507833593, 547.3931765352154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determined that although its investment in the FSU Preferred Equity Loan represented a variable interest, it did not provide the ", "box": [ 33.74999859375, 554.3805384239186, 580.7493507833593, 559.3931760352152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company with a controlling financial interest. The Company accounts for its investment in the FSU Preferred Equity Loan as a CRE ", "box": [ 33.74999859375, 566.3805379239184, 580.7493507833593, 571.393175535215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan on its consolidated financial statements.", "box": [ 33.74999859375, 578.3805374239182, 213.1043347769024, 583.3931750352149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CS-ACRES Osceola Student Joint Venture, LLC", "box": [ 33.74999859375, 599.3805365489188, 242.59885401762645, 604.3931741602155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In September 2025, the FSU Student Venture distributed one of its underlying properties to the FSU Osceola Student Venture ", "box": [ 70.04296583154297, 620.3805356739176, 580.7493507833593, 625.3931732852161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "at a carrying value of $27.0 million. The FSU Osceola Student Venture, a joint venture between the Company and two unrelated third ", "box": [ 33.74999859375, 632.3805351739175, 580.7493507833593, 637.3931727852159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "parties, was formed for the purpose of operating a student housing project. The FSU Osceola Student Venture was determined not to be ", "box": [ 33.74999859375, 644.3805346739173, 580.7493507833593, 649.3931722852158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a VIE as there was sufficient equity at risk, it does not have disproportionate voting rights and its members all have the following ", "box": [ 33.74999859375, 656.3805341739189, 580.7493507833593, 661.3931717852156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "characteristics: (1) the power to direct activities, (2) the obligation to absorb losses and (3) the right to receive residual returns. The ", "box": [ 33.74999859375, 668.3805336739188, 580.7493507833593, 673.3931712852154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company applied the voting interest model and consolidated the FSU Osceola Student Venture based on its 72.1% controlling ", "box": [ 33.74999859375, 680.3805331739186, 580.7610732828708, 685.3931707852153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ownership interest and control over the major decisions of the joint venture. The portion of the joint venture that the Company does not ", "box": [ 33.74999859375, 692.3805326739184, 580.7493507833593, 697.3931702852151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "own is presented as non-controlling interest at and for the periods presented in the Company's consolidated financial statements.", "box": [ 33.74999859375, 704.3805321739183, 547.9273756759416, 709.3931697852149 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 18, "width": 612.0, "height": 792.0, "cells": [ { "text": "12", "box": [ 300.99608495849594, 38.380559923916735, 310.9935794794336, 43.39319753521522 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 19, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521611 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.3805561739191, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391893, 330.99423636407215, 145.39319328521742 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517391876, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES SPE 2025-1, LLC", "box": [ 33.74999859375, 173.38055429891756, 144.84999519049572, 178.39319191021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES SPE 2025-1, LLC (\"SPE 2025-1\") was formed in March 2025, to acquire and finance purchased assets. Subsequently, ", "box": [ 70.04296583154297, 194.38055342391817, 580.7493507833593, 199.39319103521666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SPE 2025-1 entered into a master repurchase agreement with JPMorgan Chase (\"JPMorgan Chase 2025 Facility\") to finance existing ", "box": [ 33.74999859375, 206.380552923918, 580.7493507833593, 211.3931905352165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "vintage CRE loans and to potentially finance the origination of new CRE loans held by the Company. In the quarter ended December ", "box": [ 33.74999859375, 218.38055242391783, 580.7493507833593, 223.39319003521632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31, 2025, ACRES Mortgage Fund Levered II, LLC (\"AMF Levered II, LLC\"), a wholly owned subsidiary of ACRES Mortgage Fund, ", "box": [ 33.74999859375, 230.38055192391766, 580.7493507833593, 235.39318953521615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ltd., a separate investment fund managed by the Company's Manager in which the Company has no interest, purchased a $125.0 ", "box": [ 33.74999859375, 242.3805514239175, 580.7376357838474, 247.3931890352178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, or 43.2%, non-controlling interest in SPE 2025-1 (See Note 17). SPE 2025-1 was determined not to be a VIE as there was ", "box": [ 33.74999859375, 254.38055092391915, 580.7493507833593, 259.39318853521763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sufficient equity at risk, it does not have disproportionate voting rights and its members all have the following characteristics: (1) the ", "box": [ 33.74999859375, 266.380550423919, 580.7493507833593, 271.39318803521746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "power to direct activities, (2) the obligation to absorb losses and (3) the right to receive residual returns. The Company applied the ", "box": [ 33.74999859375, 278.3805499239188, 580.7493507833593, 283.3931875352173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "voting interest model and consolidated SPE 2025-1 based on its 56.8% controlling ownership interest and control over all major ", "box": [ 33.74999859375, 290.38054942391864, 580.7610732828708, 295.3931870352171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decisions. AMF Levered II, LLC assumed its proportionate share of risk in the underlying assets and the liabilities, including the ", "box": [ 33.74999859375, 302.38054892391847, 580.7610732828708, 307.39318653521696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JPMorgan Chase 2025 Facility. The portion of SPE 2025-1 that the Company does not own is presented as non-controlling interest at ", "box": [ 33.74999859375, 314.3805484239183, 580.7493507833593, 319.3931860352168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and for the periods presented in the Company's consolidated financial statements.", "box": [ 33.74999859375, 326.38054792391813, 361.07493616146024, 331.3931855352166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investments in Unconsolidated Entities (the Company is not the primary beneficiary, but has a variable interest)", "box": [ 33.74999859375, 347.38054704891874, 512.5113827258573, 352.39318466021723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Based on management's analysis, the Company is not the primary beneficiary of the VIEs discussed below since it does not ", "box": [ 70.04296583154297, 368.38054617391754, 580.7493507833593, 373.393183785216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "have both (i) the power to direct the activities that most significantly impact the VIEs' economic performance and (ii) the obligation to ", "box": [ 33.74999859375, 380.3805456739192, 580.7493507833593, 385.3931832852177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "absorb the losses of the VIEs or the right to receive the benefits from the VIEs, which could be significant to the VIEs. Accordingly, the ", "box": [ 33.74999859375, 392.380545173919, 580.7493507833593, 397.3931827852175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "following VIEs are not consolidated in the Company's financial statements at June 30, 2026 and December 31, 2025. The Company ", "box": [ 33.74999859375, 404.38054467391885, 580.7493507833593, 409.39318228521734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "continuously reassesses whether it is deemed to be the primary beneficiary of its unconsolidated VIEs. The Company's maximum ", "box": [ 33.74999859375, 416.3805441739187, 580.7493507833593, 421.39318178521717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "exposure to risk for each of these unconsolidated VIEs is set forth in the \"Maximum Exposure to Loss\" column in the table below.", "box": [ 33.74999859375, 428.3805436739185, 555.2839122194193, 433.393181285217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured Junior Subordinated Debentures", "box": [ 33.74999859375, 449.3805427989191, 216.23344236068587, 454.3931804102176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has a 100% interest in the common shares of both Resource Capital Trust I (\"RCT I\") and RCC Trust II (\"RCT ", "box": [ 70.04296583154297, 470.3805419239179, 580.7610732828708, 475.3931795352164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "II\"), with a value of $1.5 million in the aggregate, or 3.0% of each trust, at June 30, 2026 and December 31, 2025. RCT I and RCT II ", "box": [ 33.74999859375, 482.38054142391775, 580.7493507833593, 487.39317903521624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were formed for the purposes of providing debt financing to the Company. The Company completed a qualitative analysis to determine ", "box": [ 33.74999859375, 494.3805409239176, 580.7493507833593, 499.39317853521607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "whether it is the primary beneficiary of each of the trusts and determined that it was not the primary beneficiary of either trust because ", "box": [ 33.74999859375, 506.3805404239174, 580.7493507833593, 511.3931780352177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "it does not have the power to direct the activities most significant to the trusts, which include the collection of principal and interest ", "box": [ 33.74999859375, 518.3805399239191, 580.7493507833593, 523.3931775352175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through servicing rights. Accordingly, neither trust is consolidated into the Company's consolidated financial statements.", "box": [ 33.74999859375, 530.3805394239189, 518.5255367760183, 535.3931770352174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company records its investments in RCT I and RCT II's common shares of $774,000 each as investments in ", "box": [ 70.04296583154297, 551.3805385489177, 580.7610732828708, 556.3931761602162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unconsolidated entities using the cost method, recording dividend income when declared by RCT I and RCT II. The trusts each hold ", "box": [ 33.74999859375, 563.3805380489175, 580.7493507833593, 568.393175660216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subordinated debentures for which the Company is the obligor in the amount of $25.8 million for each of RCT I and RCT II. The ", "box": [ 33.74999859375, 575.3805375489192, 580.7493507833593, 580.3931751602177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "debentures were funded by the issuance of trust preferred securities of RCT I and RCT II.", "box": [ 33.74999859375, 587.380537048919, 392.4292974550285, 592.3931746602175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "65 E. Wacker Joint Venture, LLC", "box": [ 33.74999859375, 608.3805361739178, 172.88981221575818, 613.3931737852163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In March 2024, the Company contributed its interest in an East North Central office property to form a joint venture (the ", "box": [ 70.04296583154297, 629.3805352989184, 580.7493507833593, 634.3931729102169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\"Wacker JV\") with an unrelated third-party (the \"Wacker Managing Member\") for the purpose of converting the office property to ", "box": [ 33.74999859375, 641.3805347989182, 580.7493507833593, 646.3931724102167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "multifamily units. At the date of contribution, the office property had a fair value of $20.3 million. The Wacker Managing Member is ", "box": [ 33.74999859375, 653.3805342989181, 580.7493507833593, 658.3931719102166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "responsible for the day-to-day operations of the Wacker JV, but the Company and the Wacker Managing Member must each approve ", "box": [ 33.74999859375, 665.3805337989179, 580.7493507833593, 670.3931714102164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "all major decisions related to the operations, financing or disposition of the Wacker JV before any major decision can be taken. The ", "box": [ 33.74999859375, 677.3805332989177, 580.7493507833593, 682.3931709102162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company accounts for its investment in the Wacker JV as an equity method investment within investments in unconsolidated entities in ", "box": [ 33.74999859375, 689.3805327989176, 580.7493507833593, 694.393170410216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "its consolidated financial statements.", "box": [ 33.74999859375, 701.3805322989192, 180.89563786893146, 706.3931699102177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In September 2025, the Wacker JV completed a re-capitalization that included entering into a $62.4 million construction loan, ", "box": [ 70.04296583154297, 722.380531423918, 580.7493507833593, 727.3931690352165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an $10.9 million bridge loan and converting part of the Company's common equity into preferred equity. Also, in connection with the ", "box": [ 33.74999859375, 734.3805309239178, 580.7493507833593, 739.3931685352163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "re-capitalization, the Company entered into guarantees related to the construction loan and bridge loan. The guarantees include a ", "box": [ 33.74999859375, 746.3805304239177, 580.7493507833593, 751.3931680352161 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 20, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 68.38055867391813, 578.2459236369182, 73.39319628521662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "13", "box": [ 300.99608495849594, 86.38055792391788, 310.9935794794336, 91.39319553521636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guaranty of Completion, a Guaranty of Retail Space, a Guaranty of Recourse Obligations, a Guarantee of Interest and Carry Costs and ", "box": [ 33.74999859375, 38.380559923916735, 580.7493507833593, 43.39319753521522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an Environmental Indemnity Agreement.", "box": [ 33.74999859375, 50.380559423918385, 198.10324850194763, 55.39319703521687 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 21, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391944, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391927, 468.20265477205453, 121.39319428521776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.3805561739191, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391893, 330.99423636407215, 145.39319328521742 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517391876, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7720 McCallum JV, LLC", "box": [ 33.74999859375, 173.38055429891938, 138.17687366213062, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In September 2024, the Company contributed $574,000 as well as its net interest in a multifamily unit property located in the ", "box": [ 70.04296583154297, 194.38055342391817, 580.7610732828708, 199.39319103521666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Southwest region to form a joint venture (the \"McCallum JV\") with an unrelated third-party (the \"McCallum Managing Member\"). The ", "box": [ 33.74999859375, 206.380552923918, 580.7493507833593, 211.3931905352165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "McCallum Managing Member is responsible for the day-to-day operations of the McCallum JV. The Company determined the ", "box": [ 33.74999859375, 218.38055242391783, 580.7493507833593, 223.39319003521632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "McCallum JV to be a VIE for which it was not the primary beneficiary because it did not have the power to direct the activities most ", "box": [ 33.74999859375, 230.38055192391766, 580.7493507833593, 235.39318953521797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "significant to the McCallum JV, as the Company does not have unilateral kick-out rights or substantive participating rights. The ", "box": [ 33.74999859375, 242.38055142391931, 580.7493507833593, 247.3931890352178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company accounts for its investment in the McCallum JV as an equity method investment within investments in unconsolidated ", "box": [ 33.74999859375, 254.38055092391915, 580.7493507833593, 259.39318853521763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "entities in its consolidated financial statements.", "box": [ 33.74999859375, 266.380550423919, 222.54530948352846, 271.39318803521746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Upon formation of the McCallum JV, the McCallum JV took ownership of the multifamily property subject to a related CRE ", "box": [ 70.04296583154297, 287.38054954891777, 580.7493507833593, 292.39318716021626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan payable to the Company which was novated to allow the McCallum JV to replace the original obligor who was experiencing ", "box": [ 33.74999859375, 299.3805490489194, 580.7493507833593, 304.3931866602179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial difficulty. The $33.7 million CRE loan has an initial maturity date of September 5, 2027 and bears interest at a rate of one-", "box": [ 33.74999859375, 311.38054854891925, 578.2484528618128, 316.39318616021774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "month Term Secured Overnight Financing Rate (\"Term SOFR\") and a spread of 2.75%. There were no other changes to the terms of ", "box": [ 33.74999859375, 323.3805480489191, 580.7493507833593, 328.39318566021757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the loan. The McCallum JV also entered into a $1.5 million mezzanine loan commitment with the Company, which was fully funded at ", "box": [ 33.74999859375, 335.3805475489189, 580.7401491837422, 340.3931851602174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026.", "box": [ 33.74999859375, 347.38054704891874, 92.06542264519058, 352.39318466021723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pacmulti Affiliates, LLC", "box": [ 33.74999859375, 368.38054617391936, 135.10633231506984, 373.39318378521784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In March 2025, the Company contributed $200,000 as well as its net interest in a multifamily unit property located in the Mid-", "box": [ 70.04296583154297, 389.38054529891815, 578.2388506872128, 394.39318291021664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Atlantic region to form a joint venture (the \"Pacmulti JV\") with an unrelated third-party (the \"Pacmulti Managing Member\"). The ", "box": [ 33.74999859375, 401.380544798918, 580.7493507833593, 406.39318241021647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pacmulti Managing Member is responsible for the day-to-day operations of the Pacmulti JV. The Company determined the Pacmulti JV ", "box": [ 33.74999859375, 413.3805442989178, 580.7493507833593, 418.3931819102163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to be a VIE for which it was not the primary beneficiary because it did not have the power to direct the activities most significant to the ", "box": [ 33.74999859375, 425.38054379891946, 580.7493507833593, 430.39318141021795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pacmulti JV, as the Company does not have unilateral kick-out rights or substantive participating rights. The Company accounts for its ", "box": [ 33.74999859375, 437.3805432989193, 580.7493507833593, 442.3931809102178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment in the Pacmulti JV as an equity method investment within investments in unconsolidated entities in its consolidated ", "box": [ 33.74999859375, 449.3805427989191, 580.7493507833593, 454.3931804102176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial statements.", "box": [ 33.74999859375, 461.38054229891895, 115.92174085117725, 466.39317991021744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Upon formation of the Pacmulti JV, the Pacmulti JV took ownership of the multifamily property subject to a related CRE loan ", "box": [ 70.04296583154297, 482.38054142391775, 580.7493507833593, 487.39317903521624 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payable to the Company which was novated to allow the Pacmulti JV to replace the original obligor who was experiencing financial ", "box": [ 33.74999859375, 494.3805409239194, 580.7493507833593, 499.3931785352179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "difficulty. The $70.8 million CRE loan has an initial maturity date of May 5, 2030 and bears interest at a rate of one-month Term SOFR ", "box": [ 33.74999859375, 506.38054042391923, 580.7493507833593, 511.3931780352177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and a spread of 3.41%. There were no other changes to the terms of the loan. The Pacmulti JV also entered into a $13.5 million ", "box": [ 33.74999859375, 518.3805399239191, 580.7376357838474, 523.3931775352175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mezzanine loan commitment with the Company, which was fully funded at June 30, 2026.", "box": [ 33.74999859375, 530.3805394239189, 395.24607721266267, 535.3931770352174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table shows the classification, carrying value and maximum exposure to loss with respect to the Company's ", "box": [ 70.04296583154297, 551.3805385489177, 580.7493507833593, 556.393176160218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unconsolidated VIEs at June 30, 2026 (in thousands):", "box": [ 33.74999859375, 563.3805380489193, 247.5562561342431, 568.3931756602178 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 573.7704838828959, 71.16796578466796, 576.0267348876532 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 114.70312022070311, 614.9564099830313, 116.70187009992188, 618.9650158596087 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 198.374991734375, 614.9564099830313, 200.37374161359375, 618.9650158596087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured ", "box": [ 212.21483865771467, 589.4564110455321, 250.6354620193553, 593.4650169221095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Junior ", "box": [ 219.09374087109376, 597.7064107017814, 243.75655230597656, 601.7150165783587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Subordinated ", "box": [ 207.09374137109376, 605.9564103580324, 255.75655180597656, 609.9650162346097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Debentures", "box": [ 210.89061621289062, 614.2064100142816, 249.97160028034213, 618.2150158908589 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 255.98436433398436, 614.2064100142816, 257.98311421320307, 618.2150158908589 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 262.98046154248027, 614.9564099830313, 264.979211421699, 618.9650158596087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "65 E ", "box": [ 281.74217576074216, 581.2064113892811, 299.06905000128904, 585.2150172658585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Wacker ", "box": [ 275.85936350585933, 589.4564110455321, 304.95186225617186, 593.4650169221095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Joint ", "box": [ 280.7460858022459, 597.7064107017814, 300.0768624592969, 601.7150165783587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Venture, ", "box": [ 274.4179610659178, 605.9564103580324, 306.3932721961131, 609.9650162346097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LLC", "box": [ 281.1913982836912, 614.2064100142816, 297.6303144605611, 618.2150158908589 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 312.2577994892578, 614.2064100142816, 314.25654936847656, 618.2150158908589 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 319.25389669775376, 614.9564099830313, 321.2526465769725, 618.9650158596087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7720 ", "box": [ 334.96873604296877, 589.4564110455321, 352.96358275568343, 593.4650169221095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "McCallu", "box": [ 328.0898338295897, 597.7064107017814, 357.84462776468365, 601.7150165783587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "m JV, ", "box": [ 332.75389613525374, 605.9564103580324, 355.19014516290997, 609.9650162346097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LLC", "box": [ 334.7460835522459, 614.2064100142816, 351.1849997291158, 618.2150158908589 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 363.1054573706053, 614.2064100142816, 365.104207249824, 618.2150158908589 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 370.1015470791016, 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AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391728, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521742 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517391695, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 471.1305418926677, 578.2459236369182, 476.143179503968 ], "from_ocr": false, "confidence": 1.0 }, { "text": "16", "box": [ 300.99608495849594, 489.13054114266924, 310.9935794794336, 494.1431787539659 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 164.2910087345408, 35.9999985, 168.80351074405553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 174.70642832678277, 43.07227342132069, 178.71503420336012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts include unamortized loan origination fees of $8.5 million and $6.6 million and deferred amendment fees of $434,000 and $852,000 at June 30, 2026 and ", "box": [ 51.890622837890625, 174.70642832678277, 580.2487257854687, 178.71503420336012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025, respectively.", "box": [ 51.890622837890625, 182.95642798303015, 159.33886972338024, 186.9650338596075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 191.20642763928117, 43.07227342132069, 195.21503351585852 ], "from_ocr": false, "confidence": 1.0 }, { "text": "References to (\"1M Term SOFR\") are one-month Term SOFR. Weighted-average one-month Term SOFR was 3.64% and 3.83% at June 30, 2026 and December ", "box": [ 51.890622837890625, 191.20642763928117, 580.2370107859568, 195.21503351585852 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31, 2025, respectively. Additionally, the weighted-average benchmark rate floor was 2.22% and 1.78% at June 30, 2026 and December 31, 2025, respectively.", "box": [ 51.890622837890625, 199.4564272955322, 559.2190527617053, 203.46503317210954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 207.70642695177958, 43.07227342132069, 211.71503282835693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms that may be available to the borrowers.", "box": [ 51.890622837890625, 207.70642695177958, 484.5919155961696, 211.71503282835693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 33.74999859375, 215.9564266080306, 43.07227342132069, 219.96503248460795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity dates exclude four and two whole loans, with total amortized costs of $108.4 million and $37.9 million, in maturity default at June 30, 2026 and December ", "box": [ 51.890622837890625, 215.9564266080306, 580.2370107859568, 219.96503248460795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31, 2025, respectively.", "box": [ 51.890622837890625, 224.20642626428162, 124.49351132527013, 228.21503214085897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 33.74999859375, 232.45642592053264, 43.07227342132069, 236.46503179711 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Substantially all loans are pledged as collateral under various borrowings at June 30, 2026 and December 31, 2025.", "box": [ 51.890622837890625, 232.45642592053264, 420.89350865026995, 236.46503179711 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 33.74999859375, 240.70642557678002, 43.07227342132069, 244.71503145335737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE whole loans had $81.4 million and $88.6 million in unfunded loan commitments at June 30, 2026 and December 31, 2025, respectively. These unfunded loan ", "box": [ 51.890622837890625, 240.70642557678002, 580.2604482849803, 244.71503145335737 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreements, and any ", "box": [ 51.890622837890625, 248.95642523303104, 580.2487257854687, 252.9650311096084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "necessary approvals have been obtained.", "box": [ 51.890622837890625, 257.20642488928206, 181.75449161439596, 261.2150307658594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 33.74999859375, 265.45642454552944, 43.07227342132069, 269.4650304221068 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes four mezzanine loans, with total amortized costs of $21.2 million and $17.8 million, with three having fixed interest rates of 15.0% and one having a fixed ", "box": [ 51.890622837890625, 265.45642454552944, 580.2604482849803, 269.4650304221068 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest rate of 20.0% at June 30, 2026. and December 31, 2025, respectively. Because the Company is also the first mortgage lender on these loans, it considers the ", "box": [ 51.890622837890625, 273.70642420178046, 580.2604482849803, 277.7150300783578 ], "from_ocr": false, "confidence": 1.0 }, { "text": "first mortgage and mezzanine loans together as one whole loan.", "box": [ 51.890622837890625, 281.9564238580315, 255.24747357718815, 285.96502973460883 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 33.74999859375, 290.2064235142825, 43.07227342132069, 294.21502939085985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company had one preferred equity investment associated with a CRE whole loan at June 30, 2026 and December 31, 2025, respectively. 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"Property Type", "box": [ 55.67577893017578, 363.706420451781, 105.63274042375849, 367.71502632835836 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 128.27343215527344, 363.706420451781, 130.2721820344922, 367.71502632835836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Carrying Value", "box": [ 153.42186860742186, 363.706420451781, 206.9390983276601, 367.71502632835836 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 223.82811567382814, 363.706420451781, 225.82686555304687, 367.71502632835836 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 230.44921289794905, 364.4564204205308, 232.4479627771678, 368.4650262971081 ], "from_ocr": false, "confidence": 1.0 }, { "text": "% of Loan Portfolio", "box": [ 255.28123936328126, 363.706420451781, 323.89835032923463, 367.71502632835836 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 347.33202052783184, 363.706420451781, 349.3307704070506, 367.71502632835836 ], 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"cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521463 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. 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288.8805494864173, 578.1756314273471, 293.8931870977176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following is a summary of the contractual maturities of the Company's CRE loans held for investment, at amortized cost ", "box": [ 70.04296583154297, 312.1305485176672, 580.7493507833593, 317.1431861289675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands, except amounts in the footnotes):", "box": [ 33.74999859375, 324.130548017667, 225.61094054863133, 329.14318562896733 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 336.13054751766686, 72.54234070865235, 341.14318512896716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Description", "box": [ 149.6367125151367, 357.7064207017793, 189.1627233930967, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 307.9452996689453, 357.7064207017793, 309.94404954816406, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 332.2968611542969, 357.7064207017793, 348.2868302630481, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 369.80858209130844, 357.7064207017793, 371.8073319705272, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 376.0546718310547, 358.45642067052904, 378.0534217102734, 362.4650265471064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 400.40623331640626, 357.7064207017793, 416.3962024251574, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 437.9179542534178, 357.7064207017793, 439.9167041326366, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 444.16404399316406, 358.45642067052904, 446.16279387238285, 362.4650265471064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2028 and ", "box": [ 461.0624807890625, 349.4564210455319, 493.95185438117187, 353.46502692210925 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Thereafter", "box": [ 458.074203413574, 357.7064207017793, 494.91829617852653, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.0156039160156, 357.7064207017793, 508.0143537952344, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 512.2617011557616, 358.45642067052904, 514.2604510349803, 362.4650265471064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 535.488262687988, 357.7064207017793, 553.6994887673621, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1484135771484, 357.7064207017793, 576.1471634563671, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026:", "box": [ 33.74999859375, 368.38054617391754, 108.17464279822246, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.77733475927715, 368.38054617391754, 308.27670963638656, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 365.2382697817381, 368.38054617391754, 367.7376446588475, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 370.66404705566407, 368.38054617391754, 376.3860817984959, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 433.34764194384746, 368.38054617391754, 435.84701682095687, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 438.77341921777344, 368.38054617391754, 444.4954539606053, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.4452916064453, 368.38054617391754, 503.94466648355467, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.87107638037094, 368.38054617391754, 512.5931036232031, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.5429487690427, 368.38054617391754, 572.0423236461521, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 368.38054617391754, 577.5266984176365, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Whole loans ", "box": [ 36.234373490234375, 381.13054564266713, 88.98479904854989, 386.14318325396744 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 305.77733475927715, 381.13054564266713, 317.8424867190625, 386.14318325396744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "328,985 $", "box": [ 335.24998603125, 381.13054564266713, 385.95185888117186, 386.14318325396744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "514,584 $", "box": [ 403.35935819335936, 381.13054564266713, 454.0612310432813, 386.14318325396744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,166,956 $", "box": [ 463.95701566845685, 381.13054564266713, 522.1588882058787, 386.14318325396744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,010,525 ", "box": [ 532.0546653310546, 381.13054564266713, 575.264976011875, 386.14318325396744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred equity investment", "box": [ 36.234373490234375, 393.8805451114167, 147.28067876239243, 398.89318272271703 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.77733475927715, 394.6305450801665, 308.27670963638656, 399.6431826914668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 312.84373696484374, 393.8805451114167, 315.34311184195315, 398.89318272271703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 357.7382700942381, 393.8805451114167, 383.4524840040625, 398.89318272271703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 425.84764225634746, 393.8805451114167, 451.5618561661719, 398.89318272271703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,928 ", "box": [ 481.4531049394531, 393.8805451114167, 512.5931036232031, 399.6431826914668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 517.1601384516599, 393.8805451114167, 519.6595133287693, 398.89318272271703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,928 ", "box": [ 549.5507621020505, 393.8805451114167, 575.264976011875, 398.89318272271703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total CRE loans", "box": [ 38.77734213427734, 407.3805445489161, 105.42074125288192, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.77733475927715, 409.630544455169, 308.27670963638656, 414.64318206646567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.84373696484374, 407.3805445489161, 317.8424867190625, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "328,985 ", "box": [ 335.24998603125, 407.3805445489161, 376.3860817984959, 414.64318206646567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 380.9531091269531, 407.3805445489161, 385.95185888117186, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "514,584 ", "box": [ 403.35935819335936, 407.3805445489161, 444.4954539606053, 414.64318206646567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 449.0624812890625, 407.3805445489161, 454.0612310432813, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,176,884 ", "box": [ 463.95701566845685, 407.3805445489161, 512.5931036232031, 414.64318206646567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 517.1601384516599, 407.3805445489161, 522.1588882058787, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,020,453 ", "box": [ 532.0546653310546, 407.3805445489161, 575.264976011875, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 422.3805439239186, 41.248106762578814, 427.39318153521526 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.77733475927715, 422.3805439239186, 308.27670963638656, 427.39318153521526 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 365.2382697817381, 422.3805439239186, 367.7376446588475, 427.39318153521526 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 370.66404705566407, 422.3805439239186, 376.3860817984959, 427.39318153521526 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 433.34764194384746, 422.3805439239186, 435.84701682095687, 427.39318153521526 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 438.77341921777344, 422.3805439239186, 444.4954539606053, 427.39318153521526 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.4452916064453, 422.3805439239186, 503.94466648355467, 427.39318153521526 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.87107638037094, 422.3805439239186, 512.5931036232031, 427.39318153521526 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.5429487690427, 422.3805439239186, 572.0423236461521, 427.39318153521526 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 422.3805439239186, 577.5266984176365, 427.39318153521526 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Description", "box": [ 149.6367125151367, 442.4564171705315, 189.1627233930967, 446.46502304710884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 307.9452996689453, 442.4564171705315, 309.94404954816406, 446.46502304710884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 332.2968611542969, 442.4564171705315, 348.2868302630481, 446.46502304710884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 369.80858209130844, 442.4564171705315, 371.8073319705272, 446.46502304710884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 376.0546718310547, 443.20641713928126, 378.0534217102734, 447.2150230158586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 400.40623331640626, 442.4564171705315, 416.3962024251574, 446.46502304710884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 437.9179542534178, 442.4564171705315, 439.9167041326366, 446.46502304710884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 444.16404399316406, 443.20641713928126, 446.16279387238285, 447.2150230158586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2028 and ", "box": [ 461.0624807890625, 434.2064175142805, 493.95185438117187, 438.2150233908578 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Thereafter", "box": [ 458.074203413574, 442.4564171705315, 494.91829617852653, 446.46502304710884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.0156039160156, 442.4564171705315, 508.0143537952344, 446.46502304710884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 512.2617011557616, 443.20641713928126, 514.2604510349803, 447.2150230158586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 535.488262687988, 442.4564171705315, 553.6994887673621, 446.46502304710884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1484135771484, 442.4564171705315, 576.1471634563671, 446.46502304710884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At December 31, 2025:", "box": [ 33.74999859375, 453.1305426426661, 130.91310225078658, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.77733475927715, 453.1305426426661, 308.27670963638656, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 365.2382697817381, 453.1305426426661, 367.7376446588475, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 370.66404705566407, 453.1305426426661, 376.3860817984959, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 433.34764194384746, 453.1305426426661, 435.84701682095687, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 438.77341921777344, 453.1305426426661, 444.4954539606053, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.4452916064453, 453.1305426426661, 503.94466648355467, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.87107638037094, 453.1305426426661, 512.5931036232031, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.5429487690427, 453.1305426426661, 572.0423236461521, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 453.1305426426661, 577.5266984176365, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Whole loans ", "box": [ 36.234373490234375, 465.8805421114157, 88.98479904854989, 470.893179722716 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 305.77733475927715, 465.8805421114157, 317.8424867190625, 470.893179722716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "592,949 $", "box": [ 335.24998603125, 465.8805421114157, 385.95185888117186, 470.893179722716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "498,541 $", "box": [ 403.35935819335936, 465.8805421114157, 454.0612310432813, 470.893179722716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "691,589 $", "box": [ 471.45701535595686, 465.8805421114157, 522.1588882058787, 470.893179722716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,783,079 ", "box": [ 532.0546653310546, 465.8805421114157, 575.264976011875, 470.893179722716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred equity investment", "box": [ 36.234373490234375, 478.63054158016894, 147.28067876239243, 483.6431791914656 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.77733475927715, 479.3805415489187, 308.27670963638656, 484.39317916021537 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 312.84373696484374, 478.63054158016894, 315.34311184195315, 483.6431791914656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 357.7382700942381, 478.63054158016894, 383.4524840040625, 483.6431791914656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 425.84764225634746, 478.63054158016894, 451.5618561661719, 483.6431791914656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,425 ", "box": [ 481.4531049394531, 478.63054158016894, 512.5931036232031, 484.39317916021537 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 517.1601384516599, 478.63054158016894, 519.6595133287693, 483.6431791914656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,425 ", "box": [ 549.5507621020505, 478.63054158016894, 575.264976011875, 483.6431791914656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total CRE loans", "box": [ 38.77734213427734, 491.38054104891853, 105.42074125288192, 496.3931786602152 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.77733475927715, 493.6305409551678, 308.27670963638656, 498.6431785664645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.84373696484374, 491.38054104891853, 317.8424867190625, 496.3931786602152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "592,949 ", "box": [ 335.24998603125, 491.38054104891853, 376.3860817984959, 498.6431785664645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 380.9531091269531, 491.38054104891853, 385.95185888117186, 496.3931786602152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "498,541 ", "box": [ 403.35935819335936, 491.38054104891853, 444.4954539606053, 498.6431785664645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 449.0624812890625, 491.38054104891853, 454.0612310432813, 496.3931786602152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "701,014 ", "box": [ 471.45701535595686, 491.38054104891853, 512.5931036232031, 498.6431785664645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 517.1601384516599, 491.38054104891853, 522.1588882058787, 496.3931786602152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,792,504 ", "box": [ 532.0546653310546, 491.38054104891853, 575.264976011875, 496.3931786602152 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 503.4290707610271, 34.24874859171875, 504.42934207740836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 506.9564144830292, 43.07227342132069, 510.96502035960657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity dates exclude four and two whole loans with amortized costs of $108.4 million and $37.9 million, in maturity default at June 30, 2026 and December 31, ", "box": [ 51.890622837890625, 506.9564144830292, 580.2370107859568, 510.96502035960657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025, respectively.", "box": [ 51.890622837890625, 515.2064141392802, 112.50104197495637, 519.2150200158576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 523.4564137955313, 43.07227342132069, 527.4650196721086 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, the amortized costs of the floating-rate CRE whole loans, summarized by contractual maturity assuming full exercise of the extension options ", "box": [ 51.890622837890625, 523.4564137955313, 580.2604482849803, 527.4650196721086 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were $284.0 million, $236.6 million and $1.5 billion in 2026, 2027 and 2028 and thereafter, respectively. At December 31, 2025, the amortized costs of the CRE ", "box": [ 51.890622837890625, 531.7064134517786, 580.2604482849803, 535.715019328356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "whole loans, summarized by contractual maturity assuming full exercise of the extension options, were $397.1 million, $384.7 million and $1.0 billion in 2026, ", "box": [ 51.890622837890625, 539.9564131080297, 580.2604482849803, 543.965018984607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027 and 2028 and thereafter, respectively.", "box": [ 51.890622837890625, 548.2064127642807, 190.19448621272946, 552.215018640858 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026 and December 31, 2025, no single loan or investment represented more than 10% of the Company's total ", "box": [ 70.04296583154297, 566.3805379239166, 580.7493507833593, 571.3931755352169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets, and one investor group representing five CRE loans generated 11% and 14% of the Company's revenue, respectively.", "box": [ 33.74999859375, 578.3805374239164, 531.9522981915698, 583.3931750352167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 6 - FINANCING RECEIVABLES", "box": [ 33.74999859375, 602.380536423916, 209.8434802339599, 607.3931740352164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table shows the activity in the allowance for credit losses for the six months ended June 30, 2026 and the year ", "box": [ 70.04296583154297, 623.3805355489167, 580.7493507833593, 628.393173160217 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended December 31, 2025 (in thousands):", "box": [ 33.74999859375, 635.3805350489165, 200.885741003848, 640.3931726602168 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 647.3805345489163, 36.249373470859375, 652.3931721602166 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 211.57030368457032, 668.9564077330288, 213.56905356378908, 672.9650136096061 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 391.4062336914062, 668.9564077330288, 393.40498357062495, 672.9650136096061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended ", "box": [ 410.58983039208965, 659.9564081080316, 475.6823276424022, 663.965013984609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 418.92185754492186, 668.206407764279, 465.3419516607512, 672.2150136408563 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.4648273139647, 668.206407764279, 490.19013953791, 672.9650136096061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Year Ended ", "box": [ 515.0038885415037, 659.9564081080316, 558.1002892083203, 663.965013984609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 503.24997903125, 668.206407764279, 567.8540132644152, 672.2150136408563 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.5116985620115, 668.206407764279, 576.5104484412302, 672.2150136408563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for credit losses at beginning of period", "box": [ 33.74999859375, 678.1305332676675, 233.91939424085814, 683.1431708789642 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 391.4062336914062, 678.1305332676675, 393.9056085685156, 683.1431708789642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 401.53123326953124, 678.1305332676675, 406.52998302375, 683.1431708789642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,398 ", "box": [ 455.24998103125, 678.1305332676675, 490.6907645358006, 683.1431708789642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 498.31638923681624, 678.1305332676675, 503.315138991035, 683.1431708789642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32,847 ", "box": [ 545.2851372797849, 678.1305332676675, 575.2884135108984, 683.1431708789642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for (reversal of) credit losses", "box": [ 37.031248457031246, 690.1305327676673, 192.78305736278529, 695.143170378964 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 391.4062336914062, 690.1305327676673, 393.9056085685156, 695.143170378964 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 401.53123326953124, 690.1305327676673, 404.03060814664065, 695.143170378964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "716 ", "box": [ 467.7538905102537, 690.1305327676673, 490.6907645358006, 695.143170378964 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 498.31638923681624, 690.1305327676673, 500.81576411392564, 695.143170378964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7,749)", "box": [ 546.949199710449, 690.1305327676673, 576.1182840505699, 695.143170378964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Charge-offs", "box": [ 37.031248457031246, 702.1305322676671, 84.77802666299506, 707.1431698789675 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 391.4062336914062, 702.8805322364169, 393.9056085685156, 707.8931698477172 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 401.53123326953124, 702.1305322676671, 404.03060814664065, 707.1431698789675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 472.7460778022459, 702.1305322676671, 490.6907645358006, 707.8931698477172 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 498.31638923681624, 702.1305322676671, 500.81576411392564, 707.1431698789675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,700)", "box": [ 546.949199710449, 702.1305322676671, 576.1182840505699, 707.1431698789675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for credit losses at end of period", "box": [ 33.74999859375, 714.8805317364167, 208.36917860545054, 719.893169347717 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 391.4062336914062, 717.130531642666, 393.9056085685156, 722.1431692539663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 401.53123326953124, 714.8805317364167, 406.52998302375, 719.893169347717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,114 ", "box": [ 455.24998103125, 714.8805317364167, 490.6907645358006, 722.1431692539663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 498.31638923681624, 714.8805317364167, 503.315138991035, 719.893169347717 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,398 ", "box": [ 545.2851372797849, 714.8805317364167, 575.2884135108984, 719.893169347717 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 729.1305311426659, 36.249373470859375, 734.1431687539662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)(2)", "box": [ 88.99218379199218, 378.8155064944949, 104.61094599861215, 382.1735601860528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)(2)", "box": [ 88.99218379199218, 462.8155029944937, 104.61094599861215, 466.1735566860516 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 26, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 38.380559923916735, 578.2459236369182, 43.3931975352134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17", "box": [ 300.99608495849594, 56.38055917391466, 310.9935794794336, 61.39319678521497 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 27, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.3931952852181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667392109, 468.20265477205453, 121.39319428521776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617392092, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567392075, 330.99423636407215, 145.39319328521742 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517392058, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 163.0136650677632, 70.79296580029296, 164.51783240426812 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended June 30, 2026, the Company recorded a provision for expected credit losses of $1.7 million, ", "box": [ 70.04296583154297, 177.13055414267, 580.7493507833593, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "primarily attributable to a decline in macroeconomic factors. During the six months ended June 30, 2026, the Company recorded a net ", "box": [ 33.74999859375, 189.13055364266984, 580.7493507833593, 194.1431912539665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provision for expected credit losses of $716,000, primarily attributable to a decline in macroeconomic factors, offset by net ", "box": [ 33.74999859375, 201.13055314266967, 580.7610732828708, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "improvements in the modeled credit risk of the Company's loan portfolio and loan payoffs.", "box": [ 33.74999859375, 213.1305526426695, 397.0473313626105, 218.14319025396617 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition to the Company's general estimate of credit losses, the Company may also be required to individually evaluate ", "box": [ 70.04296583154297, 234.1305517676701, 580.7493507833593, 239.14318937896678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral-dependent loans for credit losses if it has determined that foreclosure or sale of the loan or the underlying collateral is ", "box": [ 33.74999859375, 246.13055126766994, 580.7493507833593, 251.1431888789666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "probable. At both June 30, 2026 and December 31, 2025, based on the Company's evaluation, no loans were identified for individual ", "box": [ 33.74999859375, 258.1305507676698, 580.7493507833593, 263.14318837896644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "evaluation.", "box": [ 33.74999859375, 270.1305502676696, 77.8893061858621, 275.1431878789663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit quality indicators", "box": [ 33.74999859375, 291.1305493926702, 133.7346132481372, 296.1431870039669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commercial Real Estate Loans", "box": [ 33.74999859375, 312.13054851767083, 158.43058476913836, 317.1431861289675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE loans are collateralized by a diversified mix of real estate properties and are assessed for credit quality based on the ", "box": [ 70.04296583154297, 333.1305476426678, 580.7493507833593, 338.1431852539681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collective evaluation of several factors, including but not limited to: collateral performance relative to underwritten plan, time since ", "box": [ 33.74999859375, 345.13054714266764, 580.7493507833593, 350.14318475396794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "origination, current implied and/or re-underwritten loan-to-collateral value (\"LTV\") ratios, loan structure and exit plan. Depending on ", "box": [ 33.74999859375, 357.1305466426711, 580.7493507833593, 362.1431842539678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the loan's performance against these various factors, loans are rated on a scale from 1 to 5, with loans rated 1 representing loans with ", "box": [ 33.74999859375, 369.13054614267094, 580.7493507833593, 374.1431837539676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the highest credit quality and loans rated 5 representing loans with the lowest credit quality. Loans are typically rated a 2 at origination. ", "box": [ 33.74999859375, 381.13054564267077, 580.7493507833593, 386.14318325396744 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The factors evaluated provide general criteria to monitor credit migration in the Company's loan portfolio; as such, a loan's rating may ", "box": [ 33.74999859375, 393.1305451426706, 580.7493507833593, 398.14318275396727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "improve or worsen, depending on new information received.", "box": [ 33.74999859375, 405.13054464267043, 276.11583370142307, 410.1431822539671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The criteria set forth below should be used as general guidelines and, therefore, not every loan will have all of the ", "box": [ 70.04296583154297, 426.13054376767104, 580.7493507833593, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "characteristics described in each category below.", "box": [ 33.74999859375, 438.1305432676709, 229.15990255792036, 443.14318087896754 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 450.0409968282911, 35.9999985, 454.5534988378058 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 463.0546681460546, 36.74999846875, 469.07133749207424 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 476.5546675835576, 36.74999846875, 482.5713369295736 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.19530882519531, 476.5546675835576, 91.19530870019531, 482.5713369295736 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 99.08202712158203, 476.5546675835576, 102.08202699658202, 482.5713369295736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Risk Rating", "box": [ 40.722654553222654, 488.9564152330313, 81.3729467094604, 492.96502110960864 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 488.9564152330313, 90.21749620343749, 492.96502110960864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Risk Characteristics", "box": [ 304.5820223090819, 488.9564152330313, 374.08142410909915, 492.96502110960864 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.902342337402345, 499.63054070516955, 36.40171721451172, 504.6431783164662 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 499.63054070516955, 90.71812120132813, 504.6431783164662 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 100.41796456591797, 499.63054070516955, 102.91733944302734, 504.6431783164662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 58.54687256054687, 511.6305402051694, 63.54562231476562, 516.643177816466 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 511.6305402051694, 90.71812120132813, 516.643177816466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Property performance has surpassed underwritten expectations.", "box": [ 100.47655831347654, 511.6305402051694, 359.6594624204382, 516.643177816466 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.902342337402345, 535.630539205169, 36.40171721451172, 540.6431768164693 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 535.630539205169, 90.71812120132813, 540.6431768164693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse ", "box": [ 100.47655831347654, 523.6305397051692, 578.7220108678318, 528.6431773164695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and high-quality tenant mix.", "box": [ 104.4374956484375, 535.630539205169, 217.71956540960105, 540.6431768164693 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.902342337402345, 547.6305387051689, 36.40171721451172, 552.6431763164692 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 547.6305387051689, 90.71812120132813, 552.6431763164692 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 100.41796456591797, 547.6305387051689, 102.91733944302734, 552.6431763164692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2", "box": [ 58.54687256054687, 559.6305382051687, 63.54562231476562, 564.643175816469 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 571.6305377051685, 90.71812120132813, 576.6431753164688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Property performance is consistent with underwritten expectations and covenants and performance criteria are being ", "box": [ 100.47655831347654, 559.6305382051687, 573.964198566074, 564.643175816469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "met or exceeded.", "box": [ 104.4374956484375, 571.6305377051685, 172.4380082213327, 576.6431753164688 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.902342337402345, 583.6305372051684, 36.40171721451172, 588.6431748164687 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 583.6305372051684, 90.71812120132813, 588.6431748164687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Occupancy is stabilized, near stabilized or is on track with underwriting.", "box": [ 100.41796456591797, 583.6305372051684, 396.25665897055495, 588.6431748164687 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.902342337402345, 595.6305367051682, 36.40171721451172, 600.6431743164685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 595.6305367051682, 90.71812120132813, 600.6431743164685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 100.41796456591797, 595.6305367051682, 102.91733944302734, 600.6431743164685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3", "box": [ 58.54687256054687, 607.630536205168, 63.54562231476562, 612.6431738164683 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 607.630536205168, 90.71812120132813, 612.6431738164683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Property performance lags behind underwritten expectations.", "box": [ 100.47655831347654, 607.630536205168, 350.77497944062503, 612.6431738164683 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.902342337402345, 619.6305357051679, 36.40171721451172, 624.6431733164682 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 619.6305357051679, 90.71812120132813, 624.6431733164682 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Occupancy is not stabilized and the property has some tenancy rollover.", "box": [ 100.47655831347654, 619.6305357051679, 394.3675371492684, 624.6431733164682 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.902342337402345, 631.6305352051677, 36.40171721451172, 636.643172816468 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 631.6305352051677, 90.71812120132813, 636.643172816468 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 100.41796456591797, 631.6305352051677, 102.91733944302734, 636.643172816468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 58.54687256054687, 643.6305347051675, 63.54562231476562, 648.6431723164678 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 655.630534205171, 90.71812120132813, 660.6431718164677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants ", "box": [ 100.47655831347654, 643.6305347051675, 569.253261262363, 648.6431723164678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "have required occasional waivers.", "box": [ 104.4374956484375, 655.630534205171, 239.89663488555647, 660.6431718164677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.902342337402345, 667.6305337051708, 36.40171721451172, 672.6431713164675 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 667.6305337051708, 90.71812120132813, 672.6431713164675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Occupancy is not stabilized and the property has a large amount of tenancy rollover.", "box": [ 100.47655831347654, 667.6305337051708, 443.4957852272579, 672.6431713164675 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.902342337402345, 679.6305332051707, 36.40171721451172, 684.6431708164673 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 679.6305332051707, 90.71812120132813, 684.6431708164673 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 100.41796456591797, 679.6305332051707, 102.91733944302734, 684.6431708164673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5", "box": [ 58.54687256054687, 691.6305327051705, 63.54562231476562, 696.6431703164671 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 715.6305317051701, 90.71812120132813, 720.6431693164668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan ", "box": [ 100.47655831347654, 691.6305327051705, 573.7298235758396, 696.6431703164671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off ", "box": [ 104.4374956484375, 703.6305322051703, 571.3626361744724, 708.643169816467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the loan at maturity.", "box": [ 104.4374956484375, 715.6305317051701, 184.94947852502142, 720.6431693164668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.902342337402345, 727.63053120517, 36.40171721451172, 732.6431688164666 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 727.63053120517, 90.71812120132813, 732.6431688164666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 The property has a material vacancy rate and significant rollover of remaining tenants.", "box": [ 100.47655831347654, 727.63053120517, 452.0824927944786, 732.6431688164666 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.902342337402345, 739.6305307051698, 36.40171721451172, 744.6431683164665 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 739.6305307051698, 90.71812120132813, 744.6431683164665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 An updated appraisal is required upon designation and updated on an as-needed basis.", "box": [ 100.47655831347654, 739.6305307051698, 450.4569513372094, 744.6431683164665 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 28, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 91.63055770516803, 578.2459236369182, 96.64319531646834 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18", "box": [ 300.99608495849594, 109.6305569551696, 310.9935794794336, 114.64319456646626 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 38.29101398454077, 35.9999985, 42.80351599405549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "All CRE loans are evaluated for any credit deterioration by debt asset management and certain finance personnel on at least a ", "box": [ 70.04296583154297, 49.630559455166804, 580.7493507833593, 54.64319706646711 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quarterly basis. Mezzanine loans and preferred equity investments may experience greater credit risks due to their nature as ", "box": [ 33.74999859375, 61.63055895517027, 580.7493507833593, 66.64319656646694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subordinated investments.", "box": [ 33.74999859375, 73.6305584551701, 138.15248347489626, 78.64319606646677 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 29, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521463 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.3931952852181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391728, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521742 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517391695, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 408.1305445176695, 578.2459236369182, 413.14318212896615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19", "box": [ 300.99608495849594, 426.1305437676674, 310.9935794794336, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the purpose of calculating the quarterly provision for credit losses under CECL, the Company pools CRE loans based on ", "box": [ 70.04296583154297, 173.38055429891756, 580.7493507833593, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the underlying collateral property type and utilizes a probability of default and loss given default methodology for approximately one ", "box": [ 33.74999859375, 185.3805537989174, 580.7493507833593, 190.3931914102177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "year after which it immediately reverts to a historical mean loss ratio.", "box": [ 33.74999859375, 197.38055329891722, 311.360842182881, 202.39319091021753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit risk profiles of CRE loans at amortized cost were as follows (in thousands, except amounts in the footnote):", 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million and $27.2 million at June 30, 2026 and December 31, 2025, ", "box": [ 51.890622837890625, 384.7064195767816, 580.2604482849803, 388.715025453359 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively.", "box": [ 51.890622837890625, 392.95641923303265, 92.51359305776677, 396.96502510960636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 550.1835745756833, 238.7043943737408, 556.427577913091, 241.38933303179874 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 30, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521463 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521429 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391728, 335.0195794033502, 133.39319378521395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521378 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517391695, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 644.3805346739173, 578.2459236369182, 649.393172285214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20", "box": [ 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587.8931748477153 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 592.6790670422779, 34.24874859171875, 593.6793383586592 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 596.20641076428, 43.07227342132069, 600.2150166408574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes two novated CRE whole loans that resulted from loan workouts.", "box": [ 51.890622837890625, 596.20641076428, 286.59729144594564, 600.2150166408574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 604.456410420531, 43.07227342132069, 608.4650162971084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes two novated CRE whole loans that resulted from loan workouts.", "box": [ 51.890622837890625, 604.456410420531, 286.59729144594564, 608.4650162971084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 612.7064100767784, 43.07227342132069, 616.7150159533558 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"text": "(2)", "box": [ 318.8202992158203, 210.9543955299887, 325.0643025532279, 213.63933418804663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 555.4335743569334, 210.9543955299887, 561.6775776943409, 213.63933418804663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 90.49218372949218, 234.06551252574354, 98.30156668650298, 237.4235662173014 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 201.07030412207033, 415.7043869987392, 207.3143074594779, 418.38932565679715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 259.9453016689453, 415.7043869987392, 266.18930500635287, 418.38932565679715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 555.4335743569334, 415.7043869987392, 561.6775776943409, 418.38932565679715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 90.49218372949218, 438.81550399449407, 98.30156668650298, 442.17355768605194 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 31, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521463 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521429 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391728, 335.0195794033502, 133.39319378521395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521378 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517391695, 36.249373470859375, 157.3931927852136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 705.1305321426662, 578.2459236369182, 710.1431697539665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Portfolio Aging Analysis", "box": [ 33.74999859375, 173.38055429891756, 159.5728309715448, 178.39319191021423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the CRE loan portfolio aging analysis at the dates indicated for CRE loans at amortized cost (in ", "box": [ 70.04296583154297, 194.38055342391453, 580.7493507833593, 199.39319103521484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands, except amounts in footnotes):", "box": [ 33.74999859375, 206.38055292391437, 197.29287995355057, 211.39319053521467 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 218.38055242391783, 72.54234070865235, 223.3931900352145 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.07812133007812, 246.1305512676663, 90.5774962071875, 251.14318887896297 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 145.6289001821289, 248.95642523303104, 147.62765006134765, 252.96503110960475 ], "from_ocr": false, 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387.1305453926652, 218.81905334503907, 392.14318300396553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 253.06639945556623, 387.1305453926652, 280.61202327033186, 392.14318300396553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26,834 $", "box": [ 297.3632726098631, 387.1305453926652, 342.404985695625, 392.14318300396553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26,834 ", "box": [ 359.1562350351562, 387.1305453926652, 395.30014351041, 394.3931829102148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,803,533 ", "box": [ 399.19920586669906, 387.1305453926652, 457.0696684366797, 394.3931829102148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,830,367 $", "box": [ 460.96873079296876, 387.1305453926652, 527.7370129734569, 392.14318300396553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 561.9843515839843, 387.1305453926652, 575.2063860143162, 392.14318300396553 ], "from_ocr": false, "confidence": 1.0 }, { 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Also ", "box": [ 51.890622837890625, 708.7064060767807, 580.2487257854687, 712.715011953358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "includes $327,000 and $3.7 million of construction in progress, which is also not depreciable until placed in service, at June 30, 2026 and December 31, 2025, ", "box": [ 51.890622837890625, 716.9564057330317, 580.2604482849803, 720.9650116096091 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively. Depreciation expense for the three and six months ended June 30, 2026, was $649,000 and $1.3 million, respectively. Depreciation expense for the ", "box": [ 51.890622837890625, 725.2064053892827, 580.2487257854687, 729.2150112658601 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three and six months ended June 30, 2025, was $620,000 and $1.2 million, respectively.", "box": [ 51.890622837890625, 733.4564050455301, 333.6945561835593, 737.4650109221075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 140.27343165527344, 281.31551055699674, 148.0828146122842, 284.6735642485546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)(3)", "box": [ 113.64843276464845, 293.3155100569966, 129.26719497126842, 296.67356374855444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 105.30468311230467, 306.8155094944959, 113.11406606931547, 310.1735631860538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 140.27343165527344, 369.81550686949413, 148.0828146122842, 373.173560561052 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)(3)", "box": [ 113.64843276464845, 382.56550633824736, 129.26719497126842, 385.9235600298016 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 105.30468311230467, 396.0655057757467, 113.11406606931547, 399.4235594673046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 131.40233827490235, 435.06550415074526, 139.21172123191312, 438.4235578423031 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)(6)", "box": [ 101.96483950146484, 513.065500900746, 117.58360170808481, 516.4235545923038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)(6)", "box": [ 101.96483950146484, 589.5654977132472, 117.58360170808481, 592.923551404805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 131.40233827490235, 629.3154960569955, 139.21172123191312, 632.6735497485533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 150.46874373046873, 681.0654939007472, 158.27812668747953, 684.4235475923015 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 34, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 69.13055864266789, 578.2459236369182, 74.14319625396456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22", "box": [ 300.99608495849594, 87.13055789266582, 310.9935794794336, 92.14319550396613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 37.45643404552902, 43.07227342132069, 41.46503992210637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Primarily comprises a $18.3 million and $18.4 million right of use asset, at June 30, 2026 and December 31, 2025, respectively, associated with an acquired ground ", "box": [ 51.890622837890625, 37.45643404552902, 580.2487257854687, 41.46503992210637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "lease disclosed in footnote (6) below accounted for as an operating lease. Amortization is booked to real estate expenses on the consolidated statements of ", "box": [ 51.890622837890625, 45.70643370178004, 580.2487257854687, 49.71503957835739 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operations. ", "box": [ 51.890622837890625, 53.95643335803106, 89.19144202118974, 57.96503923460841 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 35, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521463 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521429 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391728, 335.0195794033502, 133.39319378521395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521378 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517391695, 36.249373470859375, 157.3931927852136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Additionally, the Company entered into an operating lease associated with a parking lease at a newly acquired property. The associated right of use asset has a value ", "box": [ 51.890622837890625, 163.45642879552906, 580.2487257854687, 167.4650346721064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of $300,000 and $322,000 at June 30, 2026 and December 31, 2025, respectively.", "box": [ 51.890622837890625, 171.70642845178008, 313.4885942504745, 175.71503432835743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 179.9564281080311, 43.07227342132069, 183.96503398460845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Refer to Note 8 for additional information on the Company's remaining operating leases.", "box": [ 51.890622837890625, 179.9564281080311, 336.7470964063704, 183.96503398460845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 33.74999859375, 188.2064277642785, 43.07227342132069, 192.21503364085584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Primarily comprises a franchise intangible of $3.3 million and $3.5 million, a management contract intangible of $2.5 million and $2.6 million, in-place leases of ", "box": [ 51.890622837890625, 188.2064277642785, 580.2403717608171, 192.21503364085584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$5,000 and $7,000 and a customer list intangible of $21,000 and $87,000, at June 30, 2026 and December 31, 2025, respectively. ", "box": [ 51.890622837890625, 196.4564274205295, 467.1982740709043, 200.46503329710686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 33.74999859375, 204.70642707678053, 43.07227342132069, 208.71503295335788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026 and December 31, 2025, properties held for sale included a hotel acquired via deed-in-lieu of foreclosure in November 2020, a student housing ", "box": [ 51.890622837890625, 204.70642707678053, 580.2487257854687, 208.71503295335788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "property acquired in April 2022 and an office property acquired via deed-in-lieu of foreclosure in June 2023.", "box": [ 51.890622837890625, 212.95642673303155, 399.77000493041584, 216.96503260960526 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 33.74999859375, 221.20642638927893, 43.07227342132069, 225.21503226585628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Primarily comprised of a $45.1 million and $44.7 million ground lease at June 30, 2026 and December 31, 2025, respectively. The ground lease has a remaining ", "box": [ 51.890622837890625, 221.20642638927893, 580.2370107859568, 225.21503226585628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "term of 90 years. Lease expense was $1.4 million for both the six months ended June 30, 2026 and 2025, and $725,000 and $705,000 for the three months ended ", "box": [ 51.890622837890625, 229.45642604552995, 580.2721632844922, 233.4650319221073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026 and 2025, respectively. ", "box": [ 51.890622837890625, 237.70642570178097, 174.6768590592973, 241.71503157835832 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 33.74999859375, 245.95642535802835, 43.07227342132069, 249.9650312346057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Comprised of an operating lease liability.", "box": [ 51.890622837890625, 245.95642535802835, 184.21778656175866, 249.9650312346057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 33.74999859375, 254.20642501427938, 43.07227342132069, 258.2150308908567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Excludes items of working capital, either acquired or assumed.", "box": [ 51.890622837890625, 254.20642501427938, 253.03400324441623, 258.2150308908567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company acquired a ground lease with its equity investment in a hotel property in April 2022. This ground lease has an ", "box": [ 70.04296583154297, 272.38055017391525, 580.7493507833593, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "associated above-market lease intangible liability. The ground lease confers to the Company the right to use the land on which its hotel ", "box": [ 33.74999859375, 284.3805496739151, 580.7493507833593, 289.3931872852154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operates, and the ground lease payments increase 3.00% per year until 2116. The Company acquired the original 99-year lease with 94 ", "box": [ 33.74999859375, 296.3805491739149, 580.7493507833593, 301.3931867852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "years remaining. At June 30, 2026, 90 years remain in its term. ", "box": [ 33.74999859375, 308.3805486739184, 288.08530047769534, 313.39318628521505 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In December 2024, the Company entered into a parking lease at an asset acquired in August 2024. The parking lease allows ", "box": [ 70.04296583154297, 329.38054779891536, 580.7493507833593, 334.39318541021566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company to have access to a designated amount of parking spots adjacent to the building which the Company operates. The lease ", "box": [ 33.74999859375, 341.3805472989152, 580.7493507833593, 346.3931849102155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payments increase 2.00% per year until 2123, or a 99-year lease. 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1.0 }, { "text": " ", "box": [ 223.85155317285157, 451.6305427051666, 226.35092804996094, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 229.27733794677718, 451.6305427051666, 231.77671282388656, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "82 ", "box": [ 309.4804596049803, 451.6305427051666, 322.7024865353125, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 333.2695211137694, 451.6305427051666, 338.9915483566016, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "82 ", "box": [ 379.8632691723631, 451.6305427051666, 393.08529610269534, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 404.41404564941405, 451.6305427051666, 410.13608039224596, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "164 ", "box": [ 465.12889061962875, 451.6305427051666, 483.3431048419531, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 498.914041711914, 451.6305427051666, 504.63607645474593, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "164 ", "box": [ 557.0273242905271, 451.6305427051666, 575.2415385128515, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liabilities:", "box": [ 33.74999859375, 464.3805421739162, 79.85167255334628, 469.3931797852165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 223.85155317285157, 464.3805421739162, 226.35092804996094, 469.3931797852165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 316.9804592924803, 464.3805421739162, 319.4798341695897, 469.3931797852165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 322.4062365664062, 464.3805421739162, 324.9056114435156, 469.3931797852165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 333.2695211137694, 464.3805421739162, 335.7688959908788, 469.3931797852165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 387.3632688598631, 464.3805421739162, 389.8626437369725, 469.3931797852165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 392.78904613378904, 464.3805421739162, 395.28842101089845, 469.3931797852165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 404.41404564941405, 464.3805421739162, 406.91342052652345, 469.3931797852165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 477.6210775991209, 464.3805421739162, 480.1204524762303, 469.3931797852165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 483.04685487304687, 464.3805421739162, 485.5462297501563, 469.3931797852165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 498.914041711914, 464.3805421739162, 501.4134165890234, 469.3931797852165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.5195112700193, 464.3805421739162, 572.0188861471287, 469.3931797852165 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 464.3805421739162, 577.5266984176365, 469.3931797852165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accretion related to ground lease liability", "box": [ 33.74999859375, 477.1305416426658, 200.03631220265333, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 223.85155317285157, 477.1305416426658, 234.2760877009959, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "676 ", "box": [ 304.4882723129881, 477.1305416426658, 322.7024865353125, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 333.2695211137694, 477.1305416426658, 341.49092323371093, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "656 ", "box": [ 374.8710818803709, 477.1305416426658, 393.08529610269534, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 404.41404564941405, 477.1305416426658, 412.6354552693553, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,347 ", "box": [ 457.62889093212874, 477.1305416426658, 483.3431048419531, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 498.914041711914, 477.1305416426658, 507.13545133185534, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,307 ", "box": [ 549.5273246030271, 477.1305416426658, 575.2415385128515, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lease payments", "box": [ 33.74999859375, 489.88054111141537, 97.87454171730693, 494.8931787227157 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 223.85155317285157, 489.88054111141537, 226.35092804996094, 494.8931787227157 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 229.27733794677718, 489.88054111141537, 231.77671282388656, 494.8931787227157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "472 ", "box": [ 304.4882723129881, 489.88054111141537, 322.7024865353125, 494.8931787227157 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 333.2695211137694, 489.88054111141537, 338.9915483566016, 494.8931787227157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "458 ", "box": [ 374.8710818803709, 489.88054111141537, 393.08529610269534, 494.8931787227157 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 404.41404564941405, 489.88054111141537, 410.13608039224596, 494.8931787227157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "943 ", "box": [ 465.12889061962875, 489.88054111141537, 483.3431048419531, 494.8931787227157 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 498.914041711914, 489.88054111141537, 504.63607645474593, 494.8931787227157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "916 ", "box": [ 557.0273242905271, 489.88054111141537, 575.2415385128515, 494.8931787227157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the Company's expected fiscal year amortization expense on its intangible lease assets (in ", "box": [ 70.04296583154297, 510.880540236416, 580.7493507833593, 515.8931778477163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands):", "box": [ 33.74999859375, 522.8805397364158, 79.84681717213674, 527.8931773477161 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 537.1305391426649, 36.249373470859375, 542.1431767539652 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.53904547753905, 537.1305391426649, 411.03842035464845, 542.1431767539652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortization Expense", "box": [ 464.78904313378905, 539.2064131392799, 540.9561209352838, 543.2150190158573 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1601360766599, 539.2064131392799, 576.1588859558786, 543.2150190158573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Remainder of 2026", "box": [ 33.74999859375, 549.8805386114182, 110.9327548403017, 554.8931762227148 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.53904547753905, 549.8805386114182, 411.03842035464845, 554.8931762227148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 433.6757669301756, 549.8805386114182, 438.6745166843944, 554.8931762227148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "392 ", "box": [ 557.0859142880859, 549.8805386114182, 575.3001360104099, 554.8931762227148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 33.74999859375, 561.880538111418, 53.74498264812563, 566.8931757227147 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.53904547753905, 561.880538111418, 411.03842035464845, 566.8931757227147 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 433.6757669301756, 561.880538111418, 436.175141807285, 566.8931757227147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "756 ", "box": [ 557.0859142880859, 561.880538111418, 575.3001360104099, 566.8931757227147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2028", "box": [ 33.74999859375, 574.6305375801676, 53.74498264812563, 579.6431751914643 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.53904547753905, 574.6305375801676, 411.03842035464845, 579.6431751914643 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 433.6757669301756, 574.6305375801676, 436.175141807285, 579.6431751914643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "748 ", "box": [ 557.0859142880859, 574.6305375801676, 575.3001360104099, 579.6431751914643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2029", "box": [ 33.74999859375, 587.3805370489172, 53.74498264812563, 592.3931746602138 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.53904547753905, 587.3805370489172, 411.03842035464845, 592.3931746602138 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 433.6757669301756, 587.3805370489172, 436.175141807285, 592.3931746602138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "748 ", "box": [ 557.0859142880859, 587.3805370489172, 575.3001360104099, 592.3931746602138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2030", "box": [ 33.74999859375, 600.1305365176668, 53.74498264812563, 605.1431741289634 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.53904547753905, 600.1305365176668, 411.03842035464845, 605.1431741289634 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 433.6757669301756, 600.1305365176668, 436.175141807285, 605.1431741289634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "748 ", "box": [ 557.0859142880859, 600.1305365176668, 575.3001360104099, 605.1431741289634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2031", "box": [ 33.74999859375, 612.8805359864164, 53.74498264812563, 617.8931735977167 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.53904547753905, 613.6305359551661, 411.03842035464845, 618.6431735664664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 433.6757669301756, 612.8805359864164, 436.175141807285, 617.8931735977167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "748 ", "box": [ 557.0859142880859, 612.8805359864164, 575.3001360104099, 617.8931735977167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 40.67577955517578, 626.3805354239157, 61.77399915017086, 631.393173035216 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.53904547753905, 628.630535330165, 411.03842035464845, 633.6431729414653 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 433.6757669301756, 626.3805354239157, 438.6745166843944, 631.393173035216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,140 ", "box": [ 549.5859146005859, 626.3805354239157, 575.3001360104099, 631.393173035216 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 640.6305348301648, 36.249373470859375, 645.6431724414651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 8 - LEASES", "box": [ 33.74999859375, 661.6305339551654, 116.2536668085356, 666.6431715664658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition to the leases discussed in Note 7, the Company has operating leases for office space and office equipment. The ", "box": [ 70.04296583154297, 682.6305330801661, 580.7493507833593, 687.6431706914664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "leases have terms that expire between February 2029 and September 2029. The leases on the office space and office equipment contain ", "box": [ 33.74999859375, 694.6305325801659, 580.7493507833593, 699.6431701914662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "options for early termination granted to the Company and the lessor. Lease payments are determined as follows:", "box": [ 33.74999859375, 706.6305320801657, 482.1187455358057, 711.643169691466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 ", "box": [ 51.890622837890625, 727.6305312051663, 57.89009291916269, 732.6431688164666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Office space: payments are made on a fixed schedule, escalating annually, and also include the Company's responsibility for a ", "box": [ 70.03124708203126, 727.6305312051663, 580.7493507833593, 732.6431688164666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "percentage of increases in the building's property taxes and operating expenses over the base year.", "box": [ 70.03124708203126, 739.6305307051662, 463.94591850016894, 744.6431683164665 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 36, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 38.38055992392037, 578.2459236369182, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "23", "box": [ 300.99608495849594, 56.3805591739183, 310.9935794794336, 61.393196785218606 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 37, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.3931952852181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391728, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521742 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517391695, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 660.1305340176696, 578.2459236369182, 665.1431716289662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "24", "box": [ 300.99608495849594, 678.1305332676675, 310.9935794794336, 683.1431708789678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 ", "box": [ 51.890622837890625, 173.38055429891756, 57.89009291916269, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Office equipment: payments are made on a fixed schedule.", "box": [ 70.03124708203126, 173.38055429891756, 305.15773284134394, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the Company's operating leases (dollars in thousands):", "box": [ 70.04296583154297, 194.38055342391817, 420.9850280580438, 199.39319103521848 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 206.29100698454204, 72.29296573779297, 210.80350899405676 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 219.1305523926676, 36.249373470859375, 224.1431900039679 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 295.4999876875, 219.1305523926676, 297.9993625646094, 224.1431900039679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 346.35936056835936, 221.20642638928257, 392.7794546841886, 225.21503226585992 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 434.00389191650373, 221.20642638928257, 436.0026417957225, 225.21503226585992 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 439.17185670117186, 219.1305523926676, 441.67123157828127, 224.1431900039679 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 478.62889005712873, 221.20642638928257, 543.2329242902939, 225.21503226585992 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 573.0585736225584, 221.20642638928257, 575.0573235017771, 225.21503226585992 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operating Leases:", "box": [ 33.74999859375, 231.13055189266743, 111.77727694811267, 236.14318950396773 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 295.4999876875, 231.13055189266743, 297.9993625646094, 236.14318950396773 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 428.33201715283184, 231.13055189266743, 430.83139202994124, 236.14318950396773 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 436.66404430566405, 231.13055189266743, 441.67123157828127, 236.14318950396773 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 567.363261359863, 231.13055189266743, 569.8626362369724, 236.14318950396773 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.7421635107421, 231.13055189266743, 578.2415383878515, 236.14318950396773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Right of use assets", "box": [ 36.15234224365234, 243.13055139266726, 110.85035597664796, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 295.4999876875, 243.13055139266726, 297.9993625646094, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 308.3202996533203, 243.13055139266726, 313.31904940753907, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "442 ", "box": [ 415.8398301733397, 243.13055139266726, 433.33920442544905, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 439.17185670117186, 243.13055139266726, 441.67123157828127, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 451.9921686669922, 243.13055139266726, 456.99091842121095, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "499 ", "box": [ 554.8710743803708, 243.13055139266726, 572.3704486324802, 248.14318900396756 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lease liabilities", "box": [ 36.15234224365234, 255.1305508926671, 99.16873101338237, 260.1431885039674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 295.4999876875, 255.1305508926671, 297.9993625646094, 260.1431885039674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 308.3202996533203, 255.1305508926671, 313.31904940753907, 260.1431885039674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(484)", "box": [ 412.4999828125, 255.1305508926671, 434.1690749651205, 260.1431885039674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 439.17185670117186, 255.1305508926671, 441.67123157828127, 260.1431885039674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 451.9921686669922, 255.1305508926671, 456.99091842121095, 260.1431885039674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(544)", "box": [ 551.5312270195312, 255.1305508926671, 573.2003191721517, 260.1431885039674 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 267.1305503926669, 36.249373470859375, 272.1431880039672 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 295.4999876875, 267.1305503926669, 297.9993625646094, 272.1431880039672 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 428.33201715283184, 267.1305503926669, 430.83139202994124, 272.1431880039672 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 436.66404430566405, 267.1305503926669, 441.67123157828127, 272.1431880039672 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 567.363261359863, 267.1305503926669, 569.8626362369724, 272.1431880039672 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.7421635107421, 267.1305503926669, 578.2415383878515, 272.1431880039672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average remaining lease term:", "box": [ 33.74999859375, 279.1305498926704, 195.29634351173962, 284.14318750396706 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 295.4999876875, 279.1305498926704, 297.9993625646094, 284.14318750396706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.2 years", "box": [ 394.73435855273436, 279.1305498926704, 430.83097541912156, 284.14318750396706 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 436.66404430566405, 279.1305498926704, 441.67123157828127, 284.14318750396706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.7 years", "box": [ 533.7656027597656, 279.1305498926704, 569.8622196261528, 284.14318750396706 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.7421635107421, 279.1305498926704, 578.2415383878515, 284.14318750396706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average discount rate ", "box": [ 33.74999859375, 291.1305493926702, 162.5457698585093, 296.1431870039669 ], "from_ocr": false, "confidence": 1.0 }, { "text": ":", "box": [ 170.3671804013672, 291.1305493926702, 173.1448059847204, 296.1431870039669 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 295.4999876875, 291.1305493926702, 297.9993625646094, 296.1431870039669 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 308.3202996533203, 291.1305493926702, 310.8196745304297, 296.1431870039669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.70% ", "box": [ 413.34373277734375, 291.1305493926702, 441.67123157828127, 296.1431870039669 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 451.9921686669922, 291.1305493926702, 454.49154354410155, 296.1431870039669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.70%", "box": [ 552.3749769843749, 291.1305493926702, 578.1990689263705, 296.1431870039669 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 301.8532052258888, 34.749373533359375, 303.8575081641793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 306.7064228267809, 43.07227342132069, 310.71502870335826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The market discount rate is used, when readily determinable, in calculating the present value of lease payments for the operating lease liability. Otherwise, the ", "box": [ 51.890622837890625, 306.7064228267809, 580.2487257854687, 310.71502870335826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "incremental borrowing rate on the commencement date is used.", "box": [ 51.890622837890625, 314.95642248303193, 254.5799625800011, 318.9650283596093 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 324.130548017667, 36.249373470859375, 329.14318562896733 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the Company's operating lease costs and cash payments during the periods indicated (in ", "box": [ 70.04296583154297, 336.1305475176705, 580.7493507833593, 341.14318512896716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands):", "box": [ 33.74999859375, 348.1305470176703, 79.84681717213674, 353.143184628967 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 360.13054651767015, 72.54234070865235, 365.1431841289668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 374.38054592391927, 36.249373470859375, 379.39318353521594 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 275.0976485375975, 387.8805453614186, 277.5970234147069, 392.89318297271893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months ", "box": [ 285.86717558886716, 373.45642004553156, 336.5104584412303, 377.4650259221089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ended June 30, ", "box": [ 283.8632731723631, 381.7064197017826, 338.51436085773435, 385.7150255783599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 302.1913974086912, 389.9564193580336, 318.1813665174425, 393.9650252346073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 341.9179582534178, 389.9564193580336, 343.91670813263653, 393.9650252346073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 345.99608308349593, 387.8805453614186, 348.49545796060534, 392.89318297271893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months ", "box": [ 361.1718599511719, 373.45642004553156, 411.815142803535, 377.4650259221089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ended June 30, ", "box": [ 359.1679575346678, 381.7064197017826, 413.8190452200391, 385.7150255783599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 377.49608177099594, 389.9564193580336, 393.48605087974715, 393.9650252346073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 421.62889243212874, 389.9564193580336, 423.62764231134753, 393.9650252346073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 427.05466970605465, 390.70641932678336, 429.05341958527345, 394.7150252033607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended ", "box": [ 432.50389197900375, 381.7064197017826, 497.59638922931623, 385.7150255783599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 440.8359191318359, 389.9564193580336, 487.25601324766524, 393.9650252346073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 499.0429517065428, 389.9564193580336, 501.0417015857616, 393.9650252346073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 503.12107653662093, 387.8805453614186, 505.6204514137303, 392.89318297271893 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended ", "box": [ 508.73435380273435, 381.7064197017826, 573.8268510530469, 385.7150255783599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 517.0663884555662, 389.9564193580336, 563.4864825713955, 393.9650252346073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.124976078125, 389.9564193580336, 576.1237259573437, 393.9650252346073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lease Cost:", "box": [ 33.74999859375, 400.6305448301682, 83.44943170343961, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 275.0976485375975, 400.6305448301682, 277.5970234147069, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 280.5234258115234, 400.6305448301682, 283.0228006886328, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 340.5702983095703, 400.6305448301682, 343.0696731866797, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 345.99608308349593, 400.6305448301682, 348.49545796060534, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 351.42186035742185, 400.6305448301682, 353.92123523453125, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 420.28123248828126, 400.6305448301682, 422.7806073653906, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 425.7070172622069, 400.6305448301682, 428.2063921393162, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 431.1327945361328, 400.6305448301682, 433.6321694132422, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.6952917626953, 400.6305448301682, 500.19466663980467, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 505.32420144482404, 400.6305448301682, 511.04622868765625, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 572.7304486362302, 400.6305448301682, 575.2298235133396, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operating lease cost", "box": [ 35.95312350195312, 413.3805442989178, 117.0118697485928, 418.3931819102181 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 275.0976485375975, 413.3805442989178, 285.52217556574215, 418.3931819102181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40 $", "box": [ 329.8476462563475, 413.3805442989178, 356.4206101116406, 418.3931819102181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40 ", "box": [ 409.55858043505845, 413.3805442989178, 422.7806073653906, 418.3931819102181 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 427.91014217041, 413.3805442989178, 436.1315442903516, 418.3931819102181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "80 $", "box": [ 486.9726397094725, 413.3805442989178, 513.5456035647657, 418.3931819102181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "80 ", "box": [ 562.0077890830078, 413.3805442989178, 575.2298235133396, 418.3931819102181 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 426.1305437676674, 36.249373470859375, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 275.0976485375975, 426.1305437676674, 277.5970234147069, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.3476459438475, 426.1305437676674, 339.84702082095686, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 342.7734232177734, 426.1305437676674, 348.49545796060534, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 417.0585801225584, 426.1305437676674, 419.5579549996678, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 422.48435739648437, 426.1305437676674, 424.9837322735938, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 427.91014217041, 426.1305437676674, 430.4095170475194, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 494.47263939697245, 426.1305437676674, 496.97201427408186, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 499.8984166708984, 426.1305437676674, 502.39779154800783, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 505.32420144482404, 426.1305437676674, 507.82357632193344, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.5077887705078, 426.1305437676674, 572.0071636476172, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 426.1305437676674, 577.5266984176365, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other Information:", "box": [ 33.74999859375, 438.880543236417, 117.3276268918481, 443.8931808477173 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 275.0976485375975, 438.880543236417, 277.5970234147069, 443.8931808477173 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.3476459438475, 438.880543236417, 339.84702082095686, 443.8931808477173 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 342.7734232177734, 438.880543236417, 348.49545796060534, 443.8931808477173 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 417.0585801225584, 438.880543236417, 419.5579549996678, 443.8931808477173 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 422.48435739648437, 438.880543236417, 424.9837322735938, 443.8931808477173 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 427.91014217041, 438.880543236417, 430.4095170475194, 443.8931808477173 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 494.47263939697245, 438.880543236417, 496.97201427408186, 443.8931808477173 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 499.8984166708984, 438.880543236417, 505.6204514137303, 443.8931808477173 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.5077887705078, 438.880543236417, 572.0071636476172, 443.8931808477173 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 438.880543236417, 577.5266984176365, 443.8931808477173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash paid for amounts included in the measurement of ", "box": [ 35.95312350195312, 451.6305427051702, 257.24155176285154, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "lease liabilities", "box": [ 35.95312350195312, 463.63054220517006, 95.64026586040174, 468.6431798164667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 275.0976485375975, 463.63054220517006, 277.5970234147069, 468.6431798164667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.3476459438475, 463.63054220517006, 339.84702082095686, 468.6431798164667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 342.7734232177734, 463.63054220517006, 348.49545796060534, 468.6431798164667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 417.0585801225584, 463.63054220517006, 419.5579549996678, 468.6431798164667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 422.48435739648437, 463.63054220517006, 424.9837322735938, 468.6431798164667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 427.91014217041, 463.63054220517006, 430.4095170475194, 468.6431798164667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 494.47263939697245, 463.63054220517006, 496.97201427408186, 468.6431798164667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 499.8984166708984, 463.63054220517006, 502.39779154800783, 468.6431798164667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 505.32420144482404, 463.63054220517006, 507.82357632193344, 468.6431798164667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.5077887705078, 463.63054220517006, 572.0071636476172, 468.6431798164667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 463.63054220517006, 577.5266984176365, 468.6431798164667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operating cash flows from operating leases", "box": [ 38.203123408203126, 476.38054167391965, 211.71420512398743, 481.3931792852163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 275.0976485375975, 476.38054167391965, 285.52217556574215, 481.3931792852163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41 $", "box": [ 329.8476462563475, 476.38054167391965, 356.4206101116406, 481.3931792852163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40 ", "box": [ 409.55858043505845, 476.38054167391965, 422.7806073653906, 481.3931792852163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 427.91014217041, 476.38054167391965, 436.1315442903516, 481.3931792852163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "81 $", "box": [ 486.9726397094725, 476.38054167391965, 513.5456035647657, 481.3931792852163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "79 ", "box": [ 562.0077890830078, 476.38054167391965, 575.2298235133396, 481.3931792852163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 488.2909952345435, 35.9999985, 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543.9650189846107 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1601360766599, 539.9564131080333, 576.1588859558786, 543.9650189846107 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 33.74999859375, 550.6305385801679, 53.74498264812563, 555.6431761914682 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 326.7538963852537, 550.6305385801679, 329.2532712623631, 555.6431761914682 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 443.97654400097656, 550.6305385801679, 448.9752937551953, 555.6431761914682 ], "from_ocr": false, "confidence": 1.0 }, { "text": "83 ", "box": [ 562.078101580078, 550.6305385801679, 575.3001360104099, 555.6431761914682 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2027", "box": [ 33.74999859375, 563.3805380489175, 53.74498264812563, 568.3931756602178 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 326.7538963852537, 563.3805380489175, 329.2532712623631, 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601.6305364551699, 575.3001360104099, 606.6431740664666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Less: impact of discount", "box": [ 36.433592231933595, 614.3805359239195, 134.44607322216763, 619.3931735352162 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 326.7538963852537, 615.1305358926693, 329.2532712623631, 620.143173503966 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 443.97654400097656, 614.3805359239195, 446.47591887808596, 619.3931735352162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(75)", "box": [ 558.738261719238, 614.3805359239195, 576.1300065500814, 619.3931735352162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 39.16406086816406, 627.8805353614189, 60.262280463159136, 632.8931729727155 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 326.7538963852537, 630.1305352676682, 329.2532712623631, 635.1431728789685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 443.97654400097656, 627.8805353614189, 448.9752937551953, 632.8931729727155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "484 ", "box": [ 557.0859142880859, 627.8805353614189, 575.3001360104099, 632.8931729727155 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 642.130534767668, 72.54234070865235, 647.1431723789683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 162.5507782270506, 288.81551024449436, 170.36016118406138, 292.17356393605587 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 38, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.3931952852181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391728, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521742 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517391695, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 421.63054395516883, 578.2459236369182, 426.6431815664655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "25", "box": [ 300.99608495849594, 439.63054320516676, 310.9935794794336, 444.64318081646707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 9 - INVESTMENTS IN UNCONSOLIDATED ENTITIES", "box": [ 33.74999859375, 173.38055429891756, 312.07853744916554, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the Company's investments in unconsolidated entities at June 30, 2026 and December 31, ", "box": [ 70.04296583154297, 194.38055342391817, 580.7610732828708, 199.39319103521484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025 and equity in earnings (losses) of unconsolidated entities for the three and six months ended June 30, 2026 and 2025 (dollars in ", "box": [ 33.74999859375, 206.380552923918, 580.7493507833593, 211.39319053521467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands, except in the footnotes):", "box": [ 33.74999859375, 218.38055242391783, 175.62839105623766, 223.39319003521814 ], "from_ocr": false, 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363.6431841914673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(669) $", "box": [ 455.36716852636715, 356.3805466739177, 490.2721670344922, 361.393184285218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "675 $", "box": [ 502.42966656542967, 356.3805466739177, 533.9948252127147, 361.393184285218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,161)", "box": [ 540.7265399697264, 356.3805466739177, 570.610471780062, 361.393184285218 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 358.630546580167, 577.5266984176365, 363.6431841914673 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 369.26365647401326, 34.4999985625, 370.76782381051817 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 373.45642004553156, 43.07227342132069, 377.4650259221089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three and six months ended June 30, 2026 and 2025, dividends from the investments in RCT I's and RCT II's common shares in the amounts of $31,000 ", "box": [ 51.890622837890625, 373.45642004553156, 580.2487257854687, 377.4650259221089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and $62,000 and $33,000 and $66,000, respectively, are recorded in other revenue on the Company's consolidated statements of operations. ", "box": [ 51.890622837890625, 381.7064197017826, 500.3112679911958, 385.7150255783599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 389.95641935802996, 43.07227342132069, 393.9650252346073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Refer to Note 3 for details regarding the Wacker JV.", "box": [ 51.890622837890625, 389.95641935802996, 219.71894868254353, 393.9650252346073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 398.206419014281, 43.07227342132069, 402.21502489085833 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Refer to Note 3 for details regarding the McCallum JV.", "box": [ 51.890622837890625, 398.206419014281, 229.06466281813871, 402.21502489085833 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 33.74999859375, 406.456418670532, 43.07227342132069, 410.46502454710935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Refer to Note 3 for details regarding the Pacmulti JV.", "box": [ 51.890622837890625, 406.456418670532, 223.2909356587107, 410.46502454710935 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 79.27734044677734, 302.3155096819937, 87.08672340378813, 305.6735633735552 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 171.45702785595685, 315.0655091507433, 179.26641081296765, 318.4235628423048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 139.00780670800782, 327.06550865074314, 146.8171896650186, 330.42356234230465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 149.54296251904296, 339.81550811949273, 157.35234547605376, 343.17356181105424 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 39, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521463 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521429 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391728, 335.0195794033502, 133.39319378521395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521742 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517391695, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 10 - BORROWINGS", "box": [ 33.74999859375, 173.38055429891756, 154.012782585239, 178.39319191021423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company historically has financed the acquisition of its investments, including investment securities and loans, through ", "box": [ 70.04296583154297, 194.38055342391817, 580.7493507833593, 199.39319103521484 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the use of secured and unsecured borrowings. 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462.3431057169531, 486.64317906646465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.1 years ", "box": [ 480.9374799609375, 481.630541455168, 520.2571658038671, 486.64317906646465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "166,526", "box": [ 545.0390397900389, 481.630541455168, 577.5308800237123, 486.64317906646465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - term warehouse financing facilities", "box": [ 35.58984226708984, 494.3805409239176, 204.10215626615616, 499.39317853521425 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 235.2421776982422, 494.3805409239176, 237.74155257535156, 499.39317853521425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "534,760 ", "box": [ 256.46483681396467, 494.3805409239176, 292.175147807285, 499.39317853521425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "898 ", "box": [ 331.9921736669922, 494.3805409239176, 352.4212352970313, 499.39317853521425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "533,862 ", "box": [ 368.71873463671875, 494.3805409239176, 406.7493580333594, 499.39317853521425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.54%", "box": [ 420.38670498388655, 494.3805409239176, 446.2107894258824, 499.39317853521425 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 459.8437308398437, 494.3805409239176, 462.3431057169531, 499.39317853521425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.8 years ", "box": [ 480.9374799609375, 494.3805409239176, 520.2571658038671, 499.39317853521425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "693,937", "box": [ 545.0390397900389, 494.3805409239176, 577.5308800237123, 499.39317853521425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage payable", "box": [ 35.58984226708984, 507.13054039266717, 108.04235044579664, 512.1431780039675 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 235.2421776982422, 507.13054039266717, 237.74155257535156, 512.1431780039675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,185 ", "box": [ 261.45702410595686, 507.13054039266717, 292.175147807285, 512.1431780039675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 336.9843609589844, 507.13054039266717, 352.4212352970313, 512.1431780039675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,185 ", "box": [ 373.71092192871095, 507.13054039266717, 406.7493580333594, 512.1431780039675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.57%", "box": [ 420.38670498388655, 507.13054039266717, 446.2107894258824, 512.1431780039675 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 459.8437308398437, 507.13054039266717, 462.3431057169531, 512.1431780039675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.3 years ", "box": [ 480.9374799609375, 507.13054039266717, 520.2571658038671, 512.1431780039675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26,964", "box": [ 550.0312270820311, 507.13054039266717, 577.5243225489855, 512.1431780039675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.75% Senior unsecured notes", "box": [ 35.58984226708984, 519.8805398614168, 156.64389876858363, 524.8931774727171 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 235.2421776982422, 519.8805398614168, 237.74155257535156, 524.8931774727171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "150,000 ", "box": [ 256.46483681396467, 519.8805398614168, 292.175147807285, 524.8931774727171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "469 ", "box": [ 331.9921736669922, 519.8805398614168, 352.4212352970313, 524.8931774727171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "149,531 ", "box": [ 368.71873463671875, 519.8805398614168, 406.7493580333594, 524.8931774727171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.75%", "box": [ 420.38670498388655, 519.8805398614168, 446.2107894258824, 524.8931774727171 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 459.8437308398437, 519.8805398614168, 462.3431057169531, 524.8931774727171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.6 years ", "box": [ 480.9374799609375, 519.8805398614168, 520.2571658038671, 524.8931774727171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 567.5273238530272, 519.8805398614168, 577.5248233614645, 524.8931774727171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured junior subordinated debentures", "box": [ 35.58984226708984, 533.3805392989161, 204.66356919276396, 538.3931769102164 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 235.2421776982422, 533.3805392989161, 237.74155257535156, 538.3931769102164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51,548 ", "box": [ 261.45702410595686, 532.6305393301664, 292.175147807285, 537.6431769414667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 336.9843609589844, 532.6305393301664, 352.4212352970313, 537.6431769414667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51,548 ", "box": [ 373.71092192871095, 532.6305393301664, 406.7493580333594, 537.6431769414667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.97%", "box": [ 420.38670498388655, 532.6305393301664, 446.2107894258824, 537.6431769414667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 459.8437308398437, 532.6305393301664, 462.3431057169531, 537.6431769414667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.7 years ", "box": [ 475.9452926689453, 532.6305393301664, 520.2571658038671, 537.6431769414667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-", "box": [ 567.5273238530272, 532.6305393301664, 577.5248233614645, 537.6431769414667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 37.464842188964845, 547.6305387051689, 58.563061783959924, 552.6431763164655 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 235.2421776982422, 548.3805386739186, 237.74155257535156, 553.3931762852153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,550,594 ", "box": [ 243.96092733496093, 546.1305387676657, 292.175147807285, 551.143176378966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$5,656 ", "box": [ 319.4882716879881, 546.1305387676657, 350.20639538931624, 551.143176378966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,544,938 ", "box": [ 356.2148326577147, 546.1305387676657, 404.42904563003907, 551.143176378966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.73%", "box": [ 420.38670498388655, 546.1305387676657, 446.2107894258824, 551.143176378966 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 459.8437308398437, 546.1305387676657, 462.3431057169531, 551.143176378966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.1 years ", "box": [ 480.9374799609375, 546.1305387676657, 520.2571658038671, 551.143176378966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$1,897,049", "box": [ 532.5351378110349, 546.1305387676657, 577.528991748791, 551.143176378966 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 558.1790684797816, 34.24874859171875, 559.1793397961555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securitizations", "box": [ 33.74999859375, 571.6305377051685, 97.05927600127632, 576.6431753164652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table sets forth certain information with respect to the Company's consolidated securitization at June 30, 2026 ", "box": [ 70.04296583154297, 592.6305368301655, 580.7493507833593, 597.6431744414658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands):", "box": [ 33.74999859375, 604.6305363301653, 93.45178180526318, 609.6431739414656 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 616.6305358301688, 36.249373470859375, 621.6431734414655 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 647.206408639282, 35.74874847296875, 651.2150145158557 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 211.81640117431624, 647.206408639282, 213.815151053535, 651.2150145158557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Closing Date", "box": [ 237.50390010400375, 646.4564086705286, 281.25380388121374, 650.465014547106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 300.8320224653319, 646.4564086705286, 302.8307723445506, 650.465014547106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity Date", "box": [ 323.8710840053709, 646.4564086705286, 372.9340560362031, 650.465014547106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 389.8476437563475, 646.4564086705286, 391.84639363556624, 650.465014547106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Reinvestment Period ", "box": [ 401.77733075927716, 638.2064090142812, 475.0495151687694, 642.2150148908586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "End ", "box": [ 426.1757672426756, 646.4564086705286, 442.3999689541673, 650.465014547106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 478.8632650473631, 646.4564086705286, 480.8620149265819, 650.465014547106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Note Paydowns ", "box": [ 492.4335769819334, 629.9564093580302, 567.2877888255077, 633.9650152346076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from Closing Date ", "box": [ 497.5429517690428, 638.2064090142812, 562.1666990388865, 642.2150148908586 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through June 30, 2026", "box": [ 490.874979546875, 646.4564086705286, 566.8390368817059, 650.465014547106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.124976078125, 646.4564086705286, 576.1237259573437, 650.465014547106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACR 2026-FL4", "box": [ 33.74999859375, 657.1305341426669, 96.79567437934674, 662.1431717539672 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 211.81640117431624, 657.1305341426669, 214.31577605142562, 662.1431717539672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "February 2026", "box": [ 230.08592791308592, 657.1305341426669, 288.66983850958945, 662.1431717539672 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 302.63670989013656, 657.1305341426669, 305.13608476724596, 662.1431717539672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "August 2044", "box": [ 322.7109240537109, 657.1305341426669, 374.0896234254316, 662.1431717539672 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 391.6523311811522, 657.1305341426669, 394.15170605826154, 662.1431717539672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "August 2028", "box": [ 411.72654534472656, 657.1305341426669, 463.1052447164473, 662.1431717539672 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 478.8632650473631, 657.1305341426669, 490.70576451642563, 662.1431717539672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 562.0077890830078, 657.1305341426669, 575.2298235133396, 662.1431717539672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 668.206407764279, 43.07227342132069, 672.2150136408563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The reinvestment period is the period in which principal proceeds may be used to acquire CRE loans for reinvestment into the securitization.", "box": [ 51.890622837890625, 668.206407764279, 502.14339828985743, 672.2150136408563 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 677.3805332989177, 36.249373470859375, 682.3931709102144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The investments held by the Company's securitization collateralize the securitization's borrowings and, as a result, are not ", "box": [ 70.04296583154297, 698.3805324239183, 580.7493507833593, 703.393170035215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "available to the Company, its creditors, or stockholders. All senior notes of the securitization held by the Company at June 30, 2026 ", "box": [ 33.74999859375, 710.3805319239182, 580.7493507833593, 715.3931695352148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were eliminated in consolidation. The Company did not have any securitizations outstanding at December 31, 2025. In March 2025, the ", "box": [ 33.74999859375, 722.380531423918, 580.7376357838474, 727.3931690352147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company exercised the optional redemption on ACR 2021-FL1 and ACR 2021-FL2 in conjunction with the closing of the CRE term ", "box": [ 33.74999859375, 734.3805309239178, 580.7493507833593, 739.3931685352145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reinvestment facility (see below).", "box": [ 33.74999859375, 746.3805304239177, 167.5542535998225, 751.3931680352143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 442.40623156640623, 644.454377467493, 448.65023490381384, 647.1393161255437 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 40, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 44.38055967391483, 578.2459236369182, 49.39319728521514 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26", "box": [ 300.99608495849594, 62.3805589239164, 310.9935794794336, 67.3931965352167 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 41, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.3931952852181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617392092, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567392075, 330.99423636407215, 145.39319328521742 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517392058, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 542.3805389239205, 578.2459236369182, 547.3931765352172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27", "box": [ 300.99608495849594, 560.3805381739185, 310.9935794794336, 565.3931757852188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACR 2026-FL4", "box": [ 33.74999859375, 173.38055429891756, 97.35216618115956, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In February 2026, the Company closed ACR 2026-FL4, a CRE debt securitization transaction that can finance up to $1.0 ", "box": [ 75.1289031196289, 194.38055342391817, 580.7493507833593, 199.39319103521848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "billion of CRE loans. ACR 2026-FL4 issued a total of $879.5 million of non-recourse, floating-rate notes to third parties at par. ", "box": [ 33.74999859375, 206.380552923918, 580.7493507833593, 211.3931905352183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Additionally, the Company retained 100% of the Class F notes, Class G notes and Income notes. ACR 2026-FL4 includes a 180-day ", "box": [ 33.74999859375, 218.38055242391783, 580.7493507833593, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ramp up acquisition period that allows it to acquire CRE loans using unused proceeds from the issuance of the non-recourse floating-", "box": [ 33.74999859375, 230.38055192391766, 578.2459686369165, 235.39318953521797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rate notes, to which the Company fully utilized for new loan originations as of March 31, 2026. Additionally, ACR 2026-FL4 includes ", "box": [ 33.74999859375, 242.3805514239175, 580.7493507833593, 247.3931890352178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a reinvestment period, which ends in August 2028, that allows it to acquire CRE loans for reinvestment into the securitization using ", "box": [ 33.74999859375, 254.38055092392096, 580.7493507833593, 259.39318853521763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "uninvested principal proceeds.", "box": [ 33.74999859375, 266.3805504239208, 155.62367402193, 271.39318803521746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At closing, the offered notes issued to investors consisted of the following classes: (i) $589.7 million of Class A notes bearing ", "box": [ 70.04296583154297, 287.38054954891777, 580.7610732828708, 292.3931871602181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest at one-month SOFR plus 1.45%, increasing to 1.70% in August 2031; (ii) $104.2 million of Class A-S notes bearing interest at ", "box": [ 33.74999859375, 299.3805490489176, 580.7259132843359, 304.3931866602179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "one-month SOFR plus 1.70%, increasing to 1.95% in August 2031; (iii) $72.4 million of Class B notes bearing interest at one-month ", "box": [ 33.74999859375, 311.38054854891743, 580.7493507833593, 316.39318616021774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR plus 1.95%, increasing to 2.45% in August 2031; (iv) $58.5 million of Class C notes bearing interest at one-month SOFR plus ", "box": [ 33.74999859375, 323.3805480489209, 580.7256609843464, 328.39318566021757 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.25%, increasing to 2.75% in August 2031; (v) $36.9 million of Class D notes bearing interest at one-month SOFR plus 2.85%, ", "box": [ 33.74999859375, 335.38054754892073, 580.7368689838794, 340.3931851602174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increasing to 3.35% in August 2031; and (vi) $17.8 million of Class E notes bearing interest at one-month SOFR plus 3.60%, ", "box": [ 33.74999859375, 347.38054704892056, 580.7485839833913, 352.39318466021723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increasing to 4.10% in August 2031.", "box": [ 33.74999859375, 359.3805465489204, 180.09702747720686, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "All of the notes issued mature in August 2044, although the Company has the right to call the notes beginning on the ", "box": [ 74.90624687890625, 380.38054567391737, 580.7493507833593, 385.3931832852177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payment date in August 2028 and thereafter.", "box": [ 33.74999859375, 392.38054517392084, 211.70332636027774, 397.3931827852175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACR 2021-FL1", "box": [ 33.74999859375, 413.3805442989178, 97.35216618115956, 418.3931819102181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In May 2021, the Company closed ACRES Commercial Realty 2021-FL1 Issuer, Ltd. (\"ACR 2021-FL1\"), an $802.6 million ", "box": [ 70.04296583154297, 434.3805434239184, 580.7493507833593, 439.39318103521873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE debt securitization transaction that provided financing for CRE loans. In March 2025, the Company exercised the optional ", "box": [ 33.74999859375, 446.38054292391826, 580.7493507833593, 451.39318053521856 ], "from_ocr": false, "confidence": 1.0 }, { "text": "redemption on ACR 2021-FL1 in conjunction with the closing of the CRE term reinvestment facility (see below).", "box": [ 33.74999859375, 458.3805424239181, 488.270060436663, 463.3931800352184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACR 2021-FL2", "box": [ 33.74999859375, 479.3805415489187, 97.35216618115956, 484.393179160219 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In December 2021, the Company closed ACRES Commercial Realty 2021-FL2 Issuer, Ltd. (\"ACR 2021-FL2\"), a $700.0 ", "box": [ 70.04296583154297, 500.3805406739193, 580.7493507833593, 505.393178285216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million CRE debt securitization transaction that provided financing for CRE loans. 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", "box": [ 70.04296583154297, 194.38055342391817, 580.7460541584968, 199.39319103521848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table sets forth certain information with respect to these arrangements (dollars in thousands, except amounts in the ", "box": [ 33.74999859375, 206.380552923918, 580.7493507833593, 211.3931905352183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "footnotes):", "box": [ 33.74999859375, 218.38055242391783, 77.06430078807495, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 230.2910059845417, 72.29296573779297, 234.80350799405642 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 117.01171387451171, 243.7064254517827, 119.01046375373045, 247.71503132836006 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 203.00390154150375, 243.7064254517827, 205.0026514207225, 247.71503132836006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 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569.1431756289676 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 556.0312268320312, 564.1305380176673, 558.5306017091406, 569.1431756289676 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 573.9290678235302, 34.24874859171875, 574.9293391399078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 577.4564115455323, 43.07227342132069, 581.4650174221097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes $2.5 million and $2.8 million of deferred debt issuance costs at June 30, 2026 and December 31, 2025, respectively.", "box": [ 51.890622837890625, 577.4564115455323, 452.2385922192244, 581.4650174221097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 585.7064112017833, 43.07227342132069, 589.715017078357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes $105,000 and $1.5 million of deferred debt issuance costs at June 30, 2026 and December 31, 2025, respectively.", "box": [ 51.890622837890625, 585.7064112017833, 443.13312009861903, 589.715017078357 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 593.9564108580307, 43.07227342132069, 597.9650167346081 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes $352,000 of deferred debt issuance costs at December 31, 2025.", "box": [ 51.890622837890625, 593.9564108580307, 285.6898125587571, 597.9650167346081 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 33.74999859375, 602.2064105142817, 43.07227342132069, 606.2150163908591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes $324,000 and $546,000 of deferred debt issuance costs at June 30, 2026 and December 31, 2025, respectively, which includes $37,000 of deferred debt ", "box": [ 51.890622837890625, 602.2064105142817, 580.2487257854687, 606.2150163908591 ], "from_ocr": false, "confidence": 1.0 }, { "text": "issuance costs at June 30, 2026 from another term warehouse financing facility with no balance.", "box": [ 51.890622837890625, 610.4564101705328, 359.1588383975477, 614.4650160471101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 33.74999859375, 618.7064098267801, 43.07227342132069, 622.7150157033575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Collateral is composed of seven future funding participations that are components of assets held by ACR 2026-FL4 at June 30, 2026.", "box": [ 51.890622837890625, 618.7064098267801, 477.76015973082554, 622.7150157033575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 33.74999859375, 626.9564094830312, 43.07227342132069, 630.9650153596085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes $774,000 of deferred debt issuance costs at June 30, 2026.", "box": [ 51.890622837890625, 626.9564094830312, 267.51046131623025, 630.9650153596085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table shows information about 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A.", "box": [ 39.45702960595703, 726.1305312676668, 158.0307441716354, 731.1431688789671 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 343.0077982080078, 726.1305312676668, 345.5071730851172, 731.1431688789671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 350.9413953774412, 726.1305312676668, 355.94014513165996, 731.1431688789671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "316,543 ", "box": [ 381.4804566049803, 726.1305312676668, 422.61654487222654, 731.1431688789671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.4 years", "box": [ 446.27341890527345, 726.1305312676668, 482.37003577166064, 731.1431688789671 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.3281041113281, 726.1305312676668, 503.8274789884375, 731.1431688789671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.40%", "box": [ 530.4843528964843, 726.1305312676668, 556.3084448384799, 731.1431688789671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior Secured Financing Facility ", "box": [ 36.58593597558594, 738.88053073642, 183.7657243243445, 743.8931683477167 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 343.0077982080078, 738.88053073642, 345.5071730851172, 743.8931683477167 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 411.4687328554687, 738.88053073642, 413.9681077325781, 743.8931683477167 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 416.89451762939433, 738.88053073642, 422.61654487222654, 743.8931683477167 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 498.1054517456053, 738.88053073642, 503.8274789884375, 743.8931683477167 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 738.88053073642, 577.5266984176365, 743.8931683477167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 153.87890358837873, 316.56550908824283, 161.68828654538953, 319.923562779808 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 76.67577805517578, 372.0655067757434, 84.48516101218657, 375.4235604673049 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 153.87890358837873, 428.31550443199376, 161.68828654538953, 431.67355812355527 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)(5)", "box": [ 95.84765225634766, 459.0655031507449, 111.46641446296763, 462.4235568423064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 97.24218344824217, 503.3155013069918, 105.05156640525297, 506.67355499855694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)(2)", "box": [ 233.1796777841797, 711.065492650745, 248.7984399907997, 714.4235463423065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 183.77342984277342, 736.5654915882442, 191.58281279978422, 739.9235452798057 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 43, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 139.63055570516735, 578.2459236369182, 144.64319331646766 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28", "box": [ 300.99608495849594, 157.63055495516892, 310.9935794794336, 162.6431925664656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Massachusetts Mutual Life Insurance Company", "box": [ 39.45702960595703, 39.1305598926665, 230.47349823443722, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 343.0077982080078, 39.1305598926665, 345.5071730851172, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 350.9413953774412, 39.1305598926665, 355.94014513165996, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "91,991 ", "box": [ 386.4726438969725, 39.1305598926665, 422.61654487222654, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.5 years", "box": [ 446.27341890527345, 39.1305598926665, 482.37003577166064, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.3281041113281, 39.1305598926665, 503.8274789884375, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.48%", "box": [ 530.4843528964843, 39.1305598926665, 556.3084448384799, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - Term Warehouse Financing Facilities ", "box": [ 36.58593597558594, 51.88055936141609, 229.29628202723794, 56.893196972716396 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 343.0077982080078, 51.88055936141609, 345.5071730851172, 56.893196972716396 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 411.4687328554687, 51.88055936141609, 413.9681077325781, 56.893196972716396 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 416.89451762939433, 51.88055936141609, 422.61654487222654, 56.893196972716396 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 463.0781057050781, 51.88055936141609, 465.5774805821875, 56.893196972716396 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.3281041113281, 51.88055936141609, 503.8274789884375, 56.893196972716396 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 542.1445124106443, 51.88055936141609, 544.6438872877537, 56.893196972716396 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JPMorgan Chase Bank, N. A.", "box": [ 39.45702960595703, 64.63055883016932, 158.0307441716354, 69.64319644146599 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 343.0077982080078, 64.63055883016932, 345.5071730851172, 69.64319644146599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 350.9413953774412, 64.63055883016932, 355.94014513165996, 69.64319644146599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 403.96873316796876, 64.63055883016932, 422.61654487222654, 69.64319644146599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.1 years", "box": [ 446.27341890527345, 64.63055883016932, 482.37003577166064, 69.64319644146599 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.3281041113281, 64.63055883016932, 503.8274789884375, 69.64319644146599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-%", "box": [ 534.2226377407225, 64.63055883016932, 552.5584449947298, 69.64319644146599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Morgan Stanley Mortgage Capital Holdings LLC", "box": [ 39.45702960595703, 77.38055829891891, 236.87810989957893, 82.39319591021558 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 343.0077982080078, 77.38055829891891, 345.5071730851172, 82.39319591021558 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 350.9413953774412, 77.38055829891891, 355.94014513165996, 82.39319591021558 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,188 ", "box": [ 391.47654618847656, 77.38055829891891, 422.61654487222654, 82.39319591021558 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.3 years", "box": [ 446.27341890527345, 77.38055829891891, 482.37003577166064, 82.39319591021558 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.3281041113281, 77.38055829891891, 503.8274789884375, 82.39319591021558 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.27%", "box": [ 530.4843528964843, 77.38055829891891, 556.3084448384799, 82.39319591021558 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage Payable", "box": [ 36.58593597558594, 90.1305577676685, 114.5985674226209, 95.14319537896517 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 343.0077982080078, 90.1305577676685, 345.5071730851172, 95.14319537896517 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 411.4687328554687, 90.1305577676685, 413.9681077325781, 95.14319537896517 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 416.89451762939433, 90.1305577676685, 422.61654487222654, 95.14319537896517 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 463.0781057050781, 90.1305577676685, 465.5774805821875, 95.14319537896517 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.3281041113281, 90.1305577676685, 503.8274789884375, 95.14319537896517 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 542.1445124106443, 90.1305577676685, 544.6438872877537, 95.14319537896517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "HGM CRE LP", "box": [ 39.45702960595703, 102.8805572364181, 98.89522338180407, 107.89319484771477 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 343.0077982080078, 102.8805572364181, 345.5071730851172, 107.89319484771477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 350.9413953774412, 102.8805572364181, 355.94014513165996, 107.89319484771477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,161 ", "box": [ 391.47654618847656, 102.8805572364181, 422.61654487222654, 107.89319484771477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.9 years", "box": [ 446.27341890527345, 102.8805572364181, 482.37003577166064, 107.89319484771477 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.3281041113281, 102.8805572364181, 503.8274789884375, 107.89319484771477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.25%", "box": [ 530.4843528964843, 102.8805572364181, 556.3084448384799, 107.89319484771477 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 112.67908704228103, 34.24874859171875, 113.67935835865865 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 116.2064307642795, 43.07227342132069, 120.21503664085685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Equal to the total of the estimated fair value of securities or loans sold and accrued interest receivable, minus the total of the financing agreement liabilities and ", "box": [ 51.890622837890625, 116.2064307642795, 580.2487257854687, 120.21503664085685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accrued interest payable.", "box": [ 51.890622837890625, 124.45643042053052, 131.13000852374944, 128.46503629710787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)(2)", "box": [ 229.3007754458006, 49.56552021324387, 244.91953765242062, 52.92357390480538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 98.90624587890625, 99.81551811949248, 106.71562883591704, 103.17357181105399 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 44, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521463 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521429 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391728, 335.0195794033502, 133.39319378521395 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521378 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517391695, 36.249373470859375, 157.3931927852136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 163.45642879552906, 43.07227342132069, 167.4650346721064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company is required to maintain a total minimum unencumbered liquidity balance of $20.0 million.", "box": [ 51.890622837890625, 163.45642879552906, 386.7212795741126, 167.4650346721064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 171.70642845178008, 43.07227342132069, 175.71503432835743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Equal to the total of the estimated fair value of real estate property investment financed, minus the total of the mortgage payable agreement liabilities and accrued ", "box": [ 51.890622837890625, 171.70642845178008, 580.2487257854687, 175.71503432835743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest payable.", "box": [ 51.890622837890625, 179.9564281080311, 104.27965249251426, 183.96503398460845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company was in compliance with all financial covenants in each of the respective agreements at June 30, 2026 and ", "box": [ 70.04296583154297, 198.13055326766698, 580.7493507833593, 203.14319087896365 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025.", "box": [ 33.74999859375, 210.1305527676668, 114.81363254734848, 215.14319037896712 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - Term Reinvestment Financing Facility", "box": [ 33.74999859375, 231.13055189266743, 222.32073435919713, 236.1431895039641 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In March 2025, an indirect wholly-owned subsidiary of the Company entered into a master repurchase agreement (the ", "box": [ 70.04296583154297, 252.13055101766804, 580.7493507833593, 257.1431886289647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'JPMorgan Chase 2025 Facility') with JPMorgan Chase Bank, N.A. ('JPMorgan Chase') to finance existing CRE loans and the ", "box": [ 33.74999859375, 264.13055051766787, 580.7493507833593, 269.14318812896454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "origination of new CRE loans. The JPMorgan Chase 2025 Facility had an initial maximum facility amount of $939.9 million, provides ", "box": [ 33.74999859375, 276.1305500176677, 580.7376357838474, 281.14318762896437 ], "from_ocr": false, "confidence": 1.0 }, { "text": "match term funding, charges interest of one-month Term SOFR plus a 1.75% spread and matures as of the latest maturity date of any ", "box": [ 33.74999859375, 288.13054951766753, 580.7493507833593, 293.1431871289642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purchased asset. The JPMorgan Chase 2025 Facility includes a two-year reinvestment period enabling the reinvestment of principal ", "box": [ 33.74999859375, 300.13054901766736, 580.7493507833593, 305.14318662896403 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proceeds from asset repayments into qualifying replacement assets. The reinvestment period for the JPMorgan Chase 2025 Facility ", "box": [ 33.74999859375, 312.1305485176672, 580.7493507833593, 317.14318612896386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ends in March 2027.", "box": [ 33.74999859375, 324.130548017667, 115.9363780005674, 329.1431856289637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In connection with the JPMorgan Chase 2025 Facility, the Company provided \"bad act\" guaranties pursuant to a guarantee ", "box": [ 70.04296583154297, 345.13054714266764, 580.7493507833593, 350.1431847539643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreement (the \"2025 JPMorgan Chase Guarantee\") where the Company is liable for 100% of the repurchase price of the purchased ", "box": [ 33.74999859375, 357.13054664266747, 580.7493507833593, 362.14318425396414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets and JPMorgan Chase's losses, costs and expenses only upon the occurrence of certain customary bad acts. The JPMorgan Chase ", "box": [ 33.74999859375, 369.1305461426673, 580.7493507833593, 374.14318375396397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025 Guarantee includes certain financial covenants required of the Company, including required liquidity, required capital, ratios of ", "box": [ 33.74999859375, 381.13054564266713, 580.7493507833593, 386.1431832539638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "total indebtedness to equity and EBITDA requirements. The JPMorgan Chase 2025 Facility also includes minimum interest coverage ", "box": [ 33.74999859375, 393.13054514266696, 580.7493507833593, 398.14318275396363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "requirements and maximum look through LTV requirements. Also, ACRES RF, the direct owner of the wholly-owned subsidiary ", "box": [ 33.74999859375, 405.1305446426668, 580.7493507833593, 410.1431822539671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrower, executed a pledge agreement with JPMorgan Chase pursuant to which it pledged and granted to JPMorgan Chase a ", "box": [ 33.74999859375, 417.1305441426666, 580.7493507833593, 422.1431817539669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "continuing security interest in any and all of its right, title and interest in and to the wholly-owned subsidiary, including all ", "box": [ 33.74999859375, 429.13054364266645, 580.7493507833593, 434.14318125396676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distributions, proceeds, payments, income and profits from its interests in the wholly-owned subsidiary.", "box": [ 33.74999859375, 441.1305431426663, 448.57732781552716, 446.1431807539666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The JPMorgan Chase 2025 Facility specifies events of default, subject to certain materiality thresholds and grace periods, ", "box": [ 70.04296583154297, 462.1305422676669, 580.7493507833593, 467.14317987896356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "customary for this type of financing arrangement, including but not limited to: payment defaults; bankruptcy or insolvency ", "box": [ 33.74999859375, 474.1305417676667, 580.7610732828708, 479.14317937896703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proceedings; a change of control of the ACRES SPE 2025-1, LLC, (\"Seller SPE\") or the Company; breaches of covenants and/or ", "box": [ 33.74999859375, 486.13054126766656, 580.7493507833593, 491.14317887896686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "certain representations and warranties; and a judgment in an amount greater than $250,000 against the Seller SPE or ACRES RF or ", "box": [ 33.74999859375, 498.1305407676664, 580.7493507833593, 503.1431783789667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$10.0 million against the Company. The remedies for such events of default are also customary for this type of financing arrangement ", "box": [ 33.74999859375, 510.1305402676662, 580.7493507833593, 515.1431778789665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and include the acceleration of the principal amount outstanding under the JPMorgan Chase 2025 Facility and the liquidation by ", "box": [ 33.74999859375, 522.130539767666, 580.7493507833593, 527.1431773789664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JPMorgan Chase of purchased assets then subject to the JPMorgan Chase 2025 Facility. In October 2025, the JPMorgan Chase 2025 ", "box": [ 33.74999859375, 534.1305392676659, 580.7493507833593, 539.1431768789662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Facility was amended to allow AMF Levered II, LLC to purchase a non-controlling interest in the Seller SPE. At June 30, 2026, AMF ", "box": [ 33.74999859375, 546.1305387676657, 580.7493507833593, 551.143176378966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Levered II, LLC owned $135.2 million non-controlling interest, or 43.2%, of the Seller SPE and assumed a proportionate share of risk ", "box": [ 33.74999859375, 558.1305382676655, 580.7376357838474, 563.1431758789658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the portfolio.", "box": [ 33.74999859375, 570.1305377676654, 96.22450292189555, 575.1431753789657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior Secured Financing Facility", "box": [ 33.74999859375, 591.130536892666, 176.78531298150645, 596.1431745039663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On July 31, 2020, an indirect, wholly owned subsidiary (\"Holdings\"), along with its direct wholly owned subsidiary (the ", "box": [ 70.04296583154297, 612.1305360176666, 580.7493507833593, 617.1431736289669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\"Borrower\"), of the Company entered into a $250.0 million Loan and Servicing Agreement (the \"MassMutual Loan Agreement\") with ", "box": [ 33.74999859375, 624.1305355176664, 580.7610732828708, 629.1431731289667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "MassMutual and the other lenders party thereto (the \"Lenders\"). The asset-based revolving loan facility (the \"MassMutual Facility\") ", "box": [ 33.74999859375, 636.1305350176663, 580.7493507833593, 641.1431726289666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provided under the MassMutual Loan Agreement has been used to finance the Company's core CRE lending business.", "box": [ 33.74999859375, 648.1305345176661, 508.24013665457665, 653.1431721289664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In December 2022, Holdings, the Borrower and the Lenders entered into an Amended and Restated Loan and Servicing ", "box": [ 70.04296583154297, 669.1305336426667, 580.7493507833593, 674.143171253967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement (the \"Amended and Restated Loan and Servicing Agreement\"), which amends and restates the MassMutual Loan ", "box": [ 33.74999859375, 681.1305331426665, 580.7493507833593, 686.1431707539668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement, and reflects a senior secured term loan facility, not to exceed $500.0 million, composed of individual loan series issued ", "box": [ 33.74999859375, 693.1305326426664, 580.7493507833593, 698.1431702539667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "upon mutual agreement of the Borrower and Lenders. Each loan series will be available for three months after the closing date agreed ", "box": [ 33.74999859375, 705.1305321426662, 580.7493507833593, 710.1431697539665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "upon by the Borrower and Lender (\"Commitment Period\"), subject to the maximum dollar amount agreed upon for that series. The ", "box": [ 33.74999859375, 717.130531642666, 580.7493507833593, 722.1431692539663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commitment Period is subject to immediate termination upon the occurrence of an event of default. Each loan series will have a final ", "box": [ 33.74999859375, 729.1305311426659, 580.7493507833593, 734.1431687539662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maturity of five years from the issuance date for the loan series unless an additional time is mutually agreed upon by the Lenders and ", "box": [ 33.74999859375, 741.1305306426657, 580.7493507833593, 746.143168253966 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 45, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 68.38055867391449, 578.2459236369182, 73.3931962852148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "29", "box": [ 300.99608495849594, 86.38055792391606, 310.9935794794336, 91.39319553521636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrower. The advance rate on portfolio assets will be mutually agreed upon by the Lenders and Borrower. Each loan series will have ", "box": [ 33.74999859375, 38.380559923916735, 580.7493507833593, 43.3931975352134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "its own mutually agreed upon interest rate equal to one-month Term SOFR plus the applicable spread.", "box": [ 33.74999859375, 50.380559423916566, 442.43633707140174, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 46, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391796, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.3931952852181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391762, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521776 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391728, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521742 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517392058, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - Term Warehouse Financing Facilities", "box": [ 33.74999859375, 173.38055429891756, 220.11425959898517, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In October 2018, an indirect, wholly-owned subsidiary of the Company entered into a master repurchase agreement (the ", "box": [ 70.04296583154297, 194.38055342391817, 552.8235744469333, 199.39319103521848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\"JPMorgan Chase Facility\") with JP Morgan Chase to finance the origination of CRE loans. As amended, the JPMorgan Chase Facility ", "box": [ 33.74999859375, 206.380552923918, 577.2688859283787, 211.3931905352183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "has a maximum facility amount of $250.0 million, charges interest of one-month Term SOFR plus market spreads and was set to ", "box": [ 33.74999859375, 218.38055242391783, 551.5931019982031, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mature in July 2026. In March 2025, the Company entered into Amendment No. 6 to Guarantee, by and between the Company and ", "box": [ 33.74999859375, 230.38055192391766, 560.1712266407812, 235.39318953521797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JPMorgan Chase, which makes certain amendments and modifications to the Guarantee, dated October 26, 2018 between the Company ", "box": [ 33.74999859375, 242.3805514239175, 578.1946633898046, 247.3931890352178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and JPMorgan Chase, as amended (the \"JPM Guarantee\") including but not limited to amending (capitalized terms each as defined in ", "box": [ 33.74999859375, 254.38055092391733, 569.1360737672459, 259.39318853521763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the JPM Guarantee) (i) minimum unencumbered Liquidity requirement, (ii) the ratio of Total Indebtedness to Total Equity, (iii) ratio of ", "box": [ 33.74999859375, 266.38055042391716, 577.9134134015234, 271.39318803521746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Adjusted Total Indebtedness to Total Equity, and (iv) EBITDA to Interest Expense ratio. In August 2025, the Company entered into ", "box": [ 33.74999859375, 278.3805499239206, 564.8938864440037, 283.3931875352173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amendment No. 7 to Guarantee, by and between the Company and JPMorgan Chase, which makes certain amendments and ", "box": [ 33.74999859375, 290.38054942392046, 532.6673252867771, 295.3931870352171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "modifications to the Guarantee, dated October 26, 2018 between the Company and JPMorgan Chase, as amended the JPM Guarantee, ", "box": [ 33.74999859375, 302.3805489239203, 571.5266986676365, 307.39318653521696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to amend the terms of the debt service coverage period. In July 2026, the Company entered into Amendment No. 5 to the JPMorgan ", "box": [ 33.74999859375, 314.3805484239201, 564.05013647916, 319.3931860352168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chase Facility, extending its maturity to July 2028. The Company also has the right to request two one-year extensions.", "box": [ 33.74999859375, 326.38054792391995, 512.1551142914525, 331.3931855352166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In November 2021, an indirect, wholly-owned subsidiary of the Company entered into a Master Repurchase and Securities ", "box": [ 70.04296583154297, 347.38054704892056, 580.7493507833593, 352.39318466021723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Contract Agreement (the \"Morgan Stanley Facility\") with Morgan Stanley Mortgage Capital Holdings LLC (\"Morgan Stanley\") to ", "box": [ 33.74999859375, 359.3805465489204, 580.7493507833593, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "finance the origination of CRE loans. As amended, the Morgan Stanley Facility had a maximum facility amount of $250.0 million, ", "box": [ 33.74999859375, 371.3805460489202, 580.7610732828708, 376.3931836602169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "charges interest of one-month Term SOFR plus market spreads and was scheduled to mature in November 2025. The Company also has ", "box": [ 33.74999859375, 383.38054554892005, 580.7493507833593, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the right to request a one-year extension. In March 2025, the Company entered into Amendment No. 4 to Guaranty by and between the ", "box": [ 33.74999859375, 395.3805450489199, 580.7493507833593, 400.39318266021655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company and Morgan Stanley, which makes certain amendments and modifications to the amended Guaranty between the Company ", "box": [ 33.74999859375, 407.3805445489197, 580.7493507833593, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and Morgan Stanley (the \"MS Guaranty\"), including but not limited to (capitalized terms each as defined in the MS Guaranty) (i) ", "box": [ 33.74999859375, 419.3805440489159, 580.7493507833593, 424.39318166021985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "minimum unencumbered Liquidity requirement, (ii) the ratio of Total Indebtedness to Total Equity, (iii) ratio of Adjusted Total ", "box": [ 33.74999859375, 431.3805435489194, 580.7493507833593, 436.39318116021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indebtedness to Total Equity, and (iv) EBITDA to Interest Expense ratio. In November 2025, the Company entered into Amendment ", "box": [ 33.74999859375, 443.38054304891557, 580.7493507833593, 448.3931806602195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "No. 3 to the Morgan Stanley Facility extending its maturity to November 2026 and entered into Amendment No.4 to the Morgan ", "box": [ 33.74999859375, 455.38054254891904, 580.7493507833593, 460.3931801602157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stanley Facility to increase the facility amount to $400.0 million, as increased from time to time, provided the amount shall be ", "box": [ 33.74999859375, 467.38054204891523, 580.7493507833593, 472.3931796602192 ], "from_ocr": false, "confidence": 1.0 }, { "text": "automatically reduced to $250.0 million on the earlier of May 2026 or when the Company sends a request for a reduction in the facility ", "box": [ 33.74999859375, 479.3805415489187, 580.7493507833593, 484.39317916021537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amount. In December 2025, the Company entered into Amendment No. 5 to the Morgan Stanley Facility to increase the facility amount ", "box": [ 33.74999859375, 491.38054104892217, 580.7493507833593, 496.39317866021884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to $500.0 million provided certain conditions are met. In March 2026, the Company entered into Amendment No. 6 to the Morgan ", "box": [ 33.74999859375, 503.38054054891836, 580.7493507833593, 508.39317816021503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stanley Facility to decrease the facility amount to $250.0 million.", "box": [ 33.74999859375, 515.3805400489218, 296.14780014175784, 520.3931776602185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Term Warehouse Financing Facilities are accounted for as secured borrowings in accordance with GAAP.", "box": [ 70.04296583154297, 536.3805391739224, 512.8272028384487, 541.3931767852191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage Payable", "box": [ 33.74999859375, 557.3805382989158, 108.99477360611235, 562.3931759102197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In April 2022, Chapel Drive West, LLC, a wholly owned subsidiary of the FSU Student Venture, entered into a Loan ", "box": [ 70.04296583154297, 578.3805374239164, 580.7493507833593, 583.3931750352203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement (the \"Mortgage\") with ReadyCap Commercial, LLC (\"ReadyCap\") to finance the acquisition of a student housing complex. ", "box": [ 33.74999859375, 590.3805369239199, 580.7493507833593, 595.3931745352165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Mortgage is interest only and has a maximum principal balance of $20.4 million, of which, $18.7 million was advanced in the ", "box": [ 33.74999859375, 602.380536423916, 580.7493507833593, 607.39317403522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "initial funding. Initially, the Mortgage charged interest of 30-day average SOFR plus a spread of 3.80%. The Mortgage was amended in ", "box": [ 33.74999859375, 614.3805359239195, 580.7610732828708, 619.3931735352162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "October 2022 to charge interest of one-month Term SOFR plus a spread of 3.80%. The Mortgage was paid off in May 2026.", "box": [ 33.74999859375, 626.3805354239157, 531.8477527709258, 631.3931730352197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In May 2026, Chapel Drive West, LLC, entered into a Loan Agreement (the \"HGM Mortgage\") with HGM CRE LP (\"HGM\") ", "box": [ 70.04296583154297, 647.3805345489163, 580.7493507833593, 652.3931721602203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to finance an existing student housing complex. The HGM Mortgage is interest only and has a maximum principal balance of $23.8 ", "box": [ 33.74999859375, 659.3805340489198, 580.7493507833593, 664.3931716602165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, of which $21.7 million was advanced in the initial funding. The HGM Mortgage charges interest of one-month Term SOFR ", "box": [ 33.74999859375, 671.380533548916, 580.7493507833593, 676.3931711602199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "plus a spread of 3.50%. The HGM Mortgage is scheduled to mature in June 2029, subject to two one-year extension options.", "box": [ 33.74999859375, 683.3805330489195, 532.4615375953516, 688.3931706602161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The HGM Mortgage contains events of default, subject to certain materiality thresholds and grace periods, customary for this ", "box": [ 70.04296583154297, 704.3805321739201, 580.7493507833593, 709.3931697852167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "type of financing arrangement. The remedies for such events of default are also customary for this type of transaction.", "box": [ 33.74999859375, 716.3805316739163, 505.6821074861614, 721.3931692852202 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 47, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 104.38055717391399, 578.2459236369182, 109.39319478521065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30", "box": [ 300.99608495849594, 122.38055642391555, 310.9935794794336, 127.39319403521222 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In January 2023, Chapel Drive East, LLC, a wholly owned subsidiary of the FSU Student Venture, entered into a loan ", "box": [ 70.04296583154297, 38.3805599239131, 580.7493507833593, 43.393197535209765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreement (the \"Construction Loan Agreement\") with Oceanview Life and Annuity Company (\"Oceanview\") to finance the ", "box": [ 33.74999859375, 50.380559423916566, 580.7493507833593, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "construction of a student housing complex (the \"Construction Loan\"). The Construction Loan was interest only and had a maximum ", "box": [ 33.74999859375, 62.38055892391276, 580.7493507833593, 67.39319653520943 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal balance of $48.0 million. The Construction Loan charged one-month Term SOFR plus a spread of 6.00%. In February 2025, ", "box": [ 33.74999859375, 74.38055842391623, 580.7376357838474, 79.3931960352129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Construction ", "box": [ 33.74999859375, 86.38055792391242, 102.62437070523438, 91.39319553521636 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 48, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391399, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617392092, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521378 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517392058, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan was amended to bifurcate the first one-year extension option into two separate extension options and periods: a seven-month ", "box": [ 33.74999859375, 173.38055429891392, 580.7376357838474, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extension period ended September 2025 and a five-month extension ended February 2026. The Construction Loan had a maturity of ", "box": [ 33.74999859375, 185.3805537989174, 580.7424418586469, 190.39319141021406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "September 2025.", "box": [ 33.74999859375, 197.38055329892086, 101.49937075210937, 202.39319091021753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition to the Construction Loan, Chapel Drive East, LLC, entered into a financing agreement with Florida Pace Funding ", "box": [ 70.04296583154297, 218.3805524239142, 580.7493507833593, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agency to fund energy efficient building improvements and had a maximum principal balance of $15.5 million. This agreement ", "box": [ 33.74999859375, 230.38055192391766, 580.7376357838474, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "charged fixed interest of 7.26% and was scheduled to mature in July 2053.", "box": [ 33.74999859375, 242.38055142391386, 331.9485836500584, 247.3931890352178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Both the Construction Loan and the financing agreement with Florida Pace Funding Agency were paid off in connection with ", "box": [ 70.04296583154297, 263.38055054891447, 575.0774760196874, 268.3931881602184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the sale of the student housing complex in September 2025.", "box": [ 33.74999859375, 275.38055004891794, 272.532757075718, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate Debt", "box": [ 33.74999859375, 296.38054917391855, 101.21353383826866, 301.3931867852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.75% Senior Unsecured Notes Due 2026", "box": [ 33.74999859375, 317.38054829891917, 204.26380545150778, 322.39318591021583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On August 16, 2021, the Company issued $150.0 million of its 5.75% senior unsecured notes due 2026 (the \"5.75% Senior ", "box": [ 70.04296583154297, 338.3805474239198, 580.7610732828708, 343.39318503521645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured Notes\") pursuant to its Indenture dated August 16, 2021 (the \"Base Indenture\"), between it and Wells Fargo, now ", "box": [ 33.74999859375, 350.380546923916, 580.7493507833593, 355.39318453521264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Computershare Trust Company, N.A. (\"CTC\"), as trustee (the \"Trustee\"), as supplemented by the First Supplemental Indenture, dated ", "box": [ 33.74999859375, 362.38054642391944, 580.7493507833593, 367.3931840352161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "August 16, 2021, between it and Wells Fargo (now CTC) (the \"Supplemental Indenture\" and, together with the Base Indenture, the ", "box": [ 33.74999859375, 374.38054592391563, 580.7493507833593, 379.3931835352123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\"Indenture\"). The Company may at its option redeem the 5.75% Senior Unsecured Notes, at any time, in whole or in part, on not less ", "box": [ 33.74999859375, 386.3805454239191, 580.7493507833593, 391.39318303521577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "than 15 nor more than 60 days' prior notice, at a redemption price equal to 100% of the principal amount of the 5.75% Senior ", "box": [ 33.74999859375, 398.3805449239153, 580.7493507833593, 403.39318253521924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date. The 5.75% Senior ", "box": [ 33.74999859375, 410.38054442391876, 580.7376357838474, 415.39318203521543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured Notes mature in August 2026.", "box": [ 33.74999859375, 422.38054392391496, 199.2454641793553, 427.3931815352189 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured Junior Subordinated Debentures", "box": [ 33.74999859375, 443.38054304891557, 216.23344236068587, 448.39318066021224 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During 2006, the Company formed RCT I and RCT II for the sole purpose of issuing and selling capital securities representing ", "box": [ 70.04296583154297, 464.3805421739162, 580.7493507833593, 469.39317978521285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "preferred beneficial interests. RCT I and RCT II are not consolidated into the Company's consolidated financial statements because the ", "box": [ 33.74999859375, 476.38054167391965, 580.7493507833593, 481.3931792852163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company is not deemed to be the primary beneficiary of these entities. In connection with the issuance and sale of the capital securities, ", "box": [ 33.74999859375, 488.38054117391584, 580.7493507833593, 493.3931787852125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company issued junior subordinated debentures to RCT I and RCT II of $25.8 million each, representing the Company's maximum ", "box": [ 33.74999859375, 500.3805406739193, 580.7376357838474, 505.393178285216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "exposure to loss. The debt issuance costs associated with the junior subordinated debentures for RCT I and RCT II were included in ", "box": [ 33.74999859375, 512.3805401739155, 580.7493507833593, 517.3931777852195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrowings and were amortized into interest expense on the consolidated statements of operations using the effective yield method over ", "box": [ 33.74999859375, 524.380539673919, 580.7493507833593, 529.3931772852156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a ten-year period.", "box": [ 33.74999859375, 536.3805391739152, 103.98059849872487, 541.3931767852191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There were no unamortized debt issuance costs associated with the junior subordinated debentures for RCT I and RCT II ", "box": [ 70.04296583154297, 557.3805382989158, 580.7493507833593, 562.3931759102124 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding at June 30, 2026 and December 31, 2025. The interest rates for RCT I and RCT II, at June 30, 2026, were 7.91% and ", "box": [ 33.74999859375, 569.3805377989192, 580.7359992839156, 574.3931754102159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.88%, respectively. 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"from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 49, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 84.88055798642017, 578.2459236369182, 89.89319559771684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31", "box": [ 300.99608495849594, 102.88055723642174, 310.9935794794336, 107.8931948477184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured junior subordinated debentures", "box": [ 35.48437352148437, 39.130559892670135, 204.5581004471585, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 223.40624069140625, 39.8805598614199, 225.90561556851563, 44.893197472716565 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 228.83202546533187, 39.130559892670135, 231.33140034244124, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51,548 ", "box": [ 249.7382745942381, 39.130559892670135, 291.3079603434178, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 321.80858409130843, 39.130559892670135, 345.8821730694922, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 381.80858159130844, 39.130559892670135, 405.8821705694922, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 436.3827943173828, 39.130559892670135, 460.4563907955662, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 496.3827918173828, 39.130559892670135, 520.4563882955662, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51,548 ", "box": [ 544.5234148115234, 39.130559892670135, 575.2415385128515, 44.1431975039668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 37.24218594824219, 52.63055933017313, 58.34040554323727, 57.643196941469796 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $ 1,792,942 $", "box": [ 223.40624069140625, 52.63055933017313, 293.80733522052714, 59.89319684771908 ], "from_ocr": false, "confidence": 1.0 }, { "text": "158,447 $", "box": [ 299.32030002832033, 52.63055933017313, 348.38154794660153, 57.643196941469796 ], "from_ocr": false, "confidence": 1.0 }, { "text": "56,503 $", "box": [ 364.3124848203125, 52.63055933017313, 408.38154544660154, 57.643196941469796 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 436.3827943173828, 52.63055933017313, 462.9557656726756, 57.643196941469796 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,678 $", "box": [ 478.8867025463865, 52.63055933017313, 522.9557631726756, 57.643196941469796 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,556,314 ", "box": [ 532.0312278320312, 52.63055933017313, 575.2415385128515, 57.643196941469796 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 66.8805587364186, 36.249373470859375, 71.89319634771527 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 50, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391399, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391365, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521378 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.3805551739133, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 162.17908497977623, 34.24874859171875, 163.17935629615386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 165.70642870177835, 43.07227342132069, 169.71503457835934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There are no contractual maturities due in 2028.", "box": [ 51.890622837890625, 165.70642870177835, 205.51303187445677, 169.71503457835934 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 11 - SHARE ISSUANCE AND REPURCHASE", "box": [ 33.74999859375, 183.88055386141787, 265.947555863352, 188.89319147271453 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On October 4, 2021, the Company and the Manager entered into an Equity Distribution Agreement with JonesTrading ", "box": [ 70.04296583154297, 204.88055298641848, 580.7493507833593, 209.89319059771515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Institutional Services LLC, as placement agent (\"JonesTrading\"), pursuant to which the Company may issue and sell from time to time ", "box": [ 33.74999859375, 216.88055248641467, 580.7493507833593, 221.89319009771134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "up to 2.2 million shares of the 7.875% Series D Cumulative Redeemable Preferred Stock (\"Series D Preferred Stock\"). Sales of the ", "box": [ 33.74999859375, 228.88055198641814, 580.7493507833593, 233.8931895977148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Series D Preferred Stock may be made in transactions that are deemed to be \"at the market\" offerings, as defined in Rule 415 of the ", "box": [ 33.74999859375, 240.88055148641433, 580.7493507833593, 245.893189097711 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securities Act of 1933, as amended, including without limitation, sales made directly on the New York Stock Exchange, on any other ", "box": [ 33.74999859375, 252.8805509864178, 580.7493507833593, 257.89318859771447 ], "from_ocr": false, "confidence": 1.0 }, { "text": "existing trading market for the shares or to or through a market maker. Subject to the terms of the Company's notice, JonesTrading may ", "box": [ 33.74999859375, 264.880550486414, 580.7493507833593, 269.89318809771066 ], "from_ocr": false, "confidence": 1.0 }, { "text": "also sell the shares by any other method permitted by law, including but not limited to in privately negotiated transactions. The ", "box": [ 33.74999859375, 276.88054998641746, 580.7493507833593, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company will pay JonesTrading a commission up to 3.0% of the gross proceeds from the sales of the Series D Preferred Stock pursuant ", "box": [ 33.74999859375, 288.88054948641366, 580.7610732828708, 293.8931870977176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the agreement. The terms and conditions of the agreement include various representations and warranties, conditions to closing, ", "box": [ 33.74999859375, 300.8805489864171, 580.7493507833593, 305.8931865977138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "indemnification rights and obligations of the parties and termination provisions. During the six months ended June 30, 2026 and the ", "box": [ 33.74999859375, 312.8805484864133, 580.7493507833593, 317.89318609771726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "year ended December 31, 2025, the Company did not issue any Series D Preferred Stock through this agreement.", "box": [ 33.74999859375, 324.8805479864168, 485.75872694130186, 329.89318559771345 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On or after July 30, 2024, the Company may, at its option, redeem its 8.625% Fixed-to-Floating Series C Cumulative ", "box": [ 70.04296583154297, 345.8805471114174, 580.7376357838474, 350.89318472271407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Redeemable Preferred Stock (\"Series C Preferred Stock\"), in whole or in part, at any time and from time to time, for cash at $25.00 per ", "box": [ 33.74999859375, 357.8805466114136, 580.7493507833593, 362.89318422271754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "share, plus accrued and unpaid dividends, if any, to the redemption date. Effective July 30, 2024 and thereafter, the Company pays ", "box": [ 33.74999859375, 369.88054611141706, 580.7493507833593, 374.89318372271373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cumulative distributions on the Series C Preferred Stock at a floating rate equal to three-month Term SOFR plus a spread of 5.927% per ", "box": [ 33.74999859375, 381.88054561141325, 580.7493507833593, 386.8931832227172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "annum based on the $25.00 liquidation preference, provided that such floating rate shall not be less than the initial rate of 8.625% at ", "box": [ 33.74999859375, 393.8805451114167, 580.7493507833593, 398.8931827227134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "any date of determination.", "box": [ 33.74999859375, 405.8805446114129, 138.6845649527262, 410.89318222271686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, the Company had 4.8 million shares of Series C Preferred Stock and 4.5 million shares of Series D Preferred ", "box": [ 70.04296583154297, 426.88054373641353, 580.7376357838474, 431.8931813477175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stock outstanding, with weighted average issuance prices, excluding offering costs, of $25.00.", "box": [ 33.74999859375, 438.880543236417, 411.35483034146466, 443.89318084771367 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In November 2021, the board of directors, (the \"Board\"), authorized and approved the continued use of its existing share ", "box": [ 70.04296583154297, 459.8805423614176, 580.7493507833593, 464.8931799727143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repurchase program to repurchase an additional $20.0 million of the outstanding shares of the Company's common stock. Under the ", "box": [ 33.74999859375, 471.8805418614138, 580.7493507833593, 476.89317947271775 ], "from_ocr": false, "confidence": 1.0 }, { "text": "share repurchase program, the Company intends to repurchase shares through open market purchases, privately negotiated transactions, ", "box": [ 33.74999859375, 483.8805413614173, 580.7493507833593, 488.89317897271394 ], "from_ocr": false, "confidence": 1.0 }, { "text": "block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 and 10b5-1 of the Exchange ", "box": [ 33.74999859375, 495.88054086141346, 580.7493507833593, 500.8931784727174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Act. From November 2023 through October 2025, the Board authorized and approved the repurchase of an additional $32.5 million of ", "box": [ 33.74999859375, 507.88054036141693, 580.7493507833593, 512.8931779727136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding shares of both common and preferred stock. In December 2025, the authorized amount was fully utilized. During the six ", "box": [ 33.74999859375, 519.8805398614131, 580.7493507833593, 524.8931774727171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2025, the Company repurchased $9.4 million of its common stock, representing 491,749 shares.", "box": [ 33.74999859375, 531.8805393614166, 511.9045583518925, 536.8931769727133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2025, the Company issued 391,380 common shares as a result of the cashless exercise of 391,955 outstanding warrants ", "box": [ 70.04296583154297, 552.8805384864172, 579.003260856113, 557.8931760977139 ], "from_ocr": false, "confidence": 1.0 }, { "text": "held by Oaktree Capital Management, L.P., at an exercise price of $0.03 per common share. The warrants were originally issued under ", "box": [ 33.74999859375, 564.8805379864134, 575.3821635069921, 569.8931755977173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the terms of a 2020 note and purchase agreement, which was paid off in August 2021.", "box": [ 33.74999859375, 576.8805374864169, 377.73579329225794, 581.8931750977135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 12 - SHARE-BASED COMPENSATION", "box": [ 33.74999859375, 597.8805366114175, 239.27945000593493, 602.8931742227142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In June 2021, the Company's shareholders approved the ACRES Commercial Realty Corp. Third Amended and Restated ", "box": [ 70.04296583154297, 618.8805357364181, 580.7493507833593, 623.8931733477148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Omnibus Equity Compensation Plan (the \"Omnibus Plan\") and the ACRES Commercial Realty Corp. Manager Incentive Plan (the ", "box": [ 33.74999859375, 630.8805352364143, 580.7493507833593, 635.893172847711 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\"Manager Plan\" and together with the Omnibus Plan, the \"Plans\"). The Omnibus Plan was amended to (i) increase the number of shares ", "box": [ 33.74999859375, 642.8805347364178, 580.7493507833593, 647.8931723477144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "authorized for issuance by an additional 1,100,000 shares of common stock, less any shares of common stock issued or subject to ", "box": [ 33.74999859375, 654.880534236414, 580.7610732828708, 659.8931718477179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "awards granted under the Manager Plan; and (ii) extend the expiration date of the Omnibus Plan from June 2029 to June 2031. The ", "box": [ 33.74999859375, 666.8805337364174, 580.7493507833593, 671.8931713477141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maximum number of shares that may be subject to awards granted under the Plans, determined on a combined basis, is 1,700,817 ", "box": [ 33.74999859375, 678.8805332364136, 580.7493507833593, 683.8931708477176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "shares of common stock. ", "box": [ 33.74999859375, 690.8805327364171, 138.15889222462926, 695.8931703477137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Omnibus Plan and the Manager Plan are administered by the compensation committee of the Company's Board (the ", "box": [ 70.04296583154297, 711.8805318614177, 580.7493507833593, 716.8931694727144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\"Compensation Committee\"). In 2020, the Compensation Committee and the Board created parameters for equity awards, whereby they ", "box": [ 33.74999859375, 723.8805313614139, 580.7493507833593, 728.8931689727178 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 51, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 68.38055867391813, 578.2459236369182, 73.3931962852148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32", "box": [ 300.99608495849594, 86.3805579239197, 310.9935794794336, 91.39319553521636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are no longer discretionary but are now based upon the Company's achievement of performance parameters using book value of the ", "box": [ 33.74999859375, 38.38055992392037, 580.7493507833593, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "common stock as the appropriate benchmark. See Note 16 for a description of awards made under the Manager Plan.", "box": [ 33.74999859375, 50.380559423916566, 501.25457177064186, 55.39319703522051 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 52, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391399, 447.9170176142287, 109.39319478521065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391365, 335.0195794033502, 133.39319378521031 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521378 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.3805551739133, 36.249373470859375, 157.39319278520998 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company recognized stock-based compensation expense of $4.9 million and $5.4 million, respectively, during the three ", "box": [ 70.04296583154297, 173.38055429891392, 580.7610732828708, 178.3931919102106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and six months ended June 30, 2026 and $585,000 and $1.4 million, respectively, during the three and six months ended June 30, 2025 ", "box": [ 33.74999859375, 185.3805537989174, 580.7727882823827, 190.39319141021406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "related to restricted stock. Included in the three and six months ended June 30, 2026 is $4.0 million of stock-based compensation ", "box": [ 33.74999859375, 197.38055329891358, 580.7493507833593, 202.39319091021025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense the Company recognized in the second quarter related to the accelerated vesting of the Manager's outstanding unvested shares ", "box": [ 33.74999859375, 209.38055279891705, 580.7493507833593, 214.39319041021372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in connection with the pending Merger (discussed in Note 16). ", "box": [ 33.74999859375, 221.38055229891324, 286.69077303580065, 226.3931899102099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In March 2026, the Company issued a total of 243,640 shares of common stock under its Manager Plan to ACRES Share ", "box": [ 70.04296583154297, 242.38055142391386, 580.7493507833593, 247.39318903521053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Holdings, LLC, a subsidiary of the Manager, and under the Omnibus Plan to the Company's directors (with the exception of Messrs. ", "box": [ 33.74999859375, 254.38055092391733, 580.7493507833593, 259.393188535214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fentress and Fogel), after the Company reached the established per share book value target of $30.00 per share. Each grant vests 25% ", "box": [ 33.74999859375, 266.3805504239135, 580.7493507833593, 271.3931880352102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "over four years. Of this amount, ACRES Share Holdings, LLC was granted 204,765 shares of common stock and now holds ", "box": [ 33.74999859375, 278.380549923917, 580.7376357838474, 283.39318753521366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "approximately 16% of the Company's outstanding common stock. Additionally, in March 2026, the Company granted ACRES Share ", "box": [ 33.74999859375, 290.3805494239132, 580.7493507833593, 295.39318703520985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Holdings, LLC a stock ownership waiver allowing it to exceed the 9.8% ownership limitations set forth in the Company's charter. The ", "box": [ 33.74999859375, 302.38054892391665, 580.7493507833593, 307.3931865352133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stock ownership waiver allows ACRES Share Holdings, LLC to hold up to 18% of the Company's outstanding shares of common stock. ", "box": [ 33.74999859375, 314.38054842391284, 580.7493507833593, 319.3931860352095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There were no shares of common stock issued for the three months ended June 30, 2026. No shares of common stock were issued to the ", "box": [ 33.74999859375, 326.3805479239163, 580.7493507833593, 331.393185535213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Manager or the Company's directors during the three and six months ended June 30, 2025.", "box": [ 33.74999859375, 338.3805474239125, 396.91717831803334, 343.39318503520917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On June 22, 2026, the Company's shareholders approved the adoption of the ACRES Commercial Realty Corp. 2026 ", "box": [ 70.04296583154297, 359.3805465489131, 580.7493507833593, 364.3931841602098 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Omnibus Equity Incentive Plan (the '2026 EIP'). The number of shares of common stock that may be issued under the 2026 EIP is ", "box": [ 33.74999859375, 371.3805460489166, 580.7422092086571, 376.39318366021325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "975,000 shares, plus 457,172 shares that remain available for issuance under the Omnibus Plan as of June 30, 2026, plus any lapsed ", "box": [ 33.74999859375, 383.3805455489128, 580.7493507833593, 388.39318316020945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "awards under the Omnibus Plan. The 2026 EIP will be administered by the Compensation Committee and shall extend to June 2036.", "box": [ 33.74999859375, 395.38054504891625, 564.0805733528914, 400.3931826602129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Under the Company's Fourth Amended and Restated Management Agreement, as amended (\"Management Agreement\"), ", "box": [ 70.04296583154297, 416.38054417391686, 580.7493507833593, 421.3931817852135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "incentive compensation is paid quarterly. Up to 75% of the incentive compensation may be paid in cash and at least 25% must be paid ", "box": [ 33.74999859375, 428.38054367391305, 580.7610732828708, 433.3931812852097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in the form of an award of common stock, recorded in management fees on the consolidated statements of operations. During the three ", "box": [ 33.74999859375, 440.3805431739165, 580.7493507833593, 445.3931807852132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and six months ended June 30, 2026 and 2025, the Company incurred no incentive compensation payable to the Manager. At June 30, ", "box": [ 33.74999859375, 452.3805426739127, 580.7493507833593, 457.3931802852094 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026, there was no incentive compensation payable within Management fee payable - related party on the consolidated balance sheets.", "box": [ 33.74999859375, 464.3805421739162, 572.3333690090249, 469.39317978521285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company did not issue shares of common stock to the Manager under the Management Agreement during the six months ", "box": [ 70.04296583154297, 485.3805412989168, 580.7493507833593, 490.39317891021346 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026 or 2025.", "box": [ 33.74999859375, 497.380540798913, 151.75744818302272, 502.39317841020966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the Company's restricted common stock transactions:", "box": [ 70.04296583154297, 518.3805399239136, 416.25969420493266, 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"box": [ 447.6210788491209, 542.2064130142753, 571.729198640449, 546.2150188908563 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Value", "box": [ 498.67966672167967, 550.45641267053, 518.6671393139912, 554.4650185471037 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.5116985620115, 550.45641267053, 576.5104484412302, 554.4650185471037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unvested shares at January 1, 2026", "box": [ 33.74999859375, 560.3805381739148, 184.26880358463288, 565.3931757852115 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 215.56640101806624, 560.3805381739148, 218.06577589517562, 565.3931757852115 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 221.9882757504881, 560.3805381739148, 224.4876506275975, 565.3931757852115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "296,430 ", "box": [ 245.26171228076154, 560.3805381739148, 292.11655030972656, 565.3931757852115 ], "from_ocr": false, 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590.1431747539609 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 221.9882757504881, 584.3805371739145, 224.4876506275975, 589.3931747852112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(501,195) ", "box": [ 241.92186491992186, 584.3805371739145, 285.6946755773047, 590.1431747539609 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 289.61717543261716, 584.3805371739145, 292.11655030972656, 589.3931747852112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(15,482) ", "box": [ 325.2070214497069, 584.3805371739145, 363.9876448150975, 590.1431747539609 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 367.91014467041, 584.3805371739145, 370.4095195475194, 589.3931747852112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(516,677) ", "box": [ 394.37108106787093, 584.3805371739145, 438.14389172525375, 590.1431747539609 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 444.57420397607405, 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"55,559 ", "box": [ 328.5468613105469, 597.1305366426677, 363.9876448150975, 604.3931741602137 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 367.91014467041, 597.1305366426677, 370.4095195475194, 602.1431742539644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "55,559 ", "box": [ 402.70310822070314, 597.1305366426677, 438.14389172525375, 604.3931741602137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 444.57420397607405, 597.1305366426677, 449.5729537302928, 602.1431742539644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "17.61 ", "box": [ 550.2773245717771, 597.1305366426677, 575.2766985113865, 602.1431742539644 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 611.2909901095409, 35.9999985, 615.8034921190556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The unvested shares of restricted common stock that are expected to vest during the following years:", "box": [ 70.04296583154297, 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"text": "2029", "box": [ 142.65233780615233, 683.3805330489122, 162.64732186052797, 688.3931706602161 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.33202040283186, 683.3805330489122, 352.83139527994126, 688.3931706602161 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 361.1718599511719, 683.3805330489122, 363.67123482828123, 688.3931706602161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,716 ", "box": [ 442.8515440478516, 683.3805330489122, 468.56576545767564, 688.3931706602161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2030", "box": [ 142.65233780615233, 696.1305325176654, 162.64732186052797, 701.1431701289621 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.33202040283186, 696.8805324864152, 352.83139527994126, 701.8931700977118 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 361.1718599511719, 696.1305325176654, 363.67123482828123, 701.1431701289621 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,737 ", "box": [ 442.8515440478516, 696.1305325176654, 468.56576545767564, 701.1431701289621 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 144.55077522705076, 710.3805319239109, 165.6489948220459, 715.3931695352148 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 350.33202040283186, 711.8805318614177, 352.83139527994126, 716.8931694727144 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 361.1718599511719, 709.6305319551611, 363.67123482828123, 714.6431695664651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "55,559 ", "box": [ 437.84764175634746, 709.6305319551611, 468.56576545767564, 714.6431695664651 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, total unrecognized compensation costs relating to unvested restricted stock was $707,000 based on the grant ", "box": [ 70.04296583154297, 732.880530986411, 580.7493507833593, 737.893168597715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "date fair value of shares granted. The cost is expected to be recognized over a weighted average period of 3.5 years. ", "box": [ 33.74999859375, 744.8805304864145, 498.9993541896094, 749.8931680977112 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 53, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 42.880559736418945, 578.2459236369182, 47.89319734771561 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33", "box": [ 300.99608495849594, 60.88055898642051, 310.9935794794336, 65.89319659771718 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 54, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.3805581739216, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528522174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717392126, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.3931942852214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617392092, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328522106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517392058, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 690.1305327676673, 578.2459236369182, 695.1431703789713 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34", "box": [ 300.99608495849594, 708.1305320176689, 310.9935794794336, 713.1431696289656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 13 - EARNINGS PER SHARE", "box": [ 33.74999859375, 173.3805542989212, 195.1206123644748, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented ", "box": [ 70.04296583154297, 194.3805534239218, 580.7493507833593, 199.39319103521848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(dollars in thousands, except per share amounts):", "box": [ 33.74999859375, 206.380552923918, 229.48205316233506, 211.39319053522195 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 218.29100648454187, 72.29296573779297, 222.8035084940566 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 165.32811811132814, 239.9564256080339, 167.32686799054687, 243.9650314846076 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 299.63671001513654, 239.9564256080339, 301.6354598943553, 243.9650314846076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the Three Months Ended June 30,", "box": [ 310.9452995439453, 239.20642563928413, 441.31276532446725, 243.21503151585785 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 447.0585788725584, 239.20642563928413, 449.0573287517772, 243.21503151585785 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the Six Months Ended June ", "box": [ 458.37889090087873, 230.95642598302948, 568.9987262542187, 234.96503185961046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30,", "box": [ 507.6913888461912, 239.20642563928413, 517.6851182922858, 243.21503151585785 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1366985776365, 239.20642563928413, 576.1354484568552, 243.21503151585785 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 165.32811811132814, 249.7064252017808, 167.32686799054687, 253.7150310783618 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 299.63671001513654, 249.7064252017808, 301.6354598943553, 253.7150310783618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 329.4843612714844, 248.95642523303104, 345.4743303802356, 252.96503110961203 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 371.10935953710936, 248.95642523303104, 373.1081094163281, 252.96503110961203 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 375.1874843671875, 249.7064252017808, 377.18623424640623, 253.7150310783618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 400.0546708310547, 248.95642523303104, 416.04463993980585, 252.96503110961203 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 436.03123183203127, 248.95642523303104, 438.02998171125, 252.96503110961203 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 440.10935666210935, 249.7064252017808, 442.10810654132814, 253.7150310783618 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 447.0585788725584, 249.7064252017808, 449.0573287517772, 253.7150310783618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 471.91404283691406, 248.95642523303104, 487.9040119456652, 252.96503110961203 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 508.535138811035, 248.95642523303104, 510.5338886902538, 252.96503110961203 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 512.6132636411131, 249.7064252017808, 514.6120135203319, 253.7150310783618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 537.4687276054688, 248.95642523303104, 553.4586967142199, 252.96503110961203 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1366985776365, 248.95642523303104, 576.1354484568552, 252.96503110961203 ], "from_ocr": false, "confidence": 1.0 }, { 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447.0585788725584, 272.3805501739189, 449.55795374966783, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 453.35154361035154, 272.3805501739189, 455.85091848746094, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(10,210) ", "box": [ 475.6288901821287, 272.3805501739189, 521.4056032560156, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(10,595)", "box": [ 541.1835749506834, 272.3805501739189, 576.071409052523, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net (income) loss allocable to non-controlling interest, net of ", "box": [ 36.1874984921875, 285.1305496426721, 283.28061317789064, 290.1431872539688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "taxes", "box": [ 36.1874984921875, 297.1305491426683, 56.729222581695275, 302.143186753965 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 299.63671001513654, 297.1305491426683, 302.13608489224595, 302.143186753965 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.92967475292966, 296.38054917391855, 308.42904963003906, 301.3931867852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,401) ", "box": [ 343.20702069970685, 296.38054917391855, 377.6868592442969, 302.143186753965 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 382.1367065776365, 296.38054917391855, 384.6360814547459, 301.3931867852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "226 ", "box": [ 418.9687325429687, 296.38054917391855, 442.60873153921875, 302.143186753965 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 447.0585788725584, 297.1305491426683, 449.55795374966783, 302.143186753965 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 453.35154361035154, 296.38054917391855, 455.85091848746094, 301.3931867852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5,838) ", "box": [ 480.6327924736328, 296.38054917391855, 515.1126385182224, 302.143186753965 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 518.9062283789062, 296.38054917391855, 521.4056032560156, 301.3931867852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "410 ", "box": [ 557.0273242905271, 296.38054917391855, 575.2415385128515, 301.3931867852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net loss allocable to common shares", "box": [ 33.74999859375, 309.88054861142155, 186.74865661421865, 314.8931862227182 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 299.63671001513654, 309.88054861142155, 310.9284245071484, 317.1431861289675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12,519) $", "box": [ 338.20311090820314, 309.88054861142155, 387.13545633185527, 314.8931862227182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(732) ", "box": [ 415.6288926821287, 309.88054861142155, 442.60873153921875, 317.1431861289675 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 447.0585788725584, 309.88054861142155, 458.35029336457035, 317.1431861289675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(13,542) $", "box": [ 475.6288901821287, 309.88054861142155, 523.904978133125, 314.8931862227182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6,591)", "box": [ 546.1874772421875, 309.88054861142155, 576.071409052523, 314.8931862227182 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 324.8805479864168, 36.249373470859375, 329.89318559772073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 299.63671001513654, 324.8805479864168, 302.13608489224595, 329.89318559772073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 366.5390472275391, 324.8805479864168, 369.0384221046484, 329.89318559772073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 371.9648320014647, 324.8805479864168, 377.6868592442969, 329.89318559772073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 431.4609195224609, 324.8805479864168, 433.96029439957033, 329.89318559772073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 436.88670429638654, 324.8805479864168, 442.60873153921875, 329.89318559772073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 447.0585788725584, 324.8805479864168, 449.55795374966783, 329.89318559772073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 503.96482650146464, 324.8805479864168, 506.46420137857405, 329.89318559772073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 509.3906037753906, 324.8805479864168, 515.1126385182224, 329.89318559772073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.5195112700193, 324.8805479864168, 572.0188861471287, 329.89318559772073 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 324.8805479864168, 577.5266984176365, 329.89318559772073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average number of common shares outstanding:", "box": [ 33.74999859375, 337.63054745517, 283.1209126837942, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 299.63671001513654, 337.63054745517, 302.13608489224595, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 366.5390472275391, 337.63054745517, 369.0384221046484, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 371.9648320014647, 337.63054745517, 377.6868592442969, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 431.4609195224609, 337.63054745517, 433.96029439957033, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 436.88670429638654, 337.63054745517, 442.60873153921875, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 447.0585788725584, 337.63054745517, 449.55795374966783, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 503.96482650146464, 337.63054745517, 506.46420137857405, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 509.3906037753906, 337.63054745517, 515.1126385182224, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.5195112700193, 337.63054745517, 572.0188861471287, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 337.63054745517, 577.5266984176365, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average number of common shares outstanding - basic ", "box": [ 36.1874984921875, 350.38054692392325, 308.42904963003906, 355.3931845352199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,693,915 ", "box": [ 329.0507712895506, 350.38054692392325, 377.6868592442969, 355.3931845352199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 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363.1305463926692, 521.4056032560156, 368.14318400396587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "391,995 ", "box": [ 539.5312275195312, 363.1305463926692, 575.2415385128515, 368.14318400396587 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total weighted average number of common shares outstanding - ", "box": [ 36.1874984921875, 375.88054586142243, 296.3235851344334, 380.8931834727191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "basic", "box": [ 36.1874984921875, 387.8805453614186, 56.72921940884385, 392.8931829727153 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 299.63671001513654, 387.8805453614186, 302.13608489224595, 392.8931829727153 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.92967475292966, 385.63054545516934, 308.42904963003906, 390.643183066466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,693,915 ", "box": [ 329.0507712895506, 385.63054545516934, 377.6868592442969, 392.8931829727153 ], 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575.2415385128515, 390.643183066466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Effect of dilutive securities - unvested restricted stock", "box": [ 36.1874984921875, 400.63054483017186, 251.89007351707983, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 299.63671001513654, 401.3805447989216, 302.13608489224595, 406.3931824102183 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.92967475292966, 400.63054483017186, 308.42904963003906, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 359.03904754003906, 400.63054483017186, 384.6360814547459, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 423.9609198349609, 400.63054483017186, 455.85091848746094, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 496.4648268139647, 400.63054483017186, 521.4056032560156, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 562.0195115825193, 400.63054483017186, 575.2415385128515, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted average number of common shares outstanding - ", "box": [ 36.1874984921875, 414.1305442676676, 274.94858602505843, 419.1431818789715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "diluted", "box": [ 36.1874984921875, 426.13054376767104, 63.953958897751605, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 299.63671001513654, 426.13054376767104, 302.13608489224595, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.92967475292966, 423.88054386142176, 308.42904963003906, 428.8931814727184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,693,915 ", "box": [ 329.0507712895506, 423.88054386142176, 377.6868592442969, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 382.1367065776365, 423.88054386142176, 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"confidence": 1.0 }, { "text": "(0.10) ", "box": [ 413.1327952861328, 451.6305427051702, 442.60873153921875, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 447.0585788725584, 451.6305427051702, 458.35029336457035, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2.04) $", "box": [ 485.63670226513653, 451.6305427051702, 523.904978133125, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.90)", "box": [ 551.1913870336912, 451.6305427051702, 576.071409052523, 456.6431803164669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net loss per common share - diluted", "box": [ 33.74999859375, 464.3805421739162, 178.67939499252492, 469.3931797852201 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 299.63671001513654, 464.3805421739162, 310.9284245071484, 469.3931797852201 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1.87) $", "box": [ 348.2109229912109, 464.3805421739162, 387.13545633185527, 469.3931797852201 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.10) ", "box": [ 413.1327952861328, 464.3805421739162, 442.60873153921875, 469.3931797852201 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 447.0585788725584, 464.3805421739162, 458.35029336457035, 469.3931797852201 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2.04) $", "box": [ 485.63670226513653, 464.3805421739162, 523.904978133125, 469.3931797852201 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(0.90)", "box": [ 551.1913870336912, 464.3805421739162, 576.071409052523, 469.3931797852201 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 474.5963620982584, 34.37437354898437, 475.8485813683001 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 478.456415670531, 43.07227342132069, 482.465021547112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See Note 11 for further details regarding the warrants.", "box": [ 51.890622837890625, 478.456415670531, 224.82901016962424, 482.465021547112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 486.70641532678565, 43.07227342132069, 490.71502120335936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Excludes 19,388 and 150,172 and 207,822 and 319,687 shares of common stock as they were anti-dilutive for the three and six months ended June 30, 2026 and ", "box": [ 51.890622837890625, 486.70641532678565, 580.2252882864452, 490.71502120335936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025, respectively.", "box": [ 51.890622837890625, 494.956414983033, 112.50104197495637, 498.96502085960674 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 14 - DISTRIBUTIONS", "box": [ 33.74999859375, 513.1305401426725, 162.36027436242685, 518.1431777539692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In order to qualify as a REIT, the Company must distribute at least 90% of its taxable income. In addition, the Company must ", "box": [ 70.04296583154297, 534.1305392676732, 580.7493507833593, 539.1431768789698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distribute 100% of its taxable income in order to not be subject to corporate federal income taxes on retained income. The Company ", "box": [ 33.74999859375, 546.1305387676693, 580.7610732828708, 551.143176378966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "anticipates it will distribute substantially all of its taxable income to its stockholders, after accounting for the net usage of its deferred ", "box": [ 33.74999859375, 558.1305382676728, 580.7493507833593, 563.1431758789695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "tax assets. Because taxable income differs from cash flow from operations due to non-cash revenues or expenses (such as provisions for ", "box": [ 33.74999859375, 570.130537767669, 580.7493507833593, 575.1431753789657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan and lease losses and depreciation) and tax loss carryforwards, in certain circumstances the Company may generate operating cash ", "box": [ 33.74999859375, 582.1305372676725, 580.7493507833593, 587.1431748789691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "flow in excess of its distributions or, alternatively, the Company may be required to borrow funds to make sufficient distribution ", "box": [ 33.74999859375, 594.1305367676687, 580.7493507833593, 599.1431743789653 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payments.", "box": [ 33.74999859375, 606.1305362676721, 74.56495794937662, 611.1431738789688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company's 2026 distributions are, and will be, determined by the Company's Board, which will also consider the ", "box": [ 70.04296583154297, 627.1305353926728, 580.7493507833593, 632.1431730039694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "composition of any distributions declared, including the option of paying a portion in cash and the balance in additional shares of ", "box": [ 33.74999859375, 639.130534892669, 580.7493507833593, 644.1431725039656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "common stock.", "box": [ 33.74999859375, 651.1305343926724, 94.83818865465864, 656.1431720039691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three and six months ended June 30, 2026 and 2025, the Company did not pay any common share distributions. ", "box": [ 70.04296583154297, 672.130533517673, 549.8821645694921, 677.1431711289697 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 238.5703025595703, 360.0655072757436, 248.05405909681554, 363.4235609673051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 251.89452450439435, 398.315505681996, 259.70390746140515, 401.6735593735575 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 55, "width": 612.0, "height": 792.0, "cells": [] }, { "page_no": 56, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.3805581739216, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717392126, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617392092, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521378 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517392058, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents distributions declared (on a per share basis) for the six months ended June 30, 2026 and the year ", "box": [ 70.04296583154297, 173.3805542989212, 580.7493507833593, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended December 31, 2025 with respect to the Company's Series C Preferred Stock and Series D Preferred Stock:", "box": [ 33.74999859375, 185.3805537989174, 484.2031724489543, 190.39319141021406 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 197.29100735954125, 72.29296573779297, 201.80350936905597 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 101.46093327246092, 210.70642682677862, 103.45968315167968, 214.7150327033596 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 171.89061783789063, 210.70642682677862, 173.8893677171094, 214.7150327033596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Series C Preferred Stock", "box": [ 232.17186532617188, 209.95642685802886, 316.7516845018895, 213.96503273460985 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 372.2577969892578, 209.95642685802886, 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"box": [ 233.08592778808594, 227.95642610803043, 235.08467766730467, 231.96503198461141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Distribution ", "box": [ 238.82811504882812, 219.70642645178305, 302.8073348455272, 223.71503232835676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Paid", "box": [ 262.0429615815428, 227.95642610803043, 277.5918158335509, 231.96503198461141 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 303.1874873671875, 227.95642610803043, 305.1862372464062, 231.96503198461141 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 307.2656121972656, 228.7064260767802, 309.26436207648436, 232.71503195336118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distribution Per ", "box": [ 314.27342440527343, 219.70642645178305, 372.0182694617381, 223.71503232835676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Share", "box": [ 332.15623616015625, 227.95642610803043, 352.14370875246766, 231.96503198461141 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 372.2577969892578, 227.95642610803043, 374.25654686847656, 231.96503198461141 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 376.3359218193359, 228.7064260767802, 378.33467169855464, 232.71503195336118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Date Paid", "box": [ 393.22264361572246, 227.95642610803043, 426.75240841852604, 231.96503198461141 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 437.53123176953125, 227.95642610803043, 439.52998164875004, 231.96503198461141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Distribution ", "box": [ 443.27341903027343, 219.70642645178305, 507.2526388269725, 223.71503232835676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Paid", "box": [ 466.4882655629881, 227.95642610803043, 482.03711981499634, 231.96503198461141 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 507.6327913486328, 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453.24935609585935, 481.3931792852163 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 461.5195157700194, 475.6305417051699, 464.0188906471287, 480.64317931646656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "638 ", "box": [ 557.8007617583005, 475.6305417051699, 575.3001360104099, 480.64317931646656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance at June 30, 2026", "box": [ 33.74999859375, 490.63054108016513, 139.00184919575602, 495.6431786914691 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 450.74998121875, 490.63054108016513, 453.24935609585935, 495.6431786914691 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 461.5195157700194, 488.38054117391584, 466.51826552423813, 493.3931787852198 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(965)", "box": [ 554.4609143974609, 488.38054117391584, 576.1300065500814, 493.3931787852198 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 500.42907088602806, 34.24874859171875, 501.4293422024057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 503.9564146080302, 43.07227342132069, 507.96502048461116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts reclassified from accumulated other comprehensive loss are reclassified to interest expense on the Company's consolidated statements of operations.", "box": [ 51.890622837890625, 503.9564146080302, 559.1974577126044, 507.96502048461116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 16 - RELATED PARTY TRANSACTIONS", "box": [ 33.74999859375, 522.1305397676697, 250.11656515591466, 527.1431773789664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Relationship with ACRES Capital Corp. and certain of its Subsidiaries. ", "box": [ 70.04296583154297, 543.1305388926703, 359.4293449550265, 548.143176503967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Manager is a subsidiary of ACRES Capital Corp., ", "box": [ 359.5546725185547, 543.1305388926703, 580.7493507833593, 548.143176503967 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of which Andrew Fentress, the Company's Chairman, serves as Managing Partner, and Mark Fogel, the Company's President, Chief ", "box": [ 33.74999859375, 555.1305383926665, 580.7493507833593, 560.1431760039704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Executive Officer and Director, serves as Chief Executive Officer and President. Mr. Fentress and Mr. Fogel are also shareholders and ", "box": [ 33.74999859375, 567.13053789267, 580.7493507833593, 572.1431755039666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "board members of ACRES Capital Corp.The Company has a Management Agreement with the Manager pursuant to which the ", "box": [ 33.74999859375, 579.1305373926662, 580.7493507833593, 584.1431750039701 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Manager provides the day-to-day management of the Company's operations and receives management fees.", "box": [ 33.74999859375, 591.1305368926696, 465.4286609383881, 596.1431745039663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Manager and its affiliates provide the Company with a Chief Financial Officer and a sufficient number of additional ", "box": [ 70.04296583154297, 612.1305360176702, 580.7493507833593, 617.1431736289669 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accounting, finance, tax and investor relations professionals. The Company reimburses the Manager's expenses for (a) the wages, ", "box": [ 33.74999859375, 624.1305355176664, 580.7493507833593, 629.1431731289704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "salaries and benefits of the Chief Financial Officer, and (b) a portion of the wages, salaries and benefits of accounting, finance, tax, and ", "box": [ 33.74999859375, 636.1305350176699, 580.7493507833593, 641.1431726289666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investor relations professionals, in proportion to such personnel's percentage of time allocated to the Company's operations. The ", "box": [ 33.74999859375, 648.1305345176661, 580.7493507833593, 653.14317212897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company reimburses out-of-pocket expenses and certain other costs incurred by the Manager that related directly to the Company's ", "box": [ 33.74999859375, 660.1305340176696, 580.7493507833593, 665.1431716289662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operations. The costs are recorded in general and administrative expenses on the consolidated statements of operations.", "box": [ 33.74999859375, 672.1305335176658, 510.41730646386117, 677.1431711289697 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 684.1305330176692, 36.249373470859375, 689.1431706289659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On April 29, 2026, the Company entered into an Agreement and Plan of Merger (the 'Merger Agreement') with ACRES ", "box": [ 70.04296583154297, 696.1305325176654, 557.3001367604099, 701.1431701289694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Holdings Sub LLC ('Merger Sub'), a subsidiary of the Company, on one hand and ACRES Capital Corp. ('ACC') and the Manager, ", "box": [ 33.74999859375, 708.1305320176689, 570.4720112115818, 713.1431696289656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on the other hand, pursuant to which ACC will be merged with and into Merger Sub, with Merger Sub surviving as a wholly-owned ", "box": [ 33.74999859375, 720.1305315176651, 564.3665389659765, 725.143169128969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subsidiary of the Company (the 'Merger'). As a result of the Merger, among other things, (i) the Company will acquire the Manager, ", "box": [ 33.74999859375, 732.1305310176685, 572.0774761446875, 737.1431686289652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(ii) the Manager will cease to perform any outside management services for the Company, (iii) the Company and the Manager will ", "box": [ 33.74999859375, 744.1305305176647, 559.0110741891209, 749.1431681289687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 303.83202234033183, 474.0655025257438, 311.64140529734266, 477.4235562173053 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 57, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 68.38055867391085, 578.2459236369182, 73.3931962852148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "35", "box": [ 300.99608495849594, 86.38055792391242, 310.9935794794336, 91.39319553520909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "terminate the existing Management Agreement between the parties, and (iv) the Company will become internally managed (the ", "box": [ 33.74999859375, 38.3805599239131, 545.6751372447849, 43.393197535209765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "'Internalization').", "box": [ 33.74999859375, 50.380559423916566, 106.74434635856872, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 58, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391399, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391365, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521378 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.3805551739133, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The closing of the Merger (the 'Closing') is subject to a number of conditions, including the issuance of common stock at the ", "box": [ 70.04296583154297, 173.38055429891392, 580.7493507833593, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "closing which was approved by the Company's common stockholders at the Company's 2026 Annual Meeting in June 2026. The ", "box": [ 33.74999859375, 185.3805537989174, 580.7493507833593, 190.39319141021406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company expects to close the Merger (and consummate the Internalization) in the third quarter of 2026.", "box": [ 33.74999859375, 197.38055329891358, 450.17849374881183, 202.39319091021753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pursuant to the Merger Agreement, at closing, (i) each outstanding share of common stock, $0.0001 par value per share, of ", "box": [ 70.04296583154297, 218.3805524239142, 580.7493507833593, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACC (\"ACC Common Stock\") will be converted into the right to receive 2.61882 shares of common stock, $0.001 par value per share, ", "box": [ 33.74999859375, 230.38055192391766, 580.7493507833593, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the Company (the 'ACR Common Stock\") and (ii) the Management Agreement, will terminate for no additional consideration. The ", "box": [ 33.74999859375, 242.38055142391386, 580.7493507833593, 247.3931890352178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company expects to issue a maximum of approximately 7.5 million shares of ACR Common Stock at Closing, the exact number of ", "box": [ 33.74999859375, 254.38055092391733, 580.7493507833593, 259.393188535214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which will be determined based on the number of outstanding shares of ACC Common Stock immediately prior to the Closing. The 1.2 ", "box": [ 33.74999859375, 266.3805504239135, 580.7493507833593, 271.39318803521746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million shares of ACR Common Stock previously issued to and held by ACRES Share Holdings, LLC (discussed below) to the ", "box": [ 33.74999859375, 278.380549923917, 580.7493507833593, 283.39318753521366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Manager will be retired upon close of the Merger. ", "box": [ 33.74999859375, 290.3805494239132, 235.8548376539647, 295.3931870352171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Under the terms of the existing Management Agreement, for the three and six months ended June 30, 2026, the Manager ", "box": [ 70.04296583154297, 311.3805485489138, 580.7493507833593, 316.39318616021774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "earned base management fees of $1.6 million and $3.1 million, respectively and $1.6 million and $3.2 million for the three and six ", "box": [ 33.74999859375, 323.38054804891726, 580.7727882823827, 328.39318566021393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2025, respectively.", "box": [ 33.74999859375, 335.38054754891346, 203.67312199486958, 340.3931851602174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three and six months ended June 30, 2026 and 2025, the Manager did not earn an incentive management fee.", "box": [ 70.04296583154297, 356.38054667391407, 535.6463554626508, 361.393184285218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, $521,000 of base management fees were payable by the Company to the Manager. At December 31, 2025, ", "box": [ 70.04296583154297, 377.3805457989147, 580.7493507833593, 382.3931834102186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "no base management fee was payable by the Company to the Manager. At June 30, 2026 and December 31, 2025, there was no ", "box": [ 33.74999859375, 389.38054529891815, 580.7493507833593, 394.3931829102148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "incentive management fee payable.", "box": [ 33.74999859375, 401.38054479891434, 174.7546468998061, 406.3931824102183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company reimbursed the Manager $843,000 and $1.9 million, for the three and six months ended June 30, 2026, ", "box": [ 70.04296583154297, 422.38054392391496, 580.7493507833593, 427.3931815352116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively, and $1.2 million and $2.3 million, for the three and six months ended June 30, 2025, respectively, for all such ", "box": [ 33.74999859375, 434.3805434239184, 580.7610732828708, 439.3931810352151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compensation and costs. At June 30, 2026 and December 31, 2025, the Company had payables to the Manager pursuant to the ", "box": [ 33.74999859375, 446.3805429239146, 580.7493507833593, 451.39318053521856 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management Agreement totaling $1.2 million and $466,000, respectively, related to such compensation and costs. The Company's base ", "box": [ 33.74999859375, 458.3805424239181, 580.7493507833593, 463.39318003521475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management fee payable was recorded in management fee payable while expense reimbursement payables were recorded in accounts ", "box": [ 33.74999859375, 470.3805419239143, 580.7493507833593, 475.3931795352182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payable and other liabilities on the consolidated balance sheets.", "box": [ 33.74999859375, 482.38054142391775, 287.21170381409524, 487.3931790352144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On July 31, 2020, ACRES RF, a direct, wholly owned subsidiary of the Company, provided a $12.0 million loan (the ", "box": [ 70.04296583154297, 503.38054054891836, 580.7493507833593, 508.39317816021503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\"ACRES Loan\") to ACRES Capital Corp. evidenced by the promissory note from ACRES Capital Corp.", "box": [ 33.74999859375, 515.3805400489146, 452.32636653431723, 520.3931776602185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The ACRES Loan accrues interest at 3.00% per annum payable monthly. The monthly amortization payment is $25,000. The ", "box": [ 70.04296583154297, 536.3805391739152, 580.7493507833593, 541.3931767852118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES Loan matures in July 2026, subject to two one-year extensions (at ACRES Capital Corp.'s option) subject to the payment of a ", "box": [ 33.74999859375, 548.3805386739186, 580.7497659083415, 553.3931762852153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.5% extension fee to ACRES RF on the outstanding principal amount of the ACRES Loan.", "box": [ 33.74999859375, 560.3805381739148, 402.5119765599169, 565.3931757852188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In March 2025, ACRES RF amended and restated the promissory note in connection with the ACRES Loan to provide for a ", "box": [ 70.04296583154297, 581.3805372989154, 568.7259137843358, 586.3931749102121 ], "from_ocr": false, "confidence": 1.0 }, { "text": "six-month option for ACRES Holdings, LLC to draw an additional balance of $7.0 million. The six-month option period ended and ", "box": [ 33.74999859375, 593.3805367989189, 562.1634140577734, 598.3931744102156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES Holdings, LLC did not draw the additional balance.", "box": [ 33.74999859375, 605.3805362989151, 274.76362275776523, 610.3931739102118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On July 31, 2026, ACRES RF entered into a letter agreement (the \"Letter Agreement\") with ACC in connection with the ", "box": [ 70.04296583154297, 626.3805354239157, 580.7493507833593, 631.3931730352124 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES Loan to extend the maturity date of the ACRES Loan to August 30, 2026 and waive the extension fee.", "box": [ 33.74999859375, 638.3805349239192, 477.1639355744184, 643.3931725352159 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company recorded interest income of $78,000 and $156,000 for the three and six months ended June 30, 2026 and ", "box": [ 70.04296583154297, 659.3805340489198, 580.7493507833593, 664.3931716602165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$80,000 and $160,000 for the three and six months ended June 30, 2025, respectively, on the ACRES Loan in other income (expense) ", "box": [ 33.74999859375, 671.380533548916, 580.7493507833593, 676.3931711602127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on the consolidated statements of operations. At June 30, 2026 and December 31, 2025, the ACRES Loan had a principal balance of ", "box": [ 33.74999859375, 683.3805330489195, 580.736395358899, 688.3931706602161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$10.3 million and $10.4 million, respectively, recorded in loan receivable - due from Manager on the consolidated balance sheets. At ", "box": [ 33.74999859375, 695.3805325489157, 580.7390958087863, 700.3931701602123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026, the ACRES Loan had accrued interest receivable of $26,000. At December 31, 2025, the ACRES Loan had no accrued ", "box": [ 33.74999859375, 707.3805320489191, 580.7493507833593, 712.3931696602158 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest receivable.", "box": [ 33.74999859375, 719.3805315489153, 109.24372440442798, 724.393169160212 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 59, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 80.3805581739216, 578.2459236369182, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "36", "box": [ 300.99608495849594, 98.38055742392316, 310.9935794794336, 103.39319503521983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company retained equity in one securitization entity that was structured for the Company by the Manager. Under the ", "box": [ 70.04296583154297, 38.38055992392037, 580.7493507833593, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management Agreement, the Manager was not separately compensated by the Company for executing this transaction and was not ", "box": [ 33.74999859375, 50.380559423916566, 580.7493507833593, 55.39319703522051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "separately compensated for managing the securitization entity and its assets.", "box": [ 33.74999859375, 62.380558923920034, 338.5757380989268, 67.3931965352167 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 60, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391399, 447.9170176142287, 109.39319478521065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391365, 335.0195794033502, 133.39319378521031 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521378 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.3805551739133, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Relationship with ACRES Mortgage Loan Funding, LLC.", "box": [ 70.04296583154297, 173.38055429891392, 305.4462160543238, 178.3931919102106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " In July 2025, the Company sold $45.8 million of a $72.0 million ", "box": [ 305.4492097729491, 173.38055429891392, 580.7376357838474, 178.3931919102106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE whole loan commitment that originated in the second quarter of 2025 to ACRES Mortgage Loan Funding, LLC. The Company ", "box": [ 33.74999859375, 185.3805537989174, 580.7493507833593, 190.39319141021406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transferred $344,000 of the origination fee related to the portion of this CRE whole loan to ACRES Capital, LLC. No loans were co-", "box": [ 33.74999859375, 197.38055329891358, 578.2347466123838, 202.39319091021025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "originated during the six months ended June 30, 2026.", "box": [ 33.74999859375, 209.38055279891705, 250.88779202759162, 214.39319041021372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Relationship with ACRES Capital Servicing LLC. ", "box": [ 70.04296583154297, 230.38055192391766, 276.0003858312333, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Under the MassMutual Loan Agreement, ACRES Capital Servicing LLC ", "box": [ 277.0429609565428, 230.38055192391766, 580.7493507833593, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(\"ACRES Capital Servicing\"), an affiliate of ACRES Capital Corp. and the Manager, serves as the portfolio servicer. Additionally, ", "box": [ 33.74999859375, 242.38055142391386, 580.7493507833593, 247.39318903521053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES Capital Servicing served as special servicer of ACR 2021-FL1 and ACR 2021-FL2 prior to their liquidation in March 2025. In ", "box": [ 33.74999859375, 254.38055092391733, 580.7493507833593, 259.393188535214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "February 2026, the Company closed the 2026-FL4 securitization transaction and ACRES Capital Servicing serves as special servicer.", "box": [ 33.74999859375, 266.3805504239135, 567.9272070176152, 271.3931880352102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three and six months ended June 30, 2026, ACRES Capital Servicing received no portfolio servicing fees nor any ", "box": [ 70.04296583154297, 287.38054954891413, 580.7610732828708, 292.3931871602108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "special servicing fees. During the three months ended June 30, 2025, ACRES Capital Servicing received no portfolio servicing fees and ", "box": [ 33.74999859375, 299.3805490489176, 580.7493507833593, 304.39318666021427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "did not earn any special servicing fees. During the six months ended June 30, 2025, ACRES Capital Servicing received no portfolio ", "box": [ 33.74999859375, 311.3805485489138, 580.7493507833593, 316.39318616021046 ], "from_ocr": false, "confidence": 1.0 }, { "text": "servicing fees and earned $182,000 in special servicing fees with no reduction to interest income.", "box": [ 33.74999859375, 323.38054804891726, 422.9874740817708, 328.39318566021393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Relationship with ACRES Collateral Manager, LLC.", "box": [ 70.04296583154297, 344.3805471739179, 283.8023950561497, 349.39318478521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ACRES Collateral Manager, LLC, an affiliate of ACRES Capital Corp. ", "box": [ 283.8046756748047, 344.3805471739179, 580.7376357838474, 349.39318478521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and the Manager, served as the collateral manager of ACR 2021-FL1 and ACR 2021-FL2, a role for which it waived its fee. In March ", "box": [ 33.74999859375, 356.38054667391407, 580.7493507833593, 361.39318428521074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025, ACR 2021-FL1 and ACR 2021-FL2 were liquidated. In February 2026, the Company closed the 2026-FL4 securitization ", "box": [ 33.74999859375, 368.38054617391754, 580.7493507833593, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transaction and ACRES Collateral Manager, LLC serves as collateral manager, a role for which it waived its fee.", "box": [ 33.74999859375, 380.38054567391373, 485.1452737668627, 385.3931832852104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Relationship with ACRES Development Management, LLC. ", "box": [ 70.04296583154297, 401.38054479891434, 313.8046139560572, 406.393182410211 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES Development Management, LLC (\"DevCo\") is a wholly ", "box": [ 314.4726468969725, 401.38054479891434, 580.7610732828708, 406.393182410211 ], "from_ocr": false, "confidence": 1.0 }, { "text": "owned subsidiary of ACRES Capital Corp., the parent of the Manager. DevCo acts in various capacities as a co-developer or owner's ", "box": [ 33.74999859375, 413.3805442989178, 580.7493507833593, 418.3931819102145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "representative for direct equity investments within the Company's portfolio. The Company entered into three development agreements ", "box": [ 33.74999859375, 425.380543798914, 580.7493507833593, 430.3931814102107 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with DevCo (the \"Development Agreements\") between November 2021 and April 2022, between the joint venture entity of the CRE ", "box": [ 33.74999859375, 437.3805432989175, 580.7493507833593, 442.39318091021414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equity investments acquired through direct investment. At June 30, 2026, no development agreement remains active.", "box": [ 33.74999859375, 449.38054279891367, 500.72736521760874, 454.39318041021033 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pursuant to the Development Agreements, DevCo agreed to manage the development of the projects associated with each ", "box": [ 70.04296583154297, 470.3805419239143, 580.7493507833593, 475.39317953521095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equity investment in accordance with a development standard in exchange for fees equal to between 1.25% and 1.5% of all project ", "box": [ 33.74999859375, 482.38054142391775, 580.7493507833593, 487.3931790352144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "costs. The Company did not incur nor pay fees for services rendered under these agreements for the three and six months ended June ", "box": [ 33.74999859375, 494.38054092391394, 580.7610732828708, 499.3931785352106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026 and 2025.", "box": [ 33.74999859375, 506.3805404239174, 110.6691435200355, 511.3931780352141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Relationship with ACRES Share Holdings, LLC.", "box": [ 70.04296583154297, 527.380539548918, 263.43396115483444, 532.3931771602147 ], "from_ocr": false, "confidence": 1.0 }, { "text": " During the three and six months ended June 30, 2026 and 2025, the Company ", "box": [ 263.4374890234375, 527.380539548918, 580.7493507833593, 532.3931771602147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "did not issue any shares to ACRES Share Holdings, LLC in connection with the incentive compensation payable to the Manager under ", "box": [ 33.74999859375, 539.3805390489142, 580.7493507833593, 544.3931766602109 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Management Agreement.", "box": [ 33.74999859375, 551.3805385489177, 150.06358517860033, 556.3931761602144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Under the Manager Plan, the Company can issue restricted shares of common stock to ACRES Share Holdings, LLC after ", "box": [ 70.04296583154297, 572.3805376739183, 580.7493507833593, 577.393175285215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "meeting the established per share book value hurdle. The grants vest 25% per year over four years.", "box": [ 33.74999859375, 584.3805371739145, 428.53451712564436, 589.3931747852112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In March 2026, the Company issued a total of 204,765 shares of common stock under its Manager Incentive Plan to ACRES ", "box": [ 70.04296583154297, 605.3805362989151, 570.6829487027927, 610.3931739102118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Share Holdings, LLC, a subsidiary of the Manager after the Company reached the established per share book value target of $30.00 per ", "box": [ 33.74999859375, 617.3805357989186, 577.6204484137303, 622.3931734102152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "share. Each grant vests 25% over four years. Additionally, in March 2026, the Company granted ACRES Share Holdings, LLC a stock ", "box": [ 33.74999859375, 629.3805352989148, 575.7571634913671, 634.3931729102114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ownership waiver allowing it to exceed the 9.8% ownership limitations set forth in the Company's charter. The stock ownership waiver ", "box": [ 33.74999859375, 641.3805347989182, 576.964198441074, 646.3931724102149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "allows ACRES Share Holdings, LLC to hold up to 18% of the Company's outstanding shares of common stock. There was no activity ", "box": [ 33.74999859375, 653.3805342989144, 572.0423236461521, 658.3931719102111 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for the three months ended June 30, 2026 and six months ended June 30, 2025.", "box": [ 33.74999859375, 665.3805337989179, 351.95658189139175, 670.3931714102146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In April 2026, the Board approved the acceleration of the Manager's outstanding unvested shares upon shareholder approval of ", "box": [ 70.04296583154297, 686.3805329239185, 580.7493507833593, 691.3931705352152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the share issuance in connection with the pending Merger. The Company's shareholders approved the issuance on June 22, 2026 and the ", "box": [ 33.74999859375, 698.3805324239147, 580.7493507833593, 703.3931700352114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "352,384 outstanding unvested shares were accelerated at that time. All of the Manager's shares are now fully amortized and vested.", "box": [ 33.74999859375, 710.3805319239182, 558.0218879053368, 715.3931695352148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Relationship with McCallum JV", "box": [ 70.04296583154297, 731.3805310489115, 202.03161403660278, 736.3931686602155 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". In September 2024, ACRES RF, a direct, wholly owned subsidiary, entered into a $33.7 ", "box": [ 202.0429640815428, 731.3805310489115, 580.7493507833593, 736.3931686602155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million senior loan commitment and a $1.5 million mezzanine loan commitment (the \"McCallum JV loans\") with McCallum JV in ", "box": [ 33.74999859375, 743.380530548915, 580.7493507833593, 748.3931681602116 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 61, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 92.38055767391779, 578.2459236369182, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "37", "box": [ 300.99608495849594, 110.38055692391936, 310.9935794794336, 115.39319453521603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which the Company holds a 50% interest. The McCallum JV loans have an initial maturity date of September 5, 2027. The senior loan ", "box": [ 33.74999859375, 38.38055992392037, 580.7493507833593, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "has a rate of one-month Term SOFR plus a spread of 2.75%, while the mezzanine loan has a fixed rate of 20.00%. At June 30, 2026, ", "box": [ 33.74999859375, 50.380559423916566, 580.7493507833593, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the McCallum JV loans were fully funded. The Company recorded interest income $622,000 and $1.2 million for the three and six ", "box": [ 33.74999859375, 62.380558923920034, 580.7610732828708, 67.3931965352167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ", "box": [ 33.74999859375, 74.38055842391623, 65.6985909938086, 79.3931960352129 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 62, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.3805581739216, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528522174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717392126, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.3931942852214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617392092, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.3805556739244, 330.99423636407215, 145.39319328522106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517392058, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026 and $617,000 and $1.2 million for the three and six months ended June 30, 2025, respectively, on the McCallum ", "box": [ 33.74999859375, 173.3805542989212, 580.7727882823827, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JV loans. At June 30, 2026 and December 31, 2025, the Company had $1.3 million and $916,000, respectively, of accrued interest ", "box": [ 33.74999859375, 185.3805537989174, 580.7493507833593, 190.39319141022133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding.", "box": [ 33.74999859375, 197.38055329892086, 82.90268802697119, 202.39319091021753 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Relationship with Pacmulti JV", "box": [ 70.04296583154297, 218.38055242392147, 194.26326188528415, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". In March 2025, ACRES RF, a direct, wholly owned subsidiary, entered into a $70.8 million ", "box": [ 194.27342940527345, 218.38055242392147, 580.7610732828708, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "senior loan commitment and a $13.5 million mezzanine loan commitment (the \"Pacmulti JV loans\") with Pacmulti JV in which the ", "box": [ 33.74999859375, 230.38055192391766, 580.7493507833593, 235.3931895352216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company holds a 50% interest. The Pacmulti JV loans have an initial maturity date of May 5, 2030. The senior loan has a rate of one-", "box": [ 33.74999859375, 242.38055142392113, 578.2601753613243, 247.3931890352178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "month Term SOFR plus a spread of 3.41%, while the mezzanine loan has a fixed rate of 15.00%. At June 30, 2026, the Pacmulti JV ", "box": [ 33.74999859375, 254.38055092391733, 580.7727882823827, 259.39318853522127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans were fully funded. The Company recorded interest income of $1.3 million and $2.5 million for the three and six months ended ", "box": [ 33.74999859375, 266.3805504239208, 580.7610732828708, 271.39318803521746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026 and $1.6 million and $1.7 million for the three and six months ended June 30, 2025, respectively, on the Pacmulti JV ", "box": [ 33.74999859375, 278.38054992392426, 580.7610732828708, 283.39318753522093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans. At June 30, 2026 and December 31, 2025, the Company had $5.6 million and $4.8 million, respectively, of accrued interest ", "box": [ 33.74999859375, 290.38054942392046, 580.7610732828708, 295.3931870352171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding.", "box": [ 33.74999859375, 302.3805489239239, 82.90268802697119, 307.3931865352206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Relationship with AMF Levered II, LLC. ", "box": [ 70.04296583154297, 323.38054804891726, 237.423040338623, 328.3931856602212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the year ended December 31, 2025, AMF Levered II, LLC, a wholly owned ", "box": [ 237.91405258691407, 323.38054804891726, 580.7376357838474, 328.3931856602212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subsidiary of ACRES Mortgage Fund, Ltd., purchased a $125.0 million non-controlling interest in SPE 2025-1, LLC. In March 2026, ", "box": [ 33.74999859375, 335.38054754892073, 580.7493507833593, 340.3931851602174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "AMF Levered II, LLC purchased an additional $1.1 million non-controlling interest in SPE 2025-1. During the three and six months ", "box": [ 33.74999859375, 347.3805470489242, 580.7610732828708, 352.39318466022087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026, the Company allocated $2.6 million and $6.0 million, respectively, in earnings related to operations and did not ", "box": [ 33.74999859375, 359.3805465489204, 580.7376357838474, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distribute any income, net of expenses to AMF Levered II, LLC. During the three and six months ended June 30, 2025, the Company ", "box": [ 33.74999859375, 371.38054604892386, 580.7610732828708, 376.39318366022053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "did not allocate any earnings related to operations and did not distribute any income to AMF Levered II, LLC. At June 30, 2026, AMF ", "box": [ 33.74999859375, 383.38054554892005, 580.7493507833593, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Levered II, LLC owns 43.2% of SPE 2025-1 and assumed its proportionate share of risk in the underlying assets and the liabilities, ", "box": [ 33.74999859375, 395.3805450489235, 580.7610732828708, 400.3931826602202 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including the JPMorgan Chase 2025 Facility. Additionally, at each of June 30, 2026 and December 31, 2025, the Company had a ", "box": [ 33.74999859375, 407.3805445489197, 580.7493507833593, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distribution payable balance of $516,000. During the six months ended June 30, 2026, the Company purchased two CRE whole loan ", "box": [ 33.74999859375, 419.3805440489232, 580.7493507833593, 424.39318166021985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitments totaling $61.4 million from AMF Levered II, LLC.", "box": [ 33.74999859375, 431.3805435489194, 294.48319981111604, 436.39318116021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Relationship with AMF Levered III, LLC.", "box": [ 70.04296583154297, 452.38054267392, 240.3055782935172, 457.39318028521666 ], "from_ocr": false, "confidence": 1.0 }, { "text": " In March 2026, the Company sold $29.1 million par and the remaining unfunded ", "box": [ 240.31639998681624, 452.38054267392, 580.7493507833593, 457.39318028521666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitments of a $120.0 million CRE whole loan commitment that originated in the fourth quarter of 2025 to AMF Levered III, LLC, ", "box": [ 33.74999859375, 464.38054217392346, 580.7493507833593, 469.3931797852201 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a wholly owned subsidiary of ACRES Mortgage Fund, Ltd.", "box": [ 33.74999859375, 476.38054167391965, 272.5620312994983, 481.3931792852163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 17 - FAIR VALUE OF FINANCIAL INSTRUMENTS", "box": [ 33.74999859375, 500.3805406739193, 296.20851276041674, 505.393178285216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company had no financial instruments carried at fair value on a recurring basis at either June 30, 2026 or December 31, ", "box": [ 70.04296583154297, 521.3805397989199, 580.7493507833593, 526.3931774102166 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025.", "box": [ 33.74999859375, 533.3805392989234, 56.24435253773521, 538.3931769102201 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company measures the fair value of certain assets on a non-recurring basis when events or changes in circumstances ", "box": [ 70.04296583154297, 554.380538423924, 580.7493507833593, 559.3931760352207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "indicate that the carrying value of the assets may be impaired. Adjustments to fair value generally result from the application of lower ", "box": [ 33.74999859375, 566.3805379239202, 580.7493507833593, 571.3931755352169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of amortized cost or fair value accounting for assets held for sale or write-downs of an asset's value due to impairment.", "box": [ 33.74999859375, 578.3805374239237, 508.8892913275287, 583.3931750352203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate that value. ", "box": [ 70.04296583154297, 599.3805365489243, 580.7493507833593, 604.393174160221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The fair values of the Company's short-term financial instruments such as cash and cash equivalents, restricted cash, accrued interest ", "box": [ 33.74999859375, 611.3805360489205, 580.7493507833593, 616.3931736602171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "receivable, accounts payable and other liabilities, accrued interest payable and distributions payable approximate their carrying values ", "box": [ 33.74999859375, 623.380535548924, 580.7493507833593, 628.3931731602206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on the consolidated balance sheets. The fair values of the Company's other financial assets and liabilities are estimated as follows:", "box": [ 33.74999859375, 635.3805350489201, 555.1228468439681, 640.3931726602168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE whole loans.", "box": [ 70.04296583154297, 656.3805341739208, 144.85105352078918, 661.3931717852174 ], "from_ocr": false, "confidence": 1.0 }, { "text": " The fair values of the Company's loans held for investment are measured by discounting the expected ", "box": [ 144.85546271435547, 656.3805341739208, 580.7493507833593, 661.3931717852174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "future cash flows using the current interest rates at which similar loans would be made to borrowers with similar credit ratings and for ", "box": [ 33.74999859375, 668.3805336739242, 580.7493507833593, 673.3931712852209 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the same remaining maturities. Par values of loans with variable interest rates are expected to approximate fair value unless evidence of ", "box": [ 33.74999859375, 680.3805331739204, 580.7493507833593, 685.3931707852171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit deterioration exists, in which case the fair value approximates the par value less the loan's allowance estimated through ", "box": [ 33.74999859375, 692.3805326739239, 580.7493507833593, 697.3931702852205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "individual evaluation. The Company's floating-rate CRE loans had interest rates from 4.38% to 10.63% and 4.63% to 10.88% at June ", "box": [ 33.74999859375, 704.3805321739201, 580.7845107818943, 709.3931697852167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026 and December 31, 2025, respectively.", "box": [ 33.74999859375, 716.3805316739235, 222.5355708089342, 721.3931692852202 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 63, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 80.38055817391432, 578.2459236369182, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "38", "box": [ 300.99608495849594, 98.38055742391589, 310.9935794794336, 103.39319503521256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred equity investments", "box": [ 70.04296583154297, 38.3805599239131, 187.5141061323249, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". The fair value of the Company's preferred equity investment is measured by discounting the ", "box": [ 187.52342968652343, 38.3805599239131, 580.7610732828708, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected cash flows using the future expected coupon rates. The Company's preferred equity investment is discounted at a rate of ", "box": [ 33.74999859375, 50.380559423916566, 580.7413383836931, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.00%.", "box": [ 33.74999859375, 62.38055892391276, 67.07736363635973, 67.3931965352167 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 64, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.3805581739216, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717392126, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.3931942852214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617392092, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328522106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517392058, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan receivable- due from Manager.", "box": [ 70.04296583154297, 173.3805542989212, 218.02825819673888, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Fair value is estimated using a discounted cash flow model.", "box": [ 218.03905341503906, 173.3805542989212, 458.75979996625716, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior notes in CRE securitizations, 5.75% Senior Unsecured Notes and junior subordinated notes. ", "box": [ 70.04296583154297, 194.3805534239218, 476.69120354411564, 199.39319103521848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fair values are estimated ", "box": [ 477.16404261816405, 194.3805534239218, 580.7376357838474, 199.39319103521848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "using a discounted cash flow model with implied yields based on trades for similar securities.", "box": [ 33.74999859375, 206.380552923918, 407.7428877919621, 211.39319053521467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE term reinvestment financing facility, Senior secured financing facility, warehouse financing facilities and mortgage ", "box": [ 70.04296583154297, 227.38055204891862, 580.7493507833593, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payable.", "box": [ 33.74999859375, 239.38055154892209, 67.89670335222057, 244.39318916021875 ], "from_ocr": false, "confidence": 1.0 }, { "text": " These are variable rate debt instruments that are indexed to one-month Term SOFR that reset periodically and, as a result, ", "box": [ 67.89843467089844, 239.38055154892209, 580.7493507833593, 244.39318916021875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "their carrying value approximates their fair value, excluding deferred debt issuance costs. ", "box": [ 33.74999859375, 251.38055104891828, 393.51889358462876, 256.39318866021495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The fair values of the Company's financial and non-financial assets that are not reported at fair value on the consolidated ", "box": [ 70.04296583154297, 272.3805501739189, 580.7493507833593, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "balance sheets are reported in the following table (in thousands):", "box": [ 33.74999859375, 284.38054967392236, 292.21041322365323, 289.393187285219 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 296.2910032345462, 72.29296573779297, 300.80350524405367 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 113.80077650830077, 309.7064227017836, 115.79952638751953, 313.7150285783573 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 199.17186670117187, 309.7064227017836, 201.17061658039063, 313.7150285783573 ], 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false, "confidence": 1.0 }, { "text": " ", "box": [ 574.124976078125, 373.4564200455352, 576.1237259573437, 377.4650259221089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Assets:", "box": [ 35.23827978173828, 383.38054554892005, 64.122635677311, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 196.5703043095703, 386.20641951428115, 198.56905418878907, 390.21502539086214 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 264.2343639902344, 383.38054554892005, 266.73373886734373, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 269.66014876416, 383.38054554892005, 272.15952364126935, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 272.8828011298828, 386.20641951428115, 274.88155100910154, 390.21502539086214 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 340.5468608105469, 383.38054554892005, 343.04623568765624, 388.3931831602167 ], 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359.6165474972266, 655.3931720352193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 409.3710804428709, 650.3805344239227, 422.5931073732031, 655.3931720352193 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 430.21873207421874, 650.3805344239227, 435.94076681705064, 655.3931720352193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 485.6952922626953, 650.3805344239227, 498.9173266930272, 655.3931720352193 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.5429513940428, 650.3805344239227, 512.264978636875, 655.3931720352193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,185 ", "box": [ 544.5116998120114, 650.3805344239227, 575.2298235133396, 655.3931720352193 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.75% Senior Unsecured Notes", "box": [ 36.74999846875, 663.1305338926686, 162.2463079351499, 668.1431715039653 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 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false, "confidence": 1.0 }, { "text": "51,548 ", "box": [ 239.2382750317381, 675.8805333614218, 269.95639873306624, 680.8931709727185 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 277.58202343408186, 675.8805333614218, 283.3040506769141, 680.8931709727185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "42,777 ", "box": [ 315.5507718520506, 675.8805333614218, 346.26889555337874, 680.8931709727185 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 353.89452025439437, 675.8805333614218, 359.6165474972266, 680.8931709727185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 409.3710804428709, 675.8805333614218, 422.5931073732031, 680.8931709727185 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 430.21873207421874, 675.8805333614218, 435.94076681705064, 680.8931709727185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 485.6952922626953, 675.8805333614218, 498.9173266930272, 680.8931709727185 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.5429513940428, 675.8805333614218, 512.264978636875, 680.8931709727185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "42,777 ", "box": [ 544.5116998120114, 675.8805333614218, 575.2298235133396, 680.8931709727185 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 685.6790631672848, 34.24874859171875, 686.6793344836551 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 689.2064068892796, 43.07227342132069, 693.2150127658606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The fair values reflected in the table above represent management's best estimate of the fair value of the financial instruments and have no impact on the Company's ", "box": [ 51.890622837890625, 689.2064068892796, 578.9245108406443, 693.2150127658606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance or cash flows.", "box": [ 51.890622837890625, 697.4564065455343, 138.91026257457216, 701.465012422108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 18 - MARKET RISK AND DERIVATIVE INSTRUMENTS", "box": [ 33.74999859375, 715.6305317051665, 321.2168733684016, 720.6431693164704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 327.12889636962876, 357.954389404993, 333.3728997070363, 360.6393280630509 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 65, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 92.38055767391779, 578.2459236369182, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "39", "box": [ 300.99608495849594, 110.38055692391208, 310.9935794794336, 115.39319453521603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company is affected by changes in certain market conditions. These changes in market conditions may adversely impact ", "box": [ 70.04296583154297, 38.3805599239131, 580.7493507833593, 43.393197535209765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company's financial performance and are referred to as \"market risks.\" When deemed appropriate, the Company may use ", "box": [ 33.74999859375, 50.380559423916566, 580.7493507833593, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed by the ", "box": [ 33.74999859375, 62.38055892391276, 580.7493507833593, 67.3931965352167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company through the use of derivative instruments were interest rate risk and market price risk.", "box": [ 33.74999859375, 74.38055842391623, 417.70618227682485, 79.3931960352129 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 66, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717392126, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617392092, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521378 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.38055517392058, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company historically managed its interest rate risk with interest rate swaps. Interest rate swaps are contracts between two ", "box": [ 70.04296583154297, 173.3805542989212, 580.7493507833593, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices.", "box": [ 33.74999859375, 185.3805537989174, 439.3755916989327, 190.39319141021406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company seeks to manage the extent to which net income changes as a function of changes in interest rates by matching ", "box": [ 70.04296583154297, 206.380552923918, 580.7493507833593, 211.39319053521467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "adjustable-rate assets with variable-rate borrowings.", "box": [ 33.74999859375, 218.3805524239142, 242.23273996321876, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company classified its interest rate swap contracts as cash flow hedges, which are hedges that eliminate the risk of ", "box": [ 70.04296583154297, 239.3805515489148, 580.7493507833593, 244.39318916021875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "changes in the cash flows of a financial asset or liability.", "box": [ 33.74999859375, 251.38055104891828, 260.0114562224388, 256.39318866021495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company terminated all of its interest rate swap positions associated with its financed CMBS portfolio in April 2020. At ", "box": [ 70.04296583154297, 272.3805501739189, 580.7493507833593, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "termination, the Company realized a loss of $11.8 million. At June 30, 2026 and December 31, 2025, the Company had losses of $1.0 ", "box": [ 33.74999859375, 284.3805496739151, 580.7493507833593, 289.393187285219 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million and $1.6 million, respectively, recorded in accumulated other comprehensive loss, which will be amortized into earnings over ", "box": [ 33.74999859375, 296.38054917391855, 580.7493507833593, 301.3931867852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the remaining life of the debt. During the three and six months ended June 30, 2026, the Company recorded amortization expense of ", "box": [ 33.74999859375, 308.38054867391475, 580.7298038341734, 313.3931862852187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$312,000 and $638,000, respectively, reported in interest expense on the consolidated statements of operations. During the three and six ", "box": [ 33.74999859375, 320.3805481739182, 580.7493507833593, 325.3931857852149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2025, the Company recorded amortization expense of $420,000 and $835,000, respectively, reported in interest ", "box": [ 33.74999859375, 332.3805476739144, 580.7493507833593, 337.39318528521835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense on the consolidated statements of operations.", "box": [ 33.74999859375, 344.3805471739179, 248.35915123295166, 349.39318478521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three and six months ended June 30, 2025, the Company recorded accretion income, reported in interest expense on ", "box": [ 70.04296583154297, 365.3805462989185, 580.7610732828708, 370.39318391021516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the consolidated statements of operations, of $23,000 and $45,000, respectively, to accrete the accumulated other comprehensive ", "box": [ 33.74999859375, 377.3805457989147, 580.7727882823827, 382.3931834102186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income on the terminated swap agreements. At December 31, 2025, the Company fully accreted the unrealized balance from the gain ", "box": [ 33.74999859375, 389.38054529891815, 580.7376357838474, 394.3931829102148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "attributable to two terminated interest rate swaps, and therefore no accretion income was recorded for the three and six months ended ", "box": [ 33.74999859375, 401.38054479891434, 580.7610732828708, 406.3931824102183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026.", "box": [ 33.74999859375, 413.3805442989178, 92.06542264519058, 418.3931819102145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the effect of the derivative instruments on the consolidated statements of operations during the ", "box": [ 70.04296583154297, 434.3805434239184, 580.7441772085748, 439.3931810352151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "six months ended June 30, 2026 and 2025 (in thousands):", "box": [ 33.74999859375, 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", "box": [ 574.5116985620115, 473.9564158580324, 576.5104484412302, 477.9650217346061 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 122.9414011274414, 491.956415108034, 124.94015100666016, 495.9650209846077 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 214.13671357763656, 491.956415108034, 216.13546345685532, 495.9650209846077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Consolidated Statements of Operations ", "box": [ 236.27342765527342, 482.95641548302956, 371.74873447296875, 486.96502135961055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Location", "box": [ 287.90623800390625, 491.2064151392842, 318.1099493702953, 495.21502101585793 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 382.535144061035, 491.2064151392842, 384.53389394025373, 495.21502101585793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June ", "box": [ 394.58201855908186, 482.95641548302956, 478.1198275408397, 486.96502135961055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026", "box": [ 421.3593574433594, 491.2064151392842, 449.3417959024243, 495.21502101585793 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 480.5156049785156, 491.2064151392842, 482.5143548577344, 495.21502101585793 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 487.92185466992186, 491.2064151392842, 489.92060454914065, 495.21502101585793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended ", "box": [ 501.6445140981443, 482.95641548302956, 566.7370113484568, 486.96502135961055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 509.97654125097654, 491.2064151392842, 556.3966353668058, 495.21502101585793 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.5116985620115, 491.2064151392842, 576.5104484412302, 495.21502101585793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rate swap contracts, hedging", "box": [ 33.74999859375, 501.1305406426691, 180.0462313105734, 506.14317825396574 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 214.13671357763656, 501.1305406426691, 216.63608845474593, 506.14317825396574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest expense", "box": [ 223.4999906875, 501.1305406426691, 288.17612434022226, 506.14317825396574 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 382.535144061035, 501.1305406426691, 385.03451893814434, 506.14317825396574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 391.8984211708984, 501.1305406426691, 396.89717092511717, 506.14317825396574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(638)", "box": [ 460.4648283139647, 501.1305406426691, 482.1339129665855, 506.14317825396574 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 491.0976395375975, 501.1305406426691, 498.60420168732406, 506.14317825396574 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(790)", "box": [ 554.4374768984375, 501.1305406426691, 576.1065690510579, 506.14317825396574 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 510.929070448532, 34.24874859171875, 511.9293417649096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 514.4564141705341, 43.07227342132069, 518.4650200471078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Negative values indicate a decrease to the associated consolidated statements of operations line items.", "box": [ 51.890622837890625, 514.4564141705341, 377.7917644211759, 518.4650200471078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 19 - COMMITMENTS AND CONTINGENCIES", "box": [ 33.74999859375, 532.6305393301664, 274.54404666310285, 537.643176941463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company may become involved in litigation on various matters due to the nature of the Company's business activities. ", "box": [ 70.04296583154297, 553.630538455167, 580.7493507833593, 558.6431760664636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The resolution of these matters may result in adverse judgments, fines, penalties, injunctions and other relief against the Company as ", "box": [ 33.74999859375, 565.6305379551704, 580.7493507833593, 570.6431755664671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "well as monetary payments or other agreements and obligations. In addition, the Company may enter into settlements on certain matters ", "box": [ 33.74999859375, 577.6305374551666, 580.7493507833593, 582.6431750664633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in order to avoid the additional costs of engaging in litigation. The Company is unaware of any contingencies arising from such ", "box": [ 33.74999859375, 589.6305369551701, 580.7493507833593, 594.6431745664668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "litigation that would require accrual or disclosure in the consolidated financial statements at June 30, 2026.", "box": [ 33.74999859375, 601.6305364551663, 461.57699162387445, 606.643174066463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company did not have any general litigation reserve at June 30, 2026 or December 31, 2025.", "box": [ 70.04296583154297, 622.6305355801669, 460.1321682090754, 627.6431731914636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other Guarantees", "box": [ 33.74999859375, 643.6305347051675, 111.21590311141682, 648.6431723164642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "See description of 65 E. Wacker Joint Venture, LLC in Note 3.", "box": [ 70.04296583154297, 664.6305338301681, 322.1328907340456, 669.6431714414648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded Commitments", "box": [ 33.74999859375, 685.6305329551687, 139.56324910527738, 690.6431705664654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company's CRE loans had $81.4 million and $88.6 million in unfunded loan commitments at June 30, 2026 and ", "box": [ 70.04296583154297, 706.6305320801694, 580.7493507833593, 711.643169691466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025, respectively. These unfunded loan commitments are advanced as the borrowers formally request additional ", "box": [ 33.74999859375, 718.6305315801656, 580.7376357838474, 723.6431691914695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "funding and meet certain benchmarks, as permitted under the loan agreements, and any necessary approvals have been obtained.", "box": [ 33.74999859375, 730.630531080169, 547.3123701515665, 735.6431686914657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 542.8359148818358, 471.9543846549932, 549.0799182192435, 474.63932331304386 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 67, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 38.38055992392037, 578.2459236369182, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40", "box": [ 300.99608495849594, 56.38055917392194, 310.9935794794336, 61.393196785218606 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 68, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIES", "box": [ 164.0624931640625, 104.38055717391399, 447.9170176142287, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)", "box": [ 143.77733775927734, 116.38055667391745, 468.20265477205453, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.97264845947245, 128.38055617391365, 335.0195794033502, 133.3931937852176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(unaudited)", "box": [ 280.99217579199217, 140.38055567391712, 330.99423636407215, 145.39319328521378 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 152.3805551739133, 36.249373470859375, 157.39319278521725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 455.38054254891904, 578.2459236369182, 460.3931801602157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "41", "box": [ 300.99608495849594, 473.3805417989133, 310.9935794794336, 478.3931794102173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 20 - SEGMENT INFORMATION", "box": [ 33.74999859375, 173.38055429891392, 209.8288362830439, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company's management directs operations on a consolidated basis as a single operating segment, CRE lending ", "box": [ 70.04296583154297, 194.38055342391453, 580.7610732828708, 199.3931910352112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operations. The CRE lending operations segment derives its revenues in the United States by originating, holding and managing CRE ", "box": [ 33.74999859375, 206.380552923918, 580.7493507833593, 211.39319053521467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mortgage loans and related assets. Additionally, the Company may find it is in its best interests to foreclose or to accept the deed-in-lieu ", "box": [ 33.74999859375, 218.3805524239142, 580.7493507833593, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of foreclosure on certain loans; and if the Company cannot sell the related property, the Company operates the property as real estate ", "box": [ 33.74999859375, 230.38055192391766, 580.7493507833593, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "owned. The accounting policies of the CRE lending operations segment are the same as those described in the summary of significant ", "box": [ 33.74999859375, 242.38055142391386, 580.7493507833593, 247.3931890352178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "accounting policies.", "box": [ 33.74999859375, 254.38055092391733, 113.70550106852059, 259.393188535214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The chief operating decision maker (\"CODM\") is the ACRES management committee that includes the principals of the ", "box": [ 70.04296583154297, 275.38055004891794, 580.7493507833593, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Manager, including the Company's President & Chief Executive Officer. The CODM uses net income, as reported on the Company's ", "box": [ 33.74999859375, 287.38054954891413, 580.7376357838474, 292.3931871602181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated statements of operations, in evaluating performance for the CRE lending operations segment and determining how to ", "box": [ 33.74999859375, 299.3805490489176, 580.7493507833593, 304.39318666021427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "allocate resources. Net income is used to monitor budget versus actual results. The CODM also uses net income in competitive ", "box": [ 33.74999859375, 311.3805485489138, 580.7493507833593, 316.39318616021774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "analysis by benchmarking to the Company's competitors. The Company's net income is primarily derived through the difference ", "box": [ 33.74999859375, 323.38054804891726, 580.7493507833593, 328.39318566021393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "between the interest income earned on the Company's loans and the cost at which the Company is able to finance them. Accordingly, ", "box": [ 33.74999859375, 335.38054754891346, 580.7493507833593, 340.3931851602174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest expense, as reported on the Company's consolidated statements of operations, is the Company's most significant segment ", "box": [ 33.74999859375, 347.3805470489169, 580.7493507833593, 352.3931846602136 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense. The other significant expenses are general and administrative expenses and provision for credit losses. The measure of ", "box": [ 33.74999859375, 359.3805465489131, 580.7493507833593, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "segment assets is reported on the consolidated balance sheets as total assets.", "box": [ 33.74999859375, 371.3805460489166, 337.47740304469085, 376.39318366021325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "NOTE 21 - SUBSEQUENT EVENTS", "box": [ 33.74999859375, 392.3805451739172, 192.64073342574105, 397.39318278521387 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The Company has evaluated subsequent events through the filing of this report and determined that there have not been any ", "box": [ 70.04296583154297, 413.3805442989178, 580.7493507833593, 418.3931819102145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "events, other than those described in Note 10 and 16, that have occurred that would require adjustments to or disclosures in the ", "box": [ 33.74999859375, 425.380543798914, 580.7493507833593, 430.39318141021795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated financial statements.", "box": [ 33.74999859375, 437.3805432989175, 168.9504098166493, 442.39318091021414 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 69, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.3805581739216, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391779, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF ", "box": [ 33.74999859375, 104.38055717392126, 580.7493507833593, 109.39319478521793 ], "from_ocr": false, "confidence": 1.0 }, { "text": "OPERATIONS", "box": [ 33.74999859375, 116.38055667391745, 99.85646991675213, 121.39319428521412 ], "from_ocr": false, "confidence": 1.0 }, { "text": "References in this quarterly report to \"we,\" \"us\" or the \"Company\" refer to ACRES Commercial Realty Corp. The following ", "box": [ 70.04296583154297, 137.38055579891807, 580.7493507833593, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the ", "box": [ 33.74999859375, 149.38055529892154, 580.7493507833593, 154.3931929102182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated financial statements and accompanying notes appearing elsewhere in this report. Certain information contained in the ", "box": [ 33.74999859375, 161.38055479891773, 580.7493507833593, 166.3931924102144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.", "box": [ 33.74999859375, 173.3805542989212, 482.43114717995104, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Special Note Regarding Forward-Looking Statements", "box": [ 33.74999859375, 194.3805534239218, 263.1210403320358, 199.39319103521848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as ", "box": [ 70.04296583154297, 215.38055254892242, 580.7493507833593, 220.3931901602191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be ", "box": [ 33.74999859375, 227.38055204891862, 580.7493507833593, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "identified by our use of forward-looking terminology such as \"may,\" \"will,\" \"continue,\" \"expect,\" \"intend,\" \"anticipate,\" \"estimate,\" ", "box": [ 33.74999859375, 239.3805515489148, 580.7493507833593, 244.39318916021875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\"believe,\" \"look forward\" or other similar words or terms. Because such statements include risks, uncertainties and contingencies, ", "box": [ 33.74999859375, 251.380551048911, 580.7493507833593, 256.39318866021495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by ", "box": [ 33.74999859375, 263.38055054891447, 580.7493507833593, 268.3931881602184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in the forward-", "box": [ 33.74999859375, 275.38055004891066, 578.245282461945, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "looking statements include:", "box": [ 33.74999859375, 287.38054954891413, 143.70284388646883, 292.3931871602181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 changes in our industry, interest rates, the debt securities markets, real estate markets or the general economy;", "box": [ 70.04296583154297, 299.3805490489103, 515.4973605700296, 304.39318666021427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 increased rates of default and/or decreased recovery rates on our investments;", "box": [ 70.04296583154297, 311.3805485489138, 386.38434387473916, 316.39318616021774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 the performance and financial condition of our borrowers;", "box": [ 70.04296583154297, 323.38054804891, 308.396112149249, 328.39318566021393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 our ability to consummate the proposed Merger (as defined below) and achieve the expected cost savings or other benefits ", "box": [ 70.04296583154297, 335.38054754891346, 580.7493507833593, 340.3931851602174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "therefrom;", "box": [ 33.74999859375, 347.3805470489169, 75.94154385985647, 352.39318466022087 ], "from_ocr": false, "confidence": 1.0 }, { "text": " \u2022if we fail to consummate the proposed Merger, our dependence on our Manager and ability to find a suitable replacement in ", "box": [ 70.04296583154297, 359.3805465489131, 580.7493507833593, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a timely manner, or at all, if our Manager or we were to terminate the management agreement;", "box": [ 33.74999859375, 371.3805460489166, 411.8288164895526, 376.39318366022053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 the cost and availability of our financings, which depend in part on our asset quality, the nature of our relationships with our ", "box": [ 70.04296583154297, 383.3805455489128, 580.7493507833593, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "lenders and other capital providers, our business prospects and outlook and general market conditions;", "box": [ 33.74999859375, 395.38054504891625, 442.98306594145896, 400.3931826602202 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 the availability and attractiveness of terms of additional debt repurchases;", "box": [ 70.04296583154297, 407.38054454891244, 370.58751550794045, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 availability, terms and deployment of short-term and long-term capital;", "box": [ 70.04296583154297, 419.3805440489159, 360.6095499736889, 424.39318166021985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 events giving rise to increases in our current expected credit loss reserve, including the impact of the current economic ", "box": [ 70.04296583154297, 431.3805435489121, 580.7493507833593, 436.39318116021605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "environment;", "box": [ 33.74999859375, 443.38054304891557, 87.05692657171551, 448.3931806602195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 availability of, and ability to retain, qualified personnel;", "box": [ 70.04296583154297, 455.38054254891176, 299.5311069686242, 460.3931801602157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 changes in our business strategy;", "box": [ 70.04296583154297, 467.38054204891523, 207.6499770720049, 472.3931796602192 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 the degree and nature of our competition;", "box": [ 70.04296583154297, 479.3805415489114, 241.4940002368371, 484.39317916021537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 the resolution of our non-performing and sub-performing assets;", "box": [ 70.04296583154297, 491.3805410489149, 333.41909880662456, 496.39317866021884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 our ability to comply with financial covenants in our debt instruments;", "box": [ 70.04296583154297, 503.3805405489111, 358.1394571766096, 508.39317816021503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 the adequacy of our cash reserves and working capital;", "box": [ 70.04296583154297, 515.3805400489146, 295.34279851813716, 520.3931776602185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 the timing of cash flows, if any, from our investments;", "box": [ 70.04296583154297, 527.3805395489107, 294.0051675738718, 532.3931771602147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 unanticipated increases in financial and other costs, including a rise in interest rates;", "box": [ 70.04296583154297, 539.3805390489142, 412.2322890227414, 544.3931766602182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 our ability to maintain compliance with over-collateralization and interest coverage tests in our collateralized loan ", "box": [ 70.04296583154297, 551.3805385489104, 580.7493507833593, 556.3931761602144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "obligations (\"CLOs\");", "box": [ 33.74999859375, 563.3805380489139, 122.16527013386778, 568.3931756602178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 environmental and/or safety requirements;", "box": [ 70.04296583154297, 575.3805375489101, 245.66288818813354, 580.393175160214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 our ability to satisfy complex rules in order for us to qualify as a real estate investment trust (\"REIT\"), for federal income tax ", "box": [ 70.04296583154297, 587.3805370489135, 580.7493507833593, 592.3931746602175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purposes and qualify for our exemption under the Investment Company Act of 1940, as amended, and our ability and the ability of our ", "box": [ 33.74999859375, 599.380536548917, 580.7493507833593, 604.393174160221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subsidiaries to operate effectively within the limitations imposed by these rules; ", "box": [ 33.74999859375, 611.3805360489132, 355.55014516666, 616.3931736602171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 legislative and regulatory changes (including changes to laws governing the taxation of REITs or the exemptions from ", "box": [ 70.04296583154297, 623.3805355489167, 580.7493507833593, 628.3931731602206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "registration as an investment company); and", "box": [ 33.74999859375, 635.3805350489129, 210.6000898124959, 640.3931726602168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 the factors described in this report and the Company's Annual Report on Form 10-K for the year ended December 31, 2025, ", "box": [ 70.04296583154297, 647.3805345489163, 580.7493507833593, 652.3931721602203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including those set forth under the sections captioned \"Risk Factors,\" \"Business\" and \"Management's Discussion and Analysis of ", "box": [ 33.74999859375, 659.3805340489125, 580.7493507833593, 664.3931716602165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Conditions and Results of Operations,\" as applicable.", "box": [ 33.74999859375, 671.380533548916, 286.88948410252107, 676.3931711602199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this ", "box": [ 70.04296583154297, 692.3805326739166, 552.554039458164, 697.3931702852205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "report. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly ", "box": [ 33.74999859375, 704.3805321739128, 567.6360738297459, 709.3931697852167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "qualified in their entirety by the cautionary statements contained or referred to in this section. Except to the extent required by ", "box": [ 33.74999859375, 716.3805316739163, 540.1204499762302, 721.3931692852202 ], "from_ocr": false, "confidence": 1.0 }, { "text": "applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances ", "box": [ 33.74999859375, 728.3805311739125, 573.718101076328, 733.3931687852164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "after the date of this report or to reflect the occurrence of unanticipated events.", "box": [ 33.74999859375, 740.3805306739159, 347.96783500758954, 745.3931682852199 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 70, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 38.38055992390582, 578.2459236369182, 43.393197535209765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "42", "box": [ 300.99608495849594, 56.380559173907386, 310.9935794794336, 61.39319678521133 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 71, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Overview", "box": [ 33.74999859375, 113.38055679891113, 74.8334536578517, 118.39319441021507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We are a Maryland corporation and an externally-managed real estate investment trust (\"REIT\") that is primarily focused on ", "box": [ 70.04296583154297, 134.38055592391174, 580.7493507833593, 139.3931935352157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "originating, holding and managing commercial real estate (\"CRE\") mortgage loans and equity investments in commercial real estate ", "box": [ 33.74999859375, 146.3805554239152, 580.7493507833593, 151.39319303521916 ], "from_ocr": false, "confidence": 1.0 }, { "text": "properties through direct ownership and joint ventures. Our manager is ACRES Capital, LLC (our \"Manager\"), a subsidiary of ACRES ", "box": [ 33.74999859375, 158.3805549239114, 580.7493507833593, 163.39319253521535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capital Corp. (\"ACC,\" and collectively with our Manager, \"ACRES\"), a private commercial real estate lender exclusively dedicated to ", "box": [ 33.74999859375, 170.38055442391487, 580.7493507833593, 175.39319203521882 ], "from_ocr": false, "confidence": 1.0 }, { "text": "nationwide middle market CRE lending with a focus on multifamily, student housing, hospitality, office and industrial properties in top ", "box": [ 33.74999859375, 182.38055392391107, 580.7493507833593, 187.393191535215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "United States (\"U.S.\") markets. Our Manager draws upon the management team of ACRES and its collective investment experience to ", "box": [ 33.74999859375, 194.38055342391453, 580.7493507833593, 199.39319103521848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provide its services. Our longer-term objective is to provide our stockholders with total returns over time, including quarterly ", "box": [ 33.74999859375, 206.38055292391073, 580.7493507833593, 211.39319053521467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distributions and capital appreciation, while seeking to manage the risks associated with our investment strategies, as well as to ", "box": [ 33.74999859375, 218.3805524239142, 580.7493507833593, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maximize long-term stockholder value by maintaining stability through our available liquidity and diversified CRE loan portfolio.", "box": [ 33.74999859375, 230.3805519239104, 554.0634680952711, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Currently, markets are grappling with trade tensions, geopolitical tensions, the risk of increased tariffs, inflation and labor ", "box": [ 70.04296583154297, 251.380551048911, 580.7493507833593, 256.39318866021495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "volatility. These market pressures have caused continued disruption in many market segments, including the financial services, real ", "box": [ 33.74999859375, 263.38055054891447, 580.7493507833593, 268.3931881602184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "estate and credit markets and these disruptions have affected the availability and the cost of capital. The increase in the cost of capital is ", "box": [ 33.74999859375, 275.38055004891066, 580.7493507833593, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected to cause dislocations in various investment and financing markets in which we participate as we and other market participants ", "box": [ 33.74999859375, 287.38054954891413, 580.7493507833593, 292.3931871602181 ], "from_ocr": false, "confidence": 1.0 }, { "text": "adjust to the new financing environment.", "box": [ 33.74999859375, 299.3805490489103, 197.55648404972945, 304.39318666021427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Since September 2024, the U.S. Federal Reserve lowered the Federal Funds rate by 1.75% in six rate cuts reaching its lowest ", "box": [ 70.04296583154297, 320.38054817391094, 580.7493507833593, 325.3931857852149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "levels since 2022. Lowering rates and decreasing costs may encourage consumer spending and accelerate corporate profit growth, ", "box": [ 33.74999859375, 332.3805476739144, 580.7493507833593, 337.39318528521835 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which may positively impact the credit profile of the collateral underlying our loans and positively impact our borrowers' ability to sell ", "box": [ 33.74999859375, 344.3805471739106, 580.7493507833593, 349.39318478521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or refinance in the current market; however, lower rates would also correlate to decreases in our net income. There is also no certainty ", "box": [ 33.74999859375, 356.38054667391407, 580.7493507833593, 361.393184285218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with respect to the direction, timing, or pace of change for future interest rates.", "box": [ 33.74999859375, 368.38054617391026, 348.55361235818214, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The multifamily real estate market continues to be a competitive market, and as a result of investors' continued confidence in ", "box": [ 70.04296583154297, 388.6305453301611, 580.7493507833593, 393.64318294146506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that asset class, the market for those assets continues to experience spread compression on newly originated deals. Furthermore, the ", "box": [ 33.74999859375, 400.6305448301646, 580.7493507833593, 405.6431824414685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "office property market continues to experience high vacancies, slower leasing activity and current tenants reevaluating their needs for ", "box": [ 33.74999859375, 412.6305443301608, 580.7493507833593, 417.6431819414647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "physical office space due to remote-work trends across the country. These factors, coupled with inflation, higher interest rates and ", "box": [ 33.74999859375, 424.63054383016424, 580.7493507833593, 429.6431814414682 ], "from_ocr": false, "confidence": 1.0 }, { "text": "dislocations in market liquidity, have converged to create higher levels of uncertainty surrounding property values, which in turn, also ", "box": [ 33.74999859375, 436.63054333016044, 580.7493507833593, 441.6431809414644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "negatively impact borrowers' ability and willingness to financially support and standby their investments in their office properties, their ", "box": [ 33.74999859375, 448.6305428301639, 580.7493507833593, 453.64318044146785 ], "from_ocr": false, "confidence": 1.0 }, { "text": "abilities to sell or refinance their positions in the current market and ultimately our financial results.", "box": [ 33.74999859375, 460.6305423301601, 432.41923241378106, 465.64317994146404 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In response, we continue to manage corporate liquidity actively and responsibly, manage our CRE assets through a solutions-", "box": [ 70.04296583154297, 481.6305414551607, 578.2469296118761, 486.64317906646465 ], "from_ocr": false, "confidence": 1.0 }, { "text": "based approach with our borrowers and manage our daily operations in light of changing macroeconomic circumstances. Our Manager ", "box": [ 33.74999859375, 493.6305409551642, 580.7493507833593, 498.6431785664681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "also continuously monitors for new capital opportunities and selectively executes on agreements that are expected to enhance our ", "box": [ 33.74999859375, 505.63054045516037, 580.7493507833593, 510.6431780664643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "returns.", "box": [ 33.74999859375, 517.6305399551638, 64.0109422641273, 522.6431775664678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As previously reported, on April 29, 2026, we entered into an Agreement and Plan of Merger (the \"Merger Agreement\"), ", "box": [ 70.04296583154297, 538.6305390801645, 580.7493507833593, 543.6431766914684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "pursuant to which we will acquire ACC in an all-stock transaction (the \"Merger\"). As a result of the Merger, among other things, we ", "box": [ 33.74999859375, 550.6305385801606, 580.7493507833593, 555.6431761914646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "will acquire our Manager, and transition from an externally-managed REIT to an internally-managed REIT (the \"Internalization\") ", "box": [ 33.74999859375, 562.6305380801641, 580.7493507833593, 567.6431756914681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which we expect will close in the third quarter. Being internally managed will further align the interest of our seasoned management ", "box": [ 33.74999859375, 574.6305375801603, 580.7493507833593, 579.6431751914643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "team with its shareholders. Additionally, the Merger will enhance our financial profile through the recognition of third-party fee income ", "box": [ 33.74999859375, 586.6305370801638, 580.7493507833593, 591.6431746914677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "earned from an evergreen fund vehicle, separately managed accounts and a growing insurance platform.", "box": [ 33.74999859375, 598.63053658016, 449.851512812436, 603.6431741914639 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We originate transitional floating-rate CRE loans with a target size between $10.0 million and $100.0 million. During the six ", "box": [ 70.04296583154297, 619.6305357051606, 580.7493507833593, 624.6431733164645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026, we originated nine new CRE floating-rate whole loans, purchased one new CRE floating-rate whole loan ", "box": [ 33.74999859375, 631.630535205164, 580.7493507833593, 636.643172816468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and purchased a participation in an existing CRE floating-rate whole loan, with total commitments of $495.6 million and funded $31.4 ", "box": [ 33.74999859375, 643.6305347051602, 580.7493507833593, 648.6431723164642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million of loan commitments. These increases were offset by loan payoffs and sales during the six months ended June 30, 2026 in the ", "box": [ 33.74999859375, 655.6305342051637, 580.7493507833593, 660.6431718164677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amount of $203.3 million and unfunded commitments of $24.2 million, producing a net increase to the portfolio of $299.5 million. ", "box": [ 33.74999859375, 667.6305337051599, 580.7493507833593, 672.6431713164638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the year ended December 31, 2025, we originated 14 new CRE floating-rate whole loans, with total commitments of $733.0 ", "box": [ 33.74999859375, 679.6305332051634, 580.7493507833593, 684.6431708164673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, one new $15.0 million CRE mezzanine loan, one new $9.3 million CRE preferred equity investment and net funded ", "box": [ 33.74999859375, 691.6305327051596, 580.7493507833593, 696.6431703164635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitments of $3.1 million. Loan payoffs and sales during the year ended December 31, 2025 were $418.9 million, producing a net ", "box": [ 33.74999859375, 703.630532205163, 580.7493507833593, 708.643169816467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increase to the portfolio of $341.5 million.", "box": [ 33.74999859375, 715.6305317051592, 203.67306476987193, 720.6431693164632 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 72, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 113.38055679891113, 578.2459236369182, 118.39319441022235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43", "box": [ 300.99608495849594, 131.3805560489127, 310.9935794794336, 136.39319366021664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our CRE loan portfolio, which had carrying values of $2.1 billion and $1.8 billion at June 30, 2026 and December 31, 2025, ", "box": [ 70.04296583154297, 38.3805599239131, 580.7493507833593, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively, comprised:", "box": [ 33.74999859375, 50.380559423916566, 131.46959087118773, 55.39319703522051 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 ", "box": [ 70.04296583154297, 71.38055854891718, 76.04243591281504, 76.39319616022112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "First mortgage loans, which we refer to as whole loans. These loans are typically secured by first liens on CRE property, ", "box": [ 88.18359007568358, 71.38055854891718, 580.7493507833593, 76.39319616022112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "including the following property types: multifamily, student housing, hospitality, office, self-storage, mixed-use and ", "box": [ 88.18359007568358, 83.38055804891337, 580.7493507833593, 88.39319566021732 ], "from_ocr": false, "confidence": 1.0 }, { "text": "retail. All but five of our CRE whole loans were current on contractual payments at June 30, 2026.", "box": [ 88.18359007568358, 95.38055754891684, 482.42038985539943, 100.39319516022078 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 73, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817390705, 96.48813121016045, 85.39319578521099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 572.380537673911, 578.2459236369182, 577.393175285215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "44", "box": [ 300.99608495849594, 590.3805369239126, 310.9935794794336, 595.3931745352165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 ", "box": [ 70.04296583154297, 113.38055679891113, 76.04243591281504, 118.39319441021507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mezzanine debt that is senior to borrower's equity but is subordinated to other third-party debt. These loans are ", "box": [ 88.18359007568358, 113.38055679891113, 580.7493507833593, 118.39319441021507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subordinated CRE loans, usually secured by a pledge of the borrower's equity ownership in the entity that owns the ", "box": [ 88.18359007568358, 125.38055629890732, 580.7493507833593, 130.39319391021127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "property or by a second lien mortgage on the property. At both June 30, 2026 and December 31, 2025, no individual ", "box": [ 88.18359007568358, 137.3805557989108, 580.7493507833593, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mezzanine loans were included in CRE loans held for investment on our consolidated balance sheet.", "box": [ 88.18359007568358, 149.38055529890698, 489.3474066667736, 154.39319291021093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 ", "box": [ 70.04296583154297, 170.3805544239076, 76.04243591281504, 175.39319203521154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred equity investments that are subordinate to first mortgage loans and mezzanine debt. These investments may be ", "box": [ 88.18359007568358, 170.3805544239076, 580.7493507833593, 175.39319203521154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subject to more credit risk than subordinated debt but provide the potential for higher returns upon a liquidation of the ", "box": [ 88.18359007568358, 182.38055392391107, 580.7493507833593, 187.393191535215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "underlying property and are typically structured to provide some credit enhancement differentiating it from the common ", "box": [ 88.18359007568358, 194.38055342390726, 580.7493507833593, 199.3931910352112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equity in such investments. At June 30, 2026 and December 31, 2025, we had one preferred equity investment included in ", "box": [ 88.18359007568358, 206.38055292391073, 580.7493507833593, 211.39319053521467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE loans held for investment with a carrying value of $9.7 million and $9.2 million, respectively. We also hold the first ", "box": [ 88.18359007568358, 218.38055242390692, 580.7493507833593, 223.39319003521086 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mortgage CRE whole loan on the underlying collateral for this investment.", "box": [ 88.18359007568358, 230.3805519239104, 387.20509279770346, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We generate our income primarily from the spread between the revenues we receive from our assets and the cost to finance ", "box": [ 70.04296583154297, 251.380551048911, 580.7493507833593, 256.39318866021495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our ownership of those assets, including corporate debt.", "box": [ 33.74999859375, 263.3805505489072, 256.69685858554715, 268.39318816021114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "While the CRE whole loans included in the CRE loan portfolio are substantially composed of floating-rate loans benchmarked ", "box": [ 70.04296583154297, 284.3805496739078, 580.7493507833593, 289.39318728521175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the one-month Term Secured Overnight Financing Rate (\"Term SOFR\"), asset yields are protected through the use of benchmark ", "box": [ 33.74999859375, 296.3805491739113, 580.7493507833593, 301.3931867852152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "floors and minimum interest periods that typically range from 12 to 18 months at the time of a loan's origination. Our benchmark floors ", "box": [ 33.74999859375, 308.38054867390747, 580.7493507833593, 313.3931862852114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provide asset yield protection when the benchmark rate falls below an in-place benchmark floor. Our net investment returns are ", "box": [ 33.74999859375, 320.38054817391094, 580.7493507833593, 325.3931857852149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "enhanced by a decline in the cost of our floating-rate liabilities that do not have benchmark floors. Our net investment returns will be ", "box": [ 33.74999859375, 332.38054767390713, 580.7493507833593, 337.3931852852111 ], "from_ocr": false, "confidence": 1.0 }, { "text": "negatively impacted by the rising cost of our floating-rate liabilities that do not have floors until the benchmark rate is above the ", "box": [ 33.74999859375, 344.3805471739106, 580.7493507833593, 349.39318478521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "benchmark floor, at which point our floating-rate loans and floating-rate liabilities will be match-funded, effectively locking in our net ", "box": [ 33.74999859375, 356.3805466739068, 580.7493507833593, 361.39318428521074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest margin until the benchmark floor rate is activated again or the floating-rate loan is paid off or refinanced. ", "box": [ 33.74999859375, 368.38054617391026, 488.4642021285741, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In a business environment where benchmark rates are increasing significantly, cash flows of the CRE assets underlying our ", "box": [ 70.04296583154297, 389.3805452989109, 580.7493507833593, 394.3931829102148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans may not be sufficient to pay debt service on our loans, which could result in non-performance or default. We partially mitigate ", "box": [ 33.74999859375, 401.38054479890707, 580.7493507833593, 406.393182410211 ], "from_ocr": false, "confidence": 1.0 }, { "text": "this risk by generally requiring our borrowers to purchase interest rate cap agreements with non-affiliated, well-capitalized third parties ", "box": [ 33.74999859375, 413.38054429891054, 580.7493507833593, 418.3931819102145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and by selectively requiring our borrowers to have and maintain debt service reserves. These interest rate caps generally mature prior to ", "box": [ 33.74999859375, 425.38054379890673, 580.7493507833593, 430.39318141021795 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the maturity date of the loan and the borrowers are required to pay to extend them. In certain cases, the sponsors will need to fund ", "box": [ 33.74999859375, 437.3805432989102, 580.7493507833593, 442.39318091021414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "additional equity into the properties to cover these costs as the property may not generate sufficient cash flow to pay these costs. At ", "box": [ 33.74999859375, 449.38054279891367, 580.7493507833593, 454.3931804102176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026, 74% of the par value of our CRE loan portfolio had interest rate caps or funded debt service reserves in place. Our ", "box": [ 33.74999859375, 461.38054229890986, 580.7493507833593, 466.3931799102138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest rate caps have a weighted-average maturity of 15 months.", "box": [ 33.74999859375, 473.3805417989133, 296.91629300973733, 478.3931794102173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, our par-value $2.1 billion floating-rate CRE loan portfolio had a weighted average benchmark floor of ", "box": [ 70.04296583154297, 494.38054092390666, 580.7493507833593, 499.3931785352179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.22%. At December 31, 2025, our par value $1.8 billion floating rate CRE loan portfolio had a weighted average benchmark floor of ", "box": [ 33.74999859375, 506.38054042391013, 580.7493507833593, 511.3931780352141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.78%. With the current trend of decreasing benchmark rates, we have seen the coupons on all of our floating-rate assets and debt ", "box": [ 33.74999859375, 518.3805399239136, 580.7493507833593, 523.3931775352175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decrease accordingly. Because we have equity invested in each floating-rate loan, and because in all instances the benchmark interest ", "box": [ 33.74999859375, 530.3805394239098, 580.7493507833593, 535.3931770352137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rates are above our loan floors, the decrease in interest rates resulted in a decrease in our net interest income. See \"Interest Rate Risk\" in ", "box": [ 33.74999859375, 542.3805389239133, 580.7493507833593, 547.3931765352172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\"Item 3: Quantitative and Qualitative Disclosures About Market Risk.\"", "box": [ 33.74999859375, 554.3805384239095, 317.61908297743065, 559.3931760352134 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 74, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our portfolio comprises loans with a diverse array of collateral types and locations. Multifamily continues to comprise the ", "box": [ 70.04296583154297, 113.38055679891113, 580.7493507833593, 118.39319441021507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "majority of our portfolio, with 80.8% of our portfolio allocated to multifamily at June 30, 2026 and 81.9% at December 31, 2025. The ", "box": [ 33.74999859375, 125.3805562989146, 580.7493507833593, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "following charts show our portfolio allocation at carrying value by property type at June 30, 2026 and December 31, 2025:", "box": [ 33.74999859375, 137.3805557989108, 524.8862759788252, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "img248602741_1.jpg", "box": [ 295.9453001689453, 159.88055486141093, 381.7587096308863, 164.89319247271487 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 474.0117027495115, 359.3805465489131, 476.51107762662093, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "img248602741_2.jpg", "box": [ 297.199210116699, 381.88054561141325, 383.01261957864006, 386.8931832227172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "From time to time, we may acquire real estate property through direct equity investments or as a result of our lending ", "box": [ 70.04296583154297, 600.8805364864165, 580.7493507833593, 605.8931740977205 ], "from_ocr": false, "confidence": 1.0 }, { "text": "activities. We did not acquire any real estate property in the three months ended June 30, 2026.", "box": [ 33.74999859375, 612.8805359864127, 413.81068161413754, 617.8931735977167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, the net carrying value of our net real estate-related assets and liabilities was $104.6 million on five ", "box": [ 70.04296583154297, 633.8805351114133, 580.7493507833593, 638.8931727227173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "properties owned, two of which are included in investments in real estate and three of which are included in properties held for sale on ", "box": [ 33.74999859375, 645.8805346114095, 580.7493507833593, 650.8931722227208 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our consolidated balance sheets.", "box": [ 33.74999859375, 657.880534111413, 162.56041833289896, 662.8931717227169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We use leverage to enhance our returns. The cost of borrowings to finance our investments is a significant part of our ", "box": [ 70.04296583154297, 678.8805332364136, 580.7493507833593, 683.8931708477176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expenses. Our net interest income depends on our ability to control these expenses relative to our revenue. Our CRE loans may initially ", "box": [ 33.74999859375, 690.8805327364098, 580.7493507833593, 695.8931703477137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be financed with term facilities, such as CRE loan warehouse financing facilities, in anticipation of their ultimate securitization. We ", "box": [ 33.74999859375, 702.8805322364133, 580.7493507833593, 707.8931698477172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ultimately seek to finance our CRE loans through the use of non-recourse long-term, match-funded CRE debt securitizations.", "box": [ 33.74999859375, 714.8805317364167, 534.6006395062225, 719.8931693477207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026 and December 31, 2025, our financing arrangements were as follows (dollars in thousands):", "box": [ 70.04296583154297, 735.8805308614101, 508.4337470893472, 740.893168472714 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 75, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 38.38055992390582, 578.2459236369182, 43.393197535209765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "45", "box": [ 300.99608495849594, 56.380559173907386, 310.9935794794336, 61.39319678521133 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 76, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 206.02733891552717, 114.7064308267727, 208.02608879474593, 118.71503670336097 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 114.7064308267727, 383.0221715032422, 118.71503670336097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding Borrowings", "box": [ 390.035143748535, 113.95643085802294, 474.6656599180896, 117.96503673460393 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 476.75389013525376, 113.95643085802294, 478.7526400144725, 117.96503673460393 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 480.8202924658203, 114.7064308267727, 482.81904234503907, 118.71503670336097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage of ", "box": [ 504.6796664716797, 105.70643120177556, 553.0729494177928, 109.71503707835654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings", "box": [ 507.89060383789064, 113.95643085802294, 547.8655431680942, 117.96503673460393 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 572.3437261523437, 113.95643085802294, 574.3424760315625, 117.96503673460393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026", "box": [ 33.74999859375, 124.63055633016484, 104.8454023689414, 129.64319394146878 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 124.63055633016484, 383.5227965011328, 129.64319394146878 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 431.0976420375975, 124.63055633016484, 433.59701691470684, 129.64319394146878 ], "from_ocr": false, 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142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "48.9%", "box": [ 550.9570120434568, 137.3805557989108, 577.4959439556674, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - term reinvestment financing facility ", "box": [ 36.9374984609375, 150.13055526766402, 210.7316771757631, 155.14319287896797 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 150.13055526766402, 383.5227965011328, 155.14319287896797 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.0117062495115, 150.13055526766402, 392.5110811266209, 155.14319287896797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "622,766 ", "box": [ 442.1952940751953, 150.13055526766402, 477.9056050685156, 155.14319287896797 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.08982732958964, 150.13055526766402, 489.81185457242185, 155.14319287896797 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34.9%", 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], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured financing facility", "box": [ 36.9374984609375, 175.6305542051632, 167.13425217357258, 180.64319181646715 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 175.6305542051632, 383.5227965011328, 180.64319181646715 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.0117062495115, 175.6305542051632, 392.5110811266209, 180.64319181646715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "56,398 ", "box": [ 447.1874813671875, 175.6305542051632, 477.9056050685156, 180.64319181646715 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.08982732958964, 175.6305542051632, 489.81185457242185, 180.64319181646715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.2%", "box": [ 555.949199335449, 175.6305542051632, 577.4959439556674, 180.64319181646715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage payable", "box": [ 36.9374984609375, 188.38055367390916, 109.39000663964427, 193.3931912852131 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 188.38055367390916, 383.5227965011328, 193.3931912852131 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.0117062495115, 188.38055367390916, 392.5110811266209, 193.3931912852131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,904 ", "box": [ 447.1874813671875, 188.38055367390916, 477.9056050685156, 193.3931912852131 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.08982732958964, 188.38055367390916, 489.81185457242185, 193.3931912852131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.2%", "box": [ 555.949199335449, 188.38055367390916, 577.4959439556674, 193.3931912852131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.75% Senior Unsecured Notes", "box": [ 36.9374984609375, 201.1305531426624, 162.4333158523579, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 201.1305531426624, 383.5227965011328, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.0117062495115, 201.1305531426624, 392.5110811266209, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "149,906 ", "box": [ 442.1952940751953, 201.1305531426624, 477.9056050685156, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.08982732958964, 201.1305531426624, 489.81185457242185, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8.4%", "box": [ 555.949199335449, 201.1305531426624, 577.4959439556674, 206.14319075396634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured junior subordinated debentures", "box": [ 36.9374984609375, 213.88055261140835, 206.0112253866116, 218.8931902227123 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 214.6305525801581, 383.5227965011328, 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227.38055204891134, 395.01045600373027, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,783,346 ", "box": [ 434.6952943876953, 227.38055204891134, 483.3196673429297, 234.64318956646457 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 487.3124796953125, 227.38055204891134, 489.81185457242185, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0%", "box": [ 545.953102251953, 227.38055204891134, 577.4959439556674, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 241.6305514551641, 36.249373470859375, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 241.6305514551641, 383.5227965011328, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.0117062495115, 241.6305514551641, 392.5110811266209, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 475.4062301914062, 241.6305514551641, 477.9056050685156, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 480.8202924658203, 241.6305514551641, 483.3196673429297, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 487.3124796953125, 241.6305514551641, 489.81185457242185, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.1679487846677, 241.6305514551641, 571.6673236617771, 246.64318906646804 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 206.02733891552717, 262.45642467052676, 208.02608879474593, 266.46503054710774 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 262.45642467052676, 383.0221715032422, 266.46503054710774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding Borrowings", "box": [ 390.035143748535, 261.706424701777, 474.6656599180896, 265.715030578358 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 476.75389013525376, 261.706424701777, 478.7526400144725, 265.715030578358 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 480.8202924658203, 262.45642467052676, 482.81904234503907, 266.46503054710774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percentage of ", "box": [ 504.6796664716797, 253.45642504552234, 553.0729494177928, 257.4650309221106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings", "box": [ 507.89060383789064, 261.706424701777, 547.8655431680942, 265.715030578358 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 572.3437261523437, 261.706424701777, 574.3424760315625, 265.715030578358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At December 31, 2025:", "box": [ 33.74999859375, 272.3805501739116, 130.91310225078658, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 272.3805501739116, 383.5227965011328, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.1835778256834, 272.3805501739116, 474.6829527027928, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 477.59764010009746, 272.3805501739116, 483.3196673429297, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 565.9452889189453, 272.3805501739116, 568.4446637960547, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 272.3805501739116, 577.5266984176365, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - term reinvestment financing facility ", "box": [ 36.9374984609375, 285.13054964266485, 210.7316771757631, 290.1431872539688 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 285.13054964266485, 383.5227965011328, 290.1431872539688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 390.0117062495115, 285.13054964266485, 395.01045600373027, 290.1431872539688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "728,167 ", "box": [ 442.1952940751953, 285.13054964266485, 477.9056050685156, 290.1431872539688 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.08982732958964, 285.13054964266485, 489.81185457242185, 290.1431872539688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47.1%", "box": [ 550.9570120434568, 285.13054964266485, 577.4959439556674, 290.1431872539688 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - term warehouse financing facilities", "box": [ 36.9374984609375, 297.8805491114108, 205.44981246000384, 302.89318672271474 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 297.8805491114108, 383.5227965011328, 302.89318672271474 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.0117062495115, 297.8805491114108, 392.5110811266209, 302.89318672271474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "533,862 ", "box": [ 442.1952940751953, 297.8805491114108, 477.9056050685156, 302.89318672271474 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.08982732958964, 297.8805491114108, 489.81185457242185, 302.89318672271474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34.6%", "box": [ 550.9570120434568, 297.8805491114108, 577.4959439556674, 302.89318672271474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured financing facility", "box": [ 36.9374984609375, 310.63054858016403, 167.13425217357258, 315.643186191468 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 310.63054858016403, 383.5227965011328, 315.643186191468 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.0117062495115, 310.63054858016403, 392.5110811266209, 315.643186191468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "61,645 ", "box": [ 447.1874813671875, 310.63054858016403, 477.9056050685156, 315.643186191468 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.08982732958964, 310.63054858016403, 489.81185457242185, 315.643186191468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.0%", "box": [ 555.949199335449, 310.63054858016403, 577.4959439556674, 315.643186191468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage payable", "box": [ 36.9374984609375, 323.38054804891, 109.39000663964427, 328.39318566021393 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 323.38054804891, 383.5227965011328, 328.39318566021393 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.0117062495115, 323.38054804891, 392.5110811266209, 328.39318566021393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,185 ", "box": [ 447.1874813671875, 323.38054804891, 477.9056050685156, 328.39318566021393 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.08982732958964, 323.38054804891, 489.81185457242185, 328.39318566021393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.3%", "box": [ 555.949199335449, 323.38054804891, 577.4959439556674, 328.39318566021393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.75% Senior Unsecured Notes", "box": [ 36.9374984609375, 336.1305475176632, 162.4333158523579, 341.14318512896716 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 336.1305475176632, 383.5227965011328, 341.14318512896716 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.0117062495115, 336.1305475176632, 392.5110811266209, 341.14318512896716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "149,531 ", "box": [ 442.1952940751953, 336.1305475176632, 477.9056050685156, 341.14318512896716 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.08982732958964, 336.1305475176632, 489.81185457242185, 341.14318512896716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9.7%", "box": [ 555.949199335449, 336.1305475176632, 577.4959439556674, 341.14318512896716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured junior subordinated debentures", "box": [ 36.9374984609375, 349.63054695515893, 206.0112253866116, 354.6431845664629 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 349.63054695515893, 383.5227965011328, 354.6431845664629 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 390.0117062495115, 348.8805469864092, 392.5110811266209, 353.8931845977131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51,548 ", "box": [ 447.1874813671875, 348.8805469864092, 477.9056050685156, 353.8931845977131 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.08982732958964, 348.8805469864092, 489.81185457242185, 354.6431845664629 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.3%", "box": [ 555.949199335449, 348.8805469864092, 577.4959439556674, 353.8931845977131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 40.160154576660155, 363.8805463614117, 61.258374171655234, 368.89318397271563 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 381.02342162402346, 364.63054633016145, 383.5227965011328, 369.6431839414654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 390.0117062495115, 362.38054642391216, 395.01045600373027, 367.3931840352161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,544,938 ", "box": [ 434.6952943876953, 362.38054642391216, 483.3196673429297, 369.6431839414654 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 487.3124796953125, 362.38054642391216, 489.81185457242185, 367.3931840352161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.0%", "box": [ 545.953102251953, 362.38054642391216, 577.4959439556674, 367.3931840352161 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 374.4290761360244, 34.24874859171875, 375.4293474524093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 377.9564198580265, 43.07227342132069, 381.9650257346075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Represents an asset-specific borrowing.", "box": [ 51.890622837890625, 377.9564198580265, 178.88128080911306, 381.9650257346075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 386.2064195142739, 43.07227342132069, 390.21502539085486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our CRE debt securitization provides a 30 month reinvestment period that allows us to reinvest CRE loan payoffs and principal paydown proceeds into the ", "box": [ 51.890622837890625, 386.2064195142739, 580.2487257854687, 390.21502539085486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securitization, pending certain eligibility criteria are met and rating agency approval is obtained. The reinvestment period expires in August 2028.", "box": [ 51.890622837890625, 394.45641917052126, 518.1138110744236, 398.4650250471095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 402.7064188267759, 43.07227342132069, 406.7150247033569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our CRE - term reinvestment financing facility provides for a two-year reinvestment period that allows us to reinvest CRE loan payoffs and principal paydown ", "box": [ 51.890622837890625, 402.7064188267759, 580.2487257854687, 406.7150247033569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proceeds into the reinvestment facility, pending certain eligibility criteria are met.", "box": [ 51.890622837890625, 410.9564184830233, 313.40632262890256, 414.9650243596043 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We reevaluate our current expected credit losses (\"CECL\") allowance quarterly, incorporating our current expectations of ", "box": [ 70.04296583154297, 429.1305436426628, 580.7493507833593, 434.14318125396676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "macroeconomic factors considered in the determination of our CECL reserves. At June 30, 2026, the CECL allowance on our CRE loan ", "box": [ 33.74999859375, 441.130543142659, 580.7493507833593, 446.14318075396295 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio was $21.1 million, or 1.0% of our $2.1 billion loan portfolio. During the six months ended June 30, 2026, we recorded a net ", "box": [ 33.74999859375, 453.1305426426625, 580.7493507833593, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "provision for credit losses primarily attributable to a decline in macroeconomic factors, offset by improvements in the modeled credit ", "box": [ 33.74999859375, 465.13054214265867, 580.7493507833593, 470.1431797539626 ], "from_ocr": false, "confidence": 1.0 }, { "text": "risk of our loan portfolio and loan payoffs.", "box": [ 33.74999859375, 477.13054164266214, 204.2246700218884, 482.1431792539661 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At December 31, 2025, the CECL allowance on our CRE loan portfolio was $20.4 million, or 1.1% of our $1.8 billion loan ", "box": [ 70.04296583154297, 498.13054076766275, 580.7493507833593, 503.1431783789667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio. During the year ended December 31, 2025, we recorded a reversal of credit losses primarily driven by net improvements in ", "box": [ 33.74999859375, 510.13054026765894, 580.7493507833593, 515.1431778789629 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the modeled credit risk of our loan portfolio as well as loan payoffs. These reversals were offset by a general decline in projected ", "box": [ 33.74999859375, 522.1305397676624, 580.7493507833593, 527.1431773789664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "macroeconomic factors. We also recorded a charge-off of $4.7 million for one mezzanine loan that was fully reserved for in 2022.", "box": [ 33.74999859375, 534.1305392676586, 554.244147287743, 539.1431768789625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Additionally, the decline in our CECL reserves from our highest reserve balance at June 30, 2020 of $61.1 million, or 3.4% of ", "box": [ 70.04296583154297, 555.1305383926592, 580.7493507833593, 560.1431760039632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the par balance of our CRE loan portfolio, to our current reserve balance at June 30, 2026 of $21.1 million, or 1.0% of the par balance ", "box": [ 33.74999859375, 567.1305378926627, 580.7493507833593, 572.1431755039666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our CRE loan portfolio, has been due to the following: the successful resolution of our individually evaluated loans with specific ", "box": [ 33.74999859375, 579.1305373926589, 580.7493507833593, 584.1431750039628 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reserves, except for the charge-off noted above, the overall newer vintage of our CRE loan portfolio (with only 6.7% of the portfolio, at ", "box": [ 33.74999859375, 591.1305368926623, 580.7493507833593, 596.1431745039663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026, being originated prior to the fourth quarter of 2020) as well as the increased percentage allocation of our CRE loan ", "box": [ 33.74999859375, 603.1305363926585, 580.7493507833593, 608.1431740039625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio to multifamily loans over time. Multifamily loans have historically had the lowest credit losses of any asset class, and our ", "box": [ 33.74999859375, 615.130535892662, 580.7493507833593, 620.143173503966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "percentage allocation of our CRE loan portfolio to multifamily at carrying value has grown from 58.4% at June 30, 2020 to 80.8% at ", "box": [ 33.74999859375, 627.1305353926582, 580.7493507833593, 632.1431730039621 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026.", "box": [ 33.74999859375, 639.1305348926617, 92.06542264519058, 644.1431725039656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Common stock book value was $26.76 per share at June 30, 2026, a $3.25 per share decrease from December 31, 2025. ", "box": [ 70.04296583154297, 660.1305340176623, 550.6204495387302, 665.1431716289662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Results of Operations", "box": [ 33.74999859375, 681.1305331426629, 125.9484998975586, 686.1431707539668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our net loss allocable to common shares for the three months ended June 30, 2026 was $12.5 million, or ($1.87) per share-", "box": [ 70.04296583154297, 702.1305322676635, 578.2386442872216, 707.1431698789675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "basic ($1.87) per share-diluted) as compared to net loss allocable to common shares for the three months ended June 30, 2025 of ", "box": [ 33.74999859375, 714.1305317676597, 580.7493507833593, 719.1431693789636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$732,000 or ($0.10) per share-basic ($0.10 per share-diluted). Our net loss allocable to common shares for the six months ended June ", "box": [ 33.74999859375, 726.1305312676632, 580.7493507833593, 731.1431688789671 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)(2)", "box": [ 134.9531193769531, 135.0655166507422, 150.57188158357306, 138.42357034230372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)(3)", "box": [ 210.73827621923812, 147.81551611949544, 226.35703842585806, 151.17356981105695 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 205.4531164394531, 160.5655155882414, 213.2624993964639, 163.9235692798029 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 167.14452803564436, 172.56551508824487, 174.95391099265515, 175.92356877980637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 109.39452669189453, 185.31551455699082, 117.20390964890532, 188.67356824855233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)(2)", "box": [ 210.73827621923812, 282.815510494489, 226.35703842585806, 286.1735641860578 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 205.4531164394531, 295.5655099632422, 213.2624993964639, 298.92356365480373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 167.14452803564436, 308.31550943199545, 174.95391099265515, 311.67356312355696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 109.39452669189453, 321.0655089007414, 117.20390964890532, 324.4235625923029 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 77, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 68.38055867391085, 578.2459236369182, 73.39319628522207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "46", "box": [ 300.99608495849594, 86.38055792391242, 310.9935794794336, 91.39319553521636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026 was $13.5 million, or ($2.04) per share-basic ($2.04) per share-diluted), as compared to net loss allocable to common shares ", "box": [ 33.74999859375, 38.3805599239131, 580.7493507833593, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for the six months ended June 30, 2025 of $6.6 million, or ($0.90) per share-basic ($0.90) per share-diluted).", "box": [ 33.74999859375, 50.380559423916566, 468.2597917204248, 55.39319703522051 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 78, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817390705, 96.48813121016045, 85.39319578521099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 495.88054086141346, 578.2459236369182, 500.8931784727174 ], "from_ocr": false, "confidence": 1.0 }, { "text": "47", "box": [ 300.99608495849594, 513.8805401114078, 310.9935794794336, 518.8931777227117 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Interest Income", "box": [ 33.74999859375, 113.38055679891113, 115.94615484147141, 118.39319441021507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following tables analyze the change in interest income and interest expense for the comparative three and six months ", "box": [ 70.04296583154297, 134.38055592391174, 580.7493507833593, 139.3931935352157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026 and 2025 by changes in volume and changes in rates. The changes attributable to the combined changes in volume ", "box": [ 33.74999859375, 146.38055542390794, 580.7493507833593, 151.39319303521188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and rate have been allocated proportionately, based on absolute values, to the changes due to volume and changes due to rates (dollars ", "box": [ 33.74999859375, 158.3805549239114, 580.7493507833593, 163.39319253521535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in thousands, except amounts in footnotes):", "box": [ 33.74999859375, 170.3805544239076, 207.56860965039516, 175.39319203521154 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 182.38055392391107, 72.54234070865235, 187.393191535215 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 182.89452737939436, 204.70642707677325, 184.89327725861313, 208.71503295335424 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 334.76952105126935, 204.70642707677325, 336.7682709304881, 208.71503295335424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30, 2026 Compared to Three Months ", "box": [ 347.85936050585934, 195.7064274517761, 568.8463862605662, 199.7150333283571 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ended June 30, 2025", "box": [ 422.039044915039, 203.9564271080235, 492.6783267217357, 207.96503298460448 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1601360766599, 203.9564271080235, 576.1588859558786, 207.96503298460448 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 182.89452737939436, 214.45642667052016, 184.89327725861313, 218.46503254710842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 334.76952105126935, 214.45642667052016, 336.7682709304881, 218.46503254710842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 362.8476448813475, 214.45642667052016, 364.8463947605662, 218.46503254710842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 387.14060886914064, 214.45642667052016, 389.13935874835937, 218.46503254710842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 392.5429561440428, 214.45642667052016, 394.54170602326155, 218.46503254710842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 426.8202947158203, 214.45642667052016, 428.8190445950391, 218.46503254710842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 464.5898281420897, 214.45642667052016, 466.5885780213084, 218.46503254710842 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.13670282763655, 214.45642667052016, 474.13545270685535, 218.46503254710842 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Due to Changes in", "box": [ 494.83591688183594, 213.7064267017704, 557.2499044311304, 217.71503257835866 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1601360766599, 213.7064267017704, 576.1588859558786, 217.71503257835866 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 182.89452737939436, 224.20642626427434, 184.89327725861313, 228.21503214085533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 334.76952105126935, 224.20642626427434, 336.7682709304881, 228.21503214085533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Change", "box": [ 343.75779817675783, 223.45642629552458, 383.9513475271493, 227.46503217210557 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 387.14060886914064, 223.45642629552458, 389.13935874835937, 227.46503217210557 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 391.20701869970685, 224.20642626427434, 393.2057685789256, 228.21503214085533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percent Change", "box": [ 396.8202959658203, 223.45642629552458, 451.21589399946, 227.46503217210557 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 464.5898281420897, 223.45642629552458, 466.5885780213084, 227.46503217210557 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.13670282763655, 224.20642626427434, 474.13545270685535, 228.21503214085533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Volume", "box": [ 488.3085771538084, 223.45642629552458, 514.9559386936246, 227.46503217210557 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 525.3398256108396, 223.45642629552458, 527.3385754900584, 227.46503217210557 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 529.4062279414062, 224.20642626427434, 531.4049778206249, 228.21503214085533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rate", "box": [ 546.6796647216796, 223.45642629552458, 562.661831255879, 227.46503217210557 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1601360766599, 223.45642629552458, 576.1588859558786, 227.46503217210557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Increase (decrease) in interest income:", "box": [ 33.74999859375, 234.1305517676592, 197.5369736247919, 239.14318937896314 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 334.76952105126935, 234.1305517676592, 337.26889592837875, 239.14318937896314 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 382.5702965595703, 234.1305517676592, 385.0696714366797, 239.14318937896314 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 387.98435883398434, 234.1305517676592, 393.70639357681625, 239.14318937896314 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 396.59764347509747, 234.1305517676592, 399.0970183522069, 239.14318937896314 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 459.76170334326156, 234.1305517676592, 462.2610782203709, 239.14318937896314 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.13670282763655, 234.1305517676592, 474.63607770474596, 239.14318937896314 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 520.7695133012693, 234.1305517676592, 523.2688881783787, 239.14318937896314 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 526.1835755756833, 234.1305517676592, 531.9056028185156, 239.14318937896314 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.5781012675781, 234.1305517676592, 572.0774761446875, 239.14318937896314 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 234.1305517676592, 577.5266984176365, 239.14318937896314 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE whole loans ", "box": [ 36.50390472900391, 246.88055123641243, 108.98080809038282, 251.89318884771637 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 334.76952105126935, 246.88055123641243, 337.26889592837875, 251.89318884771637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 342.6327982236328, 246.88055123641243, 347.63154797785154, 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", "box": [ 562.078101580078, 259.6305507051584, 575.3001360104099, 264.64318831646233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE preferred equity loan", "box": [ 36.50390472900391, 272.3805501739116, 142.27319988444978, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 334.76952105126935, 272.3805501739116, 337.26889592837875, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 342.6327982236328, 272.3805501739116, 345.1321731007422, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "256 ", "box": [ 370.0781095800781, 272.3805501739116, 399.0970183522069, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100% ", "box": [ 444.04685649804685, 272.3805501739116, 474.63607770474596, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 479.99998, 272.3805501739116, 482.4993548771094, 277.39318778521556 ], "from_ocr": false, 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"from_ocr": false, "confidence": 1.0 }, { "text": "(6,535) ", "box": [ 491.97654200097656, 280.6305498301663, 526.4212280470313, 285.6431874414702 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 531.6796653466796, 280.6305498301663, 534.179040223789, 285.6431874414702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 562.0546640810546, 280.6305498301663, 575.2766985113865, 285.6431874414702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACR 2021-FL2 Senior Notes", "box": [ 39.21093586621094, 293.38054929891223, 156.68140124202102, 298.3931869102162 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.55467376855466, 293.38054929891223, 332.05404864566407, 298.3931869102162 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.3124859453125, 293.38054929891223, 339.81186082242186, 298.3931869102162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6,554) ", "box": [ 352.96873529296874, 293.38054929891223, 392.80404611441406, 298.3931869102162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(100)% ", "box": [ 433.32420444482403, 293.38054929891223, 467.24154301285154, 298.3931869102162 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.4999803125, 293.38054929891223, 474.9993551896094, 298.3931869102162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6,554) ", "box": [ 491.97654200097656, 293.38054929891223, 526.4212280470313, 298.3931869102162 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 531.6796653466796, 293.38054929891223, 534.179040223789, 298.3931869102162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 562.0546640810546, 293.38054929891223, 575.2766985113865, 298.3931869102162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured financing facility", "box": [ 36.45702973095703, 306.13054876766546, 166.6537834435921, 311.1431863789694 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.55467376855466, 306.13054876766546, 332.05404864566407, 311.1431863789694 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.3124859453125, 306.13054876766546, 339.81186082242186, 311.1431863789694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "451 ", "box": [ 363.79685984179685, 306.13054876766546, 392.80404611441406, 311.1431863789694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15% ", "box": [ 441.6445165981444, 306.13054876766546, 467.24154301285154, 311.1431863789694 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.4999803125, 306.13054876766546, 474.9993551896094, 311.1431863789694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "647 ", "box": [ 502.80466654980467, 306.13054876766546, 526.4212280470313, 311.1431863789694 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 531.6796653466796, 306.13054876766546, 534.179040223789, 311.1431863789694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(196)", "box": [ 553.7343519277343, 306.13054876766546, 576.1065690510579, 311.1431863789694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - term warehouse financing facilities", "box": [ 36.45702973095703, 318.8805482364114, 204.96934373002335, 323.89318584771536 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.55467376855466, 318.8805482364114, 332.05404864566407, 323.89318584771536 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.3124859453125, 318.8805482364114, 339.81186082242186, 323.89318584771536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,018 ", "box": [ 356.2968601542969, 318.8805482364114, 392.80404611441406, 323.89318584771536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "28% ", "box": [ 441.6445165981444, 318.8805482364114, 467.24154301285154, 323.89318584771536 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.4999803125, 318.8805482364114, 474.9993551896094, 323.89318584771536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,598 ", "box": [ 495.30466686230466, 318.8805482364114, 526.4212280470313, 323.89318584771536 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 531.6796653466796, 318.8805482364114, 534.179040223789, 323.89318584771536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(580)", "box": [ 553.7343519277343, 318.8805482364114, 576.1065690510579, 323.89318584771536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - term reinvestment financing facility", "box": [ 36.45702973095703, 331.63054770516464, 207.75183855617308, 336.6431853164686 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.55467376855466, 331.63054770516464, 332.05404864566407, 336.6431853164686 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.3124859453125, 331.63054770516464, 339.81186082242186, 336.6431853164686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,076 ", "box": [ 356.2968601542969, 331.63054770516464, 392.80404611441406, 336.6431853164686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19% ", "box": [ 441.6445165981444, 331.63054770516464, 467.24154301285154, 336.6431853164686 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.4999803125, 331.63054770516464, 474.9993551896094, 336.6431853164686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,770 ", "box": [ 495.30466686230466, 331.63054770516464, 526.4212280470313, 336.6431853164686 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 531.6796653466796, 331.63054770516464, 534.179040223789, 336.6431853164686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,694)", "box": [ 546.2343522402343, 331.63054770516464, 576.1065690510579, 336.6431853164686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.75% Senior Unsecured Notes ", "box": [ 36.45702973095703, 344.3805471739106, 164.452218329074, 349.39318478521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.55467376855466, 344.3805471739106, 332.05404864566407, 349.39318478521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.3124859453125, 344.3805471739106, 339.81186082242186, 349.39318478521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "23 ", "box": [ 368.78904713378904, 344.3805471739106, 392.80404611441406, 349.39318478521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "-% ", "box": [ 441.6445165981444, 344.3805471739106, 474.9993551896094, 349.39318478521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "23 ", "box": [ 507.79685384179686, 344.3805471739106, 526.4212280470313, 349.39318478521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 531.6796653466796, 344.3805471739106, 534.179040223789, 349.39318478521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 562.0546640810546, 344.3805471739106, 575.2766985113865, 349.39318478521454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured junior subordinated debentures", "box": [ 36.45702973095703, 357.13054664266383, 205.53075665663113, 362.1431842539678 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.55467376855466, 357.13054664266383, 332.05404864566407, 362.1431842539678 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.3124859453125, 357.13054664266383, 339.81186082242186, 362.1431842539678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(163) ", "box": [ 360.46873498046875, 357.13054664266383, 392.80404611441406, 362.1431842539678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)% ", "box": [ 443.3202940283203, 357.13054664266383, 467.24154301285154, 362.1431842539678 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.4999803125, 357.13054664266383, 474.9993551896094, 362.1431842539678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 507.79685384179686, 357.13054664266383, 526.4212280470313, 362.1431842539678 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 531.6796653466796, 357.13054664266383, 534.179040223789, 362.1431842539678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(163)", "box": [ 553.7343519277343, 357.13054664266383, 576.1065690510579, 362.1431842539678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Hedging", "box": [ 36.45702973095703, 370.63054608015955, 70.88686958388031, 375.6431836914635 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.55467376855466, 370.63054608015955, 332.05404864566407, 375.6431836914635 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.3124859453125, 369.8805461114098, 339.81186082242186, 374.89318372271373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(152) ", "box": [ 360.46873498046875, 369.8805461114098, 392.80404611441406, 375.6431836914635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(19)% ", "box": [ 438.31639173681623, 370.63054608015955, 467.24154301285154, 375.6431836914635 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.4999803125, 369.8805461114098, 474.9993551896094, 374.89318372271373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(152) ", "box": [ 499.4765416884766, 369.8805461114098, 526.4212280470313, 375.6431836914635 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 531.6796653466796, 369.8805461114098, 534.179040223789, 374.89318372271373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 562.0546640810546, 369.8805461114098, 575.2766985113865, 374.89318372271373 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total increase (decrease) in interest expense", "box": [ 39.21093586621094, 384.13054551766254, 216.01708842184905, 389.1431831289665 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.55467376855466, 384.13054551766254, 332.05404864566407, 389.1431831289665 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.3124859453125, 383.3805455489128, 339.81186082242186, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,608 ", "box": [ 356.2968601542969, 383.3805455489128, 392.80404611441406, 389.1431831289665 ], "from_ocr": false, "confidence": 1.0 }, { "text": "22% ", "box": [ 441.6445165981444, 384.13054551766254, 467.24154301285154, 389.1431831289665 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.4999803125, 383.3805455489128, 474.9993551896094, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "12,241 ", "box": [ 490.3007645708006, 383.3805455489128, 526.4212280470313, 389.1431831289665 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 531.6796653466796, 383.3805455489128, 534.179040223789, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,633)", "box": [ 546.2343522402343, 383.3805455489128, 576.1065690510579, 388.3931831602167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net increase (decrease) in net interest income", "box": [ 41.929685752929686, 399.13054489266506, 224.01283471369294, 404.143182503969 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 329.55467376855466, 399.13054489266506, 332.05404864566407, 404.143182503969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 337.3124859453125, 396.88054498641577, 342.3112356995312, 401.8931825977197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,595 ", "box": [ 356.2968601542969, 396.88054498641577, 392.80404611441406, 404.143182503969 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 452.3671686513672, 399.13054489266506, 454.86654352847654, 404.143182503969 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 464.7421681357422, 399.13054489266506, 467.24154301285154, 404.143182503969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 472.4999803125, 396.88054498641577, 477.4987300667188, 401.8931825977197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10,912 ", "box": [ 490.3007645708006, 396.88054498641577, 526.4212280470313, 404.143182503969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 531.6796653466796, 396.88054498641577, 536.6784151008984, 401.8931825977197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5,317)", "box": [ 546.2343522402343, 396.88054498641577, 576.1065690510579, 401.8931825977197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 410.20641851427354, 43.07227342132069, 414.2150243908618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percent change is calculated as the net change divided by the respective interest income or interest expense for the six months ended June 30, 2025.", "box": [ 51.890622837890625, 410.20641851427354, 523.8836470090139, 414.2150243908618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 418.4564181705282, 43.07227342132069, 422.4650240471092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes an increase in fee income of $781,000 recognized on our CRE whole loans that was due to changes in volume.", "box": [ 51.890622837890625, 418.4564181705282, 434.65054215205987, 422.4650240471092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 426.7064178267756, 43.07227342132069, 430.71502370335656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net change pertains to amortization expense and is reflected in the change in volume.", "box": [ 51.890622837890625, 426.7064178267756, 325.3949009793786, 430.71502370335656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 33.74999859375, 434.95641748302296, 43.07227342132069, 438.9650233596112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net decrease is due to a portion of the terminated swaps being fully amortized as of December 31, 2025.", "box": [ 51.890622837890625, 434.95641748302296, 385.7944803127296, 438.9650233596112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Change in Interest Income for the Comparative three and six months ended June 30, 2026 and 2025:", "box": [ 33.74999859375, 453.1305426426625, 454.12774870850905, 458.1431802539664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Aggregate interest income increased by $9.6 million and $15.2 million for the comparative three and six months ended June ", "box": [ 70.04296583154297, 474.1305417676631, 580.7493507833593, 479.14317937896703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026 and 2025. We attribute the change to the following:", "box": [ 33.74999859375, 486.1305412676593, 277.51684088588536, 491.1431788789705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE whole loans.", "box": [ 70.04296583154297, 507.1305403926599, 143.36627423265497, 512.1431780039638 ], "from_ocr": false, "confidence": 1.0 }, { "text": " The increase of $10.2 million and $14.5 million for the comparative three and six months ended June 30, ", "box": [ 143.36718152636718, 507.1305403926599, 580.7493507833593, 512.1431780039638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 and 2025 was primarily attributable to an increase in the daily average par value of our CRE portfolio resulting from loan ", "box": [ 33.74999859375, 519.1305398926634, 580.7493507833593, 524.1431775039673 ], "from_ocr": false, "confidence": 1.0 }, { "text": "production, offset by a decrease in the benchmark rate over the comparative period.", "box": [ 33.74999859375, 531.1305393926596, 367.9677579992594, 536.1431770039635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE mezzanine loans. ", "box": [ 70.04296583154297, 552.1305385176602, 162.74480590021614, 557.1431761289641 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The decrease of $680,000 and $742,000 for the comparative three and six months ended June 30, 2026 ", "box": [ 163.00780570800782, 552.1305385176602, 580.7493507833593, 557.1431761289641 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and 2025 was attributable to the origination and payoff of a mezzanine loan during the fiscal year 2025.", "box": [ 33.74999859375, 564.1305380176636, 448.50898391837484, 569.1431756289676 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE preferred equity loan. ", "box": [ 70.04296583154297, 585.1305371426643, 182.93642865889848, 590.1431747539682 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The increase of $256,000 and $504,000 for the comparative three and six months ended June 30, ", "box": [ 183.45702735595685, 585.1305371426643, 580.7493507833593, 590.1431747539682 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 and 2025 was attributable to the origination of a preferred equity loan in September 2025.", "box": [ 33.74999859375, 597.1305366426604, 415.21656570555905, 602.1431742539644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other.", "box": [ 70.04296583154297, 618.1305357676611, 95.86656611180959, 623.143173378965 ], "from_ocr": false, "confidence": 1.0 }, { "text": " The decrease of $196,000 for the comparative three months ended June 30, 2026 and 2025 was primarily attributable to ", "box": [ 95.87108975537109, 618.1305357676611, 580.7493507833593, 623.143173378965 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a decrease in the daily average balance and yields on our interest earning money market accounts. The increase of $965,000 for the ", "box": [ 33.74999859375, 630.1305352676645, 580.7493507833593, 635.1431728789685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "comparative six months ended June 30, 2026 and 2025 was primarily attributable to an increase in restricted cash from the close of our ", "box": [ 33.74999859375, 642.1305347676607, 580.7493507833593, 647.1431723789647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "new CRE securitization, ACRES Commercial Realty 2026-FL4 Issuer, LLC (\"ACR 2026-FL4\"), and increase in yields on our interest ", "box": [ 33.74999859375, 654.1305342676642, 580.7493507833593, 659.1431718789681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "earning money market accounts during the first quarter of fiscal year 2026.", "box": [ 33.74999859375, 666.1305337676604, 333.5671861076166, 671.1431713789643 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 430.289044571289, 139.70439849874674, 437.87178915291577, 142.3893371567974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 108.9374954609375, 162.81551549449068, 116.7468784179483, 166.17356918605947 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 164.46093064746094, 342.065508025742, 172.2703136044717, 345.4235617173035 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 80, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817390705, 96.48813121016045, 85.39319578521099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Change in Interest Expense for the Comparative three and six months ended June 30, 2026 and 2025:", "box": [ 33.74999859375, 113.38055679891113, 458.0134754466038, 118.39319441021507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Aggregate interest expense increased by $7.6 million and $9.6 million for the comparative three and six months ended June ", "box": [ 70.04296583154297, 134.38055592391174, 580.7493507833593, 139.3931935352157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026 and 2025. We attribute the change to the following:", "box": [ 33.74999859375, 146.38055542390794, 277.51684088588536, 151.39319303521188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securitized borrowings.", "box": [ 70.04296583154297, 167.38055454890855, 166.1511166832865, 172.3931921602125 ], "from_ocr": false, "confidence": 1.0 }, { "text": " The increase of $12.2 million and $5.4 million for the comparative three and six months ended June ", "box": [ 166.16015307665998, 167.38055454890855, 580.7493507833593, 172.3931921602125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026 and 2025 was primarily attributable to the issuance of our ACR 2026-FL4 securitization, offset by the redemptions of our ", "box": [ 33.74999859375, 179.38055404891202, 580.7493507833593, 184.39319166021596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACR 2021-FL1 and ACR 2021-FL2 securitizations and a decrease in borrowings and the benchmark rate over the comparative periods.", "box": [ 33.74999859375, 191.3805535489082, 575.9623321328182, 196.39319116021215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured financing facility.", "box": [ 70.04296583154297, 212.38055267390882, 202.91683912638135, 217.39319028521277 ], "from_ocr": false, "confidence": 1.0 }, { "text": " The increase of $617,000 and $451,000 for the comparative three and six months ended June ", "box": [ 202.92186654492187, 212.38055267390882, 580.7376357838474, 217.39319028521277 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026 and 2025 was primarily attributable to the acceleration of amortization of deferred debt issuance costs.", "box": [ 33.74999859375, 224.38055217390502, 481.26444512856386, 229.39318978520896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - term warehouse financing facilities.", "box": [ 70.04296583154297, 245.38055129890563, 244.2853868276917, 250.39318891020957 ], "from_ocr": false, "confidence": 1.0 }, { "text": " The decrease of $519,000 for the comparative three months ended June 30, 2026 ", "box": [ 244.28905232128906, 245.38055129890563, 580.7493507833593, 250.39318891020957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and 2025 was primarily attributable to a decrease in the average borrowings balance and benchmark rate over the comparative periods. ", "box": [ 33.74999859375, 257.3805507989091, 580.7493507833593, 262.39318841021304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The increase of $1.0 million for the comparative six months ended June 30, 2026 and 2025 was primarily attributable to an increase in ", "box": [ 33.74999859375, 269.3805502989053, 580.7493507833593, 274.39318791020924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the average daily borrowings balance during the first quarter of fiscal year 2026, offset by a decrease in the benchmark rate over the ", "box": [ 33.74999859375, 281.38054979890876, 580.7493507833593, 286.3931874102127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "comparative periods.", "box": [ 33.74999859375, 293.38054929890495, 117.58636413181796, 298.3931869102089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - term reinvestment financing facility. ", "box": [ 70.04296583154297, 314.38054842390557, 250.65823496215634, 319.3931860352095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The decrease of $4.5 million for the comparative three months ended June 30, ", "box": [ 251.85936450585936, 314.38054842390557, 580.7493507833593, 319.3931860352095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 and 2025 was primarily attributable to a decrease in the average borrowings balance and benchmark rate over the comparative ", "box": [ 33.74999859375, 326.38054792390903, 580.7493507833593, 331.393185535213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "periods. The increase of $3.1 million for the comparative six months ended June 30, 2026 and 2025 was attributable to the March 2025 ", "box": [ 33.74999859375, 338.3805474239052, 580.7493507833593, 343.39318503520917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "close and subsequent utilization of our CRE term reinvestment financing facility.", "box": [ 33.74999859375, 350.3805469239087, 358.30706825178817, 355.39318453521264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured junior subordinated debentures. ", "box": [ 70.04296583154297, 371.3805460489093, 248.76587464100476, 376.39318366021325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The decrease of $79,000 and $163,000 for the comparative three and six months ", "box": [ 249.38671210888654, 371.3805460489093, 580.7493507833593, 376.39318366021325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026 and 2025 was primarily attributable to a decrease in the benchmark rate over the comparative periods.", "box": [ 33.74999859375, 383.3805455489055, 525.9505088666443, 388.39318316020945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Hedging. ", "box": [ 70.04296583154297, 404.3805446739061, 109.47154221993557, 409.39318228521006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The decrease of $85,000 and $152,000 for the comparative three and six months ended June 30, 2026 and 2025 was ", "box": [ 109.73437042773438, 404.3805446739061, 580.7493507833593, 409.39318228521006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "attributable to a portion of our terminated swaps being fully amortized.", "box": [ 33.74999859375, 416.3805441739096, 317.76548206602104, 421.3931817852135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average Net Yield and Average Cost of Funds:", "box": [ 33.74999859375, 437.3805432989102, 221.72521691694834, 442.39318091021414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following tables present the average net yield and average cost of funds for the three and six months ended June 30, 2026 ", "box": [ 70.04296583154297, 458.3805424239108, 580.7493507833593, 463.39318003521475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and 2025 (dollars in thousands, except amounts in footnotes):", "box": [ 33.74999859375, 470.380541923907, 280.0357313059316, 475.39317953521095 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 482.3805414239105, 72.54234070865235, 487.3931790352144 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 135.67968184667967, 496.36686898115295, 137.42905675503906, 499.87533925593743 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 240.09373999609375, 496.36686898115295, 241.84311490445313, 499.87533925593743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30, 2026", "box": [ 268.7109263037109, 495.6168690124032, 374.85199411866637, 499.12533928718767 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 402.60935822460937, 495.6168690124032, 404.3587331329688, 499.12533928718767 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.8671704638672, 496.36686898115295, 410.61654537222654, 499.87533925593743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30, 2025", "box": [ 437.75389176025374, 495.6168690124032, 543.894959575209, 499.12533928718767 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 571.9570111684568, 495.6168690124032, 573.7063860768162, 499.12533928718767 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 135.67968184667967, 520.3668679811526, 137.42905675503906, 523.8753382559371 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 240.09373999609375, 520.3668679811526, 241.84311490445313, 523.8753382559371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average ", "box": [ 254.66014938915998, 504.61686863740033, 281.27671076138654, 508.1253389121848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortized ", "box": [ 251.15623953515626, 512.116868324898, 284.7806131153906, 515.6253385996897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cost", "box": [ 260.28514915478496, 519.6168680124028, 273.8906278633894, 523.1253382871873 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 290.8828003798828, 519.6168680124028, 292.6321752882422, 523.1253382871873 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 294.8085852163084, 520.3668679811526, 296.55796012466783, 523.8753382559371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest ", "box": [ 309.02342462402345, 504.61686863740033, 334.0931110607031, 508.1253389121848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income ", "box": [ 309.60936209960937, 512.116868324898, 333.51889608462875, 515.6253385996897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Expense)", "box": [ 305.9062372539062, 519.6168680124028, 335.45080597338193, 523.1253382871873 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 343.35936069335935, 519.6168680124028, 345.10873560171876, 523.1253382871873 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 347.29686052929685, 520.3668679811526, 349.04623543765626, 523.8753382559371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average Net ", "box": [ 356.83592263183596, 504.61686863740033, 395.69858099380843, 508.1253389121848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Yield (Cost of ", "box": [ 354.785145217285, 512.116868324898, 397.7376434088475, 515.6253385996897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Funds) ", "box": [ 361.27733244677717, 519.6168680124028, 384.0294072300241, 523.1253382871873 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 402.60935822460937, 519.6168680124028, 404.3587331329688, 523.1253382871873 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 408.8671704638672, 520.3668679811526, 410.61654537222654, 523.8753382559371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average ", "box": [ 423.4335798569334, 504.61686863740033, 450.05014122916, 508.1253389121848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortized ", "box": [ 419.9296700029297, 512.116868324898, 453.55404358316406, 515.6253385996897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cost", "box": [ 429.0585796225584, 519.6168680124028, 442.66405833116283, 523.1253382871873 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 459.6562308476562, 519.6168680124028, 461.40560575601563, 523.1253382871873 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 463.58201568408185, 520.3668679811526, 465.33139059244127, 523.8753382559371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest ", "box": [ 477.7968550917969, 504.61686863740033, 502.86654152847655, 508.1253389121848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Income ", "box": [ 478.3827925673828, 512.116868324898, 502.2923265524022, 515.6253385996897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Expense)", "box": [ 474.67966772167966, 519.6168680124028, 504.2242364411553, 523.1253382871873 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 512.1327911611328, 519.6168680124028, 513.8821660694922, 523.1253382871873 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 516.0702909970703, 520.3668679811526, 517.8196659054297, 523.8753382559371 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average Net ", "box": [ 525.8788880883787, 504.61686863740033, 564.7415389503515, 508.1253389121848 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Yield (Cost of ", "box": [ 523.828103173828, 512.116868324898, 566.7806013653906, 515.6253385996897 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Funds) ", "box": [ 530.3202904033203, 519.6168680124028, 553.072365186567, 523.1253382871873 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 571.9570111684568, 519.6168680124028, 573.7063860768162, 523.1253382871873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest-earning assets", "box": [ 33.74999859375, 528.7064135767723, 110.799330729187, 532.7150194533533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 240.09373999609375, 528.7064135767723, 242.09248987531248, 532.7150194533533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 286.7109255537109, 528.7064135767723, 288.70967543292966, 532.7150194533533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 292.0898353295897, 528.7064135767723, 296.80733509552715, 532.7150194533533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 339.1874858671875, 528.7064135767723, 341.1862357464062, 532.7150194533533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 344.5781106425781, 528.7064135767723, 349.2956104085156, 532.7150194533533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 396.10545599560527, 528.7064135767723, 398.104205874824, 532.7150194533533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 406.14842057714844, 528.7064135767723, 410.8659203430859, 532.7150194533533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 455.48435602148436, 528.7064135767723, 457.48310590070315, 532.7150194533533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 460.8632657973631, 528.7064135767723, 465.58076556330064, 532.7150194533533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 507.9609163349609, 528.7064135767723, 509.9596662141797, 532.7150194533533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 513.3515411103515, 528.7064135767723, 518.069040876289, 532.7150194533533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 565.4179489409178, 528.7064135767723, 567.4166988201365, 532.7150194533533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 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261.2150307658594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7.12)%", "box": [ 550.7460745522459, 257.2064248892784, 577.4472611306952, 261.2150307658594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total net interest income", "box": [ 41.61327951611328, 269.2064243892746, 121.31332007040098, 273.2150302658629 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 246.77342721777345, 269.2064243892746, 248.77217709699218, 273.2150302658629 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 292.32421031982403, 269.2064243892746, 294.32296019904277, 273.2150302658629 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 297.70311259570315, 269.2064243892746, 302.4206123616406, 273.2150302658629 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 305.8007722583006, 266.95642448302533, 309.7982720167381, 270.9650303596063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,765 ", "box": [ 323.63670901513655, 266.95642448302533, 348.34639544806623, 270.9650303596063 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 351.7382703442381, 269.2064243892746, 353.73702022345685, 273.2150302658629 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 399.38670585888656, 269.2064243892746, 401.3854557381053, 273.2150302658629 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 409.4296704404297, 269.2064243892746, 414.1471702063672, 273.2150302658629 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 457.69920342919903, 269.2064243892746, 459.6979533084178, 273.2150302658629 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 463.0781057050781, 269.2064243892746, 467.7956054710156, 273.2150302658629 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 471.1757653676756, 266.95642448302533, 475.17326512611305, 270.9650303596063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "14,170 ", "box": [ 489.01170212451154, 266.95642448302533, 513.7213885574412, 270.9650303596063 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 517.1132634536131, 269.2064243892746, 519.1120133328319, 273.2150302658629 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 565.4062264414061, 269.2064243892746, 567.404976320625, 273.2150302658629 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.5312260195312, 269.2064243892746, 577.52997589875, 273.2150302658629 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 277.4564240455293, 43.07227342132069, 281.46502992211026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average net yield includes net amortization/accretion and fee income and is computed based on average amortized cost.", "box": [ 51.890622837890625, 277.4564240455293, 436.16139121410794, 281.46502992211026 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 285.70642370177666, 43.07227342132069, 289.71502957835764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes fee income of $2.5 million and $1.7 million recognized on our floating-rate CRE whole loans for the six months ended June 30, 2026 and 2025, ", "box": [ 51.890622837890625, 285.70642370177666, 580.2487257854687, 289.71502957835764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively.", "box": [ 51.890622837890625, 293.95642335802404, 92.51359305776677, 297.9650292346123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 302.2064230142787, 43.07227342132069, 306.2150288908597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes amortization expense of $2.9 million and $3.5 million for the six months ended June 30, 2026 and 2025, respectively, on our interest-bearing liabilities ", "box": [ 51.890622837890625, 302.2064230142787, 580.2487257854687, 306.2150288908597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateralized by CRE whole loans.", "box": [ 51.890622837890625, 310.4564226705261, 164.8978943167542, 314.46502854710707 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 33.74999859375, 318.70642232678074, 43.07227342132069, 322.7150282033617 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes amortization expense of $376,000 and $353,000 for the six months ended June 30, 2026 and 2025, respectively.", "box": [ 51.890622837890625, 318.70642232678074, 439.1202841158209, 322.7150282033617 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 33.74999859375, 326.9564219830281, 43.07227342132069, 330.9650278596091 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes net amortization expense of $638,000 and $790,000 for the six months ended June 30, 2026 and 2025, respectively, on 17 and 20 terminated interest rate ", "box": [ 51.890622837890625, 326.9564219830281, 580.2487257854687, 330.9650278596091 ], "from_ocr": false, "confidence": 1.0 }, { "text": "swap agreements, respectively, that were in net loss positions at the time of termination. The remaining net losses, reported in accumulated other comprehensive ", "box": [ 51.890622837890625, 335.2064216392755, 580.2487257854687, 339.2150275158565 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loss on the consolidated balance sheets, will be accreted over the remaining life of the debt.", "box": [ 51.890622837890625, 343.45642129553016, 344.2697779679254, 347.46502717211115 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate Income and Other Revenue", "box": [ 33.74999859375, 361.6305464551624, 196.76079129919484, 366.64318406646635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table sets forth information relating to our real estate income and other revenue for the periods presented ", "box": [ 70.04296583154297, 382.630545580163, 580.7493507833593, 387.64318319146696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(dollars in thousands):", "box": [ 33.74999859375, 394.6305450801665, 123.16110059237488, 399.64318269147043 ], 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440.1979541209178, 432.9650236096131 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 469.9804529174803, 428.95641773302486, 471.9792027966991, 432.9650236096131 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 499.35935419335937, 428.95641773302486, 501.35810407257816, 432.9650236096131 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 503.4257640239256, 428.95641773302486, 505.4245139031444, 432.9650236096131 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 535.9452901689452, 428.95641773302486, 537.9440400481641, 432.9650236096131 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 570.6562262226562, 428.95641773302486, 572.6549761018749, 432.9650236096131 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 167.90624300390624, 438.70641732677905, 169.904992883125, 442.71502320336003 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 304.7929598002928, 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"2,722 $", "box": [ 338.23827090673814, 201.88055311141215, 378.6276441863475, 206.8931907227161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,736 $", "box": [ 407.60154551660156, 201.88055311141215, 448.0143562952344, 206.8931907227161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(14) ", "box": [ 483.9257648364256, 201.88055311141215, 505.8899789025, 206.8931907227161 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 510.1757637426756, 201.88055311141215, 512.675138619785, 206.8931907227161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)%", "box": [ 556.7226368032224, 201.88055311141215, 577.4267415335507, 206.8931907227161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate expenses - Hospitality", "box": [ 36.04687349804688, 214.63055258016539, 170.973904988587, 219.64319019146933 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 285.3632731098631, 214.63055258016539, 287.8626479869725, 219.64319019146933 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"4,752 ", "box": [ 407.60154551660156, 227.38055204891134, 438.7298292008397, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 443.0156065410156, 227.38055204891134, 445.514981418125, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,542) ", "box": [ 471.4335778569334, 227.38055204891134, 505.8899789025, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 510.1757637426756, 227.38055204891134, 512.675138619785, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(53)%", "box": [ 551.7187270117187, 227.38055204891134, 577.4267415335507, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management fees - related party", "box": [ 36.04687349804688, 240.13055151766457, 165.39425817107227, 245.14318912896852 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 285.3632731098631, 240.13055151766457, 287.8626479869725, 245.14318912896852 ], 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1.0 }, { "text": "Provision for (reversal of) credit losses, net", "box": [ 36.11718599511718, 462.1305422676596, 209.08146113735972, 467.14317987896356 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 292.2070228247069, 462.8805422364094, 294.70639770181623, 467.8931798477133 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 298.88671004638655, 462.1305422676596, 301.38608492349596, 467.14317987896356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "716 ", "box": [ 347.5546730185547, 462.1305422676596, 371.15951951626937, 467.8931798477133 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 375.3398318608397, 462.1305422676596, 377.83920673794904, 467.14317987896356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2,497) ", "box": [ 409.62889293212874, 462.1305422676596, 444.0852939776953, 467.8931798477133 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 448.2656063222656, 462.1305422676596, 450.76498119937503, 467.14317987896356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,213 ", "box": [ 476.6952926376953, 462.1305422676596, 513.214201097324, 467.8931798477133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "129%", "box": [ 550.0663870805662, 462.8805422364094, 574.1092215967808, 467.8931798477133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 38.51952964501953, 475.6305417051626, 59.617749240014604, 480.64317931646656 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 292.2070228247069, 475.6305417051626, 303.8854598006053, 482.89317922271584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "40,413 $", "box": [ 335.0507710395506, 475.6305417051626, 380.3385816150584, 480.64317931646656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "34,759 $", "box": [ 407.9531080019531, 475.6305417051626, 453.2643560764844, 480.64317931646656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,654 ", "box": [ 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We attribute the changes to the following:", "box": [ 33.74999859375, 510.880540236416, 559.6041240322481, 515.8931778477199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "General and administrative.", "box": [ 70.04296583154297, 531.8805393614093, 185.73345611735567, 536.8931769727133 ], "from_ocr": false, "confidence": 1.0 }, { "text": " General and administrative expenses decreased by $14,000 and $137,000 for the comparative ", "box": [ 185.74217976074218, 531.8805393614093, 580.7493507833593, 536.8931769727133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three and six months ended June 30, 2026 and 2025. 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{ "text": " ", "box": [ 372.78514446728497, 636.1305350176626, 375.28451934439437, 641.1431726289666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "272 ", "box": [ 413.5077952705078, 636.1305350176626, 437.1126417682225, 641.1431726289666 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 441.50389160400374, 636.1305350176626, 444.00326648111314, 641.1431726289666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 493.124979453125, 636.1305350176626, 505.09310393570314, 641.1431726289666 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 509.48435377148434, 636.1305350176626, 511.98372864859374, 641.1431726289666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(-)%", "box": [ 551.7304495112302, 636.1305350176626, 577.4384565330627, 641.1431726289666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "D&O insurance", "box": [ 36.05859224755859, 648.8805344864159, 99.0798875692326, 653.8931720977198 ], "from_ocr": false, 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276.1305500176604, 580.7493507833593, 281.14318762896437 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to prior year services and legal fees related to one-time sales and foreclosures that occurred during the three and six months ended June ", "box": [ 33.74999859375, 288.1305495176639, 580.7493507833593, 293.14318712896784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2025 but not 2026.", "box": [ 33.74999859375, 300.1305490176601, 124.28387000275524, 305.14318662896403 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real estate expenses.", "box": [ 70.04296583154297, 321.1305481426607, 157.28621432765746, 326.14318575396464 ], "from_ocr": false, "confidence": 1.0 }, { "text": " The decrease of $2.8 million for the three months ended June 30, 2026 and $6.5 million for the six ", "box": [ 157.28905594628907, 321.1305481426607, 580.7493507833593, 326.14318575396464 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026 was primarily related to (i) a decrease in expenses related to a student housing property that was sold in ", "box": [ 33.74999859375, 333.13054764266417, 580.7493507833593, 338.1431852539681 ], "from_ocr": false, "confidence": 1.0 }, { "text": "September 2025, (ii) a decrease in expenses at an office property that was sold in December 2025, and (iii) a decrease in expenses at a ", "box": [ 33.74999859375, 345.13054714266036, 580.7493507833593, 350.1431847539643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "student housing property related to a decrease in marketing and other operating expenses in the comparative periods. This was partially ", "box": [ 33.74999859375, 357.13054664266383, 580.7493507833593, 362.1431842539678 ], "from_ocr": false, "confidence": 1.0 }, { "text": "offset by an increase in overall operating expenses at a hotel property in both three and six months ended June 30, 2026.", "box": [ 33.74999859375, 369.13054614266, 514.3273857009414, 374.14318375396397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Equity compensation - related party. ", "box": [ 70.04296583154297, 390.13054526766064, 221.78048981539587, 395.1431828789646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The increase of $4.3 million and $4.0 million for the comparative three and six months ", "box": [ 222.374990734375, 390.13054526766064, 580.7493507833593, 395.1431828789646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026 and 2025 was primarily related to the acceleration of amortization related to the Manager's shares in connection to ", "box": [ 33.74999859375, 402.1305447676641, 580.7493507833593, 407.14318237896805 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the pending Merger.", "box": [ 33.74999859375, 414.1305442676603, 115.09186123575557, 419.14318187896424 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Merger and internalization costs", "box": [ 70.04296583154297, 435.1305433926609, 202.50381745775357, 440.14318100396486 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". The increase of Merger costs of $5.1 million for both the comparative three and six months ", "box": [ 202.51171406201155, 435.1305433926609, 580.7493507833593, 440.14318100396486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026 and 2025 is due to all of the Merger and internalization payments and accruals occurring in the second quarter of ", "box": [ 33.74999859375, 447.1305428926644, 580.7493507833593, 452.1431805039683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026. No Merger and internalization costs occurred prior to the second quarter of 2026.", "box": [ 33.74999859375, 459.1305423926606, 383.8279866384166, 464.1431800039645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for (reversal of) credit losses.", "box": [ 70.04296583154297, 480.1305415176612, 231.0602284787401, 485.14317912896513 ], "from_ocr": false, "confidence": 1.0 }, { "text": " The increase in the provision for credit losses of $2.5 million and $3.2 million for the ", "box": [ 231.0703028720703, 480.1305415176612, 580.7493507833593, 485.14317912896513 ], "from_ocr": false, "confidence": 1.0 }, { "text": "comparative three and six months ended June 30, 2026 and 2025 was primarily driven by a decline in macroeconomic factors during ", "box": [ 33.74999859375, 492.1305410176574, 580.7493507833593, 497.1431786289686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the quarter, offset by net improvements in the modeled credit risk of our loan portfolio and loan payoffs.", "box": [ 33.74999859375, 504.13054051766085, 451.58433141523534, 509.1431781289648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other Income (Expense)", "box": [ 33.74999859375, 525.1305396426615, 135.38462913947296, 530.1431772539654 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table sets forth information relating to our other income (expense) incurred for the periods presented (dollars in ", "box": [ 70.04296583154297, 546.1305387676621, 580.7493507833593, 551.143176378966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands):", "box": [ 33.74999859375, 558.1305382676583, 79.84681717213674, 563.1431758789622 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 570.1305377676617, 72.54234070865235, 575.1431753789657 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 162.17577824267562, 584.2064112642765, 164.17452812189438, 588.2150171408575 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 293.3203002783203, 584.2064112642765, 295.31905015753904, 588.2150171408575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the Three Months Ended June 30,", "box": [ 302.285147404785, 583.4564112955268, 432.65261318530685, 587.4650171721078 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 436.91014179540997, 583.4564112955268, 438.90889167462876, 587.4650171721078 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 440.97654412597655, 584.2064112642765, 442.97529400519534, 588.2150171408575 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 472.3710778178709, 584.2064112642765, 474.3698276970897, 588.2150171408575 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.0585766225584, 584.2064112642765, 503.0573265017772, 588.2150171408575 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.46091639746095, 584.2064112642765, 508.4596662766797, 588.2150171408575 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 536.7890401337891, 584.2064112642765, 538.7877900130078, 588.2150171408575 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 570.6562262226562, 584.2064112642765, 572.6549761018749, 588.2150171408575 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 162.17577824267562, 593.9564108580234, 164.17452812189438, 597.9650167346044 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 293.3203002783203, 593.9564108580234, 295.31905015753904, 597.9650167346044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 324.41014648290997, 593.2064108892737, 340.40011559166123, 597.2150167658547 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 366.77342221777343, 593.2064108892737, 368.77217209699216, 597.2150167658547 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 370.82810954882814, 593.9564108580234, 372.8268594280469, 597.9650167346044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 398.2265459072266, 593.2064108892737, 414.21651501597773, 597.2150167658547 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 436.91014179540997, 593.2064108892737, 438.90889167462876, 597.2150167658547 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 443.0038915415037, 593.9564108580234, 445.0026414207225, 597.9650167346044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dollar Change", "box": [ 448.39451631689434, 593.2064108892737, 498.3631850849894, 597.2150167658547 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.0585766225584, 593.2064108892737, 503.0573265017772, 597.2150167658547 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.46091639746095, 593.9564108580234, 508.4596662766797, 597.9650167346044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percent Change", "box": [ 510.58591622558595, 593.2064108892737, 564.9815142592256, 597.2150167658547 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 570.6562262226562, 593.2064108892737, 572.6549761018749, 597.2150167658547 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other income (expense):", "box": [ 33.74999859375, 603.8805363614083, 138.13783702475595, 608.8931739727122 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 293.3203002783203, 603.8805363614083, 295.8196751554297, 608.8931739727122 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 331.16014620166, 603.8805363614083, 333.6595210787694, 608.8931739727122 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 366.51560972851564, 603.8805363614083, 373.3274844259375, 608.8931739727122 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 432.3398294858397, 603.8805363614083, 434.83920436294903, 608.8931739727122 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 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295.8196751554297, 635.1431728789685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 300.1054599956053, 629.3805352989075, 302.60483487271466, 634.3931729102114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "82 ", "box": [ 354.71483272021464, 629.3805352989075, 373.3274844259375, 635.1431728789685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 377.6132692661131, 629.3805352989075, 380.1126441432225, 634.3931729102114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "638 ", "box": [ 419.8476425063475, 629.3805352989075, 438.0618567286719, 634.3931729102114 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 442.7577940517578, 630.1305352676645, 445.2571689288672, 635.1431728789685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 447.76170384326156, 629.3805352989075, 450.2610787203709, 634.3931729102114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(556) ", "box": [ 480.66795247216777, 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", "box": [ 293.27342528027344, 128.2064302642757, 295.2721751594922, 132.21503614085668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 324.3632714848631, 127.45643029552593, 340.3532405936144, 131.46503617210692 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 366.71483222021465, 127.45643029552593, 368.7135820994334, 131.46503617210692 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 370.76951955126935, 128.2064302642757, 372.7682694304881, 132.21503614085668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 398.2031084082031, 127.45643029552593, 414.1930775169543, 131.46503617210692 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 436.92185679492184, 127.45643029552593, 438.92060667414063, 131.46503617210692 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 443.0156065410156, 128.2064302642757, 445.0143564202344, 132.21503614085668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dollar Change", "box": [ 448.40623131640626, 127.45643029552593, 498.3749000845013, 131.46503617210692 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.0702916220703, 127.45643029552593, 503.06904150128906, 131.46503617210692 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.47263889697246, 128.2064302642757, 508.47138877619125, 132.21503614085668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percent Change", "box": [ 510.59763872509745, 127.45643029552593, 564.9932367587372, 131.46503617210692 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 570.6562262226562, 127.45643029552593, 572.6549761018749, 131.46503617210692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other income (expense):", "box": [ 33.74999859375, 138.13055576766055, 138.13783702475595, 143.1431933789645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 293.27342528027344, 138.13055576766055, 295.77280015738285, 143.1431933789645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 331.10154870410156, 138.13055576766055, 333.60092358121096, 143.1431933789645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 366.45701973095686, 138.13055576766055, 373.26889442837876, 143.1431933789645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 432.35154448535155, 138.13055576766055, 434.85091936246096, 143.1431933789645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 437.7656067597656, 138.13055576766055, 440.264981636875, 143.1431933789645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 442.76951655126936, 138.13055576766055, 445.26889142837877, 143.1431933789645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 496.4999793125, 138.13055576766055, 498.9993541896094, 143.1431933789645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 501.91404158691404, 138.13055576766055, 508.71420128482407, 143.1431933789645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 562.5585740600584, 138.13055576766055, 565.0579489371678, 143.1431933789645 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 138.13055576766055, 577.5266984176365, 143.1431933789645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Equity in earnings (losses) of unconsolidated subsidiaries", "box": [ 36.128904744628905, 150.88055523641378, 266.03202826074465, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 293.27342528027344, 150.88055523641378, 305.05733475177715, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "675 $", "box": [ 349.6640479306641, 150.88055523641378, 382.5534215227734, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,161) $", "box": [ 409.03123295703125, 150.88055523641378, 452.77216859699223, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,836 ", "box": [ 476.5077926455078, 150.88055523641378, 513.0267011051366, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(158)%", "box": [ 546.7382622192381, 150.88055523641378, 577.4384565330627, 155.89319284771773 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gain on sale of investment in real estate", "box": [ 36.128904744628905, 163.63055470516701, 196.31324726784248, 168.64319231647096 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 293.27342528027344, 163.63055470516701, 295.77280015738285, 168.64319231647096 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 300.0585849975584, 163.63055470516701, 302.5579598746678, 168.64319231647096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,336 ", "box": [ 342.1640482431641, 163.63055470516701, 373.26889442837876, 168.64319231647096 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 377.55467176855467, 163.63055470516701, 380.0540466456641, 168.64319231647096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 424.85154479785155, 163.63055470516701, 450.2727937198828, 168.64319231647096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3,336 ", "box": [ 476.5077926455078, 163.63055470516701, 513.0267011051366, 168.64319231647096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100%", "box": [ 550.0663870805662, 163.63055470516701, 574.1092215967808, 168.64319231647096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other income", "box": [ 36.128904744628905, 176.38055417391297, 90.81732226350617, 181.3931917852169 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 293.27342528027344, 177.13055414266273, 295.77280015738285, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 300.0585849975584, 176.38055417391297, 302.5579598746678, 181.3931917852169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "105 ", "box": [ 349.6640479306641, 176.38055417391297, 373.26889442837876, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 377.55467176855467, 176.38055417391297, 380.0540466456641, 181.3931917852169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "722 ", "box": [ 419.85935750585935, 176.38055417391297, 438.0735792281834, 181.3931917852169 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 442.76951655126936, 177.13055414266273, 445.26889142837877, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 447.7734188427734, 176.38055417391297, 450.2727937198828, 181.3931917852169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(617) ", "box": [ 480.6796674716797, 176.38055417391297, 513.0267011051366, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(85)%", "box": [ 551.7304495112302, 177.13055414266273, 577.4384565330627, 182.14319175396668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 38.54296714404297, 189.88055361141596, 59.64118673903805, 194.8931912227199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 293.27342528027344, 189.88055361141596, 305.05733475177715, 197.1431911289692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,116 $", "box": [ 342.1640482431641, 189.88055361141596, 382.5534215227734, 194.8931912227199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(439) $", "box": [ 416.53123264453126, 189.88055361141596, 452.77216859699223, 194.8931912227199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,555 ", "box": [ 476.5077926455078, 189.88055361141596, 502.22201405533184, 194.8931912227199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.21482640771467, 192.13055351766525, 513.0267011051366, 197.1431911289692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,038)%", "box": [ 539.2382625317381, 192.13055351766525, 577.4384565330627, 197.1431911289692 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Aggregate other income (expense) increased $543,000 and $4.6 million for the comparative three and six months ended June ", "box": [ 70.04296583154297, 213.13055264266586, 580.7493507833593, 218.1431902539698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026 and 2025. We attribute the change to the following:", "box": [ 33.74999859375, 225.13055214266205, 277.51684088588536, 230.143189753966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Equity in income (losses) of unconsolidated subsidiaries. ", "box": [ 70.04296583154297, 246.13055126766267, 306.03464802980574, 251.1431888789666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The increase of $1.1 million and $1.8 million for the comparative ", "box": [ 306.9609247099609, 246.13055126766267, 580.7493507833593, 251.1431888789666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "three and six months ended June 30, 2026 and 2025, respectively, was primarily related to recognizing income at one unconsolidated ", "box": [ 33.74999859375, 258.13055076766614, 580.7493507833593, 263.1431883789701 ], "from_ocr": false, "confidence": 1.0 }, { "text": "entity, which is partially offset by loss recognition at two other unconsolidated entities. The two unconsolidated entities with losses are ", "box": [ 33.74999859375, 270.13055026766233, 580.7493507833593, 275.1431878789663 ], "from_ocr": false, "confidence": 1.0 }, { "text": "off-balance sheet and losses are only recognized when contributions are made. In 2025, more losses were recognized until the entity ", "box": [ 33.74999859375, 282.1305497676658, 580.7493507833593, 287.14318737896974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "became off-balance sheet.", "box": [ 33.74999859375, 294.130549267662, 137.82543398852334, 299.14318687896593 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Gain on sale of investment in real estate.", "box": [ 70.04296583154297, 315.1305483926626, 233.98513220686917, 320.14318600396655 ], "from_ocr": false, "confidence": 1.0 }, { "text": " The increase of $3.3 million during the comparative six months ended June 30, 2026, ", "box": [ 233.9882752504881, 315.1305483926626, 580.7376357838474, 320.14318600396655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "was primarily attributed to the sale of a property generating a gain of $3.3 million in the first quarter of 2026 compared to no sales on ", "box": [ 33.74999859375, 327.1305478926661, 580.7493507833593, 332.14318550397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate in the first quarter of 2025.", "box": [ 33.74999859375, 339.13054739266227, 184.21017858082558, 344.1431850039662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other income.", "box": [ 70.04296583154297, 360.1305465176629, 128.98759740676655, 365.1431841289668 ], "from_ocr": false, "confidence": 1.0 }, { "text": " The decrease of $556,000 during the comparative three months ended June 30, 2026 and the decrease of ", "box": [ 128.98827587548828, 360.1305465176629, 580.7493507833593, 365.1431841289668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$617,000 during the comparative six months ended June 30, 2026 was primarily attributed to the one time settlements of reserves and ", "box": [ 33.74999859375, 372.13054601766635, 580.7493507833593, 377.1431836289703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "escrows related to CRE loans that occurred in the second quarter of 2025.", "box": [ 33.74999859375, 384.13054551766254, 328.30482640188166, 389.1431831289665 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 88, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817390705, 96.48813121016045, 85.39319578521099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 732.1305310176613, 578.2459236369182, 737.1431686289652 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financial Condition", "box": [ 33.74999859375, 113.38055679891113, 119.02639839300511, 118.39319441021507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Summary", "box": [ 33.74999859375, 134.38055592391174, 73.74973039965587, 139.3931935352157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our total assets were $2.4 billion and $2.2 billion at June 30, 2026 and December 31, 2025, respectively.", "box": [ 70.04296583154297, 155.38055504891236, 489.566400882649, 160.3931926602163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investment Portfolio", "box": [ 33.74999859375, 176.38055417391297, 118.4503898020669, 181.3931917852169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The tables below summarize the amortized cost and net carrying amount of our investment portfolio, classified by asset type, ", "box": [ 70.04296583154297, 197.3805532989063, 580.7493507833593, 202.39319091021025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "at June 30, 2026 and December 31, 2025 as follows (dollars in thousands, except amounts in footnotes):", "box": [ 33.74999859375, 209.38055279890978, 449.95393660100603, 214.39319041021372 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 230.3805519239104, 72.54234070865235, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026", "box": [ 140.1210879116211, 251.9564251080228, 196.97604184266459, 255.9650309846038 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 306.23436224023436, 251.9564251080228, 308.2331121194531, 255.9650309846038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortized Cost", "box": [ 311.44920952294905, 251.9564251080228, 365.39976696600775, 255.9650309846038 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 367.79295717529277, 251.9564251080228, 369.7917070545115, 255.9650309846038 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 374.0156094160156, 252.70642507677258, 376.0143592952343, 256.71503095335356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Carrying ", "box": [ 383.0038940415037, 243.70642545177543, 430.5182670242381, 247.71503132835642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount ", "box": [ 387.64451884814434, 251.9564251080228, 417.629622411265, 255.9650309846038 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 434.6952943876953, 251.9564251080228, 436.6940442669141, 255.9650309846038 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 440.10935666210935, 252.70642507677258, 442.10810654132814, 256.71503095335356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Percent of ", "box": [ 455.14451603564436, 243.70642545177543, 491.9948269627147, 247.71503132835642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Portfolio", "box": [ 457.4648284389647, 251.9564251080228, 487.65683483096444, 255.9650309846038 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 504.84372896484376, 251.9564251080228, 506.8424788440625, 255.9650309846038 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 512.8827911298828, 252.70642507677258, 514.8815410091015, 256.71503095335356 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Weighted ", "box": [ 531.2109153662109, 243.70642545177543, 566.0807613758005, 247.71503132835642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Average Coupon", "box": [ 518.8827908798828, 251.9564251080228, 576.4014195831504, 255.9650309846038 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loans held for investment:", "box": [ 33.74999859375, 262.63055058015743, 148.44282932038126, 267.6431881914614 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.98827225048814, 262.63055058015743, 308.4876471275975, 267.6431881914614 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.1718609511719, 262.63055058015743, 339.6712358282813, 267.6431881914614 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 367.535144686035, 262.63055058015743, 370.0345195631444, 267.6431881914614 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 373.76951942626937, 262.63055058015743, 376.2688943033788, 267.6431881914614 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 404.5077956455078, 262.63055058015743, 407.0071705226172, 267.6431881914614 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 434.4374818984375, 262.63055058015743, 436.93685677554686, 267.6431881914614 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 439.85154417285156, 262.63055058015743, 442.35091904996096, 267.6431881914614 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 471.3163903618162, 262.63055058015743, 473.8157652389256, 267.6431881914614 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 504.5859164755859, 262.63055058015743, 507.0852913526953, 267.6431881914614 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 512.6367011401366, 262.63055058015743, 515.136076017246, 267.6431881914614 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 517.7695134262693, 262.63055058015743, 520.2688883033787, 267.6431881914614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE whole loans", "box": [ 36.22265474072265, 275.38055004891066, 106.20018689540501, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 305.98827225048814, 275.38055004891066, 316.11983429083966, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,118,951 ", "box": [ 325.73436142773437, 275.38055004891066, 368.9446721085547, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 373.76951942626937, 275.38055004891066, 383.9010814666209, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,098,074 ", "box": [ 392.63670614013654, 275.38055004891066, 446.67514136978497, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "93.55% ", "box": [ 478.46482756396466, 275.38055004891066, 515.136076017246, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.04%", "box": [ 534.738262719238, 275.38055004891066, 560.5618588362543, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE preferred equity investment", "box": [ 36.22265474072265, 288.8805494864064, 168.65029917199152, 293.8931870977103 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.98827225048814, 288.8805494864064, 308.4876471275975, 293.8931870977103 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 311.1210845366209, 288.1305495176566, 313.6204594137303, 293.14318712896056 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,928 ", "box": [ 343.2304581987303, 288.1305495176566, 368.9446721085547, 293.14318712896056 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 373.76951942626937, 288.8805494864064, 376.2688943033788, 293.8931870977103 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 378.90233171240214, 288.1305495176566, 381.40170658951155, 293.14318712896056 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,691 ", "box": [ 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false, "confidence": 1.0 }, { "text": " ", "box": [ 305.98827225048814, 543.1305388926557, 308.4876471275975, 548.143176503967 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 311.1210845366209, 542.380538923906, 313.6204594137303, 547.3931765352099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "67,509 ", "box": [ 338.2265484072266, 542.380538923906, 368.9446721085547, 547.3931765352099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 373.76951942626937, 543.1305388926557, 376.2688943033788, 548.143176503967 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 378.90233171240214, 542.380538923906, 381.40170658951155, 547.3931765352099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "67,509 ", "box": [ 405.12889311962874, 542.380538923906, 446.67514136978497, 547.3931765352099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.44% ", "box": [ 483.4687298554687, 542.380538923906, 515.136076017246, 548.143176503967 ], 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575.1431753789657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total investment portfolio", "box": [ 38.74218588574219, 582.8805372364077, 150.3693680221094, 587.8931748477116 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 305.98827225048814, 582.8805372364077, 316.11983429083966, 590.1431747539609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,983,390 ", "box": [ 325.73436142773437, 582.8805372364077, 368.9446721085547, 587.8931748477116 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 373.76951942626937, 582.8805372364077, 383.9010814666209, 590.1431747539609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,962,992 ", "box": [ 392.63670614013654, 582.8805372364077, 435.84701682095687, 587.8931748477116 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 439.85154417285156, 585.130537142657, 442.35091904996096, 590.1431747539609 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 444.1757664926756, 582.8805372364077, 446.67514136978497, 587.8931748477116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "100.00% ", "box": [ 473.4609177724609, 582.8805372364077, 515.136076017246, 590.1431747539609 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 546.3984147333983, 585.130537142657, 548.8977896105077, 590.1431747539609 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 594.9290669485199, 34.24874859171875, 595.9293382649121 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 598.456410670522, 43.07227342132069, 602.465016547103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net carrying amount includes an allowance for credit losses of $21.1 million and $20.4 million at June 30, 2026 and December 31, 2025, respectively.", "box": [ 51.890622837890625, 598.456410670522, 533.0224405782305, 602.465016547103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 606.7064103267694, 43.07227342132069, 610.7150162033577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes real estate related right of use assets of $18.8 million and $19.0 million, intangible assets of $5.8 million and $6.2 million, and lease liabilities of $45.7 ", "box": [ 51.890622837890625, 606.7064103267694, 580.2487257854687, 610.7150162033577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million and $45.3 million at June 30, 2026 and December 31, 2025, respectively.", "box": [ 51.890622837890625, 614.9564099830241, 311.0093349537772, 618.965015859605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 623.2064096392714, 43.07227342132069, 627.2150155158524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes properties held for sale-related liabilities of $3.2 million and $3.1 million at June 30, 2026 and December 31, 2025, respectively. Additionally, includes ", "box": [ 51.890622837890625, 623.2064096392714, 580.2487257854687, 627.2150155158524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "real estate related right of use assets of $5.4 million, intangible assets of $2.7 million, and mortgage payable of $20.9 million and $20.2 million at June 30, 2026 and ", "box": [ 51.890622837890625, 631.4564092955261, 580.2487257854687, 635.4650151721071 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025, respectively.", "box": [ 51.890622837890625, 639.7064089517735, 159.33886972338024, 643.7150148283545 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 33.74999859375, 647.9564086080209, 43.07227342132069, 651.9650144846019 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There are no stated rates associated with these investments.", "box": [ 51.890622837890625, 647.9564086080209, 241.70521096644921, 651.9650144846019 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE loans.", "box": [ 70.04296583154297, 666.1305337676604, 115.63687481304669, 671.1431713789643 ], "from_ocr": false, "confidence": 1.0 }, { "text": " During the six months ended June 30, 2026, we originated nine new CRE floating-rate whole loans, purchased one ", "box": [ 115.64062018164063, 666.1305337676604, 580.7493507833593, 671.1431713789643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "new CRE floating-rate whole loan and purchased a participation in an existing CRE floating-rate whole loan, with total commitments ", "box": [ 33.74999859375, 678.1305332676566, 580.7493507833593, 683.1431708789605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of $495.6 million of floating-rate CRE whole loan commitments, and funded $31.4 million of loan commitments. These increases were ", "box": [ 33.74999859375, 690.13053276766, 580.7493507833593, 695.143170378964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "offset by $203.3 million in proceeds from loan payoffs and sales and unfunded loan commitments of $24.2 million, producing a net ", "box": [ 33.74999859375, 702.1305322676562, 580.7493507833593, 707.1431698789602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increase of $299.5 million in the par balance of the portfolio.", "box": [ 33.74999859375, 714.1305317676597, 277.5021704686591, 719.1431693789636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 417.6327950986328, 249.95439390499087, 423.8767984360404, 252.63933256304153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 552.3515394853515, 324.8155087444902, 560.1609224423623, 328.1735624360517 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 137.55468176855467, 337.56550821323617, 145.36406472556547, 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net ", "box": [ 203.35546402685532, 152.20642926426808, 251.98311446320312, 156.21503514085634 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 252.89061446289062, 158.20642901427345, 254.88936434210936, 162.21503489085444 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 258.32811423632813, 158.95642898302322, 260.32686411554687, 162.9650348596042 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amortized ", "box": [ 266.8710863803709, 149.9564293580188, 305.2799872425, 153.96503523460706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cost", "box": [ 277.3007734458006, 158.20642901427345, 292.84571566409346, 162.21503489085444 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 309.83202209033186, 158.20642901427345, 311.8307719695506, 162.21503489085444 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 315.8085843413084, 158.95642898302322, 317.80733422052714, 162.9650348596042 ], "from_ocr": false, 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"box": [ 533.2382627817381, 158.20642901427345, 552.3317637320015, 162.21503489085444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026:", "box": [ 33.74999859375, 168.79100854703574, 100.74901917212401, 173.3035105565432 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 115.44140143994142, 168.79100854703574, 117.69140134619141, 173.3035105565432 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 120.8789012133789, 168.79100854703574, 123.12890111962889, 173.3035105565432 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 142.65233780615233, 168.79100854703574, 144.90233771240233, 173.3035105565432 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 188.68358963818343, 168.79100854703574, 190.93358954443343, 173.3035105565432 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 194.12108941162091, 168.79100854703574, 199.33592919433593, 173.3035105565432 ], "from_ocr": false, 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false, "confidence": 1.0 }, { "text": " ", "box": [ 426.9960797084959, 168.79100854703574, 432.2109194912109, 173.3035105565432 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 474.43357773193344, 168.79100854703574, 476.6835776381834, 173.3035105565432 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 515.3437285273437, 168.79100854703574, 517.5937284335937, 173.3035105565432 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 548.578102142578, 168.79100854703574, 550.8281020488281, 173.3035105565432 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Whole loans", "box": [ 35.24999853125, 203.29100710953935, 80.4873014463623, 207.8035091190468 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 115.44140143994142, 203.29100710953935, 117.69140134619141, 207.8035091190468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "57", "box": [ 126.90233846240233, 203.29100710953935, 135.90233808740234, 207.8035091190468 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $ 2,127,806 $", "box": [ 142.65233780615233, 203.29100710953935, 207.02342887402344, 207.8035091190468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8,855) $", "box": [ 227.56640051806625, 203.29100710953935, 266.9062388789062, 207.8035091190468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,118,951 $", "box": [ 271.75780117675777, 203.29100710953935, 324.9374864609375, 207.8035091190468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(20,877) $", "box": [ 336.3984234833984, 203.29100710953935, 381.3281091113281, 207.8035091190468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,098,074 ", "box": [ 387.8085813413084, 203.29100710953935, 432.2109194912109, 207.8035091190468 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1M Term SOFR + ", "box": [ 442.3827940673828, 180.7910080470392, 510.97263870947245, 185.30351005654666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.50% to 1M Term ", 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false, "confidence": 1.0 }, { "text": " ", "box": [ 115.44140143994142, 321.79100217203813, 117.69140134619141, 326.3035041815456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "53", "box": [ 126.90233846240233, 321.79100217203813, 135.90233808740234, 326.3035041815456 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $ 1,828,299 $", "box": [ 142.65233780615233, 321.79100217203813, 207.02342887402344, 326.3035041815456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7,357) $", "box": [ 227.56640051806625, 321.79100217203813, 266.9062388789062, 326.3035041815456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,820,942 $", "box": [ 271.75780117675777, 321.79100217203813, 324.9374864609375, 326.3035041815456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(20,158) $", "box": [ 336.3984234833984, 321.79100217203813, 381.3281091113281, 326.3035041815456 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,800,784 ", "box": [ 387.8085813413084, 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355.5410007657847, 432.2109194912109, 360.8035027440492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.00%", "box": [ 461.6835782631834, 356.29100073453446, 489.43064739705545, 360.8035027440492 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 515.3437285273437, 356.29100073453446, 517.5937284335937, 360.8035027440492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "October 2028", "box": [ 525.0820131215818, 356.29100073453446, 574.3183392400681, 360.8035027440492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 35.98827975048828, 368.29100023453793, 54.98144299910645, 372.8035022440454 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 115.44140143994142, 370.5410001407872, 117.69140134619141, 375.05350215029466 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 130.27733832177734, 370.5410001407872, 132.52733822802733, 375.05350215029466 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", 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false, "confidence": 1.0 }, { "text": "(20,398) ", "box": [ 336.3984234833984, 368.29100023453793, 372.5507694770506, 375.05350215029466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 376.8281092988281, 368.29100023453793, 381.3281091113281, 372.8035022440454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,809,969 ", "box": [ 387.8085813413084, 368.29100023453793, 426.77341971777344, 372.8035022440454 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 429.96091958496095, 370.5410001407872, 432.2109194912109, 375.05350215029466 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 474.43357773193344, 370.5410001407872, 476.6835776381834, 375.05350215029466 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 515.3437285273437, 370.5410001407872, 517.5937284335937, 375.05350215029466 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 548.578102142578, 370.5410001407872, 550.8281020488281, 375.05350215029466 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 379.6790759172727, 34.24874859171875, 380.6793472336576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 383.20641963926755, 43.07227342132069, 387.2150255158558 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amounts include unamortized loan origination fees of $8.5 million and $6.6 million and deferred amendment fees of $434,000 and $852,000 at June 30, 2026 and ", "box": [ 51.890622837890625, 383.20641963926755, 580.2487257854687, 387.2150255158558 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025, respectively.", "box": [ 51.890622837890625, 391.4564192955222, 159.33886972338024, 395.4650251721032 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 399.7064189517696, 43.07227342132069, 403.7150248283506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "References to (\"1M Term SOFR\") are one-month Term SOFR. The weighted-average one-month benchmark rates was 3.64% and 3.83% at June 30, 2026 and ", "box": [ 51.890622837890625, 399.7064189517696, 580.2487257854687, 403.7150248283506 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025, respectively. Additionally, the weighted-average benchmark rate floors was 2.22% and 1.78% at June 30, 2026 and December 31, 2025, ", "box": [ 51.890622837890625, 407.95641860802425, 580.2487257854687, 411.96502448460524 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively.", "box": [ 51.890622837890625, 416.20641826427163, 92.51359305776677, 420.2150241408526 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 424.456417920519, 43.07227342132069, 428.4650237971 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity dates exclude contractual extension options, subject to the satisfaction of certain terms that may be available to the borrowers.", "box": [ 51.890622837890625, 424.456417920519, 484.5919155961696, 428.4650237971 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 33.74999859375, 432.7064175767737, 43.07227342132069, 436.71502345335466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity dates exclude four and two whole loans, with amortized costs of $108.4 million and $37.9 million, in maturity default at June 30, 2026 and December 31, ", "box": [ 51.890622837890625, 432.7064175767737, 580.2487257854687, 436.71502345335466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025, respectively.", "box": [ 51.890622837890625, 440.95641723302106, 112.50104197495637, 444.96502310960204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 33.74999859375, 449.20641688926844, 43.07227342132069, 453.2150227658567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Substantially all loans are pledged as collateral under various borrowings at June 30, 2026 and December 31, 2025.", "box": [ 51.890622837890625, 449.20641688926844, 420.89350865026995, 453.2150227658567 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 33.74999859375, 457.4564165455231, 43.07227342132069, 461.4650224221041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE whole loans had $81.4 million and $88.6 million in unfunded loan commitments at June 30, 2026 and December 31, 2025, respectively. These unfunded loan ", "box": [ 51.890622837890625, 457.4564165455231, 580.2487257854687, 461.4650224221041 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan agreement, and any ", "box": [ 51.890622837890625, 465.7064162017705, 580.2487257854687, 469.71502207835147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "necessary approvals have been obtained.", "box": [ 51.890622837890625, 473.95641585801786, 181.75449161439596, 477.9650217346061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 33.74999859375, 482.2064155142725, 43.07227342132069, 486.2150213908535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes four mezzanine loans, with total amortized costs of $21.2 million and $17.8 million, with three having fixed interest rates of 15.0% and one having a fixed ", "box": [ 51.890622837890625, 482.2064155142725, 580.2487257854687, 486.2150213908535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest rate of 20.0% at June 30, 2026 and December 31, 2025, respectively. Because we are also the first mortgage lender on these loans, we consider the first ", "box": [ 51.890622837890625, 490.4564151705199, 580.2487257854687, 494.4650210471009 ], "from_ocr": false, "confidence": 1.0 }, { "text": "mortgage and mezzanine loans together as one whole loan.", "box": [ 51.890622837890625, 498.70641482677456, 240.37009754707887, 502.71502070335555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 33.74999859375, 506.95641448302194, 43.07227342132069, 510.96502035960293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We had one preferred equity investment associated with a CRE whole loan at both June 30, 2026 and December 31, 2025, respectively. Our preferred equity ", "box": [ 51.890622837890625, 506.95641448302194, 580.2487257854687, 510.96502035960293 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investment has a fixed interest rate of 10%, of which 4.0% interest is deferred until maturity.", "box": [ 51.890622837890625, 515.2064141392693, 348.50535066644306, 519.2150200158503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, 18.2%, 16.3% and 14.7% of our CRE loan portfolio based on carrying value was concentrated in the ", "box": [ 70.04296583154297, 533.3805392989088, 580.7493507833593, 538.3931769102128 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Southeast, Southwest and East North Central regions, respectively, as defined by the NCREIF. At December 31, 2025, 24.2%, 20.6% ", "box": [ 33.74999859375, 545.380538798905, 580.7493507833593, 550.393176410209 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and 14.0% of our CRE loan portfolio based on carrying value was concentrated in the Southwest, Southeast, and Pacific regions, ", "box": [ 33.74999859375, 557.3805382989085, 580.7493507833593, 562.3931759102124 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively. 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", "box": [ 51.890622837890625, 248.95642523302377, 463.51125899953007, 252.96503110960475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We record our investments in RCT I's and RCT II's common shares as investments in unconsolidated entities using the cost ", "box": [ 70.04296583154297, 267.1305503926633, 580.7493507833593, 272.1431880039672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "method. 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261.45186406867185, 635.8931728477037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "610 ", "box": [ 291.6679603471678, 630.8805352363997, 315.3079593434178, 636.6431728164607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 322.7929590502928, 630.8805352363997, 327.79170880451153, 635.8931728477037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "69,856 ", "box": [ 345.50389560400373, 630.8805352363997, 381.64779657925783, 636.6431728164607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 389.1327962861328, 630.8805352363997, 394.13154604035157, 635.8931728477037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "68,073 ", "box": [ 411.8202953408203, 630.8805352363997, 447.9642038160741, 636.6431728164607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 455.44920352294906, 630.8805352363997, 460.4479532771678, 635.8931728477037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "579 ", "box": [ 490.664042055664, 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"from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 511.80466617480465, 669.1305336426594, 514.304041051914, 674.1431712539634 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 521.789040758789, 666.8805337364029, 526.7877905130078, 671.8931713477068 ], "from_ocr": false, "confidence": 1.0 }, { "text": "123,786 ", "box": [ 539.5077900205077, 666.8805337364029, 575.2181010138281, 671.8931713477068 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 678.9290634485224, 70.54171582951172, 679.9293347649073 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 682.4564071705245, 43.07227342132069, 686.4650130470982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investments in real estate include $1.0 million and $15.2 million of land, which is not depreciable, at both June 30, 2026 and December 31, 2025. Also includes ", "box": [ 51.890622837890625, 682.4564071705245, 580.2487257854687, 686.4650130470982 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$327,000 and $3.7 million of construction in progress, which is also not depreciable until placed in service, at June 30, 2026 and December 31, 2025, respectively.", "box": [ 51.890622837890625, 690.7064068267646, 572.5483638313168, 694.7150127033528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 698.9564064830192, 43.07227342132069, 702.9650123596075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Primarily comprised of an $18.3 million and $18.4 million right of use asset, at June 30, 2026 and December 31, 2025, respectively, associated with the ground ", "box": [ 51.890622837890625, 698.9564064830192, 580.2487257854687, 702.9650123596075 ], "from_ocr": false, "confidence": 1.0 }, { "text": "lease disclosed in footnote (6) below accounted for as an operating lease. Amortization is booked to real estate expenses on the consolidated statements of ", "box": [ 51.890622837890625, 707.2064061392739, 580.2487257854687, 711.2150120158476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operations. Additionally, we have an operating lease with a value of $300,000 and $322,000 at June 30, 2026 and December 31, 2025, respectively, associated with ", "box": [ 51.890622837890625, 715.456405795514, 580.2487257854687, 719.4650116721023 ], "from_ocr": false, "confidence": 1.0 }, { "text": "a parking lease.", "box": [ 51.890622837890625, 723.7064054517687, 101.83586976933856, 727.7150113283569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 731.9564051080233, 43.07227342132069, 735.965010984597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Refer to Note 8 in the Notes to the Consolidated Financial Statements for additional information on our remaining operating leases.", "box": [ 51.890622837890625, 731.9564051080233, 472.415906253503, 735.965010984597 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 140.27343165527344, 267.0655111507367, 148.0828146122842, 270.4235648423055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)(3)", "box": [ 113.64843276464845, 279.0655106507329, 129.26719497126842, 282.4235643423017 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 105.30468311230467, 292.5655100882432, 113.11406606931547, 295.9235637797974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 140.27343165527344, 355.56550746323774, 148.0828146122842, 358.9235611548065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)(3)", "box": [ 113.64843276464845, 368.31550693199097, 129.26719497126842, 371.6735606235452 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 105.30468311230467, 381.8155063694867, 113.11406606931547, 385.17356006105547 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 131.40233827490235, 420.81550474448886, 139.21172123191312, 424.1735584360431 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)(6)", "box": [ 101.96483950146484, 498.8155014944932, 117.58360170808481, 502.17355518604745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)(6)", "box": [ 101.96483950146484, 575.3154983069835, 117.58360170808481, 578.6735519985523 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 131.40233827490235, 615.0654966507427, 139.21172123191312, 618.423550342297 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 150.46874373046873, 666.8154944944836, 158.27812668747953, 670.1735481860524 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 93, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 38.3805599239131, 578.2459236369182, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "57", "box": [ 300.99608495849594, 56.38055917392194, 310.9935794794336, 61.39319678522588 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 94, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 33.74999859375, 103.456431295519, 43.07227342132069, 107.46503717210726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Primarily comprised of a franchise intangible of $3.3 million and $3.5 million, a management contract intangible of $2.5 million and $2.6 million, in-place lease ", "box": [ 51.890622837890625, 103.456431295519, 580.2487257854687, 107.46503717210726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "intangible of $5,000 and $7,000 and a customer list intangible of $21,000 and $87,000, at June 30, 2026 and December 31, 2025, respectively. ", "box": [ 51.890622837890625, 111.70643095177365, 509.72835932381713, 115.71503682836192 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 33.74999859375, 119.95643060802831, 43.07227342132069, 123.96503648460202 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026 and December 31, 2025, properties held for sale included a hotel acquired via deed-in-lieu of foreclosure in November 2020, a student housing ", "box": [ 51.890622837890625, 119.95643060802831, 580.2487257854687, 123.96503648460202 ], "from_ocr": false, "confidence": 1.0 }, { "text": "property acquired in April 2022 and an office property acquired via deed-in-lieu of foreclosure in June 2023. ", "box": [ 51.890622837890625, 128.20643026426842, 401.7687383471353, 132.21503614085668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 33.74999859375, 136.45642992052308, 43.07227342132069, 140.46503579711134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Primarily comprised of a $45.1 million and $44.7 million ground lease at June 30, 2026 and December 31, 2025, respectively. The ground lease has a remaining ", "box": [ 51.890622837890625, 136.45642992052308, 580.2487257854687, 140.46503579711134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "term of 90 years. Lease expense was $1.4 million for both the six months ended June 30, 2026 and 2025, respectively, and $725,000 and $705,000 for the three ", "box": [ 51.890622837890625, 144.70642957677774, 580.2487257854687, 148.71503545335145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026 and 2025, respectively. ", "box": [ 51.890622837890625, 152.95642923301784, 221.30776624134282, 156.9650351096061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 33.74999859375, 161.2064288892725, 43.07227342132069, 165.21503476586076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Comprised of an operating lease liability.", "box": [ 51.890622837890625, 161.2064288892725, 184.21778656175866, 165.21503476586076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 33.74999859375, 169.45642854552716, 43.07227342132069, 173.46503442210087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Excludes items of working capital, either acquired or assumed.", "box": [ 51.890622837890625, 169.45642854552716, 253.03400324441623, 173.46503442210087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financing Receivables", "box": [ 33.74999859375, 187.63055370516668, 128.99950599543334, 192.64319131647062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current market conditions have resulted in, and may continue to result in, a dislocation in capital markets, declining real estate ", "box": [ 53.753904010253905, 211.63055270515906, 562.6438865377537, 216.643190316463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "values of certain asset classes and increased delinquencies and defaults, resulting in increased loan modifications, increased allowances ", "box": [ 33.74999859375, 223.63055220515525, 577.5852884151952, 228.6431898164592 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for credit losses and an increased risk to borrowers of foreclosure actions. We routinely employ rigorous risk management and ", "box": [ 33.74999859375, 235.630551705166, 542.3587273829687, 240.64318931646994 ], "from_ocr": false, "confidence": 1.0 }, { "text": "underwriting practices to proactively evaluate and maintain the credit quality of our CRE loan portfolio and work closely with our ", "box": [ 33.74999859375, 247.6305512051622, 556.8079492809178, 252.64318881646614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrowers to mitigate potential losses.", "box": [ 33.74999859375, 259.6305507051584, 186.18237332365078, 264.64318831646233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table shows the activity in the allowance for credit losses for the six months ended June 30, 2026 and year ", "box": [ 70.04296583154297, 280.6305498301663, 556.1985743063084, 285.6431874414702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended December 31, 2025 (in thousands):", "box": [ 33.74999859375, 292.63054933016247, 200.885741003848, 297.6431869414664 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 304.63054883015866, 72.54234070865235, 309.6431864414626 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 211.57030368457032, 326.20642201427836, 213.56905356378908, 330.21502789085207 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 391.4062336914062, 326.20642201427836, 393.40498357062495, 330.21502789085207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended ", "box": [ 410.58983039208965, 317.2064223892812, 475.6823276424022, 321.2150282658549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 418.92185754492186, 325.4564220455213, 465.3419516607512, 329.4650279221096 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 484.4648273139647, 325.4564220455213, 490.19013953791, 330.21502789085207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Year Ended ", "box": [ 515.0038885415037, 317.2064223892812, 558.1002892083203, 321.2150282658549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 503.24997903125, 325.4564220455213, 567.8540132644152, 329.4650279221096 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.5116985620115, 325.4564220455213, 576.5104484412302, 329.4650279221096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for credit losses at beginning of period", "box": [ 33.74999859375, 335.3805475489062, 233.91939424085814, 340.3931851602101 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 391.4062336914062, 335.3805475489062, 393.9056085685156, 340.3931851602101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 401.53123326953124, 335.3805475489062, 406.52998302375, 340.3931851602101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,398 ", "box": [ 455.24998103125, 335.3805475489062, 490.6907645358006, 340.3931851602101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 498.31638923681624, 335.3805475489062, 503.315138991035, 340.3931851602101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32,847 ", "box": [ 545.2851372797849, 335.3805475489062, 575.2884135108984, 340.3931851602101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Provision for (reversal of) credit losses", "box": [ 37.031248457031246, 347.3805470489169, 192.78305736278529, 352.39318466022087 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 391.4062336914062, 347.3805470489169, 393.9056085685156, 352.39318466022087 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 401.53123326953124, 347.3805470489169, 404.03060814664065, 352.39318466022087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "716 ", "box": [ 467.7538905102537, 347.3805470489169, 490.6907645358006, 352.39318466022087 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 498.31638923681624, 347.3805470489169, 500.81576411392564, 352.39318466022087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7,749)", "box": [ 546.9609147099609, 347.3805470489169, 576.1182840505699, 352.39318466022087 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Charge-offs", "box": [ 37.031248457031246, 359.3805465489131, 84.77802666299506, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 391.4062336914062, 360.1305465176556, 393.9056085685156, 365.14318412895955 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 401.53123326953124, 359.3805465489131, 404.03060814664065, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 472.7460778022459, 359.3805465489131, 490.6907645358006, 365.14318412895955 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 498.31638923681624, 359.3805465489131, 500.81576411392564, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,700)", "box": [ 546.9609147099609, 359.3805465489131, 576.1182840505699, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for credit losses at end of period", "box": [ 33.74999859375, 372.13054601766635, 208.36917860545054, 377.1431836289703 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 391.4062336914062, 374.38054592390836, 393.9056085685156, 379.3931835352123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 401.53123326953124, 372.13054601766635, 406.52998302375, 377.1431836289703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "21,114 ", "box": [ 455.24998103125, 372.13054601766635, 490.6907645358006, 379.3931835352123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 498.31638923681624, 372.13054601766635, 503.315138991035, 377.1431836289703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20,398 ", "box": [ 545.2851372797849, 372.13054601766635, 575.2884135108984, 377.1431836289703 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended June 30, 2026, we recorded a provision for expected credit losses of $1.7 million, primarily ", "box": [ 70.04296583154297, 395.38054504891625, 580.7493507833593, 400.3931826602202 ], "from_ocr": false, "confidence": 1.0 }, { "text": "attributable to a decline in macroeconomic factors. During the six months ended June 30, 2026, we recorded a net provision for ", "box": [ 33.74999859375, 407.38054454891244, 580.7493507833593, 412.3931821602164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expected credit losses of $716,000, primarily attributable to a decline in macroeconomic factors, offset by net improvements in the ", "box": [ 33.74999859375, 419.38054404890863, 580.7493507833593, 424.3931816602126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "modeled credit risk of the Company's loan portfolio and loan payoffs.", "box": [ 33.74999859375, 431.3805435489048, 312.3615593411843, 436.39318116020877 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At both June 30, 2026 and December 31, 2025, we were not required to individually evaluate any CRE loans for credit loss.", "box": [ 70.04296583154297, 452.3805426739127, 565.6312477132803, 457.39318028521666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit quality indicators", "box": [ 33.74999859375, 473.38054179890605, 133.7346132481372, 478.39317941021 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commercial Real Estate Loans", "box": [ 33.74999859375, 494.38054092391394, 158.43058476913836, 499.3931785352179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE loans are collateralized by a diversified mix of real estate properties and are assessed for credit quality based on the ", "box": [ 70.04296583154297, 515.3805400489073, 580.7493507833593, 520.3931776602112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collective evaluation of several factors, including but not limited to: collateral performance relative to underwritten plan, time since ", "box": [ 33.74999859375, 527.380539548918, 580.7493507833593, 532.393177160222 ], "from_ocr": false, "confidence": 1.0 }, { "text": "origination, current implied and/or re-underwritten loan-to-collateral value (\"LTV\") ratios, loan structure and exit plan. Depending on ", "box": [ 33.74999859375, 539.3805390489142, 580.7493507833593, 544.3931766602182 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the loan's performance against these various factors, loans are rated on a scale from 1 to 5, with loans rated 1 representing loans with ", "box": [ 33.74999859375, 551.3805385489104, 580.7493507833593, 556.3931761602144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the highest credit quality and loans rated 5 representing the loans with the lowest credit quality. Loans are typically rated a 2 at ", "box": [ 33.74999859375, 563.3805380489066, 580.7493507833593, 568.3931756602105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "origination. The factors evaluated provide general criteria to monitor credit migration in our loan portfolio; as such, a loan's rating may ", "box": [ 33.74999859375, 575.3805375489173, 580.7493507833593, 580.3931751602213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "improve or worsen, depending on new information received.", "box": [ 33.74999859375, 587.3805370489135, 276.11583370142307, 592.3931746602175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The criteria set forth below should be used as general guidelines and, therefore, not every loan will have all of the ", "box": [ 70.04296583154297, 608.3805361739069, 580.7493507833593, 613.3931737852108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "characteristics described in each category below.", "box": [ 33.74999859375, 620.3805356739176, 229.15990255792036, 625.3931732852216 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 632.2909892345488, 35.9999985, 636.8034912440489 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Risk Rating", "box": [ 44.21484190771484, 644.2064087642793, 84.86513406395258, 648.215014640853 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 644.2064087642793, 97.19015216291015, 648.215014640853 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Risk Characteristics", "box": [ 307.3007721958006, 644.2064087642793, 376.8001739958179, 648.215014640853 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.91406108691406, 654.8805342364067, 36.413435964023435, 659.8931718477106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 654.8805342364067, 97.69077716080079, 659.8931718477106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 105.85546433935548, 654.8805342364067, 108.35483921646485, 659.8931718477106 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1", "box": [ 62.03905991503906, 666.8805337364174, 67.03780966925781, 671.8931713477214 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 666.8805337364174, 97.69077716080079, 671.8931713477214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Property performance has surpassed underwritten expectations.", "box": [ 104.58983939208983, 666.8805337364174, 363.7727434990515, 671.8931713477214 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.281247363281246, 690.8805327364098, 65.78062224039061, 695.8931703477137 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 690.8805327364098, 97.69077716080079, 695.8931703477137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a ", "box": [ 104.58983939208983, 678.8805332364136, 580.7493507833593, 683.8931708477176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "diverse and high quality tenant mix.", "box": [ 108.5039017290039, 690.8805327364098, 252.32516996770082, 695.8931703477137 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.281247363281246, 702.880532236406, 65.78062224039061, 707.8931698477099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 702.880532236406, 97.69077716080079, 707.8931698477099 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 105.85546433935548, 702.880532236406, 108.35483921646485, 707.8931698477099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2", "box": [ 62.03905991503906, 714.8805317364167, 67.03780966925781, 719.8931693477207 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 726.8805312364129, 97.69077716080079, 731.8931688477169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Property performance is consistent with underwritten expectations and covenants and performance criteria are being ", "box": [ 104.58983939208983, 714.8805317364167, 580.7493507833593, 719.8931693477207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "met or exceeded.", "box": [ 108.5039017290039, 726.8805312364129, 176.5044143018991, 731.8931688477169 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.281247363281246, 738.8805307364091, 65.78062224039061, 743.8931683477131 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 738.8805307364091, 97.69077716080079, 743.8931683477131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Occupancy is stabilized, near stabilized or is on track with underwriting.", "box": [ 105.85546433935548, 738.8805307364091, 401.69415874399243, 743.8931683477131 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 95, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 56.380559173907386, 578.2459236369182, 61.39319678521133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "58", "box": [ 300.99608495849594, 74.38055842390168, 310.9935794794336, 79.39319603520562 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.281247363281246, 38.3805599239131, 65.78062224039061, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 38.3805599239131, 97.69077716080079, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 105.85546433935548, 38.3805599239131, 108.35483921646485, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 96, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 541.6305389551708, 578.2459236369182, 546.6431765664747 ], "from_ocr": false, "confidence": 1.0 }, { "text": "59", "box": [ 300.99608495849594, 559.6305382051651, 310.9935794794336, 564.643175816469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3", "box": [ 62.03905991503906, 105.88055711142079, 67.03780966925781, 110.89319472272473 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 105.88055711142079, 97.69077716080079, 110.89319472272473 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Property performance lags behind underwritten expectations.", "box": [ 104.58983939208983, 105.88055711142079, 354.8882605192383, 110.89319472272473 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.281247363281246, 117.88055661141698, 65.78062224039061, 122.89319422272092 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 117.88055661141698, 97.69077716080079, 122.89319422272092 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Occupancy is not stabilized and the property has some tenancy rollover.", "box": [ 104.58983939208983, 117.88055661141698, 398.4808182278817, 122.89319422272092 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.281247363281246, 129.88055611141317, 65.78062224039061, 134.89319372271711 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 129.88055611141317, 97.69077716080079, 134.89319372271711 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 105.85546433935548, 129.88055611141317, 108.35483921646485, 134.89319372271711 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4", "box": [ 62.03905991503906, 141.88055561142392, 67.03780966925781, 146.89319322272786 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 153.8805551114201, 97.69077716080079, 158.89319272272405 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Property performance significantly lags behind underwritten expectations. Performance criteria and loan covenants ", "box": [ 104.58983939208983, 141.88055561142392, 580.7493507833593, 146.89319322272786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "have required occasional waivers.", "box": [ 108.5039017290039, 153.8805551114201, 243.9630409661229, 158.89319272272405 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.281247363281246, 165.8805546114163, 65.78062224039061, 170.89319222272024 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 165.8805546114163, 97.69077716080079, 170.89319222272024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Occupancy is not stabilized and the property has a large amount of tenancy rollover.", "box": [ 104.58983939208983, 165.8805546114163, 447.6090663058712, 170.89319222272024 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.281247363281246, 177.8805541114125, 65.78062224039061, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 177.8805541114125, 97.69077716080079, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 105.85546433935548, 177.8805541114125, 108.35483921646485, 182.89319172271644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5", "box": [ 62.03905991503906, 189.88055361142324, 67.03780966925781, 194.89319122272718 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 213.88055261141562, 97.69077716080079, 218.89319022271957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan ", "box": [ 104.58983939208983, 189.88055361142324, 580.7493507833593, 194.89319122272718 ], "from_ocr": false, "confidence": 1.0 }, { "text": "covenants and performance criteria and may be in default. Expected sale proceeds would not be sufficient to pay off ", "box": [ 108.5039017290039, 201.88055311141943, 580.7493507833593, 206.89319072272338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the loan at maturity.", "box": [ 108.5039017290039, 213.88055261141562, 189.01588460558781, 218.89319022271957 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 63.281247363281246, 225.88055211141182, 65.78062224039061, 230.89318972271576 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 225.88055211141182, 97.69077716080079, 230.89318972271576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 The property has a material vacancy rate and significant rollover of remaining tenants.", "box": [ 104.58983939208983, 225.88055211141182, 456.19577387309187, 230.89318972271576 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.91406108691406, 237.88055161142256, 36.413435964023435, 242.8931892227265 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 95.19140228369139, 237.88055161142256, 97.69077716080079, 242.8931892227265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022 An updated appraisal is required upon designation and updated on an as-needed basis.", "box": [ 104.58983939208983, 237.88055161142256, 454.57023241582266, 242.8931892227265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "All CRE loans are evaluated for any credit deterioration by debt asset management and certain finance personnel on at least a ", "box": [ 70.04296583154297, 258.8805507364159, 580.7493507833593, 263.89318834771984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quarterly basis. Mezzanine loans and preferred equity investments may experience greater credit risks due to their nature as ", "box": [ 33.74999859375, 270.8805502364121, 580.7493507833593, 275.89318784771604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subordinated investments.", "box": [ 33.74999859375, 282.88054973642284, 138.15248347489626, 287.8931873477268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the purpose of calculating the quarterly provision for credit losses under CECL, we pool CRE loans based on the ", "box": [ 70.04296583154297, 303.8805488614162, 580.7493507833593, 308.8931864727201 ], "from_ocr": false, "confidence": 1.0 }, { "text": "underlying collateral property type and utilize a probability of default and loss given default methodology for approximately one year ", "box": [ 33.74999859375, 315.88054836141237, 580.7493507833593, 320.8931859727163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "after which we immediately revert to a historical mean loss ratio.", "box": [ 33.74999859375, 327.8805478614231, 293.8701508116598, 332.89318547272705 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit risk profiles of CRE loans at amortized cost were as follows (in thousands, except amounts in the footnotes):", "box": [ 70.04296583154297, 348.88054698641645, 532.3290554687093, 353.8931845977204 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 360.88054648641264, 72.54234070865235, 365.8931840977166 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 91.17187120117188, 374.9564199830347, 93.17062108039062, 378.96502585960843 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 151.3242124448242, 374.9564199830347, 153.32296232404298, 378.96502585960843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rating 1", "box": [ 172.95702779345686, 374.2064200142777, 202.05206075616377, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 218.39061590039063, 374.2064200142777, 220.38936577960936, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 222.46874073046874, 374.9564199830347, 224.46749060968747, 378.96502585960843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rating 2", "box": [ 244.08983732958967, 374.2064200142777, 273.1848702922965, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 289.5117104370116, 374.2064200142777, 291.5104603162303, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 293.58983526708965, 374.9564199830347, 295.5885851463084, 378.96502585960843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rating 3", "box": [ 315.2226468657225, 374.2064200142777, 344.31767982842933, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 360.65623497265625, 374.2064200142777, 362.654984851875, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 364.7343598027344, 374.9564199830347, 366.7331096819531, 378.96502585960843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rating 4", "box": [ 386.36717140136716, 374.2064200142777, 415.462204364074, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 431.8007670083006, 374.2064200142777, 433.79951688751936, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 435.8788918383787, 374.9564199830347, 437.8776417175975, 378.96502585960843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rating 5", "box": [ 457.51170343701153, 374.2064200142777, 486.60673639971856, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 502.9452915439453, 374.2064200142777, 504.9440414231641, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 507.02341637402344, 374.9564199830347, 509.0221662532422, 378.96502585960843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total ", "box": [ 529.9687279179687, 374.2064200142777, 550.1787007383865, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.124976078125, 374.2064200142777, 576.1237259573437, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026:", "box": [ 33.74999859375, 384.8805454864196, 108.17464279822246, 389.8931830977235 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 151.3242124448242, 384.8805454864196, 153.8235873219336, 389.8931830977235 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 213.82030359082032, 384.8805454864196, 216.3196784679297, 389.8931830977235 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 219.24608836474593, 384.8805454864196, 224.96811560757814, 389.8931830977235 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 284.94139812744123, 384.8805454864196, 287.44077300455064, 389.8931830977235 ], 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"from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.4960737709958, 384.8805454864196, 571.9954486481053, 389.8931830977235 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 384.8805454864196, 577.5266984176365, 389.8931830977235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Whole loans", "box": [ 34.8164047993164, 397.6305449551728, 85.06745915093538, 402.64318256647675 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 151.3242124448242, 397.6305449551728, 163.69405564191408, 402.64318256647675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 206.3203039033203, 397.6305449551728, 234.83858767755842, 402.64318256647675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,274,938 $", "box": [ 247.45311468945312, 397.6305449551728, 305.95967471417964, 402.64318256647675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "456,735 $", "box": [ 326.0976464125975, 397.6305449551728, 377.104206749824, 402.64318256647675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "381,664 $", "box": [ 397.2421709482422, 397.6305449551728, 448.24873128546875, 402.64318256647675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,614 $", "box": [ 478.3827925673828, 397.6305449551728, 519.3932633211131, 402.64318256647675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,118,951 ", "box": [ 532.0077903330077, 397.6305449551728, 575.2181010138281, 402.64318256647675 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Preferred equity investment", "box": [ 34.8164047993164, 410.3805444239115, 145.86271007147445, 415.39318203521543 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 151.3242124448242, 411.1305443926685, 153.8235873219336, 416.14318200397247 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 158.69530588769533, 410.3805444239115, 161.19468076480467, 415.39318203521543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 206.3203039033203, 410.3805444239115, 224.96811560757814, 416.14318200397247 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 229.83983792333967, 410.3805444239115, 232.33921280044908, 415.39318203521543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,928 ", "box": [ 264.949211460449, 410.3805444239115, 296.08921014419906, 416.14318200397247 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 300.96092495996095, 410.3805444239115, 303.4602998370703, 415.39318203521543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 348.5859229755859, 410.3805444239115, 367.23373467984374, 416.14318200397247 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 372.1054569956053, 410.3805444239115, 374.60483187271467, 415.39318203521543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 419.7304550112303, 410.3805444239115, 438.3782667154881, 416.14318200397247 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 443.24998153125, 410.3805444239115, 445.7493564083594, 415.39318203521543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 490.874979546875, 410.3805444239115, 509.5227912511328, 416.14318200397247 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 514.3945135668944, 410.3805444239115, 516.8938884440037, 415.39318203521543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,928 ", "box": [ 549.5038871040036, 410.3805444239115, 575.2181010138281, 415.39318203521543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 35.90624850390625, 423.88054386142176, 57.00446809890133, 428.8931814727257 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 151.3242124448242, 426.13054376766377, 153.8235873219336, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 158.69530588769533, 423.88054386142176, 163.69405564191408, 428.8931814727257 ], "from_ocr": false, 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431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 443.24998153125, 423.88054386142176, 448.24873128546875, 428.8931814727257 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,614 ", "box": [ 478.3827925673828, 423.88054386142176, 509.5227912511328, 431.1431813789677 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 514.3945135668944, 423.88054386142176, 519.3932633211131, 428.8931814727257 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,128,879 ", "box": [ 532.0077903330077, 423.88054386142176, 575.2181010138281, 428.8931814727257 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 35.90624850390625, 438.880543236417, 38.40562338101562, 443.89318084772094 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 151.3242124448242, 438.880543236417, 153.8235873219336, 443.89318084772094 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 213.82030359082032, 438.880543236417, 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", "box": [ 326.48436139648436, 483.13054139266023, 350.78061036539066, 488.1431790039642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 385.3593589433594, 483.13054139266023, 409.6556079122656, 488.1431790039642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 444.23435649023435, 483.13054139266023, 468.53060545914065, 488.1431790039642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 503.10935403710937, 483.13054139266023, 527.4056030060156, 488.1431790039642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "9,425 ", "box": [ 549.4921646044921, 483.13054139266023, 575.2063860143162, 488.1431790039642 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total loans", "box": [ 38.624998390624995, 498.8805407364125, 83.32567992350951, 503.89317834771646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u00a0", "box": [ 166.0078055830078, 498.3634290082409, 169.06256858390122, 503.8945159841387 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 171.65624284765624, 496.63054083015595, 176.65499260187502, 501.64317844147445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "807,326 $", "box": [ 186.24608973974594, 496.63054083015595, 235.52999014875, 501.64317844147445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "109,619 $", "box": [ 245.12108728662093, 496.63054083015595, 294.404987695625, 501.64317844147445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "65,367 $", "box": [ 308.9882721254881, 496.63054083015595, 353.2799852425, 501.64317844147445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "326,946 $", "box": [ 362.8710823803709, 496.63054083015595, 412.154982789375, 501.64317844147445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "445,756 $", "box": [ 421.74607992724594, 496.63054083015595, 471.02998033625, 501.64317844147445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "75,353 $ 1,830,367 ", "box": [ 485.6132647661131, 496.63054083015595, 575.2063860143162, 501.64317844147445 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current Period Gross Write-", "box": [ 34.95702979345703, 511.63054020516574, 148.5124438674807, 516.6431778164697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Offs", "box": [ 34.95702979345703, 523.6305397051619, 52.72599942349625, 528.6431773164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 166.0078055830078, 523.6305397051619, 176.65499260187502, 528.6431773164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 208.73436630273437, 523.6305397051619, 235.52999014875, 528.6431773164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 267.60936384960934, 523.6305397051619, 294.404987695625, 528.6431773164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 326.48436139648436, 523.6305397051619, 353.2799852425, 528.6431773164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 385.3593589433594, 523.6305397051619, 412.154982789375, 528.6431773164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 444.23435649023435, 523.6305397051619, 471.02998033625, 528.6431773164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,700) $", "box": [ 487.2890421962891, 523.6305397051619, 529.904977883125, 528.6431773164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4,700)", "box": [ 546.164039743164, 523.6305397051619, 576.0362565539876, 528.6431773164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 533.4290695110249, 34.24874859171875, 534.4293408274098 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 536.956413233027, 43.07227342132069, 540.9650191096152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes two novated CRE whole loans that resulted from loan workouts.", "box": [ 51.890622837890625, 536.956413233027, 286.58716344636764, 540.9650191096152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 545.2064128892816, 43.07227342132069, 549.2150187658553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes two novated CRE whole loans that resulted from loan workouts.", "box": [ 51.890622837890625, 545.2064128892816, 286.58716344636764, 549.2150187658553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 553.4564125455217, 43.07227342132069, 557.46501842211 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The total amortized cost of CRE loans excluded accrued interest receivable of $33.6 million and $27.2 million at June 30, 2026 and December 31, 2025, ", "box": [ 51.890622837890625, 553.4564125455217, 580.2487257854687, 557.46501842211 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively.", "box": [ 51.890622837890625, 561.7064122017764, 92.51359305776677, 565.7150180783647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 33.74999859375, 569.9564118580311, 43.07227342132069, 573.9650177346048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Acquired CRE whole loans are grouped within each loan's year of origination.", "box": [ 51.890622837890625, 569.9564118580311, 303.6584745600631, 573.9650177346048 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 588.130537017656, 36.249373470859375, 593.14317462896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 259.9453016689453, 151.7043979987502, 266.18930500635287, 154.3893366567936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 318.8202992158203, 151.7043979987502, 325.0643025532279, 154.3893366567936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 555.4335743569334, 151.7043979987502, 561.6775776943409, 154.3893366567936 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 90.49218372949218, 174.81551499449415, 98.30156668650298, 178.17356868606294 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 201.07030412207033, 356.45438946750073, 207.3143074594779, 359.1393281255441 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 259.9453016689453, 356.45438946750073, 266.18930500635287, 359.1393281255441 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 555.4335743569334, 356.45438946750073, 561.6775776943409, 359.1393281255441 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 90.49218372949218, 379.5655064632447, 98.30156668650298, 382.92356015481346 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 98, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 633.8805351114133, 578.2459236369182, 638.8931727227173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "61", "box": [ 300.99608495849594, 651.8805343614076, 310.9935794794336, 656.8931719727116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Portfolio Aging Analysis", "box": [ 33.74999859375, 113.38055679890385, 159.5728309715448, 118.3931944102078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the CRE loan portfolio aging analysis as of the dates indicated for CRE loans at amortized cost ", "box": [ 70.04296583154297, 134.38055592391174, 580.7493507833593, 139.3931935352157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(in thousands, except amounts in footnotes):", "box": [ 33.74999859375, 146.38055542390794, 210.89784458667702, 151.39319303521188 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 158.38055492390413, 72.54234070865235, 163.39319253520807 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.07812133007812, 186.1305537676526, 90.5774962071875, 191.14319137895654 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 145.6289001821289, 188.95642773302097, 147.62765006134765, 192.96503360960924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30-59 Days", "box": [ 157.88671592138655, 188.2064277642785, 195.41784972841526, 192.2150336408522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 203.34374152734375, 188.2064277642785, 205.34249140656252, 192.2150336408522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 207.42186635742186, 188.95642773302097, 209.42061623664063, 192.96503360960924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "60-89 Days", "box": [ 219.67967834667968, 188.2064277642785, 257.2108121537083, 192.2150336408522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 265.1367114526365, 188.2064277642785, 267.13546133185525, 192.2150336408522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 269.21483628271466, 188.95642773302097, 271.2135861619334, 192.96503360960924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Greater than ", "box": [ 277.92186341992186, 171.70642845176917, 324.5456114397656, 175.71503432835743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90", "box": [ 296.2382726567381, 179.95642810802383, 304.23326219861355, 183.96503398459754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Days ", "box": [ 287.6718630136719, 188.2064277642785, 306.55064761455577, 192.2150336408522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 326.9296738779297, 188.2064277642785, 328.92842375714844, 192.2150336408522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 331.0077987080078, 188.95642773302097, 333.0065485872265, 192.96503360960924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Past ", "box": [ 344.5898331420897, 179.95642810802383, 381.46358156818343, 183.96503398459754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Due", "box": [ 355.1484227021484, 188.2064277642785, 368.9171417035746, 192.2150336408522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 388.72264380322247, 188.2064277642785, 390.7213936824412, 192.2150336408522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 392.8007686333006, 188.95642773302097, 394.79951851251934, 192.96503360960924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current ", "box": [ 405.7031080957031, 188.2064277642785, 435.6765157843113, 192.2150336408522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 450.49216872949216, 188.2064277642785, 452.49091860871096, 192.2150336408522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 454.5702935595703, 188.95642773302097, 456.5690434387891, 192.96503360960924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Loans ", "box": [ 465.03514062353497, 179.95642810802383, 508.1315412903516, 183.96503398459754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Receivable ", "box": [ 463.0312307070312, 188.2064277642785, 501.881888750754, 192.2150336408522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 512.2617011557616, 188.2064277642785, 514.2604510349803, 192.2150336408522 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 516.3398259858396, 188.95642773302097, 518.3385758650584, 192.96503360960924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Loans > ", "box": [ 523.5351381860349, 171.70642845176917, 573.194038579414, 175.71503432835743 ], "from_ocr": false, "confidence": 1.0 }, { "text": "90 Days and ", "box": [ 526.4765405634765, 179.95642810802383, 570.240913702461, 183.96503398459754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accruing", "box": [ 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{ "text": " ", "box": [ 265.99217641699215, 198.88055323640583, 271.71421115982406, 203.89319084770977 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 322.35936156835936, 198.88055323640583, 324.85873644546876, 203.89319084770977 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 327.785146342285, 198.88055323640583, 333.5071735851172, 203.89319084770977 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 384.1523314936522, 198.88055323640583, 386.65170637076153, 203.89319084770977 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 389.5781087675781, 198.88055323640583, 395.30014351041, 203.89319084770977 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 445.9218564199219, 198.88055323640583, 448.4212312970312, 203.89319084770977 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 451.3476411938475, 198.88055323640583, 457.0696684366797, 203.89319084770977 ], "from_ocr": false, 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"box": [ 445.9218564199219, 276.8805499864102, 448.4212312970312, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 451.3476411938475, 276.8805499864102, 457.0696684366797, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 507.6913888461912, 276.8805499864102, 510.1907637233006, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 513.1171661201172, 276.8805499864102, 518.839200862949, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.4843512714843, 276.8805499864102, 571.9837261485937, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 276.8805499864102, 577.5266984176365, 281.89318759771413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Whole loans", "box": [ 34.76952980126953, 289.6305494551634, 85.0205841528885, 294.64318706646736 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 145.6289001821289, 289.6305494551634, 157.0260871697461, 294.64318706646736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 191.27342953027343, 289.6305494551634, 218.81905334503907, 294.64318706646736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 253.06639945556623, 289.6305494551634, 280.61202327033186, 294.64318706646736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26,834 $", "box": [ 297.3632726098631, 289.6305494551634, 342.404985695625, 294.64318706646736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26,834 $", "box": [ 359.1562350351562, 289.6305494551634, 404.19795562091775, 294.64318706646736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,794,108 $", "box": [ 408.4335804819334, 289.6305494551634, 465.9674805471875, 294.64318706646736 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,820,942 $", "box": [ 470.2031054082031, 289.6305494551634, 527.7370129734569, 294.64318706646736 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313.6305484551558, 575.2063860143162, 318.64318606645975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 35.80077975830078, 327.88054786140856, 56.89899935329586, 332.8931854727125 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 145.6289001821289, 327.1305478926515, 157.0260871697461, 334.393185410212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 191.27342953027343, 327.1305478926515, 218.81905334503907, 332.14318550397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- $", "box": [ 253.06639945556623, 327.1305478926515, 280.61202327033186, 332.14318550397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26,834 $", "box": [ 297.3632726098631, 327.1305478926515, 342.404985695625, 332.14318550397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26,834 ", "box": [ 359.1562350351562, 327.1305478926515, 395.30014351041, 334.393185410212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,803,533 ", "box": [ 399.19920586669906, 327.1305478926515, 457.0696684366797, 334.393185410212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$ 1,830,367 $", "box": [ 460.96873079296876, 327.1305478926515, 527.7370129734569, 332.14318550397 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 561.9843515839843, 327.1305478926515, 575.2063860143162, 332.14318550397 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 339.179077604771, 34.24874859171875, 340.1793489211559 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 342.7064213267731, 43.07227342132069, 346.7150272033614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three and six months ended June 30, 2026, we recognized interest income of $608,000 and $1.2 million, respectively, on one CRE loan with a principal ", "box": [ 51.890622837890625, 342.7064213267731, 580.2487257854687, 346.7150272033614 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payment past due greater than 90 days at June 30, 2026.", "box": [ 51.890622837890625, 350.9564209830278, 230.8408659941302, 354.9650268596015 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 359.2064206392679, 43.07227342132069, 363.21502651585615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes one CRE loan with an amortized cost of $32.3 million in maturity default at December 31, 2025.", "box": [ 51.890622837890625, 359.2064206392679, 390.2643363514852, 363.21502651585615 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 367.45642029552255, 43.07227342132069, 371.4650261721108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The total amortized cost of CRE whole loans excluded accrued interest receivable of $33.6 million and $27.2 million at June 30, 2026 and December 31, 2025, ", "box": [ 51.890622837890625, 367.45642029552255, 580.2487257854687, 371.4650261721108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively.", "box": [ 51.890622837890625, 375.7064199517772, 92.51359305776677, 379.7150258283509 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026 and December 31, 2025, we had five and three CRE whole loans, with total amortized costs of $129.6 ", "box": [ 70.04296583154297, 393.88054511140217, 580.7493507833593, 398.8931827227061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million and $59.1 million, respectively, in payment default. ", "box": [ 33.74999859375, 405.8805446114129, 274.19858605630844, 410.89318222271686 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three and six months ended June 30, 2026 and 2025, we did not recognize interest income on CRE whole loans that ", "box": [ 70.04296583154297, 426.88054373640625, 580.7493507833593, 431.8931813477102 ], "from_ocr": false, "confidence": 1.0 }, { "text": "were placed on nonaccrual status.", "box": [ 33.74999859375, 438.88054323640245, 168.37926954044684, 443.8931808477064 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Modifications", "box": [ 33.74999859375, 459.88054236141033, 115.12601737349539, 464.8931799727143 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We are required to disclose modifications where we determined the borrower is experiencing financial difficulty and modified ", "box": [ 70.04296583154297, 480.8805414864037, 580.7493507833593, 485.8931790977076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the agreement to: (i) forgive principal, (ii) reduce the interest rate, (iii) cause an other-than-insignificant payment delay, (iv) extend the ", "box": [ 33.74999859375, 492.8805409864144, 580.7493507833593, 497.89317859771836 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan term, or (v) any combination thereof. ", "box": [ 33.74999859375, 504.8805404864106, 204.48374146109373, 509.89317809771455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026 and 2025, we did not enter into any loan modifications for borrowers that were ", "box": [ 70.04296583154297, 525.880539611404, 580.7493507833593, 530.8931772227079 ], "from_ocr": false, "confidence": 1.0 }, { "text": "experiencing financial difficulty.", "box": [ 33.74999859375, 537.8805391114147, 165.04998885416686, 542.8931767227186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Restricted Cash", "box": [ 33.74999859375, 558.880538236408, 101.77491133681707, 563.893175847712 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, we had restricted cash of $849,000 held in required account balance minimums in our various escrow and ", "box": [ 70.04296583154297, 579.8805373614159, 580.7493507833593, 584.8931749727199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "deposit accounts and our consolidated CRE debt securitization that has an expense reserve and reinvestment cash that is collateral to the ", "box": [ 33.74999859375, 591.8805368614121, 580.7493507833593, 596.893174472716 ], "from_ocr": false, "confidence": 1.0 }, { "text": "senior notes. At December 31, 2025, we had restricted cash of $2.2 million held in required account balance minimums in our various ", "box": [ 33.74999859375, 603.8805363614083, 580.7493507833593, 608.8931739727122 ], "from_ocr": false, "confidence": 1.0 }, { "text": "escrow and deposit accounts.", "box": [ 33.74999859375, 615.8805358614045, 150.35157571660073, 620.8931734727084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 306.55077222705063, 186.20439656123926, 312.7947755644582, 188.8893352192972 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 435.6796693466797, 186.20439656123926, 441.9236726840873, 188.8893352192972 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 501.8906040878906, 186.20439656123926, 508.1346074252982, 188.8893352192972 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 99, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817389977, 96.48813121016045, 85.39319578520372 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accrued Interest Receivable", "box": [ 33.74999859375, 113.38055679890385, 154.23244222120937, 118.3931944102078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes our accrued interest receivable at June 30, 2026 and December 31, 2025 (in thousands):", "box": [ 70.04296583154297, 134.3805559238972, 552.2655320630224, 139.39319353520114 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 146.38055542390794, 72.54234070865235, 151.39319303521188 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 190.6171795576172, 159.70642895177298, 192.61592943683596, 163.7150348283467 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 351.19920786669906, 159.70642895177298, 353.1979577459178, 163.7150348283467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 366.4452972314453, 158.95642898301594, 412.8653913472745, 162.9650348596042 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 426.1054547456053, 158.95642898301594, 428.1042046248241, 162.9650348596042 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 432.46873198046876, 159.70642895177298, 434.4674818596875, 163.7150348283467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 437.53123176953125, 158.95642898301594, 502.1352660026965, 162.9650348596042 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 504.26951398876935, 158.95642898301594, 506.26826386798814, 162.9650348596042 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 510.6327912236328, 159.70642895177298, 512.6315411028515, 163.7150348283467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Change", "box": [ 523.9218531699219, 158.95642898301594, 564.1154025203135, 162.9650348596042 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.4999760625, 158.95642898301594, 576.4987259417187, 162.9650348596042 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accrued interest receivable from loans", "box": [ 33.74999859375, 168.8805544864008, 188.63783573550282, 173.89319209770474 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 349.4882704379881, 168.8805544864008, 359.9245199656443, 173.89319209770474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33,594 $", "box": [ 396.8906084628906, 168.8805544864008, 442.1198290408397, 173.89319209770474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27,232 $", "box": [ 475.05466770605466, 168.8805544864008, 520.2838882840038, 173.89319209770474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,362 ", "box": [ 550.2656020722656, 168.8805544864008, 575.264976011875, 173.89319209770474 ], 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"box": [ 492.5507644770506, 192.1305535176507, 510.4954512106053, 197.89319109771168 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 515.285138529785, 192.1305535176507, 517.7845134068943, 197.14319112895464 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15 ", "box": [ 562.7577890517578, 192.1305535176507, 575.264976011875, 197.14319112895464 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 36.64452972314453, 204.88055298640393, 57.7427493181396, 209.89319059770787 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 349.4882704379881, 204.88055298640393, 359.9245199656443, 212.14319050396443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "33,636 ", "box": [ 396.8906084628906, 204.88055298640393, 432.3313919674412, 212.14319050396443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 437.1210792866209, 204.88055298640393, 442.1198290408397, 209.89319059770787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "27,259 ", "box": [ 475.05466770605466, 204.88055298640393, 510.4954512106053, 212.14319050396443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 515.285138529785, 204.88055298640393, 520.2838882840038, 209.89319059770787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,377 ", "box": [ 550.2656020722656, 204.88055298640393, 575.264976011875, 209.89319059770787 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 219.04100645327708, 35.9999985, 223.5535084627918 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The increase of $6.4 million in accrued interest receivable was primarily attributable to net production in our CRE loan ", "box": [ 70.04296583154297, 230.3805519239104, 580.7493507833593, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio and accrued deferred interest on modified loans, offset by loan payoffs.", "box": [ 33.74999859375, 242.38055142390658, 356.61311359736953, 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560.3419651775401, 321.9650282345974 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1484135771484, 317.9564223580237, 576.1471634563671, 321.9650282345974 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Tax receivables and prepaid taxes", "box": [ 33.74999859375, 328.63054783015104, 169.2042580452353, 333.643185441455 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 344.8007706333006, 328.63054783015104, 347.30014551041, 333.643185441455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 352.83983279833967, 328.63054783015104, 357.8385825525584, 333.643185441455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "340 ", "box": [ 401.46092077246095, 328.63054783015104, 425.1009197687109, 333.643185441455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 430.6406070566406, 328.63054783015104, 435.6393568108594, 333.643185441455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "376 ", "box": [ 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" ", "box": [ 430.6406070566406, 341.3805472989043, 433.13998193375, 346.3931849102082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,987 ", "box": [ 471.76170284326156, 341.3805472989043, 502.90170152701154, 346.3931849102082 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 508.4413888149412, 341.3805472989043, 510.9407636920506, 346.3931849102082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,024 ", "box": [ 549.5624771015624, 341.3805472989043, 575.2766985113865, 346.3931849102082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Prepaid expenses", "box": [ 33.74999859375, 354.1305467676575, 102.87815015882322, 359.14318437896145 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 344.8007706333006, 354.1305467676575, 347.30014551041, 359.14318437896145 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 352.83983279833967, 354.1305467676575, 355.3392076754491, 359.14318437896145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2,195 ", "box": [ 393.96092108496094, 354.1305467676575, 425.1009197687109, 359.14318437896145 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 430.6406070566406, 354.1305467676575, 433.13998193375, 359.14318437896145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,890 ", "box": [ 471.76170284326156, 354.1305467676575, 502.90170152701154, 359.14318437896145 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 508.4413888149412, 354.1305467676575, 510.9407636920506, 359.14318437896145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "305 ", "box": [ 557.0624767890624, 354.1305467676575, 575.2766985113865, 359.14318437896145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fixed assets - non real estate", "box": [ 33.74999859375, 366.88054623641074, 148.40867011386658, 371.8931838477147 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 344.8007706333006, 366.88054623641074, 347.30014551041, 371.8931838477147 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 352.83983279833967, 366.88054623641074, 355.3392076754491, 371.8931838477147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "289 ", "box": [ 401.46092077246095, 366.88054623641074, 425.1009197687109, 371.8931838477147 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 430.6406070566406, 366.88054623641074, 433.13998193375, 371.8931838477147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "325 ", "box": [ 479.26170253076157, 366.88054623641074, 502.90170152701154, 371.8931838477147 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 508.4413888149412, 366.88054623641074, 510.9407636920506, 371.8931838477147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(36)", "box": [ 558.7265392197265, 366.88054623641074, 576.1065690510579, 371.8931838477147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other assets, miscellaneous", "box": [ 33.74999859375, 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"text": "$", "box": [ 508.4413888149412, 393.1305451426597, 513.44013856916, 398.14318275396363 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,317 ", "box": [ 549.5624771015624, 393.1305451426597, 575.2766985113865, 398.14318275396363 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 407.29099860953283, 35.9999985, 411.80350061904755 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The increase of $1.3 million in other assets was primarily attributable to increases in other receivables due to a receivable from ", "box": [ 70.04296583154297, 418.6305440801516, 580.7493507833593, 423.64318169145554 ], "from_ocr": false, "confidence": 1.0 }, { "text": "one of our financing counterparties and in various prepaid assets held at our real estate properties, offset by amortization.", "box": [ 33.74999859375, 430.6305435801478, 517.9055874018496, 435.64318119145173 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Deferred Tax Assets", "box": [ 33.74999859375, 451.6305427051557, 120.36887588004294, 456.6431803164596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At both June 30, 2026 and December 31, 2025, our net deferred tax asset was zero, resulting from a full valuation allowance ", "box": [ 74.90624687890625, 472.630541830149, 580.7493507833593, 477.64317944145296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of $21.8 million and $20.3 million, respectively, on our gross deferred tax assets as we believed it was more likely than not that the ", "box": [ 33.74999859375, 484.63054133015976, 580.7493507833593, 489.6431789414637 ], "from_ocr": false, "confidence": 1.0 }, { "text": "deferred tax assets would not be realized. We will continue to evaluate our ability to realize the tax benefits associated with deferred tax ", "box": [ 33.74999859375, 496.63054083015595, 580.7493507833593, 501.6431784414599 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets by analyzing forecasted taxable income using both historical and projected future operating results, the reversal of existing ", "box": [ 33.74999859375, 508.63054033015214, 580.7493507833593, 513.6431779414561 ], "from_ocr": false, "confidence": 1.0 }, { "text": "temporary differences, taxable income in prior carry back years (if permitted) and the availability of tax planning strategies.", "box": [ 33.74999859375, 520.6305398301483, 528.7036367269308, 525.6431774414523 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Derivative Instruments", "box": [ 33.74999859375, 541.6305389551562, 132.8754823589343, 546.6431765664602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Historically, we sought to mitigate the potential impact on net income (loss) of adverse fluctuations in interest rates incurred ", "box": [ 70.04296583154297, 562.6305380801496, 580.7493507833593, 567.6431756914535 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on our borrowings by entering into hedging agreements. We classified our interest rate hedges as cash flow hedges, which are hedges ", "box": [ 33.74999859375, 574.6305375801603, 580.7493507833593, 579.6431751914643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that eliminate the risk of changes in the cash flows of a financial asset or liability.", "box": [ 33.74999859375, 586.6305370801565, 360.23526019644663, 591.6431746914604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We terminated all of our interest rate swap positions associated with our prior financed CMBS portfolio in April 2020. At ", "box": [ 70.04296583154297, 607.6305362051498, 580.7493507833593, 612.6431738164538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "termination, we realized a loss of $11.8 million. At June 30, 2026 and December 31, 2025, we had losses of $1.0 million and $1.6 ", "box": [ 33.74999859375, 619.6305357051606, 580.7493507833593, 624.6431733164645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, respectively, recorded in accumulated other comprehensive loss, which will be amortized into earnings over the remaining life ", "box": [ 33.74999859375, 631.6305352051568, 580.7493507833593, 636.6431728164607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the debt. During the three months ended June 30, 2026 and 2025, we recorded amortization expense of $312,000 and $420,000, ", "box": [ 33.74999859375, 643.630534705153, 580.7493507833593, 648.6431723164569 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively, reported in interest expense on the consolidated statements of operations. During the six months ended June 30, 2026 and ", "box": [ 33.74999859375, 655.6305342051492, 580.7493507833593, 660.6431718164531 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025, we recorded amortization expense of $638,000 and $835,000, respectively, reported in interest expense on the consolidated ", "box": [ 33.74999859375, 667.6305337051599, 580.7493507833593, 672.6431713164638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements of operations.", "box": [ 33.74999859375, 679.6305332051561, 133.42221702199072, 684.64317081646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For each of the three and six months ended June 30, 2025 we recorded accretion income, reported in interest expense on the ", "box": [ 70.04296583154297, 700.6305323301494, 580.7493507833593, 705.6431699414534 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated statements of operations, of $23,000 and $45,000, respectively, to accrete the accumulated other comprehensive income ", "box": [ 33.74999859375, 712.6305318301602, 580.7493507833593, 717.6431694414641 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on the terminated swap agreements. At December 31, 2025, we fully accreted the unrealized balance from the gain attributable to two ", "box": [ 33.74999859375, 724.6305313301564, 580.7493507833593, 729.6431689414603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "terminated interest rate swaps, and therefore no accretion income was recorded for the three and six months ended June 30, 2026.", "box": [ 33.74999859375, 736.6305308301526, 551.4909280024602, 741.6431684414565 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 100, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 38.3805599239131, 578.2459236369182, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "62", "box": [ 300.99608495849594, 56.380559173907386, 310.9935794794336, 61.39319678521133 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 101, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table presents the effect of derivative instruments on our consolidated statements of operations for the six ", "box": [ 70.04296583154297, 113.38055679890385, 580.7493507833593, 118.3931944102078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "months ended June 30, 2026 and 2025 (in thousands):", "box": [ 33.74999859375, 125.3805562989146, 249.50632925299013, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 137.3805557989108, 72.54234070865235, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 150.8805552364065, 36.249373470859375, 155.89319284771045 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 214.13671357763656, 150.8805552364065, 216.63608845474593, 155.89319284771045 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 223.4999906875, 150.8805552364065, 225.99936556460938, 155.89319284771045 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 382.535144061035, 150.8805552364065, 385.03451893814434, 155.89319284771045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Realized and Unrealized Gain (Loss) ", "box": [ 415.58201768408185, 152.95642923301784, 542.8342644694053, 156.9650351096061 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.5116985620115, 152.95642923301784, 576.5104484412302, 156.9650351096061 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 122.9414011274414, 170.95642848302668, 124.94015100666016, 174.9650343596004 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 214.13671357763656, 170.95642848302668, 216.13546345685532, 174.9650343596004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Consolidated Statements of Operations ", "box": [ 236.27342765527342, 161.95642885802954, 371.74873447296875, 165.96503473460325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Location", "box": [ 287.90623800390625, 170.20642851426965, 318.1099493702953, 174.2150343908579 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 382.535144061035, 170.20642851426965, 384.53389394025373, 174.2150343908579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June ", "box": [ 394.58201855908186, 161.95642885802954, 478.1198275408397, 165.96503473460325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2026", "box": [ 421.3593574433594, 170.20642851426965, 449.3417959024243, 174.2150343908579 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 480.5156049785156, 170.20642851426965, 482.5143548577344, 174.2150343908579 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 487.92185466992186, 170.20642851426965, 489.92060454914065, 174.2150343908579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended ", "box": [ 501.6445140981443, 161.95642885802954, 566.7370113484568, 165.96503473460325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2025", "box": [ 509.97654125097654, 170.20642851426965, 556.3966353668058, 174.2150343908579 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.5116985620115, 170.20642851426965, 576.5104484412302, 174.2150343908579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest rate swap contracts, hedging", "box": [ 33.74999859375, 180.1305540176545, 180.0462313105734, 185.14319162895845 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 214.13671357763656, 180.1305540176545, 216.63608845474593, 185.14319162895845 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest expense", "box": [ 223.4999906875, 180.1305540176545, 288.17612434022226, 185.14319162895845 ], 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197.4650334221078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Negative values indicate a decrease to the associated consolidated statement of operations line items.", "box": [ 51.890622837890625, 193.45642754551955, 374.68043642581455, 197.4650334221078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financing Arrangements", "box": [ 33.74999859375, 211.63055270515906, 140.66161865951196, 216.643190316463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrowings under our financing arrangements are guaranteed by us or one or more of our subsidiaries. The following table ", "box": [ 70.04296583154297, 232.63055183016695, 580.7493507833593, 237.6431894414709 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sets forth certain information with respect to our borrowings (dollars in thousands, except amounts in footnotes):", "box": [ 33.74999859375, 244.63055133016314, 484.6521925552455, 249.6431889414671 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 256.63055083015934, 72.54234070865235, 261.6431884414633 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 117.01171387451171, 270.70642432676686, 119.01046375373045, 274.7150302033551 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 203.00390154150375, 270.70642432676686, 205.0026514207225, 274.7150302033551 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 276.03514849853497, 269.9564243580244, 322.45524261436424, 273.96503023461264 ], "from_ocr": false, "confidence": 1.0 }, { 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facility with no balance.", "box": [ 51.890622837890625, 646.4564086705213, 359.1588383975477, 650.4650145471096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 33.74999859375, 654.706408326776, 43.07227342132069, 658.7150142033497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Collateral is composed of seven future funding participations that are components of assets held by ACRES Commercial Realty 2026-FL4 Issuer, LLC (\"ACR ", "box": [ 51.890622837890625, 654.706408326776, 580.2487257854687, 658.7150142033497 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026-FL4\") at June 30, 2026.", "box": [ 51.890622837890625, 662.9564079830161, 146.19862674589032, 666.9650138596044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 33.74999859375, 671.2064076392708, 43.07227342132069, 675.215013515859 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Includes $774,000 of deferred debt issuance costs at June 30, 2026.", "box": [ 51.890622837890625, 671.2064076392708, 267.4780029675827, 675.215013515859 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 679.4564072955254, 35.74874847296875, 683.4650131720991 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We were in compliance with all covenants in the respective agreements at June 30, 2026 and December 31, 2025.", "box": [ 70.04296583154297, 697.6305324551649, 524.489327052527, 702.6431700664689 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - Term Reinvestment Financing Facility", "box": [ 33.74999859375, 718.6305315801583, 222.32073435919713, 723.6431691914622 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 542.8359148818358, 150.95439802999317, 549.0799182192435, 153.63933668803656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 153.87890358837873, 343.56550796324154, 161.68828654538953, 346.9235616548103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 76.67577805517578, 399.0655056507385, 84.48516101218657, 402.42355934230727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 153.87890358837873, 455.31550330699247, 161.68828654538953, 458.6735569985467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)(5)", "box": [ 95.84765225634766, 486.06550202574, 111.46641446296763, 489.4235557173088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 97.24218344824217, 530.3155001819832, 105.05156640525297, 533.673553873552 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 102, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 116.3805566739029, 578.2459236369182, 121.39319428520685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "63", "box": [ 300.99608495849594, 134.38055592391174, 310.9935794794336, 139.3931935352157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In March 2025, an indirect wholly-owned subsidiary of ours entered into a master repurchase agreement (the \"JPMorgan ", "box": [ 70.04296583154297, 38.380559923898545, 580.7493507833593, 43.39319753520249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chase 2025 Facility\") with JPMorgan Chase Bank, N.A. (\"JPMorgan Chase\") to finance existing CRE loans and the origination of CRE ", "box": [ 33.74999859375, 50.38055942390929, 580.7493507833593, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans. The JPMorgan Chase 2025 Facility had an initial maximum facility amount of $939.9 million, provides match term funding, ", "box": [ 33.74999859375, 62.38055892390548, 580.7493507833593, 67.39319653520943 ], "from_ocr": false, "confidence": 1.0 }, { "text": "charges interest of one-month benchmark plus a 1.75% spread and matures as of the latest maturity date of any purchased asset. The ", "box": [ 33.74999859375, 74.38055842390168, 580.7493507833593, 79.39319603520562 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JPMorgan Chase 2025 Facility includes a two-year reinvestment period enabling the reinvestment of principal proceeds from asset ", "box": [ 33.74999859375, 86.38055792391242, 580.7493507833593, 91.39319553521636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repayments into qualifying replacement assets. The reinvestment period for the JPMorgan Chase 2025 Facility ends in March 2027.", "box": [ 33.74999859375, 98.38055742390861, 560.9905310316434, 103.39319503521256 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 103, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 737.3805307989096, 578.2459236369182, 742.3931684102135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In connection with the JPMorgan Chase 2025 Facility, we provided \"bad act\" guaranties pursuant to a guarantee agreement ", "box": [ 70.04296583154297, 113.3805567989184, 580.7493507833593, 118.39319441022235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(the \"2025 JPMorgan Chase Guarantee\") where we are liable for 100% of the repurchase price of the purchased assets and JPMorgan ", "box": [ 33.74999859375, 125.3805562989146, 580.7493507833593, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chase's losses, costs and expenses only upon the occurrence of certain customary bad acts. The JPMorgan Chase 2025 Guarantee ", "box": [ 33.74999859375, 137.3805557989108, 580.7493507833593, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "includes certain financial covenants required of us, including required liquidity, required capital, ratios of total indebtedness to equity ", "box": [ 33.74999859375, 149.38055529892154, 580.7493507833593, 154.39319291022548 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and EBITDA requirements. The JPMorgan Chase 2025 Facility also includes minimum interest coverage requirements and maximum ", "box": [ 33.74999859375, 161.38055479891773, 580.7493507833593, 166.39319241022167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "look through LTV requirements. Also, ACRES Realty Funding, Inc. (\"ACRES RF\"), the direct owner of the wholly-owned subsidiary ", "box": [ 33.74999859375, 173.38055429891392, 580.7493507833593, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrower, executed a pledge agreement with JPMorgan Chase pursuant to which it pledged and granted to JPMorgan Chase a ", "box": [ 33.74999859375, 185.3805537989101, 580.7493507833593, 190.39319141021406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "continuing security interest in any and all of its right, title and interest in and to the wholly-owned subsidiary, including all ", "box": [ 33.74999859375, 197.38055329892086, 580.7493507833593, 202.3931909102248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distributions, proceeds, payments, income and profits from its interests in the wholly-owned subsidiary.", "box": [ 33.74999859375, 209.38055279891705, 448.57732781552716, 214.393190410221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The JPMorgan Chase 2025 Facility specifies events of default, subject to certain materiality thresholds and grace periods, ", "box": [ 70.04296583154297, 230.3805519239104, 580.7493507833593, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "customary for this type of financing arrangement, including but not limited to: payment defaults; bankruptcy or insolvency ", "box": [ 33.74999859375, 242.38055142392113, 580.7493507833593, 247.39318903522508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proceedings; a change of control of the ACRES SPE 2025-1, LLC, (\"Seller SPE\") or of us; breaches of covenants and/or certain ", "box": [ 33.74999859375, 254.38055092391733, 580.7493507833593, 259.39318853522127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "representations and warranties; and a judgment in an amount greater than $250,000 against the Seller SPE or ACRES RF or $10.0 ", "box": [ 33.74999859375, 266.3805504239135, 580.7493507833593, 271.39318803521746 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million against us. The remedies for such events of default are also customary for this type of financing arrangement and include the ", "box": [ 33.74999859375, 278.3805499239097, 580.7493507833593, 283.39318753521366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "acceleration of the principal amount outstanding under the JPMorgan Chase 2025 Facility and the liquidation by JPMorgan Chase of ", "box": [ 33.74999859375, 290.38054942392046, 580.7493507833593, 295.3931870352244 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purchased assets then subject to the JPMorgan Chase 2025 Facility. In October 2025, the JPMorgan Chase 2025 Facility was amended ", "box": [ 33.74999859375, 302.38054892391665, 580.7493507833593, 307.3931865352206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to allow ACRES Mortgage Fund Levered II, LLC (\"AMF Levered II, LLC\"), a wholly owned subsidiary of ACRES Mortgage Fund, ", "box": [ 33.74999859375, 314.38054842391284, 580.7493507833593, 319.3931860352168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ltd., to purchase a non-controlling interest in the Seller SPE. At June 30, 2026, AMF Levered II, LLC owned a $135.2 million non-", "box": [ 33.74999859375, 326.38054792390903, 578.2451448369507, 331.393185535213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "controlling interest, or 43.2%, of the Seller SPE and assumed a proportionate share of risk in the portfolio.", "box": [ 33.74999859375, 338.3805474239198, 458.8285785633917, 343.3931850352237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior Secured Financing Facility", "box": [ 33.74999859375, 359.3805465489131, 176.78531298150645, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In July 2020, our indirect, wholly-owned subsidiary (\"Holdings\"), along with its direct wholly owned subsidiary (the ", "box": [ 70.04296583154297, 380.380545673921, 580.7493507833593, 385.39318328522495 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\"Borrower\"), entered into a $250.0 million Loan and Servicing Agreement (the \"MassMutual Loan Agreement\") with Massachusetts ", "box": [ 33.74999859375, 392.3805451739172, 580.7493507833593, 397.39318278522114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mutual Life Insurance Company (\"MassMutual\") and the other lenders party thereto (the \"Lenders\"). The asset-based revolving loan ", "box": [ 33.74999859375, 404.3805446739134, 580.7493507833593, 409.39318228521734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "facility (the \"MassMutual Facility\") provided under the MassMutual Loan Agreement has been used to finance our core CRE lending ", "box": [ 33.74999859375, 416.3805441739096, 580.7493507833593, 421.3931817852135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "business.", "box": [ 33.74999859375, 428.38054367392033, 70.13246683406376, 433.3931812852243 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In December 2022, Holdings, the Borrower and the Lenders entered into an Amended and Restated Loan and Servicing ", "box": [ 70.04296583154297, 449.38054279891367, 580.7493507833593, 454.3931804102176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement (the \"Amended and Restated Loan and Servicing Agreement\"), which amends and restates the MassMutual Loan ", "box": [ 33.74999859375, 461.38054229890986, 580.7493507833593, 466.3931799102138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement, and reflects a senior secured term loan facility, not to exceed $500.0 million, composed of individual loan series issued ", "box": [ 33.74999859375, 473.3805417989206, 580.7493507833593, 478.39317941022455 ], "from_ocr": false, "confidence": 1.0 }, { "text": "upon mutual agreement of the Borrower and Lenders. Each loan series will be available for three months after the closing date agreed ", "box": [ 33.74999859375, 485.3805412989168, 580.7493507833593, 490.39317891022074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "upon by the Borrower and Lenders (\"Commitment Period\"), subject to the maximum dollar amount agreed upon for that series. The ", "box": [ 33.74999859375, 497.380540798913, 580.7493507833593, 502.39317841021693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Commitment Period is subject to immediate termination upon the occurrence of an event of default. Each loan series will have a final ", "box": [ 33.74999859375, 509.3805402989092, 580.7493507833593, 514.3931779102131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maturity of five years from the issuance date for the loan series unless an additional time is mutually agreed upon by the Lenders and ", "box": [ 33.74999859375, 521.3805397989199, 580.7493507833593, 526.3931774102239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrower. The advance rate on portfolio assets will be mutually agreed upon by the Lenders and Borrower. Each loan series will have ", "box": [ 33.74999859375, 533.3805392989161, 580.7493507833593, 538.3931769102201 ], "from_ocr": false, "confidence": 1.0 }, { "text": "its own mutually agreed upon interest rate equal to one-month Term SOFR plus the applicable spread.", "box": [ 33.74999859375, 545.3805387989123, 442.43633707140174, 550.3931764102163 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - Term Warehouse Financing Facilities", "box": [ 33.74999859375, 566.3805379239202, 220.11425959898517, 571.3931755352241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In October 2018, an indirect, wholly-owned subsidiary of ours entered into a master repurchase agreement (the \"JPMorgan ", "box": [ 70.04296583154297, 587.3805370489135, 580.7493507833593, 592.3931746602175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chase Facility\") with JP Morgan Chase to finance the origination of CRE loans. As amended, the JPMorgan Chase Facility has a ", "box": [ 33.74999859375, 599.3805365489097, 580.7493507833593, 604.3931741602137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maximum facility amount of $250.0 million, charges interest of one-month Term SOFR plus market spreads and was set to mature in ", "box": [ 33.74999859375, 611.3805360489205, 580.7493507833593, 616.3931736602244 ], "from_ocr": false, "confidence": 1.0 }, { "text": "July 2026. In March 2025, we entered into Amendment No. 6 to Guarantee, by and between the us and JPMorgan Chase, which makes ", "box": [ 33.74999859375, 623.3805355489167, 580.7493507833593, 628.3931731602206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "certain amendments and modifications to the Guarantee, dated October 26, 2018 between the us and JPMorgan Chase, as amended (the ", "box": [ 33.74999859375, 635.3805350489129, 580.7493507833593, 640.3931726602168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\"JPM Guarantee\") including but not limited to amending (capitalized terms each as defined in the JPM Guarantee) (i) minimum ", "box": [ 33.74999859375, 647.380534548909, 580.7493507833593, 652.393172160213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unencumbered Liquidity requirement, (ii) the ratio of Total Indebtedness to Total Equity, (iii) ratio of Adjusted Total Indebtedness to ", "box": [ 33.74999859375, 659.3805340489198, 580.7493507833593, 664.3931716602237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Equity, and (iv) EBITDA to Interest Expense ratio. In August 2025, we entered into Amendment No. 7 to Guarantee, by and ", "box": [ 33.74999859375, 671.380533548916, 580.7493507833593, 676.3931711602199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "between us and JPMorgan Chase, which makes certain amendments and modifications to the Guarantee, dated October 26, 2018 ", "box": [ 33.74999859375, 683.3805330489122, 580.7493507833593, 688.3931706602161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "between us and JPMorgan Chase, as amended the JPM Guarantee to amend the terms of the debt service coverage period. In July 2026, ", "box": [ 33.74999859375, 695.3805325489229, 580.7493507833593, 700.3931701602269 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we entered into Amendment No. 5 to the JPMorgan Chase Facility, extending its maturity to July 2028. We also have the right to ", "box": [ 33.74999859375, 707.3805320489191, 580.7493507833593, 712.3931696602231 ], "from_ocr": false, "confidence": 1.0 }, { "text": "request two one-year extensions.", "box": [ 33.74999859375, 719.3805315489153, 164.78640864014932, 724.3931691602193 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 104, "width": 612.0, "height": 792.0, "cells": [ { "text": "64", "box": [ 300.99608495849594, 38.3805599239131, 310.9935794794336, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 105, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817389977, 96.48813121016045, 85.39319578520372 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In November 2021, an indirect, wholly-owned subsidiary of ours entered into a Master Repurchase and Securities Contract ", "box": [ 70.04296583154297, 113.38055679890385, 580.7493507833593, 118.3931944102078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement (the \"Morgan Stanley Facility\") with Morgan Stanley Mortgage Capital Holdings LLC (\"Morgan Stanley\") to finance the ", "box": [ 33.74999859375, 125.38055629890005, 580.7493507833593, 130.393193910204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "origination of CRE loans. As amended, the Morgan Stanley Facility has a maximum facility amount of $250.0 million, charges interest ", "box": [ 33.74999859375, 137.3805557989108, 580.7493507833593, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of one-month Term SOFR plus market spreads and was scheduled to mature in November 2025. We also have the right to request an ", "box": [ 33.74999859375, 149.38055529890698, 580.7493507833593, 154.39319291021093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "extension for an additional one-year period. In March 2025, we entered into Amendment No. 4 to Guaranty (the \"Morgan Stanley ", "box": [ 33.74999859375, 161.38055479890318, 580.7493507833593, 166.39319241020712 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amendment\") by and between us and Morgan Stanley, which makes certain amendments and modifications to the Guaranty between us ", "box": [ 33.74999859375, 173.38055429891392, 580.7493507833593, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and Morgan Stanley as amended (the \"MS Guaranty\"), including but not limited to (capitalized terms each as defined in the MS ", "box": [ 33.74999859375, 185.3805537989101, 580.7493507833593, 190.39319141021406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guarantee) (i) minimum unencumbered Liquidity requirement, (ii) ratio of Total Indebtedness to Total Equity, (iii) ratio of Adjusted ", "box": [ 33.74999859375, 197.3805532989063, 580.7493507833593, 202.39319091021025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Indebtedness to Total Equity, and (iv) EBITDA to Interest Expense ratio. In November 2025, we entered into Amendment No. 3 ", "box": [ 33.74999859375, 209.3805527989025, 580.7493507833593, 214.39319041020644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the Morgan Stanley Facility extending its maturity to November 2026 and entered into Amendment No.4 to the Morgan Stanley ", "box": [ 33.74999859375, 221.38055229891324, 580.7493507833593, 226.3931899102172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Facility to increase the facility amount to $400.0 million, as increased from time to time, provided the amount shall be automatically ", "box": [ 33.74999859375, 233.38055179890944, 580.7493507833593, 238.39318941021338 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reduced to $250.0 million on the earlier of May 2026 or when we send a request for a reduction in the facility amount. In December ", "box": [ 33.74999859375, 245.38055129890563, 580.7493507833593, 250.39318891020957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025, we entered into Amendment No. 5 to the Morgan Stanley Facility to increase the facility amount to $500.0 million. In March ", "box": [ 33.74999859375, 257.3805507989018, 580.7493507833593, 262.39318841020577 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026, we entered into Amendment No. 6 to the Morgan Stanley Facility to decrease the facility amount to $250.0 million.", "box": [ 33.74999859375, 269.38055029891257, 521.0200739470793, 274.3931879102165 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage Payable", "box": [ 33.74999859375, 290.3805494239059, 108.99477360611235, 295.39318703520985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In April 2022, Chapel Drive West, LLC, a wholly owned subsidiary of CS - ACRES FSU Student Venture, LLC (the \"FSU ", "box": [ 70.04296583154297, 311.3805485489138, 580.7493507833593, 316.39318616021774 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Student Venture\") entered into a Loan Agreement (the \"Mortgage\") with Readycap Commercial, LLC (\"Readycap\") to finance the ", "box": [ 33.74999859375, 323.38054804891, 580.7493507833593, 328.39318566021393 ], "from_ocr": false, "confidence": 1.0 }, { "text": "acquisition of a student housing complex. The Mortgage is interest only and had a maximum principal balance of $20.4 million, of ", "box": [ 33.74999859375, 335.3805475489062, 580.7493507833593, 340.3931851602101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which, $18.7 million was advanced in the initial funding. The Mortgage charges interest of one-month Term SOFR plus a spread of ", "box": [ 33.74999859375, 347.3805470489024, 580.7493507833593, 352.3931846602063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.80%. The Mortgage was paid off in May 2026.", "box": [ 33.74999859375, 359.3805465489131, 229.49180454409114, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In May 2026, Chapel Drive West, LLC, entered into a Loan Agreement (the \"HGM Mortgage\") with HGM CRE LP (\"HGM\") ", "box": [ 70.04296583154297, 380.38054567390645, 580.7493507833593, 385.3931832852104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to finance an existing student housing complex. The HGM Mortgage is interest only and has a maximum principal balance of $23.8 ", "box": [ 33.74999859375, 392.38054517390265, 580.7493507833593, 397.3931827852066 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million, of which, $21.7 million was advanced in the initial funding. The HGM Mortgage charges interest of one-month Term SOFR ", "box": [ 33.74999859375, 404.3805446739134, 580.7493507833593, 409.39318228521734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "plus a spread of 3.50%. The HGM Mortgage is scheduled to mature in June 2029, subject to two one-year extension options.", "box": [ 33.74999859375, 416.3805441739096, 532.4088215225481, 421.3931817852135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The HGM Mortgage contains events of default, subject to certain materiality thresholds and grace periods, customary for this ", "box": [ 70.04296583154297, 437.3805432989029, 580.7493507833593, 442.39318091020687 ], "from_ocr": false, "confidence": 1.0 }, { "text": "type of financing arrangement. The remedies for such events of default are also customary for this type of transaction.", "box": [ 33.74999859375, 449.38054279891367, 505.6821074861614, 454.3931804102176 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In January 2023, Chapel Drive East, LLC, a wholly owned subsidiary of the FSU Student Venture, entered into a loan ", "box": [ 70.04296583154297, 470.380541923907, 580.7493507833593, 475.39317953521095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreement (the \"Construction Loan Agreement\") with Oceanview Life and Annuity Company (\"Oceanview\") to finance the ", "box": [ 33.74999859375, 482.3805414239032, 580.7493507833593, 487.39317903520714 ], "from_ocr": false, "confidence": 1.0 }, { "text": "construction of a student housing complex (the \"Construction Loan\"). The Construction Loan was interest only and has a maximum ", "box": [ 33.74999859375, 494.38054092391394, 580.7493507833593, 499.3931785352179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal balance of $48.0 million. The Construction Loan charged one-month Term SOFR plus a spread of 6.00%. In February 2025, ", "box": [ 33.74999859375, 506.38054042391013, 580.7493507833593, 511.3931780352141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Construction Loan was amended to bifurcate the first one-year extension option into two separate extension options and periods: a ", "box": [ 33.74999859375, 518.3805399239063, 580.7493507833593, 523.3931775352103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "seven month extension period ended September 2025 and a five month extension ended February 2026. The Construction Loan had a ", "box": [ 33.74999859375, 530.3805394239025, 580.7493507833593, 535.3931770352065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maturity of September 2025.", "box": [ 33.74999859375, 542.3805389239133, 148.69669156055423, 547.3931765352172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition to the Construction Loan, Chapel Drive East, LLC entered into a financing agreement with Florida Pace Funding ", "box": [ 70.04296583154297, 563.3805380489066, 580.7493507833593, 568.3931756602105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agency to fund energy efficient building improvements and had a maximum principal balance of $15.5 million. This agreement ", "box": [ 33.74999859375, 575.3805375489028, 580.7493507833593, 580.3931751602067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "charged fixed interest of 7.26% and was scheduled to mature in July 2053.", "box": [ 33.74999859375, 587.3805370489135, 331.92699565095796, 592.3931746602175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In September 2025, the Construction Loan and the financing agreement with Florida Pace Funding Agency were paid off in ", "box": [ 70.04296583154297, 608.3805361739069, 580.7493507833593, 613.3931737852108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "connection with the sale of the student housing complex.", "box": [ 33.74999859375, 620.3805356739031, 261.1440323752482, 625.393173285207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securitizations", "box": [ 33.74999859375, 641.380534798911, 97.05927600127632, 646.3931724102149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACR 2026-FL4", "box": [ 33.74999859375, 662.3805339239043, 97.35216618115956, 667.3931715352082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In February 2026, we closed ACR 2026-FL4, a CRE debt securitization transaction that can finance up to $1.0 billion of ", "box": [ 75.1289031196289, 683.3805330489122, 580.7493507833593, 688.3931706602161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE loans. ACR 2026-FL4 issued a total of $879.5 million of non-recourse, floating-rate notes to third parties at par. Additionally, we ", "box": [ 33.74999859375, 695.3805325489084, 580.7493507833593, 700.3931701602123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "retained 100% of the Class F notes, Class G notes and Income notes. ACR 2026-FL4 includes a 180-day ramp up acquisition period ", "box": [ 33.74999859375, 707.3805320489046, 580.7493507833593, 712.3931696602085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that allows it to acquire CRE loans using unused proceeds from the issuance of the non-recourse floating-rate notes, to which the ", "box": [ 33.74999859375, 719.3805315489008, 580.7493507833593, 724.3931691602047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company fully utilized for new loan originations as of March 31, 2026. Additionally, ACR 2026-FL4 includes a reinvestment period, ", "box": [ 33.74999859375, 731.3805310489115, 580.7493507833593, 736.3931686602155 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 106, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 89.38055779891147, 578.2459236369182, 94.39319541021541 ], "from_ocr": false, "confidence": 1.0 }, { "text": "65", "box": [ 300.99608495849594, 107.38055704892031, 310.9935794794336, 112.39319466022425 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which ends in August 2028, that allows it to acquire CRE loans for reinvestment into the securitization using uninvested principal ", "box": [ 33.74999859375, 38.3805599239131, 580.7493507833593, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proceeds.", "box": [ 33.74999859375, 50.38055942392384, 71.77756634051795, 55.393197035227786 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At closing, the offered notes issued to investors consisted of the following classes: (i) $589.7 million of Class A notes bearing ", "box": [ 70.04296583154297, 71.38055854891718, 576.2259134718358, 76.39319616022112 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 107, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest at one-month SOFR plus 1.45%, increasing to 1.70% in August 2031; (ii) $104.2 million of Class A-S notes bearing interest at ", "box": [ 33.74999859375, 113.3805567989184, 580.7493507833593, 118.39319441022235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "one-month SOFR plus 1.70%, increasing to 1.95% in August 2031; (iii) $72.4 million of Class B notes bearing interest at one-month ", "box": [ 33.74999859375, 125.3805562989146, 580.7493507833593, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SOFR plus 1.95%, increasing to 2.45% in August 2031; (iv) $58.5 million of Class C notes bearing interest at one-month SOFR plus ", "box": [ 33.74999859375, 137.3805557989108, 580.7493507833593, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.25%, increasing to 2.75% in August 2031; (v) $36.9 million of Class D notes bearing interest at one-month SOFR plus 2.85%, ", "box": [ 33.74999859375, 149.38055529890698, 580.7493507833593, 154.39319291021093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increasing to 3.35% in August 2031 and (vi) $17.8 million of Class E notes bearing interest at one-month SOFR plus 3.60%, increasing ", "box": [ 33.74999859375, 161.38055479891773, 580.7493507833593, 166.39319241022167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to 4.10% in August 2031. All of the notes issued mature in August 2044, although we have the right to call the notes beginning on the ", "box": [ 33.74999859375, 173.38055429891392, 580.7493507833593, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payment date in August 2028 and thereafter.", "box": [ 33.74999859375, 185.3805537989101, 211.70332636027774, 190.39319141021406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACR 2021-FL1", "box": [ 33.74999859375, 206.380552923918, 97.35216618115956, 211.39319053522195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In May 2021, we closed ACR 2021-FL1, an $802.6 million CRE debt securitization transaction that provided financing for ", "box": [ 70.04296583154297, 227.38055204891134, 580.7493507833593, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE loans. In March 2025, we exercised the optional redemption on ACR 2021-FL1 in conjunction with the closing of the JPMorgan ", "box": [ 33.74999859375, 239.38055154890753, 580.7493507833593, 244.39318916021148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chase 2025 Facility.", "box": [ 33.74999859375, 251.38055104891828, 116.21950471377042, 256.3931886602222 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACR 2021-FL2", "box": [ 33.74999859375, 272.3805501739116, 97.35216618115956, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In December 2021, we closed ACR 2021-FL2, a $700.0 million CRE debt securitization transaction that provided financing ", "box": [ 70.04296583154297, 293.3805492989195, 580.7493507833593, 298.39318691022345 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for CRE loans. In March 2025, we exercised the optional redemption on ACR 2021-FL2 in conjunction with the closing of the ", "box": [ 33.74999859375, 305.3805487989157, 580.7493507833593, 310.39318641021964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JPMorgan Chase 2025 Facility.", "box": [ 33.74999859375, 317.3805482989119, 159.82182449700707, 322.39318591021583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Corporate Debt", "box": [ 33.74999859375, 338.3805474239198, 101.21353383826866, 343.3931850352237 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.75% Senior Unsecured Notes Due 2026", "box": [ 33.74999859375, 359.3805465489131, 204.26380545150778, 364.39318416021706 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On August 16, 2021, we issued $150.0 million of our 5.75% senior unsecured notes due 2026 (the \"5.75% Senior Unsecured ", "box": [ 70.04296583154297, 380.38054567390645, 580.7493507833593, 385.3931832852104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Notes\") pursuant to our Indenture, dated August 16, 2021 (the \"Base Indenture\"), between Wells Fargo, now Computershare Trust ", "box": [ 33.74999859375, 392.3805451739172, 580.7493507833593, 397.39318278522114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company, N.A. (\"CTC\"), as trustee (the \"Trustee\"), and us as supplemented by the First Supplemental Indenture, dated August 16, ", "box": [ 33.74999859375, 404.3805446739134, 580.7493507833593, 409.39318228521734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2021, between Wells Fargo, now CTC, and us (the \"Supplemental Indenture\" and, together with the Base Indenture, the \"Indenture\"). ", "box": [ 33.74999859375, 416.3805441739096, 580.7493507833593, 421.3931817852135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We may at our option redeem the 5.75% Senior Unsecured Notes, at any time, in whole or in part, on not less than 15 days nor more ", "box": [ 33.74999859375, 428.3805436739058, 580.7493507833593, 433.3931812852097 ], "from_ocr": false, "confidence": 1.0 }, { "text": "than 60 days' prior notice, at a redemption price equal to 100% of the principal amount of the 5.75% Senior Unsecured Notes to be ", "box": [ 33.74999859375, 440.3805431739165, 580.7493507833593, 445.39318078522047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "redeemed, plus accrued and unpaid interest to, but not including, the redemption date. The 5.75% Senior Unsecured Notes mature in ", "box": [ 33.74999859375, 452.3805426739127, 580.7493507833593, 457.39318028521666 ], "from_ocr": false, "confidence": 1.0 }, { "text": "August 2026.", "box": [ 33.74999859375, 464.3805421739089, 87.62806785508036, 469.39317978521285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unsecured Junior Subordinated Debentures", "box": [ 33.74999859375, 485.3805412989168, 216.23344236068587, 490.39317891022074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During 2006, we formed RCT I and RCT II for the sole purpose of issuing and selling capital securities representing preferred ", "box": [ 70.04296583154297, 506.38054042391013, 580.7493507833593, 511.3931780352141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "beneficial interests. RCT I and RCT II are not consolidated into our consolidated financial statements because we are not deemed to be ", "box": [ 33.74999859375, 518.3805399239063, 580.7493507833593, 523.3931775352103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the primary beneficiary of these entities. In connection with the issuance and sale of the capital securities, we issued junior ", "box": [ 33.74999859375, 530.3805394239171, 580.7493507833593, 535.393177035221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subordinated debentures to RCT I and RCT II of $25.8 million each, representing our maximum exposure to loss. The debt issuance ", "box": [ 33.74999859375, 542.3805389239133, 580.7493507833593, 547.3931765352172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "costs associated with the junior subordinated debentures for RCT I and RCT II were included in borrowings and were amortized into ", "box": [ 33.74999859375, 554.3805384239095, 580.7493507833593, 559.3931760352134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest expense on the consolidated statements of operations using the effective yield method over a ten year period.", "box": [ 33.74999859375, 566.3805379239056, 501.25457147064174, 571.3931755352096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "There were no unamortized debt issuance costs associated with the junior subordinated debentures for RCT I and RCT II ", "box": [ 70.04296583154297, 587.3805370489135, 580.7493507833593, 592.3931746602175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "outstanding at June 30, 2026 and December 31, 2025. The interest rates for RCT I and RCT II, at June 30, 2026, were 7.91% and ", "box": [ 33.74999859375, 599.3805365489097, 580.7493507833593, 604.3931741602137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "7.88%, respectively. The interest rates for RCT I and RCT II, at December 31, 2025, were 7.90% and 8.05%, respectively.", "box": [ 33.74999859375, 611.3805360489059, 523.7488485583802, 616.3931736602099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Equity", "box": [ 33.74999859375, 632.3805351739138, 62.644091077329435, 637.3931727852178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total equity at June 30, 2026 was $550.2 million compared to total equity at December 31, 2025 of $550.6 million. The ", "box": [ 70.04296583154297, 653.3805342989072, 580.7493507833593, 658.3931719102111 ], "from_ocr": false, "confidence": 1.0 }, { "text": "decrease in equity during the six months ended June 30, 2026 was primarily attributable to dividends on preferred stock partially offset ", "box": [ 33.74999859375, 665.3805337989179, 580.7493507833593, 670.3931714102218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by amortization of stock based compensation, net income and contributions from non-controlling interest.", "box": [ 33.74999859375, 677.3805332989141, 456.8760333697478, 682.393170910218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our preferred equity is composed of the following at June 30, 2026:", "box": [ 70.04296583154297, 698.3805324239074, 342.13274401855597, 703.3931700352114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 58.39452881689453, 716.3805316739163, 61.89463000064965, 721.3931692852202 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.8 million shares of 8.625% fixed to floating rate Series C cumulative redeemable preferred stock with a $25.00 per share ", "box": [ 83.09765278759765, 716.3805316739163, 580.7493507833593, 721.3931692852202 ], "from_ocr": false, "confidence": 1.0 }, { "text": "liquidation preference (\"Series C Preferred Stock\"). The Series C Preferred Stock has no maturity date and we are not ", "box": [ 83.09765278759765, 728.3805311739125, 580.7493507833593, 733.3931687852164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "required to redeem them at any time. However, we may redeem them at our election, in whole or in apart, on or after July ", "box": [ 83.09765278759765, 740.3805306739087, 580.7493507833593, 745.3931682852126 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 108, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 80.38055817391432, 578.2459236369182, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": "66", "box": [ 300.99608495849594, 98.38055742390861, 310.9935794794336, 103.39319503521256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2024. Effective July 30, 2024, the Series C Preferred Stock converted from its fixed rate of 8.625% to a floating rate ", "box": [ 83.09765278759765, 38.3805599239131, 580.7493507833593, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equal to three-month Term SOFR plus a spread of 5.927%, but at no time shall the floating rate be less than 8.625%. ", "box": [ 83.09765278759765, 50.38055942390929, 580.7493507833593, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Dividends are payable quarterly in arrears.", "box": [ 83.09765278759765, 62.38055892390548, 253.53332249236112, 67.39319653520943 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 109, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817389977, 96.48813121016045, 85.39319578520372 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 58.39452881689453, 110.3805569239048, 61.89463000064965, 115.39319453520875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.5 million shares of fixed 7.875% Series D cumulative redeemable preferred stock with a $25.00 per share liquidation ", "box": [ 83.09765278759765, 110.3805569239048, 580.7493507833593, 115.39319453520875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "preference (\"Series D Preferred Stock\"). The Series D Preferred Stock has no maturity and we are not required to redeem ", "box": [ 83.09765278759765, 122.380556423901, 580.7493507833593, 127.39319403520494 ], "from_ocr": false, "confidence": 1.0 }, { "text": "them at any time. However, we may redeem them at our election, in whole or in apart, on or after May 21, 2026. Dividends ", "box": [ 83.09765278759765, 134.3805559238972, 580.7493507833593, 139.39319353520114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are payable quarterly in arrears.", "box": [ 83.09765278759765, 146.38055542390794, 209.93587785892143, 151.39319303521188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Balance Sheet - Book Value Reconciliation", "box": [ 33.74999859375, 167.38055454890127, 215.0862352405118, 172.39319216020522 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table rolls forward our common stock book value for the three and six months ended June 30, 2026 (in ", "box": [ 70.04296583154297, 188.38055367390916, 580.7493507833593, 193.3931912852131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "thousands, except per share data and amounts in footnotes):", "box": [ 33.74999859375, 200.38055317390535, 272.23498073096295, 205.3931907852093 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 212.38055267390155, 72.54234070865235, 217.3931902852055 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 226.45642617052363, 35.74874847296875, 230.46503204709734 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.77733475927715, 226.45642617052363, 307.7760846384959, 230.46503204709734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months Ended June 30, 2026", "box": [ 313.6992094291991, 225.7064262017666, 434.97080200121553, 229.71503207835485 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 437.8945167543944, 225.7064262017666, 439.8932666336131, 229.71503207835485 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 441.97264158447246, 226.45642617052363, 443.97139146369125, 230.46503204709734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30, 2026", "box": [ 454.76951605126936, 225.7064262017666, 566.2815875549331, 229.71503207835485 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1366985776365, 225.7064262017666, 576.1354484568552, 229.71503207835485 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 168.39843048339844, 244.45642542051792, 170.3971803626172, 248.46503129710618 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 307.9452996689453, 244.45642542051792, 309.94404954816406, 248.46503129710618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Amount", "box": [ 316.1835843256834, 243.70642545176088, 364.3799153585016, 247.71503132834914 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 369.7968595917969, 243.70642545176088, 371.7956094710156, 247.71503132834914 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 376.04295683154277, 244.45642542051792, 378.04170671076156, 248.46503129710618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Per Share ", "box": [ 391.39451869189435, 235.45642579552077, 427.36591965558597, 239.46503167209448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 394.3827960673828, 243.70642545176088, 422.3691592672832, 247.71503132834914 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 437.8945167543944, 243.70642545176088, 439.8932666336131, 247.71503132834914 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 441.97264158447246, 244.45642542051792, 443.97139146369125, 248.46503129710618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total Amount", "box": [ 452.3788911508787, 243.70642545176088, 500.5752221836972, 247.71503132834914 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 505.9921664169922, 243.70642545176088, 507.99091629621097, 247.71503132834914 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 512.2382636567381, 244.45642542051792, 514.2370135359569, 248.46503129710618 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Per Share ", "box": [ 527.5898255170896, 235.45642579552077, 563.5612264807812, 239.46503167209448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 530.578102892578, 243.70642545176088, 558.5644660924785, 247.71503132834914 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1366985776365, 243.70642545176088, 576.1354484568552, 247.71503132834914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Common stock book value at beginning of period", "box": [ 33.74999859375, 254.38055092390277, 232.27920438419943, 259.3931885352067 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 305.77733475927715, 254.38055092390277, 317.8424867190625, 259.3931885352067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "196,647 $", "box": [ 335.2382710317381, 254.38055092390277, 385.94014388166, 259.3931885352067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "29.98 $", "box": [ 413.3320177778319, 254.38055092390277, 454.03779354425785, 259.3931885352067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "196,804 $", "box": [ 471.4335778569334, 254.38055092390277, 522.1354507068553, 259.3931885352067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30.01 ", "box": [ 549.5273246030271, 254.38055092390277, 575.2415385128515, 259.3931885352067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net loss allocable to common shares ", "box": [ 33.74999859375, 267.130550392656, 182.56515924936804, 272.14318800395995 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.77733475927715, 267.130550392656, 308.27670963638656, 272.14318800395995 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 312.84373696484374, 267.130550392656, 315.34311184195315, 272.14318800395995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12,519) ", "box": [ 336.90233346240217, 267.130550392656, 376.37435929898436, 272.14318800395995 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 380.94139412744124, 267.130550392656, 383.44076900455065, 272.14318800395995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1.77) ", "box": [ 414.9960802084959, 267.130550392656, 444.47201646158186, 272.14318800395995 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 449.03904379003905, 267.130550392656, 451.53841866714845, 272.14318800395995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(13,542) ", "box": [ 473.09764028759747, 267.130550392656, 512.5696661241797, 272.14318800395995 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 517.1367009526365, 267.130550392656, 519.6360758297459, 272.14318800395995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1.92)", "box": [ 551.1913870336912, 267.130550392656, 576.071409052523, 272.14318800395995 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Change in other comprehensive income on derivatives", "box": [ 33.74999859375, 279.88054986140924, 251.40526637019306, 284.8931874727132 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.77733475927715, 279.88054986140924, 308.27670963638656, 284.8931874727132 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 312.84373696484374, 279.88054986140924, 315.34311184195315, 284.8931874727132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "312 ", "box": [ 352.7343603027344, 279.88054986140924, 376.37435929898436, 284.8931874727132 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 380.94139412744124, 279.88054986140924, 383.44076900455065, 284.8931874727132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.05 ", "box": [ 418.33592006933594, 279.88054986140924, 444.47201646158186, 284.8931874727132 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 449.03904379003905, 279.88054986140924, 451.53841866714845, 284.8931874727132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "638 ", "box": [ 488.9296671279297, 279.88054986140924, 512.5696661241797, 284.8931874727132 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 517.1367009526365, 279.88054986140924, 519.6360758297459, 284.8931874727132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "0.09 ", "box": [ 554.5312268945312, 279.88054986140924, 575.2415385128515, 284.8931874727132 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Impact to equity of share-based compensation", "box": [ 33.74999859375, 292.6305493301479, 217.8101992120747, 297.64318694145186 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.77733475927715, 293.38054929890495, 308.27670963638656, 298.3931869102089 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 312.84373696484374, 292.6305493301479, 315.34311184195315, 297.64318694145186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,887 ", "box": [ 345.2343606152344, 292.6305493301479, 376.37435929898436, 298.3931869102089 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 380.94139412744124, 292.6305493301479, 383.44076900455065, 297.64318694145186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1.50) ", "box": [ 414.9960802084959, 292.6305493301479, 444.47201646158186, 298.3931869102089 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 449.03904379003905, 292.6305493301479, 451.53841866714845, 297.64318694145186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5,427 ", "box": [ 481.4296674404297, 292.6305493301479, 512.5696661241797, 298.3931869102089 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 517.1367009526365, 292.6305493301479, 519.6360758297459, 297.64318694145186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1.42)", "box": [ 551.1913870336912, 292.6305493301479, 576.071409052523, 297.64318694145186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total net decrease", "box": [ 33.74999859375, 306.1305487676582, 106.46610986147331, 311.1431863789621 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.77733475927715, 306.88054873640067, 308.27670963638656, 311.8931863477046 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 312.84373696484374, 306.1305487676582, 315.34311184195315, 311.1431863789621 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7,320) ", "box": [ 341.90623575390623, 306.1305487676582, 376.37435929898436, 311.8931863477046 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 380.94139412744124, 306.1305487676582, 383.44076900455065, 311.1431863789621 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3.22) ", "box": [ 414.9960802084959, 306.1305487676582, 444.47201646158186, 311.8931863477046 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 449.03904379003905, 306.1305487676582, 451.53841866714845, 311.1431863789621 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7,477) ", "box": [ 478.10154257910153, 306.1305487676582, 512.5696661241797, 311.8931863477046 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 517.1367009526365, 306.1305487676582, 519.6360758297459, 311.1431863789621 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3.25)", "box": [ 551.1913870336912, 306.1305487676582, 576.071409052523, 311.1431863789621 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Common stock book value at end of period", "box": [ 33.74999859375, 319.6305482051539, 206.72898874879186, 324.64318581645784 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.77733475927715, 321.88054811141046, 308.27670963638656, 326.8931857227144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 312.84373696484374, 319.6305482051539, 317.8424867190625, 324.64318581645784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "189,327 ", "box": [ 335.2382710317381, 319.6305482051539, 376.37435929898436, 326.8931857227144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 380.94139412744124, 319.6305482051539, 385.94014388166, 324.64318581645784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26.76 ", "box": [ 413.3320177778319, 319.6305482051539, 444.47201646158186, 326.8931857227144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 449.03904379003905, 319.6305482051539, 454.03779354425785, 324.64318581645784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "189,327 ", "box": [ 471.4335778569334, 319.6305482051539, 512.5696661241797, 326.8931857227144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 517.1367009526365, 319.6305482051539, 522.1354507068553, 324.64318581645784 ], "from_ocr": false, "confidence": 1.0 }, { "text": "26.76 ", "box": [ 549.5273246030271, 319.6305482051539, 575.2415385128515, 324.64318581645784 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 331.6790779172734, 34.24874859171875, 332.6793492336583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 335.20642163926095, 43.07227342132069, 339.2150275158492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Per share calculations exclude unvested restricted stock, as disclosed on our consolidated balance sheets, of 55,559 shares at June 30, 2026 and 328,586 shares at ", "box": [ 51.890622837890625, 335.20642163926095, 580.2487257854687, 339.2150275158492 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025. The denominators for the calculations were 7,075,542 shares at June 30, 2026 and 6,558,865 shares at December 31, 2025.", "box": [ 51.890622837890625, 343.4564212955156, 511.9184376825644, 347.4650271721039 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 351.70642095177027, 43.07227342132069, 355.715026828344 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The per share amounts are calculated with the denominator referenced in footnote (1) at June 30, 2026. We calculated net income (loss) per common share-diluted ", "box": [ 51.86718533886719, 351.70642095177027, 579.4518508186718, 355.715026828344 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of $(1.87) and $(2.04) using the weighted average diluted shares outstanding during the three and six months ended June 30, 2026.", "box": [ 51.86718533886719, 359.9564206080104, 470.1789071467112, 363.96502648459864 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 368.20642026426503, 43.07227342132069, 372.2150261408533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We calculated common stock book value as total stockholders' equity of $413.3 million less preferred stock equity of $224.0 million at June 30, 2026.", "box": [ 51.86718533886719, 368.20642026426503, 533.4596049850151, 372.2150261408533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Management Agreement Equity", "box": [ 33.74999859375, 386.38054542390455, 170.91280496613285, 391.3931830352085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our monthly base management fee, as defined in our Management Agreement, is equal to 1/12th of the amount of our equity ", "box": [ 70.04296583154297, 407.3805445488979, 580.7493507833593, 412.39318216020183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "multiplied by 1.50% and is calculated and paid monthly in arrears.", "box": [ 33.74999859375, 419.38054404890863, 299.7231626427844, 424.3931816602126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the calculation of equity, as defined in the Management Agreement (in thousands):", "box": [ 70.04296583154297, 440.38054317390197, 533.1199336607557, 445.3931807852059 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 452.38054267389816, 72.54234070865235, 457.3931802852021 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 466.6305420801509, 36.249373470859375, 471.64317969145486 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 469.34764044384747, 466.6305420801509, 471.84701532095687, 471.64317969145486 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 512.3671661513672, 468.70641607676225, 540.3535293512675, 472.7150219533505 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1601360766599, 468.70641607676225, 576.1588859558786, 472.7150219533505 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026:", "box": [ 33.74999859375, 479.38054154890415, 108.17464279822246, 484.3931791602081 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 469.34764044384747, 479.38054154890415, 471.84701532095687, 484.3931791602081 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 480.65622997265626, 479.38054154890415, 483.1556048497656, 484.3931791602081 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 572.789038633789, 479.38054154890415, 575.2884135108984, 484.3931791602081 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Proceeds from capital stock issuances, net ", "box": [ 37.74609217724609, 491.38054104890034, 208.48443516939815, 496.3931786602043 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 469.34764044384747, 491.38054104890034, 471.84701532095687, 496.3931786602043 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 480.65622997265626, 491.38054104890034, 485.654979726875, 496.3931786602043 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,330,472 ", "box": [ 532.0781028300781, 491.38054104890034, 575.2884135108984, 496.3931786602043 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Retained earnings, net ", "box": [ 37.74609217724609, 504.13054051765357, 129.3588092162994, 509.1431781289575 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 469.34764044384747, 504.13054051765357, 471.84701532095687, 509.1431781289575 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 480.65622997265626, 504.13054051765357, 483.1556048497656, 509.1431781289575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(634,218)", "box": [ 536.2499776562499, 504.13054051765357, 576.1182840505699, 509.1431781289575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Payments for repurchases of capital stock", "box": [ 37.74609217724609, 517.6305399551493, 204.03730388594536, 522.6431775664532 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 469.34764044384747, 517.6305399551493, 471.84701532095687, 522.6431775664532 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 480.65622997265626, 516.8805399864068, 483.1556048497656, 521.8931775977107 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(279,678)", "box": [ 536.2499776562499, 516.8805399864068, 576.1182840505699, 521.8931775977107 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 41.80077950830078, 532.6305393301591, 62.89899910329586, 537.643176941463 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 469.34764044384747, 532.6305393301591, 471.84701532095687, 537.643176941463 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 480.65622997265626, 530.3805394239025, 485.654979726875, 535.3931770352065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "416,576 ", "box": [ 539.578102517578, 530.3805394239025, 575.2884135108984, 535.3931770352065 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 542.429069136022, 70.54171582951172, 543.4293404524069 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 305.74217476074216, 544.679069042264, 306.24092475871095, 545.6793403586489 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 548.2064127642661, 43.07227342132069, 552.2150186408544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Deducts underwriting discounts and commissions and other expenses and costs relating to such issuances.", "box": [ 51.890622837890625, 548.2064127642661, 390.7249611322926, 552.2150186408544 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 556.4564124205208, 43.07227342132069, 560.4650182970945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Excludes non-cash equity compensation expense incurred to date.", "box": [ 51.890622837890625, 556.4564124205208, 262.3562684059884, 560.4650182970945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Earnings Available for Distribution", "box": [ 33.74999859375, 574.6305375801603, 185.6697937661969, 579.6431751914643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Earnings Available for Distribution (\"EAD\") is a non-GAAP financial measure intended to supplement our financial results ", "box": [ 70.04296583154297, 595.6305367051536, 580.7493507833593, 600.6431743164576 ], "from_ocr": false, "confidence": 1.0 }, { "text": "computed in accordance with accounting principles generally accepted in the United States of America (\"GAAP\"), and we believe EAD ", "box": [ 33.74999859375, 607.6305362051498, 580.7493507833593, 612.6431738164538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "serves as a useful indicator for investors in evaluating our performance and ability to pay dividends.", "box": [ 33.74999859375, 619.6305357051606, 433.53228449240385, 624.6431733164645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "EAD excludes the effects of certain transactions and adjustments in accordance with GAAP that we believe are not necessarily ", "box": [ 70.04296583154297, 640.6305348301539, 580.7493507833593, 645.6431724414579 ], "from_ocr": false, "confidence": 1.0 }, { "text": "indicative of our current CRE loan portfolio and other CRE-related investments and operations. EAD excludes income (loss) from all ", "box": [ 33.74999859375, 652.6305343301501, 580.7493507833593, 657.643171941454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "non-core assets such as commercial finance, residential mortgage lending, certain legacy CRE loans and other non-CRE assets ", "box": [ 33.74999859375, 664.6305338301609, 580.7493507833593, 669.6431714414648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "designated as assets held for sale at the initial measurement date of December 31, 2016.", "box": [ 33.74999859375, 676.630533330157, 384.65301405404045, 681.643170941461 ], "from_ocr": false, "confidence": 1.0 }, { "text": "EAD, for reporting purposes, is defined as GAAP net income (loss) allocable to common shares, excluding (i) non-cash equity ", "box": [ 70.04296583154297, 697.6305324551504, 580.7493507833593, 702.6431700664543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compensation expense, (ii) unrealized gains and losses, (iii) non-cash provisions for credit losses, (iv) non-cash impairments on ", "box": [ 33.74999859375, 709.6305319551466, 580.7493507833593, 714.6431695664505 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securities, (v) non-cash amortization of discounts or premiums associated with borrowings, (vi) net income or loss from a limited ", "box": [ 33.74999859375, 721.6305314551573, 580.7493507833593, 726.6431690664613 ], "from_ocr": false, "confidence": 1.0 }, { "text": "partnership interest owned at the initial measurement date, (vii) net income or loss from non-core assets, (viii) real estate depreciation ", "box": [ 33.74999859375, 733.6305309551535, 580.7493507833593, 738.6431685664575 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 232.28905282128906, 252.06551177572692, 241.7728093585343, 255.4235654672957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 182.56640239306623, 264.81551124448015, 190.37578535007702, 268.17356493604893 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)(3)", "box": [ 206.7304638862303, 316.56550908823556, 224.0235996730847, 319.9235627797898 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 208.48827631298812, 489.06550190073904, 216.2976592699989, 492.42355559229327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 129.36327585986328, 501.8155013694777, 137.17265881687405, 505.1735550610465 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 110, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 68.38055867391813, 578.2459236369182, 73.39319628522207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "67", "box": [ 300.99608495849594, 86.38055792391242, 310.9935794794336, 91.39319553521636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and amortization, (ix) foreign currency gains or losses and (x) income or loss from discontinued operations. EAD may also be adjusted ", "box": [ 33.74999859375, 38.3805599239131, 580.7493507833593, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "periodically to exclude certain one-time events pursuant to changes in GAAP and certain non-cash items.", "box": [ 33.74999859375, 50.38055942390929, 454.8990437271224, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 111, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Although pursuant to the Management Agreement we calculate incentive compensation using EAD that excludes incentive ", "box": [ 70.04296583154297, 113.38055679890385, 580.7493507833593, 118.3931944102078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compensation payable to our Manager, we include incentive compensation payable to our Manager in calculating EAD for reporting ", "box": [ 33.74999859375, 125.3805562989146, 580.7493507833593, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "purposes.", "box": [ 33.74999859375, 137.3805557989108, 71.79220341490806, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table provides a reconciliation from GAAP net (loss) income allocable to common shares to EAD allocable to ", "box": [ 70.04296583154297, 149.38055529890698, 580.7493507833593, 154.39319291021093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "common shares for the periods presented (in thousands, except per share data):", "box": [ 33.74999859375, 161.38055479890318, 349.1199569524221, 166.39319241020712 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 173.38055429891392, 72.54234070865235, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 127.59374468359374, 188.2910077345441, 129.84374458984374, 192.80350974404428 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 225.63280309863282, 188.2910077345441, 227.88280300488282, 192.80350974404428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the Three Months Ended June 30,", "box": [ 235.0078027080078, 187.54100776578707, 381.7631676532007, 192.0535097753018 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 388.8984212958984, 187.54100776578707, 391.1484212021484, 192.0535097753018 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 394.33592106933594, 188.2910077345441, 396.5859209755859, 192.80350974404428 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the Six Months Ended June 30,", "box": [ 417.38670510888653, 187.54100776578707, 553.1557422518431, 192.0535097753018 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 573.9960735834959, 187.54100776578707, 576.2460734897459, 192.0535097753018 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 127.59374468359374, 223.5410062657902, 129.84374458984374, 228.05350827529037 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 225.63280309863282, 223.5410062657902, 227.88280300488282, 228.05350827529037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 239.53124001953125, 222.79100629703316, 257.5312392695312, 227.30350830654788 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 269.17967628417966, 222.79100629703316, 271.4296761904297, 227.30350830654788 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 274.61717605761714, 223.5410062657902, 276.86717596386717, 228.05350827529037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Per ", "box": [ 285.3281131113281, 200.2910072345403, 301.06639745556623, 204.80350924404047 ], "from_ocr": false, 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"from_ocr": false, "confidence": 1.0 }, { "text": "Per ", "box": [ 366.9609222099609, 200.2910072345403, 382.69920655419907, 204.80350924404047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Share", "box": [ 362.44920739794907, 211.541006765794, 384.94920646044903, 216.05350877529418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Data", "box": [ 364.4531098144531, 222.79100629703316, 382.9496910637622, 227.30350830654788 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 388.8984212958984, 222.79100629703316, 391.1484212021484, 227.30350830654788 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 394.33592106933594, 223.5410062657902, 396.5859209755859, 228.05350827529037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 410.4726428969725, 222.79100629703316, 428.4726421469725, 227.30350830654788 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 442.3476415688475, 222.79100629703316, 444.5976414750975, 227.30350830654788 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 447.785141342285, 223.5410062657902, 450.03514124853496, 228.05350827529037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Per ", "box": [ 458.49607839599594, 200.2910072345403, 474.2343552402344, 204.80350924404047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Share", "box": [ 453.9843560839844, 211.541006765794, 476.48435514648435, 216.05350877529418 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Data", "box": [ 455.9882660004881, 222.79100629703316, 474.48484724979716, 227.30350830654788 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 480.4335774819334, 222.79100629703316, 482.68357738818344, 227.30350830654788 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 485.8710772553709, 223.5410062657902, 488.1210771616209, 228.05350827529037 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2025", "box": [ 497.0507642895506, 222.79100629703316, 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" $", "box": [ 225.63280309863282, 235.5410057657864, 234.33983773583967, 240.0535077753011 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(12,519) $ (1.87)", "box": [ 239.48436502148436, 235.5410057657864, 309.03221741365707, 240.0535077753011 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 312.7031119707031, 235.5410057657864, 321.41014660791, 240.0535077753011 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(732) $ (0.10)", "box": [ 332.3671736513672, 235.5410057657864, 390.66502651228984, 240.0535077753011 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 394.33592106933594, 235.5410057657864, 403.0429557065428, 240.0535077753011 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(13,542) $ (2.04)", "box": [ 412.6523303061522, 235.5410057657864, 482.20017519832516, 240.0535077753011 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 485.8710772553709, 235.5410057657864, 494.5781043925781, 240.0535077753011 ], 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loss of $4.8 million, respectively, or ($0.74) and ($0.73), ", "box": [ 33.74999859375, 535.6305392051581, 580.7493507833593, 540.6431768164621 ], "from_ocr": false, "confidence": 1.0 }, { "text": "respectively, per common share outstanding. There was no incentive compensation payable incurred by us for the three and six months ", "box": [ 33.74999859375, 547.6305387051543, 580.7493507833593, 552.6431763164583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2026.", "box": [ 33.74999859375, 559.6305382051651, 118.43575612142664, 564.643175816469 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Incentive Compensation Hurdle", "box": [ 33.74999859375, 580.6305373301584, 170.38558267316188, 585.6431749414623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "With respect to each fiscal quarter commencing with the quarter ended December 31, 2022, an incentive management fee ", "box": [ 70.04296583154297, 601.6305364551663, 580.7493507833593, 606.6431740664702 ], "from_ocr": false, "confidence": 1.0 }, { "text": "calculated and payable in arrears in an amount, not less than zero, equal to:", "box": [ 33.74999859375, 613.6305359551625, 333.8356859142668, 618.6431735664664 ], "from_ocr": false, 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522.25935368828, 663.6431716914667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(ii)", "box": [ 79.47655918847656, 679.6305332051561, 91.69027611007108, 684.64317081646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for each of the second, third and fourth full calendar quarters following the calendar quarter ended December 31, ", "box": [ 97.6171834326172, 679.6305332051561, 580.7493507833593, 684.64317081646 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2022", "box": [ 97.6171834326172, 691.6305327051523, 117.61216748699283, 696.6431703164562 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", the excess of (1) the product of (a) 20% and (b) the excess of (i) our EAD (as defined in the Management ", "box": [ 117.6210888491211, 691.6305327051523, 580.7493507833593, 696.6431703164562 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement) for the calendar quarter(s) following September 30, 2022, over (ii) the product of (A) our book value ", "box": [ 97.6171834326172, 703.630532205163, 580.7493507833593, 708.643169816467 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equity (as defined in the Management Agreement) in the calendar quarter(s) following September 30, 2022, and (B) 7% ", "box": [ 97.6171834326172, 715.6305317051592, 580.7493507833593, 720.6431693164632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "per annum, over (2) the sum of any incentive compensation paid to our Manager with respect to the prior calendar ", "box": [ 97.6171834326172, 727.6305312051554, 580.7493507833593, 732.6431688164594 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quarter(s) following September 30, 2022 (other than the most recent calendar quarter); and", "box": [ 97.6171834326172, 739.6305307051662, 460.45074140205145, 744.6431683164701 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 55.992185166992186, 256.2574697611999, 63.023239868331565, 259.2808461075765 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 56.999997625, 315.50746729245293, 64.03105232633938, 318.53084363882954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1),(3)", "box": [ 183.94921483544906, 327.5074667924491, 199.51880910601594, 330.53084313882573 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 112, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 38.380559923898545, 578.2459236369182, 43.39319753520249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "68", "box": [ 300.99608495849594, 56.380559173907386, 310.9935794794336, 61.39319678521133 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 113, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(iii)", "box": [ 79.47655918847656, 113.3805567989184, 94.46789439433698, 118.39319441022235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for each calendar quarter thereafter", "box": [ 97.6171834326172, 113.3805567989184, 246.95383528066935, 118.39319441022235 ], "from_ocr": false, "confidence": 1.0 }, { "text": ", the excess of (1) the product of (a) 20% and (b) the excess of (i) our EAD (as ", "box": [ 246.96092720996094, 113.3805567989184, 580.7493507833593, 118.39319441022235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "defined in the Management Agreement) for the previous 12-month period, over (ii) the product of (A) our book value ", "box": [ 97.6171834326172, 125.3805562989146, 580.7493507833593, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "equity (as defined in the Management Agreement) in the previous 12-month period, and (B) 7% per annum, over (2) the ", "box": [ 97.6171834326172, 137.3805557989108, 580.7493507833593, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sum of any incentive compensation paid to our Manager with respect to the first three calendar quarters of such ", "box": [ 97.6171834326172, 149.38055529892154, 580.7493507833593, 154.39319291022548 ], "from_ocr": false, "confidence": 1.0 }, { "text": "previous 12-month period; provided, however, that no incentive compensation shall be payable with respect to any ", "box": [ 97.6171834326172, 161.38055479891773, 580.7493507833593, 166.39319241022167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "calendar quarter unless EAD (as defined in the Management Agreement) for the 12 most recently completed calendar ", "box": [ 97.6171834326172, 173.38055429891392, 580.7493507833593, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quarters (or such lesser number of completed calendar quarters from September 30, 2022) in the aggregate is greater ", "box": [ 97.6171834326172, 185.3805537989101, 580.7493507833593, 190.39319141021406 ], "from_ocr": false, "confidence": 1.0 }, { "text": "than zero.", "box": [ 97.6171834326172, 197.38055329892086, 137.03111127162012, 202.3931909102248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the calculation of the Incentive Compensation Hurdle for the three months ended June 30, ", "box": [ 70.04296583154297, 218.3805524239142, 580.7493507833593, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026 (dollars in thousands, except per share data):", "box": [ 33.74999859375, 230.3805519239104, 234.74926476786786, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 242.38055142392113, 72.54234070865235, 247.39318903522508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Book Value Equity", "box": [ 33.74999859375, 256.5410048907943, 106.76952671126952, 261.053506900309 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.60154176660154, 256.5410048907943, 499.85154167285157, 261.053506900309 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount", "box": [ 522.6562282226562, 256.5410048907943, 554.1606213399731, 261.053506900309 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.0429485815428, 256.5410048907943, 576.2929484877927, 261.053506900309 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Stockholders' equity less equity attributable to any outstanding preferred stock at September 30, 2022", "box": [ 37.96874841796875, 269.2910043595475, 403.50584287725553, 273.8035063690477 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.60154176660154, 269.2910043595475, 499.85154167285157, 273.8035063690477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 504.74997896875, 269.2910043595475, 509.24997878125, 273.8035063690477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "216,026 ", "box": [ 542.8359148818358, 269.2910043595475, 575.0507610395506, 273.8035063690477 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total amount of net proceeds from any issuance of common stock after October 1, 2022", "box": [ 37.96874841796875, 281.2910038595437, 355.1220558532469, 285.8035058690584 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.60154176660154, 281.2910038595437, 499.85154167285157, 285.8035058690584 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 504.74997896875, 281.2910038595437, 506.999978875, 285.8035058690584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,651 ", "box": [ 551.8359145068358, 281.2910038595437, 575.0507610395506, 285.8035058690584 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cumulative EAD from and after October 1, 2022 to the end of the most recently completed calendar quarter", "box": [ 37.96874841796875, 293.2910033595399, 426.8320138253316, 297.8035053690546 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.60154176660154, 293.2910033595399, 499.85154167285157, 297.8035053690546 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 504.74997896875, 293.2910033595399, 506.999978875, 297.8035053690546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "31,041 ", "box": [ 547.3359146943359, 293.2910033595399, 575.0507610395506, 297.8035053690546 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amount paid to repurchase common stock after October 1, 2022", "box": [ 37.96874841796875, 305.29100285955064, 269.90330931402826, 309.8035048690508 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.60154176660154, 305.29100285955064, 499.85154167285157, 309.8035048690508 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 504.74997896875, 305.29100285955064, 506.999978875, 309.8035048690508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(34,507)", "box": [ 544.3359148193358, 305.29100285955064, 575.7978312984226, 309.8035048690508 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Incentive Compensation paid after October 1, 2022 ", "box": [ 37.96874841796875, 318.0410023282893, 224.91210022866215, 322.55350433780404 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.60154176660154, 318.0410023282893, 499.85154167285157, 322.55350433780404 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 504.74997896875, 317.29100235954684, 506.999978875, 321.803504369047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1,235)", "box": [ 548.8359146318359, 317.29100235954684, 575.7978312984226, 321.803504369047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Book value equity at June 30, 2026", "box": [ 42.24609198974609, 330.79100179704255, 169.47655561847657, 335.3035038065573 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.60154176660154, 330.79100179704255, 499.85154167285157, 335.3035038065573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 504.74997896875, 330.04100182830007, 509.24997878125, 334.55350383780024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "215,976 ", "box": [ 542.8359148818358, 330.04100182830007, 575.0507610395506, 334.55350383780024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Incentive Compensation Hurdle ", "box": [ 33.74999859375, 345.0410012032953, 150.96972042959476, 349.55350321281 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 497.60154176660154, 345.0410012032953, 499.85154167285157, 349.55350321281 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 504.74997896875, 342.79100129703875, 509.24997878125, 347.30350330655347 ], "from_ocr": false, "confidence": 1.0 }, { "text": "15,118 ", "box": [ 547.3359146943359, 342.79100129703875, 575.0507610395506, 347.30350330655347 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 354.1790769797808, 34.24874859171875, 355.1793482961657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 357.7064207017829, 43.07227342132069, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Calculated on a daily weighted average basis for the 12-month period ended June 30, 2026. ", "box": [ 51.890622837890625, 357.7064207017829, 346.06544776810574, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 365.956420358023, 43.07227342132069, 369.9650262346113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Calculated as book value equity at June 30, 2026 multiplied by 1.75% (7% per annum).", "box": [ 51.890622837890625, 365.956420358023, 331.87514078436857, 369.9650262346113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 374.2064200142777, 43.07227342132069, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The amount by which EAD (as defined in the Management Agreement) exceeds the Incentive Compensation Hurdle is multiplied by 20% to arrive at incentive ", "box": [ 51.890622837890625, 374.2064200142777, 580.2487257854687, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compensation for the quarter.", "box": [ 51.890622837890625, 382.45641967053234, 146.01908042837144, 386.46502554710605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the three months ended June 30, 2026, there was no incentive compensation payable to the Manager.", "box": [ 70.04296583154297, 400.63054483017186, 489.5420479336637, 405.6431824414758 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidity and Capital Resources", "box": [ 33.74999859375, 421.6305439551652, 172.34795003924813, 426.64318156646914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Liquidity is a measurement of our ability to meet potential cash requirements, including ongoing commitments to pay ", "box": [ 70.04296583154297, 442.63054308015853, 580.7493507833593, 447.6431806914625 ], "from_ocr": false, "confidence": 1.0 }, { "text": "dividends, fund investments, repay borrowings and provide for other general business needs, including payment of our base ", "box": [ 33.74999859375, 454.6305425801693, 580.7493507833593, 459.6431801914732 ], "from_ocr": false, "confidence": 1.0 }, { "text": "management fee and incentive compensation. Our ability to meet our on-going liquidity needs is subject to our ability to generate cash ", "box": [ 33.74999859375, 466.63054208016547, 580.7493507833593, 471.6431796914694 ], "from_ocr": false, "confidence": 1.0 }, { "text": "from operating activities, which was a net source of $6.4 million for the six months ended June 30, 2026, and our ability to maintain ", "box": [ 33.74999859375, 478.63054158016166, 580.7493507833593, 483.6431791914656 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and/or obtain additional debt financing and equity capital together with the funds referred to below.", "box": [ 33.74999859375, 490.63054108015785, 431.5796481737637, 495.64317869147635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, our liquidity consisted of $41.1 million of unrestricted cash and cash equivalents and $41.6 million of ", "box": [ 70.04296583154297, 511.63054020516574, 580.7493507833593, 516.6431778164697 ], "from_ocr": false, "confidence": 1.0 }, { "text": "potential proceeds from unlevered financeable CRE loans.", "box": [ 33.74999859375, 523.6305397051619, 267.2167248222193, 528.6431773164659 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the six months ended June 30, 2026, our principal sources of liquidity were: (i) gross financing proceeds of $879.5 ", "box": [ 70.04296583154297, 544.6305388301698, 580.7493507833593, 549.6431764414738 ], "from_ocr": false, "confidence": 1.0 }, { "text": "million from our CRE securitization; (ii) proceeds of $55.5 million from our CRE term reinvestment financing facility; (iii) net ", "box": [ 33.74999859375, 556.630538330166, 580.7493507833593, 561.64317594147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "proceeds of $33.2 million from repayments on our CRE portfolio; (iv) proceeds of $29.1 million from a CRE loan sale, (v) proceeds of ", "box": [ 33.74999859375, 568.6305378301622, 580.7493507833593, 573.6431754414662 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$20.0 million from the sale of an investment in real estate; (vi) proceeds of $13.6 million from our senior secured financing facility; and ", "box": [ 33.74999859375, 580.6305373301584, 580.7493507833593, 585.6431749414623 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(vii) $1.3 million contribution by our non-controlling interest. These sources of liquidity were offset by the paydowns on our term ", "box": [ 33.74999859375, 592.6305368301691, 580.7493507833593, 597.6431744414731 ], "from_ocr": false, "confidence": 1.0 }, { "text": "warehouse facilities, deployments in CRE loan portfolio and real estate investments, distributions on our preferred stock and ongoing ", "box": [ 33.74999859375, 604.6305363301653, 580.7493507833593, 609.6431739414693 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating expenses and substantially resulted in the $41.1 million of unrestricted cash we held at June 30, 2026.", "box": [ 33.74999859375, 616.6305358301615, 480.7567393247183, 621.6431734414655 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The outstanding balance of our loan to ACRES Capital Corp., the parent of our Manager, was $10.3 million and $10.4 million ", "box": [ 70.04296583154297, 637.6305349551694, 580.7493507833593, 642.6431725664734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "at June 30, 2026 and December 31, 2025, respectively. The note bears interest at 3.00% per annum, payable monthly, and matures in ", "box": [ 33.74999859375, 649.6305344551656, 580.7493507833593, 654.6431720664696 ], "from_ocr": false, "confidence": 1.0 }, { "text": "July 2026, subject to two one-year extensions, at ACRES Capital Corp.'s option, and amortizes at a rate of $25,000 per month. In July ", "box": [ 33.74999859375, 661.6305339551618, 580.7493507833593, 666.6431715664658 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026, the loan was amended to extend the maturity date to August 2026.", "box": [ 33.74999859375, 673.630533455158, 323.6136645723467, 678.643171066462 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, $10.5 million of interest receivable is current and the remaining $23.1 million of interest receivable is ", "box": [ 70.04296583154297, 694.6305325801659, 580.7493507833593, 699.6431701914698 ], "from_ocr": false, "confidence": 1.0 }, { "text": "deferred, which we deem fully collectible.", "box": [ 33.74999859375, 706.6305320801621, 202.79930820627848, 711.643169691466 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash Flows", "box": [ 33.74999859375, 727.63053120517, 82.37057896330539, 732.6431688164739 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (1)", "box": [ 269.9062387539062, 302.75746782371425, 278.4447892674333, 305.7808441700763 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 224.9179631284178, 315.50746729245293, 231.9490178297572, 318.53084363882954 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)(3)", "box": [ 150.97264995947265, 342.5074661674589, 165.03474841785186, 345.5308425138355 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 114, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 101.38055729890766, 578.2459236369182, 106.3931949102116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "69", "box": [ 300.99608495849594, 119.3805565489165, 310.9935794794336, 124.39319416022045 ], "from_ocr": false, "confidence": 1.0 }, { "text": "For the six months ended June 30, 2026, our restricted and unrestricted cash and cash equivalents balance decreased from ", "box": [ 70.04296583154297, 38.3805599239131, 580.7493507833593, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$86.0 million to $41.9 million. The cash movements can be summarized by the following:", "box": [ 33.74999859375, 50.38055942390929, 394.7090967028745, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash flows from operating activities", "box": [ 70.04296583154297, 71.38055854891718, 216.38332580444074, 76.39319616022112 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". For the six months ended June 30, 2026, operating activities increased our cash balances ", "box": [ 216.38671348388655, 71.38055854891718, 580.7493507833593, 76.39319616022112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by $6.4 million. Though positive, cash inflows from operating activities are down as we work with our borrowers to structure loan ", "box": [ 33.74999859375, 83.38055804891337, 557.9563867330662, 88.39319566021732 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 115, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817389977, 96.48813121016045, 85.39319578520372 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "repayment terms that allow our borrowers to successfully complete their underwritten plans and that allow us to ultimately maximize ", "box": [ 33.74999859375, 113.38055679890385, 580.7493507833593, 118.3931944102078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our investment. Some of these structures have deferred loan components that impact our current cash position. We expect to be repaid ", "box": [ 33.74999859375, 125.38055629890005, 580.7493507833593, 130.393193910204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "these deferred amounts as our borrowers create value in the underlying collateral through the execution and completion of their project ", "box": [ 33.74999859375, 137.3805557989108, 580.7493507833593, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "plans and exit our loans through sales or refinance transactions.", "box": [ 33.74999859375, 149.38055529890698, 287.49968310209596, 154.39319291021093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash flows from investing activities", "box": [ 70.04296583154297, 170.38055442390032, 214.09300829987066, 175.39319203520427 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". For the six months ended June 30, 2026, investing activities decreased our cash balances ", "box": [ 214.10155357910156, 170.38055442390032, 580.7493507833593, 175.39319203520427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by $276.6 million, primarily driven by deployments in CRE whole loans, funding of existing commitments on CRE whole loans, ", "box": [ 33.74999859375, 182.38055392391107, 580.7493507833593, 187.393191535215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "deployments in our investment in real estate and investments in unconsolidated entities with underlying real estate collateral, partially ", "box": [ 33.74999859375, 194.38055342390726, 580.7493507833593, 199.3931910352112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "offset by repayments of CRE loans, proceeds from sales of CRE loans and proceeds from the sales of investments in real estate.", "box": [ 33.74999859375, 206.38055292390345, 544.8714828782705, 211.3931905352074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Cash flows from financing activities", "box": [ 70.04296583154297, 227.38055204891134, 215.51769474050872, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": ". For the six months ended June 30, 2026, financing activities increased our cash balances ", "box": [ 215.51952602001936, 227.38055204891134, 580.7493507833593, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "by $226.2 million, primarily driven by proceeds received on our CRE securitization notes and term reinvestment financing facility, ", "box": [ 33.74999859375, 239.38055154890753, 580.7493507833593, 244.39318916021148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "offset by repayments on our term warehouse financing facilities, term reinvestment financing facility and distributions on our preferred ", "box": [ 33.74999859375, 251.38055104890373, 580.7493507833593, 256.39318866020767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "stock.", "box": [ 33.74999859375, 263.3805505488999, 57.35247239156355, 268.39318816020386 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 275.38055004891066, 36.249373470859375, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financing Availability", "box": [ 33.74999859375, 287.38054954890686, 126.79299046451996, 292.3931871602108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We utilize a variety of financing arrangements to finance certain assets. We generally utilize the following types of financing ", "box": [ 70.04296583154297, 308.3805486739002, 580.7493507833593, 313.39318628520414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "arrangements:", "box": [ 33.74999859375, 320.38054817391094, 90.37641105840365, 325.3931857852149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.", "box": [ 70.04296583154297, 341.3805472989043, 77.54108547537129, 346.3931849102082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - Term Reinvestment Financing Facility: ", "box": [ 88.18359007568358, 341.3805472989043, 280.13360250901593, 346.3931849102082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our term reinvestment financing facility allows us to borrow effectively ", "box": [ 281.1093632871094, 341.3805472989043, 580.7493507833593, 346.3931849102082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "against loans that we own. Under this agreement, we transfer loans to a counterparty and agree to repurchase the same ", "box": [ 88.18359007568358, 353.38054679890047, 580.7493507833593, 358.3931844102044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans from the counterparty at a price equal to the transfer price plus interest. The counterparty retains the sole discretion ", "box": [ 88.18359007568358, 365.3805462989112, 580.7493507833593, 370.39318391021516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "over whether to purchase the loan from us. The facility includes a two-year reinvestment period enabling the reinvestment ", "box": [ 88.18359007568358, 377.3805457989074, 580.7493507833593, 382.39318341021135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of principal proceeds from asset repayments into qualifying assets, provided that the proceeds are reinvested within 90 ", "box": [ 88.18359007568358, 389.3805452989036, 580.7493507833593, 394.39318291020754 ], "from_ocr": false, "confidence": 1.0 }, { "text": "days of the payoff. We can also acquire and finance the future funding participations of the portfolio collateral, subject to ", "box": [ 88.18359007568358, 401.3805447988998, 580.7493507833593, 406.39318241020374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the discretion of the counterparty.", "box": [ 88.18359007568358, 413.38054429891054, 223.37908039878798, 418.3931819102145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.", "box": [ 70.04296583154297, 434.3805434239039, 77.54108547537129, 439.3931810352078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior Secured Financing Facility:", "box": [ 88.18359007568358, 434.3805434239039, 230.1905943642242, 439.3931810352078 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Our senior secured financing facility allows us to borrow against loans and real estate ", "box": [ 230.19140040869124, 434.3805434239039, 580.7493507833593, 439.3931810352078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investments that we own. This facility has an individual floating rate loan series structure that has a three month ", "box": [ 88.18359007568358, 446.38054292390007, 580.7493507833593, 451.393180535204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitment period after the financing is approved by the lender, subject to the maximum dollar amount agreed upon for ", "box": [ 88.18359007568358, 458.3805424239108, 580.7493507833593, 463.39318003521475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the series. Each floating rate loan series will have mutually agreed upon terms including (i) total commitment, including ", "box": [ 88.18359007568358, 470.380541923907, 580.7493507833593, 475.39317953521095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the capacity to fund future funding commitments, where applicable; (ii) advance rate on portfolio assets; (iii) interest rate ", "box": [ 88.18359007568358, 482.3805414239032, 580.7493507833593, 487.39317903520714 ], "from_ocr": false, "confidence": 1.0 }, { "text": "composed of one-month Term SOFR plus a market rate spread; and (iv) maturity date of five years from the issuance date ", "box": [ 88.18359007568358, 494.3805409238994, 580.7493507833593, 499.39317853520333 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for the loan series unless an additional time is mutually agreed upon by the parties. The facility has a maximum portfolio ", "box": [ 88.18359007568358, 506.38054042391013, 580.7493507833593, 511.3931780352141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LTV of 85% and contains customary events of default, subject to certain materiality thresholds and grace periods, ", "box": [ 88.18359007568358, 518.3805399239063, 580.7493507833593, 523.3931775352103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "customary for this type of financing arrangement.", "box": [ 88.18359007568358, 530.3805394239025, 286.67859251130807, 535.3931770352065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.", "box": [ 70.04296583154297, 551.3805385489104, 77.54108547537129, 556.3931761602144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - Term Warehouse Financing Facilities:", "box": [ 88.18359007568358, 551.3805385489104, 273.39829911390297, 556.3931761602144 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Term warehouse financing facilities effectively allow us to borrow against ", "box": [ 273.39842610839844, 551.3805385489104, 580.7493507833593, 556.3931761602144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans that we own. Under these agreements, we transfer loans to a counterparty and agree to purchase the same loans from ", "box": [ 88.18359007568358, 563.3805380489066, 580.7493507833593, 568.3931756602105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the counterparty at a price equal to the transfer price plus interest. The counterparty retains the sole discretion over both ", "box": [ 88.18359007568358, 575.3805375489028, 580.7493507833593, 580.3931751602067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "whether to purchase the loan from us and, subject to certain conditions, the collateral value of such loan for purposes of ", "box": [ 88.18359007568358, 587.3805370489135, 580.7493507833593, 592.3931746602175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determining whether we are required to pay margin to the counterparty. Generally, if the lender determines (subject to ", "box": [ 88.18359007568358, 599.3805365489097, 580.7493507833593, 604.3931741602137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "certain conditions) that the value of the collateral in a repurchase transaction has decreased by more than a defined ", "box": [ 88.18359007568358, 611.3805360489059, 580.7493507833593, 616.3931736602099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "minimum amount, we would be required to repay any amounts borrowed in excess of the product of (i) the revised ", "box": [ 88.18359007568358, 623.3805355489021, 580.7493507833593, 628.3931731602061 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral or market value multiplied by (ii) the applicable advance rate. During the term of these agreements, we receive ", "box": [ 88.18359007568358, 635.3805350489129, 580.7493507833593, 640.3931726602168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the principal and interest on the related loans and pay interest to the counterparty.", "box": [ 88.18359007568358, 647.380534548909, 414.0977225771773, 652.393172160213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.", "box": [ 70.04296583154297, 668.3805336739024, 77.54108547537129, 673.3931712852063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Securitizations:", "box": [ 88.18359007568358, 668.3805336739024, 150.94125779128007, 673.3931712852063 ], "from_ocr": false, "confidence": 1.0 }, { "text": " We seek non-recourse long-term financing from securitizations of our investments in CRE loans. The ", "box": [ 150.94921246044922, 668.3805336739024, 580.7493507833593, 673.3931712852063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securitizations generally involve a senior portion of our loan but may involve the entire loan. Securitization generally ", "box": [ 88.18359007568358, 680.3805331739131, 580.7493507833593, 685.3931707852171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "involves transferring notes to a special purpose vehicle (or the issuing entity), which then issues one or more classes of ", "box": [ 88.18359007568358, 692.3805326739093, 580.7493507833593, 697.3931702852133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "non-recourse notes pursuant to the terms of an indenture. The notes are secured by the pool of assets. In exchange for the ", "box": [ 88.18359007568358, 704.3805321739055, 580.7493507833593, 709.3931697852095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "transfer of assets to the issuing entity, we receive cash proceeds from the sale of non-recourse notes. Securitizations of our ", "box": [ 88.18359007568358, 716.3805316739017, 580.7493507833593, 721.3931692852057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "portfolio investments might magnify our exposure to losses on those portfolio investments because the retained ", "box": [ 88.18359007568358, 728.3805311739125, 580.7493507833593, 733.3931687852164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "subordinate interest in any particular overall loan would be subordinate to the loan components sold and we would, ", "box": [ 88.18359007568358, 740.3805306739087, 580.7493507833593, 745.3931682852126 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 116, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 68.38055867391813, 578.2459236369182, 73.39319628522207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "70", "box": [ 300.99608495849594, 86.38055792391242, 310.9935794794336, 91.39319553521636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "therefore, absorb all losses sustained with respect to the overall loan before the owners of the senior notes experience any ", "box": [ 88.18359007568358, 38.3805599239131, 580.7493507833593, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses with respect to the loan in question.", "box": [ 88.18359007568358, 50.38055942390929, 257.0034457477726, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 117, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 728.3805311739125, 578.2459236369182, 733.3931687852164 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5.", "box": [ 70.04296583154297, 113.3805567989184, 77.54108547537129, 118.39319441022235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage payable:", "box": [ 88.18359007568358, 113.3805567989184, 165.55360003243246, 118.39319441022235 ], "from_ocr": false, "confidence": 1.0 }, { "text": " We have entered into a loan agreement to finance the acquisition of a student housing complex. This ", "box": [ 165.5624931015625, 113.3805567989184, 580.7493507833593, 118.39319441022235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan is interest only and has a maximum principal balance, most of which was advanced in the initial funding. The loan ", "box": [ 88.18359007568358, 125.3805562989146, 580.7493507833593, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreement contains events of default, subject to certain materiality thresholds and grace periods, customary for this type ", "box": [ 88.18359007568358, 137.3805557989108, 580.7493507833593, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of financing arrangement. The remedies for such events of default are also customary for this type of transaction.", "box": [ 88.18359007568358, 149.38055529890698, 540.4038467644219, 154.39319291021093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The issuance of ACR 2026-FL4 includes a reinvestment period, which ends in August 2028, that allows it to acquire CRE ", "box": [ 70.04296583154297, 170.38055442391487, 580.7493507833593, 175.39319203521882 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loans for reinvestment into the securitization using uninvested principal proceeds. The reinvestment feature of the securitization will ", "box": [ 33.74999859375, 182.38055392391107, 580.7493507833593, 187.393191535215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "allow us to extend the useful life of the securitization financing by extending the life of the senior notes and return liquidity to fund our ", "box": [ 33.74999859375, 194.38055342390726, 580.7493507833593, 199.3931910352112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "forward loan pipeline that would otherwise pay down the senior notes of the securitization. The securitization also provides for the ", "box": [ 33.74999859375, 206.380552923918, 580.7493507833593, 211.39319053522195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "acquisition of future funding participations.", "box": [ 33.74999859375, 218.3805524239142, 207.83217939657547, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We were in compliance with all of our covenants at June 30, 2026 in accordance with the terms provided in agreements with ", "box": [ 70.04296583154297, 239.38055154890753, 580.7493507833593, 244.39318916021148 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our lenders.", "box": [ 33.74999859375, 251.38055104891828, 80.94516470853466, 256.3931886602222 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, we had financing arrangements as summarized below (in thousands, except amounts in footnotes):", "box": [ 70.04296583154297, 272.3805501739116, 537.3132319360351, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 284.3805496739078, 72.54234070865235, 289.39318728521175 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 129.60936959960938, 314.95642248302465, 131.60811947882812, 318.9650283596129 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 228.19921299169906, 314.95642248302465, 230.1979628709178, 318.9650283596129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Execution Date", "box": [ 244.69921230419905, 314.20642251428217, 296.8813286050668, 318.2150283908559 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 307.1484247021484, 314.20642251428217, 309.14717458136715, 318.2150283908559 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maturity Date", "box": [ 329.9882712504881, 314.20642251428217, 379.0512432813203, 318.2150283908559 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 395.66014351416, 314.20642251428217, 397.6588933933787, 318.2150283908559 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Maximum ", "box": [ 404.9531081269531, 305.9564228580275, 442.48310652570314, 309.9650287346012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capacity", "box": [ 407.39060802539063, 314.20642251428217, 438.03545704852195, 318.2150283908559 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 446.4257663989256, 314.20642251428217, 448.4245162781444, 318.2150283908559 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 450.5038912290037, 314.95642248302465, 452.5026411082225, 318.9650283596129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Facility ", "box": [ 470.5077928955078, 297.70642320177285, 498.26435420148437, 301.7150290783611 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal", "box": [ 467.624980515625, 305.9564228580275, 499.15990976484494, 309.9650287346012 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Outstanding", "box": [ 462.05857824755844, 314.20642251428217, 504.71542017019016, 318.2150283908559 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 511.39451369189436, 314.20642251428217, 513.3932635711132, 318.2150283908559 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 515.4726385219725, 314.95642248302465, 517.4713884011912, 318.9650283596129 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Availability", "box": [ 527.2148255327146, 314.20642251428217, 567.19365861693, 318.2150283908559 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.124976078125, 314.20642251428217, 576.1237259573437, 318.2150283908559 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - term reinvestment financing facility ", "box": [ 33.74999859375, 324.8805479864095, 218.66442354523204, 329.89318559771345 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 228.19921299169906, 324.8805479864095, 230.69858786880843, 329.89318559771345 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 303.9257723364256, 324.8805479864095, 309.6477995792578, 329.89318559771345 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 392.4374836484375, 324.8805479864095, 398.1595183912694, 329.89318559771345 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 441.8554540893553, 324.8805479864095, 444.3548289664647, 329.89318559771345 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 447.2812313632812, 324.8805479864095, 453.00326610611313, 329.89318559771345 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.824201382324, 324.8805479864095, 509.3235762594334, 329.89318559771345 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 512.2499786562499, 324.8805479864095, 517.9720133990818, 329.89318559771345 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.4960737709958, 324.8805479864095, 571.9954486481053, 329.89318559771345 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 324.8805479864095, 577.5266984176365, 329.89318559771345 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JPMorgan Chase Bank, N.A.", "box": [ 35.531248519531246, 337.63054745516274, 151.6055964393499, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " March 2025", "box": [ 228.19921299169906, 337.63054745516274, 283.73486024021355, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " November 2030", "box": [ 307.1484247021484, 337.63054745516274, 378.7884451546474, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 395.66014351416, 337.63054745516274, 406.08467054230465, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "645,024 $", "box": [ 411.8671703388672, 337.63054745516274, 462.4518556936719, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "625,267 $", "box": [ 476.8359176318359, 337.63054745516274, 527.4206029866406, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "19,757 ", "box": [ 544.4999773124999, 337.63054745516274, 575.2181010138281, 342.6431850664667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured financing facility ", "box": [ 33.74999859375, 350.380546923916, 173.70502906854014, 355.3931845352199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 228.19921299169906, 350.380546923916, 230.69858786880843, 355.3931845352199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 303.9257723364256, 350.380546923916, 309.6477995792578, 355.3931845352199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 392.4374836484375, 350.380546923916, 398.1595183912694, 355.3931845352199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 441.8554540893553, 350.380546923916, 444.3548289664647, 355.3931845352199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 447.2812313632812, 350.380546923916, 453.00326610611313, 355.3931845352199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.824201382324, 350.380546923916, 509.3235762594334, 355.3931845352199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 512.2499786562499, 350.380546923916, 517.9720133990818, 355.3931845352199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.4960737709958, 350.380546923916, 571.9954486481053, 355.3931845352199 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 350.380546923916, 577.5266984176365, 355.3931845352199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Massachusetts Mutual Life Insurance Company ", "box": [ 35.531248519531246, 363.1305463926692, 230.69858786880843, 368.14318400397315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "July 2020", "box": [ 235.14842770214844, 363.1305463926692, 274.30851105797814, 368.14318400397315 ], "from_ocr": false, "confidence": 1.0 }, { "text": " June 2028", "box": [ 307.1484247021484, 363.1305463926692, 354.917478249271, 368.14318400397315 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 395.66014351416, 363.1305463926692, 398.1595183912694, 368.14318400397315 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 401.0859207880859, 363.1305463926692, 403.5852956651953, 368.14318400397315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "500,000 ", "box": [ 411.8671703388672, 363.1305463926692, 453.00326610611313, 368.14318400397315 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 457.4531059394531, 363.1305463926692, 459.9524808165625, 368.14318400397315 ], "from_ocr": false, "confidence": 1.0 }, { "text": "56,503 ", "box": [ 481.8281049238281, 363.1305463926692, 517.9720133990818, 368.14318400397315 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 522.4218532324219, 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{ "text": " ", "box": [ 447.2812313632812, 375.8805458614079, 453.00326610611313, 380.8931834727118 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 506.824201382324, 375.8805458614079, 509.3235762594334, 380.8931834727118 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 512.2499786562499, 375.8805458614079, 517.9720133990818, 380.8931834727118 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.4960737709958, 375.8805458614079, 571.9954486481053, 380.8931834727118 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 375.8805458614079, 577.5266984176365, 380.8931834727118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JPMorgan Chase Bank, N.A.", "box": [ 35.531248519531246, 388.6305453301611, 151.6055964393499, 393.64318294146506 ], "from_ocr": false, "confidence": 1.0 }, { "text": " October 2018", "box": [ 228.19921299169906, 388.6305453301611, 289.84172493576085, 393.64318294146506 ], 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451.6305427051557, 517.9720133990818, 458.8931802227162 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 569.4960737709958, 453.88054261141224, 571.9954486481053, 458.8931802227162 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.027323540527, 453.88054261141224, 577.5266984176365, 458.8931802227162 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 463.67907241727517, 34.24874859171875, 464.67934373366006 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 467.2064161392773, 43.07227342132069, 471.215022015851 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Excludes deferred debt issuance costs of $2.5 million.", "box": [ 51.890622837890625, 467.2064161392773, 224.40350736235354, 471.215022015851 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 475.45641579553194, 43.07227342132069, 479.46502167210565 ], "from_ocr": false, "confidence": 1.0 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" ", "box": [ 149.21483753271482, 593.206410889281, 151.2135874119336, 597.2150167658547 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 267.41014885791, 593.206410889281, 269.4088987371287, 597.2150167658547 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Three Months", "box": [ 277.03123845703124, 575.9564116080292, 325.6648116264582, 579.9650174846029 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ended", "box": [ 290.23827290673813, 584.2064112642693, 312.45872338076305, 588.2150171408575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "June 30, 2026", "box": [ 278.1328009111328, 592.4564109205239, 324.55289502696206, 596.4650167971122 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 330.73827121923813, 592.4564109205239, 332.73702109845686, 596.4650167971122 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 334.8163960493162, 593.206410889281, 336.81514592853495, 597.2150167658547 ], "from_ocr": false, 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426.67123220328125, 673.3931712852209 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 430.7929545502928, 667.6305337051599, 433.2923294274022, 672.6431713164638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "361,988 ", "box": [ 452.94139112744125, 667.6305337051599, 494.0774793946875, 673.3931712852209 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 498.199201741699, 667.6305337051599, 500.69857661880843, 672.6431713164638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "534,760 ", "box": [ 539.578102517578, 667.6305337051599, 575.2884135108984, 672.6431713164638 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 38.0624984140625, 681.1305331426556, 59.160718009057575, 686.1431707539596 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 267.41014885791, 681.1305331426556, 279.02998833624997, 688.3931706602161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "731,608 $", "box": [ 296.1796751591797, 681.1305331426556, 346.4362355276562, 686.1431707539596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "690,217 $", "box": [ 385.53514393603496, 681.1305331426556, 435.7917043045116, 686.1431707539596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,209,312 $", "box": [ 445.44139143994124, 681.1305331426556, 503.19795149591783, 686.1431707539596 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,328,861 ", "box": [ 532.0781028300781, 681.1305331426556, 575.2884135108984, 686.1431707539596 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 693.1790628547751, 34.24874859171875, 694.17933417116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 696.7064065767772, 43.07227342132069, 700.7150124533509 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal outstanding excludes deferred debt issuance costs of $2.5 million and $2.8 million at June 30, 2026. and December 31, 2025, respectively. ", "box": [ 51.890622837890625, 696.7064065767772, 527.2603864183161, 700.7150124533509 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 704.9564062330319, 43.07227342132069, 708.9650121096056 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal outstanding excludes deferred debt issuance costs of $105,000 and $1.5 million at June 30, 2026 and December 31, 2025, respectively. ", "box": [ 51.890622837890625, 704.9564062330319, 516.1540333310808, 708.9650121096056 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 713.206405889272, 43.07227342132069, 717.2150117658603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Principal outstanding excludes deferred debt issuance costs of $324,000 and $898,000 at June 30, 2026 and December 31, 2025, respectively.", "box": [ 51.890622837890625, 713.206405889272, 505.0477259188437, 717.2150117658603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 218.67186588867187, 322.5655088382482, 226.48124884568267, 325.92356252980244 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 173.70702776220688, 348.0655077757401, 181.51641071921765, 351.4235614673089 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 214.7929635502928, 372.81550674448954, 222.6023465073036, 376.1735604360583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 113.71874526171874, 423.0655046507454, 121.52812821872953, 426.42355834229966 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 209.68358876318342, 639.8154956194921, 217.4929717201942, 643.1735493110609 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 168.58593047558594, 652.5654950882454, 176.3953134325967, 655.9235487797996 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 206.89452637939436, 665.3154945569986, 214.70390933640513, 668.6735482485528 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 118, "width": 612.0, "height": 792.0, "cells": [ { "text": "71", "box": [ 300.99608495849594, 38.3805599239131, 310.9935794794336, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 119, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 579.8805373614159, 578.2459236369182, 584.8931749727199 ], "from_ocr": false, "confidence": 1.0 }, { "text": "72", "box": [ 300.99608495849594, 597.8805366114248, 310.9935794794336, 602.8931742227287 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table summarizes the maximum month-end principal outstanding on our financing arrangements during the ", "box": [ 70.04296583154297, 113.3805567989184, 580.7493507833593, 118.39319441022235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "periods presented (in thousands):", "box": [ 33.74999859375, 125.3805562989146, 166.1874048746121, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 137.3805557989108, 72.54234070865235, 142.39319341021474 ], "from_ocr": false, 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173.61344253949937, 387.65240697599086, 179.1445295153826 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Six Months Ended June 30, ", "box": [ 395.03904604003907, 168.70642857678467, 490.565139522285, 172.71503445335838 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2026", "box": [ 433.8046694248047, 176.95642823302478, 449.7946385335559, 180.96503410961304 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 491.8359170068359, 176.95642823302478, 493.8346668860547, 180.96503410961304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Year-Ended-", "box": [ 511.7812286757812, 168.70642857678467, 556.194795366215, 172.71503445335838 ], "from_ocr": false, "confidence": 1.0 }, { "text": "December 31, 2025", "box": [ 501.6796665966797, 176.95642823302478, 566.2837008298449, 180.96503410961304 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.1484135771484, 176.95642823302478, 576.1471634563671, 180.96503410961304 ], "from_ocr": false, 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204.6431908164668 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u00a0", "box": [ 384.59764397509747, 199.11344147700584, 387.65240697599086, 204.64452845288906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u00a0", "box": [ 393.83201859033187, 199.11344147700584, 396.88678159122526, 204.64452845288906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u00a0 \u00a0", "box": [ 490.4882645629881, 199.11344147700584, 498.96880483780745, 204.64452845288906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u00a0", "box": [ 572.7773236342771, 199.11344147700584, 575.8320866351705, 204.64452845288906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - term reinvestment financing facility", "box": [ 36.960935959960935, 212.3805526739161, 208.255744785177, 217.39319028522004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u00a0", "box": [ 384.59764397509747, 211.86344094575907, 387.65240697599086, 217.3945279216423 ], "from_ocr": false, "confidence": 1.0 }, { "text": "$", "box": [ 393.83201859033187, 212.3805526739161, 398.8307683445506, 217.39319028522004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "711,875 $", "box": [ 457.2773284467772, 212.3805526739161, 500.9127915911328, 217.39319028522004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "891,098 ", "box": [ 539.5663875180662, 212.3805526739161, 575.2766985113865, 217.39319028522004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Senior secured financing facility", "box": [ 36.960935959960935, 225.13055214266933, 167.157689672596, 230.14318975397327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u00a0", "box": [ 384.59764397509747, 224.61344041449775, 387.65240697599086, 230.14452739039552 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 393.83201859033187, 225.13055214266933, 396.3313934674413, 230.14318975397327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "63,099 ", "box": [ 462.26951573876937, 225.13055214266933, 498.4134167140234, 230.14318975397327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "63,099 ", "box": [ 544.5585748100583, 225.13055214266933, 575.2766985113865, 230.14318975397327 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CRE - term warehouse financing facilities", "box": [ 36.960935959960935, 237.88055161142256, 205.47324995902727, 242.8931892227265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u00a0", "box": [ 384.59764397509747, 237.36343988325098, 387.65240697599086, 242.8945268591342 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 393.83201859033187, 237.88055161142256, 396.3313934674413, 242.8931892227265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "534,760 ", "box": [ 457.2773284467772, 237.88055161142256, 498.4134167140234, 242.8931892227265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "534,760 ", "box": [ 539.5663875180662, 237.88055161142256, 575.2766985113865, 242.8931892227265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Historically, we have financed the acquisition of our investments through collateralized loan obligations (\"CLO\") and ", "box": [ 70.04296583154297, 258.8805507364159, 580.7493507833593, 263.89318834771984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securitizations that essentially match the maturity and repricing dates of these financing vehicles with the maturities and repricing dates ", "box": [ 33.74999859375, 270.8805502364121, 580.7493507833593, 275.89318784771604 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of our investments. In the past, we have derived substantial operating cash from our equity investments in our CLOs and ", "box": [ 33.74999859375, 282.88054973642284, 580.7493507833593, 287.8931873477268 ], "from_ocr": false, "confidence": 1.0 }, { "text": "securitizations, which will cease if the CLOs and securitizations fail to meet certain tests. Through June 30, 2026, we did not ", "box": [ 33.74999859375, 294.88054923641903, 580.7493507833593, 299.893186847723 ], "from_ocr": false, "confidence": 1.0 }, { "text": "experience difficulty in maintaining our CLO and securitization financing and passed all of the critical tests required by these ", "box": [ 33.74999859375, 306.8805487364152, 580.7493507833593, 311.89318634771917 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financings. Our securitization had a balance of $879.5 million at June 30, 2026. ", "box": [ 33.74999859375, 318.8805482364114, 354.425145213535, 323.89318584771536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table sets forth the distributions received by us and coverage test summaries for our active securitization and ", "box": [ 70.04296583154297, 339.8805473614193, 580.7493507833593, 344.89318497272325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financing facility for the periods presented (in thousands):", "box": [ 33.74999859375, 351.8805468614155, 266.12319521062074, 356.89318447271944 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 372.8805459864234, 36.249373470859375, 377.89318359772733 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 127.40624469140624, 411.70641845178034, 129.404994570625, 415.7150243283686 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 225.14061561914062, 411.70641845178034, 227.13936549835935, 415.7150243283686 ], "from_ocr": 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"from_ocr": false, "confidence": 1.0 }, { "text": "51,548 ", "box": [ 302.26170990576156, 273.88055011141114, 332.9798336070897, 278.8931877227151 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.44139593994123, 273.88055011141114, 344.6985831188084, 278.8931877227151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 380.3202966533203, 273.88055011141114, 405.2610805953709, 278.8931877227151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 440.8827941298828, 273.88055011141114, 465.8235780719334, 278.8931877227151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 501.4452916064453, 273.88055011141114, 526.3860755484959, 278.8931877227151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "51,548 ", "box": [ 544.5116998120114, 273.88055011141114, 575.2298235133396, 278.8931877227151 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lease liabilities ", "box": [ 35.964842251464844, 286.63054958016437, 101.48060222789141, 291.6431871914683 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 276.8906134628906, 286.63054958016437, 284.14780064175784, 291.6431871914683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "857,505 ", "box": [ 297.26952261376937, 286.63054958016437, 344.6985831188084, 291.6431871914683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1,781 ", "box": [ 367.8281096738281, 286.63054958016437, 393.5423310836522, 291.6431871914683 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 398.00389341650373, 286.63054958016437, 405.2610805953709, 291.6431871914683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,052 ", "box": [ 428.3906071503906, 286.63054958016437, 454.1048285602147, 291.6431871914683 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 458.5663908930662, 286.63054958016437, 465.8235780719334, 291.6431871914683 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4,297 ", "box": [ 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false, "confidence": 1.0 }, { "text": "18,688 ", "box": [ 362.82420738232406, 299.3805490489176, 393.5423310836522, 304.39318666022155 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 398.00389341650373, 299.3805490489176, 405.2610805953709, 304.39318666022155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "43,744 ", "box": [ 423.38670485888656, 299.3805490489176, 454.1048285602147, 304.39318666022155 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 458.5663908930662, 299.3805490489176, 465.8235780719334, 304.39318666022155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "18,930 ", "box": [ 483.94920233544906, 299.3805490489176, 514.6673260367771, 304.39318666022155 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 519.1288883696287, 299.3805490489176, 526.3860755484959, 304.39318666022155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 562.0077890830078, 299.3805490489176, 575.2298235133396, 304.39318666022155 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Base management fees ", "box": [ 35.964842251464844, 312.1305485176563, 130.06720991178267, 317.1431861289602 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 276.8906134628906, 312.1305485176563, 284.14780064175784, 317.89318609771726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,249 ", "box": [ 307.2656121972656, 312.1305485176563, 332.9798336070897, 317.1431861289602 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 337.44139593994123, 312.1305485176563, 344.6985831188084, 317.89318609771726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "6,249 ", "box": [ 367.8281096738281, 312.1305485176563, 393.5423310836522, 317.1431861289602 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 398.00389341650373, 312.1305485176563, 405.2610805953709, 317.89318609771726 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 440.8827941298828, 312.1305485176563, 465.8235780719334, 317.1431861289602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 501.4452916064453, 312.1305485176563, 526.3860755484959, 317.1431861289602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "- ", "box": [ 562.0077890830078, 312.1305485176563, 575.2298235133396, 317.1431861289602 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Total", "box": [ 38.203123408203126, 325.63054795516655, 59.3013430031982, 330.6431855664705 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $ 2,738,058 ", "box": [ 276.8906134628906, 325.63054795516655, 332.9798336070897, 332.8931854727125 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 337.44139593994123, 325.63054795516655, 347.19795799591776, 332.8931854727125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "185,165 ", "box": [ 357.83202009033187, 325.63054795516655, 393.5423310836522, 330.6431855664705 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 398.00389341650373, 325.63054795516655, 407.76045547248026, 332.8931854727125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "125,977 ", "box": [ 418.39451756689436, 325.63054795516655, 454.1048285602147, 330.6431855664705 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 458.5663908930662, 325.63054795516655, 468.3229529490428, 332.8931854727125 ], "from_ocr": false, "confidence": 1.0 }, { "text": "648,494 ", "box": [ 478.95701504345686, 325.63054795516655, 514.6673260367771, 330.6431855664705 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $ 1,778,422 ", "box": [ 519.1288883696287, 325.63054795516655, 575.2298235133396, 332.8931854727125 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 337.6790776672715, 34.24874859171875, 338.6793489836564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 33.74999859375, 341.2064213892736, 43.07227342132069, 345.21502726586186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Excludes $1.4 million of accrued interest payable.", "box": [ 51.890622837890625, 341.2064213892736, 212.1807256966362, 345.21502726586186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 33.74999859375, 349.45642104552826, 43.07227342132069, 353.46502692210197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Excludes $188,000 of accrued interest payable.", "box": [ 51.890622837890625, 349.45642104552826, 203.07314015111893, 353.46502692210197 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 33.74999859375, 357.7064207017829, 43.07227342132069, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Excludes $15,000 of accrued interest payable.", "box": [ 51.890622837890625, 357.7064207017829, 199.075650367681, 361.7150265783566 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(4)", "box": [ 33.74999859375, 365.956420358023, 43.07227342132069, 369.9650262346113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Excludes $131,000 of accrued interest payable.", "box": [ 51.890622837890625, 365.956420358023, 203.07314015111893, 369.9650262346113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 33.74999859375, 374.2064200142777, 43.07227342132069, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Excludes $4.3 million of interest expense payable through maturity in August 2026.", "box": [ 51.890622837890625, 374.2064200142777, 320.33940514002427, 378.21502589086595 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 33.74999859375, 382.45641967053234, 43.07227342132069, 386.46502554710605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Excludes $21.3 million and $22.4 million of estimated interest expense payable through maturity, in June 2036 and October 2036, respectively.", "box": [ 51.890622837890625, 382.45641967053234, 511.05573649350987, 386.46502554710605 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 33.74999859375, 390.70641932677245, 43.07227342132069, 394.7150252033607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Lease liabilities include a ground rent lease for a hotel property with a remaining term of 90 years and an annual growth rate of 3% and a parking lease for an asset ", "box": [ 51.890622837890625, 390.70641932677245, 580.2487257854687, 394.7150252033607 ], "from_ocr": false, "confidence": 1.0 }, { "text": "acquired with a remaining term of 98 years and an annual growth rate of 2%.", "box": [ 51.890622837890625, 398.9564189830271, 298.0916795170129, 402.96502485961537 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 33.74999859375, 407.20641863928176, 43.07227342132069, 411.2150245158555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "These unfunded loan commitments are advanced as the borrowers formally request additional funding and meet certain benchmarks, as permitted under the loan ", "box": [ 51.890622837890625, 407.20641863928176, 580.2487257854687, 411.2150245158555 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreements, and any necessary approvals have been obtained. At June 30, 2026, we had unfunded commitments on 32 CRE whole loans.", "box": [ 51.890622837890625, 415.45641829552187, 490.3929258044605, 419.46502417211013 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9)", "box": [ 33.74999859375, 423.70641795177653, 43.07227342132069, 427.7150238283648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Base management fees presented are based on an estimate of base management fees payable to our Manager over the next 12 months. Our Management Agreement ", "box": [ 51.890622837890625, 423.70641795177653, 580.2487257854687, 427.7150238283648 ], "from_ocr": false, "confidence": 1.0 }, { "text": "also provides for an incentive compensation arrangement that is based on operating performance. The incentive compensation is not a fixed and determinable ", "box": [ 51.890622837890625, 431.9564176080312, 580.2487257854687, 435.9650234846049 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amount, and therefore it is not included in this table.", "box": [ 51.890622837890625, 440.2064172642713, 219.07872050921972, 444.21502314085956 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Operating Losses and Loss Carryforwards", "box": [ 33.74999859375, 458.3805424239108, 224.55166051409344, 463.39318003521475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table sets forth the net operating losses and loss carryforwards for the periods presented (in millions):", "box": [ 70.04296583154297, 479.3805415489187, 534.5306237519775, 484.39317916022264 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 491.3805410489149, 72.54234070865235, 496.39317866021884 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 509.3805402989092, 36.249373470859375, 514.3931779102131 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 183.4804648549803, 509.3805402989092, 185.97983973208966, 514.3931779102131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Tax Year ", "box": [ 209.8124912578125, 503.9564146080229, 244.01436479523437, 507.96502048461116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recognized", "box": [ 206.3671789013672, 512.2064142642776, 245.44426094803245, 516.2150201408658 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 256.1484268271484, 509.3805402989092, 258.6478017042578, 514.3931779102131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "REIT (QRS) Tax Loss Carryforwards", "box": [ 274.95702354345684, 511.4564142955205, 405.0980588417392, 515.4650201721088 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 413.43748277343747, 511.4564142955205, 415.43623265265626, 515.4650201721088 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 417.16404511816404, 509.3805402989092, 419.66341999527344, 514.3931779102131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "TRS Tax Loss Carryforwards", "box": [ 449.8593562558594, 511.4564142955205, 552.2404591858061, 515.4650201721088 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 574.488261062988, 511.4564142955205, 576.4870109422068, 515.4650201721088 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Tax Asset Item", "box": [ 82.85155904785157, 524.2064137642737, 134.36612581741002, 528.215019640862 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 188.57811714257812, 524.2064137642737, 190.5768670217969, 528.215019640862 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 224.90624062890626, 524.2064137642737, 226.904990508125, 528.215019640862 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 256.1484268271484, 521.3805397989199, 258.6478017042578, 526.3931774102239 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operating", "box": [ 282.23436324023436, 524.2064137642737, 317.32175127825974, 528.215019640862 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 332.9296736279297, 524.2064137642737, 334.9284235071484, 528.215019640862 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 336.65623597265625, 522.1305397676624, 339.15561084976565, 527.1431773789664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Capital", "box": [ 367.62889468212876, 524.2064137642737, 392.94894994030153, 528.215019640862 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 413.43748277343747, 524.2064137642737, 415.43623265265626, 528.215019640862 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 417.16404511816404, 522.1305397676624, 419.66341999527344, 527.1431773789664 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Operating", "box": [ 443.24998153125, 524.2064137642737, 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false, "confidence": 1.0 }, { "text": " ", "box": [ 489.72654209472654, 570.1305377676617, 492.22591697183594, 575.1431753789657 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 495.1640418681641, 570.1305377676617, 497.6634167452734, 575.1431753789657 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 507.3632638598631, 570.1305377676617, 509.8626387369725, 575.1431753789657 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 570.2343512402343, 570.1305377676617, 572.7337261173437, 575.1431753789657 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 575.7421635107421, 570.1305377676617, 578.2415383878515, 575.1431753789657 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Net Capital Loss Carryforwards:", "box": [ 33.74999859375, 582.1305372676579, 175.63817903724168, 587.1431748789619 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 183.4804648549803, 582.1305372676579, 185.97983973208966, 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}, { "text": " $", "box": [ 265.83983642333965, 606.8805362364074, 273.3463985730662, 611.8931738477113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "32.1 ", "box": [ 313.7226469282225, 606.8805362364074, 333.7181110763281, 611.8931738477113 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 346.3476455688475, 606.8805362364074, 353.85420771857406, 611.8931738477113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "115.9 ", "box": [ 389.22654628222654, 606.8805362364074, 414.22592022183596, 611.8931738477113 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 426.8554547143553, 606.8805362364074, 434.3620168640819, 611.8931738477113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "62.0 ", "box": [ 474.7382652192381, 606.8805362364074, 494.73372936734376, 611.8931738477113 ], "from_ocr": false, "confidence": 1.0 }, { "text": " $", "box": [ 507.3632638598631, 606.8805362364074, 514.8698260095897, 611.8931738477113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "20.8 ", "box": [ 555.2460743647458, 606.8805362364074, 575.2415385128515, 611.8931738477113 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Useful life", "box": [ 35.12109228662109, 618.8805357364181, 77.59575753940473, 623.893173347722 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 183.58592985058593, 618.8805357364181, 186.0853047276953, 623.893173347722 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 196.2304643237303, 618.8805357364181, 198.72983920083968, 623.893173347722 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 256.1484268271484, 618.8805357364181, 258.6478017042578, 623.893173347722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unlimited ", "box": [ 290.67186288867185, 618.8805357364181, 336.64779845425784, 623.893173347722 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 346.3476455688475, 618.8805357364181, 348.8470204459569, 623.893173347722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5 years ", "box": [ 383.1327965361328, 618.8805357364181, 417.15560759976563, 623.893173347722 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 426.8554547143553, 618.8805357364181, 429.3548295914647, 623.893173347722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Various ", "box": [ 460.58201580908184, 618.8805357364181, 497.6634167452734, 623.893173347722 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 507.3632638598631, 618.8805357364181, 509.8626387369725, 623.893173347722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "5 years ", "box": [ 544.1484148271484, 618.8805357364181, 578.2415383878515, 623.893173347722 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, we had $32.1 million of cumulative net operating losses (\"NOL\") to carry forward to future years. NOL can ", "box": [ 70.04296583154297, 639.8805348614114, 580.7493507833593, 644.8931724727154 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generally be carried forward to offset both ordinary taxable income and capital gains in future years. The Tax Cuts and Jobs Act ", "box": [ 33.74999859375, 651.8805343614076, 580.7493507833593, 656.8931719727116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(\"TCJA\"), along with revisions made by the Coronavirus Aid, Relief, and Economic Security (\"CARES\") Act reduced the deduction ", "box": [ 33.74999859375, 663.8805338614184, 580.7493507833593, 668.8931714727223 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for NOLs generated post 2017 to 80% of taxable income and granted an indefinite carryforward period. Additionally, we have ", "box": [ 33.74999859375, 675.8805333614146, 580.7493507833593, 680.8931709727185 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cumulative total net capital losses of $115.9 million, which expired at December 31, 2025, if not utilized on our tax return to be filed in ", "box": [ 33.74999859375, 687.8805328614108, 580.7493507833593, 692.8931704727147 ], "from_ocr": false, "confidence": 1.0 }, { "text": "October 2026.", "box": [ 33.74999859375, 699.880532361407, 90.94266571697212, 704.8931699727109 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We also have tax assets in our taxable REIT subsidiaries (\"TRS\"). These tax assets are analyzed and disclosed quarterly in our ", "box": [ 70.04296583154297, 720.8805314864148, 580.7493507833593, 725.8931690977188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financial statements. At June 30, 2026, our TRS had $62.0 million of NOLs comprising: $39.8 million of pre-TCJA NOLs, some of ", "box": [ 33.74999859375, 732.880530986411, 580.7493507833593, 737.893168597715 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(1)", "box": [ 209.76561625976564, 207.81551361949823, 217.5749992167764, 211.17356731105247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(2)", "box": [ 168.6679654721678, 220.5655130882369, 176.4773484291786, 223.9235667798057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(3)", "box": [ 206.97655387597655, 233.31551255699014, 214.78593683298735, 236.67356624855893 ], "from_ocr": false, "confidence": 1.0 }, { "text": " (4)", "box": [ 108.42187048242187, 246.06551202574337, 117.9056270196671, 249.42356571731216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(5)", "box": [ 163.96874316796874, 258.8155114944966, 171.77812612497954, 262.17356518605084 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(6)", "box": [ 207.53905385253907, 271.56551096324984, 215.34843680954984, 274.92356465480407 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(7)", "box": [ 101.48437077148438, 284.3155104319885, 109.29375372849515, 287.6735641235573 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(8)", "box": [ 193.4179644409178, 297.06550990074174, 201.22734739792858, 300.42356359231053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(9)", "box": [ 130.07811958007812, 309.815509369495, 137.8875025370889, 313.17356306106376 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 121, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 68.38055867390358, 578.2459236369182, 73.39319628520752 ], "from_ocr": false, "confidence": 1.0 }, { "text": "73", "box": [ 300.99608495849594, 86.38055792391242, 310.9935794794336, 91.39319553521636 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which are set to expire beginning in 2044 and $22.2 million of NOLs with an indefinite carryforward period. Additionally, our TRS had ", "box": [ 33.74999859375, 38.3805599239131, 580.7493507833593, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "cumulative total net capital losses of $20.8 million, which are set to expire at December 31, 2029.", "box": [ 33.74999859375, 50.38055942390929, 424.65267688738766, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 122, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817389977, 96.48813121016045, 85.39319578520372 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Distributions", "box": [ 33.74999859375, 113.38055679890385, 87.64757536843052, 118.3931944102078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We did not pay distributions on our common shares during the six months ended June 30, 2026 as we were able to utilize NOL ", "box": [ 70.04296583154297, 134.3805559238972, 580.7493507833593, 139.3931935352157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "carryforwards and net capital loss carryforwards to offset our REIT taxable income. This enabled us to grow book value and our ", "box": [ 33.74999859375, 146.38055542390794, 580.7493507833593, 151.39319303521188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investable equity base. Our Board is responsible for the establishment and evaluation of a plan for the prudent resumption of the ", "box": [ 33.74999859375, 158.38055492390413, 580.7493507833593, 163.39319253520807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payment of common share distributions. No assurance, however, can be given as to the amounts or timing of future distributions as ", "box": [ 33.74999859375, 170.38055442390032, 580.7493507833593, 175.39319203520427 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such distributions are subject to our earnings, financial condition, capital requirements and such other factors as our Board deems ", "box": [ 33.74999859375, 182.38055392391107, 580.7493507833593, 187.393191535215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "relevant.", "box": [ 33.74999859375, 194.38055342390726, 68.44343330444016, 199.3931910352112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We intend to continue to make regular quarterly distributions to holders of our preferred stock.", "box": [ 70.04296583154297, 215.3805525489006, 449.0003700979004, 220.39319016020454 ], "from_ocr": false, "confidence": 1.0 }, { "text": "U.S. federal income tax law generally requires that a REIT distribute at least 90% of its REIT taxable income annually, ", "box": [ 70.04296583154297, 236.38055167390849, 580.7493507833593, 241.39318928521243 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determined without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate ", "box": [ 33.74999859375, 248.38055117390468, 580.7493507833593, 253.39318878520862 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rates to the extent that it annually distributes less than 100% of its taxable income. Before we pay any dividend, whether for U.S. ", "box": [ 33.74999859375, 260.38055067390087, 580.7493507833593, 265.3931882852048 ], "from_ocr": false, "confidence": 1.0 }, { "text": "federal income tax purposes or otherwise, we must first meet both our operating and debt service requirements on our repurchase ", "box": [ 33.74999859375, 272.3805501739116, 580.7493507833593, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreements and other debt payable. If our cash available for distribution is less than our taxable income, we could be required to sell ", "box": [ 33.74999859375, 284.3805496739078, 580.7493507833593, 289.39318728521175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assets or borrow funds to make cash distributions, or we may make a portion of the required distribution in the form of a taxable stock ", "box": [ 33.74999859375, 296.380549173904, 580.7493507833593, 301.39318678520794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "distribution or distribution of debt securities.", "box": [ 33.74999859375, 308.3805486739002, 212.5721732740758, 313.39318628520414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Off-Balance Sheet Arrangements", "box": [ 33.74999859375, 329.3805477989081, 175.35015851415608, 334.393185410212 ], "from_ocr": false, "confidence": 1.0 }, { "text": "General", "box": [ 33.74999859375, 350.3805469239014, 67.07172075443245, 355.39318453520536 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, we did not maintain any relationships with unconsolidated entities or financial partnerships that were ", "box": [ 70.04296583154297, 371.3805460489093, 580.7493507833593, 376.39318366021325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "established for the purpose of facilitating off-balance sheet arrangements or contractually narrow or limited purposes, although we do ", "box": [ 33.74999859375, 383.3805455489055, 580.7493507833593, 388.39318316020945 ], "from_ocr": false, "confidence": 1.0 }, { "text": "have interests in unconsolidated entities that were not established for those purposes. At June 30, 2026, we had not guaranteed ", "box": [ 33.74999859375, 395.3805450489017, 580.7493507833593, 400.39318266020564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "obligations of any unconsolidated entities or entered into any commitment or letter of intent to provide additional funding to any such ", "box": [ 33.74999859375, 407.3805445488979, 580.7493507833593, 412.39318216020183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "entities, other than those discussed in the \"Guarantees and Indemnifications\" section below.", "box": [ 33.74999859375, 419.38054404890863, 400.33755332551783, 424.3931816602126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Unfunded Commitments", "box": [ 33.74999859375, 440.38054317390197, 135.13078108996353, 445.3931807852059 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In the ordinary course of business, we make commitments to borrowers whose loans are in our CRE loan portfolio to provide ", "box": [ 70.04296583154297, 461.38054229890986, 580.7493507833593, 466.3931799102138 ], "from_ocr": false, "confidence": 1.0 }, { "text": "additional loan funding in the future. Disbursement of funds pursuant to these commitments is subject to the borrower meeting pre-", "box": [ 33.74999859375, 473.38054179890605, 578.2409329871264, 478.39317941021 ], "from_ocr": false, "confidence": 1.0 }, { "text": "specified criteria. These commitments are subject to the same underwriting requirements and ongoing portfolio maintenance as are the ", "box": [ 33.74999859375, 485.38054129890224, 580.7493507833593, 490.3931789102062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on-balance sheet financial investments that we hold. Since these commitments may expire without being drawn upon, the total ", "box": [ 33.74999859375, 497.38054079889844, 580.7493507833593, 502.3931784102024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "commitment amount does not necessarily represent future cash requirements. Whole loans had $81.4 million and $88.6 million in ", "box": [ 33.74999859375, 509.3805402989092, 580.7493507833593, 514.3931779102131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unfunded loan commitments at June 30, 2026 and December 31, 2025, respectively. Unfunded commitments are not considered in the ", "box": [ 33.74999859375, 521.3805397989054, 580.7493507833593, 526.3931774102093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "CECL reserve if they are unconditionally cancellable.", "box": [ 33.74999859375, 533.3805392989016, 248.88635756098464, 538.3931769102055 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guarantees and Indemnifications", "box": [ 33.74999859375, 554.3805384239095, 172.62622462765336, 559.3931760352134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In the ordinary course of business, we may provide guarantees and indemnifications that contingently obligate us to make ", "box": [ 70.04296583154297, 575.3805375489028, 580.7493507833593, 580.3931751602067 ], "from_ocr": false, "confidence": 1.0 }, { "text": "payments to the guaranteed or indemnified party based on changes in the value of an asset, liability or equity security of the guaranteed ", "box": [ 33.74999859375, 587.380537048899, 580.7493507833593, 592.3931746602029 ], "from_ocr": false, "confidence": 1.0 }, { "text": "or indemnified party. As such, we may be obligated to make payments to a guaranteed party based on another entity's failure to ", "box": [ 33.74999859375, 599.3805365489097, 580.7493507833593, 604.3931741602137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "perform or achieve specified performance criteria, or we may have an indirect guarantee of the indebtedness of others.", "box": [ 33.74999859375, 611.3805360489059, 507.02459085522435, 616.3931736602099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In September 2025, we entered into guaranties related to a $62.4 million construction loan and an $10.9 million bridge loan ", "box": [ 70.04296583154297, 632.3805351738993, 580.7493507833593, 637.3931727852032 ], "from_ocr": false, "confidence": 1.0 }, { "text": "made to a borrower that is held by a joint venture in which we have a 90% membership interest (the \"Borrower\"). Pursuant to the ", "box": [ 33.74999859375, 644.38053467391, 580.7434443086051, 649.393172285214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guaranty of Completion, executed September 2025, by the individual principals of the partnership and the Company (collectively, the ", "box": [ 33.74999859375, 656.3805341739062, 580.7493507833593, 661.3931717852101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\"Guarantors\") for the benefit of DL RCF I Loan Holdings, LLC and DL RCF I Loan Holdings (Evergreen), LLC (collectively, the ", "box": [ 33.74999859375, 668.3805336739024, 580.7493507833593, 673.3931712852063 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\"Lender\"), the Guarantors guarantee to the Lender, the Borrower's obligation to commence, construct, develop and complete the ", "box": [ 33.74999859375, 680.3805331738986, 580.7493507833593, 685.3931707852025 ], "from_ocr": false, "confidence": 1.0 }, { "text": "construction project in a good and workmanlike manner in accordance with the terms and conditions of the Loan Agreement, dated ", "box": [ 33.74999859375, 692.3805326739093, 580.7493507833593, 697.3931702852133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "September 12, 2025 by and among the Borrower, DL RCF I Loan Holdings, LLC (the \"Agent\") and the Lender (the \"Loan ", "box": [ 33.74999859375, 704.3805321739055, 580.7493507833593, 709.3931697852095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement\") and to perform all other work contemplated or required to be completed pursuant to the loan documentation through final ", "box": [ 33.74999859375, 716.3805316739017, 580.7493507833593, 721.3931692852057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "completion.", "box": [ 33.74999859375, 728.3805311738979, 81.22831444673676, 733.3931687852019 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 123, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 104.38055717392126, 578.2459236369182, 109.3931947852252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "74", "box": [ 300.99608495849594, 122.38055642391555, 310.9935794794336, 127.3931940352195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In September 2025, the Guarantors also entered into a Guaranty of Retail Space to guarantee the payment and performance of ", "box": [ 70.04296583154297, 38.3805599239131, 580.7493507833593, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "all of the obligations for the payment of debt and the performance of the obligations under the Loan Agreement and a Guaranty of ", "box": [ 33.74999859375, 50.38055942390929, 580.7493507833593, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recourse Obligations to guarantee the payment and performance of certain liabilities (\"bad boy\") and payment obligations set forth in ", "box": [ 33.74999859375, 62.380558923920034, 580.7493507833593, 67.39319653522398 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Loan Agreement and agree to be liable for the guaranteed obligations as a primary obligor. Also in September 2025, the Guarantors ", "box": [ 33.74999859375, 74.38055842391623, 580.7376357838474, 79.39319603522017 ], "from_ocr": false, "confidence": 1.0 }, { "text": "entered into the Guaranty of Interest and Carry Costs to guarantee the payment and performance of the Borrower's obligation to timely ", "box": [ 33.74999859375, 86.38055792391242, 576.5071634601171, 91.39319553521636 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 124, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "pay all Carry Costs and Debt Service and its obligation to make deposits into the Carry Cost Account (each as defined in the ", "box": [ 33.74999859375, 113.38055679890385, 580.7493507833593, 118.3931944102078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreement) in accordance with the Loan Agreement, and all interest due to the Bridge Lender (defined below) and/or preferred return ", "box": [ 33.74999859375, 125.3805562989146, 580.7493507833593, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "due pursuant to the Master Tenant Operating Agreement. The Guarantors also unconditionally covenant and agree to be liable for these ", "box": [ 33.74999859375, 137.3805557989108, 580.7493507833593, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "guaranteed obligations as a primary obligor. Additionally, the Guarantors with the Borrower also entered into an Environmental ", "box": [ 33.74999859375, 149.38055529890698, 580.7610732828708, 154.39319291021093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Indemnity Agreement jointly and severally in favor of the Lender and Agent whereby the Guarantors serving as Indemnitors provided ", "box": [ 33.74999859375, 161.38055479890318, 580.7493507833593, 166.39319241020712 ], "from_ocr": false, "confidence": 1.0 }, { "text": "environmental representations and warranties, covenants and indemnification.", "box": [ 33.74999859375, 173.38055429891392, 345.78585889850524, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In connection with the $10.9 million bridge loan from Hoyne Savings Bank (\"Bridge Lender\") to Borrower, we entered into ", "box": [ 70.04296583154297, 194.38055342390726, 580.7493507833593, 199.3931910352112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Repayment and Completion Guaranty in September 2025, in favor of Bridge Lender subject to the Bridge Loan Agreement between ", "box": [ 33.74999859375, 206.38055292390345, 580.7493507833593, 211.3931905352074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Borrower and Bridge Lender (the \"Bridge Loan Agreement\") to guarantee the prompt payment of all indebtedness under the Bridge ", "box": [ 33.74999859375, 218.3805524239142, 580.7493507833593, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan Agreement and the prompt performance of all other covenants, obligations and agreements of Borrower under the Bridge Loan ", "box": [ 33.74999859375, 230.3805519239104, 580.7493507833593, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement, including but not limited to, construction of the improvements and completion before the completion date and material ", "box": [ 33.74999859375, 242.38055142390658, 580.7493507833593, 247.39318903521053 ], "from_ocr": false, "confidence": 1.0 }, { "text": "compliance with all environmental covenants and indemnities set forth in the Bridge Loan Agreement.", "box": [ 33.74999859375, 254.38055092391733, 444.0814477528553, 259.39318853522127 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Critical Accounting Policies and Estimates", "box": [ 33.74999859375, 275.38055004891066, 215.35471922229937, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our consolidated financial statements are prepared by management in accordance with GAAP. The preparation of financial ", "box": [ 70.04296583154297, 296.380549173904, 580.7493507833593, 301.39318678520794 ], "from_ocr": false, "confidence": 1.0 }, { "text": "statements in conformity with GAAP requires that we make estimates and assumptions that may affect the value of our assets or ", "box": [ 33.74999859375, 308.38054867391475, 580.7493507833593, 313.3931862852187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "liabilities and disclosure of contingent assets and liabilities at the date of our financial statements and our financial results. We believe ", "box": [ 33.74999859375, 320.38054817391094, 580.7493507833593, 325.3931857852149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "that certain of our policies are critical because they require us to make difficult, subjective and complex judgments about matters that ", "box": [ 33.74999859375, 332.38054767390713, 580.7493507833593, 337.3931852852111 ], "from_ocr": false, "confidence": 1.0 }, { "text": "are inherently uncertain. The critical policies summarized below relate to allowance for credit losses, investments in real estate, revenue ", "box": [ 33.74999859375, 344.3805471739033, 580.7493507833593, 349.39318478520727 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recognition and variable interest entities (\"VIEs\"). We have reviewed these accounting policies with our Board and believe that all of ", "box": [ 33.74999859375, 356.38054667391407, 580.7493507833593, 361.393184285218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the decisions and assessments upon which our financial statements are based were reasonable at the time made based upon information ", "box": [ 33.74999859375, 368.38054617391026, 580.7493507833593, 373.3931837852142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "available to us at the time.", "box": [ 33.74999859375, 380.38054567390645, 138.68944002752306, 385.3931832852104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Allowance for Credit Losses", "box": [ 33.74999859375, 401.38054479891434, 149.55584061391937, 406.3931824102183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We maintain an allowance for credit losses on our loans held for investment. CRE loans that are held for investment are ", "box": [ 70.04296583154297, 422.3805439239077, 580.7493507833593, 427.3931815352116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "carried at cost, net of unamortized acquisition premiums or discounts, loan fees and origination costs as applicable. Effective January 1, ", "box": [ 33.74999859375, 434.3805434239039, 580.7493507833593, 439.3931810352078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2020, we determine our allowance for credit losses, consistent with GAAP, by measuring CECL on the loan portfolio on a quarterly ", "box": [ 33.74999859375, 446.3805429239146, 580.7493507833593, 451.39318053521856 ], "from_ocr": false, "confidence": 1.0 }, { "text": "basis. We utilize a probability of default and loss given default methodology over a reasonable and supportable forecast period after ", "box": [ 33.74999859375, 458.3805424239108, 580.7493507833593, 463.39318003521475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which we revert to the historical mean loss ratio, utilizing a blended approach sourced from our own historical losses and the market ", "box": [ 33.74999859375, 470.380541923907, 580.7493507833593, 475.39317953521095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses from an engaged third-party's database, to be applied for the remaining estimable period. The CECL model requires us to make ", "box": [ 33.74999859375, 482.3805414239032, 580.7493507833593, 487.39317903520714 ], "from_ocr": false, "confidence": 1.0 }, { "text": "significant judgments, including: (i) the selection of a reasonable and supportable forecast period, (ii) the selection and weighting of ", "box": [ 33.74999859375, 494.38054092391394, 580.7493507833593, 499.3931785352179 ], "from_ocr": false, "confidence": 1.0 }, { "text": "appropriate macroeconomic forecast scenarios, (iii) the determination of the risk characteristics in which to pool financial assets, and ", "box": [ 33.74999859375, 506.38054042391013, 580.7493507833593, 511.3931780352141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(iv) the appropriate historical loss data to use in the model. Unfunded commitments are not considered in the CECL reserve if they are ", "box": [ 33.74999859375, 518.3805399239063, 580.7493507833593, 523.3931775352103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "unconditionally cancellable by us.", "box": [ 33.74999859375, 530.3805394239171, 170.34165660868067, 535.393177035221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We measure the loan portfolio's credit losses by grouping loans based on similar risk characteristics under CECL, which is ", "box": [ 70.04296583154297, 551.3805385489104, 580.7493507833593, 556.3931761602144 ], "from_ocr": false, "confidence": 1.0 }, { "text": "typically based on the loan's collateral type. We regularly evaluate the risk characteristics of our loan portfolio to determine whether a ", "box": [ 33.74999859375, 563.3805380489066, 580.7493507833593, 568.3931756602105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "different pooling methodology is more accurate. Further, if we determine that foreclosure of a loan's collateral is probable or repayment ", "box": [ 33.74999859375, 575.3805375489173, 580.7493507833593, 580.3931751602213 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of the loan is expected through sale or operation of the collateral and the borrower is experiencing financial difficulty, expected credit ", "box": [ 33.74999859375, 587.3805370489135, 580.7493507833593, 592.3931746602175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses are measured as the difference between the current fair value of the collateral and the amortized cost of the loan. Fair value may ", "box": [ 33.74999859375, 599.3805365489097, 580.7493507833593, 604.3931741602137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "be determined based on (i) the present value of estimated cash flows; (ii) the market price, if available; or (iii) the fair value of the ", "box": [ 33.74999859375, 611.3805360489059, 580.7493507833593, 616.3931736602099 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collateral less estimated disposition costs.", "box": [ 33.74999859375, 623.3805355489167, 200.6221155969948, 628.3931731602206 ], "from_ocr": false, "confidence": 1.0 }, { "text": "While a loan exhibiting credit quality deterioration may remain on accrual status, the loan is placed on nonaccrual status at ", "box": [ 70.04296583154297, 644.38053467391, 580.7493507833593, 649.393172285214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "such time as (i) management believes that scheduled debt service payments will not be met within the coming 12 months; (ii) the loan ", "box": [ 33.74999859375, 656.3805341739062, 580.7493507833593, 661.3931717852101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "becomes 90 days past due; (iii) management determines the borrower is incapable of, or has ceased efforts toward, curing the cause of ", "box": [ 33.74999859375, 668.380533673917, 580.7493507833593, 673.3931712852209 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the credit deterioration; or (iv) the net realizable value of the loan's underlying collateral approximates our carrying value for such loan. ", "box": [ 33.74999859375, 680.3805331739131, 580.7493507833593, 685.3931707852171 ], "from_ocr": false, "confidence": 1.0 }, { "text": "While on nonaccrual status, we recognize interest income only when an actual payment is received if a credit analysis supports the ", "box": [ 33.74999859375, 692.3805326739093, 580.7493507833593, 697.3931702852133 ], "from_ocr": false, "confidence": 1.0 }, { "text": "borrower's principal repayment capacity. When a loan is placed on nonaccrual, previously accrued interest is reversed from interest ", "box": [ 33.74999859375, 704.3805321739055, 580.7493507833593, 709.3931697852095 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income.", "box": [ 33.74999859375, 716.3805316739163, 65.67558834476704, 721.3931692852202 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 125, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 92.38055767391052, 578.2459236369182, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "75", "box": [ 300.99608495849594, 110.3805569239048, 310.9935794794336, 115.39319453520875 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We utilize the contractual life of our loans to estimate the period over which we measure expected credit losses. Estimates for ", "box": [ 70.04296583154297, 38.380559923898545, 580.7493507833593, 43.39319753520249 ], "from_ocr": false, "confidence": 1.0 }, { "text": "prepayments and extensions are incorporated into the inputs for our CECL model. Modifications to loan terms, such as a modification ", "box": [ 33.74999859375, 50.38055942390929, 580.7493507833593, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in connection with a troubled debt restructuring (\"TDR\"), where a concession is granted to a borrower experiencing financial difficulty, ", "box": [ 33.74999859375, 62.38055892390548, 580.7493507833593, 67.39319653520943 ], "from_ocr": false, "confidence": 1.0 }, { "text": "may result in the extension of the loan's life and an increase in the allowance for credit losses.", "box": [ 33.74999859375, 74.38055842390168, 410.1934337148561, 79.39319603520562 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 126, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 740.3805306739087, 578.2459236369182, 745.3931682852126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In order to calculate the historical mean loss ratio applied to the loan portfolio, we utilize historical losses from our full ", "box": [ 70.04296583154297, 113.3805567989184, 580.7493507833593, 118.39319441022235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "underwriting history, along with the market loss history of a selected population of loans from a third-party's database that are similar ", "box": [ 33.74999859375, 125.3805562989146, 580.7493507833593, 130.39319391021854 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to our loan types, loan sizes, durations, interest rate structure and general LTV profiles. We may make adjustments to the historical loss ", "box": [ 33.74999859375, 137.3805557989108, 580.7493507833593, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "history for qualitative or environmental factors if we believe there is evidence that the estimate for expected credit losses should be ", "box": [ 33.74999859375, 149.38055529892154, 580.7493507833593, 154.39319291022548 ], "from_ocr": false, "confidence": 1.0 }, { "text": "increased or decreased.", "box": [ 33.74999859375, 161.38055479891773, 126.72469975105392, 166.39319241022167 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We record write-offs against the allowance for credit losses if we deem that all or a portion of a loan's balance is uncollectible. ", "box": [ 70.04296583154297, 182.38055392391107, 580.7493507833593, 187.393191535215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "If we receive cash in excess of some or all of the amounts we previously wrote off, we record a recovery to increase the allowance for ", "box": [ 33.74999859375, 194.3805534239218, 580.7493507833593, 199.39319103522575 ], "from_ocr": false, "confidence": 1.0 }, { "text": "credit losses.", "box": [ 33.74999859375, 206.380552923918, 85.39229274823765, 211.39319053522195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "As part of the evaluation of the loan portfolio, we assess the performance of each loan and assign a risk rating based on the ", "box": [ 70.04296583154297, 227.38055204891134, 580.7493507833593, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "collective evaluation of several factors, including but not limited to: collateral performance relative to underwritten plan, time since ", "box": [ 33.74999859375, 239.38055154892209, 580.7493507833593, 244.39318916022603 ], "from_ocr": false, "confidence": 1.0 }, { "text": "origination, current implied and/or re-underwritten LTV ratios, risk inherent in the loan structure and exit plan. Loans are rated \"1\" ", "box": [ 33.74999859375, 251.38055104891828, 580.7493507833593, 256.3931886602222 ], "from_ocr": false, "confidence": 1.0 }, { "text": "through \"5,\" from least risk to greatest risk, in connection with this review.", "box": [ 33.74999859375, 263.38055054891447, 333.16687159929626, 268.3931881602184 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investments in Real Estate", "box": [ 33.74999859375, 284.38054967392236, 143.45385929531702, 289.3931872852263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We acquire investments in real estate through direct equity investments and as a result of our lending activities (i.e. through ", "box": [ 70.04296583154297, 305.3805487989157, 580.7493507833593, 310.39318641021964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "foreclosure or the receipt of the deed-in-lieu of foreclosure on a property). Acquired investments in real estate assets are recorded ", "box": [ 33.74999859375, 317.3805482989119, 580.7493507833593, 322.39318591021583 ], "from_ocr": false, "confidence": 1.0 }, { "text": "initially at fair value in accordance with U.S. GAAP. We allocate the purchase price of our acquired assets and assumed liabilities ", "box": [ 33.74999859375, 329.38054779892263, 580.7493507833593, 334.3931854102266 ], "from_ocr": false, "confidence": 1.0 }, { "text": "based on the relative fair values of the assets acquired and liabilities assumed. ", "box": [ 33.74999859375, 341.3805472989188, 347.4642080035741, 346.39318491022277 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We evaluate whether property obtained as a result of our lending activities should be identified as held for sale. If a property is ", "box": [ 70.04296583154297, 362.38054642391216, 580.7493507833593, 367.3931840352161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determined to be held for sale, all of the acquired assets and assumed liabilities will be recorded in property held for sale on the ", "box": [ 33.74999859375, 374.3805459239229, 580.7493507833593, 379.39318353522685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "consolidated balance sheets and recorded at the lower of cost or fair value. Once a property is classified as held for sale, depreciation ", "box": [ 33.74999859375, 386.3805454239191, 580.7493507833593, 391.39318303522305 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expense is no longer recorded.", "box": [ 33.74999859375, 398.3805449239153, 155.6187873971336, 403.39318253521924 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Investments in real estate are carried net of accumulated depreciation. We depreciate real property, building and tenant ", "box": [ 70.04296583154297, 419.38054404890863, 580.7493507833593, 424.3931816602126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "improvements and furniture, fixtures, and equipment using the straight-line method over the estimated useful lives of the assets. We ", "box": [ 33.74999859375, 431.3805435489194, 580.7493507833593, 436.3931811602233 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amortize any acquired intangible assets using the straight-line method over the estimated useful lives of the intangible assets. We ", "box": [ 33.74999859375, 443.38054304891557, 580.7493507833593, 448.3931806602195 ], "from_ocr": false, "confidence": 1.0 }, { "text": "amortize the value allocated to lease right of use assets and related in-place lease liabilities, when determined to be operating leases, ", "box": [ 33.74999859375, 455.38054254891176, 580.7493507833593, 460.3931801602157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "using the straight-line method over the remaining lease term. The value allocated to any associated above or below market lease ", "box": [ 33.74999859375, 467.3805420489225, 580.7493507833593, 472.39317966022645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "intangible asset or liability is amortized to lease expense over the remaining lease term.", "box": [ 33.74999859375, 479.3805415489187, 382.98837952340006, 484.39317916022264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Ordinary repairs and maintenance are expensed as incurred. Costs related to the improvement of the real property are ", "box": [ 70.04296583154297, 500.38054067391204, 580.7493507833593, 505.393178285216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "capitalized and depreciated over their useful lives. Costs related to the development and construction of real property are capitalized to ", "box": [ 33.74999859375, 512.3805401739228, 580.7493507833593, 517.3931777852267 ], "from_ocr": false, "confidence": 1.0 }, { "text": "construction in progress during the period beginning with the commencement of development and ending with the completion of ", "box": [ 33.74999859375, 524.380539673919, 580.7493507833593, 529.3931772852229 ], "from_ocr": false, "confidence": 1.0 }, { "text": "construction.", "box": [ 33.74999859375, 536.3805391739152, 85.67054446164386, 541.3931767852191 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 548.3805386739114, 36.249373470859375, 553.3931762852153 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Revenue Recognition", "box": [ 33.74999859375, 560.3805381739221, 121.77964055328667, 565.393175785226 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest income from our loan portfolio is recognized over the life of each loan using the effective interest method and is ", "box": [ 70.04296583154297, 581.3805372989154, 580.7493507833593, 586.3931749102194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "recorded on the accrual basis. Premiums and discounts are amortized or accreted into income using the effective yield method. If a loan ", "box": [ 33.74999859375, 593.3805367989116, 580.7493507833593, 598.3931744102156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with a premium or discount is prepaid, we immediately recognize the unamortized portion as a decrease or increase to interest income. ", "box": [ 33.74999859375, 605.3805362989224, 580.7493507833593, 610.3931739102263 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition, we defer loan origination and extension fees and loan origination costs and recognize them over the life of the related loan ", "box": [ 33.74999859375, 617.3805357989186, 580.7493507833593, 622.3931734102225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "with interest income using the straight-line method, which approximates the effective yield method. Income recognition is suspended ", "box": [ 33.74999859375, 629.3805352989148, 580.7493507833593, 634.3931729102187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, a full recovery of principal and ", "box": [ 33.74999859375, 641.380534798911, 580.7493507833593, 646.3931724102149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "income becomes doubtful. When the ultimate collectability of the principal is in doubt, all payments received are applied to principal ", "box": [ 33.74999859375, 653.3805342989217, 580.7493507833593, 658.3931719102256 ], "from_ocr": false, "confidence": 1.0 }, { "text": "under the cost recovery method. When the ultimate collectability of the principal is not in doubt, contractual interest is recorded as ", "box": [ 33.74999859375, 665.3805337989179, 580.7493507833593, 670.3931714102218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest income when received, under the cash method, until an accrual is resumed when the loan becomes contractually current and ", "box": [ 33.74999859375, 677.3805332989141, 580.7493507833593, 682.393170910218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance is demonstrated to be resumed.", "box": [ 33.74999859375, 689.3805327989103, 210.86370769526184, 694.3931704102142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Through our investments in real estate, we earn revenue associated with rental operations and hospitality operations, which are ", "box": [ 70.04296583154297, 710.3805319239182, 580.7493507833593, 715.3931695352221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "presented in real estate income on the consolidated statements of operations. ", "box": [ 33.74999859375, 722.3805314239144, 341.9095207350194, 727.3931690352183 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 127, "width": 612.0, "height": 792.0, "cells": [ { "text": "76", "box": [ 300.99608495849594, 38.3805599239131, 310.9935794794336, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 128, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817389977, 96.48813121016045, 85.39319578520372 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 740.3805306739087, 578.2459236369182, 745.3931682852126 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Rental operating revenue consists of fixed contractual base rent arising from tenant leases at our office properties under ", "box": [ 70.04296583154297, 113.38055679890385, 580.7493507833593, 118.3931944102078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "operating leases. Revenue is recognized on a straight-line basis over the non-cancelable terms of the related leases. For leases that have ", "box": [ 33.74999859375, 125.38055629890005, 580.7493507833593, 130.393193910204 ], "from_ocr": false, "confidence": 1.0 }, { "text": "fixed and measurable rent escalations, the difference between such rental income earned and the cash rent due under the provisions of ", "box": [ 33.74999859375, 137.3805557989108, 580.7493507833593, 142.39319341021474 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the lease is recorded in our consolidated balance sheets. We move to cash basis operating lease income recognition in the period in ", "box": [ 33.74999859375, 149.38055529890698, 580.7493507833593, 154.39319291021093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "which collectability of all lease payments is no longer considered probable. At such time, any uncollectible receivable balance will be ", "box": [ 33.74999859375, 161.38055479890318, 580.7493507833593, 166.39319241020712 ], "from_ocr": false, "confidence": 1.0 }, { "text": "written off.", "box": [ 33.74999859375, 173.38055429891392, 78.72402682608208, 178.39319191021787 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Hospitality operating revenue consists of amounts derived from hotel operations, including room sales and other hotel ", "box": [ 70.04296583154297, 194.38055342390726, 580.7493507833593, 199.3931910352112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "revenues. We recognize hospitality operating revenue when guest rooms are occupied, services have been provided or fees have been ", "box": [ 33.74999859375, 206.38055292390345, 580.7493507833593, 211.3931905352074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "earned. Revenues are recorded net of any sales, occupancy or other taxes collected from customers on behalf of third parties. The ", "box": [ 33.74999859375, 218.3805524239142, 580.7493507833593, 223.39319003521814 ], "from_ocr": false, "confidence": 1.0 }, { "text": "following provides additional detail on room revenue and other operating revenue:", "box": [ 33.74999859375, 230.3805519239104, 364.1210549273763, 235.39318953521433 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.890622837890625, 251.38055104890373, 55.390724021645745, 256.39318866020767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Room revenue is recognized when our hotel satisfies its performance obligation of providing a hotel room. The hotel ", "box": [ 70.03124708203126, 251.38055104890373, 580.7493507833593, 256.39318866020767 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Payment is typically due and ", "box": [ 70.03124708203126, 263.3805505488999, 580.7493507833593, 268.39318816020386 ], "from_ocr": false, "confidence": 1.0 }, { "text": "paid in full at the end of the stay with some customers prepaying for their rooms prior to the stay. Payments received from a ", "box": [ 70.03124708203126, 275.38055004891066, 580.7493507833593, 280.3931876602146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "customer prior to arrival are recorded as an advance deposit and are recognized as revenue at the time of occupancy.", "box": [ 70.03124708203126, 287.38054954890686, 535.2463608293172, 292.3931871602108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "\u2022", "box": [ 51.890622837890625, 308.3805486739002, 55.390724021645745, 313.39318628520414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Other operating revenue is recognized at the time when the goods or services are provided to the customer or when the ", "box": [ 70.03124708203126, 308.3805486739002, 580.7493507833593, 313.39318628520414 ], "from_ocr": false, "confidence": 1.0 }, { "text": "performance obligation is satisfied. Payment is due at the time that goods or services are rendered or billed.", "box": [ 70.03124708203126, 320.38054817391094, 499.513101468203, 325.3931857852149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Variable Interest Entities", "box": [ 33.74999859375, 341.3805472989043, 137.62523801102785, 346.3931849102082 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We consolidate entities that are VIEs where we have determined that we are the primary beneficiary of such entities. Once it is ", "box": [ 70.04296583154297, 362.38054642391216, 580.7493507833593, 367.3931840352161 ], "from_ocr": false, "confidence": 1.0 }, { "text": "determined that we hold a variable interest in a VIE, management performs a qualitative analysis to determine (i) if we have the power ", "box": [ 33.74999859375, 374.38054592390836, 580.7493507833593, 379.3931835352123 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to direct the matters that most significantly impact the VIE's financial performance; and (ii) if we have the obligation to absorb the ", "box": [ 33.74999859375, 386.38054542390455, 580.7493507833593, 391.3931830352085 ], "from_ocr": false, "confidence": 1.0 }, { "text": "losses of the VIE that could potentially be significant to the VIE or the right to receive the benefits of the VIE that could potentially be ", "box": [ 33.74999859375, 398.38054492390074, 580.7493507833593, 403.3931825352047 ], "from_ocr": false, "confidence": 1.0 }, { "text": "significant to the VIE. If our variable interest possesses both of these characteristics, we are deemed to be the primary beneficiary and ", "box": [ 33.74999859375, 410.3805444239115, 580.7493507833593, 415.39318203521543 ], "from_ocr": false, "confidence": 1.0 }, { "text": "would be required to consolidate the VIE. This assessment must be done on an ongoing basis.", "box": [ 33.74999859375, 422.3805439239077, 408.86569032017894, 427.3931815352116 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, we determined that there is one VIE to be consolidated.", "box": [ 70.04296583154297, 443.380543048901, 365.4472199792819, 448.39318066020496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Recent Accounting Standards", "box": [ 33.74999859375, 464.3805421739089, 160.94458818938818, 469.39317978521285 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Accounting Standards to be Adopted in Future Periods", "box": [ 33.74999859375, 485.38054129890224, 260.1188431821275, 490.3931789102062 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In November 2024, the Financial Accounting Standards Board issued guidance to improve transparency on certain costs and ", "box": [ 70.04296583154297, 506.38054042391013, 580.7493507833593, 511.3931780352141 ], "from_ocr": false, "confidence": 1.0 }, { "text": "expenses. This guidance is effective for fiscal years beginning after December 15, 2026 and is to be adopted on a prospective basis with ", "box": [ 33.74999859375, 518.3805399239063, 580.7493507833593, 523.3931775352103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the option to apply retrospectively. We are in the process of evaluating the impact of this guidance, however, we do not expect a ", "box": [ 33.74999859375, 530.3805394239025, 580.7493507833593, 535.3931770352065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "material impact to our consolidated financial statements.", "box": [ 33.74999859375, 542.3805389239133, 260.00662689764, 547.3931765352172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Inflation", "box": [ 33.74999859375, 563.3805380489066, 70.97207534526865, 568.3931756602105 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Virtually all of our assets and liabilities are interest rate sensitive in nature. As a result, interest rates and other factors ", "box": [ 70.04296583154297, 584.3805371738999, 580.7493507833593, 589.3931747852039 ], "from_ocr": false, "confidence": 1.0 }, { "text": "influence our performance far more than inflation. Changes in interest rates do not necessarily correlate with inflation rates or changes ", "box": [ 33.74999859375, 596.3805366739107, 580.7493507833593, 601.3931742852146 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in inflation rates. Our consolidated financial statements are prepared in accordance with GAAP and our distributions are determined by ", "box": [ 33.74999859375, 608.3805361739069, 580.7493507833593, 613.3931737852108 ], "from_ocr": false, "confidence": 1.0 }, { "text": "our Board based primarily on our maintaining our REIT qualification; in each case, our activities and balance sheet are measured with ", "box": [ 33.74999859375, 620.3805356739031, 580.7493507833593, 625.393173285207 ], "from_ocr": false, "confidence": 1.0 }, { "text": "reference to historical cost and/or fair market value without considering inflation.", "box": [ 33.74999859375, 632.3805351739138, 359.3858794568376, 637.3931727852178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK", "box": [ 33.74999859375, 653.3805342989072, 434.56222352982746, 658.3931719102111 ], "from_ocr": false, "confidence": 1.0 }, { "text": "At June 30, 2026, the primary components of our market risk were credit risk, counterparty risk, financing risk, and interest ", "box": [ 70.04296583154297, 674.3805334239005, 580.7493507833593, 679.3931710352044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "rate risk, as described below. While we do not seek to avoid risk completely, we do seek to assume risk that can be quantified from ", "box": [ 33.74999859375, 686.3805329239112, 580.7493507833593, 691.3931705352152 ], "from_ocr": false, "confidence": 1.0 }, { "text": "historical experience, to actively manage that risk, to earn sufficient compensation to justify assuming that risk and to maintain capital ", "box": [ 33.74999859375, 698.3805324239074, 580.7493507833593, 703.3931700352114 ], "from_ocr": false, "confidence": 1.0 }, { "text": "levels consistent with the risk we undertake or to which we are exposed. Additionally, refer to Item 1A, \"Risk Factors\" included in our ", "box": [ 33.74999859375, 710.3805319239036, 580.7493507833593, 715.3931695352076 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Annual Report on Form 10-K for the year ended December 31, 2025 for additional information on risks we face.", "box": [ 33.74999859375, 722.3805314238998, 484.6180673638297, 727.3931690352038 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 129, "width": 612.0, "height": 792.0, "cells": [ { "text": "77", "box": [ 300.99608495849594, 38.3805599239131, 310.9935794794336, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 130, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 635.3805350489129, 578.2459236369182, 640.3931726602168 ], "from_ocr": false, "confidence": 1.0 }, { "text": "78", "box": [ 300.99608495849594, 653.3805342989072, 310.9935794794336, 658.3931719102111 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Credit Risks", "box": [ 33.74999859375, 113.3805567989184, 87.34981150583735, 118.39319441022235 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our loans and investments are subject to credit risk. The performance and value of our loans and investments depend upon the ", "box": [ 70.04296583154297, 134.38055592391174, 580.7493507833593, 139.3931935352157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "sponsors' ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay interest and ", "box": [ 33.74999859375, 146.38055542390794, 580.7493507833593, 151.39319303521188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "principal due to us. To monitor this risk, ACRES Capital, LLC's asset management team reviews our investment portfolios and in ", "box": [ 33.74999859375, 158.38055492391868, 580.7493507833593, 163.39319253522262 ], "from_ocr": false, "confidence": 1.0 }, { "text": "certain instances is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as ", "box": [ 33.74999859375, 170.38055442391487, 580.7493507833593, 175.39319203521882 ], "from_ocr": false, "confidence": 1.0 }, { "text": "necessary.", "box": [ 33.74999859375, 182.38055392391107, 75.10681267679934, 187.393191535215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In addition, we are exposed to the risks generally associated with the commercial real estate (\"CRE\") market, including ", "box": [ 70.04296583154297, 203.38055304891896, 580.7493507833593, 208.3931906602229 ], "from_ocr": false, "confidence": 1.0 }, { "text": "variances in occupancy rates, capitalization rates, absorption rates, and other macroeconomic factors beyond our control. We seek to ", "box": [ 33.74999859375, 215.38055254891515, 580.7493507833593, 220.3931901602191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "manage these risks through our underwriting and asset management processes.", "box": [ 33.74999859375, 227.38055204891134, 348.58302405695673, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "In a business environment where benchmark interest rates are increasing significantly, cash flows of the CRE assets ", "box": [ 70.04296583154297, 248.38055117391923, 580.7493507833593, 253.39318878522317 ], "from_ocr": false, "confidence": 1.0 }, { "text": "underlying our loans may not be sufficient to pay debt service on our loans, which could result in non-performance or default. We ", "box": [ 33.74999859375, 260.3805506739154, 580.7493507833593, 265.39318828521937 ], "from_ocr": false, "confidence": 1.0 }, { "text": "partially mitigate this risk by generally requiring our borrowers to purchase interest rate cap agreements with non-affiliated, well-", "box": [ 33.74999859375, 272.3805501739116, 578.2466551868879, 277.39318778521556 ], "from_ocr": false, "confidence": 1.0 }, { "text": "capitalized third parties and by selectively requiring our borrowers to have and maintain debt service reserves. These interest rate caps ", "box": [ 33.74999859375, 284.3805496739078, 580.7493507833593, 289.39318728521175 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generally mature prior to the maturity date of the loan and the borrowers are required to pay to extend them. In most cases the sponsors ", "box": [ 33.74999859375, 296.38054917391855, 580.7493507833593, 301.3931867852225 ], "from_ocr": false, "confidence": 1.0 }, { "text": "will need to fund additional equity into the properties to cover these costs as the property may not generate sufficient cash flow to pay ", "box": [ 33.74999859375, 308.38054867391475, 580.7493507833593, 313.3931862852187 ], "from_ocr": false, "confidence": 1.0 }, { "text": "these costs. At June 30, 2026, 74% of the par value of our CRE loan portfolio had interest rate caps with a weighted-average maturity ", "box": [ 33.74999859375, 320.38054817391094, 580.7493507833593, 325.3931857852149 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of 15.0 months or debt service reserves in place.", "box": [ 33.74999859375, 332.38054767390713, 226.9729026490454, 337.3931852852111 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Macroeconomic conditions may persist into the future and impair our borrowers' ability to comply with the terms under our ", "box": [ 70.04296583154297, 353.380546798915, 580.7493507833593, 358.39318441021896 ], "from_ocr": false, "confidence": 1.0 }, { "text": "loan agreements. We maintain a robust asset management relationship with our borrowers and have utilized these relationships to ", "box": [ 33.74999859375, 365.3805462989112, 580.7493507833593, 370.39318391021516 ], "from_ocr": false, "confidence": 1.0 }, { "text": "address rising interest rates, and other macroeconomic factors on our loans secured by properties experiencing cash flow pressure. ", "box": [ 33.74999859375, 377.3805457989074, 580.7493507833593, 382.39318341021135 ], "from_ocr": false, "confidence": 1.0 }, { "text": "These conditions may be exacerbated by recent changes in global tariff policies and escalating global trade tensions, which may ", "box": [ 33.74999859375, 389.38054529891815, 580.7493507833593, 394.3931829102221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "introduce uncertainty in supply chains and contribute to market volatility. While we believe the principal amounts of our loans are ", "box": [ 33.74999859375, 401.38054479891434, 580.7493507833593, 406.3931824102183 ], "from_ocr": false, "confidence": 1.0 }, { "text": "generally adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of certain ", "box": [ 33.74999859375, 413.38054429891054, 580.7493507833593, 418.3931819102145 ], "from_ocr": false, "confidence": 1.0 }, { "text": "investments. In order to mitigate that risk, we have proactively engaged with our borrowers, particularly with those with near-term ", "box": [ 33.74999859375, 425.38054379890673, 580.7493507833593, 430.3931814102107 ], "from_ocr": false, "confidence": 1.0 }, { "text": "maturities, in order to maximize recovery.", "box": [ 33.74999859375, 437.3805432989175, 202.25744200385626, 442.3931809102214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Counterparty Risk", "box": [ 33.74999859375, 458.3805424239108, 114.56465615391102, 463.39318003521475 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The nature of our business requires us to hold our cash and cash equivalents and obtain financing with various financial ", "box": [ 70.04296583154297, 479.3805415489187, 580.7493507833593, 484.39317916022264 ], "from_ocr": false, "confidence": 1.0 }, { "text": "institutions. This exposes us to the risk that these financial institutions may not fulfill their obligations to us under these various ", "box": [ 33.74999859375, 491.3805410489149, 580.7493507833593, 496.39317866021884 ], "from_ocr": false, "confidence": 1.0 }, { "text": "contractual arrangements. We mitigate this exposure by depositing our cash and cash equivalents and entering into financing ", "box": [ 33.74999859375, 503.3805405489111, 580.7493507833593, 508.39317816021503 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreements with high credit-quality institutions.", "box": [ 33.74999859375, 515.3805400489073, 225.61093000579422, 520.3931776602112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Financing Risk", "box": [ 33.74999859375, 536.3805391739152, 98.47493899931595, 541.3931767852191 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We finance our target assets using our CRE debt securitizations, a CRE - term reinvestment financing facility, a senior secured ", "box": [ 70.04296583154297, 557.3805382989085, 580.7493507833593, 562.3931759102124 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financing facility, warehouse financing facilities, a mortgage payable and construction loans. Over time, as market conditions change, ", "box": [ 33.74999859375, 569.3805377989192, 580.7493507833593, 574.3931754102232 ], "from_ocr": false, "confidence": 1.0 }, { "text": "we may use other forms of leverage in addition to these methods of financing. Weakness or volatility in the financial markets, the CRE ", "box": [ 33.74999859375, 581.3805372989154, 580.7493507833593, 586.3931749102194 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and mortgage markets or the economy generally could adversely affect one or more of our lenders or potential lenders and could cause ", "box": [ 33.74999859375, 593.3805367989116, 580.7493507833593, 598.3931744102156 ], "from_ocr": false, "confidence": 1.0 }, { "text": "one or more of our lenders or potential lenders to be unwilling or unable to provide us with financing, or to decrease the amount of our ", "box": [ 33.74999859375, 605.3805362989078, 580.7493507833593, 610.3931739102118 ], "from_ocr": false, "confidence": 1.0 }, { "text": "available financing, or to increase the costs of that financing.", "box": [ 33.74999859375, 617.3805357989186, 277.20929315586227, 622.3931734102225 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 131, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 435.8805433614034, 578.2459236369182, 440.89318097270734 ], "from_ocr": false, "confidence": 1.0 }, { "text": "79", "box": [ 300.99608495849594, 453.88054261141224, 310.9935794794336, 458.8931802227162 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Interest Rate Risk", "box": [ 33.74999859375, 113.38055679890385, 111.49413775684928, 118.3931944102078 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Our business model is such that rising interest rates will increase our net income, while declining interest rates will decrease ", "box": [ 70.04296583154297, 134.38055592391174, 580.7493507833593, 139.3931935352157 ], "from_ocr": false, "confidence": 1.0 }, { "text": "net income, subject to the impact of interest rate floors. At June 30, 2026, 98.5% of our CRE loan portfolio by par value earned a ", "box": [ 33.74999859375, 146.38055542390794, 580.7493507833593, 151.39319303521188 ], "from_ocr": false, "confidence": 1.0 }, { "text": "floating rate of interest and may be financed with liabilities that both pay interest at floating rates and that are fixed. Floating-rate loans ", "box": [ 33.74999859375, 158.38055492390413, 580.7493507833593, 163.39319253520807 ], "from_ocr": false, "confidence": 1.0 }, { "text": "financed with fixed rate liabilities have a negative correlation with declining interest rates to the extent of our financing. The remaining ", "box": [ 33.74999859375, 170.38055442391487, 580.7493507833593, 175.39319203521882 ], "from_ocr": false, "confidence": 1.0 }, { "text": "1.5% of our CRE loan portfolio by par value has a contractual fixed rate of interest. To the extent that interest rate floors on our ", "box": [ 33.74999859375, 182.38055392391107, 580.7493507833593, 187.393191535215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "floating-rate CRE loans are in the money, our net interest will have a negative correlation with rising interest rates to the extent of those ", "box": [ 33.74999859375, 194.38055342390726, 580.7493507833593, 199.3931910352112 ], "from_ocr": false, "confidence": 1.0 }, { "text": "interest rate floors. Our floating-rate loan portfolio of $2.1 billion had a weighted-average benchmark floor of 2.22% at June 30, 2026.", "box": [ 33.74999859375, 206.38055292390345, 571.5053619935253, 211.3931905352074 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The following table estimates the hypothetical impact on our net interest income assuming an immediate increase or decrease ", "box": [ 70.04296583154297, 227.38055204891134, 580.7493507833593, 232.39318966021528 ], "from_ocr": false, "confidence": 1.0 }, { "text": "of 100 basis points in the applicable interest rate benchmark (in thousands, except per share data):", "box": [ 33.74999859375, 239.38055154890753, 425.189655307851, 244.39318916021148 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 70.04296583154297, 251.38055104890373, 72.54234070865235, 256.39318866020767 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 109.34765169384764, 264.70642457676877, 111.3464015730664, 268.71503045335703 ], 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The integration of ACC into ", "box": [ 33.74999859375, 518.3805399239209, 580.7493507833593, 523.3931775352248 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company could also result in the disruption of ongoing businesses, processes, systems and business relationships or inconsistencies ", "box": [ 33.74999859375, 530.3805394239171, 580.7493507833593, 535.393177035221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "in standards, controls, procedures, practices, policies and compensation arrangements, any of which could adversely affect our ability to ", "box": [ 33.74999859375, 542.3805389239133, 580.7493507833593, 547.3931765352172 ], "from_ocr": false, "confidence": 1.0 }, { "text": "achieve the anticipated benefits of the Merger. The integration process is subject to a number of risks and uncertainties, and no ", "box": [ 33.74999859375, 554.3805384239095, 580.7493507833593, 559.3931760352134 ], "from_ocr": false, "confidence": 1.0 }, { "text": "assurance can be given that the anticipated benefits of the Merger will be realized or, if realized, the timing of their realization. Failure ", "box": [ 33.74999859375, 566.3805379239202, 580.7493507833593, 571.3931755352241 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to achieve these anticipated benefits could adversely affect our business, financial condition and results of operations.", "box": [ 33.74999859375, 578.3805374239164, 504.3055205685192, 583.3931750352203 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have incurred, and may continue to incur, direct and indirect costs as a result of the Merger.", "box": [ 33.74999859375, 599.3805365489097, 444.70135152702596, 604.3931741602137 ], "from_ocr": false, "confidence": 1.0 }, { "text": "We have incurred substantial legal, accounting, financial advisory and other expenses in connection with and as a result of ", "box": [ 72.29296573779297, 620.3805356739176, 580.7493507833593, 625.3931732852216 ], "from_ocr": false, "confidence": 1.0 }, { "text": "completing the Merger and Internalization and we may incur additional expenses in connection with the completion of the Merger and ", "box": [ 33.74999859375, 632.3805351739138, 580.7493507833593, 637.3931727852178 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Internalization. There are a number of factors beyond our control that could affect the total amount or the timing of the transaction and ", "box": [ 33.74999859375, 644.38053467391, 580.7493507833593, 649.393172285214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "integration expenses. Many of the expenses that will be incurred are, by their nature, difficult to estimate accurately at the present time.", "box": [ 33.74999859375, 656.3805341739208, 574.8053344810264, 661.3931717852247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF ", "box": [ 33.74999859375, 677.3805332989141, 580.7493507833593, 682.393170910218 ], "from_ocr": false, "confidence": 1.0 }, { "text": "EQUITY SECURITIES", "box": [ 33.74999859375, 689.3805327989103, 136.25844207500325, 694.3931704102142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "None.", "box": [ 33.74999859375, 710.3805319239182, 57.904100518579035, 715.3931695352221 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ITEM 5. OTHER INFORMATION", "box": [ 33.74999859375, 731.3805310489115, 185.94324385327693, 736.3931686602155 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 134, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 77.38055829891528, 578.2459236369182, 82.39319591021922 ], "from_ocr": false, "confidence": 1.0 }, { "text": "81", "box": [ 300.99608495849594, 95.38055754890956, 310.9935794794336, 100.39319516021351 ], "from_ocr": false, "confidence": 1.0 }, { "text": "During the three months ended June 30, 2026, no director or officer of the Company adopted, modified or terminated a \"Rule ", "box": [ 70.04296583154297, 38.3805599239131, 580.7610732828708, 43.39319753521704 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10b5-1 trading arrangement\" or \"non-Rule 10b5-1 trading arrangement,\" as each term is defined in Item 408(a) of Regulation S-K.", "box": [ 33.74999859375, 50.38055942390929, 556.8245157302274, 55.393197035213234 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 135, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817389977, 96.48813121016045, 85.39319578520372 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Back to Index)", "box": [ 515.5077910205077, 191.3805535489082, 578.2459236369182, 196.39319116021215 ], "from_ocr": false, "confidence": 1.0 }, { "text": "82", "box": [ 300.99608495849594, 209.3805527989025, 310.9935794794336, 214.39319041020644 ], "from_ocr": false, "confidence": 1.0 }, { "text": "On July 31, 2026, ACRES Realty Funding, Inc., a direct, wholly owned subsidiary of the Company, entered into a letter ", "box": [ 70.04296583154297, 104.38055717390671, 580.7493507833593, 109.39319478521065 ], "from_ocr": false, "confidence": 1.0 }, { "text": "agreement with ACRES Capital Corp. (the \"Letter Agreement\") in connection with the $12.0 million loan to ACRES Capital Corp. ", "box": [ 33.74999859375, 116.3805566739029, 580.7493507833593, 121.39319428520685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "evidenced by the promissory note from ACRES Capital Corp. dated July 31, 2020 as amended on March 13, 2025 the (\"ACRES ", "box": [ 33.74999859375, 128.3805561738991, 580.7493507833593, 133.39319378520304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Loan\"). The Letter Agreement extended the maturity date of the ACRES Loan to August 30, 2026 and waived the extension fee.", "box": [ 33.74999859375, 140.38055567390984, 547.829780280008, 145.39319328521378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "The foregoing description of the Letter Agreement does not purport to be complete and is qualified in its entirety by reference ", "box": [ 70.04296583154297, 161.38055479890318, 576.1321634757421, 166.39319241020712 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the full text of the Letter Agreement, which has been filed with this Quarterly Report on Form 10-Q as Exhibit 10.6(c).", "box": [ 33.74999859375, 173.38055429889937, 520.1706017824739, 178.3931919102033 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 136, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578521827 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528521446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ITEM 6. EXHIBITS", "box": [ 33.74999859375, 113.3805567989184, 121.27161472445442, 118.39319441022235 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 125.29101035954955, 35.9999985, 129.8035123690497 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 138.3046816772985, 36.74999846875, 144.32135102333268 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 151.80468111480877, 36.74999846875, 157.8213504608284 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.19530882519531, 151.80468111480877, 91.19530870019531, 157.8213504608284 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 99.08202712158203, 151.80468111480877, 102.08202699658202, 157.8213504608284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Exhibit No.", "box": [ 33.74999859375, 165.79100867205125, 77.76122714994872, 170.30351068155142 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 165.13055464265926, 90.71812120132813, 170.1431922539632 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Description", "box": [ 316.4179593159178, 165.79100867205125, 360.91258640197486, 170.30351068155142 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2.1", "box": [ 33.902342337402345, 200.2910072345403, 45.15234186865234, 204.80350924405502 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 198.30467917730857, 91.21874619921874, 204.3213485233282 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement and Plan of Merger, dated April 29, 2026, by and among ACRES Commercial Realty Corp. ACRES Holdings Sub LLC, ", "box": [ 99.08202712158203, 177.79100817204744, 578.2734134052733, 182.3035101815476 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ACRES Capital Corp and ACRES Capital, LLC (Filed previously as an exhibit to the Company's Current Report on Form 8-K filed ", "box": [ 99.08202712158203, 189.04100770330115, 577.5351359360349, 193.55350971280131 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on April 30, 2026.)", "box": [ 99.08202712158203, 200.2910072345403, 168.32665308638914, 204.80350924405502 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.1(a)", "box": [ 33.902342337402345, 222.79100629704772, 55.1411109724536, 227.30350830654788 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 220.80467823980143, 91.21874619921874, 226.82134758582106 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Amended and Restated Articles of Incorporation of Resource Capital Corp. (Filed previously as an exhibit to the Company's ", "box": [ 100.41796456591797, 211.541006765794, 556.5702893095703, 216.05350877530873 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Registration Statement on Form S-11, Registration No. 333-126517.)", "box": [ 100.41796456591797, 222.79100629704772, 349.8954932110203, 227.30350830654788 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.1(b)", "box": [ 33.902342337402345, 245.29100535954058, 55.646482011396486, 249.8035073690553 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 243.30467730230885, 91.21874619921874, 249.32134664832847 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Articles of Amendment to Restated Certificate of Incorporation of Resource Capital Corp. (Filed previously as an exhibit to the ", "box": [ 100.41796456591797, 234.04100582830142, 566.2968514042968, 238.5535078378016 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's Current Report on Form 8-K filed on September 1, 2015.)", "box": [ 100.41796456591797, 245.29100535954058, 352.8793798166917, 249.8035073690553 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.1(c)", "box": [ 33.902342337402345, 267.791004422048, 55.1411109724536, 272.30350643154816 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 265.8046763648017, 91.21874619921874, 271.82134571082133 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Articles Supplementary 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock. (Filed previously as an ", "box": [ 100.41796456591797, 256.5410048907943, 556.828101798828, 261.053506900309 ], "from_ocr": false, "confidence": 1.0 }, { "text": "exhibit to the Company's Registration Statement on Form 8-A filed on June 9, 2014.)", "box": [ 100.41796456591797, 267.791004422048, 408.62840104381564, 272.30350643154816 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.1(d)", "box": [ 33.902342337402345, 290.29100348454085, 55.646482011396486, 294.80350549405557 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 289.6305494551634, 90.71812120132813, 294.64318706646736 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Articles Supplementary 7.875% Series D Cumulative Redeemable Preferred Stock, as corrected. (Filed previously as an exhibit to ", "box": [ 100.41796456591797, 279.0410039533017, 575.789038508789, 283.55350596280186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Company's Current Report on Form 8-K filed on May 21, 2021.)", "box": [ 100.41796456591797, 290.29100348454085, 348.63426287357163, 294.80350549405557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.1(e)", "box": [ 33.902342337402345, 312.79100254704827, 55.1411109724536, 317.30350455654843 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 312.13054851767083, 90.71812120132813, 317.1431861289748 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Articles of Amendment, effective May 25, 2018. (Filed previously as an exhibit to the Company's Current Report on Form 8-K ", "box": [ 100.41796456591797, 301.54100301579456, 566.5781013925781, 306.0535050253093 ], "from_ocr": false, "confidence": 1.0 }, { "text": "filed on May 25, 2018.)", "box": [ 100.41796456591797, 312.79100254704827, 185.9047774439673, 317.30350455654843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.1(f)", "box": [ 33.902342337402345, 335.2910016095411, 54.14355236401856, 339.80350361905585 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 334.6305475801637, 90.71812120132813, 339.64318519146764 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Articles of Amendment, effective February 16, 2021. (Filed previously as an exhibit to the Company's Current Report on Form 8-", "box": [ 100.41796456591797, 324.041002078302, 573.8188239608811, 328.55350408780214 ], "from_ocr": false, "confidence": 1.0 }, { "text": "K filed on February 18, 2021.)", "box": [ 100.41796456591797, 335.2910016095411, 210.6459872830835, 339.80350361905585 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.1(g)", "box": [ 33.902342337402345, 357.79100067204854, 55.646482011396486, 362.3035026815487 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 357.1305466426711, 90.71812120132813, 362.14318425397505 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Articles of Amendment, effective May 28, 2021. (Filed previously as an exhibit to the Company's Current Report on Form 8-K ", "box": [ 100.41796456591797, 346.54100114079483, 566.5781013925781, 351.05350315030955 ], "from_ocr": false, "confidence": 1.0 }, { "text": "filed on June 1, 2021.)", "box": [ 100.41796456591797, 357.79100067204854, 181.4047776314673, 362.3035026815487 ], "from_ocr": false, "confidence": 1.0 }, { "text": "3.2", "box": [ 33.902342337402345, 380.2909997345414, 45.15234186865234, 384.8035017440561 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 378.3046716772951, 91.21874619921874, 384.3213410233293 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Fourth Amended and Restated Bylaws of ACRES Commercial Realty Corp. (Filed previously as an exhibit to the Company's ", "box": [ 100.41796456591797, 369.04100020330225, 560.1093516621092, 373.5535022128024 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current Report on Form 8-K filed on February 18, 2021.)", "box": [ 100.41796456591797, 380.2909997345414, 307.63328786194575, 384.8035017440561 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.1(a)", "box": [ 33.902342337402345, 402.7909987970488, 55.1411109724536, 407.303500806549 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 400.80467073980253, 91.21874619921874, 406.82134008582216 ], "from_ocr": false, "confidence": 1.0 }, { "text": " Form of Certificate for Common Stock for Resource Capital Corp. (Filed previously as an exhibit to the Company's Registration ", "box": [ 100.41796456591797, 391.5409992657951, 571.3359136943359, 396.0535012753098 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Statement on Form S-11, Registration No. 333-126517.)", "box": [ 100.41796456591797, 402.7909987970488, 303.6518427378393, 407.303500806549 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.1(b)", "box": [ 33.902342337402345, 425.2909978595417, 55.646482011396486, 429.8034998690564 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 423.3046698022954, 91.21874619921874, 429.32133914832957 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Form of Certificate for 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock. (Filed previously as an exhibit ", "box": [ 100.41796456591797, 414.04099832828797, 578.8124758828125, 418.5535003378027 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the Company's Registration Statement on Form 8-A filed on June 9, 2014.)", "box": [ 100.41796456591797, 425.2909978595417, 381.3823084290696, 429.8034998690564 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.1(c)", "box": [ 33.902342337402345, 447.7909969220491, 55.1411109724536, 452.30349893154926 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 445.8046688648028, 91.21874619921874, 451.82133821082243 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Form of Certificate for 7.875% Series D Cumulative Redeemable Preferred Stock. (Filed previously as an exhibit to the Company's ", "box": [ 100.41796456591797, 436.5409973907954, 579.8085733413084, 441.0534994003101 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Current Report on Form 8-K filed on May 21, 2021.)", "box": [ 100.41796456591797, 447.7909969220491, 291.64158938826654, 452.30349893154926 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.2(a)", "box": [ 33.902342337402345, 470.29099598454195, 55.1411109724536, 474.80349799405667 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 468.30466792729567, 91.21874619921874, 474.32133727332985 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Junior Subordinated Indenture between Resource Capital Corp. and Wells Fargo Bank, N.A., dated May 25, 2006. (Filed ", "box": [ 100.41796456591797, 459.04099645328824, 540.5741999760739, 463.55349846280296 ], "from_ocr": false, "confidence": 1.0 }, { "text": "previously as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2006.)", "box": [ 100.41796456591797, 470.29099598454195, 504.8290807754537, 474.80349799405667 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.2(b)", "box": [ 33.902342337402345, 504.0409945782885, 55.646482011396486, 508.55349658780324 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 502.0546665210568, 91.21874619921874, 508.0713358670764 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amendment to Junior Subordinated Indenture and Junior Subordinated Note due 2036 between Resource Capital Corp. and Wells ", "box": [ 100.41796456591797, 481.54099551579566, 570.8202887158202, 486.0534975253104 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fargo Bank, N.A., dated October 26, 2009 and effective September 30, 2009. (Filed previously as an exhibit to the Company's ", "box": [ 100.41796456591797, 492.79099504704936, 561.8202890908202, 497.30349705654953 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Quarterly Report on Form 10-Q for the quarter ended September 30, 2009.)", "box": [ 100.41796456591797, 504.0409945782885, 372.5932462052805, 508.55349658780324 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.3(a)", "box": [ 33.902342337402345, 537.7909931720496, 55.1411109724536, 542.3034951815498 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 535.8046651148034, 91.21874619921874, 541.821334460823 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amended and Restated Trust Agreement among Resource Capital Corp., Wells Fargo Bank, N.A., Wells Fargo Delaware Trust ", "box": [ 100.41796456591797, 515.2909941095422, 561.5507616020506, 519.803496119057 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company and the Administrative Trustees named therein, dated May 25, 2006. 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(Filed ", "box": [ 100.41796456591797, 560.2909922345425, 578.5429483940427, 564.8034942440572 ], "from_ocr": false, "confidence": 1.0 }, { "text": "previously as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2009.)", "box": [ 100.41796456591797, 571.5409917657962, 526.819314189194, 576.0534937752964 ], "from_ocr": false, "confidence": 1.0 }, { "text": "4.4", "box": [ 33.902342337402345, 594.0409908282891, 45.15234186865234, 598.5534928378038 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 592.0546627710573, 91.21874619921874, 598.071332117077 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Junior Subordinated Note due 2036 in the principal amount of $25,774,000, dated October 26, 2009. 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(Filed previously as an exhibit to the Company's Current Report on Form 8-K filed on August 4, ", "box": [ 100.41796456591797, 443.2909971095214, 555.3632618598631, 447.8034991190507 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2020.)", "box": [ 100.41796456591797, 454.5409966407751, 123.66503388729004, 459.05349865028984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4(b)", "box": [ 33.902342337402345, 488.2909952345217, 60.14648182389648, 492.80349724405096 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 486.30466717728996, 91.21874619921874, 492.32133652332413 ], "from_ocr": false, "confidence": 1.0 }, { "text": "First Amendment to Loan and Servicing Agreement, dated as of September 16, 2020, among RCC Real Estate SPE Holdings LLC, ", "box": [ 100.41796456591797, 465.7909961720288, 574.8515385478515, 470.30349818154355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "RCC Real Estate SPE 9 LLC, Massachusetts Mutual Life Insurance Company and Wells Fargo Bank, National Association, as the ", "box": [ 100.41796456591797, 477.040995703268, 572.3437261523437, 481.55349771279725 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Administrative Agent. (Filed previously as an exhibit to the Company's Current Report on Form 8-K filed on September 22, 2020.)", "box": [ 100.41796456591797, 488.2909952345217, 576.5917729853414, 492.80349724405096 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4(c)", "box": [ 33.902342337402345, 533.290993359522, 59.64111078495361, 537.8034953690512 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 531.3046653022902, 91.21874619921874, 537.3213346483244 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Second Amendment to Loan and Servicing Agreement, dated as of May 25, 2021, among RCC Real Estate SPE Holdings LLC, ", "box": [ 100.41796456591797, 499.5409947657754, 562.8515390478515, 504.0534967752901 ], "from_ocr": false, "confidence": 1.0 }, { "text": "RCC Real Estate SPE 9 LLC, Massachusetts Mutual Life Insurance Company and Wells Fargo Bank, National Association as the ", "box": [ 100.41796456591797, 510.7909942970291, 570.0937262460936, 515.3034963065438 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Administrative Agent. (Filed previously as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June ", "box": [ 100.41796456591797, 522.0409938282683, 576.8202884658202, 526.5534958377975 ], "from_ocr": false, "confidence": 1.0 }, { "text": "30, 2021.)", "box": [ 100.41796456591797, 533.290993359522, 137.16503332479004, 537.8034953690512 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4(d)", "box": [ 33.902342337402345, 578.2909914845222, 60.14648182389648, 582.8034934940515 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 576.3046634272905, 91.21874619921874, 582.3213327733247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Third Amendment to Loan and Servicing Agreement, dated as of August 16, 2021, among RCC Real Estate SPE Holdings LLC, ", "box": [ 100.41796456591797, 544.5409928907757, 565.8515389228514, 549.0534949002904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "RCC Real Estate SPE 9 LLC, the Lenders party thereto and Mutual Life Insurance Company and Wells Fargo Bank, National ", "box": [ 100.41796456591797, 555.7909924220294, 555.8202893408203, 560.3034944315441 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Association as the Administrative Agent. (Filed previously as an exhibit to the Company's Quarterly Report on Form 10-Q for the ", "box": [ 100.41796456591797, 567.0409919532685, 574.3359135693358, 571.5534939627978 ], "from_ocr": false, "confidence": 1.0 }, { "text": "quarter ended September 30, 2021.)", "box": [ 100.41796456591797, 578.2909914845222, 229.375478802688, 582.8034934940515 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4(e)", "box": [ 33.902342337402345, 623.2909896095225, 59.64111078495361, 627.8034916190372 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 621.3046615522908, 91.21874619921874, 627.321330898325 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fourth Amendment to Loan and Servicing Agreement, dated as of April 12, 2022, among RCC Real Estate SPE Holdings LLC, ", "box": [ 99.08202712158203, 589.540991015776, 561.5156016035155, 594.0534930252907 ], "from_ocr": false, "confidence": 1.0 }, { "text": "RCC Real Estate SPE 9 LLC, the Lenders party thereto and Massachusetts Mutual Life Insurance Company and Wells Fargo Bank, ", "box": [ 99.08202712158203, 600.7909905470297, 575.4843510214843, 605.3034925565444 ], "from_ocr": false, "confidence": 1.0 }, { "text": "National Association as the Administrative Agent. (Filed previously as an exhibit to the Company's Quarterly Report on Form 10-Q ", "box": [ 99.08202712158203, 612.0409900782688, 580.2538858227537, 616.5534920877981 ], "from_ocr": false, "confidence": 1.0 }, { "text": "for the quarter ended March 31, 2022.)", "box": [ 99.08202712158203, 623.2909896095225, 239.03026359040527, 627.8034916190372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4(f)", "box": [ 33.902342337402345, 668.2909877345228, 58.643552176518554, 672.8034897440375 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 666.304659677291, 91.21874619921874, 672.3213290233252 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Fifth Amendment to Loan and Servicing Agreement, dated as of July 26, 2022, among RCC Real Estate SPE Holdings LLC, RCC ", "box": [ 99.08202712158203, 634.5409891407762, 571.289038696289, 639.0534911502909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Real Estate SPE 9 LLC, the Lenders party thereto and Massachusetts Mutual Life Insurance Company and Wells Fargo Bank, ", "box": [ 99.08202712158203, 645.7909886720299, 555.2226368657224, 650.3034906815446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "National Association as the Administrative Agent. (Filed previously as an exhibit to the Company's Current Report on Form 8-K ", "box": [ 99.08202712158203, 657.0409882032691, 568.7577888017578, 661.5534902127984 ], "from_ocr": false, "confidence": 1.0 }, { "text": "filed on July 27, 2022.)", "box": [ 99.08202712158203, 668.2909877345228, 183.0746993918872, 672.8034897440375 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4(g)", "box": [ 33.902342337402345, 713.2909858595231, 60.14648182389648, 717.8034878690378 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 711.3046578022913, 91.21874619921874, 717.3213271483255 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Sixth Amendment to Loan and Servicing Agreement, dated as of August 29, 2022, among RCC Real Estate SPE Holdings LLC, ", "box": [ 99.08202712158203, 679.5409872657765, 563.5312265195312, 684.0534892752912 ], "from_ocr": false, "confidence": 1.0 }, { "text": "RCC Real Estate SPE 9 LLC, the Lenders party thereto and Massachusetts Mutual Life Insurance Company and Wells Fargo Bank, ", "box": [ 99.08202712158203, 690.7909867970302, 575.4843510214843, 695.3034888065449 ], "from_ocr": false, "confidence": 1.0 }, { "text": "National Association as the Administrative Agent. (Filed previously as an exhibit to the Company's Current Report on Form 8-K ", "box": [ 99.08202712158203, 702.0409863282694, 568.7577888017578, 706.5534883377986 ], "from_ocr": false, "confidence": 1.0 }, { "text": "filed on August 30, 2022.)", "box": [ 99.08202712158203, 713.2909858595231, 194.07421066357423, 717.8034878690378 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4(h)", "box": [ 33.902342337402345, 747.0409844532696, 60.14648182389648, 751.5534864627989 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 745.0546563960379, 91.21874619921874, 751.0713257420721 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guaranty, dated as of July 31, 2020, by Exantas Capital Corp., and each of Exantas Real Estate Funding 2018-RSO6 Investor, LLC, ", "box": [ 100.41796456591797, 724.5409853907768, 578.3320109028318, 729.0534874002915 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Exantas Real Estate Funding 2019-RSO7 Investor, LLC, and Exantas Real Estate Funding 2020-RSO8 Investor, LLC, in favor of ", "box": [ 100.41796456591797, 735.7909849220305, 569.3554487768553, 740.3034869315452 ], "from_ocr": false, "confidence": 1.0 }, { "text": "the Secured Parties. (Filed previously as an exhibit to the Company's Current Report on Form 8-K filed on August 4, 2020.)", "box": [ 100.41796456591797, 747.0409844532696, 550.3476334988472, 751.5534864627989 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 139, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 515.5077910205077, 66.8805587364186, 578.2459236369182, 71.893196347708 ], "from_ocr": false, "confidence": 1.0 }, { "text": "84", "box": [ 300.99608495849594, 84.8805579864129, 310.9935794794336, 89.89319559771684 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4(i)", "box": [ 33.902342337402345, 49.5410135157872, 58.14697017720947, 54.05351552530192 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 49.5410135157872, 90.46874623046875, 54.05351552530192 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amended and Restated Loan and Servicing Agreement, dated as of December 22, 2022, among RCC Real Estate SPE Holdings ", "box": [ 100.41796456591797, 38.29101398453349, 562.8163865493161, 42.80351599404821 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LLC, RCC Real Estate SPE 9 LLC, Plymouth Meeting Holdings, LLC, Exantas Phili Holdings, LLC, ACRES Real Estate TRS 9 ", "box": [ 100.41796456591797, 49.5410135157872, 568.4179488159177, 54.05351552530192 ], "from_ocr": false, "confidence": 1.0 } ] }, { "page_no": 140, "width": 612.0, "height": 792.0, "cells": [ { "text": "(Back to Index)", "box": [ 33.74999859375, 80.38055817391432, 96.48813121016045, 85.39319578520372 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 92.38055767391052, 36.249373470859375, 97.39319528519991 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 33.74999859375, 116.38055667391745, 36.249373470859375, 121.39319428520685 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.19530882519531, 116.38055667391745, 90.69468370230469, 121.39319428520685 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LLC, Massachusetts Mutual Life Insurance Company and ACRES Capital Servicing (Filed previously as an exhibit to the ", "box": [ 100.41796456591797, 105.79101117202663, 544.0898248295896, 110.3035131815559 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's Current Report on Form 8-K filed on December 22, 2022.)", "box": [ 100.41796456591797, 117.04101070328034, 355.86766103217997, 121.55351271279505 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4(j)", "box": [ 33.902342337402345, 139.54100976578775, 58.14697017720947, 144.05351177530247 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 139.54100976578775, 90.46874623046875, 144.05351177530247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guaranty, dated May 25, 2021 between Exantas Phili Holdings, LLC in favor of the Secured Parties. (Filed previously as an exhibit ", "box": [ 99.08202712158203, 128.29101023453404, 577.9804484174803, 132.80351224404876 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022.)", "box": [ 99.08202712158203, 139.54100976578775, 422.5019356557516, 144.05351177530247 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4(k)", "box": [ 33.902342337402345, 162.0410088282806, 60.14648182389648, 166.55351083779533 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 162.0410088282806, 90.46874623046875, 166.55351083779533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guaranty, dated May 25, 2021 between 65 E. Wacker Holdings, LLC in favor of the Secured Parties. (Filed previously as an exhibit ", "box": [ 99.08202712158203, 150.7910092970269, 579.4570108559568, 155.30351130655617 ], "from_ocr": false, "confidence": 1.0 }, { "text": "to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022.)", "box": [ 99.08202712158203, 162.0410088282806, 422.5019356557516, 166.55351083779533 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4(l)", "box": [ 33.902342337402345, 184.54100789078802, 58.14697017720947, 189.05350990030274 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 184.54100789078802, 90.46874623046875, 189.05350990030274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guaranty, dated May 25, 2021 between Plymouth Meeting Holdings, LLC in favor of the Secured Parties. (Filed previously as an ", "box": [ 99.08202712158203, 173.29100835953432, 570.2460737397458, 177.80351036904904 ], "from_ocr": false, "confidence": 1.0 }, { "text": "exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022.)", "box": [ 99.08202712158203, 184.54100789078802, 449.7480282704977, 189.05350990030274 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4(m)", "box": [ 33.902342337402345, 207.04100695328088, 62.64696998970947, 211.5535089627956 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 207.04100695328088, 90.46874623046875, 211.5535089627956 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Pledge and Guaranty Agreement, dated August 16, 2021 between ACRES Real Estate TRS 9 LLC in favor of the Secured Parties. ", "box": [ 99.08202712158203, 195.79100742202718, 572.2265386572265, 200.30350943155645 ], "from_ocr": false, "confidence": 1.0 }, { "text": "(Filed previously as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022.)", "box": [ 99.08202712158203, 207.04100695328088, 534.2328881102949, 211.5535089627956 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.4(n)", "box": [ 33.902342337402345, 229.54100601577375, 60.14648182389648, 234.05350802530302 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 229.54100601577375, 90.46874623046875, 234.05350802530302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guaranty, dated April 12, 2022 between Appleton Hotel Holdings, LLC and Appleton Hotel Leasing, LLC in favor of the Secured ", "box": [ 99.08202712158203, 218.2910064845346, 570.9726362094724, 222.8035084940493 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Parties. (Filed previously as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022.)", "box": [ 99.08202712158203, 229.54100601577375, 565.4780040184149, 234.05350802530302 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.5(a)", "box": [ 33.902342337402345, 252.04100507828116, 59.64111078495361, 256.5535070877959 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 250.05467702104943, 91.21874619921874, 256.07134636706905 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Note and Warrant Purchase Agreement, dated as of July 31, 2020, by and among Exantas Capital Corp. and the Purchasers ", "box": [ 100.41796456591797, 240.79100554702745, 545.2968522792968, 245.30350755655672 ], "from_ocr": false, "confidence": 1.0 }, { "text": "signatory thereto. (Filed previously as an exhibit to the Company's Current Report on Form 8-K filed on August 4, 2020.)", "box": [ 100.41796456591797, 252.04100507828116, 542.1034931723532, 256.5535070877959 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.5(b)", "box": [ 33.902342337402345, 274.541004140774, 60.14648182389648, 279.0535061503033 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 272.5546760835423, 91.21874619921874, 278.57134542957647 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Agreement between the Company, OCM XAN Holdings PT, LLC and the Massachusetts Mutual Life Insurance Company, dated ", "box": [ 100.41796456591797, 263.29100460953487, 568.324198819824, 267.8035066190496 ], "from_ocr": false, "confidence": 1.0 }, { "text": "August 18, 2021. (Filed previously as an exhibit to the Company's Current Report on Form 8-K filed on August 20, 2021.)", "box": [ 100.41796456591797, 274.541004140774, 545.6235125456857, 279.0535061503033 ], "from_ocr": false, "confidence": 1.0 }, { "text": "10.5(c)", "box": [ 33.902342337402345, 308.29100273453514, 59.64111078495361, 312.80350474404986 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 306.3046746773034, 91.21874619921874, 312.32134402332304 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amendment No. 1 to Note and Warrant Purchase Agreement, dated January 31, 2022, between ACRES Commercial Realty Corp. ", "box": [ 100.41796456591797, 285.7910036720277, 571.0546637060546, 290.303505681557 ], "from_ocr": false, "confidence": 1.0 }, { "text": "and the Purchasers signatory thereto. 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(Filed previously as an exhibit to the Company's Current Report on Form ", "box": [ 100.41796456591797, 239.29100560952793, 575.5898235170896, 243.80350761904265 ], "from_ocr": false, "confidence": 1.0 }, { "text": "8-K filed on October 30, 2018.)", "box": [ 100.41796456591797, 250.54100514076708, 214.64061605664065, 255.05350715029635 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99.1(b)", "box": [ 33.902342337402345, 284.2910037345282, 60.14648182389648, 288.8035057440429 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 283.63054970515077, 90.71812120132813, 288.64318731644016 ], "from_ocr": false, "confidence": 1.0 }, { "text": "First Amendment to Uncommitted Master Repurchase Agreement dated as of August 14, 2020 between RCC Real Estate SPE 8, ", "box": [ 100.41796456591797, 261.7910046720208, 566.0859139130858, 266.3035066815355 ], "from_ocr": false, "confidence": 1.0 }, { "text": "LLC and JPMorgan Chase Bank, National Association. 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(Filed previously as an exhibit to the Company's Current Report on Form 8-K filed ", "box": [ 100.41796456591797, 306.79100279702106, 572.3554486518552, 311.3035048065358 ], "from_ocr": false, "confidence": 1.0 }, { "text": "on September 2, 2021.)", "box": [ 100.41796456591797, 318.04100232827477, 184.65233605615234, 322.5535043377895 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99.1(d)", "box": [ 33.902342337402345, 351.79100092202134, 60.14648182389648, 356.30350293153606 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 351.13054689265846, 90.71812120132813, 356.14318450394785 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amendment No. 3 to Master Repurchase Agreement and Guarantee Agreement, dated October 26, 2021 between RCC Real Estate ", "box": [ 100.41796456591797, 329.2910018595285, 573.5156011035156, 333.8035038690432 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SPE 8, LLC, JPMorgan Chase Bank, National Association and ACRES Commercial Realty Corp., as guarantor (Filed previously as ", "box": [ 100.41796456591797, 340.54100139076763, 579.8671633388672, 345.0535034002969 ], "from_ocr": false, "confidence": 1.0 }, { "text": "an exhibit to the Company's Current Report on Form 8-K filed on October 29, 2021.)", "box": [ 100.41796456591797, 351.79100092202134, 408.364729134802, 356.30350293153606 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99.1(e)", "box": [ 33.902342337402345, 385.5409995157679, 59.64111078495361, 390.0535015252972 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 383.5546714585362, 91.21874619921874, 389.57134080457035 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amendment No. 4 to Master Repurchase Agreement, dated July 21, 2023, between RCC Real Estate SPE 8, LLC and JPMorgan ", "box": [ 99.08202712158203, 363.04100045327505, 564.2577889892577, 367.55350246278977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chase Bank, National Association. (Filed previously as an exhibit to the Company's Current Report on Form 8-K filed on July 25, ", "box": [ 99.08202712158203, 374.29099998452875, 573.7734135927734, 378.8035019940435 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2023.)", "box": [ 99.08202712158203, 385.5409995157679, 122.3290964429541, 390.0535015252972 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99.1(f)", "box": [ 33.902342337402345, 419.290998109529, 58.643552176518554, 423.80350011904375 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 417.30467005228275, 91.21874619921874, 423.3213393983169 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amendment No. 5 to Master Repurchase Agreement, dated July 21, 2026, between ACRES Commercial Realty Corp. and ", "box": [ 99.08202712158203, 396.7909990470216, 541.9921649169921, 401.30350105653633 ], "from_ocr": false, "confidence": 1.0 }, { "text": "JPMorgan Chase Bank, National Association. (Filed previously as an exhibit to the Company's Current Report on Form 8-K filed on ", "box": [ 99.08202712158203, 408.0409985782753, 580.0195108325192, 412.55350058779004 ], "from_ocr": false, "confidence": 1.0 }, { "text": "July 24, 2026.)", "box": [ 99.08202712158203, 419.290998109529, 153.08202487158204, 423.80350011904375 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99.1(g)", "box": [ 33.902342337402345, 441.7909971720219, 60.14648182389648, 446.3034991815366 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 439.80466911479016, 91.21874619921874, 445.8213384608098 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Guarantee made by Exantas Capital Corp., as guarantor, in favor of JPMorgan Chase Bank, National Association, dated October 26, ", "box": [ 100.41796456591797, 430.5409976407682, 579.0468508730468, 435.05349965029745 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2018. (Filed previously as an exhibit to the Company's Current Report on Form 8-K filed on October 30, 2018.)", "box": [ 100.41796456591797, 441.7909971720219, 506.85495945104225, 446.3034991815366 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99.1(h)", "box": [ 33.902342337402345, 475.54099576576846, 60.14648182389648, 480.0534977752977 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 473.5546677085367, 91.21874619921874, 479.5713370545709 ], "from_ocr": false, "confidence": 1.0 }, { "text": "First Amendment to Guarantee Agreement, dated May 6, 2020, between Exantas Capital Corp. and JPMorgan Chase Bank, National ", "box": [ 100.41796456591797, 453.0409967032756, 580.0546633310546, 457.5534987127903 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Association. (Filed previously as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, ", "box": [ 100.41796456591797, 464.2909962345293, 561.574199101074, 468.803498244044 ], "from_ocr": false, "confidence": 1.0 }, { "text": "2020.)", "box": [ 100.41796456591797, 475.54099576576846, 123.66503388729004, 480.0534977752977 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99.1(i)", "box": [ 33.902342337402345, 498.04099482827587, 58.14697017720947, 502.5534968377906 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 496.05466677104414, 91.21874619921874, 502.07133611706377 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amendment No. 2 To Guarantee Agreement, dated October 2, 2020 between Exantas Capital Corp. and JPMorgan Chase Bank, ", "box": [ 100.41796456591797, 486.79099529702216, 563.5546640185546, 491.3034973065369 ], "from_ocr": false, "confidence": 1.0 }, { "text": "National Association. (Filed previously as an exhibit to the Company's Current Report on Form 8-K filed on October 7, 2020.)", "box": [ 100.41796456591797, 498.04099482827587, 560.0903089529024, 502.5534968377906 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99.1(j)", "box": [ 33.902342337402345, 531.7909934220224, 58.14697017720947, 536.3034954315372 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 529.8046653647907, 91.21874619921874, 535.8213347108103 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amendment No. 4 To Guarantee Agreement, dated November 17, 2022 between ACRES Commercial Realty Corp. and JPMorgan ", "box": [ 99.08202712158203, 509.290994359515, 572.7304486362302, 513.8034963690443 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chase Bank, National Association. (Filed previously as an exhibit to the Company's Current Report on Form 8-K filed on ", "box": [ 99.08202712158203, 520.5409938907687, 543.0234148740234, 525.053495900298 ], "from_ocr": false, "confidence": 1.0 }, { "text": "November 18, 2022.)", "box": [ 99.08202712158203, 531.7909934220224, 176.06542237394044, 536.3034954315372 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99.1(k)", "box": [ 33.902342337402345, 554.2909924845153, 60.14648182389648, 558.8034944940446 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 552.3046644272836, 91.21874619921874, 558.3213337733177 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amendment No. 5 to Guarantee Agreement, dated July 21, 2023, between ACRES Commercial Realty Corp. and JPMorgan Chase ", "box": [ 99.08202712158203, 543.0409929532761, 573.2343511152343, 547.5534949627909 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Bank, National Association. (Filed previously as an exhibit to the Company's Current Report on Form 8-K filed on July 25, 2023.)", "box": [ 99.08202712158203, 554.2909924845153, 572.7685311146432, 558.8034944940446 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99.1(l)", "box": [ 33.902342337402345, 588.0409910782764, 58.14697017720947, 592.5534930877911 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 586.0546630210447, 91.21874619921874, 592.0713323670643 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amendment No. 6 to Guarantee Agreement, dated March 14, 2025, between ACRES Commercial Realty Corp. and JPMorgan ", "box": [ 100.41796456591797, 565.540992015769, 558.8202892158203, 570.0534940252983 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chase Bank, National Association. (Filed previously as an exhibit to the Company's Annual Report on Form 10-K for the year ", "box": [ 100.41796456591797, 576.7909915470227, 559.3359141943358, 581.3034935565374 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended December 31, 2024.)", "box": [ 100.41796456591797, 588.0409910782764, 200.12987463125492, 592.5534930877911 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99.1(m)", "box": [ 33.902342337402345, 621.790989672023, 62.64696998970947, 626.3034916815377 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 619.8046616147913, 91.21874619921874, 625.8213309608109 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Amendment No. 7 to Guarantee Agreement, dated August 1, 2025, between ACRES Commercial Realty Corp. and JPMorgan ", "box": [ 100.41796456591797, 599.2909906095156, 556.828101798828, 603.8034926190448 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Chase Bank, National Association. (Filed previously as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ", "box": [ 100.41796456591797, 610.5409901407693, 575.9531010019531, 615.053492150284 ], "from_ocr": false, "confidence": 1.0 }, { "text": "ended June 30, 2025)", "box": [ 100.41796456591797, 621.790989672023, 177.4013599082764, 626.3034916815377 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99.2(a)", "box": [ 33.902342337402345, 655.5409882657696, 59.64111078495361, 660.0534902752843 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 653.5546602085378, 91.21874619921874, 659.571329554572 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Master Repurchase and Securities Contract Agreement between ACRES Real Estate SPE 10, LLC, as Seller, and Morgan Stanley ", "box": [ 100.41796456591797, 633.0409892032767, 570.0585737475584, 637.5534912127914 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Mortgage Capital Holdings LLC, as Administrative Agent, dated November 3, 2021. (Filed previously as an exhibit to the ", "box": [ 100.41796456591797, 644.2909887345158, 545.0976372875974, 648.8034907440451 ], "from_ocr": false, "confidence": 1.0 }, { "text": "Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021.)", "box": [ 100.41796456591797, 655.5409882657696, 416.34080303246554, 660.0534902752843 ], "from_ocr": false, "confidence": 1.0 }, { "text": "99.2(b)", "box": [ 33.902342337402345, 689.2909868595161, 60.14648182389648, 693.8034888690454 ], "from_ocr": false, "confidence": 1.0 }, { "text": " ", "box": [ 88.21874632421876, 687.3046588022844, 91.21874619921874, 693.3213281483186 ], "from_ocr": false, "confidence": 1.0 }, { "text": "First Amendment to Master Repurchase and Securities Contract Agreement, dated January 28, 2022, between ACRES Real Estate ", "box": [ 100.41796456591797, 666.7909877970233, 571.8046636748046, 671.303489806538 ], "from_ocr": false, "confidence": 1.0 }, { "text": "SPE 10, LLC and Morgan Stanley Mortgage Capital Holdings LLC, as Administrative Agent. 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