Review queue — flagged extraction decisions

Each section shows one table with flagged decisions: the table as printed, the extraction output with the flagged cells highlighted — red where the page contradicts the output (defect), gold where the output could not be verified against the page (unverified), green where the extraction added a conventional label the page does not print (total_label_added / header_label_added) — and the reasoning recorded for each. Printed text that reached no output cell is listed as 'header_text_dropped'.

ca75409fc40e1a73-p4-t1: ARES COMMERCIAL REAL ESTATE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

As printed (page 4)

Extraction output (red = defect, gold = unverified, green = added label)

Line Item	March 31, 2026	December 31, 2025
ASSETS
Cash and cash equivalents	$ 86,163	$ 29,289
Restricted cash ($1,108 related to consolidated VIEs as of December 31, 2025)	48,169	37,868
Loans held for investment ($138,950 related to consolidated VIEs as of December 31, 2025)	1,629,366	1,528,806
Current expected credit loss reserve	(136,830)	(125,756)
Loans held for investment, net of current expected credit loss reserve	1,492,536	1,403,050
Loans held for sale	60,544	—
Real estate owned held for investment, net ($52,634 related to consolidated VIEs as of December 31, 2025)	76,848	130,165
Real estate owned held for sale	53,110	—
Other assets ($76 of interest receivable related to consolidated VIEs as of December 31, 2025)	18,934	17,770
Total assets	$ 1,836,304	$ 1,618,142
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Secured funding agreements	$ 1,182,096	$ 858,176
Secured term loan	89,538	89,360
Collateralized loan obligation securitization debt (consolidated VIEs)	—	99,921
Due to affiliate	4,085	4,061
Dividends payable	8,442	8,442
Other liabilities ($257 of interest payable related to consolidated VIEs as of December 31, 2025)	59,725	48,614
Total liabilities	1,343,886	1,108,574
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common stock, par value $0.01 per share, 450,000,000 shares authorized at March 31, 2026 and December 31, 2025 and 55,367,672 and 55,026,453 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	532	532
Additional paid-in capital	821,724	820,827
Accumulated earnings (deficit)	(329,838)	(311,791)
Total stockholders' equity	492,418	509,568
Total liabilities and stockholders' equity	$ 1,836,304	$ 1,618,142

Flagged decisions

• (0,0) unverified 'Line Item': The image shows no text printed in the top-left header position of the table; the first column header is blank.

ca75409fc40e1a73-p6-t1: SCHEDULE I

As printed (page 6)

Extraction output (red = defect, gold = unverified, green = added label)

	For the Three Months Ended March 31, 2026	For the Twelve Months Ended March 31, 2026
Net income (loss) attributable to common stockholders	$ (9,605)	$ (19,852)
Stock-based compensation	897	3,752
Incentive fees to affiliate	—	—
Depreciation and amortization of real estate owned	741	6,674
Provision for (reversal of) current expected credit losses, net	11,138	(1,367)
Distributable Earnings (Loss)	$ 3,171	$ (10,793)
Net income (loss) attributable to common stockholders	$ (0.17)	$ (0.36)
Stock-based compensation	0.02	0.07
Incentive fees to affiliate	—	—
Depreciation and amortization of real estate owned	0.01	0.12
Provision for (reversal of) current expected credit losses, net	0.20	(0.02)
Basic Distributable Earnings (Loss) per common share	$ 0.06	$ (0.20)
Net income (loss) attributable to common stockholders	$ (0.17)	$ (0.36)
Stock-based compensation	0.02	0.07
Incentive fees to affiliate	—	—
Depreciation and amortization of real estate owned	0.01	0.12
Provision for (reversal of) current expected credit losses, net	0.20	(0.02)
Diluted Distributable Earnings (Loss) per common share	$ 0.06	$ (0.20)

Flagged decisions

• (table) header_text_dropped 'included': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped 'in other': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped 'thousands):': printed above the table's first value row but carried into no output cell.