Set-of-Mark extraction review — before (table + bounding box) | after (final markdown)

Left: the page cropped around the table with its final boundary (content_region, the corrected end of the table) drawn; the crop extends a little below so any footnotes sit visibly outside the box. Right: the final corrected markdown. One row per table.

ca75409fc40e1a73.pdf

3 tables

p4 · table 1 · ARES COMMERCIAL REAL ESTATE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

units=(in thousands, except share and per share data) · flavor=stream · camelot_accuracy=97.7 · llm_corrected=True

before — table + bounding box

after — final markdown

Line ItemMarch 31, 2026December 31, 2025
ASSETS
Cash and cash equivalents$ 86,163$ 29,289
Restricted cash ($1,108 related to consolidated VIEs as of December 31, 2025)48,16937,868
Loans held for investment ($138,950 related to consolidated VIEs as of December 31, 2025)1,629,3661,528,806
Current expected credit loss reserve(136,830)(125,756)
Loans held for investment, net of current expected credit loss reserve1,492,5361,403,050
Loans held for sale60,544—
Real estate owned held for investment, net ($52,634 related to consolidated VIEs as of December 31, 2025)76,848130,165
Real estate owned held for sale53,110—
Other assets ($76 of interest receivable related to consolidated VIEs as of December 31, 2025)18,93417,770
Total assets$ 1,836,304$ 1,618,142
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Secured funding agreements$ 1,182,096$ 858,176
Secured term loan89,53889,360
Collateralized loan obligation securitization debt (consolidated VIEs)—99,921
Due to affiliate4,0854,061
Dividends payable8,4428,442
Other liabilities ($257 of interest payable related to consolidated VIEs as of December 31, 2025)59,72548,614
Total liabilities1,343,8861,108,574
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common stock, par value $0.01 per share, 450,000,000 shares authorized at March 31, 2026 and December 31, 2025 and 55,367,672 and 55,026,453 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively532532
Additional paid-in capital821,724820,827
Accumulated earnings (deficit)(329,838)(311,791)
Total stockholders' equity492,418509,568
Total liabilities and stockholders' equity$ 1,836,304$ 1,618,142

p5 · table 2 · ARES COMMERCIAL REAL ESTATE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS

units=(in thousands, except share and per share data) · flavor=stream · camelot_accuracy=95.9 · llm_corrected=True

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after — final markdown

For the Three Months Ended March 31, 2026For the Three Months Ended March 31, 2025
Revenue:
Interest income$ 24,906$ 27,480
Interest expense(17,361)(18,189)
Net interest margin7,5459,291
Revenue from real estate owned5,9155,657
Total revenue13,46014,948
Expenses:
Management and incentive fees to affiliate2,4002,567
Professional fees819877
General and administrative expenses1,4171,720
General and administrative expenses reimbursed to affiliate7871,003
Expenses from real estate owned3,1344,495
Total expenses8,55710,662
(Provision for) reversal of current expected credit losses, net(11,138)5,340
Realized losses on loans(3,340)—
Income (loss) before income taxes(9,575)9,626
Income tax expense (benefit), including excise tax30281
Net income (loss) attributable to common stockholders$ (9,605)$ 9,345
Earnings (loss) per common share:
Basic earnings (loss) per common share$ (0.17)$ 0.17
Diluted earnings (loss) per common share$ (0.17)$ 0.17
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding55,322,22254,828,751
Diluted weighted average shares of common stock outstanding55,322,22255,694,939
Dividends declared per share of common stock1$ 0.15$ 0.15

p6 · table 3 · SCHEDULE I

units=($ in thousands) · flavor=stream · camelot_accuracy=90.9 · llm_corrected=True

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after — final markdown

For the Three Months Ended March 31, 2026For the Twelve Months Ended March 31, 2026
Net income (loss) attributable to common stockholders$ (9,605)$ (19,852)
Stock-based compensation8973,752
Incentive fees to affiliate——
Depreciation and amortization of real estate owned7416,674
Provision for (reversal of) current expected credit losses, net11,138(1,367)
Distributable Earnings (Loss)$ 3,171$ (10,793)
Net income (loss) attributable to common stockholders$ (0.17)$ (0.36)
Stock-based compensation0.020.07
Incentive fees to affiliate——
Depreciation and amortization of real estate owned0.010.12
Provision for (reversal of) current expected credit losses, net0.20(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 compensation0.020.07
Incentive fees to affiliate——
Depreciation and amortization of real estate owned0.010.12
Provision for (reversal of) current expected credit losses, net0.20(0.02)
Diluted Distributable Earnings (Loss) per common share$ 0.06$ (0.20)