BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2026

Certain information with respect to the Company’s borrowings is summarized in the following table (dollars in thousands, except amounts in the footnotes):


	Principal Outstanding	Unamortized Issuance Costs and Discounts	Outstanding Borrowings	Weighted Average Borrowing Rate	Weighted Average Remaining Maturity	Value of Collateral
At March 31, 2026
ACR 2026-FL4 Senior Notes	$879,499	$6,036	$873,463	5.36%	18.4 years	$1,016,762
CRE - term reinvestment financing facility	711,875	2,669	709,206	5.44%	4.6 years	1,009,811
Senior secured financing facility	42,926	1,272	41,654	7.44%	1.7 years	146,354
CRE - term warehouse financing facilities (1)	19,627	689	18,938	7.68%	0.6 years	38,250
Mortgage payable	20,145	—	20,145	7.47%	0.1 years	26,964
5.75% Senior Unsecured Notes	150,000	283	149,717	5.75%	0.4 years	—
Unsecured junior subordinated debentures	51,548	—	51,548	7.90%	10.4 years	—
Total	$1,875,620	$10,949	$1,864,671	5.58%	10.7 years	$2,238,141


	Principal Outstanding	Unamortized Issuance Costs and Discounts	Outstanding Borrowings	Weighted Average Borrowing Rate	Weighted Average Remaining Maturity	Value of Collateral
At December 31, 2025:
CRE - term reinvestment financing facility	$731,002	$2,835	$728,167	5.50%	4.8 years	$1,009,622
Senior secured financing facility	63,099	1,454	61,645	7.53%	2.1 years	166,526
CRE - term warehouse financing facilities	534,760	898	533,862	5.54%	0.8 years	693,937
Mortgage payable	20,185	—	20,185	7.57%	0.3 years	26,964
5.75% Senior unsecured notes	150,000	469	149,531	5.75%	0.6 years	—
Unsecured junior subordinated debentures	51,548	—	51,548	7.97%	10.7 years	—
Total	$1,550,594	$5,656	$1,544,938	5.73%	3.1 years	$1,897,049

Schedule of Information with Securitization

The following table sets forth certain information with respect to the Company’s consolidated securitization at March 31, 2026 (in thousands):


	Closing Date	Maturity Date	Reinvestment Period End (1)	Total Note Paydowns from Closing Date through March 31, 2026
ACR 2026-FL4	February 2026	August 2044	August 2028	$	—

(1)

The reinvestment period is the period in which principal proceeds may be used to acquire CRE loans for reinvestment into the securitization.

Senior secured warehouse financing facilities and mortgage payable

The following table sets forth certain information with respect to these arrangements (dollars in thousands, except amounts in the footnotes):


	March 31, 2026							December 31, 2025
	Outstanding Borrowings		Value of Collateral		Number of Positions as Collateral		Weighted Average Interest Rate	Outstanding Borrowings		Value of Collateral		Number of Positions as Collateral		Weighted Average Interest Rate
CRE - Term Reinvestment Financing Facility
JPMorgan Chase Bank, N.A. (1)	$	709,206	$	1,009,811		33	5.44%	$	728,167	$	1,009,622		34	5.50%

Senior Secured Financing Facility
Massachusetts Mutual Life Insurance Company (2)		41,654		146,354		4	7.44%		61,645		166,526		5	7.53%

CRE - Term Warehouse Financing Facilities
JPMorgan Chase Bank, N.A. (3)		—		—		—	—%		116,488		149,000		3	5.50%
Morgan Stanley Mortgage Capital Holdings LLC (4)		18,938		38,250		1	7.68%		417,374		544,937		12	5.55%

Mortgage Payable
ReadyCap Commercial, LLC		20,145		26,964		1	7.47%		20,185		26,964		1	7.57%
Total	$	789,943	$	1,221,379				$	1,343,859	$	1,897,049

(1)

Includes $2.7 million and $2.8 million of deferred debt issuance costs at March 31, 2026 and December 31, 2025, respectively.

(2)

Includes $1.3 million and $1.5 million of deferred debt issuance costs at March 31, 2026 and December 31, 2025, respectively.

(3)

Includes $352,000 of deferred debt issuance costs at December 31, 2025.

(4)

Includes $689,000 and $546,000 of deferred debt issuance costs at March 31, 2026 and December 31, 2025, respectively, which includes $195,000 of deferred debt issuance costs at March 31, 2026 from another term warehouse financing facility with no balance.

Schedule of amount at risk under credit facility

The following table shows information about the amount at risk under the Company's financing arrangements (dollars in thousands, except amounts in footnotes):


	Amount at Risk		Weighted Average Remaining Maturity	Weighted Average Interest Rate
At March 31, 2026
CRE - Term Reinvestment Financing Facility (1)(2)
JPMorgan Chase Bank, N. A.	$	317,296	4.6 years	5.44%
Senior Secured Financing Facility (1)
Massachusetts Mutual Life Insurance Company	$	103,674	1.7 years	7.44%
CRE - Term Warehouse Financing Facilities (1)(2)
JPMorgan Chase Bank, N. A.	$	—	0.3 years	—%
Morgan Stanley Mortgage Capital Holdings LLC	$	20,602	0.6 years	7.68%
Mortgage Payable
ReadyCap Commercial, LLC (3)	$	6,734	0.1 years	7.47%

(1)

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 accrued interest payable.

(2)

The Company is required to maintain a total minimum unencumbered liquidity balance of $20.0 million.

(3)

Equal to the total of the estimated fair value of real estate property investment financed, minus the total of the construction loans agreement liabilities and accrued interest payable.

Schedule of contractual obligations and commitments

Contractual maturity dates of the Company’s borrowings’ principal outstanding by category and year are presented in the table below (in thousands):


	Total		2026		2027		2028 (1)		2029 (2)		2030 and Thereafter
At March 31, 2026
CRE securitization	$	879,499	$	—	$	—	$	—	$	—	$	879,499
CRE - term reinvestment financing facility		711,875		—		—		—		—		711,875
Senior Secured Financing Facility		42,926		—		42,926		—		—		—
CRE - term warehouse financing facilities		19,627		19,627		—		—		—		—
Mortgage payable		20,145		20,145		—		—		—		—
5.75% Senior Unsecured Notes		150,000		150,000		—		—		—		—
Unsecured junior subordinated debentures		51,548		—		—		—		—		51,548
Total	$	1,875,620	$	189,772	$	42,926	$	—	$	—	$	1,642,922

(1)

There are no contractual maturities due in 2028.

(2)

There are no contractual maturities due in 2029.