BORROWINGS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2026
ACR 2026-FL4 Senior Notes	$879,499	$5,798	$873,701	5.31%	18.1 years	$1,016,762
CRE - term reinvestment financing facility	625,267	2,501	622,766	5.40%	4.4 years	917,369
Senior secured financing facility	56,503	105	56,398	7.48%	1.5 years	147,861
CRE - term warehouse financing facilities	8,447	324	8,123	5.27%	0.3 years	10,602
Mortgage payable	21,678	774	20,904	7.25%	2.9 years	26,970
5.75% Senior Unsecured Notes	150,000	94	149,906	5.75%	0.1 years	—
Unsecured junior subordinated debentures	51,548	—	51,548	7.89%	10.2 years	—
Total	$1,792,942	$9,596	$1,783,346	5.55%	10.8 years	$2,119,564


	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 June 30, 2026 (in thousands):


	Closing Date	Maturity Date	Reinvestment Period End (1)	Total Note Paydowns from Closing Date through June 30, 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):


	June 30, 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)	$	622,766	$	917,369		30	5.40%	$	728,167	$	1,009,622		34	5.50%

Senior Secured Financing Facility
Massachusetts Mutual Life Insurance Company (2)		56,398		147,861		4	7.48%		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)(5)		8,123		10,602		—	5.27%		417,374		544,937		12	5.55%

Mortgage Payable
HGM CRE LP (6)		20,904		26,970		1	7.25%		—		—		—	—%
ReadyCap Commercial, LLC		—		—		—	—%		20,185		26,964		1	7.57%
Total	$	708,191	$	1,102,802				$	1,343,859	$	1,897,049

(1)

Includes $2.5 million and $2.8 million of deferred debt issuance costs at June 30, 2026 and December 31, 2025, respectively.

(2)

Includes $105,000 and $1.5 million of deferred debt issuance costs at June 30, 2026 and December 31, 2025, respectively.

(3)

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

(4)

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 issuance costs at June 30, 2026 from another term warehouse financing facility with no balance.

(5)

Collateral is composed of seven future funding participations that are components of assets held by ACR 2026-FL4 at June 30, 2026.

(6)

Includes $774,000 of deferred debt issuance costs at June 30, 2026.

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 June 30, 2026
CRE - Term Reinvestment Financing Facility (1)(2)
JPMorgan Chase Bank, N. A.	$	316,543	4.4 years	5.40%
Senior Secured Financing Facility (1)
Massachusetts Mutual Life Insurance Company	$	91,991	1.5 years	7.48%
CRE - Term Warehouse Financing Facilities (1)(2)
JPMorgan Chase Bank, N. A.	$	—	0.1 years	—%
Morgan Stanley Mortgage Capital Holdings LLC	$	2,188	0.3 years	5.27%
Mortgage Payable
HGM CRE LP(3)	$	5,161	2.9 years	7.25%

(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 mortgage payable 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		2030 and Thereafter
At June 30, 2026
CRE securitization	$	879,499	$	—	$	—	$	—	$	—	$	879,499
CRE - term reinvestment financing facility		625,267		—		—		—		—		625,267
Senior Secured Financing Facility		56,503		—		56,503		—		—		—
CRE - term warehouse financing facilities		8,447		8,447		—		—		—		—
Mortgage payable		21,678		—		—		—		21,678		—
5.75% Senior Unsecured Notes		150,000		150,000		—		—		—		—
Unsecured junior subordinated debentures		51,548		—		—		—		—		51,548
Total	$	1,792,942	$	158,447	$	56,503	$	—	$	21,678	$	1,556,314

(1)

There are no contractual maturities due in 2028.