Ares Commercial Real Estate Corp (ACRE) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to the Ares Commercial Real Estate Corporation's first quarter earnings conference call. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded on Thursday, May 7, 2026. I will now turn the call over to Mr. John Stilmar, partner of Public Markets Investor Relations. Please go ahead, sir.

各位下午好，歡迎參加 Ares Commercial Real Estate Corporation 2026 年第一季財報電話會議。此時，所有與會者將以僅收聽模式參與。提醒各位，本次會議於 2026 年 5 月 7 日（星期四）錄音。現在我將把電話交給 Public Markets Investor Relations 的合夥人 John Stilmar 先生。先生，請開始。

Good afternoon, everyone, and thank you for joining us on today's conference call. In addition to our press release and the 10-Q that we filed with the SEC, we have posted an earnings presentation under the Investor Resources section of our website at www.arescre.com. Before we begin, I want to remind everyone that comments made during the course of this conference call and webcast as well as the accompanying documents contain forward-looking statements and are subject to risks and uncertainties. Many of these forward-looking statements can be identified by the words such as anticipates, believes, expects, intends, will, should, may and similar such expressions. These forward-looking statements are based on management's current expectations of market conditions and management's judgment.

各位下午好，感謝各位參加今天的電話會議。除我們的新聞稿以及向 SEC 提交的 10-Q 之外，我們也已在網站 www.arescre.com 的「Investor Resources」專區上傳了財報簡報。在開始之前，我想提醒各位，本次電話會議與網路直播期間的發言，以及相關文件，均包含前瞻性陳述，並可能受到風險與不確定性影響。許多前瞻性陳述可透過「預期」、「相信」、「預估」、「打算」、「將」、「應」、「可能」及其他類似用語辨識。這些前瞻性陳述係基於管理層對市場狀況的當前預期以及管理層的判斷。

These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. The company's actual results could differ materially from those expressed in the forward-looking statements as a result of a number of risk factors, including those listed in its SEC filings. Ares Commercial Real Estate Corporation assumes no obligation to update any such forward-looking statements. During this conference call, we'll refer to certain non-GAAP financial measures. We use these as measures of operating performance, and these measures should not be considered in isolation from or as a substitute for measures prepared in accordance with generally accepted accounting principles.

這些陳述並非對未來績效、狀況或結果的保證，且涉及多項風險與不確定性。由於多項風險因素（包括其向 SEC 提交文件中所列者），本公司實際結果可能與前瞻性陳述所表達者存在重大差異。Ares Commercial Real Estate Corporation 不承擔更新任何此類前瞻性陳述之義務。在本次電話會議中，我們將提及若干非 GAAP 財務衡量指標。我們將其作為營運績效的衡量方式，且不應將其孤立看待，亦不應視為依一般公認會計原則編製之衡量指標的替代。

These measures may not be comparable to like titled measures used by other companies. Now I'd like to turn the call over to our CEO, Bryan Donohoe. Bryan?

這些衡量指標可能無法與其他公司使用之同名衡量指標相互比較。現在我想把電話交給我們的執行長 Bryan Donohoe。Bryan？

Thanks, John. Good afternoon, everyone, and thank you for joining us. I'm here today with Jeff Gonzales, our CFO; Tae-sik Yoon, our COO; as well as other members of the management and Investor Relations teams. During the first quarter, the commercial real estate market exhibited relative stability despite broader macroeconomic and corporate credit market uncertainty. Fundamentals in commercial real estate showed strength as limited forward supply supported modest valuation growth.

謝謝你，John。各位下午好，感謝各位加入我們。今天與我一同出席的有我們的財務長 Jeff Gonzales、營運長 Tae-sik Yoon，以及管理團隊與投資人關係團隊的其他成員。第一季期間，儘管整體宏觀經濟與企業信用市場存在不確定性，商用不動產市場仍展現相對穩定。商用不動產基本面表現強勁，因前瞻供給有限而支撐了溫和的估值成長。

The combination of reset valuations and what we believe is the beginning of capital rotation into the asset class helped create what in our view is an attractive investment environment. With this backdrop, we continue to make progress against our strategic objectives of reducing risk in our portfolio while investing in attractive, high-quality commercial real estate loans.

估值重設與我們認為資金開始輪動進入該資產類別的結合，協助形成我們認為具吸引力的投資環境。在此背景下，我們持續推進策略目標：在投資具吸引力且高品質的商用不動產貸款之同時，降低投資組合風險。

We closed three new loan commitments totaling $294 million during the first quarter, collateralized by multifamily, mixed-use and retail properties. This origination activity supported steady growth in the loan portfolio for the second consecutive quarter. At the end of the first quarter, the portfolio of loans held for investment grew to 35 loans and $1.7 billion, an increase of $110 million quarter over quarter.

第一季我們完成三筆新貸款承諾，合計 2.94 億美元，擔保品為多戶住宅、複合用途及零售物業。此一承作活動使貸款投資組合連續第二季維持穩健成長。截至第一季末，持有供投資之貸款組合增至 35 筆、17 億美元，較前一季增加 1.10 億美元。

Notably, 37% of the investment loan portfolio balance was originated in the past 12 months. We believe today's commercial real estate environment offers the opportunity to originate at attractive attachment points with stronger credit structures and risk-adjusted returns. ACRE is committed to approximately $780 million in new loans in the last 12 months with more than 75% of the dollars committed through co-investments alongside other Ares management affiliated vehicles.

值得注意的是，投資貸款組合餘額中有 37% 係於過去 12 個月內承作。我們認為，當前商用不動產環境提供了在具吸引力的切入點承作貸款的機會，並可搭配更強的信用結構與風險調整後報酬。ACRE 在過去 12 個月內承諾約 7.80 億美元的新貸款，其中超過 75% 的承諾金額係透過與其他 Ares 管理之關聯投資工具共同投資完成。

This represents just a portion of the nearly $10 billion in new loan commitments across the Ares real estate debt platform in the last 12 months. The scale of the Ares real estate debt platform and capital base is a key differentiator, enabling disciplined selectivity and access to high-quality opportunities while providing ACRE with co-investment opportunities that enhance portfolio diversification and support efficient capital deployment.

這僅是 Ares 不動產債務平台在過去 12 個月內近 100 億美元新貸款承諾的一部分。Ares 不動產債務平台的規模與資本基礎是關鍵差異化因素，使我們能在保持嚴謹篩選的同時取得高品質機會，並為 ACRE 提供共同投資機會，以提升投資組合多元化並支持高效率的資本部署。

We believe that this deployment reflects success against our goals for the portfolio that we laid out one year ago. As of March 31, 2026, we have increased the outstanding principal balance of the portfolio by 22% year over year, while improving portfolio diversification and reducing the office loan balance by nearly 25%.

我們認為，這些部署反映了我們在一年前所提出之投資組合目標上的成果。截至 2026 年 3 月 31 日，我們在改善投資組合多元化的同時，使投資組合未償本金餘額年增 22%，並將辦公室貸款餘額降低近 25%。

Consistent with our strategic objectives, the reduction in office loans was reallocated and redeployed into other attractive property types, including industrial, multifamily, select retail and self-storage. We also continue to improve portfolio quality through active resolution efforts on our risk rated 4 and 5 loans.

依循我們的策略目標，辦公室貸款的減少已重新配置並部署至其他具吸引力的物業類型，包括工業、多戶住宅、精選零售與自助倉儲。我們也持續透過對風險評級 4 與 5 貸款的積極處置作業，提升投資組合品質。

During the quarter, we accelerated the resolution and exit of a legacy $28 million Pennsylvania multifamily loan, contributing to a year-over-year and quarter-over-quarter decline in the number of risk rated 4 and 5 loans.

本季我們加速處置並退出一筆歷史遺留的 2,800 萬美元賓夕法尼亞州多戶住宅貸款，促使風險評級 4 與 5 貸款的筆數在年比與季比均下降。

With respect to the total portfolio of loans held for investment, 31 of our 35 loans carry a risk rating of 1 through 3. There were no negative credit migrations during the first quarter within the risk-rated 1 to 3 loan portfolio. While the majority of the portfolio continues to exhibit sound credit performance, certain idiosyncratic risks persist in the sector and ACRE's portfolio.

就持有供投資之整體貸款組合而言，我們 35 筆貸款中有 31 筆的風險評級為 1 至 3。第一季在風險評級 1 至 3 的貸款組合中，未出現任何負向信用遷移。雖然投資組合大多數仍展現穩健的信用表現，但該產業及 ACRE 投資組合中仍存在若干特定個案風險。

These cases are driven by discrete local market dynamics or property-specific factors that may not align with the aforementioned commercial real estate trends.

這些個案主要由特定的在地市場動態或物業本身因素所驅動，可能與前述商用不動產趨勢不一致。

Now let me walk you through the largest two of these four loans, which comprise more than 90% of the outstanding principal balance of the total risk-rated 4 and 5 loans as of March 31, 2026.

現在我將帶各位說明其中四筆貸款裡規模最大的兩筆；截至 2026 年 3 月 31 日，這兩筆合計占所有風險評級 4 與 5 貸款未償本金餘額的 90% 以上。

The largest of these loans is a risk-rated 5 Chicago office loan. This loan remains on nonaccrual, but continues to make its contractual interest payments, which are applied to the basis. Property fundamentals remain stable, with occupancy above 90%, a weighted-average lease term of approximately eight years and positive net cash flow. We remain engaged with the borrower on their ongoing sales process. It is unfortunately taking longer than we anticipated.

其中最大的一筆為風險評級 5 的芝加哥辦公室貸款。該貸款仍處於停計息狀態（nonaccrual），但仍持續支付其合約利息款項，並用以沖抵成本基礎。物業基本面仍然穩定，入住率超過 90%，加權平均租約年期約八年，且淨現金流為正。我們仍持續與借款人就其進行中的出售流程保持密切溝通。遺憾的是，進度比我們原先預期更久。

We increased our CECL reserve for this loan by approximately $5 million to reflect our most current market indications for the potential sale of this property. The second largest risk rated 4 and 5 loan is a risk-rated 4 residential condominium loan located in Brooklyn, New York.

我們將該筆貸款的 CECL 備抵增加約 500 萬美元，以反映我們對該物業潛在出售之最新市場指標。第二大之風險評級 4 與 5 貸款為一筆風險評級 4 的住宅公寓（condominium）貸款，位於紐約布魯克林。

This loan also remains on nonaccrual. The preliminary condominium sales process began earlier this year. And as a reminder, initial sales proceeds will be used to pay down debt associated with the project, while subsequent sales are expected to generate cash flow back to the company.

此筆貸款亦仍處於停計息狀態。初步的公寓銷售流程已於今年稍早開始。並提醒一下，初期銷售所得將用於償還與該專案相關的債務，而後續銷售預期將為公司帶來現金流。

As the project nears completion and with increased visibility into final construction costs, we have incorporated incremental costs and adjusted the timing into the business plan. These updates are also reflected in the CECL reserve analysis for the first quarter.

隨著專案接近完工，且對最終施工成本的能見度提高，我們已將新增成本納入並在商業計畫中調整時程。這些更新亦反映在第一季的 CECL 備抵分析中。

And combined with reserve increase for the risk rated 5 office loan were the primary drivers of the overall CECL reserve increase during the quarter. As it relates to our North Carolina office REO, we began the formal sales process for this property this quarter. This decision was supported by improved property fundamentals and capital markets activity.

此外，與風險評等為 5 的辦公室貸款之備抵增加合併後，成為本季整體 CECL 備抵增加的主要驅動因素。就我們在北卡羅來納州的辦公室 REO 而言，我們於本季啟動該資產的正式出售流程。此決策係基於物業基本面改善以及資本市場活動回溫所支持。

Notably, in the fourth quarter of 2025, we recognized a gain related to the partial sale of this property. And as of the end of the first quarter, the remaining property was reclassified as held for sale. In closing, we remain highly focused on our current objectives of reducing our risk-rated 4 and 5 loans and addressing office and REO loans while opportunistically investing into new loans. Let me now turn the call over to Jeff, who will provide more details on our second quarter results.

值得注意的是，在 2025 年第四季，我們因該物業的部分出售而認列一筆收益。截至第一季末，剩餘物業已重新分類為持有待售。最後，我們仍高度聚焦於目前的目標：降低風險評等 4 與 5 的貸款，並處理辦公室與 REO 貸款，同時把握機會投資於新貸款。接下來我把電話交給 Jeff，他將就我們第二季的結果提供更多細節。

Thank you, Bryan. For the first quarter of 2026, we reported a GAAP net loss of approximately $9.6 million or $0.17 per diluted common share. Our distributable earnings for the first quarter of 2026 was approximately $3.2 million or $0.06 per diluted common share.

謝謝你，Bryan。2026 年第一季，我們報告 GAAP 淨損約 960 萬美元，或每股稀釋普通股虧損 0.17 美元。2026 年第一季的可分配盈餘約為 320 萬美元，或每股稀釋普通股 0.06 美元。

This includes the impact from the realized loss of $3.3 million or $0.06 per diluted common share related to the exit of the risk-rated 5 Pennsylvania multifamily loans. Distributable earnings for the first quarter, excluding this loss, was approximately $6.5 million or $0.12 per diluted common share.

其中包含因退出風險評等為 5 的賓夕法尼亞州多戶住宅貸款而產生的已實現損失 330 萬美元（或每股稀釋普通股 0.06 美元）的影響。若排除此項損失，第一季可分配盈餘約為 650 萬美元，或每股稀釋普通股 0.12 美元。

Additionally, during the first quarter, we collected $2.1 million or $0.04 per diluted common share of cash interest on loans that were on nonaccrual and was accounted for as a reduction in our loan basis. We continue to maintain our strong balance sheet position with moderate leverage, which supports further resolutions of underperforming loans and future growth. We ended the first quarter with a net debt-to-equity ratio, excluding CECL, of 1.9 times.

此外，第一季我們自處於停計息狀態的貸款收取了 210 萬美元（或每股稀釋普通股 0.04 美元）的現金利息，並以降低貸款帳面成本的方式入帳。我們持續維持強健的資產負債表與適度槓桿，支持進一步處置表現不佳的貸款並推動未來成長。第一季末，在排除 CECL 的情況下，我們的淨負債對股東權益比率為 1.9 倍。

Our portfolio of loans held for investment reached $1.7 billion as of March 31, 2026, with the majority of our loans collateralized by multifamily and industrial properties. Looking at the $294 million of new loan commit made in the first quarter, $225 million of these new loan commitments are classified as loans held for investment and $69 million is classified as held for sale as of March 31, 2026.

截至 2026 年 3 月 31 日，我們的投資持有貸款組合達 17 億美元，其中多數貸款以多戶住宅與工業不動產作為擔保。就第一季新增的 2.94 億美元貸款承諾而言，其中 2.25 億美元於 2026 年 3 月 31 日被分類為投資持有貸款，6,900 萬美元被分類為持有待售。

The $69 million loan classified as held for sale corresponds to a larger $144 million senior loan commitment collateralized by retail property in California. $75 million of this loan will be retained by ACRE and is classified as held for investment. The remaining $69 million of the loan is expected to be sold to either an Ares affiliated fund or a third-party investor during the second quarter. Notably, until the sale is completed, ACRE will accrue interest and fee income associated with this loan. Let me take a minute to discuss the strategy behind this action.

被分類為持有待售的 6,900 萬美元貸款，對應於一筆更大規模、總額 1.44 億美元、以加州零售物業作為擔保的優先貸款承諾。其中 7,500 萬美元將由 ACRE 保留並分類為投資持有。其餘 6,900 萬美元預期於第二季出售給 Ares 關聯基金或第三方投資人。值得注意的是，在完成出售之前，ACRE 將就該貸款計提相關利息與費用收入。我花一點時間說明此舉背後的策略。

We believe this specific loan structure provides a strategic opportunity for ACRE to selectively deploy its available liquidity on a short-term basis, capturing attractive economics on high conviction loans that we intend to hold a portion of on a long-term basis, while still maintaining diversity across the broader portfolio.

我們認為，此一特定的貸款結構為 ACRE 提供策略性機會，使其能在短期內選擇性運用可用流動性，在我們高度看好的貸款上取得具吸引力的經濟效益；同時，我們也打算長期持有其中一部分，並維持整體投資組合的多元化。

Ultimately, we believe this strategy is another example of how ACRE can leverage the robust capabilities and broad market presence of the Ares real estate platform. As we reshape the portfolio through asset resolutions and new investments, we continue to prioritize strong liquidity and disciplined liability management.

最終，我們認為此策略再次展現 ACRE 如何運用 Ares 不動產平台強大的能力與廣泛的市場布局。在我們透過資產處置與新投資重塑投資組合的同時，我們仍持續優先維持充足流動性與嚴謹的負債管理。

During the first quarter, we collected $94 million in repayments, further strengthening our liquidity position. As of March 31, 2026, our available capital was [$153 million], including $86 million of cash.

第一季我們收回 9,400 萬美元的還款，進一步強化流動性部位。截至 2026 年 3 月 31 日，我們的可用資本為 [1.53 億美元]，其中包含 8,600 萬美元現金。

In addition, during the quarter, we increased our borrowing capacity by $300 million, subject feature available collateral as well as reduced our borrowing costs through three distinct actions. First, we upsized the Morgan Stanley facility to $350 million, an increase of $200 million from the prior quarter and extended the facility by three years.

此外，本季我們透過三項不同措施，在可用擔保品等條件限制下將借款額度提高 3 億美元，並降低借款成本。第一，我們將摩根士丹利融資額度擴大至 3.5 億美元，較前一季增加 2 億美元，並將該融資期限延長三年。

Second, we upsized the Citibank facility to $425 million, an increase of $100 million from the prior quarter. Lastly, as mentioned on our last earnings call, we reduced the cost of our borrowings through the redemption of our FL4 CLO securitization. We believe these actions reflect the strength and scale of our lender relationships, driven by the Ares platform and positions us well to access attractive financing and to support future growth initiatives.

第二，我們將花旗銀行融資額度擴大至 4.25 億美元，較前一季增加 1 億美元。最後，如同我們上次法說會所提及，我們透過贖回 FL4 CLO 證券化交易降低借款成本。我們認為，這些行動反映出我們與放款機構關係的強度與規模（由 Ares 平台所驅動），並使我們能更好地取得具吸引力的融資以支持未來成長計畫。

Additionally, our financial flexibility allows us to further address our higher risk-weighted loans as well as invest in new loans, resulting in what we believe is a more stable portfolio. As Bryan mentioned, we exited a risk-rated 5 loan and had no negative credit migrations in the risk ratings across the portfolio in the first quarter.

此外，我們的財務彈性使我們得以進一步處理較高風險加權的貸款，同時投資於新貸款，從而形成我們認為更穩健的投資組合。如 Bryan 所提及，我們已退出一筆風險評等為 5 的貸款，且第一季投資組合的風險評等並無任何負向信用遷移。

Turning to our CECL reserve. The total CECL reserve increased to $138 million as of March 31, 2026, an increase of approximately $11 million from the CECL reserve as of December 31, 2025. This increase was primarily driven by a $15 million combined increase in the reserves for our risk-rated 4 and 5 loans, specifically the two largest loans Bryan previously mentioned, as well as a $2 million reserve increase related to the new loans closed in the quarter.

接著談我們的 CECL 備抵。截至 2026 年 3 月 31 日，CECL 備抵總額增加至 1.38 億美元，較 2025 年 12 月 31 日的 CECL 備抵增加約 1,100 萬美元。此增加主要來自風險評等 4 與 5 貸款之備抵合計增加 1,500 萬美元（特別是 Bryan 先前提到的兩筆最大貸款），以及本季新承作貸款相關的 200 萬美元備抵增加。

These increases were partially offset by the previously mentioned realized loss in connection with the exit of the risk-rated 5 Pennsylvania multifamily loan and other macroeconomic and loan specific attributes. The total CECL reserve at the end of the first quarter of $138 million represents approximately 8% of the total outstanding principal balance of our loans held for investment. 94% of our total CECL reserve were $129 million relates to our risk-weighted 4 and 5 loans and approximately half of the total CECL reserve is attributed to the only risk-weighted 5 loan in the portfolio.

上述增加部分被先前提及、與退出風險評等為 5 的賓夕法尼亞州多戶住宅貸款相關的已實現損失，以及其他總體經濟與貸款特定因素所抵銷。第一季末 1.38 億美元的 CECL 備抵總額約占我們投資持有貸款未償本金餘額的 8%。我們 CECL 備抵總額的 94%（即 1.29 億美元）與風險加權 4 與 5 的貸款相關，且 CECL 備抵總額約有一半歸因於投資組合中唯一一筆風險加權為 5 的貸款。

Overall, the $129 million of reserves attributed to our risk-weighted 4 and 5 loans represents approximately 35% of the outstanding principal balance of those risk-weighted 4 and 5 loans. Our book value is $8.89 per share, which includes the $138 million CECL reserve.

整體而言，歸因於我們風險加權4與5級貸款的1.29億美元準備金，約相當於該等風險加權4與5級貸款未償還本金餘額的35%。我們的每股帳面價值為8.89美元，其中包含1.38億美元的CECL準備金。

Our goal remains to prove out book value over time while advancing our efforts to rebuild earnings and cover our dividend, which we believe is achievable. So far in the second quarter, we have continued to execute against our objectives with the closing of $95 million of new loan commitments collateralized by multifamily and self-storage properties. These are high -- both high conviction property types across the Ares real estate platform and both loans represent co-investment loan opportunities.

我們的目標仍是在時間推移中驗證帳面價值，同時推進重建獲利並覆蓋股利的努力，我們相信這是可達成的。截至第二季目前為止，我們持續依照目標執行，完成了9,500萬美元的新貸款承諾交割，並以多戶住宅與自助倉儲物業作為擔保。這些都是Ares不動產平台上高度看好的資產類型，且兩筆貸款皆為共同投資的貸款機會。

To conclude, the Board declared a regular cash dividend of $0.15 per common share for the second quarter of 2026. The second quarter dividend will be payable on July 15, 2026, to common stockholders of record as of June 30, 2026.

最後，董事會宣告2026年第二季每股普通股0.15美元的例行現金股利。第二季股利將於2026年7月15日支付給截至2026年6月30日登記在冊的普通股股東。

At our current stock price on May 4, 2026, the annualized dividend yield on our second quarter dividend is approximately 11.5%. With that, I will turn the call back over to Bryan for some closing remarks.

以我們在2026年5月4日的目前股價計算，按第二季股利年化後的股利殖利率約為11.5%。接下來我把電話交回給Bryan做一些結語。

Thank you, Jeff. As we sit here today with the first quarter of 2026 under our belts, we are excited about the opportunities that lay ahead. We believe ACRE is uniquely positioned to capitalize on Ares powerful and growing real estate platform, depth of capabilities and robust pipeline to create shareholder value. As always, we appreciate you joining our call today, and we'd be happy to open the line for questions.

謝謝你，Jeff。在我們完成2026年第一季之際，我們對未來的機會感到振奮。我們相信，ACRE具備獨特優勢，可憑藉Ares強大且持續成長的不動產平台、深厚的能力以及充沛的案源管線來創造股東價值。一如既往，感謝各位今天參與我們的電話會議，我們也很樂意開放提問。

Thank you, Mr. Donohoe. (Operator Instructions)

謝謝您，Donohoe先生。(接線員指示)

Jade Rahmani, KBW.

Jade Rahmani，KBW。

Thank you very much.

非常感謝。

Do you have any updated thoughts as to potential time line for resolution on the Chicago risk 5? And also over what time period do you expect the Brooklyn condo risk 5 to be amortized down based on condo sales? Is that going to take -- do you think two years, three years? If you could just provide any commentary on that. Thank you.

關於芝加哥風險5級資產的處置解決時程，您是否有任何更新的看法？另外，布魯克林公寓風險5級資產預計會在多長時間內，基於公寓銷售而攤還下降？您認為會需要——兩年、三年嗎？如果可以的話，請就此提供一些評論。謝謝。

Yes. Thanks for the question, Jade. I think as you can tell from our prepared remarks today and in prior quarters, these assets remain one of our primary focus points. I think the short answer is we're getting closer and the outcome have certainly narrowed.

是的。謝謝你的問題，Jade。我想從我們今天以及前幾季的事先準備發言中你也看得出來，這些資產仍是我們主要的關注重點之一。簡短的回答是：我們正在接近目標，且可能的結果範圍確實已經收斂。

We do need the functioning market, which I think we've seen over the past six to nine months, some return of capital back into the office sector and a process that is well underway, but that is a little bit outside of our control.

我們確實需要市場能夠正常運作；我想在過去六到九個月，我們已看到資金回流辦公室產業，而且相關流程也正在進行中，但這部分有些不在我們的控制範圍內。

With respect to the Brooklyn condominium asset, as you heard in the remarks as well, we're largely through the construction phase and began the sales process last quarter. So that will be a function of demand for the product, which we think is fairly priced for the landscape in which we're all sharing. Sellout can obviously vary, but it's fair to say it's inside of two years would be the general expectation for a similarly sized project.

至於布魯克林的公寓資產，如同你在發言中也聽到的，我們大致已完成施工階段，並在上一季開始銷售流程。因此，這將取決於產品需求；我們認為在大家共同面對的市場環境下，定價相當合理。整體去化速度當然可能有所差異，但可以合理地說，對於規模相近的專案，一般預期會在兩年內完成去化。

And then just more broadly, in terms of how Ares is looking at the debt capital markets in commercial real estate. Where do you see the best opportunities risk-adjusted at this point?

然後更廣泛地說，就Ares如何看待商用不動產的債務資本市場而言，目前您認為風險調整後最好的機會在哪裡？

You mean in terms of sectors or what's the -- what specifically -- ?

你的意思是就產業別而言，還是——具體是指什麼——？

Yes, thematics, it's a sector, property type geography or if it's participations in certain capital structures. Any nuances that you care to provide.

是的，主題面也好，產業別、物業類型、地理區域，或是參與特定資本結構中的某些部位也可以。任何你願意補充的細節都可以。

Yes, of course. I think that when -- as it relates to ACRE, ACRE is obviously -- we talk over the past 5 years really about the disadvantages being subscale. But certainly, when we think about the landscape of opportunities in real estate credit across the US, and you're talking kind of a $5 trillion market opportunity, there's plenty to do.

好的，當然。我想，當——就ACRE而言，ACRE顯然——我們在過去5年談到的，主要是規模不足所帶來的不利因素。但當然，當我們看美國不動產信貸的機會版圖時，你談的是大約5兆美元的市場機會，能做的事情很多。

The overall theme that you and I have covered in the past still relates to banks being very driven to provide capital and back leverage, and that has provided us the opportunity to really go a lot on the risk spectrum, but still create ROEs that are in keeping with our historical norms. As it relates to sectors, we've -- you've seen us pivot at times through logistics, student housing, multi, seniors to some degree and obviously underweight office as we sit here today and on a go forward.

你我過去討論過的整體主題仍然是：銀行在提供資金與後段槓桿方面的動機非常強，這讓我們有機會在風險光譜上走得更廣，但仍能創造符合我們歷史常態的股東權益報酬率（ROE）。就產業別而言，我們——你也看到我們有時會轉向物流、學生住宅、多戶住宅、一定程度的高齡住宅；而就我們目前以及未來而言，顯然對辦公室部位維持低配。

So our focus remains on lower CapEx cycle asset classes. And then we're looking at the fundamentals, both from supply/demand and otherwise and geographical focus that has really ebbed and flowed over the past three or four years. I mean, I know you all have had questions on Sunbelt assets for some different operators and different lenders in the space. And I think location continues to matter as does vintage. So you'll see us find given the broad landscape in which we participate, plenty to do given the size of ACRE's balance sheet.

因此，我們的重點仍放在資本支出（CapEx）週期較低的資產類別。接著我們也會檢視基本面，包括供需等因素，以及在過去三、四年中不斷起伏變化的地理重點。我的意思是，我知道你們對於太陽帶（Sunbelt）資產、某些不同營運商與不同放款人在這個領域的情況提出過一些問題。我認為地點仍然重要，資產的取得年份（vintage）也同樣重要。因此，鑑於我們參與的廣泛市場版圖，以及ACRE資產負債表的規模，你會看到我們仍有很多事情可以做。

Thanks very much.

非常感謝。

Chris Muller, Citizens Capital Markets.

Chris Muller，Citizens Capital Markets。

Hey, guys. Thanks for taking the question.

嗨，各位。謝謝讓我提問。

I guess on the $3.3 million realized loss, and sorry, I missed this in your guys' prepared remarks, but can you just break that down for me? Is that related to the REO property being reclassified as held for sale or the resolution of the 5-rated? Or is it a combo of both of those?

我想問關於330萬美元的已實現損失——抱歉，我在你們的事先準備發言中漏聽了——你們能幫我拆解一下嗎？這是與REO物業被重新分類為待售，或是5級評等資產的處置解決有關嗎？還是兩者的組合？

Thanks for the question, Chris. Yes, it is related to the Pennsylvania multifamily loan. All of it is as. We -- as we disclosed in our filings, when we transferred the REO office property to held for sale, there was no impairment loss associated with that. So it's all related to the multifamily loan.

謝謝你的問題，Chris。是的，這與賓夕法尼亞州的多戶住宅貸款有關。全部都是。我們——如同在申報文件中揭露的，當我們將REO辦公室物業轉為待售時，並沒有產生任何減損損失。因此，全部都與該多戶住宅貸款有關。

Got it. That's helpful. And it's nice to see no downward credit migration in the quarter. Do you guys feel that credit has largely stabilized. And then I guess, how are you thinking about new originations in 2026?

了解。這很有幫助。而且很高興看到本季沒有信用狀況下移。你們是否覺得信用狀況已大致穩定？另外，你們如何看待2026年的新承作（originations）？

Yes. Look, the overall market is certainly constructive. I said earlier that we've seen capital flow back into the sector, broadly speaking, both debt and equity. We've seen stability in values or modest appreciation. And that obviously in the face of rates that have risen in the US and certainly across Europe as well. So I think people believe in the fundamental story of hard assets with low degrees of obsolescence out there. And I think those capital flows are supportive of valuations. So we have got a pretty constructive backdrop in which to invest right now. So what does that mean for forward originations?

是的。你看，整體市場確實是偏建設性的。我先前提到，我們看到資金大致上回流到這個產業，無論是債務或股權。我們也看到估值保持穩定或小幅上升。而這顯然是在美國、當然也包括整個歐洲利率上升的背景之下。所以我認為大家相信，市場上那些折舊／淘汰風險較低的實體資產，其基本面故事仍然成立。我也認為這些資金流入對估值具有支撐作用。因此，我們目前有一個相當具建設性的投資大環境。那麼，這對未來的放款承作意味著什麼？

I think largely, that will be dictated by the repayment schedule of the loans that are in the portfolio today, alongside the resolution of those focused assets that you heard about earlier and you've heard about in prior quarters as well.

我認為在很大程度上，這將取決於目前投資組合中貸款的還款時程，以及你先前聽到、在前幾季也聽到的那些重點資產的處置進展。

Got it. That's very helpful. Thanks for taking the questions, and congrats on the continued progress.

了解。這非常有幫助。謝謝回答問題，也恭喜你們持續取得進展。

Thanks for the questions.

謝謝你的提問。

(Operator Instructions)

(接線員指示)

Gabe Poggi, Raymond James.

Gabe Poggi，Raymond James。

Hey, good afternoon, good morning. Thanks for taking the question. Kind of piggybacking on the last one. How do you think about leverage, right, while you're working through the four and the five loans and REO. Is there a leverage level that you're comfortable going to while you wait for resolutions there, right? You guys have gone from kind of one turn in 3Q '25 to now two turns. Can we see another full turn of leverage even if the watch list loan capital/REO capital still is in TBD zone?

嗨，午安、早安。謝謝讓我提問。算是延續上一題。在你們處理那幾筆評級為4和5的貸款以及REO的同時，你們如何看待槓桿水準？在等待那些資產解決方案落地的期間，有沒有一個你們覺得舒適的槓桿水準？你們已經從25年第三季大概一倍槓桿提升到現在兩倍。即使觀察名單貸款資本／REO資本仍處於待定狀態，我們是否可能再看到槓桿再完整提高一倍？

Yes, it's a great question, Gabe. I'd say the answer probably lies somewhere in between. We've taken a bifurcated approach to the portfolio as you've seen over prior quarters, where what we wanted to have, and we've proven we did have is the flexibility to accelerate resolutions on assets where we wanted to move on, right?

是的，這是個很好的問題，Gabe。我想答案大概介於兩者之間。如你在前幾季所見，我們對投資組合採取了分流（雙軌）策略；我們希望、而且也證明我們確實具備彈性，能在想要推進的資產上加速完成處置，對吧？

And I think the life science asset of a few quarters ago, you saw us do that, not the outcome that we had hoped for, but one that we think looks better today than it even did then given the headwinds in that sector by way of reference. So we maintain almost this lower leverage approach to the legacy assets, right, things that were -- that we touched on in terms of those focused assets of 4s and 5s, et cetera.

我想以幾季前的生命科學資產為例，你看到我們就是這麼做的；結果並非我們原先所希望的，但作為參考，考量該產業面臨的逆風，我們認為今天看起來甚至比當時更好一些。因此，對於那些存量資產——也就是我們提到的重點資產中評級為4和5等——我們幾乎維持較低槓桿的做法。

But we, I think, have proven that there is ample capital available to leverage new originations and to do so very accretively. So as we increase that confidence interval on the resolution of those 4 and 5, as we touched on, you'll see really that de novo portfolio, really the assets that or post '25 or post '24 environment be a larger percentage of the portfolio and with that, will come higher leverage. So certainly, as we move towards that to get towards the historical three turns of leverage, you'll see a push in that direction over time.

但我認為我們也已經證明，市場上有充足資金可以為新的放款承作提供槓桿，而且能以非常具增益（accretive）的方式進行。所以，隨著我們對那些4和5級資產的處置把握度提高（如我們所提到的），你會看到真正的新生（de novo）投資組合——也就是25年之後或24年之後環境下的資產——在整體投資組合中的占比提高，而隨之而來的就是更高的槓桿。因此，當我們朝著歷史上三倍槓桿的水準邁進時，你會看到我們隨時間推移朝那個方向推進。

No. That makes sense. And then a quick follow-up, just so I understand. On the $144 million retail loan in California. That was a co-invest with Ares and then the REIT is splitting the $144 million I guess, and Ares into, call it, is it called A note, B note?

不。這樣就說得通了。那再快速追問一下，確認我理解正確。關於加州那筆1.44億美元的零售貸款。那是與Ares共同投資，然後REIT把這1.44億美元我猜是與Ares分拆成——姑且稱為A券、B券？

Is that the way to think about it?

可以這樣理解嗎？

Nothing senior sub. So all the sharing is on a pari-passu basis, but it's a larger loan overall and shared across different vehicles within the Ares family, I would say.

沒有什麼優先／次順位之分。所以所有分攤都是以同順位（pari-passu）的基礎進行，但整體是一筆更大的貸款，並由Ares體系內不同的投資工具共同分持，我會這麼說。

Got it. Okay. No, that helps. Thank you.

了解。好。不，這有幫助。謝謝。

You're welcome.

不客氣。

Thank you. And gentlemen, it appears we have no further questions today. Mr. Donohoe, I'd like to turn things back to you, sir, for any closing comments.

謝謝。各位先生，看起來我們今天沒有其他問題了。Donohoe先生，我想把時間交還給您，請您做任何結語。

Yes. Thank you. I just want to thank everybody for their time today and the team for all the work this quarter. We appreciate your continued support of Ares Commercial Real Estate and look forward to speaking with you all on our next earnings call. Thank you, and have a good afternoon.

好的。謝謝。我只想感謝大家今天撥冗參與，也感謝團隊本季的所有努力。我們感謝各位持續支持Ares Commercial Real Estate，並期待在下一次財報電話會議再與各位交流。謝謝，祝各位午安。

Thank you, Mr. Donohoe. Ladies and gentlemen, this concludes our conference call for today. If you missed any part of today's call, an archived replay of the conference will be available approximately one hour after the end of this call through June 7, 2026, to domestic callers by dialing 1 (800) 839-4016 and to international callers by dialing on 1 (402) 220-7240. An archived replay will also be available on a webcast link located on the homepage of the Investor Resources section of our website.

謝謝您，Donohoe先生。各位女士、先生，今天的電話會議到此結束。若您錯過今天電話會議的任何部分，會議結束約一小時後至2026年6月7日止，將提供存檔重播；美國境內來電者請撥1 (800) 839-4016，國際來電者請撥1 (402) 220-7240。此外，存檔重播也將透過我們網站「投資人資源」專區首頁上的網路直播連結提供。

Again, thanks so much for joining, everyone. We wish you all a great day. Goodbye.

再次感謝各位參與。祝大家今天愉快。再見。

Goodbye.

再見。