ACR — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-06

• • changes in our industry, interest rates, the debt securities markets, real estate markets or the general economy;

• • increased rates of default and/or decreased recovery rates on our investments;

• • our ability to consummate the proposed Merger (as defined below) and achieve the expected cost savings or other benefits therefrom;

• •if we fail to consummate the proposed Merger, our dependence on our Manager and ability to find a suitable replacement in a timely manner, or at all, if our Manager or we were to terminate the management agreement;

• • the cost and availability of our financings, which depend in part on our asset quality, the nature of our relationships with our lenders and other capital providers, our business prospects and outlook and general market conditions;

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• We are a Maryland corporation and an externally-managed real estate investment trust ("REIT") that is primarily focused on originating, holding and managing commercial real estate ("CRE") mortgage loans and equity investments in commercial real estate properties through direct ownership and joint ve…

• Currently, markets are grappling with trade tensions, geopolitical tensions, the risk of increased tariffs, inflation and elevated interest rates. These market pressures have caused continued disruption in many market segments, including the financial services, real estate and credit markets and the…

• Since September 2024, the U.S. Federal Reserve lowered the Federal Funds rate by 1.50% in five rate cuts reaching its lowest levels since 2022. Lowering rates and decreasing costs may encourage consumer spending and accelerate corporate profit growth, which may positively impact the credit profile o…

• The multifamily real estate market continues to be a competitive market, and as a result of investors' continued confidence in that asset class, the market for those assets continues to experience spread compression on newly originated deals. Furthermore, the office property market continues to expe…

• We originate transitional floating-rate CRE loans with a target size between $10.0 million and $100.0 million. During the nine months ended September 30, 2025, we originated two new CRE floating-rate whole loans, with total commitments of $162.0 million, one new $15.0 million CRE mezzanine loan, one…

Text added vs the prior filing · source: 10-Q · 2026-05-06

• contractual arrangements. We mitigate this exposure by depositing our cash and cash equivalents and entering into financing agreements with high credit-quality institutions.

Text added vs the prior filing · source: 10-Q · 2026-05-06

• Our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission includes detailed discussion of our risk factors under the heading “Risk Factors.” Set forth below are certain additional factors related to the proposed Merger and Internalization.

• Completion of the Merger remains subject to conditions that we cannot control.

• The Merger is subject to the satisfaction or waiver of a number of conditions as set forth in the Merger Agreement, including the approval of our stockholders. There are no assurances that all of the conditions necessary to consummate the Merger will be satisfied or that the conditions will be satis…

• We may fail to realize all of the expected benefits of the Merger or those benefits may take longer to realize than expected.

• We will be required to devote management attention and resources to the integration of ACC’s business in order to realize the anticipated benefits and synergies of the Merger and Internalization. We may encounter potential difficulties in combining the companies, including, but not limited to, the i…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• On November 3, 2025, we entered into the Third Amendment to the Master Repurchase and Securities Contract Agreement (the “3rd Morgan Stanley Amendment”) by and between us and Morgan Stanley Mortgage Capital Holdings LLC (“Morgan Stanley”), which makes certain amendments and modifications to the Mast…

• 2021 between us and Morgan Stanley (as amended the “MS MRA”) including but not limited to extending the agreement to November 2026.

• On November 5, 2025, we entered into the Fourth Amendment to the Master Repurchase and Securities Contract Agreement (the “4th Morgan Stanley Amendment”) by and between us and Morgan Stanley, which makes certain amendments and modifications to the MS MRA including but not limited to increasing the f…

• The foregoing descriptions of the 3rd Morgan Stanley Amendment and the 4th Morgan Stanley Amendment do not purport to be complete and are qualified in their entirety by reference to the full text of the 3rd Morgan Stanley Amendment and the 4th Morgan Stanley Amendment, which have been filed with thi…