ACRE 2026 年第三季法說會：REO 出售、CECL 準備金與貸款處置

重點摘要

• Ares Commercial Real Estate Corporation (NYSE: ACRE) 公布 2026 年第 3 季 GAAP 淨利約為 1,000 萬美元，稀釋後每股普通股盈餘為 0.18 美元。可分配盈餘為 670 萬美元，稀釋後每股盈餘為 0.12 美元。
• 該公司出售其位於北卡羅來納州夏洛特的辦公室 REO 資產，淨收益較帳面價值高出約 700 萬美元。辦公室貸款與辦公室 REO 投資降至 4.44 億美元，季減 10%、年減 19%。
• CECL 備抵總額為 1.41 億美元，較第 2 季增加約 200 萬美元，約占持有供投資貸款未償本金的 8%。風險評級 4 和 5 級的貸款占備抵金額的 1.33 億美元或 94%。
• 可用資金總額為 1.16 億美元，不含 CECL 的淨負債對權益比率為 1.9 倍。ACRE 本季收回 3,500 萬美元的還款，年初至今累計收回 1.46 億美元。
• 在季末之後，ACRE 全數收回一筆面臨到期違約、金額為 2,800 萬美元的紐華克工業貸款，包含本金、應計利息與違約利息。管理階層表示，這曾是投資組合中唯一的違約貸款。
• 董事會宣布 2026 年第 4 季每股普通股股利為 0.15 美元。管理階層表示，解決非應計投資並將資金重新配置至生息資產，可能是推動未來可分配盈餘成長的重要動能。

關鍵財務數據

業務與營運表現

ACRE 持續降低對既有辦公室資產的暴險。在出售夏洛特 REO 後，辦公室貸款與辦公室 REO 投資總計 4.44 億美元。目前剩餘七筆辦公室貸款，其中五筆評級為 1 至 3 級，並被描述為在發起人支持下表現穩定或有所改善。

該公司的貸款組合在過去 12 個月內成長超過 40%。在第 3 季期間，ACRE 新增承作了一筆以工業物業組合為擔保的高級共同投資貸款，承諾額度為 3,500 萬美元。其中 2,800 萬美元持有供投資，700 萬美元則是為出售而承作，並已於當季售出。

風險評級 1 至 3 級的貸款占扣除相關 CECL 備抵後貸款組合帳面價值的 90%。所有貸款皆為浮動利率，且 94% 設有利率上限，平均 1 個月期 SOFR 履約利率為 4.3%。ACRE 主要以浮動利率計息的資產，其融資完全來自浮動利率借款。

芝加哥辦公室貸款與布魯克林住宅公寓貸款占風險評級 4 和 5 級貸款未償本金餘額的 95%。ACRE 已展開取得芝加哥物業產權的程序，以進一步掌控其出售與處置方案。截至 9 月 30 日，該資產出租率超過 90%，加權平均租期超過七年，且相對於扣除 CECL 後的帳面價值，產生了兩位數的債務收益率。

布魯克林公寓建案的施工已竣工，有助於進一步行銷並吸引買方興趣。隨著 ACRE 對單元銷售時程與收益的掌握度提升，該貸款的風險評級由 4 級下調至 5 級。相關損失將隨著各單元交屋依比例認列。

在 10 月最大筆多戶住宅貸款獲得償還後，ACRE 尚有六筆多戶住宅貸款，其中四筆承作於 2025 年或 2026 年。一筆位於聖安東尼奧、金額為 6,700 萬美元的貸款，在發起人注資以減少本金後獲得展期；另一筆位於辛辛那提、金額為 5,700 萬美元的貸款，則因表現超過規定的績效測試標準而符合合約展期條件。

管理階層展望

管理階層的首要目標是處置剩餘的 REO 資產以及風險評級 4 和 5 級的貸款，同時運用具成本效益的槓桿有選擇性地部署可用資金。這些目標資產（包括非應計貸款）在扣除 CECL 但未計入相關融資前，帳面價值約為 1.6 億美元。

該公司表示，將收益極少或全無收益的投資資金重新配置至新生息資產，可能是推動盈餘成長更顯著的動能。管理階層預期，投資組合的重新定位與多元化將支持每股盈餘成長，並使獲利達到或超過股利水準，不過確切時機取決於資產處置進度與市場狀況。

風險與關注事項

• 管理階層將商業不動產市場描述為溫和正向，但表示較高的利率正在抵消普遍正面的物業基本面。
• 管理階層估計，近期利率變動已使大多數物業類型的價值下降約 2% 至 6%，各資產表現有所差異。
• 芝加哥辦公室貸款的風險評級仍為 5 級，占 ACRE 總 CECL 備抵近半。該公司正致力於取得產權，以提高對處置程序的掌控度。
• 布魯克林公寓的損失將隨著個別單元的出售而浮現，導致損失認列的時機存在不確定性。
• 風險評級 4 和 5 級的貸款占 CECL 備抵的 1.33 億美元，約相當於其未償本金餘額的 34%。
• 儘管管理階層指出許多市場的基本面有所改善且新增供給受限，但較高的利率仍可能影響公寓買家的行為以及房地產估值。

分析師問答重點

管理階層澄清，這筆 2,800 萬美元的紐華克工業貸款並非被評為 4 或 5 級。其風險評級維持在 3 級，是因為 ACRE 認為該貸款擔保充足，且公司已全數收回本金、應計利息與違約利息。

針對芝加哥辦公室資產，管理階層表示取得產權主要是為了簡化結構，並對時程與處置方案擁有更直接的控制權。管理階層預期不會出現顯著的資本支出週期，因為該物業出租率超過 90%，擁有機構級品質的租戶，且租期約為七年。該物業在第 3 季產生了 170 萬美元的淨營運現金流款項，減少了 ACRE 的貸款成本基礎。

關於布魯克林公寓建案，管理階層表示完工應有助於看屋與銷售。損失將隨著各單元交屋逐步認列，而非一次性提列。

在季末後償還有擔保定期貸款後，ACRE 表示其投資步調仍主要取決於還款狀況、整體市場環境與可把握的投資機會。該公司預期其融資組合將持續配合以浮動利率為主的高級貸款組合，包括附買回協議 (repo) 及其他靈活的資金調度方案。

在被問及股利覆蓋率時，管理階層並未提供具體時間表。其重申，處置風險評級 4 和 5 級的貸款與 REO 資產是提高可分配盈餘的核心關鍵。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Good morning. Welcome to Ares Commercial Real Estate Corporation's Third Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded on Friday, November 6, 2026.

I will now turn the call over to Mr. John Stilmar, Partner of Public Markets Investor Relations.

John Stilmar

Thank you, and good morning. We appreciate you for joining us on today's conference call. Before we begin, I will remind everyone that comments made during the course of accompanying documents contain forward-looking statements and are subject to risks and uncertainties.

Many of these forward-looking statements can be identified by the use of 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. 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 its forward-looking statements as a result of a number of factors, including those listed in its SEC filings. Ares Commercial Real Estate assumes no obligation to update any such forward-looking statements.

During this call, we will 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. 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?

Bryan Donohoe

Thank you, John. I'm here today with Jeff Gonzales, our CFO, as well as other members of the management and Investor Relations teams. Overall, the commercial real estate market remains moderately constructive as the recent rise in interest rates runs counter to the generally positive underlying property fundamentals. We believe at times like these, it is valuable to be a part of the scaled Ares platform, which provides us with differentiated market insights and a deep pipeline of opportunities, allowing us to remain patient and highly selective as the market continues to adjust to these macro drivers.

During the third quarter and so far in the fourth quarter, we sold 1 of our 2 REO properties. We were fully repaid on our only loan in default, and we made progress on our risk-rated 4 and 5 loans. Leading off with the REO property. We completed the sale of the Charlotte, North Carolina office asset in the third quarter with net proceeds of approximately $7 million above our carrying value. When we acquired title in 2024, we believe that our ownership would allow us to enhance the value of the property, benefit from a relatively attractive cash flow yield and control the exit in a more constructive environment.

This successful exit underscores the merits of our view, the strength of our active management approach and the benefits of our balance sheet position. Supported by this outcome, our office loan and office REO investments totaled $444 million at the end of the third quarter, down 10% quarter-over-quarter and 19% year-over-year. There are 7 remaining office loans, of which 5 are risk rated 1 through 3 and continue to exhibit stable to improving performance with sponsor support to further advance their respective business plans.

Additionally, subsequent to quarter end, the $28 million Newark, New Jersey industrial loan that had been in maturity default was fully repaid, including all accrued default interest. Now let us discuss the advancements towards resolutions across 4 risk-rated 4 and 5 loans. As of 3Q 2026, the Chicago office loan and the Brooklyn Residential condo loan accounted for 95% of the outstanding principal balance of risk-rated 4 and 5 loans. Starting with the Chicago office loan. Our goal is to accelerate the resolution of this loan and have, therefore, recently begun the process of acquiring title to the property. We believe this action will provide us with greater control over the sales process while benefiting from the cash flow of the property.

Importantly, fundamentals at the property remained stable with occupancy above 90% and a weighted average lease term over 7 years. The property's operating cash flow relative to our carrying value net of CECL as of September 30, 2026, represents a double-digit debt yield. Taken together with the balance sheet flexibility we have maintained, we believe we have the ability to better determine the optimal outcome for this asset. Turning to the Brooklyn Residential Condo. It was completed supporting increased marketing and greater buyer interest. While we continue to monitor the potential impact of higher interest rates on buyer behavior, we remain encouraged by activity at the property as traffic has continued to pick up since Labor Day and early market signs remain positive.

As we have increased visibility of timing and proceeds from condominium sales based on the progression of the project, we have greater clarity into the probability of our financial results, which was one of the primary factors that drove the adjustment of the risk rating from a 4 to a 5. With respect to timing of recognizing losses, as a condominium project, proportional losses will be recognized as individual unit sales are closed. The remaining 2 risk-rated 4 and 5 loans totaled $20 million of carrying value at quarter end or $6 million net of related CECL reserves. Collectively, the 4 risk-rated 4 and 5 loans represent 10% of carrying value net of related CECL reserves. While we continue to make progress on our risk-rated 4 and 5 loans, we selectively added to the portfolio.

Supported by the depth and breadth of the Ares platform, we continue to see compelling opportunities to invest. However, as we have long communicated, the pace of portfolio growth reflects our management of liquidity, the pace of resolutions and our assessment of market conditions. To that end, during the third quarter, we closed one new senior co-investment loan on a portfolio of industrial properties with a $35 million commitment, of which $28 million is classified as held for investment and $7 million was classified as held for sale and thereafter sold.

Over the past 12 months, ACRE's portfolio has increased over 40%. We believe the Ares platform provides us with the scale, deep market insights and broad opportunity set to selectively invest in loans that we believe offer attractive risk-adjusted returns. By leveraging the Ares real estate debt platform, which has completed nearly $10 billion of new loan commitments globally over the past 12 months and co-investing alongside other Ares managed vehicles, ACRE is able to access what we believe are high-quality investment opportunities. This scale enables ACRE to drive greater portfolio diversification objectives while participating in larger institutional quality loans. Despite a backdrop of higher interest rates, we continue to see generally healthy fundamentals in our risk-rated 1 through 3 loans. These loans represent 90% of our loan portfolio carrying value net of related CECL.

Given the change in interest rates and the market's focus on multifamily assets, let me now provide a little bit more specificity on the positioning of our multifamily portfolio. Following the full repayment of our largest multifamily loan in October, we now have 6 multifamily loans. 4 of the loans were originated in 2025 or 2026 and continue to make progress on their business plan. The two pre-2025 vintage multifamily loans continue to benefit from strong sponsorship and structural protections. Subsequent to quarter end, the larger of these 2 loans, a $67 million multifamily loan in San Antonio, Texas was extended after the sponsor contributed new equity to reduce the principal amount of the loan. In addition, the loan benefits from the partial principal guarantee as well as interest and carry guarantees for the remainder of the loan term.

The other pre-2025 loan, a $57 million multifamily loan in Cincinnati, Ohio, qualified for a contractual extension given the property performance exceeded its required extension tests. We are encouraged by the performance of our risk-rated 1 through 3 loans, including both our multifamily and office portfolios. The stability of our risk rated 1 through 3 risk ratings and the level of our overall CECL reserve reinforce our view of the underlying health and quality of our portfolio.

In conclusion, we're proud of our progress this year while recognizing there is more work to do. Our focus remains clear. Number one, resolving our remaining REO asset and risk-rated 4 and 5 loans, including loans that are on nonaccrual, which in the aggregate total approximately $160 million of carrying value net of CECL, but gross of associated financing; and two, deploying our available capital in a disciplined manner to drive additional portfolio growth, utilizing cost-efficient leverage. As we execute on our business plan, we believe that the resolution of our nonaccruing investments represents a more significant potential driver of earnings growth as those resolutions can redeploy capital currently generating little or no income into new earning assets. Combined with the diversification and repositioning of our portfolio, we expect our actions to drive EPS growth and support earnings that meet or exceed our dividend while delivering long-term value for shareholders.

With that, I'll turn the call over to Jeff, who will walk through our third quarter financial results.

Jeffrey Gonzales

Thank you, Bryan. For the third quarter of 2026, we reported GAAP net income of approximately $10 million or $0.18 per diluted common share. Our distributable earnings for the third quarter of 2026 was approximately $6.7 million or $0.12 per diluted common share. This includes the impact from the net realized gain of $300,000 or $0.01 per diluted common share related to the sale of the North Carolina office REO property Bryan previously mentioned.

For distributable earnings purposes, the $7.1 million GAAP gain is adjusted to exclude the impact of accumulated depreciation and amortization as those charges were not previously recognized in distributable earnings since the acquisition of the REO property. Distributable earnings for the third quarter, excluding this realized net gain was approximately $6.4 million or $0.11 per diluted common share. Additionally, during the third quarter, we collected $1.7 million or $0.03 per diluted common share of cash interest on loans that were on nonaccrual and was accounted for as a reduction in our loan basis.

Turning to liquidity and leverage. We've made meaningful progress towards strengthening and diversifying our funding model with a focus on creating greater capacity, flexibility and efficiency as we reposition the portfolio. We continue to maintain moderate leverage, which supports further resolutions of underperforming loans and future growth. We ended the quarter with a net debt-to-equity ratio, excluding CECL of 1.9x. In the third quarter of 2026, we collected $35 million of repayments, bringing year-to-date total repayments to $146 million. Given the timing of repayments and resolutions during the quarter, we closed one new senior co-investment loan on a portfolio of industrial properties with a $35 million commitment, of which $28 million is classified as held for investment and $7 million was classified as held for sale at origination and sold during the quarter.

During the period between origination and the completion of the sale, we earned interest and fee income on the portion of the loan classified as held for sale. While the loan held for sale this quarter was small relative to the overall portfolio, we continue to believe the strategy of short-term originations provides an efficient way to deploy excess liquidity while preserving balance sheet flexibility for longer-term investment opportunities. As we continue to address our remaining risk-rated 4 and 5 loans, office loans and REO property, we remain focused on maintaining a flexible balance sheet.

As of September 30, 2026, available capital totaled $116 million, providing ample liquidity to support asset resolutions and selective deployment of capital into new investment opportunities. Our balance sheet also benefits from a well-matched asset and liability profile with predominantly floating rate assets and liabilities. To that end, subsequent to quarter end, we fully repaid the secured term loan and its term was not extended. The repayment of the term loan was supported by our flexible balance sheet position and reflects our broader strategy to optimize and align our financing structure with the evolving composition of the portfolio. As part of this strategy, we also consider the interest rate structure of our portfolio.

Importantly, we have intentionally structured both our assets and liabilities with features designed to mitigate interest rate risk. Currently, ACRE's predominantly floating rate portfolio is 100% financed with floating rate borrowings, providing a natural alignment between our assets and liabilities. At the individual loan level, we also seek to employ structural protections that mitigate the impact of changes in interest rates while our borrowers execute their respective business plans. Across our risk rated 1 to 3 loans, 100% are floating rate and 94% have interest rate caps with an average 1-month SOFR strike rate of 4.3%. Importantly, the expiration of these caps generally aligned with the maturity of the underlying loans. More broadly, we underwrite and stress test our loans for potential rate fluctuations and continuously monitor the portfolio.

Now turning to our CECL reserve. The total CECL reserve remained relatively stable for the second consecutive quarter at $141 million as of September 30, 2026, an increase of approximately $2 million from the CECL reserve as of June 30, 2026. This increase was largely attributed to certain asset level changes in our risk rated 4 and 5 loans as well as a relative decline in the macroeconomic forecast compared to the prior quarter. The total CECL reserve at the end of the third quarter of $141 million represents approximately 8% of the total outstanding principal balance of our loans held for investment. 94% of our total CECL reserve or $133 million relates to risk-rated 4 and 5 loans and nearly half of the total CECL reserve is attributed to the risk-rated 5 Chicago office loan.

Overall, the $133 million of reserves attributable to our risk-rated 4 and 5 loans represent approximately 34% of the outstanding principal balance of those risk-rated 4 and 5 loans. Our book value remained relatively stable at $8.86 per share. This continued stability reflects the progress we have made repositioning the portfolio and paired with stable CECL reserve is increasingly evident of the strength and health of the overall portfolio.

To conclude, the Board declared a regular cash dividend of $0.15 per common share for the fourth quarter of 2026. The fourth quarter dividend will be payable on January 15, 2027, to common stockholders of record as of December 31, 2026. At our current stock price on November 3, 2026, the annualized dividend yield on our third quarter dividend is approximately 18%.

With that, I will turn the call back over to Bryan for some closing remarks.

Bryan Donohoe

Thank you, Jeff. As we look ahead, we believe ACRE is increasingly well positioned to benefit from the progress we have made repositioning the portfolio. We have greater diversification, a growing mix of newer vintage loans and a flexible balance sheet while continuing to advance resolutions across our remaining risk-rated 4 and 5 loans. We believe executing against the strategy we outlined today can drive earnings growth over time while maintaining the discipline and flexibility that remains central to our strategy. As always, we appreciate you joining our call today, and we'd be happy to open the line for questions.

Operator

[Operator Instructions] We'll take our first question from Jade Rahmani with KBW.

分析師問答

Jason Sabshon

This is Jason Sabshon on for Jade. Did you say that an industrial loan in default.

Bryan Donohoe

That's correct.

Jason Sabshon

Great. And was that in the risk 4 and 5 bucket? And what was the carrying value of that loan?

Bryan Donohoe

It was not in the risk rated 4 and 5 bucket. We felt we were very well collateralized. So therefore, I believe, Jeff, it was still 3. And we realized 100% of principal plus interest as well as default interest. So we felt the default is more of a technical nature and not indicative of distressed value.

Jeffrey Gonzales

And just to add, that was our only defaulted loan in the portfolio.

Jason Sabshon

Great. Yes. And also, I'd be curious if you're seeing incremental pressure anywhere in your existing portfolio due to higher rates. I know you commented on it a bit, but I guess also within that, in your multifamily book, what kind of debt yields are you seeing?

Bryan Donohoe

Yes. I think we've spoken when we -- if you were to go back whatever it was, 3 years ago now when you saw SOFR move up, I think, at 10x order of magnitude than it has over the last 6 months or so, there was certainly more stress. But we've always spoken about interest rates effectively being like gravity for values. So I think the impact of the rate movement over the past stretch here has probably moved values 2% to 6% for most product and some good variability.

The backdrop of that in many markets, though, is improving fundamentals. The inflation story is going to further limit supply. So you're seeing less of a move in cap rates in real time than you are necessarily in the rates themselves. So I think we'd all be remiss to think about rates not impacting valuations. But as you heard us describe in the prepared remarks, we feel like the earlier vintage transactions that withstood both of these rate movements would, in general, be more impacted.

But as we outlined on the 2 remaining multifamily deals from that vintage, we saw one perform in keeping with our original underwriting, qualifying as of right for its extension and the second, seeing a pretty significant structural support from sponsorship. So certainly, rates are impactful and directionally negative for real estate, but the stability of our risk-rated 1 to 3 book, I think, should be indicative of how we feel about that part of the portfolio.

Jason Sabshon

Great. And then lastly, on the risk 5 Chicago office loan, it would be helpful if you could provide an update. And if you were to take it REO, what kind of income yield would you see?

Bryan Donohoe

If we did take it back, I think it's just to simplify the structure to some degree. We've been collecting all free cash flow for some period of time and paying down debt as you're paying down our basis as you're aware. I think by stepping in, it may just simplify the structure, change the manner in which we benefit and allow us to have more direct control over the resolution and the resolution timing.

But the profile of the transaction has not changed. We outlined the lease term. This is not a CapEx-intensive asset. This has quality tenancy. So really not much of a change, except a change in the control and the path towards resolution.

Operator

We'll take our next question from Rick Shane with JPMorgan.

Hong Zhang

This is Hong on for Rick. I guess as it relates to the Brooklyn Condo loan, you talked -- could you provide some color on how you expect the pace of unit sales going forward? And do you expect -- just given the fact that you recognized losses, is this something where we should just expect, I guess, a short drip of losses quarter until the sale complete?

Bryan Donohoe

I think I heard most of the question. In terms of the Brooklyn Condominium, as we mentioned, construction complete, which usually has a positive impact on pace of tours and sales. And while the risk rating has changed, I don't think the progress towards ultimate resolution of the asset itself has. We typically -- there is some seasonality around sales within the New York market. It feels like it's a pretty active marketplace today. And in terms of your question from realization of losses, those will occur as individual unit sales are consummated. The typical path would be marketing and contracts and then ultimately sales once the condo is fully effective. So this business plan is progressing in keeping with a typical condominium regime in the New York market.

Hong Zhang

Got it. And then I guess with the Chicago property, as you acquire the title, should we expect just incremental operating expenses, CapEx or anything going on in the income statement or the balance sheet?

Bryan Donohoe

No. I mean we do not expect any significant CapEx cycle. This is a relatively well occupied, north of 90% occupied asset, institutional-grade asset with a lease term of approximately 7 years. So not a CapEx-intensive asset or cash flow profile.

Jeffrey Gonzales

As I mentioned in my prepared remarks, we collected $1.7 million of payments this quarter from net operating cash flow. So it's about $0.03 per share. So it gives you an idea of the kind of cash flow the property is generating.

Operator

[Operator Instructions] We'll move next to Chris Muller with Citizens Capital.

Unknown Analyst

This is Allison in for Chris. I appreciate taking question this morning. So with the term loan repaid subsequent to quarter end, do you think you'll start looking to shift more to offense? Or will you stay cautious in this environment?

Bryan Donohoe

I don't know that the term loan really will relate too much to our disposition as to aggressive or passive or the manner in which we repaid the term loan should be indicative of the balance sheet positioning that we've undertaken for the past 2-plus years to maintain flexibility. And I think that flexibility, as you mentioned, really allowed us to be proactive as it relates to underlying asset resolutions like the North Carolina office, but also, as I said, the manner in which we repay the loan.

Our view of the market, as we stated in the prepared remarks, is this is a period of digestion given the movement in rates. And our repayments will largely be indicative of how we position for the next round of originations, if you will. So the term loan stands on its own in terms of the flexibility we've afforded ourselves. In terms of growth and positioning of the platform, that will be dictated by more broad market conditions and the opportunity sets that we continue to find.

Jeffrey Gonzales

And Bryan, I'll just add on top of that with regard to the term loan. Our financing strategy does continue to evolve along with the composition of our portfolio. So as we're moving forward, we expect to be predominantly floating rate senior loan portfolio. So we saw an opportunity to better align our liability structure with our floating rate assets and utilize structures that are more efficient in the current market.

So that includes more like repo financing and other financing alternatives that we continue to consider that just provide us more flexibility with regard to those floating rate assets.

Unknown Analyst

Got it. That makes a lot of sense. And then just one more for me. Any thoughts on time line for dividend coverage? Any color on that would be super helpful.

Bryan Donohoe

Yes. I think you can read through where we were in prior quarters and today in terms of our focus on the risk-rated 4 and 5 loans and the REO assets in terms of that will be catalytic towards the growth of DE. There is a lot of potential energy, if you will, in terms of the assets on nonaccrual and the like. So I think the sequence has not changed from prior quarters, and our focus remains the same.

Operator

And it does appear that there are no further questions at this time. I would now like to hand it back to Bryan for any additional or closing remarks.

Bryan Donohoe

Great. I just want to thank everyone for their time today and for the team for the work this quarter. We appreciate your continued support of ACRE, and we look forward to speaking with you all on our next earnings call. Thank you.

Operator

Ladies and gentlemen, this concludes our conference call for today. If you missed any part of today's call, an archived replay of this conference call will be available approximately 1 hour after the end of this call through December 6, 2026, to domestic callers by dialing 1 (800) 753-6121 and to international callers by dialing 1 (402) 220-2676. An archived replay will also be available on the home page of the Investor Resources section of our website. This does conclude [ today's conference call. ]