REITs - Office & Mortgage

credit / rates affecting interest expense

“90 The following table presents key terms related to our unconsolidated real estate joint ventures’ secured loans as of March 31, 2026 (dollars in thousands): Maturity Date Stated Rate Interest Rate (1) At 100% Our Share Unconsolidated Joint Venture Aggregate Commitment Debt Balance (2) 101 West Dickman Street 10/29/26 SOFR+1.95% (3) 5.68% $ 26,750 $ 19,048 58.4% 1655 and 1725 Third Street 2/10/35 6.37% 6.44% 500,000 496,967 10.0% $ 526,750 $ 516,015 (1) Includes interest expense and amortization of loan fees. (2) Represents outstanding principal, net of unamortized deferred financing costs, as of March 31, 2026 . (3) This loan is subject to a fixed SOFR floor of 0.75%.”

ARE 10-Q

restructuring

“Our investment income (loss) for the years ended December 31, 2025 , 2024 , and 2023 consisted of the following (in thousands): Year Ended December 31, 2025 2024 2023 Realized (losses) gains $ ( 83,323 ) (1) $ 59,124 $ 6,078 Unrealized gains (losses) 26,980 (2) ( 112,246 ) ( 201,475 ) Investment loss $ ( 56,343 ) $ ( 53,122 ) $ ( 195,397 ) (1) Consists of realized gains of $ 115.7 million , offset by impairment charges of $ 95.7 million and a significant realized loss of $ 103.3 million , resulting from a reclassification of unrealized losses that were recognized within investment income in our consolidated statement of operations prior to 2025.”

ARE 10-K

demand / volume affecting revenue

“Real estate sales can be particularly challenging given the demand for real estate is impacted by an economic climate marked by ongoing uncertainties around tenant demand for space and elevated interest rates, in addition to those related to oversupply.”

ARE 10-Q