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Investor Relations

ACORE CAPITAL is one of the largest Investment Managers of U.S. commercial real estate debt, managing capital for investors located in the U.S., Canada, Europe, Asia and the Middle East.1

We target compelling CRE investment opportunities to deliver attractive risk-adjusted returns while preserving capital.

Billion AUM2

$ 18+

Billion Originated in Loans Averaging $76 Million

$~ 41

Target Loan Size Millions

$50 – $300M+

Unique Borrowers

500

with 3+ loans

85

Commercial Real Estate Market Outlook3

ACORE CAPITAL’s View Real Estate Value Liquidity ACORE CAPITAL’s Concerns
Multifamily
  • Cautious short term
  • Bullish long term
  • Construction starts declining
  • Cost of home ownership
  • Significant supply
  • Downward pressure on rents
Industrial
  • Bullish long term
  • Positive absorption
  • Low cost asset class
  • Demand
  • Market specific supply
  • Rents flat or down
Hospitality
  • Limited supply growth
  • Luxury rates strong
  • Business travel improving
  • Employment data softening
  • Unfavorable international traveler trends
  • Expenses
Retail
  • Cautious
  • Minimal new supply
  • Strong sales
  • Shift in discretionary spending
  • Bankruptcies
Office
  • Location & quality
  • Reset basis
  • Cash flow
  • Valuations
  • Vintage
  • Shadow space

“We believe the vintage of commercial real estate loans originated over the next two to three years may be the most attractive in decades, and ACORE CAPITAL is well positioned to capitalize on this opportunity.”3

Warren de Haan, CEO | September 27, 2023

Investment Committee

28 Years of Investment Committee Continuity
While working together as a leadership team for over 25 years, the founding members of the Investment Committee have originated over $75+ Billion.4

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Warren de Haan

CEO/Managing Partner

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Matthew Drummond

Senior Managing Director, Head of High Yield Strategies

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Stew Ward

Managing Partner

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Kyle Jeffers

Chief Investment Officer

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Chris Tokarski

Managing Partner

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Boyd Fellows

Chief Operating Officer/Managing Partner

Trusted Advisor for Commercial Real Estate Investment Strategies

Comprehensive Financing Solutions
Across the Risk and Return Spectrum

Focus on whole loan origination optimizes economics and
structure as a single-source solution, enhancing yield.
Preferred Equity and Convertible Preferred Equity
A-Note
First Mortgage
B-Note
Mezzanine
Preferred Equity
Convertible Preferred Equity
Floating rate loans provide protection in inflationary markets.

Disciplined Investment Process

ACORE CAPITAL’s disciplined credit analysis, loan structuring and pricing optimize risk-adjusted returns

1

Loan basis

  • Loan basis in the asset is as important as historical cash flow
  • Comparable property sales and rental rates over multiple cycles are examined
  • Sponsors commit significant cash equity for meaningful ‘skin in the game’
2

Borrower profile

  • Focus on institutional, well-capitalized operators and private equity firms
  • Target borrowers with a demonstrated track record of results with ACORE CAPITAL
  • Great borrower relationships result in off-market transactions and last looks
3

Business plan associated with the property for the project

  • Fully capitalized business plans with experienced teams
  • Deliver a desirable and competitive asset within the market upon completion
ESG

Investing For Insurance Clients

ACORE CAPITAL is one of the largest Investment Managers of U.S. commercial real estate debt specializing in customized separately managed accounts for insurance companies.

Approximately $16 billion of our $19 billion in assets under management is attributed to insurers.2

 

Investing For Insurance Clients

1 Source PERE May 2024 issue Real Estate Debt 50.

2 Assets Under Management (‘AUM’) total is $18.35 billion as of 6.30.25. AUM is calculated as follows: for all separately managed accounts (i) includes senior loan components if held by the ACORE CAPITAL client, (ii) excludes ACORE CAPITAL clients’ uncalled capital commitments and is net of impairments. For pooled investment vehicles, (i) includes total loan funded balances plus uncalled investor capital commitments and is net of impairments. Figures include both funded and committed unfunded amounts, as of 6.30.25.

All figures as of June 30, 2025 unless otherwise indicated.

3 Certain statements contained herein reflect the subjective views and opinions of ACORE CAPITAL and may include our general view of the market and expectations of the market in the future. Forward-looking statements are inherently uncertain and there is no guarantee that any projections or estimates about the future will materialize.

4 Timeframe includes the period that the founding Investment Committee members worked together at prior companies. Originations total as of 9.30.22. Kyle Jeffers and Matthew Drummond are members of the Investment Committee but are not founding members.