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Investor Relations

ACORE CAPITAL is a leading investment manager for U.S. commercial real estate credit, managing capital for investors located in the U.S., Canada, Europe, Asia and the Middle East.

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

Billion AUM1

$ 17+

Billion Originated in Loans Averaging $77 Million

~$ 46

Target Loan Size Millions

$50 – $300M+

Unique Borrowers

548

with 2+ loans

184

Commercial Real Estate Market Outlook2

ACORE CAPITAL’s View ACORE CAPITAL’s Concerns Real Estate Value Liquidity
Housing
  • Construction starts declining
  • Cost of home ownership
  • Long term rent growth
  • Significant short-term supply
  • Slower job growth
  • Affordability
Industrial
  • Limited new supply long term
  • Durable demand generators
  • Low cost of ownership
  • Significant near-term deliveries
  • Effect of tariffs
Hospitality
  • Limited new supply
  • Business travel
  • Luxury market
  • Uncertainty over consumer and corporate spending
  • Expense creep
  • Uncertainty
Retail
  • No new supply
  • Strong sales
  • Healthy tenants
  • Employment data
  • Uncertainty over consumer spending
Office
  • Location & quality
  • No new supply
  • Reset basis & cash flow
  • Cap rate uncertainty
  • Shadow space
  • Spread compression

“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.”2

Warren de Haan, CEO

Investment Committee

31 Years of Investment Committee Continuity
While working together as a leadership team for over 31 years, the founding members of the Investment Committee have originated over $82 Billion.3

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Warren de Haan

CEO / Co-Founder

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Matthew Drummond

Senior Managing Director, Head of High Yield Strategies

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Stew Ward

Co-Founder

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Kyle Jeffers

Chief Investment Officer

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Chris Tokarski

Co-Founder

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Boyd Fellows

Chief Operating Officer / Co-Founder

Trusted Advisor for Commercial Real Estate Investment Strategies

Comprehensive Financing Strategies
Across the Risk and Return Spectrum

Focus on whole loan origination optimizes economics and
structure as a single-source strategy, enhancing yield.
Preferred Equity and Convertible Preferred Equity for unique transactions to fill financing gaps.
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 a leading investment manager for U.S. commercial real estate credit, specializing in customized separately managed accounts.

Approximately $14 billion of our ~$19 billion in assets under management is attributed to insurers.1

 

Investing For Insurance Clients

1 Assets Under Management (‘AUM’) total is $17.03 billion as of 6.30.26. 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 6.30.26.

All figures as of June 30, 2026 unless otherwise indicated.

2 As of 6.30.26. 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.

3 Timeframe includes the period that the founding Investment Committee members worked together at prior companies. Originations total as of 9.30.25. Kyle Jeffers and Matthew Drummond are members of the Investment Committee but are not founding members.