Business Description

ACRES Commercial Realty Corp. is a real estate investment trust (REIT) based in Uniondale, New York. The company primarily focuses on originating, holding, and managing commercial real estate mortgage loans and other debt investments across the United States. It targets middle-market commercial real estate sponsors, with a significant portion of its portfolio concentrated in the multifamily, student housing, hospitality, industrial, and office sectors.

Financial Statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Property Revenue79,81383,34090,98675,079
Service and Other Revenue13314814591
Total Revenues79,94683,48891,13175,170
Property Expenses51,32546,89638,91333,854
Total Property Expenses51,32546,89638,91333,854
Gross Profit28,62136,59252,21841,316
Selling, General & Administrative Expenses19,86220,14620,55221,172
Depreciation & Amortization Expenses78579185
Other Operating Expenses(7,749)4,79010,90212,295
Operating Profit16,43011,59920,6737,764
Net Gains on Disposal of Properties11,67416,1437451,410
Interest and Investment Income120,876158,174187,466126,274
Interest Expense(85,942)(116,092)(130,791)(82,324)
Non-Operating Income1,5161,9915271,588
Total Non-Operating Income48,12460,21657,94746,948
Income Before Provision for Income Taxes64,55471,81578,62054,712
Provision for Income Taxes83(126)(97)(336)
Consolidated Net Income27,97628,69521,84810,426
Net Income Attributable to Minority Interests and Other(6,660)572542—
Net Income Attributable to Preferred Dividends(21,077)(20,628)(19,422)(19,619)
Net Income Attributable to Common Shareholders2399,1232,968(8,799)
Basic EPS0.031.190.35-1.00
Diluted EPS0.031.150.35-1.00
Basic Weighted Average Shares Outstanding7,1297,6548,4168,812
Diluted Weighted Average Shares Outstanding7,4137,9258,5668,812
Shares Outstanding6,8877,6347,8788,517
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents83,76856,71383,44966,232
Total Cash and Cash Equivalents83,76856,71383,44966,232
Other Receivables27,25914,65511,78311,969
Total Trade Receivables27,25914,65511,78311,969
Restricted Cash2,1908908,43738,579
Inventories90,825201,12562,60553,769
Total Current Assets204,042273,383166,274170,549
Net Property, Plant & Equipment95,96096,519177,500141,249
Net Intangible Assets6,2216,9887,8828,880
Long-Term Investments1,849,5811,498,1771,840,8592,051,610
Other Long-Term Assets6,5606,4003,5904,364
Total Assets2,162,3641,881,4672,196,1052,376,652
Accounts Payable7,48211,89013,96310,391
Accrued Expenses6,8229,6369,1647,932
Other Current Liabilities3,4573,6073,2623,262
Total Current Liabilities17,76125,13326,38921,585
Long-Term Debt1,544,9382,223,1751,676,2001,867,033
Leases45,94245,25944,27643,695
Other Long-Term Liabilities3,1313,2263,0253,025
Total Long-Term Liabilities1,594,0112,271,6601,723,5011,913,753
Total Liabilities1,611,7721,431,8051,749,8901,935,338
Preferred Stock10101010
Common Stock7889
Additional Paid-in Capital1,142,4101,162,5811,169,9701,174,202
Accumulated Other Comprehensive Income(1,603)(3,203)(4,801)(6,394)
Retained Earnings(720,028)(720,268)(729,391)(732,359)
Total Common Shareholders' Equity420,796439,128435,796435,468
Minority Interests and Other129,79610,53410,4195,846
Total Shareholders' Equity550,592449,662446,215441,314
Total Liabilities and Shareholders' Equity2,162,3641,881,4672,196,1052,376,652
FY 2025FY 2024FY 2023FY 2022
Net Income27,97628,69521,84810,426
Depreciation & Amortization10,2539,6915,1917,491
Share-Based Compensation Expense2,1472,9572,5783,562
Other Adjustments(17,696)(10,655)10,15710,885
Changes in Trade Receivables(12,959)(2,949)187(6,138)
Changes in Accounts Payable(197)(3,455)3,6522,743
Changes in Accrued Expenses(173)(1,377)885985
Changes in Other Operating Activities(5,249)(3,522)1,1112,743
Cash from Operating Activities4,10219,38545,60932,697
Capital Expenditure(165)(8)——
Proceeds from Sale of Property, Plant & Equipment121,61319,98514,30918,729
Purchases of Investments(764,911)(98,792)(146,452)(666,033)
Proceeds from Sale of Investments419,235377,883293,458414,750
Cash from Investing Activities(224,228)299,068161,315(232,554)
Issuance of Long-Term Debt1,466,55655,48550,324526,152
Repayments of Long-Term Debt(1,283,632)(378,104)(244,479)(481,321)
Net Issuance / (Repayments) of Long-Term Debt182,924(322,619)(194,155)44,831
Issuance of Common Shares———2
Repurchases of Common Shares(22,319)(7,884)(7,410)(9,128)
Net Issuance / (Repurchases) of Common Shares(22,319)(7,884)(7,410)(9,126)
Issuance of Preferred Shares———(101)
Repurchases of Preferred Shares—(2,157)——
Net Issuance / (Repurchases) of Preferred Shares—(2,157)—(101)
Preferred Share Dividends Paid(21,227)(20,041)(19,422)(19,422)
Other Financing Activities109,103(35)1,1384,555
Cash from Financing Activities248,481(352,736)(219,849)20,737
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash28,355(34,283)(12,925)(179,120)

Key Metrics & Ratios

MetricValue
Market Cap$147M
P/E711.33x
P/S1.84x
EV/EBITDA66.86x
Return on Equity5.6%
Return on Invested Capital0.9%
Current Ratio11.49x
Dividend Yield0.0%
Free Cash Flow Margin4.9%

Margins

Gross margin
35.8%
Operating margin
20.6%
Net margin
0.3%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q2 2026 $21M -4.1% -26.4% $-6M
Q1 2026 $18M +4.8% 22.0% $4M
Q4 2025 $20M -6.5% 36.1% $7M
Q3 2025 $21M -5.9% 24.1% $5M
Q2 2025 $22M — 19.9% $4M
Q1 2025 $17M — -1.4% $-0M
Q4 2024 $21M — 11.0% $2M
Q3 2024 $22M — 23.3% $5M

More on ACRES Commercial Realty Corp.

Company

ACRES Commercial Realty Corp. overview
Figures compiled from public company filings.

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