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 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Property Revenue | 79,813 | 83,340 | 90,986 | 75,079 |
| Service and Other Revenue | 133 | 148 | 145 | 91 |
| Total Revenues | 79,946 | 83,488 | 91,131 | 75,170 |
| Property Expenses | 51,325 | 46,896 | 38,913 | 33,854 |
| Total Property Expenses | 51,325 | 46,896 | 38,913 | 33,854 |
| Gross Profit | 28,621 | 36,592 | 52,218 | 41,316 |
| Selling, General & Administrative Expenses | 19,862 | 20,146 | 20,552 | 21,172 |
| Depreciation & Amortization Expenses | 78 | 57 | 91 | 85 |
| Other Operating Expenses | (7,749) | 4,790 | 10,902 | 12,295 |
| Operating Profit | 16,430 | 11,599 | 20,673 | 7,764 |
| Net Gains on Disposal of Properties | 11,674 | 16,143 | 745 | 1,410 |
| Interest and Investment Income | 120,876 | 158,174 | 187,466 | 126,274 |
| Interest Expense | (85,942) | (116,092) | (130,791) | (82,324) |
| Non-Operating Income | 1,516 | 1,991 | 527 | 1,588 |
| Total Non-Operating Income | 48,124 | 60,216 | 57,947 | 46,948 |
| Income Before Provision for Income Taxes | 64,554 | 71,815 | 78,620 | 54,712 |
| Provision for Income Taxes | 83 | (126) | (97) | (336) |
| Consolidated Net Income | 27,976 | 28,695 | 21,848 | 10,426 |
| Net Income Attributable to Minority Interests and Other | (6,660) | 572 | 542 | — |
| Net Income Attributable to Preferred Dividends | (21,077) | (20,628) | (19,422) | (19,619) |
| Net Income Attributable to Common Shareholders | 239 | 9,123 | 2,968 | (8,799) |
| Basic EPS | 0.03 | 1.19 | 0.35 | -1.00 |
| Diluted EPS | 0.03 | 1.15 | 0.35 | -1.00 |
| Basic Weighted Average Shares Outstanding | 7,129 | 7,654 | 8,416 | 8,812 |
| Diluted Weighted Average Shares Outstanding | 7,413 | 7,925 | 8,566 | 8,812 |
| Shares Outstanding | 6,887 | 7,634 | 7,878 | 8,517 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 83,768 | 56,713 | 83,449 | 66,232 |
| Total Cash and Cash Equivalents | 83,768 | 56,713 | 83,449 | 66,232 |
| Other Receivables | 27,259 | 14,655 | 11,783 | 11,969 |
| Total Trade Receivables | 27,259 | 14,655 | 11,783 | 11,969 |
| Restricted Cash | 2,190 | 890 | 8,437 | 38,579 |
| Inventories | 90,825 | 201,125 | 62,605 | 53,769 |
| Total Current Assets | 204,042 | 273,383 | 166,274 | 170,549 |
| Net Property, Plant & Equipment | 95,960 | 96,519 | 177,500 | 141,249 |
| Net Intangible Assets | 6,221 | 6,988 | 7,882 | 8,880 |
| Long-Term Investments | 1,849,581 | 1,498,177 | 1,840,859 | 2,051,610 |
| Other Long-Term Assets | 6,560 | 6,400 | 3,590 | 4,364 |
| Total Assets | 2,162,364 | 1,881,467 | 2,196,105 | 2,376,652 |
| Accounts Payable | 7,482 | 11,890 | 13,963 | 10,391 |
| Accrued Expenses | 6,822 | 9,636 | 9,164 | 7,932 |
| Other Current Liabilities | 3,457 | 3,607 | 3,262 | 3,262 |
| Total Current Liabilities | 17,761 | 25,133 | 26,389 | 21,585 |
| Long-Term Debt | 1,544,938 | 2,223,175 | 1,676,200 | 1,867,033 |
| Leases | 45,942 | 45,259 | 44,276 | 43,695 |
| Other Long-Term Liabilities | 3,131 | 3,226 | 3,025 | 3,025 |
| Total Long-Term Liabilities | 1,594,011 | 2,271,660 | 1,723,501 | 1,913,753 |
| Total Liabilities | 1,611,772 | 1,431,805 | 1,749,890 | 1,935,338 |
| Preferred Stock | 10 | 10 | 10 | 10 |
| Common Stock | 7 | 8 | 8 | 9 |
| Additional Paid-in Capital | 1,142,410 | 1,162,581 | 1,169,970 | 1,174,202 |
| 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' Equity | 420,796 | 439,128 | 435,796 | 435,468 |
| Minority Interests and Other | 129,796 | 10,534 | 10,419 | 5,846 |
| Total Shareholders' Equity | 550,592 | 449,662 | 446,215 | 441,314 |
| Total Liabilities and Shareholders' Equity | 2,162,364 | 1,881,467 | 2,196,105 | 2,376,652 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 27,976 | 28,695 | 21,848 | 10,426 |
| Depreciation & Amortization | 10,253 | 9,691 | 5,191 | 7,491 |
| Share-Based Compensation Expense | 2,147 | 2,957 | 2,578 | 3,562 |
| Other Adjustments | (17,696) | (10,655) | 10,157 | 10,885 |
| Changes in Trade Receivables | (12,959) | (2,949) | 187 | (6,138) |
| Changes in Accounts Payable | (197) | (3,455) | 3,652 | 2,743 |
| Changes in Accrued Expenses | (173) | (1,377) | 885 | 985 |
| Changes in Other Operating Activities | (5,249) | (3,522) | 1,111 | 2,743 |
| Cash from Operating Activities | 4,102 | 19,385 | 45,609 | 32,697 |
| Capital Expenditure | (165) | (8) | — | — |
| Proceeds from Sale of Property, Plant & Equipment | 121,613 | 19,985 | 14,309 | 18,729 |
| Purchases of Investments | (764,911) | (98,792) | (146,452) | (666,033) |
| Proceeds from Sale of Investments | 419,235 | 377,883 | 293,458 | 414,750 |
| Cash from Investing Activities | (224,228) | 299,068 | 161,315 | (232,554) |
| Issuance of Long-Term Debt | 1,466,556 | 55,485 | 50,324 | 526,152 |
| Repayments of Long-Term Debt | (1,283,632) | (378,104) | (244,479) | (481,321) |
| Net Issuance / (Repayments) of Long-Term Debt | 182,924 | (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 Activities | 109,103 | (35) | 1,138 | 4,555 |
| Cash from Financing Activities | 248,481 | (352,736) | (219,849) | 20,737 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 28,355 | (34,283) | (12,925) | (179,120) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $147M |
| P/E | 711.33x |
| P/S | 1.84x |
| EV/EBITDA | 66.86x |
| Return on Equity | 5.6% |
| Return on Invested Capital | 0.9% |
| Current Ratio | 11.49x |
| Dividend Yield | 0.0% |
| Free Cash Flow Margin | 4.9% |
Margins
Gross margin
35.8%
Operating margin
20.6%
Net margin
0.3%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating 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.
Figures compiled from public company filings.
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