ACRES Commercial Realty Corp
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
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FY2023 · Filed Mar 7, 2024
ACR$11.65-3.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| ASSETS (1) | ||
| Cash and cash equivalents | $83,449 | $66,232 |
| Restricted cash | 8,437 | 38,579 |
| Accrued interest receivable | 11,783 | 11,969 |
| CRE loans | 1,857,093 | 2,057,590 |
| Less: allowance for credit losses | (28,757) | (18,803) |
| CRE loans, net | 1,828,336 | 2,038,787 |
| Loan receivable - related party | 10,975 | 11,275 |
| Investments in unconsolidated entities | 1,548 | 1,548 |
| Properties held for sale | 62,605 | 53,769 |
| Investments in real estate | 157,621 | 120,968 |
| Right of use assets | 19,879 | 20,281 |
| Intangible assets | 7,882 | 8,880 |
| Other assets | 3,590 | 4,364 |
| Total assets | $2,196,105 | $2,376,652 |
| LIABILITIES (2) | ||
| Accounts payable and other liabilities | $13,963 | $10,391 |
| Management fee payable - related party | 584 | 898 |
| Accrued interest payable | 8,459 | 6,921 |
| Borrowings | 1,676,200 | 1,867,033 |
| Lease liabilities | 44,276 | 43,695 |
| Distributions payable | 3,262 | 3,262 |
| Accrued tax liability | 121 | 113 |
| Liabilities held for sale | 3,025 | 3,025 |
| Total liabilities | 1,749,890 | 1,935,338 |
| EQUITY | ||
| Preferred stock, par value $0.001: 10,000,000 shares authorized 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share; 4,800,000 and 4,800,000 shares issued and outstanding | 5 | 5 |
| Preferred stock, par value $0.001: 6,800,000 shares authorized 7.875% Series D Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share; 4,607,857 and 4,607,857 shares issued and outstanding | 5 | 5 |
| Common stock, par value $0.001: 41,666,666 shares authorized; 7,878,216 and 8,708,100 shares issued and outstanding (including 416,675 and 583,333 unvested restricted shares) | 8 | 9 |
| Additional paid-in capital | 1,169,970 | 1,174,202 |
| Accumulated other comprehensive loss | (4,801) | (6,394) |
| Distributions in excess of earnings | (729,391) | (732,359) |
| Total stockholders’ equity | 435,796 | 435,468 |
| Non-controlling interests | 10,419 | 5,846 |
| Total equity | 446,215 | 441,314 |
| TOTAL LIABILITIES AND EQUITY | $2,196,105 | $2,376,652 |
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| (1) Assets of consolidated variable interest entities (“VIEs”) included in total assets above: | ||
| Restricted cash | $220 | $38,180 |
| Accrued interest receivable | 9,188 | 8,184 |
| CRE loans, pledged as collateral (3) | 1,466,463 | 1,456,649 |
| Other assets | 71 | 119 |
| Total assets of consolidated VIEs | $1,475,942 | $1,503,132 |
| (2) Liabilities of consolidated VIEs included in total liabilities above: | ||
| Accounts payable and other liabilities | $143 | $93 |
| Accrued interest payable | 3,828 | 3,083 |
| Borrowings | 1,204,569 | 1,233,556 |
| Total liabilities of consolidated VIEs | $1,208,540 | $1,236,732 |
(3) Excludes the allowance for credit losses.
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