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 Statements of Operations
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| REVENUES | |||
| Interest income: | |||
| CRE loans | $184,334 | $125,539 | $100,774 |
| Securities | — | — | 161 |
| Other | 3,132 | 735 | 97 |
| Total interest income | 187,466 | 126,274 | 101,032 |
| Interest expense | 130,791 | 82,324 | 61,575 |
| Net interest income | 56,675 | 43,950 | 39,457 |
| Real estate income | 34,311 | 31,129 | 10,553 |
| Other revenue | 145 | 91 | 65 |
| Total revenues | 91,131 | 75,170 | 50,075 |
| OPERATING EXPENSES | |||
| General and administrative | 10,512 | 10,575 | 11,602 |
| Real estate expenses | 38,913 | 33,854 | 10,601 |
| Management fees - related party | 7,462 | 7,035 | 6,089 |
| Equity compensation - related party | 2,578 | 3,562 | 1,722 |
| Corporate depreciation and amortization | 91 | 85 | 94 |
| Provision for (reversal of) credit losses, net | 10,902 | 12,295 | (21,262) |
| Total operating expenses | 70,458 | 67,406 | 8,846 |
| 20,673 | 7,764 | 41,229 | |
| OTHER INCOME (EXPENSE) | |||
| Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives | — | — | 878 |
| Loss on extinguishment of debt | — | (460) | (9,006) |
| Gain on sale of real estate | 745 | 1,870 | — |
| Other income | 527 | 1,588 | 822 |
| Total other income (expense) | 1,272 | 2,998 | (7,306) |
| INCOME BEFORE TAXES | 21,945 | 10,762 | 33,923 |
| Income tax expense | (97) | (336) | — |
| NET INCOME | 21,848 | 10,426 | 33,923 |
| Net income allocated to preferred shares | (19,422) | (19,422) | (15,887) |
| Net loss allocable to non-controlling interest, net of taxes | 542 | 197 | — |
| NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES | $2,968 | $(8,799) | $18,036 |
| NET INCOME (LOSS) PER COMMON SHARE - BASIC | $0.35 | $(1.00) | $1.85 |
| NET INCOME (LOSS) PER COMMON SHARE - DILUTED | $0.35 | $(1.00) | $1.85 |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC | 8,416,290 | 8,811,761 | 9,736,268 |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED | 8,566,058 | 8,811,761 | 9,763,217 |
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