ACRES Commercial Realty Corp

For the period ended Dec 31, 2023. Filed Mar 7, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 7, 2024

ACR$11.04-5.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 8. Consolidated Statements of Cash Flows

	Years Ended December 31,
	2023	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$21,848	$10,426	$33,923
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for (reversal of) credit losses, net	10,902	12,295	(21,262)
Depreciation, amortization and accretion	5,191	7,491	13,988
Amortization of stock-based compensation	2,578	3,562	1,722
Loss on the extinguishment of debt	—	460	4,043
Net realized and unrealized gain on investment securities available-for-sale and loans and derivatives	—	—	(878)
Gain on sale of real estate	(745)	(1,870)	—
Changes in operating assets and liabilities:
Decrease (increase) in accrued interest receivable, net of purchased interest	187	(6,138)	1,347
Increase in management fee payable	284	337	119
Increase in accounts payable and other liabilities	3,652	2,743	4,101
Decrease in lease liability	(151)	(94)	(39)
Increase (decrease) in accrued interest payable	885	985	(39)
Decrease in other assets	978	2,500	3,567
Net cash provided by operating activities	45,609	32,697	40,592
CASH FLOWS FROM INVESTING ACTIVITIES:
Origination and purchase of loans	(108,260)	(583,543)	(1,381,660)
Principal payments received on loans and leases	215,955	414,450	1,008,967
Investments in real estate	(38,192)	(81,749)	(28,924)
Proceeds from sale of real estate	14,309	18,729	—
Proceeds from sale of loans	77,203	—	—
Proceeds from sale of loans or assets previously held for sale	—	—	7,915
Proceeds from sale of investment securities available-for-sale	—	—	2,958
Purchase of furniture and fixtures	—	(741)	(61)
Principal payments received on loan - related party	300	300	300
Net cash provided by (used in) investing activities	161,315	(232,554)	(390,505)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of common stock	(7,410)	(9,128)	(18,401)
Proceeds from issuance of preferred shares (net of $101 and $4,589 of underwriting discounts and offering costs)	—	(101)	110,605
Proceeds from exercise of warrants	—	2	—
Proceeds from borrowings:
Securitizations	—	—	1,242,223
Senior secured financing facility	13,500	101,699	173,087
Warehouse financing facilities and repurchase agreements	11,755	405,743	862,681
Senior unsecured notes	—	—	150,000
Mortgages payable	25,069	18,710	—
Payments on borrowings:
Securitizations	(32,183)	(237,189)	(801,622)
Senior secured financing facility	(40,554)	(10,150)	(206,447)
Warehouse financing facilities and repurchase agreements	(171,742)	(145,972)	(805,119)
Convertible senior notes	—	(88,010)	(55,736)
Senior unsecured notes	—	—	(50,000)
Payment of debt issuance costs	(3,977)	(1,488)	(20,818)
Proceeds received from non-controlling interests	5,115	6,043	—
Distributions paid on preferred stock	(19,422)	(19,422)	(14,350)
Net cash (used in) provided by financing activities	(219,849)	20,737	566,103
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(12,925)	(179,120)	216,190
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	104,811	283,931	67,741
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$91,886	$104,811	$283,931

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.