ACRES Commercial Realty Corp.
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
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FY2024 · Filed Mar 17, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| REVENUES | |||
| Interest income: | |||
| CRE loans | $154,862 | $184,334 | $125,539 |
| Other | 2,400 | 3,132 | 735 |
| Total interest income | 157,262 | 187,466 | 126,274 |
| Interest expense | 116,092 | 130,791 | 82,324 |
| Net interest income | 41,170 | 56,675 | 43,950 |
| Real estate income | 42,170 | 34,311 | 31,129 |
| Other revenue | 148 | 145 | 91 |
| Total revenues | 83,488 | 91,131 | 75,170 |
| OPERATING EXPENSES | |||
| General and administrative | 10,691 | 10,512 | 10,575 |
| Real estate expenses | 46,896 | 38,913 | 33,854 |
| Management fees - related party | 6,498 | 7,462 | 7,035 |
| Equity compensation - related party | 2,957 | 2,578 | 3,562 |
| Corporate depreciation and amortization | 57 | 91 | 85 |
| Provision for credit losses, net | 4,790 | 10,902 | 12,295 |
| Total operating expenses | 71,889 | 70,458 | 67,406 |
| 11,599 | 20,673 | 7,764 | |
| OTHER INCOME (EXPENSE) | |||
| Equity in losses of unconsolidated subsidiaries | (912) | — | — |
| Gain on conversion of real estate | 8,637 | — | — |
| Loss on extinguishment of debt | — | — | (460) |
| Gain on sale of real estate | 7,506 | 745 | 1,870 |
| Other income | 1,991 | 527 | 1,588 |
| Total other income | 17,222 | 1,272 | 2,998 |
| INCOME BEFORE TAXES | 28,821 | 21,945 | 10,762 |
| Income tax expense | (126) | (97) | (336) |
| NET INCOME | 28,695 | 21,848 | 10,426 |
| Net income allocated to preferred shares | (20,386) | (19,422) | (19,422) |
| Carrying value in excess of consideration paid for preferred shares | 242 | — | — |
| Net loss allocable to non-controlling interest, net of taxes | 572 | 542 | 197 |
| NET INCOME (LOSS) ALLOCABLE TO COMMON SHARES | $9,123 | $2,968 | $(8,799) |
| NET INCOME (LOSS) PER COMMON SHARE - BASIC | $1.19 | $0.35 | $(1.00) |
| NET INCOME (LOSS) PER COMMON SHARE - DILUTED | $1.15 | $0.35 | $(1.00) |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC | 7,653,630 | 8,416,290 | 8,811,761 |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED | 7,924,903 | 8,566,058 | 8,811,761 |
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