ACRES Commercial Realty Corp.
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
View on SEC.govAbout 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.
FY2024 · Filed Mar 17, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Schedule IV - Mortgage Loans on Real Estate
SCHEDULE IV
Mortgage Loans on Real Estate
At December 31, 2024
(in thousands, except amounts in footnotes)
| Type of Loan/Borrower · Description /Location · InterestPayment Rates (1) · MaturityDate (2) · PeriodicPaymentTerms (3) · PriorLiens · FaceAmountof Loans · NetCarryingAmountof Loans(4) · PrincipalAmount ofLoans Subjectto DelinquentPrincipal orInterest | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CRE whole loans: | ||||||||||||
| CRE whole loans in excess of 3% of the carrying amount of total loans | ||||||||||||
| Borrower A (5) | Multifamily/Rock Hill, SC | 1M BR + 3.41% | FLOOR 0.10% | 2025 | I/O | — | $73,760 | $73,760 | $70,760 | ||||
| Borrower B | Multifamily/Tampa, FL | 1M BR + 3.01% | FLOOR 0.10% | 2025 | I/O | — | $55,150 | $55,150 | — | ||||
| Borrower C | Multifamily/Tempe, AZ | 1M BR + 3.70% | FLOOR 2.00% | 2026 | I/O | — | $53,250 | $53,118 | — | ||||
| Borrower D (6) | Multifamily/Tempe, AZ | 1M BR + 3.26% | FLOOR 2.50% | 2027 | I/O | — | $48,577 | $48,577 | — | ||||
| Borrower E | Multifamily/Cincinnati, OH | 1M BR + 3.65% | FLOOR 0.25% | 2025 | I/O | — | $47,270 | $47,187 | — | ||||
| Borrower F | Office/New York, NY | 1M BR + 5.75% | FLOOR 2.16% | 2025 | I/O | — | $46,533 | $46,416 | — | ||||
| Borrower G | Office/Oakland, CA | 1M BR + 2.50% | FLOOR 2.25% | 2025 | I/O | — | $44,889 | $44,889 | — | ||||
| Borrower H | Multifamily/Atlanta, GA | 1M BR + 3.31% | FLOOR 0.20% | 2027 | I/O | — | $44,873 | $44,873 | — | ||||
| Borrower I | Multifamily/Prescott, AZ | 1M BR + 3.11% | FLOOR 0.10% | 2025 | I/O | — | $44,658 | $44,552 | — | ||||
| Borrower J | Multifamily/Houston, TX | 1M BR + 3.20% | FLOOR 0.10% | 2025 | I/O | — | $44,402 | $44,389 | — | ||||
| CRE whole loans less than 3% of the carrying amount of total loans | ||||||||||||
| CRE whole loans (7) | Multifamily/Diversified | 1M BR + 2.75% - 4.36%FLOOR 0.05% - 4.00% | 2025-2027 | I/O & P/I | — | 732,672 | 731,785 | — | ||||
| CRE whole loans (7)(8) | Office/Diversified | 1M BR + 3.31% - 5.50%FLOOR 0.10% - 3.50% | 2025-2030 | I/O & P/I | — | 155,099 | 154,407 | 5,614 | ||||
| CRE whole loans | Hotel/Diversified | 1M BR + 5.00% - 7.00%FLOOR 3.00% - 3.02% | 2026 | I/O | — | 57,365 | 57,148 | — | ||||
| CRE whole loans | Self-Storage/Diversified | 1M BR + 3.96% - 5.50%FLOOR 0.10% - 4.50% | 2025-2026 | I/O | — | 36,499 | 36,441 | — | ||||
| Total CRE whole loans | 1,484,997 | 1,482,692 | 76,374 | |||||||||
| Mezzanine loans: | ||||||||||||
| Mezzanine loans less than 3% of the carrying amount of total loans | ||||||||||||
| Mezzanine loans (9)(10) | Various/Diversified | 10.00% | 2028 | 42,772 | 4,700 | 42,772 | ||||||
| Total mezzanine loans | 42,772 | 4,700 | 42,772 | |||||||||
| Total loans | 1,527,769 | 1,487,392 | 119,146 | |||||||||
| Allowance for credit losses | (32,847) | |||||||||||
| Total loans, net | $1,454,545 | |||||||||||
(1)
The benchmark rate, “BR” comprises the Term Secured Overnight Financing Rate (“SOFR”), which is used as a benchmark on our CRE whole loans.
(2)
Maturity dates exclude extension options that may be available to borrower.
(3)
I/O = interest only, P/I = principal and interest.
SCHEDULE IV
Mortgage Loans on Real Estate - (Continued)
At December 31, 2024
(4)
The net carrying amount of loans includes an individually determined allowance for credit losses of $4.7 million and a general allowance for credit losses of $28.1 million at December 31, 2024.
(5)
Includes a mezzanine loan of $3.0 million at par and amortized cost that has a fixed rate of 15.00%.
(6)
Includes a mezzanine loan of $477,000 at par and amortized cost that has a fixed rate of 15.00%.
(7)
Includes four multifamily loans andthree office loans with total par of $132.0 million that are amortizing loans.
(8)
Maturity dates exclude one office loan in maturity default at December 31, 2024.
(9)
Includesone mezzanine loan with a par of $4.7 million that had an individually determined reserve of $4.7 million.
(10)
Includesone mezzanine loan with a par of $38.1 million and a carrying value ofzero in default at December 31, 2024.
The following table reconciles our CRE loans carrying amounts for the periods indicated:
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Balance at beginning of year | $1,828,336 | $2,038,787 | $1,873,746 |
| Additions during the period: | |||
| New loans originated or acquired | 19,501 | 62,968 | 523,259 |
| Funding of existing loan commitments | 34,319 | 45,749 | 66,296 |
| Amortization of loan origination and extension fees and loan origination costs, net | 5,927 | 7,539 | 8,189 |
| (Provision for) reversal of credit losses, net | (4,790) | (10,902) | (12,295) |
| Loans charged-off | 700 | 948 | 2,297 |
| Capitalized interest and loan acquisition costs | — | — | — |
| Deductions during the period: | |||
| Payoff, paydown and sale of loans | (377,583) | (293,158) | (399,550) |
| Deed in lieu of foreclosure | (37,705) | (22,797) | (14,000) |
| Reclassification to loan held for sale | (11,800) | — | — |
| Capitalized origination and extension fees | (2,360) | (798) | (6,858) |
| Loss on discounted payoff | — | — | (2,297) |
| Balance at end of year | $1,454,545 | $1,828,336 | $2,038,787 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.