ACRES Commercial Realty Corp. (ACR) Earnings
ACRES Commercial Realty Corp. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.12. ACR has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -940.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.02 | $0.02 | +0.0% | $18M | -13.3% |
| Mar 5, 2026 | $-0.01 | $-0.48 | -4700.0% | $106M | +408.9% |
| Oct 29, 2025 | $0.14 | $1.01 | +638.8% | $21M | +2.2% |
| Jul 30, 2025 | $0.01 | $0.04 | +300.0% | $42M | +92.4% |
| Apr 30, 2025 | $0.53 | $-0.86 | -262.3% | $17M | -22.2% |
| Mar 5, 2025 | $0.22 | $0.48 | +118.2% | $29M | +40.8% |
| Oct 30, 2024 | $0.39 | $0.24 | -38.5% | $39M | +72.8% |
| Jul 31, 2024 | $0.35 | $0.51 | +45.7% | $51M | +140.4% |
| May 1, 2024 | $0.42 | $0.16 | -61.9% | $25M | +14.2% |
| Feb 28, 2024 | $0.58 | $0.55 | -5.2% | $22M | +14.5% |
| Nov 1, 2023 | $0.53 | $0.73 | +37.7% | $24M | +22.5% |
| Aug 2, 2023 | $0.47 | $0.60 | +27.7% | $22M | +14.7% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Acquired ACR management contract in 2020 and executed strategy to drive book value by originating high-quality loans, managing portfolio, repurchasing stock, and using tax assets. - Sold real estate investments, with proceeds deployed into loan book and completed new CRE securitization (Acres 2026 FL4, $1 billion, leverage 86.5% at SOFR plus 1.68% with 30-month reinvestment period). - Closed new commitments of $495.6 million in first quarter of 2026, with net increase to loan portfolio of $374.4 million. - Weighted average spread on newly originated loans 3.09%, increased loan portfolio to $2.2 billion. - Weighted average risk rating decreased to 2.5 at March 31st. - Sold real estate investment in greater Philadelphia area, resulting in $3.3 million gap in EAD gain. - CFO discussed financial statements: Gap net loss allocable to common shares in first quarter was $1 million or 16 cents per share. Net interest income decreased $1.4 million due to ramp up of new CRE securitization and lower fee recognition. Net real estate operations performance decreased to net loss of $1.2 million with $3.3 million net gain on land sale. CECL reserves decreased $1 million. Total allowance for credit losses $19.4 million. EAD 2 cents per share. Gap book value per share $29.98. Available liquidity $87 million. Debt-to-equity leverage ratio increased to 3.4 times. Net operating loss carry-forwards $32.1 million. - Andrew Fentress announced internalization combination of two companies to be best resource for middle market customers, Acres employees and board members to be largest shareholders with over 40% interest, management to remain in place, owners and employees received consideration in ACR shares at book value.
Guidance
- The full run rate benefit of the Acres 2026 FL4 securitization will be seen in the second quarter. - Expect to drive non-balance sheet related revenues from asset management activities to pay higher and increasing EAD. - Expect to issue and grow dividend as they earn it, with combined company having clear picture on earnings power to distribute earnings through EAD. - Target higher dividend without increasing leverage by using non-balance sheet related earnings.
Segment performance
Loan operations: In the first quarter of 2026, closed new commitments of $495.6 million, offset by loan payoffs and net unfunded commitments totaling $121.2 million, producing a net increase to the loan portfolio of $374.4 million. Weighted average spread on newly originated loans is 3.09%, increased loan portfolio to $2.2 billion with 60 investments as of March 31st, and spread is now 3.29% over one-month term SOFR rates. Over half of the portfolio at SOFR floors of over 3%. Weighted average risk rating was 2.5 at March 31st, down from 2.7 at December 31st. Portion of CRE loan portfolio rated 4 or 5 based on economic interest was 14% at March 31st, down from 17% at December 31st. Real estate investments: Sold a real estate investment in the greater Philadelphia area this quarter, resulting in a gap in EAD gain of $3.3 million. Gains on real estate investments, stock repurchases, and retained earnings raised book value by 66% since 2020 to $29.98 per share.
Risks & headwinds
Certain statements made are forward-looking and subject to trends, risks, and uncertainties that could cause actual results to differ materially. Risks and uncertainties discussed in company's reports filed with SEC, including risk factor section of Form 10K. Non-GAAP financial measures may be discussed, and presentation not a substitute for GAAP financial information.
Analyst Q&A
Q: Matthew Erdner with Jones Trading asked about the timing of the internalization, why now, and economic impact.
A: Expect annual shareholder meeting on June 23rd (corrected to 22nd) and close shortly after in July. Why now: great market opportunity, positive momentum, and size of companies made sense. Economic impact: expect to drive non-balance sheet related revenues to pay higher EAD.
Q: Matthew Erdner also asked about $87 million in liquidity and if close to fully invested.
A: Said they're fully invested, part of strategy is to drive dividend to issue and grow from there.
Q: Chris Muller with Citizens Capital Markets asked about combined company after transaction and dividend.
A: Combined company will have asset management component, fees flow up to public company. View on dividends is to pay as earned, expect clear picture on earnings power once combined to distribute earnings through EAD. No estimated pro forma book value at time.
Q: Gabe Pogge with Raymond James asked about book value as bogey for fresh capital and leverage.
A: Believe in doing things accretively for shareholders, expect to grow company accretively, issuing at or above book value going forward. Comfortable with leverage, advantages of transaction include targeting higher dividend without increasing leverage, shown three cases with different assumptions for non-balance sheet related fees driving dividends from mid-single digits to mid-teens