Accessibility StatementSkip Navigation UNIONDALE, N.Y., Oct. 15, 2025 /PRNewswire/ --Â ACRES Commercial Realty Corp. (NYSE: ACR) (the "Company") announced today that it will release its results for the third quarter 2025, on Wednesday, October 29, 2025, after the market closes. The Company invites investors and other interested parties to listen to its live conference call via telephone or webcast on Thursday, October 30, 2025, at 10:00 a.m. Eastern Time. The conference call can be accessed by dialing 1-800 ...

Core Insights - Archer Aviation's partner Soracle, a joint venture between Japan Airlines and Sumitomo, will spearhead the launch of air taxi services in Osaka [1] - Soracle intends to utilize Archer's Midnight Aircraft as its primary fleet, collaborating with local governments to establish a regulatory and operational framework for sustainable flights in the Kai region [1] - Japan is positioned to be an early adopter of air taxi technology, building on its existing leadership in advanced transportation [1] - Archer's CEO Adam Goldstein expressed pride in the partnership with Soracle and highlighted the milestone of securing air taxi rights in Osaka [1] - Archer is focused on designing and developing technologies and aircraft essential for the future of sustainable aviation [1] - Archer Aviation's shares are traded on the New York Stock Exchange under the ticker symbol ACR [1]

Core Insights - Vor Bio is advancing telitacicept for the treatment of autoimmune diseases, with a focus on primary Sjögren's disease, and will present clinical data from a Phase 3 study at ACR Convergence 2025 [1][2] Company Overview - Vor Bio is a clinical-stage biotechnology company dedicated to transforming the treatment of autoimmune diseases, particularly through the development of telitacicept [3] - The company aims to rapidly advance telitacicept through Phase 3 clinical development and commercialization to address serious autoantibody-driven conditions globally [3] Product Information - Telitacicept is a novel investigational recombinant fusion protein that selectively inhibits BLyS (BAFF) and APRIL, two cytokines crucial for B cell and plasma cell survival, thereby reducing autoreactive B cells and autoantibody production [4] - The drug has shown a placebo-adjusted improvement of 4.83 points in the MG-ADL scale at 24 weeks in a Phase 3 trial for generalized myasthenia gravis [4] Regulatory Progress - RemeGen, a collaborator of Vor Bio, announced the acceptance of its Biologics License Application (BLA) for telitacicept for primary Sjögren's disease by the National Medical Products Administration (NMPA) in China, marking its fourth approved indication in the country [2][5] Disease Context - Sjögren's disease is a chronic autoimmune condition characterized by overactive B cells that lead to inflammation and damage to moisture-producing glands, with symptoms including dry eyes, dry mouth, fatigue, and systemic complications [6][7] - The disease is underdiagnosed, with approximately half of the cases unrecognized, and predominantly affects women [7]

Core Insights - ACRES Commercial Realty Corp. (ACR) is a real estate investment trust (REIT) focused on commercial real estate investments [1] - Eagle Point Credit Management LLC, a major stakeholder, sold 10,062 shares of ACR's 7.875% Series D Preferred Stock at $22.57 per share [2][6] Financial Metrics - ACR has a price-to-earnings (P/E) ratio of 6.98, indicating potential undervaluation and growth opportunities [3][6] - The price-to-sales ratio is 1.21, suggesting the market values the company's sales slightly above its revenue [3] - The enterprise value to sales ratio is 11.50, reflecting a premium valuation, while the enterprise value to operating cash flow ratio is high at 89.41, indicating low cash flow relative to enterprise value [4] - ACR's debt-to-equity ratio is 3.19, showing significant reliance on debt financing [5][6] - The company maintains a strong liquidity position with a current ratio of 2.49, indicating it has more than twice the current assets compared to its current liabilities [5][6]

Core Insights - The article discusses the recent financial performance of a leading technology company, highlighting a significant increase in revenue and net income compared to the previous year [1] Financial Performance - The company reported a revenue of $50 billion for the last quarter, representing a 20% increase year-over-year [1] - Net income reached $10 billion, which is a 25% increase compared to the same period last year [1] - Earnings per share (EPS) rose to $5, up from $4 in the previous year, indicating strong profitability growth [1] Market Position - The company has strengthened its market position, capturing a larger share of the technology sector, now holding 30% of the market [1] - Increased demand for cloud services and artificial intelligence solutions has been a key driver of growth [1] Future Outlook - Analysts project continued growth, with expected revenue of $60 billion for the next quarter, reflecting a 20% year-over-year increase [1] - The company plans to invest $5 billion in research and development to enhance its product offerings and maintain competitive advantage [1]

Group 1 - ACRES Commercial Realty (NYSE: ACR) has successfully compounded wealth over the past year through a sustained share buyback campaign, reducing its weighted average shares outstanding [1] - The equity market serves as a powerful mechanism for wealth creation or destruction over the long term, with daily price fluctuations contributing to this dynamic [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Insights - Zefiro Methane has successfully originated carbon credits based on confirmed emissions reductions of 92,956 metric tonnes of CO2 equivalent from a remediation project in Custer County, Oklahoma, marking a significant milestone in the voluntary carbon market [2][4][10] - The company has delivered its first tranche of carbon credits to Mercuria Energy America, LLC, fulfilling a pre-sale agreement and establishing a new revenue stream [5][16] - Zefiro's operations have generated USD $24.4 million in revenue for the first three fiscal quarters of 2025, indicating strong financial performance [5] Carbon Credit Issuance - The carbon credits were issued under the American Carbon Registry's (ACR) new methodology for quantifying emissions reductions from plugging orphaned oil and gas wells [8][9] - The ACR959 project involved a well located on privately owned land in Custer County, Oklahoma, with post-plugging monitoring confirming compliance with ACR methodology [10] Revenue Streams and Contracts - The successful issuance of carbon credits represents a new revenue stream for Zefiro, supplementing its existing earnings from core operations [5] - Zefiro has also secured its first revenue from methane monitoring, with an USD $800,000 contract with the West Virginia Department of Environmental Protection [6] Market Position and Future Outlook - Zefiro aims to leverage the voluntary carbon markets as a funding source for the remediation of orphaned wells, reducing reliance on taxpayer resources [17] - The company is positioned to rapidly generate more carbon credits from current and future environmental remediation projects, addressing the supply deficit in American-originated carbon offsets [18] - Zefiro's management emphasizes the importance of transparent and verifiable emissions reductions to meet the demands of institutional end-users in the carbon markets [18]

Core Insights - Acrivon Therapeutics is advancing two clinical-stage assets, ACR-368 and ACR-2316, both demonstrating anti-tumor activity in clinical studies [1][2] - The company utilizes its proprietary AI-driven Generative Phosphoproteomics AP3 platform to enhance drug design and development [1][10] - As of June 30, 2025, Acrivon has $147.6 million in cash and equivalents, expected to fund operations until Q2 2027 [1][9] Clinical Development - ACR-368 is in a registrational-intent Phase 2b trial for endometrial cancer, showing deep and durable responses in patients previously treated with chemotherapy and anti-PD-1 therapy [2][7] - ACR-2316, a WEE1/PKMYT1 inhibitor, is in a Phase 1 trial, with initial clinical activity observed in several solid tumor types, including confirmed partial responses in endometrial cancer [4][12] Financial Performance - For Q2 2025, Acrivon reported a net loss of $21.0 million, compared to a net loss of $18.8 million in Q2 2024 [8] - Research and development expenses increased to $16.2 million in Q2 2025 from $15.0 million in Q2 2024, primarily due to increased personnel for clinical trials [8] - General and administrative expenses remained stable at $6.5 million for Q2 2025, compared to $6.4 million in Q2 2024 [9] Upcoming Milestones - The company plans to provide updates on the registrational-intent trial for ACR-368 and report initial clinical data from the Phase 1 study of ACR-2316 in the second half of 2025 [14] - Acrivon is also advancing a new cell cycle drug discovery program targeting an undisclosed target towards development candidate nomination in 2025 [14]

Part I [Financial Statements](index=3&type=section&id=Item%201%3A%20Financial%20Statements) The company's H1 2025 financial statements reflect decreased assets and a net loss, driven by lower interest income and a credit loss reversal [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets, liabilities, and equity decreased, primarily driven by a reduction in CRE loans and lower borrowings Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,818,308** | **$1,881,467** | | CRE loans, net | $1,361,648 | $1,454,545 | | Cash and cash equivalents | $42,747 | $56,713 | | **Total Liabilities** | **$1,382,906** | **$1,431,805** | | Borrowings | $1,309,296 | $1,360,371 | | **Total Equity** | **$435,402** | **$449,662** | - The company had **no consolidated Variable Interest Entities (VIEs)** as of June 30, 2025, a change from December 31, 2024, when consolidated VIEs held **$1.14 billion in total assets** and **$865.0 million in total liabilities**, due to the optional redemption of two CRE securitizations in March 2025[11](index=11&type=chunk)[44](index=44&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For H1 2025, the company reported a net loss allocable to common shares, primarily due to decreased net interest income, partially offset by a credit loss reversal Statement of Operations Summary (in thousands, except per share data) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Interest Income | $57,557 | $83,677 | | Net Interest Income | $14,170 | $22,115 | | (Reversal of) provision for credit losses, net | $(2,497) | $6,233 | | **Net Income** | **$3,594** | **$11,321** | | **Net (Loss) Income Allocable to Common Shares** | **$(6,591)** | **$2,209** | | **Net (Loss) Income Per Common Share - Basic** | **$(0.90)** | **$0.29** | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For H1 2025, cash and restricted cash decreased, with operating and investing activities providing cash, largely offset by financing activities from securitization repayments and new facility proceeds Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $7,203 | $10,211 | | Net cash provided by investing activities | $54,626 | $102,662 | | Net cash used in financing activities | $(74,582) | $(113,166) | | **Net Decrease in Cash** | **$(12,753)** | **$(293)** | | Cash at End of Period | $44,850 | $91,593 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on accounting policies, including VIE redemption, the CRE loan portfolio, a new financing facility, share repurchases, and unfunded loan commitments - The company is a REIT focused on originating, holding, and managing CRE mortgage loans and equity investments, externally managed by ACRES Capital, LLC[26](index=26&type=chunk) - In March 2025, the company exercised the optional redemption on its two consolidated VIEs, which were CRE securitizations, resulting in no consolidated VIEs as of June 30, 2025[44](index=44&type=chunk) - The company has several investments in unconsolidated entities, including joint ventures for property conversion and development, accounted for using the equity or cost method[51](index=51&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - The company has **$77.7 million in unfunded loan commitments** as of June 30, 2025, advanced as borrowers meet specified criteria for projects like capital improvements or construction[225](index=225&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=47&type=section&id=Item%202%3A%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's performance in a challenging market, highlighting book value growth via NOLs, a decreased CRE loan portfolio, significant refinancing, a net loss from lower interest income, and current liquidity - The company's short-term strategy is to drive book value (BV) growth by utilizing its **$32.1 million in NOL carryforwards** and **$121.9 million in net capital loss carryforwards** to retain future earnings and grow its investable base[231](index=231&type=chunk) - The CRE loan portfolio decreased to a carrying value of **$1.4 billion** at June 30, 2025, from **$1.5 billion** at December 31, 2024, with multifamily properties representing **75.0%** of the portfolio[238](index=238&type=chunk)[243](index=243&type=chunk) - The allowance for credit losses (CECL) was **$30.3 million (2.2% of the loan portfolio)** at June 30, 2025, down from **$32.8 million** at year-end 2024, due to improved credit risk modeling and loan payoffs despite worsening macroeconomic factors[254](index=254&type=chunk) - Common stock book value per share decreased by **$0.94** to **$27.93** at June 30, 2025, from December 31, 2024[257](index=257&type=chunk) [Results of Operations](index=54&type=section&id=Results%20of%20Operations) The company reported a net loss allocable to common shares for Q2 2025, driven by decreased net interest income, significantly offset by a positive swing in credit loss provisions, with real estate income growth Net Interest Income Variance Analysis (Q2 2025 vs Q2 2024, in thousands) | Description | Net Change | Due to Volume | Due to Rate | | :--- | :--- | :--- | :--- | | **Total Decrease in Interest Income** | **$(12,235)** | **$(7,881)** | **$(4,354)** | | **Total Decrease in Interest Expense** | **$(10,047)** | **$(9,619)** | **$(428)** | | **Net Decrease in Net Interest Income** | **$(2,188)** | **$1,738** | **$(3,926)** | - Real estate income increased by **$3.1 million (31%)** in Q2 2025 compared to Q2 2024, driven by a newly operational student housing property, asset acquisitions via foreclosure, and improved occupancy and rates at two hotel properties[276](index=276&type=chunk) - The provision for credit losses saw a significant positive change, with a **reversal of $0.8 million** in Q2 2025 compared to a **provision of $1.3 million** in Q2 2024, primarily due to decreased modeled credit risk and loan payoffs[277](index=277&type=chunk)[281](index=281&type=chunk) [Financial Condition](index=61&type=section&id=Financial%20Condition) The company's investment portfolio, dominated by CRE loans, saw a net reduction, with the allowance for credit losses at $30.3 million; financing was significantly altered by securitization redemptions and a new facility, maintaining a 3.0x leverage ratio Investment Portfolio Summary (June 30, 2025, in thousands) | Asset Type | Amortized Cost | Net Carrying Amount | Percent of Portfolio | | :--- | :--- | :--- | :--- | | CRE whole loans | $1,372,635 | $1,347,264 | 83.71% | | CRE mezzanine loans | $19,363 | $14,384 | 0.89% | | Loans held for sale | $45,800 | $45,800 | 2.85% | | Other investments (Real Estate, etc.) | $202,010 | $202,010 | 12.55% | | **Total Investment Portfolio** | **$1,639,808** | **$1,609,458** | **100.00%** | - The CRE loan portfolio is geographically concentrated in the Southwest (**25.7%**), Mountain (**17.4%**), and Southeast (**15.9%**) regions by carrying value[294](index=294&type=chunk) - As of June 30, 2025, **five CRE whole loans** with a total amortized cost of **$115.6 million** and **one mezzanine loan of $4.7 million** were in payment default[317](index=317&type=chunk) [Liquidity and Capital Resources](index=78&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity at June 30, 2025, included $42.7 million in cash; cash decreased due to major refinancing, including a new $939.9 million facility used to repay securitizations, with the company planning to use significant tax assets and suspending common stock distributions - Primary liquidity sources at June 30, 2025, include **$42.7 million of unrestricted cash and cash equivalents** and **$21.9 million of potential proceeds from unlevered financeable CRE loans**[373](index=373&type=chunk) - In March 2025, the company executed a major refinancing, entering a **new $939.9 million facility with JPMorgan Chase** and using the proceeds to redeem two securitizations (ACR 2021-FL1 and ACR 2021-FL2)[384](index=384&type=chunk) Tax Loss Carryforwards (in millions) | Tax Asset Item | REIT (QRS) | TRS | | :--- | :--- | :--- | | Net Operating Loss | $32.1 | $60.9 | | Net Capital Loss | $121.9 | $1.0 | - The company has suspended common share distributions to retain liquidity and utilize NOLs, but intends to continue making regular quarterly distributions to preferred stockholders[401](index=401&type=chunk)[402](index=402&type=chunk) [Critical Accounting Policies and Estimates](index=87&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Management identifies key accounting policies requiring significant judgment, including the Allowance for Credit Losses (CECL), valuation of real estate investments, revenue recognition, and determination of Variable Interest Entities - The Allowance for Credit Losses (CECL) is determined using a probability of default and loss given default methodology over a forecast period, reverting to a historical mean loss ratio, requiring significant judgment regarding macroeconomic forecasts and risk pooling[410](index=410&type=chunk) - Investments in real estate acquired via foreclosure or deed-in-lieu are initially recorded at fair value; if classified as held for sale, they are carried at the lower of cost or fair value, and depreciation ceases[417](index=417&type=chunk)[418](index=418&type=chunk) - Interest income recognition is suspended for loans that are 90 days past due or when recovery is doubtful, with previously accrued interest reversed when a loan is on nonaccrual status[412](index=412&type=chunk)[422](index=422&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=76&type=section&id=Item%203%3A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are credit, counterparty, financing, and interest rate risk, managed through underwriting and rate caps; interest rate risk is significant due to floating-rate loans, with a hypothetical 100 basis point rate increase estimated to increase net interest income by $2.7 million - The company is exposed to credit risk from its loan portfolio, mitigated by requiring borrowers to purchase interest rate caps; as of June 30, 2025, **62% of the loan portfolio's par value** had interest rate caps or debt service reserves in place[435](index=435&type=chunk) - Financing risk exists due to reliance on securitizations, term facilities, and warehouse lines, where weakness in financial markets could make lenders unwilling or unable to provide financing[438](index=438&type=chunk) Hypothetical Interest Rate Sensitivity (Three Months Ended June 30, 2025) | Rate Change | Increase (Decrease) to Net Interest Income (in thousands) | Increase (Decrease) to Net Interest Income Per Share | | :--- | :--- | :--- | | 100 Basis Point Decrease | $(2,060) | $(0.07) | | 100 Basis Point Increase | $2,727 | $0.09 | [Controls and Procedures](index=78&type=section&id=Item%204%3A%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[444](index=444&type=chunk) - No material changes to the internal control over financial reporting occurred during the quarter ended June 30, 2025[445](index=445&type=chunk) Part II [Legal Proceedings](index=79&type=section&id=Item%201%3A%20Legal%20Proceedings) The company is unaware of any legal contingencies that would require accrual or disclosure in the financial statements as of June 30, 2025 - The company is unaware of any legal contingencies that would require disclosure or accrual as of June 30, 2025[447](index=447&type=chunk) [Risk Factors](index=79&type=section&id=Item%201A%3A%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes to the risk factors disclosed in the company's 2024 Annual Report on Form 10-K[448](index=448&type=chunk) [Issuer Purchases of Equity Securities](index=79&type=section&id=Item%202%3A%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company continued its share repurchase program, augmented by a $10.0 million authorization in April 2025, repurchasing 491,749 common shares during H1 2025, with $5.4 million remaining available - In April 2025, the Board authorized an additional **$10.0 million** for the repurchase of common and preferred stock; as of June 30, 2025, **$5.4 million** remained available under the program[449](index=449&type=chunk) Monthly Share Repurchases (Jan - Jun 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2025 | 44,306 | $17.38 | | Feb 2025 | 72,858 | $19.31 | | Mar 2025 | 103,024 | $21.35 | | Apr 2025 | 19,622 | $21.70 | | May 2025 | 111,192 | $18.88 | | Jun 2025 | 140,747 | $18.10 | [Other Information](index=79&type=section&id=Item%205%3A%20Other%20Information) No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q2 2025, and the company amended its guarantee agreement with JPMorgan Chase on August 1, 2025 - On August 1, 2025, the company entered into Amendment No. 7 to its Guarantee with JPMorgan Chase to amend the terms of the debt service coverage period[452](index=452&type=chunk) - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement during Q2 2025[451](index=451&type=chunk) [Exhibits](index=80&type=section&id=Item%206%3A%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including articles of incorporation, bylaws, debt indentures, management agreements, compensation plans, various financing agreements, and required certifications

Financial Data and Key Metrics Changes - GAAP net loss allocable to common shares for Q2 2025 was $732,000, translating to a loss of $0.10 per diluted share, which included $8,600,000 in interest income, an increase of $3,000,000 from the prior quarter [10] - Earnings available for distribution (EAD) for Q2 2025 was $0.04 per share, compared to a loss of $0.86 per share in Q1 2025, reflecting a $0.40 increase in net interest income and a $0.26 increase from real estate operations [11] - GAAP book value per share decreased to $27.93 on June 30 from $28.50 on March 31 [11] Business Line Data and Key Metrics Changes - The company closed one new commitment of $72,000,000 with an unfunded commitment of $1,200,000, and funded existing loan commitments of $7,300,000, resulting in a net increase to the loan portfolio of $60,500,000 [6] - The commercial real estate loan portfolio totaled $1,400,000,000 across 48 individual investments, with a weighted average risk rating of 2.9 [7] Market Data and Key Metrics Changes - The total allowance for credit losses at June 30 was $30,300,000, representing 2.18 basis points on the $1,400,000,000 loan portfolio at par [11] - The weighted average spread of floating rate loans in the portfolio is now 3.65% over one-month term SOFR rates [6] Company Strategy and Development Direction - The company aims to grow the portfolio by $300,000,000 to $500,000,000 by the end of the year, which will include capital from loan payoffs and sales of REO properties [18] - The strategy includes optimizing portfolio leverage to drive equity returns and redeploying capital into attractive commercial real estate loans [8] Management's Comments on Operating Environment and Future Outlook - Management noted a stable credit picture and expressed confidence in the ability to achieve targeted returns on equity by focusing on specific asset classes [20] - The company plans to execute another CLO in the back half of the year, although specific timing remains uncertain [25] Other Important Information - The company used $5,100,000 to repurchase 272,000 common shares at an approximate 33% discount to book value [12] - Available liquidity at June 30 was $65,000,000, consisting of $43,000,000 in unrestricted cash and $22,000,000 in projected financing available on unlevered assets [12] Q&A Session Summary Question: Timing of payoffs and asset sales for capital redeployment - Management indicated a goal to grow the portfolio by $300,000,000 to $500,000,000 through payoffs and sales of REO properties [18] Question: Opportunities in the marketplace and guidance for spreads - Management acknowledged compressed spreads in certain sectors but expressed confidence in achieving targeted returns on equity by focusing on specific assets [20] Question: Thoughts on leverage and REO financing - Management stated they could increase leverage to around 3.5 to 4 turns using non-recourse CRE CLO financing, with current properties being levered at the asset level [23] Question: Plans for a CLO in the back half of the year - Management confirmed plans to execute another CLO, with timing likely in Q4 or Q1 [25] Question: Reinstating the dividend - Management indicated that reinstating the dividend would depend on monetizing assets and ramping the portfolio to target levels [27]