UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission File Number: 1-32733 ACRES COMMERCIAL REALTY CORP. (Exact name of registrant as specified in its charter) Maryland 20-2 ...

ACRES Commercial Realty Corp. (NYSE:ACR) Q3 2023 Earnings Conference Call November 2, 2023 11:00 AM ET Company Participants Jaclyn Jesberger - Chief Legal Officer Mark Fogel - President and Chief Executive Officer Dave Bryant - Chief Financial Officer Andrew Fentress - Chairman Eldron Blackwell - Chief Accounting Officer Conference Call Participants Chris Muller - JMP Operator Good day, ladies, and gentlemen, and welcome to the Third Quarter 2023 ACRES Commercial Realty Corp. Earnings Conference Call. [Oper ...

THIRD QUARTER 2023 EARNINGS PRESENTATION DISCLAIMER Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are not historical facts but rather are based on ACRES Commercial Realty Corp.’s (“ACR’s” or the “Company’s”) current beliefs, assumptions and expectations. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to ACR or ar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission File Number: 1-32733 ACRES COMMERCIAL REALTY CORP. (Exact name of registrant as specified in its charter) Maryland 20-228713 ...

ACRES Commercial Realty Corp. (NYSE:ACR) Q2 2023 Earnings Conference Call August 3, 2023 11:00 AM ET Company Participants Kyle Brengel - Investor Relations Mark Fogel - President and Chief Executive Officer Dave Bryant - Chief Financial Officer Andrew Fentress - Chairman Conference Call Participants Chris Muller - JMP Securities Operator Good day, and welcome to the ACRES Commercial Realty Corp. Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. ...

Financial Performance - The company's Earnings Available for Distribution (EAD) for Q2 2023 was $0.60 per share[9, 10] - GAAP net income per share for Q2 2023 was $0.10, including a $(0.31) impact from a $2.7 million provision for CECL reserves[9, 10] - The company's book value was $24.50, a year-over-year increase of $0.02, and an annual increase of 12.9% since the ACRES acquisition in Q3 2020[9, 11] Loan Portfolio - The company's CRE loan portfolio totaled $2.0 billion, comprising 78 loans with a weighted average LTV of 74%[11] - The company had $22.5 million in CRE loan production and $47.3 million in loan repayments during the quarter[11] - Multifamily-focused CRE loans represent 75% of the loan portfolio[9] - 98% of the par value of the CRE loan portfolio is current on payments, with 5% rated 4 or 5[11] - Net CRE loan payoffs for the second quarter were $10 million[9] Capitalization and Liquidity - The company's total liquidity at June 30, 2023, was $91.2 million[9, 11] - Non-recourse, non-mark-to-market CLO financings comprised 80% of asset-specific borrowings[11, 34] Real Estate Investments - The company has $161.9 million of net investments in real estate and properties held for sale[11, 28] Loan Portfolio Composition - Texas represents 23.6% of the company's top state concentration, followed by Florida at 15.1% and Arizona at 8.9%[17]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission File Number: 1-32733 ACRES COMMERCIAL REALTY CORP. (Exact name of registrant as specified in its charter) Maryland 20-22871 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number 1-32733 ACRES COMMERCIAL REALTY CORP. (Exact name of registrant as specified in its charter) Maryland 20-2287134 (St ...

Financial Performance - Net interest income for the three months ended September 30, 2022, was $11,126 thousand, up from $9,452 thousand for the same period in 2021, reflecting a year-over-year increase of 17.7%[7] - The company reported a net income of $713 thousand for the three months ended September 30, 2022, compared to a net loss of $9,805 thousand for the same period in 2021, indicating a significant turnaround[7] - Net income for the three months ended September 30, 2022, was $5,486,000, compared to a net loss of $4,928,000 for the same period in 2021, representing a significant turnaround[8] - Comprehensive income before allocation to preferred shares for the nine months ended September 30, 2022, was $14,424,000, down from $23,151,000 in the same period of 2021[8] - Net income for the nine months ended September 30, 2022, was $13.1 million, a decrease of 39.5% compared to $21.8 million for the same period in 2021[12] - Total revenues for the three months ended September 30, 2022, were $20,936, compared to $12,096 for the same period in 2021, representing a 73.5% increase[7] Assets and Liabilities - Total assets increased to $2,426,386 thousand as of September 30, 2022, compared to $2,284,275 thousand on December 31, 2021, representing a growth of approximately 6.2%[5] - Total liabilities rose to $1,978,907 thousand as of September 30, 2022, from $1,836,080 thousand at the end of 2021, marking an increase of approximately 7.8%[5] - The company’s total equity decreased slightly to $447,479 thousand as of September 30, 2022, from $448,195 thousand at the end of 2021, reflecting a marginal decline of 0.16%[5] - Total stockholders' equity as of September 30, 2022, was $442,549,000, with a non-controlling interest of $4,930,000[9] - Total assets as of September 30, 2022, amounted to $1,500,325,000, with CRE securitizations contributing $1,499,956,000[32] Cash Flow and Investments - Net cash provided by operating activities was $19.0 million, down 25.4% from $25.5 million in the prior year[12] - Cash and cash equivalents and restricted cash at the end of the period totaled $76.9 million, down 46.1% from $142.4 million at the end of the previous year[12] - The company recorded a net cash used in investing activities of $300,507 for the nine months ended September 30, 2022, compared to $316,421 in 2021, showing a slight improvement[12] - The company has $193.7 million in unfunded loan commitments as of September 30, 2022, compared to $157.6 million at December 31, 2021[38] - The company reported a net cash used in investing activities of $300.5 million, a slight improvement from $316.4 million in the previous year[12] Credit Losses and Provisions - The provision for credit losses was $2,620 thousand for the three months ended September 30, 2022, compared to a reversal of $537 thousand for the same period in 2021, indicating a shift in credit quality assessment[7] - The company recorded a provision for expected credit losses of $2.6 million during the three months ended September 30, 2022, reflecting the impact of increased portfolio credit risk[142] - The allowance for credit losses decreased to $7.9 million from $8.8 million, representing a reduction of approximately 10.8%[5] - The provision for (reversal of) credit losses for the three months ended September 30, 2022, was $2,620, compared to a reversal of $537 in the same period of 2021[7] - The company reported a net reversal of credit losses of $15.4 million for the nine months ended September 30, 2021, indicating prior improvements in macroeconomic conditions[133] Stock and Equity - The weighted average number of common shares outstanding was 8,713,256 for the three months ended September 30, 2022, down from 9,553,412 for the same period in 2021, reflecting a decrease of approximately 8.8%[7] - The company repurchased common stock amounting to $8,194 during the nine months ended September 30, 2022, compared to $14,725 in the same period of 2021[12] - The company declared distributions of $0.54 per share for Series C Preferred Stock and $0.49 per share for Series D Preferred Stock for the three months ended September 30, 2022[91] - The company issued a total of 4.6 million shares of 7.875% Series D Cumulative Redeemable Preferred Stock, receiving net proceeds of $110.4 million[82] - The company had 4.8 million shares of Series C Preferred Stock and 4.6 million shares of Series D Preferred Stock outstanding as of September 30, 2022[82] Real Estate and Investments - Real estate income for the nine months ended September 30, 2022, was $21,700 thousand, compared to $7,013 thousand for the same period in 2021, representing a substantial increase of 209.5%[7] - The company acquired two real estate properties with a combined acquisition-date fair value of $51.6 million[52] - The company received a deed-in-lieu of foreclosure on a hotel property with an acquisition-date fair value of $14.3 million, which was reported as property held for sale[54] - The company recognized a realized loss of $2.3 million from a discounted payoff of a loan during the nine months ended September 30, 2022[51] - The total fair value of net assets acquired during the nine months ended September 30, 2022, was $65,926[53] Interest Rates and Financing - The weighted average interest rate for the Senior Secured Financing Facility was 5.75% as of September 30, 2022[158] - The company reported a total of $482,802,000 in outstanding borrowings across various financing facilities as of September 30, 2022[77] - The company entered into a Note and Warrant Purchase Agreement allowing for the issuance of up to $125.0 million of 12.00% Senior Unsecured Notes, with $42.0 million issued to Oaktree and $8.0 million to MassMutual[73] - The company exercised optional redemption for XAN 2020-RSO8 and XAN 2020-RSO9, paying off all outstanding senior notes from sales proceeds of certain securitization assets[71] - The company reported interest expense paid in cash of $46,999,000 for the nine months ended September 30, 2022, compared to $33,889,000 for the same period in 2021, reflecting a 38.7% increase[35] Economic Conditions and Outlook - The U.S. Federal Reserve raised the Federal Funds rate by 3.00% in five rate hikes between March 2022 and September 2022 to combat inflation[112] - The Company continuously monitors the effects of domestic and global events, including inflation and rising interest rates, on its operations and financial position[112] - The company expects to qualify as a REIT in the current fiscal year, focusing on commercial real estate mortgage loans and equity investments[14] - The company is focused on originating, holding, and managing commercial real estate mortgage loans and equity investments in commercial real estate properties[112] - The anticipated CRE loan originations, CRE debt securitizations, and other CRE-related investments for the year ended December 31, 2022, are projected to be between $600.0 million and $800.0 million[113]