ACRES Commercial Realty(US:ACR)2023-08-03 20:20Financial 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]