Summary
ACR Chart
ACRES Commercial Realty: Book Value Expands As Buybacks Shrink Outstanding Shares
ACRES Commercial Realty grew its book value by $1.70 per share sequentially to $29.63 during the third quarter, with the common currently swapping hands at a 20.42% discount. The mREIT bought back 153,000 common shares at a 36% discount to book value during the third quarter, with $2.5 million left on its buyback program. Shareholders in the Series C Preferreds are earning a current yield of 10.15% with these trading at a small 0.8% premium to their liquidation value.
ACRES Commercial Realty Corp. (ACR) Q3 2025 Earnings Call Transcript
ACRES Commercial Realty Corp. ( ACR ) Q3 2025 Earnings Call October 30, 2025 10:00 AM EDT Company Participants Kyle K. Brengel Mark Fogel - President, CEO & Director Eldron Blackwell - CFO & Senior VP Andrew Fentress Conference Call Participants Matthew Erdner - JonesTrading Institutional Services, LLC, Research Division Christopher Muller - Citizens JMP Securities, LLC, Research Division Presentation Operator Good day, ladies and gentlemen, and welcome to the Third Quarter 2025 ACRES Commercial Realty Corp. Earnings Conference Call.
ACRES Commercial Realty: Buybacks And A 25% Discount To Book Value
ACRES Commercial Realty reported second-quarter book value per share that dipped by 57 cents sequentially. The common shares are trading at a 25% discount to book value. The mREIT bought back $5.1 million of shares at a roughly 33% discount during the second quarter. There is just over $5 million of capacity left in the buyback program. I expect ACR to expand the program against management's objective to continue to book value.
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Acres Commercial Realty Corp. Profile
| Mortgage Real Estate Investment Trusts (REITs) Industry | Financials Sector | Mark Steven Fogel CEO | NYSE Exchange | 30068N105 CUSIP |
| US Country | 4 Employees | 28 Apr 2020 Last Dividend | 17 Feb 2021 Last Split | - IPO Date |
Overview
ACRES Commercial Realty Corp. operates as a Real Estate Investment Trust (REIT) concentrating on the origination, holding, and management of commercial real estate mortgage loans and other related debt investments within the United States. As a REIT, ACRES Commercial Realty Corp. is primarily engaged in investing in a diverse portfolio of commercial real estate assets. For federal income tax purposes, the company is structured to qualify as a REIT, which allows it to avoid federal corporate income taxes on the condition that it distributes at least 90% of its taxable income to its shareholders. Originally known as Exantas Capital Corp., the entity underwent a name change to ACRES Commercial Realty Corp. in February 2021. Incorporated in 2005, its headquarters are located in Uniondale, New York.
Products and Services
ACRES Commercial Realty Corp. offers a wide range of investment products and services centered around commercial real estate, including:
- Floating and Fixed Rate First Mortgage Loans: These are primary commercial mortgage loans with interest rates that can either be fixed for the duration of the loan term or can fluctuate in accordance with the prevailing market rates.
- First Priority Interests in First Mortgage Loans: This refers to investments that have top priority over other financial obligations in the event of a borrower’s default, ensuring the highest form of security interest in mortgage lending.
- Subordinated Interests in First Mortgage Loans: Contrary to first priority interests, these are investments in mortgage loans where the holder's claims are ranked below that of senior debt holders in the event of default.
- Mezzanine Debt: Representing a form of subordinate debt, mezzanine financing typically gives the lender the rights to convert to an ownership or equity interest in the company in case of default, after senior debt holders are paid.
- Preferred Equity Investments: These are equity investments in commercial real estate projects granting investors preference in earnings and upon liquidation, potentially offering a higher yield in exchange for taking on more risk compared to traditional equity.
- Commercial Mortgage-Backed Securities (CMBS): These are securities backed by mortgages on commercial properties rather than residential real estate. Investors in CMBS lend money to the issuer, who then loans it to real estate owners.
- Commercial Real Estate Equity and Preferred Equity Investments: Direct investments in the equity or preferred equity layers of commercial real estate, offering varying degrees of risk and return potential based on the structure of the investment and the underlying properties.
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