Acres Commercial Realty Corp. is a US-listed company in the mortgage REITs industry. Its financial year ends in December.
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~$13
Valuation models combined (2)
Base case. Range ~$9.0–$22. Weighted average of 2 models (residual income, price-to-book vs peers), the residual income counting double.
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Acres Commercial Realty Corp. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $80m, down 3.4% on a year earlier, a steeper fall than the 1.2% decline a quarter earlier. The diluted share count is down 7.0% on a year earlier, which lifts each remaining share. Our valuation models combined value is $22.10 a share, against a share price of $12.85.
Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Acres Commercial Realty Corp.'s trailing-twelve-month revenue fell 3.4% year on year, with a free-cash-flow margin of 4.1%. Where it stands out: change in share count of -7.0% ranks 1 of 14 mortgage reits companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 79.9% while net income grew 5.7%: a 86pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value Acres Commercial Realty Corp. as a mortgage reit, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.68 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$9.0 ~$3.0–$18 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$22 ~$24–$39 | Included |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | — | Does not apply: no current dividend figure in the company's tagged filings |
| Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$13 ~$9.0–$22 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Acres Commercial Realty Corp. with mortgage REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Acres Commercial Realty's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 0.6% of total assets over 10 years.
Net margin has been a median 16.0%; its worst year was -365.0%.
The diluted share count fell 32.4% over five years; stock-based pay has been a median 4.5% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Next results: November 4, 2026, after the close. Analysts expect revenue of $21m and EPS of $0.12 (range −$0.02 to $0.22) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.24 | +192% | $83m | +4% |
| Next | $1.23 | +411% | $76m | −9% |
Next year's EPS estimate has moved +57.3% in 90 days, across 3 analysts.
The consensus EPS forecast for the current fiscal year is −65.7% on 90 days ago. In the last 30 days, 0 analysts raised Acres Commercial Realty Corp.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.70 | $0.78 |
| 60 days ago | $0.58 | $1.23 |
| 30 days ago | $0.58 | $1.23 |
| 7 days ago | $0.58 | $1.23 |
| Now | $0.24 | $1.23 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.18 | −$0.74 | −518.9% |
| Mar 2026 | $0.04 | $0.02 | −55.6% |
| Dec 2025 | $0.14 | −$0.48 | −451.2% |
| Sept 2025 | $0.01 | $1.01 | +10000.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −34.6%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $83m | $80m | −3.4% |
| Net margin | 24.1% | 26.3% | +9.4% |
| P/E multiple | 8.0x | 4.6x | −42.5% |
| Share count | 8m | 7m | +7.6% |
Biggest factor: p/e multiple.
Last 3 years +78.3%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $89m | $80m | −10.1% |
| P/S multiple | 0.7x | 1.2x | +63.8% |
| Share count | 9m | 7m | +21.1% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| ACR | +4% | −34% | +17% | +68% | +32% | −36% |
| Industry peers (median) | +26% | −21% | +17% | +3% | +6% | −21% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| ACR | 50% | 33% | 50% | 67% | 67% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| ACR | −34% | −45% | −30% | −14% | −30% | −56% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 92% from February 19, 2020 to April 3, 2020. Getting back needed a 1077% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| July 29, 2026 | −2.6% | +0.1% | −18.6% | −22.1% |
| April 30, 2026 | +5.7% | +1.3% | +10.0% | −2.9% |
| March 4, 2026 | +2.2% | +0.1% | +1.0% | +0.5% |
| October 29, 2025 | +9.4% | −1.1% | +14.0% | +11.5% |
| July 30, 2025 | +5.4% | −0.5% | +5.5% | +11.3% |
| April 30, 2025 | −2.8% | +0.7% | −3.4% | −1.3% |
| March 5, 2025 | +1.3% | −0.7% | +7.6% | +1.0% |
| October 30, 2024 | +2.9% | −2.3% | +8.5% | +16.8% |
| July 31, 2024 | +2.6% | +0.2% | +8.2% | +9.0% |
| May 1, 2024 | −2.3% | +0.6% | +2.2% | −6.7% |
| February 28, 2024 | +4.7% | +0.2% | +2.0% | +33.3% |
| November 1, 2023 | +6.9% | +3.0% | +6.2% | +6.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $91.9M |
| FY23 Q4 | $91.1M |
| FY24 Q1 | $88.8M |
| FY24 Q2 | $86.2M |
| FY24 Q3 | $84.5M |
| FY24 Q4 | $83.5M |
| FY25 Q1 | $81.7M |
| FY25 Q2 | $82.7M |
| FY25 Q3 | $81.3M |
| FY25 Q4 | $79.9M |
| FY26 Q1 | $80.8M |
| FY26 Q2 | $79.9M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 36.4% |
| FY23 Q4 | 21.2% |
| FY24 Q1 | 4.1% |
| FY24 Q2 | -3.0% |
| FY24 Q3 | -8.1% |
| FY24 Q4 | -8.4% |
| FY25 Q1 | -8.0% |
| FY25 Q2 | -4.1% |
| FY25 Q3 | -3.7% |
| FY25 Q4 | -4.2% |
| FY26 Q1 | -1.2% |
| FY26 Q2 | -3.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 54.3% |
| FY23 Q4 | 50.0% |
| FY24 Q1 | 44.8% |
| FY24 Q2 | 36.4% |
| FY24 Q3 | 33.2% |
| FY24 Q4 | 23.2% |
| FY25 Q1 | 14.1% |
| FY25 Q2 | 19.8% |
| FY25 Q3 | -1.8% |
| FY25 Q4 | 5.1% |
| FY26 Q1 | 11.9% |
| FY26 Q2 | 4.1% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 52 | 87 | 96 | 109 | 83 | 84 | 70 | 63 | 44 | 55 | 61 | 50 | 50 | 75 | 91 | 83 | 80 | 80 |
| Net income | 6 | 19 | 38 | 64 | 46 | 62 | 17 | −31 | 33 | 7 | 26 | −208 | 34 | 10 | 22 | 29 | 28 | 21 |
| Diluted EPS | $1.50 | $4.92 | $6.36 | $8.52 | $3.93 | $4.08 | −$1.29 | −$5.19 | $0.54 | $0.67 | $2.43 | −$19.33 | $1.85 | −$1.00 | $0.35 | $1.15 | $0.03 | $2.97 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | — | +67.6% | +9.8% | +13.7% | −24.0% | +1.6% | −16.6% | −10.9% | −30.3% | +26.5% | +10.6% | −17.7% | −0.5% | +50.1% | +21.2% | −8.4% | −4.2% | −3.4% |
| Net income | — | +206.8% | +93.9% | +70.9% | −27.9% | +33.8% | −72.4% | −278.0% | — | −79.1% | +267.4% | −912.2% | — | −69.3% | +109.6% | +31.3% | −2.5% | +5.7% |
| Diluted EPS | — | +228.0% | +29.3% | +34.0% | −53.9% | +3.8% | −131.6% | — | — | +24.1% | +262.7% | −895.5% | — | −154.1% | — | +228.6% | −97.4% | +13.7% |
| Margins | ||||||||||||||||||
| Net margin | 12.2% | 22.2% | 39.3% | 59.0% | 56.0% | 73.7% | 24.4% | −48.8% | 76.3% | 12.6% | 41.9% | −413.6% | 67.7% | 13.9% | 24.0% | 34.4% | 35.0% | 26.3% |
| Free-cash-flow margin | — | — | 34.4% | 60.8% | 59.4% | −77.7% | 99.5% | −30.2% | 508.8% | 87.2% | 70.9% | 63.2% | 81.1% | 43.5% | 50.0% | 23.2% | 5.1% | 4.1% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 47 | 21 | 33 | 66 | 50 | −65 | 70 | −19 | 222 | 48 | 43 | 32 | 41 | 33 | 46 | 19 | 4 | 3 |
| Capital spending | — | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | — | — | 33 | 66 | 49 | −65 | 70 | −19 | 222 | 48 | 43 | 32 | 41 | 33 | 46 | 19 | 4 | 3 |
| Stock-based pay | — | 2 | 3 | 5 | 10 | 6 | 2 | 3 | 3 | 3 | 2 | 3 | 2 | 4 | 3 | 3 | 2 | — |
| Free cash flow after stock pay | — | — | 31 | 62 | 39 | −71 | 68 | −22 | 220 | 45 | 41 | 29 | 39 | 29 | 43 | 16 | 2 | — |
| Balance sheet | ||||||||||||||||||
| Cash | 52 | 29 | 43 | 85 | 262 | 80 | 79 | 116 | 181 | 83 | 80 | 29 | 36 | 66 | 83 | 57 | 84 | 41 |
| Total debt | 0 | 0 | 56 | 1,811 | 1,320 | 1,717 | 1,895 | 1,191 | 1,187 | 1,579 | 1,892 | 1,331 | 1,840 | 1,885 | 1,691 | 1,368 | 1,551 | 1,793 |
| Net debt (negative = net cash) | −52 | −29 | 13 | 1,725 | 1,058 | 1,637 | 1,817 | 1,075 | 1,006 | 1,496 | 1,812 | 1,302 | 1,805 | 1,819 | 1,607 | 1,311 | 1,467 | 1,752 |
| Diluted shares | 4m | 4m | 6m | 7m | 10m | 11m | 11m | 10m | 10m | 10m | 11m | 11m | 10m | 9m | 9m | 8m | 7m | 7m |
| Returned to shareholders | ||||||||||||||||||
| Dividends | 33 | 46 | 70 | 74 | 93 | 104 | 90 | 52 | 6 | 11 | 27 | 9 | — | — | — | — | — | — |
| Buybacks | 5 | 0 | 0 | 0 | 0 | 7 | 26 | 9 | 0 | 0 | — | 5 | 18 | 9 | 7 | 8 | 22 | 13 |
| Total returned | 38 | 46 | 70 | 74 | 93 | 111 | 116 | 62 | 6 | 11 | 27 | 14 | 18 | 9 | 7 | 8 | 22 | 13 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 22 | 21 | 17 | 22 | 21 | 20 | 18 | 21 |
| Net income | 3 | 24 | −6 | −1 | 10 | 25 | −1 | −13 |
| Diluted EPS | $0.36 | $0.52 | −$0.80 | −$0.10 | $1.34 | −$0.39 | −$0.16 | −$1.87 |
| Growth (year on year) | ||||||||
| Revenue | −6.9% | −4.5% | −9.4% | +4.5% | −5.9% | −6.5% | +4.8% | −4.1% |
| Net income | −1.6% | +>999% | <−999% | −144.3% | +246.4% | +4.7% | — | — |
| Diluted EPS | +9.1% | +160.0% | <−999% | −147.6% | +272.2% | −175.0% | — | — |
| Margins | ||||||||
| Net margin | 12.6% | 110.4% | −34.5% | −3.3% | 46.5% | 123.7% | −5.7% | −59.7% |
| Free-cash-flow margin | 37.7% | 3.5% | −26.8% | 53.8% | −44.8% | 31.5% | 5.1% | 26.1% |
| Cash flow | ||||||||
| Cash from operations | 8 | 1 | −5 | 12 | −9 | 6 | 1 | 5 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 8 | 1 | −5 | 12 | −9 | 6 | 1 | 5 |
| Stock-based pay | 1 | — | 1 | 1 | 0 | — | 1 | 5 |
| Free cash flow after stock pay | 8 | — | −5 | 11 | −10 | — | 0 | 1 |
| Last 12 months unless stated | ACR | ACRE | TRTX | CMTG | SEVN | CHMI | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $80m | $55m | $142m | $152m | $32m | $31m | $142m |
| Revenue growth, last 12 months | −3.4% | −10.6% | −2.4% | −30.9% | 7.7% | 1.8% | −2.4% |
| Revenue growth, 3-year average | −3.5% | −20.4% | 5.6% | −21.1% | −5.1% | — | −5.1% |
| Revenue growth, latest quarter | −4.1% | 14.3% | −5.1% | −42.5% | 16.6% | −23.5% | 0.9% |
| Net margin | 26.3% | −8.0% | 31.9% | −354.1% | 51.1% | 2.6% | 11.4% |
| Cash from operations / revenue | 4.1% | 27.9% | 59.9% | −4.9% | 57.3% | 138.3% | 27.9% |
| Free-cash-flow margin | 4.1% | 18.0% | 54.7% | −19.3% | 54.0% | — | 24.1% |
| Free-cash-flow margin, 3-year average | 20.1% | 35.0% | 60.7% | 5.2% | 52.3% | — | 35.0% |
| Stock pay / revenue | 2.2% | 6.7% | 6.9% | 5.5% | 5.9% | 0.5% | 4.3% |
| Change in share count | −7.0% | 0.5% | −3.0% | 0.8% | 41.9% | 10.7% | 0.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -3.4% | -2.4% | 8 of 14 |
| Change in growth rate Growth | -2.2pp | +2.3pp | 9 of 14 |
| Net margin Profitability | 26.3% | 11.4% | 6 of 14 |
| Change in share count Balance sheet | -7.0% | 0.5% | 1 of 14 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Eagle Point Credit Management LLC | $20.9M | 1.2M | 38.7% | 0.0% |
| Blackrock, Inc. | $8M | 452K | 14.9% | ▲ 0.4% |
| Vanguard Capital Management LLC | $4.5M | 252K | 8.3% | ▼ 17.3% |
| Nokomis Capital, L.L.C. | $2.6M | 146K | 4.8% | ▼ 22.2% |
| Geode Capital Management, LLC | $2.5M | 140K | 4.6% | ▼ 2.8% |
| Acadian Asset Management LLC | $2.1M | 121K | 4.0% | ▼ 16.3% |
| Mink Brook Asset Management LLC | $1.8M | 102K | 3.3% | ▲ 9.9% |
| State Street Corp | $1.6M | 90K | 2.9% | ▼ 0.6% |
| Punch & Associates Investment Management, Inc. | $1.3M | 72K | 2.4% | New |
| Janney Montgomery Scott LLC | $833,000 | 47K | 1.5% | ▲ 1.2% |
| Northern Trust Corp | $794,146 | 45K | 1.5% | ▼ 30.2% |
| O'Shaughnessy Asset Management, LLC | $746,397 | 42K | 1.4% | ▼ 23.6% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Acres Commercial Realty Corp.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Bryant David J Director | September 10, 2026 | Sell | 1,440 | $13.89 | $20,002 |
| Eagle Point Credit Management Llc 10% owner | August 4, 2026 | Sell | 98 | $21.80 | $2,136 |
| Eagle Point Dif Gp I Llc 10% owner | July 31, 2026 | Sell | 84 | $21.80 | $1,831 |
| Eagle Point Dif Gp I Llc 10% owner | July 30, 2026 | Sell | 908 | $21.80 | $19,794 |
| Eagle Point Credit Management Llc 10% owner | July 29, 2026 | Sell | 2,212 | $21.80 | $48,222 |
| Eagle Point Credit Management Llc 10% owner | July 28, 2026 | Sell | 206 | $21.79 | $4,489 |
| Eagle Point Credit Management Llc 10% owner | July 27, 2026 | Sell | 1,389 | $21.78 | $30,252 |
| Eagle Point Dif Gp I Llc 10% owner | July 24, 2026 | Sell | 1,267 | $21.78 | $27,595 |
| Eagle Point Dif Gp I Llc 10% owner | July 23, 2026 | Sell | 5,234 | $21.79 | $114,049 |
| Eagle Point Dif Gp I Llc 10% owner | July 22, 2026 | Sell | 2,732 | $21.78 | $59,503 |
| Eagle Point Dif Gp I Llc 10% owner | July 16, 2026 | Sell | 389 | $21.82 | $8,488 |
| Eagle Point Dif Gp I Llc 10% owner | July 15, 2026 | Sell | 9 | $21.85 | $197 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around October 28, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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