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ACRES Commercial Realty Corp. (ACR) is a Maryland-based real estate investment trust (REIT) specializing in originating, holding, and managing commercial real estate (CRE) mortgage loans and equity investments in CRE properties. The company primarily targets the middle market segment of CRE lending across the United States, focusing on property types such as multifamily, student housing, hospitality, office, and industrial properties. ACR generates income through interest-bearing assets, rental income from equity investments, and other real estate-related activities.
- Commercial Real Estate (CRE) Loans - Provides transitional floating-rate loans, including first mortgage loans, A-notes, B-notes, and mezzanine loans, secured by CRE properties.
- Real Estate Income - Generates rental income from direct equity investments in commercial real estate properties.
- Other Revenue - Includes miscellaneous income sources related to real estate operations.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Eldron C. Blackwell Executive | Senior Vice President, Chief Financial Officer, and Treasurer | Board Chair at Freire Schools Collaborative; Board Member at Resources for Human Development | Joined ACR in 2014; previously Chief Accounting Officer; extensive experience in accounting and financial reporting. | |
Jaclyn A. Jesberger Executive | Chief Legal Officer, Senior Vice President, and Secretary | None | Joined ACR in 2020; extensive legal experience in real estate finance, including roles at ACRES Capital, Arbor Commercial Mortgage, and Credit Suisse LLC. | |
Linda M. Kilpatrick Executive | Vice President, Chief Accounting Officer, and Controller | None | Joined ACR in 2010; promoted to Chief Accounting Officer in 2024; CPA with prior experience at Independence Blue Cross and Grant Thornton LLP. | |
Mark S. Fogel Executive | President and Chief Executive Officer | None | Co-founded ACRES Capital in 2012; extensive experience in commercial real estate finance, including leadership roles at UC Funds and Arbor Realty Trust. | View Report → |
Andrew Fentress Board | Chairman of the Board | Managing Partner at ACRES Capital Corp. | Over 25 years of experience in finance and investment management; previously Managing Director at Napier Park Global Capital and Founding Partner at Medley Capital. | |
Dawanna Williams Board | Director | Founder and Managing Principal of Dabar Development Partners; Director at Compass, Inc.; Director at FocusImpact Acquisition Corp.; Director at Ares Industrial Real Estate Income Trust; Board Member at Apollo Theater | Over 20 years of experience in real estate development and investment; serves on multiple boards, including Compass, Inc., and Apollo Theater. | |
Gary Ickowicz Board | Director | Managing Partner of IR Capital LLC; Director at Grant Street Settlement; Director at NCC/Neumann | Extensive experience in real estate finance; previously Managing Principal at Lazard Freres Real Estate Investors and Director of Lazard Freres' real estate investment banking unit. | |
Karen Edwards Board | Director | Partner at Boyden Global Executive Search; Board Member at Darden School (University of Virginia); Member of Women Corporate Directors | Extensive experience in investment banking, financial services, and strategic consulting; public company director for over 13 years. | |
Murray S. Levin Board | Director | Senior Counsel at Troutman Pepper; Board Member of various charitable, educational, and legal entities | Longstanding legal career; past president of the American Chapter of the Union Internationale des Avocats and member of its board of governors. | |
P. Sherrill Neff Board | Director | Executive Chairman at Homestead Smart Health Plans; Founding Partner at Quaker Partners; Board Member of a Quaker Partners portfolio company | Extensive experience in investments, operations, and finance; principal or officer of a venture fund and various public companies. | |
Steven J. Kessler Board | Director | Founding Co-Managing Member of RSR SC LLC; Member of multiple entities under the EB-5 Immigrant Investor Program | Former CFO and Chairman of ACR; extensive financial and real estate expertise, including roles at Resource America, Inc., and Kravco Company. |
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With 11 loans rated 4 or 5, representing 23% of your loan portfolio, can you provide more detail on the specific challenges these assets are facing, and what strategies you're implementing to mitigate risks and improve credit quality?
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Given the decrease in Earnings Available for Distribution (EAD) from $0.51 to $0.24 per share this quarter, can you elaborate on the factors contributing to this decline and how you plan to stabilize and grow EAD moving forward?
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As your current CLOs are paying down and you're considering issuing new ones, how do you anticipate the changes in financing costs and market conditions will impact your ability to achieve target returns and ROEs on new investments?
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Considering the significant net decrease of $134.4 million in your loan portfolio due to payoffs and foreclosures, how do you plan to effectively redeploy capital amidst current market conditions to prevent further portfolio contraction?
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Regarding your monetization strategy for the REO assets, particularly the student housing asset near Florida State University, what risks do you foresee that could impact your ability to realize the expected gains, and how are you addressing them to ensure positive outcomes for shareholders?
Recent developments and announcements about ACR.
Earnings
New Earnings (Q4 2024)
·8 days agoView full earnings summary →ACR projects expanding its $1.5B loan portfolio to $1.8-$2B by year-end, driven by robust multifamily, hospitality, and self-storage deals. Gains from REO exits may fuel book value, but heavier payoffs on top-rated loans signal a higher-risk tilt. Management remains cautious.