Eldron Blackwell
About Eldron Blackwell
Eldron C. Blackwell, age 46, is Senior Vice President and Chief Financial Officer of ACRES Commercial Realty Corp. (ACR) since January 2024; he previously served as Vice President and Chief Accounting Officer from March 2014 to December 2023 and is an inactive Certified Public Accountant . Company performance context: ACR’s Total Shareholder Return (TSR) on a $100 base was $45.58 in 2024 versus $114.71 for its peer group; 2024 Net Income was $28.7 million and Earnings Available for Distribution (EAD) was $10.9 million . As an externally managed REIT, ACR reimburses its Manager for the CFO’s compensation, and equity incentives are granted only upon achieving book value targets, with no NEO equity grants for 2022–2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| ACRES Commercial Realty Corp. | Vice President & Chief Accounting Officer | Mar 2014 – Dec 2023 | Not disclosed |
| New Penn Financial, LLC | Assistant Controller | Mar 2013 – Mar 2014 | Not disclosed |
| Grant Thornton LLP | Senior Manager, Audit | Sep 2001 – Mar 2013 | Not disclosed |
External Roles
| Organization | Role | Years/Status | Notes |
|---|---|---|---|
| Freire Schools Collaborative | Board Chair | Current | Governance/education role outside ACR |
| Crane Harbor Acquisition Corp. | Director nominee | Current (nominee) | SPAC board nominee |
Fixed Compensation
| Year | Base Salary ($) | All Other Compensation ($) | Notes |
|---|---|---|---|
| 2024 | 260,000 | 13,800 | CFO comp paid by Manager; ACR reimburses; all other comp reflects 401(k) match |
| 2023 | 212,850 | 8,462 | For service as Chief Accounting Officer (pre-CFO) |
| 2022 | 198,000 | 7,804 | For service as Chief Accounting Officer |
| 2021 | 200,000 | 6,904 | For service as Chief Accounting Officer |
Performance Compensation
Annual Cash Bonus (Actuals)
| Year | Target Bonus % | Actual Bonus ($) | Notes |
|---|---|---|---|
| 2024 | Not disclosed | 95,000 | Reimbursed to Manager under management agreement |
| 2023 | Not disclosed | 94,050 | For service as Chief Accounting Officer |
| 2022 | Not disclosed | 91,080 | For service as Chief Accounting Officer |
| 2021 | Not disclosed | 142,000 | For service as Chief Accounting Officer |
Equity Awards and Vesting
- No restricted stock or stock option grants to NEOs for 2024; no stock options granted during 2024; NEOs also did not receive restricted stock for 2023 or 2022 .
- Historical time-based restricted stock vesting schedule prior to the ACRES transaction: 33.33% per year over three years; post-transaction, equity awards (when granted) are tied to performance parameters using book value and are subject to a four-year vesting period .
Company Performance Equity Framework (Post-ACRES Transaction)
| Performance Metric | Thresholds | Payout Vehicle | Allocation | Vesting |
|---|---|---|---|---|
| Book Value per Share | $21, $24, $27, $30, $33, $36 | Up to 333,333 restricted shares at each threshold | 10% to independent directors (excluding Messrs. Fentress and Fogel); remainder to Manager | 4-year vesting |
| Status/History | Achieved $24 threshold (May 2022) and $27 threshold (May 2024); awards issued per framework | As above | As above | As above |
Pay vs Performance Linkage (Company-Selected Metrics for 2024)
| Primary Measures Used | Description |
|---|---|
| EAD, Book Value, Production | Identified as the most important performance measures linking compensation actually paid to performance in 2024 |
Equity Ownership & Alignment
| Security | Beneficial Ownership | % of Shares Outstanding | Notes |
|---|---|---|---|
| Common Stock | 5,432 shares | <1% | Includes unvested restricted stock in totals per SEC beneficial ownership rules |
| Preferred Stock – Series D | 220 shares | <1% of Series D | As of April 9, 2025 |
| Options | Not disclosed; no options granted in 2024 | — | No stock options granted during 2024 |
| Pledging/Hedging | Prohibited (exceptions require prior CLO approval) | — | Company states all directors/officers are in compliance |
| Ownership Guidelines | Not disclosed | — | — |
Employment Terms
- Appointment and Role: CFO since January 1, 2024; previously VP & Chief Accounting Officer (Mar 2014–Dec 2023) .
- Employment Agreements/Severance: No employment or severance agreements with any NEOs; company is not obligated to make termination payments; unvested equity forfeited upon termination (except death/disability) unless Compensation Committee approves otherwise; cause triggers forfeiture .
- Clawback: Policy effective December 1, 2023; requires recovery of erroneously awarded incentive-based compensation from current/former executive officers and the Manager if a restatement is required; administered by Compensation Committee .
- Anti-hedging/Anti-pledging: Prohibits hedging, short selling, options trading, margin accounts, and pledging (limited exceptions with prior approval) .
- External Management: ACR is externally managed; ACR reimburses the Manager for the CFO’s wages/salary/benefits; CFO must be fully dedicated to ACR under the Management Agreement .
- Management Agreement Term: Current term ends July 31, 2025, with automatic one-year renewals; includes 1.5% base management fee on equity and an incentive fee linked to EAD over a 7% book value hurdle; no incentive fees earned in 2024 .
Investment Implications
- Pay-for-performance alignment: Blackwell’s cash compensation is modest and largely fixed-plus-bonus, with no NEO equity grants in 2022–2024, limiting direct equity alignment; equity awards are performance-triggered at company-level book value thresholds and vest over four years, with awards primarily to the Manager and independent directors, not directly to NEOs .
- Selling pressure and pledging risk: Absence of recent NEO equity grants and a strict anti-hedging/anti-pledging policy reduce near-term insider selling and pledging risk; the company reports compliance with these policies .
- Retention and severance dynamics: No employment or severance agreements and forfeiture of unvested equity upon termination can reduce change-of-control costs but may elevate retention risk if market demand for CFO talent increases .
- Ownership “skin in the game”: Blackwell’s direct common stock ownership is small (<1%), suggesting limited direct exposure to share price movements; however, role tenure since 2014 and CFO dedication under the management contract provide continuity .
- Performance backdrop: 2024 TSR lagged peer group ($45.58 vs. $114.71 on a $100 base), though Net Income and EAD were positive; continued improvement in book value and EAD are key levers for future performance-based equity issuance and broader incentive alignment .