Linda Kilpatrick
About Linda Kilpatrick
Linda M. Kilpatrick, age 52, is Vice President, Chief Accounting Officer and Controller of ACRES Commercial Realty Corp. (ACR) since January 1, 2024; she previously served as Controller (October 2017–2023) and Division Controller (2014–2017), is a Certified Public Accountant, and earlier held accounting/audit roles at Independence Blue Cross and Grant Thornton LLP . Company performance metrics disclosed for pay-versus-performance include 2024 Total Shareholder Return (TSR) of 45.58 (value of $100 investment), GAAP net income of $28.695 million, and Earnings Available for Distribution (EAD) of $10.941 million .
Past Roles
| Organization | Role | Years | Strategic impact / notes |
|---|---|---|---|
| ACRES Commercial Realty Corp. | Vice President, Chief Accounting Officer and Controller | 2024–present | Senior accounting leadership; officer capacity |
| ACRES Commercial Realty Corp. | Controller | 2017–2023 | Corporate controller responsibilities |
| ACRES Commercial Realty Corp. | Division Controller | 2014–2017 | Division-level controllership |
| Independence Blue Cross | Accounting and Reporting Manager | 2010–2014 | Financial reporting and accounting management |
| Grant Thornton LLP | Manager, Audit practice | 2004–2010 | External audit leadership and assurance experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Freire Charter School | Treasurer, Board | Ongoing | Financial oversight for non-profit board |
| TECH Freire Charter School | Treasurer, Board | Ongoing | Financial oversight for non-profit board |
Fixed Compensation
| Metric | FY 2024 |
|---|---|
| Base salary | $200,000 |
| Target bonus % | Not disclosed (Manager discretion; no formula) |
| Actual bonus paid | $50,000 (earned for year indicated) |
| All other compensation | $18,178 (includes $10,002 401(k) match; $4,600 parking; $3,576 tuition) |
Notes: For reimbursed executive compensation, amounts represent salary/bonus earned for the year and may not have been paid in full in that year .
Performance Compensation
| Incentive type | Metric linkage | Target | Actual/payout | Vesting |
|---|---|---|---|---|
| Annual cash bonus (2024) | Discretionary; Manager considers individual contributions and company performance; no specific matrix/formula | Not disclosed | $50,000 (earned for 2024) | N/A |
| Equity awards to NEOs (2024) | N/A | N/A | No restricted stock/options granted to NEOs in 2024 | N/A |
Performance measures used by ACR for Item 402(v) pay-versus-performance disclosure: EAD (company-selected metric), Book Value, and Production . Company equity issuance policy ties grants to book value thresholds ($21, $24, $27, $30, $33, $36) with four-year vesting; awards in May 2022 (BV $24) and May 2024 (BV $27) were made primarily to the Manager and to independent directors, not to NEOs .
Equity Ownership & Alignment
| Ownership item | Amount | Notes |
|---|---|---|
| Common shares beneficially owned (as of April 9, 2025) | 1,413 | Includes any unvested restricted stock because holders may vote/receive dividends; <1% of outstanding |
| Preferred shares | 220 (Series D) | <1% of outstanding |
| Stock options | None disclosed; no options granted in 2024 | Company reported no stock option grants in 2024 |
| Pledging/hedging | Prohibited (with limited exceptions subject to approval); management states compliance | Anti-hedging and anti-pledging policy; to company’s knowledge, all are in compliance |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment agreements / severance | ACR has no employment or severance agreements with NEOs; generally, upon termination (other than death/disability), all unvested stock awards are forfeited unless the Compensation Committee approves otherwise |
| Change-of-control economics | Not specifically disclosed for NEOs in the proxy; equity forfeiture terms as above |
| Clawback | Policy for the Recovery of Erroneously Awarded Compensation effective Dec 1, 2023 (SEC Rule 10D-1/NYSE-aligned), administered by the Compensation Committee |
| Non-compete / non-solicit | Not disclosed in proxy for NEOs |
| Management structure | Externally managed under a Management Agreement; the Manager sets base salary and cash incentives; ACR reimburses the CFO fully and a portion of the CAO (Kilpatrick) and CLO compensation based on time allocation, subject to Compensation Committee approval of allocated portions |
| Say-on-Pay support | ~83% approval at 2024 annual meeting |
Investment Implications
- Pay mix and alignment: Kilpatrick’s compensation is predominantly fixed cash with a modest discretionary cash bonus and no direct equity grants in 2022–2024; equity alignment at the company is chiefly via book value-triggered restricted stock issued to the Manager and independent directors with four-year vesting, not to NEOs, which dilutes direct pay-for-performance linkage at the individual NEO level .
- Insider selling pressure: Direct holdings are small (1,413 common shares and 220 Series D preferred; <1%), and the company reported no stock option grants in 2024, implying minimal personal selling pressure from option exercises or large vesting events for Kilpatrick .
- Retention risk: Absence of employment/severance agreements and standard forfeiture of unvested equity on termination (if any) reduce embedded retention economics; however, as an externally managed REIT, base pay/bonus is set and paid by the Manager (with partial reimbursement), which can support continuity independent of company-level equity grants .
- Governance protections: Anti-hedging/pledging policy and a formal clawback adopted in late 2023 reinforce governance standards; Say-on-Pay passed with ~83% support in 2024, signaling shareholder acceptance of the externally managed structure and pay design .
- Company performance context: ACR’s 2024 TSR was 45.58 (value of $100 investment), with GAAP net income of $28.695 million and EAD of $10.941 million; the company emphasizes EAD, Book Value, and Production in its pay-versus-performance framework, aligning incentives with capital formation and book value growth over time .
Sources: 2025 DEF 14A (filed April 11, 2025) and cited sections; additional context from ACR’s equity award program and director grants in 2024 as disclosed in the proxy .