Acres Commercial Realty

What Acres Commercial Realty does

ACRES Commercial Realty Corp. (NYSE: ACR) is a publicly traded real estate investment trust (REIT) focused on originating, holding, and managing commercial real estate (CRE) mortgage loans and CRE-related debt investments. The company serves middle-market CRE developers and operators seeking first mortgage financing and equity investments across multifamily, student housing, hospitality, office, and industrial property types in top U.S. markets. Headquartered in Uniondale, New York, the company is externally managed by ACRES Capital, LLC (a subsidiary of ACRES Capital Corp.) and operates with a lean corporate headcount of 1-10 employees, with origination executed through its affiliate's sponsor network.

The company's core product is a $2.2 billion CRE loan portfolio comprising 60 investments (as of Q1 2026), supported by a disciplined underwriting track record evidenced by $4.8 million in realized loan losses on $368 million of troubled loans over five years (a 1.3% loss rate). Capital is sourced through CRE Collateralized Loan Obligation (CLO) securitizations, a $940 million managed facility with JP Morgan Chase Bank (closed March 2025), and preferred equity offerings. In February 2026, the company priced a $1.0 billion CLO (ACRES 2026-FL4) with $879.5 million of non-recourse floating-rate notes issued at SOFR+168 basis points, featuring a 180-day ramp-up and 30-month reinvestment period.

The business model centers on net interest income from the loan portfolio, supplemented by loan origination fees (Q4 2025: $571M originated; Q1 2026: $496M originated) and asset management fees. The company is undergoing a structural transformation via an all-stock merger agreement announced April 30, 2026 to acquire ACRES Capital Corp. and internalize management, expected to close in Q3 2026. This transaction will issue approximately 7.5 million ACR shares, expand AUM from $2.2 billion to $4.7 billion, and result in management owning over 45% of common equity. Q1 2026 revenue was $19.5 million (below the $20.92M analyst estimate) with a GAAP net loss of $1.0 million, and Q4 2025 revenue was $20.3 million with a GAAP net loss of $3.0 million.

Name

Acres Commercial Realty

Legal name

ACRES Commercial Realty Corp.

Website

https://acresreit.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

1–10 employees

Short description

ACRES Commercial Realty Corp. (NYSE: ACR) is a publicly traded REIT that originates and manages commercial real estate mortgage loans for middle-market CRE developers across multifamily, student housing, hospitality, office, and industrial properties in top U.S. markets, operating a $2.2 billion portfolio funded through CLO securitizations and institutional credit facilities.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Lending (Specialty Finance REIT)

NAICS

Real Estate Credit (522292), Other Financial Vehicles (52599)

SIC

Real Estate Investment Trusts (6798), Mortgage Bankers & Loan Correspondents (6162), Investors, Nec (6799)

akta.pro primary industry

Real Estate Private Credit (CRE Debt) (FSANADAG)

akta.pro secondary industries

Commercial Real Estate Asset Management (BPAJAMAB), Real Estate Credit / Debt Funds (FSANAEAJ), SME Commercial Real Estate (CRE) Lending (FSABABAG)

Keywords

• Commercial real estate lending
• Middle-market mortgage loans
• CRE CLO securitization
• Real estate investment trust
• Transitional CRE financing

Headquarters

HQ city

Westbury

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others

Revenue model

1. Net Interest Income: Interest income from commercial real estate mortgage loans in the company's $2.2 billion loan portfolio, net of interest expense on borrowed funds. The company originates first mortgage loans on commercial real estate properties.
2. Loan Origination Fees: Fee income generated from originating new commercial real estate loans. The company originated $496 million in new loans in Q1 2026 and $571 million in Q4 2025.
3. Asset Management Fees: Fee-related income from managing assets under management. Post-internalization, the company will add recurring third-party fee-related income streams from its expanded $4.7 billion AUM.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

ACRES Commercial Realty Corp. is a publicly traded REIT that originates, holds, and manages commercial real estate mortgage loans and CRE-related debt investments targeting middle-market sponsors in top U.S. markets. Its $2.2 billion loan portfolio spans multifamily, student housing, hospitality, industrial, and office property types, funded through CLO securitizations, bank credit facilities, and equity capital. The company is externally managed by ACRES Capital, LLC, with management internalization expected in Q3 2026 via acquisition of ACRES Capital Corp.

Product overview

ACRES Commercial Realty Corp. is a real estate investment trust (REIT) that operates as a single unified financial services platform focused on commercial real estate lending. The company's core offering consists of originating, holding, and managing commercial real estate mortgage loans and equity investments. The product portfolio includes the core CRE mortgage loan business, complemented by two preferred stock series (Series C and Series D) and common stock (NYSE: ACR). The company is externally managed by ACRES Capital, LLC and is undergoing a management internalization transaction expected to close in Q3 2026 that will transition to self-management and expand assets under management from $2.2 billion to $4.7 billion.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Real Estate Mortgage Loans Origination, holding, and management of first-mortgage CRE loans and equity investments in commercial real estate properties, focused on middle-market sponsors across multifamily, student housing, hospitality, industrial, and office properties in top U.S. markets. Portfolio of $2.2 billion across 60 investments as of Q1 2026.
• 8.625% Series C Cumulative Redeemable Preferred Stock Fixed-to-floating rate cumulative redeemable preferred stock with a current dividend rate of 9.59039% (three-month Term SOFR plus 5.927% spread), paying $0.5993994 per share quarterly to investors.
• 7.875% Series D Cumulative Redeemable Preferred Stock Fixed-rate cumulative redeemable preferred stock with a 7.875% dividend rate, paying $0.4921875 per share quarterly to investors.
• Common Stock (NYSE: ACR) Common equity shares of ACRES Commercial Realty Corp. listed on the New York Stock Exchange under ticker symbol ACR, trading at approximately $18.37 with a market capitalization of $131.0 million as of late May 2026.

Quantifiable outcome

• Realized loan losses of only $4.8M on $368M of troubled loans over 5 years (1.3% loss rate)
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core and minor.

• ACRES Capital Corp.coreStrategic or Co-development Partner · 30 April 2026ACRES Capital Corp. is the parent company of ACRES Capital, LLC, which currently serves as the external manager of ACRES Commercial Realty. A definitive merger agreement was announced on April 30, 2026 for ACR to acquire ACC in an all-stock transaction to internalize management and expand AUM from $2.2 billion to $4.7 billion.
• Project DestinedminorStrategic or Co-development Partner · 16 March 2023Strategic partnership announced in March 2023 to mentor underserved students to become the next generation of commercial real estate leaders. This represents ACRES' commitment to diversity and developing future talent in the CRE industry.

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• NewLake Capital Partners: NYSE-listed specialty REIT focused on direct loans to state-licensed cannabis operators secured by CRE. Smaller specialty CRE lender that shares the externally-managed REIT structure and direct origination lending model relevant to ACRES' platform.
• Ladder Capital Corp: NYSE-listed internally-managed REIT that originates and holds CRE first mortgage loans and owns CRE equity investments. Closely comparable product mix (CRE loans plus equity investments) and similar middle-market focus to ACRES.
• Ready Capital Corporation: NYSE-listed mortgage REIT that originates, acquires, and services small balance commercial loans, residential transition loans, and other CRE debt. Overlaps with ACRES in middle-market CRE lending and shares the externally-managed/managed structure historically.
• Blackstone Mortgage Trust: NYSE-listed mortgage REIT that originates and manages senior loans secured by commercial real estate in the U.S. and Europe. Highly comparable business model, scale, and CRE first-mortgage focus to ACRES Commercial Realty.
• TPG RE Finance Trust: NYSE-listed mortgage REIT that originates and acquires senior loans secured by institutional CRE properties in primary U.S. markets. Direct competitor with similar property type focus and floating-rate senior CRE loan product.
• Ares Commercial Real Estate: NYSE-listed specialty finance company focused on originating and managing senior mortgage loans and other CRE-related debt investments. Highly comparable scale, product mix, and middle-market CRE lending focus to ACRES.
• Apollo Commercial Real Estate Finance: NYSE-listed mortgage REIT that originates and acquires senior mortgage loans and other CRE debt investments. Direct competitor in middle-market CRE lending with similar property type diversification and floating-rate funding model.
• KKR Real Estate Finance Trust: NYSE-listed mortgage REIT that originates senior loans secured by institutional-quality CRE in the U.S. Directly comparable origination model and senior CRE loan focus, with KKR sponsorship providing similar capital access.
• Starwood Property Trust: NYSE-listed mortgage REIT focused on CRE senior mortgages, mezzanine loans, and real estate-related debt investments. Operates in the same middle-market CRE lending space with a diversified property type mix closely overlapping ACRES' multifamily, hospitality, and office exposure.
• Granite Point Mortgage Trust: NYSE-listed mortgage REIT focused on senior commercial real estate loans targeting middle-market sponsors in attractive U.S. markets. Closely mirrors ACRES' middle-market CRE lending strategy and sponsor-focused origination approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks1 record

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Acres Commercial Realty