ACRES Commercial Realty Corp 2025年季度报告

FORM10-Q (Mark One)☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period endedMarch 31,2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period from _________ to __________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerginggrowth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☑Non-accelerated filer☐Smaller reporting company☑Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☑No The number of outstanding shares of the registrant’s common stockon May 5, 2025 was7,394,194shares. ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIESINDEX TO QUARTERLY REPORTON FORM 10-Q PAGEPART I3Item 1:Financial Statements3Consolidated Balance Sheets – March 31, 2025 (unaudited) and December 31, 20243Consolidated Statements of Operations (unaudited) for the Three Months Ended March 31, 2025 and 20245Consolidated Statements of Comprehensive (Loss) Income (unaudited) for the Three Months Ended March31, 2025 and 20246Consolidated Statements of Changes in Equity (unaudited) for the Three Months Ended March 31, 2025 and20247Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 2025 and 20249Notes to Consolidated Financial Statements – March 31, 2025 (unaudited)10Item 2:Management’s Discussion and Analysis of Financial Condition and Results of Operations41Item 3:Quantitative and Qualitative Disclosures About Market Risk72Item 4:Controls and Procedures74PART II75Item 1:Legal Proceedings75Item 1A:Risk Factors75Item 2:Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities75Item 5:Other Information75Item 6:Exhibits76SIGNATURES80 ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS - (Continued)(in thousands, except share and per share data) The accompanying notes are an integral part of these statements .ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except share and per share data)(unaudited) ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFCOMPREHENSIVE (LOSS) INCOME(in thousands)(unaudited) The accompanying notes are an integral part of these statements ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(in thousands, except share data)(unaudited) ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - (Continued)(in thousands, except share data)(unaudited) ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited) For the Three Months Ended March 31,20252024CASH FLOWS FROM OPERATING ACTIVITIES:Net (loss) income$(730)$4,924Adjustments to reconcile net (loss) income to net cash (used in) provided by operatingactivities:(Reversal of) provision for credit losses, net(1,717)4,896Depreciation, amortization and accretion4,3211,563Amortization of stock-based compensation815477Gain on conversion of real estate—(5,835)Equity in losses of unconsolidated subsidiaries492—Changes in operating assets and liabilities(7,745)(2,690)Net cash (used in) provided by operating activities(4,564)3,335CASH FLOWS FROM INVESTING ACTIVITIES:Principal fundings of CRE loans(26,515)(11,406)Principal payments received on CRE loans115,94080,770Proceeds from sale of CRE loans31,730—Investments in real estate(1,237)(14,543)Investments in unconsolidated entities(2,204)—Purchases of furniture and fixtures(54)—Principal payments received on loan - due from Manager7550Net cash provided by investing activities117,73554,871CASH FLOWS FROM FINANCING ACTIVITIES:Repurchase of common