ACRES Commercial Realty Corp 2026年季度报告

FORM 10-Q (Mark One)☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period ended March 31, 2026 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 stock on May 4, 2026 was 7,131,101 shares. ACRES COMMERCIAL REALTY CORP. AND SUBSIDIARIESINDEX TO QUARTERLY REPORTON FORM 10-Q PAGEPART I3Item 1:Financial Statements3Consolidated Balance Sheets – March 31, 2026 (unaudited) and December 31, 20253Consolidated Statements of Operations (unaudited) for the Three Months Ended March 31, 2026 and 20255Consolidated Statements of Comprehensive Loss (unaudited) for the Three Months Ended March 31, 2026and 20256Consolidated Statements of Changes in Equity (unaudited) for the Three Months Ended March 31, 2026 and20257Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 2026 and 20259Notes to Consolidated Financial Statements – March 31, 2026 (unaudited)10Item 2:Management’s Discussion and Analysis of Financial Condition and Results of Operations42Item 3:Quantitative and Qualitative Disclosures About Market Risk75Item 4:Controls and Procedures77PART II78Item 1:Legal Proceedings78Item 1A:Risk Factors78Item 2:Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities79Item 5:Other Information79Item 6:Exhibits80SIGNATURES85 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 OF COMPREHENSIVE LOSS(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 31,20262025CASH FLOWS FROM OPERATING ACTIVITIES:Net income (loss)$7,528$(730)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:(Reversal of) provision for credit losses, net(967)(1,717)Depreciation, amortization and accretion1,7884,321Amortization of stock-based compensation540815Gain on sale of investment in real estate(3,336)—Equity in (earnings) losses of unconsolidated subsidiaries(245)492Changes in operating assets and liabilities(4,395)(7,745)Net cash provided by (used in) operating activities913(4,564)CASH FLOWS FROM INVESTING ACTIVITIES:Principal fundings of CRE loans(481,899)(26,515)Principal payments received on CRE loans81,451115,940Proceeds from sale of CRE loans29,14031,730Investments in real estate(192)(1,237)Proceeds from sale of investments in real estate20,000—Investments in unconsolidated entities(240)(2,204)Purchases of furniture and fixtures—(54)Principal payments received on loan - due from Manager7575Net cash (used in) provided by invest