$ACR
ACRES Commercial Realty Corp.

2021 Q3 Form 10-Q Financial Statement

#000156459021055325 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2021 Q1
Revenue $12.10M $9.839M $12.70M
YoY Change 4.06% -33.14% -14.91%
Cost Of Revenue $16.23M $20.08M $15.05M
YoY Change 13.37% 44.78% -26.62%
Gross Profit $10.40M $8.460M $12.25M
YoY Change -0.42% -31.83% -107.1%
Gross Profit Margin 85.95% 85.98% 96.49%
Selling, General & Admin $5.536M $5.118M $4.720M
YoY Change -19.65% 56.99% 34.86%
% of Gross Profit 53.25% 60.5% 38.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.053M $6.490M $2.400M
YoY Change 69.61% 260.56% 242.86%
% of Gross Profit 29.37% 76.71% 19.59%
Operating Expenses $6.389M -$4.960M -$590.0K
YoY Change -765.52% -111.01% -102.94%
Operating Profit $4.007M $13.42M $12.84M
YoY Change -64.85% -141.09% -106.67%
Interest Expense $14.53M $18.70M $13.72M
YoY Change 11.52% 49.06% -25.39%
% of Operating Profit 362.72% 139.36% 106.88%
Other Income/Expense, Net -$8.935M $219.0K $1.093M
YoY Change 184.46% -112.73% -100.58%
Pretax Income -$4.928M $13.64M $13.06M
YoY Change -160.39% -140.84% -106.65%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings -$4.928M $13.64M $13.06M
YoY Change -160.4% -140.84% -106.64%
Net Earnings / Revenue -40.74% 138.62% 102.84%
Basic Earnings Per Share -$1.03 $1.04 $1.03
Diluted Earnings Per Share -$1.03 $1.04 $1.03
COMMON SHARES
Basic Shares Outstanding 9.553M 9.712M 10.20M
Diluted Shares Outstanding 9.553M 9.721M 10.21M

Balance Sheet

Concept 2021 Q3 2021 Q2 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.9M $90.81M $71.00M
YoY Change -9.95% 57.37% 65.89%
Cash & Equivalents $109.9M $90.81M $70.99M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $116.6M $98.06M $78.40M
YoY Change -10.7% 48.57% 56.49%
LONG-TERM ASSETS
Property, Plant & Equipment $38.78M $39.12M $39.00M
YoY Change
Goodwill
YoY Change
Intangibles $3.041M $3.210M
YoY Change
Long-Term Investments $26.56M $97.42M $21.10M
YoY Change 77.05% 99.22% -73.22%
Other Assets $32.41M $15.06M $42.90M
YoY Change -26.52% -42.94% -45.56%
Total Long-Term Assets $1.945B $1.718B $1.578B
YoY Change 15.8% -4.05% -22.61%
TOTAL ASSETS
Total Short-Term Assets $116.6M $98.06M $78.40M
Total Long-Term Assets $1.945B $1.718B $1.578B
Total Assets $2.062B $1.816B $1.656B
YoY Change 13.89% -2.18% -20.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.987M $3.110M $3.300M
YoY Change 4.92% -8.53% -23.26%
Accrued Expenses $6.081M $9.479M $5.900M
YoY Change 109.69% 187.24% 156.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.46M $15.79M $11.40M
YoY Change 2.53% 37.31% 25.27%
LONG-TERM LIABILITIES
Long-Term Debt $1.603B $1.345B $1.308B
YoY Change 8.51% -12.41% -24.19%
Other Long-Term Liabilities $1.422M $1.424M $1.500M
YoY Change -11.13% -20.89% -88.55%
Total Long-Term Liabilities $1.604B $1.347B $1.309B
YoY Change 8.49% -12.42% -24.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.46M $15.79M $11.40M
Total Long-Term Liabilities $1.604B $1.347B $1.309B
Total Liabilities $1.618B $1.363B $1.321B
YoY Change 8.44% -12.06% -24.41%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $1.183B $1.183B $1.076B
YoY Change 8.38% -0.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $443.3M $453.0M $335.8M
YoY Change
Total Liabilities & Shareholders Equity $2.062B $1.816B $1.656B
YoY Change 13.89% -2.18% -20.71%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2021 Q1
OPERATING ACTIVITIES
Net Income -$4.928M $13.64M $13.06M
YoY Change -160.4% -140.84% -106.64%
Depreciation, Depletion And Amortization $3.053M $6.490M $2.400M
YoY Change 69.61% 260.56% 242.86%
Cash From Operating Activities $1.850M $14.14M $9.486M
YoY Change -70.16% 19.86% 305.73%
INVESTING ACTIVITIES
Capital Expenditures -$68.00K -$108.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$209.3M -$156.0M $49.10M
YoY Change -252.34% -295.03% -178.31%
Cash From Investing Activities -$209.4M -$156.1M $49.10M
YoY Change -252.39% -295.17% -178.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.519M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 244.1M 134.0M -12.52M
YoY Change -517.96% -203.6% -116.91%
NET CHANGE
Cash From Operating Activities 1.850M 14.14M 9.486M
Cash From Investing Activities -209.4M -156.1M 49.10M
Cash From Financing Activities 244.1M 134.0M -12.52M
Net Change In Cash 36.55M -8.033M 46.07M
YoY Change -57.1% -78.58% 237.03%
FREE CASH FLOW
Cash From Operating Activities $1.850M $14.14M $9.486M
Capital Expenditures -$68.00K -$108.0K $0.00
Free Cash Flow $1.918M $14.25M $9.486M
YoY Change

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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
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CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2021Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2020Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2021Q3 acr Comprehensive Income Loss Net Of Tax Attributable To Preferred Stockholders
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CY2020Q3 acr Comprehensive Income Loss Net Of Tax Attributable To Preferred Stockholders
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acr Comprehensive Income Loss Net Of Tax Attributable To Preferred Stockholders
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acr Comprehensive Income Loss Net Of Tax Attributable To Preferred Stockholders
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CY2021Q3 us-gaap Comprehensive Income Net Of Tax
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CY2020Q3 us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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CY2020Q4 us-gaap Stockholders Equity
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CY2021Q1 acr Amortization Of Terminated Derivatives
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CY2021Q1 us-gaap Stockholders Equity
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CY2021Q2 acr Adjustments To Additional Paid In Capital Proceeds From Issuance Of Preferred Stock
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CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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CY2021Q2 us-gaap Stock Repurchased And Retired During Period Value
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CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2021Q2 us-gaap Profit Loss
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CY2021Q2 acr Distributions And Accrual Of Cumulative Preferred Stock Dividends
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CY2021Q2 acr Amortization Of Terminated Derivatives
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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CY2021Q3 us-gaap Stock Repurchased And Retired During Period Value
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CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2021Q3 us-gaap Profit Loss
ProfitLoss
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CY2021Q3 acr Distributions And Accrual Of Cumulative Preferred Stock Dividends
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CY2021Q3 acr Amortization Of Terminated Derivatives
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CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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498000
CY2020Q1 acr Distributions And Accrual Of Cumulative Preferred Stock Dividends
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CY2020Q1 acr Securities Available For Sale Without An Allowance For Credit Losses Fair Value Adjustment Net
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CY2020Q1 acr Designated Derivatives Fair Value Adjustment
DesignatedDerivativesFairValueAdjustment
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CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2020Q2 us-gaap Profit Loss
ProfitLoss
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CY2020Q2 acr Accrual Of Cumulative Preferred Stock Dividends
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CY2020Q2 acr Designated Derivatives Fair Value Adjustment
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CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q3 acr Adjustments To Additional Paid In Capital Equity Component Of Senior Unsecured Notes
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfSeniorUnsecuredNotes
3108000
CY2020Q3 acr Stock Issued During Period Value Share Based Compensation Adjustment To Additional Paid In Capital
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CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1905000
CY2020Q3 us-gaap Profit Loss
ProfitLoss
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CY2020Q3 acr Accrual Of Cumulative Preferred Stock Dividends
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2588000
CY2020Q3 acr Securities Available For Sale Without An Allowance For Credit Losses Fair Value Adjustment Net
SecuritiesAvailableForSaleWithoutAnAllowanceForCreditLossesFairValueAdjustmentNet
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CY2020Q3 acr Designated Derivatives Fair Value Adjustment
DesignatedDerivativesFairValueAdjustment
467000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
317801000
us-gaap Profit Loss
ProfitLoss
21767000
us-gaap Profit Loss
ProfitLoss
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us-gaap Provision For Loan Lease And Other Losses
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us-gaap Provision For Loan Lease And Other Losses
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us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
11943000
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
4298000
acr Share Based Compensation Nonemployee And Directors
ShareBasedCompensationNonemployeeAndDirectors
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acr Share Based Compensation Nonemployee And Directors
ShareBasedCompensationNonemployeeAndDirectors
3118000
us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
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us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
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acr Fair Value And Other Adjustments On Asset Held For Sale
FairValueAndOtherAdjustmentsOnAssetHeldForSale
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acr Gains Losses On Extinguishment Of Debt Excluding Incurred On Cash Payments
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acr Changes In Operating Assets And Liabilities Operating Activities
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acr Changes In Operating Assets And Liabilities Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
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us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
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us-gaap Proceeds From Sale Of Loans Receivable
ProceedsFromSaleOfLoansReceivable
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
12000000
us-gaap Proceeds From Collection Of Longterm Loans To Related Parties
ProceedsFromCollectionOfLongtermLoansToRelatedParties
200000
us-gaap Payments To Acquire Furniture And Fixtures
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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us-gaap Payments For Repurchase Of Common Stock
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acr Proceeds From Issuance Of Securitization Of Notes Payable
ProceedsFromIssuanceOfSecuritizationOfNotesPayable
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acr Proceeds From Issuance Of Securitization Of Notes Payable
ProceedsFromIssuanceOfSecuritizationOfNotesPayable
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us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
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us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
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acr Proceeds From Warehouse Financing Facilities And Repurchase Agreements
ProceedsFromWarehouseFinancingFacilitiesAndRepurchaseAgreements
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acr Proceeds From Warehouse Financing Facilities And Repurchase Agreements
ProceedsFromWarehouseFinancingFacilitiesAndRepurchaseAgreements
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us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
150000000
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
50000000
acr Payments Of Commercial Real Estate Notes Payable
PaymentsOfCommercialRealEstateNotesPayable
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acr Payments Of Commercial Real Estate Notes Payable
PaymentsOfCommercialRealEstateNotesPayable
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us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
124056000
acr Repayments Of Warehouse Financing Facilities And Repurchase Agreements
RepaymentsOfWarehouseFinancingFacilitiesAndRepurchaseAgreements
284890000
acr Repayments Of Warehouse Financing Facilities And Repurchase Agreements
RepaymentsOfWarehouseFinancingFacilitiesAndRepurchaseAgreements
827684000
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
55736000
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
21182000
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
50000000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
14774000
us-gaap Payments For Proceeds From Derivative Instrument Financing Activities
PaymentsForProceedsFromDerivativeInstrumentFinancingActivities
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
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us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
2588000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q1 acr Fractional Shares Issued In Connection With Reverse Stock Split
FractionalSharesIssuedInConnectionWithReverseStockSplit
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CY2021Q2 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
225000000
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2021Q2 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
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CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2021Q3 acr Cash Balance In Excess Of Federal Deposit Insurance Limit Amount
CashBalanceInExcessOfFederalDepositInsuranceLimitAmount
108400000
CY2020Q4 acr Cash Balance In Excess Of Federal Deposit Insurance Limit Amount
CashBalanceInExcessOfFederalDepositInsuranceLimitAmount
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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;text-indent:6.67%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and within the period of financial results. Actual results could differ from those estimates. Estimates affecting the accompanying consolidated financial statements include but are not limited to the net realizable and fair values of the Company’s investments and derivatives, the estimated useful lives used to calculate depreciation, the expected lives over which to amortize premiums and accrete discounts, reversals of or provisions for expected credit losses and the disclosure of contingent liabilities.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;text-indent:6.67%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, a novel strain of coronavirus (“COVID-19”) was identified. The resulting global proliferation of the virus led the World Health Organization to designate COVID-19 as a pandemic and numerous countries, including the </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.S.</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, to declare national emergencies. Many countries responded to the outbreak by instituting quarantines and restrictions on travel, which resulted in the closure or remote operation of non-essential businesses. Such actions produced material and previously unforeseeable shocks to global markets, disruptions to global supply chains and adversity to many industries and economies as whole. </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">While </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the U.S. and </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">certain countries around the world have eased restrictions and financial markets have stabilized to some degree</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> in connection with the discovery and distribution of vaccines</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, the pandemic</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, exacerbated by virus variants,</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> continues to cause uncertainty on the </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.S. and </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">global econom</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ies</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> generally, and the </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CRE</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> business in particular, that make estimates and assumptions as of</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2021</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> inherently less certain than they would be absent the current and potential impacts of COVID-19.</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available at </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 30, 2021</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. Actual results may ultimately differ from those estimates</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p>
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
109949000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
122105000
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
32406000
CY2020Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
33776000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
142355000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
155881000
acr Investment In Real Estate Right Of Use Asset Useful Life
InvestmentInRealEstateRightOfUseAssetUsefulLife
P66Y3M18D
acr Lease Liabilities Estimated Useful Lives
LeaseLiabilitiesEstimatedUsefulLives
P66Y3M18D
CY2021Q3 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
63000000.0
CY2021Q3 acr Operating Loss Carryforwards Valuation Allowance Tax Expense Impact
OperatingLossCarryforwardsValuationAllowanceTaxExpenseImpact
21200000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;text-indent:6.67%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain reclassifications have been made to the 2020 consolidated financial statements, including the consolidated statement of operations and the consolidated statement of cash flows, to conform to the 2021 presentation. These reclassifications had no effect on net income (loss) reported nor the total change in cash flows for each type of cash flow activity on the consolidated statement of cash flows.</p>
us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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acr Receipt Of Right Of Use Assets Noncash
ReceiptOfRightOfUseAssetsNoncash
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acr Execution Of Operating Lease Noncash
ExecutionOfOperatingLeaseNoncash
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acr Proceeds From Relinquishment Of Investment Securities Available For Sale Non Cash
ProceedsFromRelinquishmentOfInvestmentSecuritiesAvailableForSaleNonCash
369873000
acr Non Cash Repayment Of Repurchase Agreements From Relinquishment Of Investment Securities Available For Sale
NonCashRepaymentOfRepurchaseAgreementsFromRelinquishmentOfInvestmentSecuritiesAvailableForSale
369873000
CY2021Q3 acr Principal Paydowns Receivable
PrincipalPaydownsReceivable
25000000.0
CY2020Q4 acr Principal Paydowns Receivable
PrincipalPaydownsReceivable
4300000
CY2020Q4 acr Operating Lease Liability Excluding Leased Copier Office Liabilities
OperatingLeaseLiabilityExcludingLeasedCopierOfficeLiabilities
3107000
CY2021Q3 acr Liabilities Assumed Cost
LiabilitiesAssumedCost
3113000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3294000
CY2021Q3 acr Assets Acquired Cost
AssetsAcquiredCost
43044000
CY2021Q3 acr Liability Assumed Accumulated Depreciation And Amortization
LiabilityAssumedAccumulatedDepreciationAndAmortization
41000
CY2021Q3 acr Liabilities Assumed Book Value
LiabilitiesAssumedBookValue
3072000
CY2020Q4 acr Liabilities Assumed Cost
LiabilitiesAssumedCost
3113000
CY2021Q3 acr Assets Acquired Accumulated Depreciation And Amortization
AssetsAcquiredAccumulatedDepreciationAndAmortization
1675000
CY2021Q3 acr Assets Acquired
AssetsAcquired
41369000
CY2020Q4 acr Liability Assumed Accumulated Depreciation And Amortization
LiabilityAssumedAccumulatedDepreciationAndAmortization
6000
CY2020Q4 acr Liabilities Assumed Book Value
LiabilitiesAssumedBookValue
3107000
CY2021Q3 acr Assets Acquired And Liabilities Assumed Cost
AssetsAcquiredAndLiabilitiesAssumedCost
39931000
CY2021Q3 acr Assets Acquired And Liabilities Assumed Net
AssetsAcquiredAndLiabilitiesAssumedNet
38297000
CY2020Q4 acr Assets Acquired And Liabilities Assumed Cost
AssetsAcquiredAndLiabilitiesAssumedCost
39755000
CY2020Q4 acr Assets Acquired And Liabilities Assumed Net
AssetsAcquiredAndLiabilitiesAssumedNet
39585000
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
180000
CY2021Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
1845688000
CY2021Q3 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
19898000
CY2020Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
1541992000
CY2020Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
11443000
CY2021Q3 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
0
CY2020Q3 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
0
CY2021Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
34104000
CY2021Q3 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1305000
CY2021Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
32799000
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
33929000
CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
123000
CY2020Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
33806000
CY2021Q3 acr Operating Lease Right Of Use Asset Cost
OperatingLeaseRightOfUseAssetCost
5603000
CY2021Q3 acr Operating Lease Right Of Use Asset Accumulated Depreciation And Amortization
OperatingLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
74000
CY2021Q3 acr Operating Lease Right Of Use Asset Excluding Leased Copier Office Assets
OperatingLeaseRightOfUseAssetExcludingLeasedCopierOfficeAssets
5529000
CY2020Q4 acr Operating Lease Right Of Use Asset Cost
OperatingLeaseRightOfUseAssetCost
5603000
CY2020Q4 acr Operating Lease Right Of Use Asset Accumulated Depreciation And Amortization
OperatingLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
11000
CY2020Q4 acr Operating Lease Right Of Use Asset Excluding Leased Copier Office Assets
OperatingLeaseRightOfUseAssetExcludingLeasedCopierOfficeAssets
5592000
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3337000
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
296000
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3041000
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3336000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
42000
CY2020Q4 acr Assets Acquired Cost
AssetsAcquiredCost
42868000
CY2020Q4 acr Assets Acquired Accumulated Depreciation And Amortization
AssetsAcquiredAccumulatedDepreciationAndAmortization
176000
CY2020Q4 acr Assets Acquired
AssetsAcquired
42692000
CY2021Q3 acr Operating Lease Liability Cost
OperatingLeaseLiabilityCost
3113000
CY2021Q3 acr Operating Lease Liabilities Accumulated Depreciation And Amortization
OperatingLeaseLiabilitiesAccumulatedDepreciationAndAmortization
41000
CY2021Q3 acr Operating Lease Liability Excluding Leased Copier Office Liabilities
OperatingLeaseLiabilityExcludingLeasedCopierOfficeLiabilities
3072000
CY2020Q4 acr Operating Lease Liability Cost
OperatingLeaseLiabilityCost
3113000
CY2020Q4 acr Operating Lease Liabilities Accumulated Depreciation And Amortization
OperatingLeaseLiabilitiesAccumulatedDepreciationAndAmortization
6000
CY2020 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
5000
CY2021Q3 us-gaap Ground Leases Net
GroundLeasesNet
3100000
CY2020Q4 us-gaap Ground Leases Net
GroundLeasesNet
3100000
CY2021Q3 us-gaap Below Market Lease Net
BelowMarketLeaseNet
2500000
CY2020Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
2500000
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
94000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
282000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
375000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
375000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
355000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
210000
CY2021Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
210000
CY2021Q3 acr Non Acquired Operating Lease Right Of Use Asset
NonAcquiredOperatingLeaseRightOfUseAsset
455000
CY2021Q3 acr Non Assumed Operating Lease Liability
NonAssumedOperatingLeaseLiability
488000
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y9M18D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1065
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
24000
us-gaap Operating Lease Cost
OperatingLeaseCost
50000
CY2021Q3 acr Non Assumed Operating Lease Liability
NonAssumedOperatingLeaseLiability
488000
acr Debt Instrument Maturity Date Free Form
DebtInstrumentMaturityDateFreeForm
P9Y10M24D
CY2021Q3 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
1871981000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0
acr Debt Securities Available For Sale Loss
DebtSecuritiesAvailableForSaleLoss
186100000
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1619906000
CY2021Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
17304000
CY2021Q3 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0262
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1330985000
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
26258000
CY2020Q4 us-gaap Notes Payable
NotesPayable
1304727000
CY2020Q4 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0283
CY2020 acr Debt Instrument Maturity Date Free Form
DebtInstrumentMaturityDateFreeForm
P13Y
CY2020Q4 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
1537573000
CY2021Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
358061000
CY2021Q3 us-gaap Securities Loaned Fair Value Of Collateral
SecuritiesLoanedFairValueOfCollateral
639479000
CY2020Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
41572000
CY2020Q4 us-gaap Securities Loaned Fair Value Of Collateral
SecuritiesLoanedFairValueOfCollateral
259385000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
1619906000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
320515000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
88014000
CY2021Q3 acr Long Term Debt Maturing In Year Four And After
LongTermDebtMaturingInYearFourAndAfter
1211377000
acr Common Shares Repurchased Cost
CommonSharesRepurchasedCost
14700000
acr Common Shares Repurchased Cost
CommonSharesRepurchasedCost
20000000.0
acr Common Shares Repurchased
CommonSharesRepurchased
1100000
acr Common Shares Repurchased
CommonSharesRepurchased
1607382
CY2021Q3 us-gaap Profit Loss
ProfitLoss
-4928000
CY2020Q3 us-gaap Profit Loss
ProfitLoss
8159000
us-gaap Profit Loss
ProfitLoss
21767000
us-gaap Profit Loss
ProfitLoss
-221762000
CY2021Q3 acr Comprehensive Income Loss Net Of Tax Attributable To Preferred Stockholders
ComprehensiveIncomeLossNetOfTaxAttributableToPreferredStockholders
4877000
CY2020Q3 acr Weighted Average Number Of Warrants Outstanding
WeightedAverageNumberOfWarrantsOutstanding
314492
acr Weighted Average Number Of Warrants Outstanding
WeightedAverageNumberOfWarrantsOutstanding
466661
acr Weighted Average Number Of Warrants Outstanding
WeightedAverageNumberOfWarrantsOutstanding
105596
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9553412
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10964604
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9818138
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10692743
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1682
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
18465
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9553412
acr Common Shares Repurchased Cost
CommonSharesRepurchasedCost
0
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
4900000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y8M12D
CY2020Q3 acr Comprehensive Income Loss Net Of Tax Attributable To Preferred Stockholders
ComprehensiveIncomeLossNetOfTaxAttributableToPreferredStockholders
2588000
acr Comprehensive Income Loss Net Of Tax Attributable To Preferred Stockholders
ComprehensiveIncomeLossNetOfTaxAttributableToPreferredStockholders
11033000
acr Comprehensive Income Loss Net Of Tax Attributable To Preferred Stockholders
ComprehensiveIncomeLossNetOfTaxAttributableToPreferredStockholders
7763000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9805000
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
5571000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10734000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-229525000
CY2021Q3 acr Weighted Average Number Of Common Shares Outstanding Basic
WeightedAverageNumberOfCommonSharesOutstandingBasic
9086751
CY2020Q3 acr Weighted Average Number Of Common Shares Outstanding Basic
WeightedAverageNumberOfCommonSharesOutstandingBasic
10650112
acr Weighted Average Number Of Common Shares Outstanding Basic
WeightedAverageNumberOfCommonSharesOutstandingBasic
9351477
acr Weighted Average Number Of Common Shares Outstanding Basic
WeightedAverageNumberOfCommonSharesOutstandingBasic
10587147
CY2021Q3 acr Weighted Average Number Of Warrants Outstanding
WeightedAverageNumberOfWarrantsOutstanding
466661
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10966286
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9836603
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10692743
CY2021Q1 acr Cash Proceeds From Sale Of Fixed Rate Commercial Real Estate Loans
CashProceedsFromSaleOfFixedRateCommercialRealEstateLoans
4800000
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.03
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-21.47
acr Reit Required Taxable Income Distribution Percentage
REITRequiredTaxableIncomeDistributionPercentage
0.90
acr Reit Taxable Income Distribution For Exempt Federal Income Taxes Percentage
REITTaxableIncomeDistributionForExemptFederalIncomeTaxesPercentage
1
CY2021Q3 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
320465000
CY2021Q3 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
0
CY2021Q3 acr Securities Sold Under Agreements To Repurchase Amount Not Offset Against Collateral
SecuritiesSoldUnderAgreementsToRepurchaseAmountNotOffsetAgainstCollateral
320465000
CY2021Q3 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Securities
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities
320465000
CY2021Q3 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
0
CY2021Q3 us-gaap Securities Sold Under Agreements To Repurchase Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
SecuritiesSoldUnderAgreementsToRepurchaseOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase Gross
SecuritiesSoldUnderAgreementsToRepurchaseGross
12258000
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase Asset
SecuritiesSoldUnderAgreementsToRepurchaseAsset
0
CY2020Q4 acr Securities Sold Under Agreements To Repurchase Amount Not Offset Against Collateral
SecuritiesSoldUnderAgreementsToRepurchaseAmountNotOffsetAgainstCollateral
12258000
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Securities
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities
12258000
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase Collateral Right To Reclaim Cash
SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash
0
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
SecuritiesSoldUnderAgreementsToRepurchaseOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0
CY2021Q3 us-gaap Securities Sold Under Agreements To Repurchase Fair Value Of Collateral
SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral
421600000
CY2020Q4 us-gaap Securities Sold Under Agreements To Repurchase Fair Value Of Collateral
SecuritiesSoldUnderAgreementsToRepurchaseFairValueOfCollateral
20000000.0
CY2021Q3 us-gaap Litigation Reserve
LitigationReserve
0
CY2020Q4 us-gaap Litigation Reserve
LitigationReserve
0

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