Cash flow quality is obscured by non-cash accounting adjustments, evidenced by an FFO-to-Net Income ratio that swung to 8.36 in 2025Q1, while FCF margins dropped to -17.4% in 2025Q3.
ACRES Commercial Realty Corp. (ACR) cash flow statement — 21-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | 3.29M | 4.1M | 19.39M | 45.61M | 32.7M | 40.59M | 31.81M | 43.33M | 48.21M | 220.8M | 41.81M | 70M | -69.59M | 68.42M | 41M | 33.04M | 20.53M | 46.62M | 50.95M | 23.38M | 12.87M | -14.22M |
| Operating CF Growth % | 588.99% | -78.84% | -57.5% | 39.49% | -19.45% | 27.61% | -26.59% | -10.11% | -78.17% | 428.06% | -40.26% | 200.58% | -201.71% | 66.89% | 24.09% | 60.89% | -55.96% | -8.49% | 117.94% | 81.62% | 190.49% | - |
| Operating CF / Revenue % | 1.76% | 2.47% | 23.22% | 50.05% | 52% | 38.14% | -39.34% | 76.73% | 131.66% | 480.37% | 66.71% | 56.48% | -61.97% | 74.7% | 38.06% | 35.08% | 34% | -156.62% | 95.77% | 42.67% | -158% | -76.33% |
| Net Income | 13.98M | 21.32M | 28.7M | 21.85M | 10.43M | 33.92M | -197.71M | 35.97M | 27.43M | 33.34M | -30.59M | 17.18M | 62.17M | 46.45M | 64.44M | 37.72M | 19.45M | 6.34M | -3.07M | 8.89M | 15.61M | 10.91M |
| Depreciation & Amortization | 7.72M | 10.25M | 9.69M | 5.19M | 7.49M | 13.99M | 6.52M | 3.4M | 2.91M | 3.15M | -16.46M | 19.7M | 2.75M | 3.92M | 5.88M | 4.62M | 4.88M | 1.35M | 3.38M | 4.09M | 3.73M | 2.81M |
| Stock-Based Compensation | 6.18M | 2.15M | 2.96M | 2.58M | 3.56M | 1.72M | 3.14M | 2.21M | 2.72M | 2.74M | 3.02M | 3.15M | 6.57M | 10.96M | 6.1M | 0 | 2.22M | 1.24M | 540K | 0 | 0 | 0 |
| Other Non-Cash Items | -19.66M | -11.04M | -10.65M | 10.16M | 10.88M | -18.1M | 6.97M | 294K | 6.74M | 174.28M | 67.49M | 26.45M | -139.26M | -2.29M | -1.31M | -4.96M | 2.03M | 53.9M | 44.28M | 33.93M | 8.03M | -225K |
| Working Capital Changes | -17.84M | -18.58M | -11.3M | 5.83M | 333K | 9.06M | -4.47M | -3.21M | 8.44M | 2.53M | -1.24M | 3.91M | 9.72M | 16.1M | -36.46M | 9.71M | -13.44M | 11.16M | 4.52M | -23.53M | -14.5M | -27.72M |
| Cash from Investing | -555.44M | -224.23M | 299.07M | 161.31M | -232.55M | -390.5M | 244.89M | -313.07M | -347.23M | 44.33M | 242.92M | -59.51M | -389.13M | 479.05M | 101.62M | -438.21M | -47.42M | 17.79M | 65.71M | -665.02M | 246.89M | -2.01B |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 56.98M | 0 | 0 | 0 | 0 | -5K | 1.89M | -249.23M | -30.43M | -7.61M | -710K | 21.21M | 0 | 0 | 0 | 0 | 6K | 5K |
| Purchase of Investments | -4.55M | 0 | -884K | 0 | -81.75M | 0 | -24.61M | -146.63M | -242.56M | -173.57M | -17.55M | -40.38M | -180.99M | -164.32M | -119.78M | -1.09B | -372.24M | -274.81M | 0 | -87.38M | -40.15M | -1.56B |
| Sale of Investments | 20M | 109.94M | 0 | 0 | 24.77M | 2.96M | 42.5M | 56.93M | 43.46M | 161.53M | 104.63M | 150.01M | 212.78M | 70.24M | 76.41M | 662.2M | 431.2M | 327.92M | 10.62M | 41.72M | 1.01B | 145.17M |
| Other Investing | -570.83M | -334.17M | 299.95M | 161.31M | -231.81M | -393.4M | 227.01M | -223.37M | -148.14M | -17.86M | 153.97M | 80.1M | -389.56M | 581.25M | 53.5M | -8.29M | -106.38M | -35.33M | 55.09M | -619.36M | -727.64M | -593.49M |
| Cash from Financing | 549.25M | 248.48M | -352.74M | -219.85M | 20.74M | 566.1M | -303.4M | 268.69M | 190.13M | -199.67M | -247.46M | -11.64M | 276.36M | -370.48M | -100.46M | 418.8M | 4.38M | -27M | -108.1M | 642.32M | -272.13M | 2.04B |
| Dividends Paid | -20.82M | -21.23M | -20.04M | -19.42M | -19.42M | -14.35M | -19.12M | -37.4M | -26.32M | -30.31M | -76.57M | -114.49M | -119.23M | -99.87M | -74.66M | -83.56M | 0 | 0 | -41.17M | -37.97M | -24.53M | -7.84M |
| Common Dividends | 0 | 0 | 0 | 0 | 0 | 0 | -8.77M | -27.05M | -11.07M | -6.25M | -52.41M | -90.1M | -104.22M | -93.46M | -74.05M | -69.87M | -45.68M | 0 | -41.17M | -37.97M | -24.53M | -7.84M |
| Debt Issuance (Net) | 0 | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K |
| Share Repurchases | -12.87M | -22.32M | -7.88M | -7.41M | -9.13M | -18.4M | -5.37M | 0 | -165.41M | -149K | -12.59M | -25.93M | -6.83M | 0 | 0 | 0 | 0 | -37.6M | -41.17M | 0 | 0 | 0 |
| Other Financing | 106.55M | 113.12M | -35K | 1.14M | 4.46M | -20.82M | -28.02M | -6.53M | 201.23M | -116.53M | 117.98M | 36.73M | 410.48M | -15.75M | 73.04M | 133.03M | 76.71M | 8.99M | -4.18M | -9.07M | -6.49M | -10.55M |
| Net Change in Cash | -2.9M | 28.36M | -34.28M | -12.93M | -179.12M | 216.19M | -26.69M | -1.04M | -108.89M | 65.46M | 37.27M | -1.15M | -182.37M | 176.99M | 42.16M | 13.63M | -22.5M | 37.41M | 8.55M | 675K | -12.38M | 2.04B |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.02B |
| Cash at Beginning | 49.82M | 57.6M | 91.89M | 104.81M | 283.93M | 67.74M | 94.43M | 95.47M | 204.36M | 116.03M | 78.76M | 79.91M | 262.27M | 85.28M | 43.12M | 29.49M | 51.99M | 14.58M | 6.03M | 5.35M | 17.73M | -2.02B |
| Cash at End | 41.95M | 85.96M | 57.6M | 91.89M | 104.81M | 283.93M | 67.74M | 94.43M | 95.47M | 181.49M | 116.03M | 78.76M | 79.91M | 262.27M | 85.28M | 43.12M | 29.49M | 51.99M | 14.58M | 6.03M | 5.35M | 17.73M |
| Free Cash Flow | 3.23M | 3.94M | 19.38M | 45.61M | 31.96M | 40.53M | 31.8M | 43.33M | 48.21M | 295.05M | 41.78M | 69.98M | -70.53M | 67.92M | 133.19M | 11.82M | 20.53M | 46.62M | 50.95M | 23.38M | 12.87M | -14.23M |
| FCF Growth % | -80.16% | -79.68% | -57.52% | 42.72% | -21.16% | 27.44% | -26.6% | -10.11% | -83.66% | 606.1% | -40.29% | 199.23% | -203.85% | -49.01% | 1026.46% | -42.42% | -55.96% | -8.49% | 117.94% | 81.7% | 190.42% | - |
| FCF / Revenue % | 1.73% | 2.37% | 23.21% | 50.05% | 50.82% | 38.08% | -39.33% | 76.73% | 131.66% | 641.9% | 66.66% | 56.47% | -62.8% | 74.15% | 123.65% | 12.56% | 34% | -156.62% | 95.77% | 42.67% | -157.92% | -76.35% |
Quick answers to the most common questions about buying ACR stock.
ACRES Commercial Realty Corp. (ACR) generated $4.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ACRES Commercial Realty Corp. (ACR) generated $3.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ACRES Commercial Realty Corp. (ACR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, ACRES Commercial Realty Corp. (ACR) returned $21.2M to shareholders via cash dividends and spent $22.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Dividend coverage and credit
Metrics are mathematically derived from official filings.
Dividend Coverage Remains Highly Variable
As reported in recent financial filings, ACR's dividend payout ratio relative to AFFO has fluctuated wildly, reaching a high of 1.47 in 2025Q4, which suggests that the company's ability to sustain current distribution levels may be compromised by inconsistent cash generation from its underlying loan portfolio.
The wide variance in the dividend-to-AFFO ratio indicates that the REIT's cash flow is not currently providing a consistent buffer for shareholders. Investors should monitor whether the company is forced to rely on capital recycling or balance sheet liquidity to maintain payouts during periods of lower interest income.
FFO Divergence From Operating Cash
Based on the provided quarterly data, the relationship between FFO and GAAP operating cash flow is frequently disconnected, with FFO-to-Net Income ratios swinging from 0.08 to 8.36, highlighting the significant impact of non-cash accounting adjustments on the company's reported earnings quality.
This extreme volatility in FFO conversion suggests that headline earnings metrics may be poor proxies for actual cash availability. The disconnect between GAAP operating cash flow and FFO warrants further investigation into whether non-cash interest accruals or CECL provisions are masking underlying cash flow weakness.
Accounting Noise Obscures Cash Reality
According to historical financial statements, the significant gap between Net Income and FFO metrics underscores the distortion caused by non-cash charges, as evidenced by the 2025Q1 period where the company reported a net loss despite generating positive FFO of $3.8 million.
The reliance on FFO as a primary performance metric appears necessary given the volatility in GAAP net income, yet the inconsistency in FFO itself suggests that the company's earnings are highly sensitive to credit-related accounting adjustments. This makes it difficult for analysts to determine a normalized baseline for recurring cash flow.
Hidden Risks in Cash Flow
As indicated by the erratic FCF margins, which dropped to -17.4% in 2025Q3, the company's cash flow statement likely hides significant volatility related to loan repayments and potential non-accrual events that are not fully captured in standard FFO reporting.
The negative FCF observed in certain quarters suggests that the company may be experiencing lumpy cash inflows from loan exits or unexpected liquidity needs. Investors should be cautious of the potential for capitalized interest or PIK income to inflate earnings figures without providing the immediate cash liquidity required for debt service or dividends.