Revenue growth remains highly inconsistent, oscillating from a 138.6% surge in 2023Q4 to an 11.8% contraction by 2025Q4, while NOI margins have compressed significantly from 96.8% in 2024Q2 to 48.2% in 2025Q4.
| 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 |
|---|
| Revenue | 180.05M | 165.9M | 83.49M | 91.13M | 62.88M | 106.43M | -80.86M | 56.47M | 36.62M | 45.96M | 62.68M | 123.92M | 112.3M | 91.59M | 107.72M | 94.16M | 60.39M | -29.77M | 53.2M | 54.79M | -8.15M | 18.64M |
| Revenue Growth % | 1.73% | 98.71% | -8.39% | 44.94% | -40.93% | 231.63% | -243.19% | 54.23% | -20.34% | -26.67% | -49.42% | 10.34% | 22.61% | -14.97% | 14.39% | 55.93% | 302.86% | -155.95% | -2.91% | 772.55% | -143.72% | - |
| Property Operating Expenses | 59.3M | 6.57M | 46.9M | 38.91M | 33.85M | 6.18M | 6.1M | 0 | 11.33M | 13.26M | 9K | 57K | 5.44M | 14.06M | 4.7M | 0 | 0 | 0 | 2.91M | 2.91M | 1.88M | 0 |
| Net Operating Income (NOI) | 120.74M | 159.34M | 36.59M | 52.22M | 29.02M | 100.25M | -86.96M | 56.47M | 25.29M | 32.71M | 62.67M | 123.86M | 106.86M | 77.53M | 103.02M | 94.16M | 60.39M | 52.71M | 50.29M | 51.88M | 24.87M | 18.64M |
| NOI Margin % | 67.06% | 96.04% | 43.83% | 57.3% | 46.16% | 94.19% | 107.55% | 100% | 69.06% | 71.16% | 99.99% | 99.95% | 95.15% | 84.65% | 95.64% | 100% | 100% | -177.06% | 94.53% | 94.69% | -305.25% | 100% |
| Operating Expenses | 63.48M | 56.95M | 24.99M | 31.55M | 21.17M | 19.41M | 23.52M | 56.47M | 47.87M | 33.79M | 42.67M | 88.09M | 15.26M | 16.11M | 4.43M | 24.97M | 16.06M | 52.71M | 10.5M | 10.5M | 1.5M | -7.73M |
| G&A Expenses | 5.53M | 11.3M | 10.69M | 20.55M | 14.14M | 13.32M | 17.47M | 12.6M | 13.38M | 18.58M | 11.56M | 32.07M | 26.08M | 39.2M | 17.75M | 21.95M | 22.88M | 16.06M | 1.85M | 1.58M | 1.5M | 3.81M |
| EBITDA | 64.98M | 102.47M | 11.66M | 20.76M | 88.44M | 101.92M | -143.27M | 0 | 35.15M | 103.21M | -12.77M | 58.72M | 49.65M | 25.84M | 51.13M | 72.77M | 21.21M | 37.46M | 68K | 13.32M | 19.34M | 13.72M |
| EBITDA Margin % | 36.09% | 61.76% | 13.96% | 22.78% | 140.66% | 95.76% | 177.18% | 0% | 96.01% | 224.54% | -20.37% | 47.39% | 44.21% | 28.21% | 47.47% | 77.28% | 35.13% | -125.85% | 0.13% | 24.3% | -237.39% | 73.63% |
| Depreciation & Amortization | 7.72M | 78K | 57K | 91K | 85K | 94K | 49K | 3.4M | 2.91M | 92.97M | 1.57M | 4.86M | 2.74M | 3.85M | 5.88M | 4.62M | 4M | 1.35M | 3.38M | 4.09M | 3.73M | 2.81M |
| D&A / Revenue % | 4.29% | 0.05% | 0.07% | 0.1% | 0.14% | 0.09% | -0.06% | 6.02% | 7.94% | 202.27% | 2.5% | 3.92% | 2.44% | 4.21% | 5.46% | 4.91% | 6.63% | -4.55% | 6.36% | 7.46% | -45.83% | 15.09% |
| Operating Income | 57.26M | 102.39M | 11.6M | 20.67M | 88.36M | 101.83M | -143.32M | 0 | 32.24M | 10.24M | -14.33M | 53.86M | 46.92M | 21.98M | 45.25M | 68.15M | 17.21M | 36.11M | -3.31M | 9.23M | 15.61M | 10.91M |
| Operating Margin % | 31.8% | 61.71% | 13.89% | 22.68% | 140.52% | 95.68% | 177.24% | 0% | 88.07% | 22.27% | -22.87% | 43.47% | 41.78% | 24% | 42.01% | 72.37% | 28.5% | -121.29% | -6.23% | 16.84% | -191.56% | 58.53% |
| Interest Expense | 4M | 85.94M | 116.09M | 130.79M | 82.32M | 61.58M | 58.01M | 83.84M | 67.62M | 57.66M | 53.75M | 65.65M | 45.47M | 61.01M | 42.79M | 32.19M | 36.47M | 45.43M | 79.62M | 121.56M | 101.85M | 43.06M |
| Interest Coverage | - | 1.32x | 1.09x | 1.15x | 1.07x | 1.65x | -2.47x | -0.04x | 1.38x | -0.05x | 0.31x | -0.21x | -0.06x | -0.24x | 1.47x | 2.01x | -0.11x | -0.51x | -0.01x | -0.03x | 0.15x | 0.25x |
| Non-Operating Income | -3.6M | -11.45M | 0 | -129.2M | 0 | 47.91M | 0 | 3.4M | 2.91M | 50.61M | -30.8M | 32.74M | 64.97M | 60.81M | 51.11M | 4.62M | 21.21M | 21.16M | -2.3M | 13.32M | 0 | 0 |
| Pretax Income | 36.08M | 27.89M | 28.82M | 21.95M | 10.76M | 33.92M | -197.71M | 36.22M | 26.96M | 54.07M | -342K | 12.43M | 59.96M | 45.41M | 79.05M | 49.75M | 25.17M | 6.34M | -3.31M | 9.23M | 15.61M | 10.91M |
| Pretax Margin % | 20.04% | 16.81% | 34.52% | 24.08% | 17.12% | 31.87% | 244.51% | 64.13% | 73.64% | 117.64% | -0.55% | 10.03% | 53.39% | 49.58% | 73.38% | 52.84% | 41.68% | -21.29% | -6.23% | 16.84% | -191.56% | 58.53% |
| Income Tax | -158K | -83K | 126K | 97K | 336K | 0 | 0 | 0 | -343K | 6.61M | 10.99M | 1.35M | -2.21M | -1.04M | 14.6M | 15.1M | 5.72M | -2K | -241K | 338K | 67K | 0 |
| Effective Tax Rate % | -0.44% | -0.3% | 0.44% | 0.44% | 3.12% | 0% | 0% | 0% | -1.27% | 12.23% | -3214.04% | 10.89% | -3.69% | -2.29% | 18.47% | 30.35% | 22.73% | -0.03% | 7.27% | 3.66% | 0.43% | 0% |
| Net Income | 25.95M | 21.32M | 29.27M | 22.39M | 10.62M | 33.92M | -197.71M | 35.97M | 27.43M | 33.54M | -30.36M | 10.55M | 61.2M | 46.45M | 64.44M | 37.72M | 19.45M | 6.34M | -3.07M | 8.89M | 15.61M | 10.91M |
| Net Margin % | 14.41% | 12.85% | 35.06% | 24.57% | 16.9% | 31.87% | 244.51% | 63.69% | 74.91% | 72.96% | -48.44% | 8.52% | 54.5% | 50.72% | 59.83% | 40.05% | 32.2% | -21.29% | -5.78% | 16.22% | -191.56% | 58.53% |
| Net Income Growth % | 10.04% | -27.17% | 30.71% | 110.77% | -68.69% | 117.16% | -649.72% | 31.13% | -18.22% | 210.45% | -387.68% | -82.75% | 31.75% | -27.92% | 70.86% | 93.94% | 206.78% | 306.21% | -134.58% | -43.03% | 43.07% | - |
| Funds From Operations (FFO) | 33.67M | 21.39M | 29.32M | 22.48M | 10.71M | 34.02M | -197.66M | 39.37M | 30.34M | 126.51M | -28.8M | 15.41M | 63.94M | 50.31M | 70.33M | 42.34M | 23.45M | 7.69M | 309K | 12.98M | 19.34M | 13.72M |
| FFO Margin % | 18.7% | 12.9% | 35.12% | 24.67% | 17.03% | 31.96% | 244.45% | 69.71% | 82.85% | 275.23% | -45.95% | 12.44% | 56.93% | 54.93% | 65.29% | 44.96% | 38.83% | -25.85% | 0.58% | 23.69% | -237.39% | 73.63% |
| FFO Growth % | 101.4% | -27.04% | 30.44% | 109.95% | -68.52% | 117.21% | -602.13% | 29.77% | -76.02% | 539.28% | -286.85% | -75.89% | 27.1% | -28.47% | 66.12% | 80.53% | 204.78% | 2389.97% | -97.62% | -32.9% | 40.95% | - |
| FFO per Share | 5.13 | 2.89 | 3.70 | 2.62 | 1.22 | 3.48 | -18.37 | 3.73 | 2.90 | 12.21 | -2.83 | 1.43 | 5.94 | 5.03 | 9.45 | 7.17 | 5.87 | 3.64 | 0.15 | 6.26 | 12.98 | 10.72 |
| FFO Payout Ratio % | 0% | 99.22% | 68.34% | 86.39% | 181.38% | 42.18% | -4.44% | 68.72% | 36.49% | 4.94% | -181.98% | 584.57% | 163% | 185.77% | 105.29% | 165.04% | 194.8% | 0% | 13322.33% | 292.54% | 126.84% | 57.15% |
| EPS (Diluted) | 3.96 | 0.03 | 1.15 | 0.35 | -1.00 | 1.85 | -19.33 | 2.43 | 0.66 | 0.54 | -5.19 | 0.98 | 4.08 | 3.93 | 8.52 | 6.36 | 4.92 | 3.00 | -1.49 | 4.32 | 10.44 | 8.52 |
| EPS Growth % | 124.14% | -97.2% | 228.57% | 135% | -154.05% | 109.57% | -895.47% | 268.18% | 22.22% | 110.4% | -629.59% | -75.98% | 3.82% | -53.87% | 33.96% | 29.27% | 64% | 301.34% | -134.49% | -58.62% | 22.54% | - |
| EPS (Basic) | - | 0.03 | 1.19 | 0.35 | -1.00 | 1.85 | -19.33 | 2.46 | 0.66 | 0.54 | -5.19 | 0.98 | 4.08 | 3.96 | 8.52 | 6.48 | 4.92 | 3.00 | -1.49 | 4.32 | 10.68 | 8.52 |
| Diluted Shares Outstanding | 6.56M | 7.41M | 7.92M | 8.57M | 8.81M | 9.76M | 10.76M | 10.56M | 10.46M | 10.36M | 10.18M | 10.76M | 10.77M | 10M | 7.44M | 5.9M | 3.99M | 2.11M | 2.06M | 2.07M | 1.49M | 1.28M |
Credit quality and volatility
As reported in quarterly financial filings, ACR's revenue growth has exhibited significant inconsistency, oscillating between a 138.6% surge in 2023Q4 and an 11.8% contraction by 2025Q4, suggesting that the company's reliance on transactional origination fees creates a highly unpredictable top-line trajectory for investors.
The wide variance in NOI margins, which dropped from 96.8% in 2024Q2 to 33.4% by 2024Q4, implies that the company's property-level profitability is highly sensitive to the timing of loan originations and potential credit-related adjustments. This instability suggests that the underlying portfolio may be struggling to maintain consistent interest income, warranting further investigation into the sustainability of current origination volumes.
According to the company's historical earnings data, FFO per share has demonstrated extreme volatility, peaking at 2.30 in 2025Q3 before collapsing to 0.53 in 2025Q4, which indicates that the REIT's core earnings power is heavily influenced by non-recurring items rather than stable interest income.
The sharp fluctuations in FFO suggest that investors should monitor the quality of earnings, as the divergence between GAAP net income and FFO may be masking underlying credit deterioration. The inconsistency in FFO growth appears to undermine the reliability of the dividend, making it difficult to project long-term payout safety.
Based on the provided income statement data, the frequent swings in net income, including a negative result in 2025Q1, suggest that CECL provisions and potential non-accrual loans are significantly distorting the company's reported profitability, potentially overstating the true cash-generating capacity of the loan portfolio.
The disconnect between high revenue figures and erratic net income suggests that the company may be struggling with the transition of its legacy assets. Analysts should be wary of the potential for future credit losses to erode the capital base, as the current earnings profile appears heavily reliant on accounting adjustments rather than consistent cash interest collection.
Financial statements indicate that NOI margins have faced severe pressure, declining from a high of 96.8% in 2024Q2 to 48.2% by 2025Q4, which may indicate that rising operating expenses or credit-related costs are eroding the profitability of the company's core lending activities.
The rapid contraction in margins suggests that the company's cost structure is not scaling efficiently with its revenue base. This trend warrants further investigation into whether the firm is incurring higher-than-expected costs to manage distressed assets, which could permanently impair the net interest margin.
Quick answers to the most common questions about buying ACR stock.
For fiscal year 2025, ACRES Commercial Realty Corp. (ACR) reported total revenue of $165.9M. This represents a 790.2% increase compared to $18.6M in 2005.
ACRES Commercial Realty Corp. (ACR) is profitable, generating $21.3M in net income for the fiscal year ending 2025 with a net profit margin of 12.8%.
ACRES Commercial Realty Corp. (ACR) reported an operating income of $102.4M, resulting in an operating profit margin of 61.7%. This margin reflects the operational efficiency of the business before interest and taxes.
ACRES Commercial Realty Corp. (ACR) generated $159.3M in gross profit for the year, representing a gross profit margin of 96.0%. This demonstrates the company's core pricing power and production efficiency.