The company's capital structure is under severe pressure, characterized by a $1.3 billion total debt load that has pushed equity into negative territory at -$36.3 million as of 2026Q1.
Clipper Realty Inc. (CLPR) balance sheet — 13-year assets, liabilities & shareholders' equity history
| 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 |
|---|
| Total Assets | 1.22B | 1.23B | 1.29B | 1.25B | 1.23B | 1.23B | 1.21B | 1.17B | 1.1B | 1.05B | 905.21M | 881.12M | 766.86M | 210.33M |
| Asset Growth % | -12.42% | -4.09% | 3.01% | 1.6% | -0.33% | 2.14% | 3.57% | 5.92% | 4.62% | 16.26% | 2.73% | 14.9% | 264.6% | - |
| Real Estate & Other Assets | 1.14B | -1.15B | 0 | 0 | 1.17B | 1.15B | 1.09B | 1.08B | 1.03B | 3.78M | 4.09M | 3.88M | 0 | 0 |
| PP&E (Net) | 0 | 0 | 1.23B | 1.19B | 0 | 0 | 0 | 0 | 1.03B | 996.89M | 823.08M | 726.11M | 728.74M | 174M |
| Investment Securities | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | -1000K | -1000K | -1000K | 10K | 0 | 0 |
| Total Current Assets | 74.82M | 39.49M | 52.76M | 54.62M | 49.33M | 78.13M | 107.19M | 75.62M | 62.82M | 40.12M | 64.35M | 145.86M | 30.85M | 31.04M |
| Cash & Equivalents | 37.7M | 30.82M | 19.9M | 22.16M | 18.15M | 34.52M | 72.06M | 42.5M | 37.03M | 8.27M | 37.55M | 125.33M | 9.16M | 3.8M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 31.47M | 0 | 24.39M | 24.92M | 26.17M | 17.7M | 16.97M | 14.43M | 8.84M | 25.09M | 11.11M | 19.05M | 13.6M | 21.84M |
| Intangible Assets | 5.15M | 5.33M | 5.68M | 6.13M | 6.28M | 6.78M | 7.37M | 8.43M | 9.68M | 11.63M | 13.69M | 5.27M | 7.26M | 5.29M |
| Total Liabilities | 1.33B | 1.32B | 1.3B | 1.24B | 1.19B | 1.16B | 1.1B | 1.02B | 939.52M | 866.83M | 778.99M | 734.74M | 729.66M | 214.99M |
| Total Debt | 1.28B | 1.28B | 1.27B | 1.21B | 1.16B | 1.13B | 1.08B | 999.53M | 913.56M | 843.95M | 754.46M | 713.44M | 708.23M | 187.13M |
| Net Debt | 1.24B | 1.25B | 1.25B | 1.18B | 1.14B | 1.1B | 1.01B | 957.03M | 876.54M | 835.67M | 716.91M | 588.11M | 699.07M | 183.34M |
| Long-Term Debt | 1.28B | 1.27B | 1.27B | 1.21B | 1.16B | 1.13B | 1.08B | 997.9M | 913.56M | 843.95M | 754.46M | 713.44M | 708.23M | 187.13M |
| Short-Term Borrowings | 724K | 5.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 18K | 53K | 157K | 1.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 25.98M | 5.28M | 18.73M | 20.99M | 17.09M | 19.56M | 11.72M | 13.03M | 12.55M | 9.07M | 8.98M | 5.33M | 10.4M | 20.27M |
| Accounts Payable | 0 | 0 | 18.73M | 20.99M | 0 | 0 | 0 | 0 | 12.55M | 8.6M | 8.98M | 5.33M | 4.94M | 3.07M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -923.15M | -436.06M | -758.95M | 0 | 0 | 0 |
| Other Liabilities | 20.83M | 37.55M | 16.12M | 15.48M | 13.75M | 12.94M | 12.41M | 11.87M | 13.41M | 13.95M | 15.55M | 15.97M | 11.03M | 7.58M |
| Total Equity | -105.39M | -80.75M | -14.23M | 7.24M | 37.18M | 69.95M | 104.11M | 141.78M | 161.49M | 185.59M | 126.22M | 146.38M | 37.2M | -4.66M |
| Equity Growth % | -1226.83% | -467.49% | -296.68% | -80.54% | -46.85% | -32.81% | -26.57% | -12.2% | -12.99% | 47.04% | -13.77% | 293.52% | 897.53% | - |
| Shareholders Equity | -40.09M | -30.71M | -5.41M | 2.74M | 14.09M | 26.51M | 39.46M | 57.23M | 65.18M | 74.91M | 38.2M | 44.3M | 37.2M | -4.66M |
| Minority Interest | -65.3M | -50.05M | -8.82M | 4.49M | 23.09M | 43.44M | 64.65M | 84.55M | 96.3M | 110.68M | 88.02M | 102.07M | 0 | 0 |
| Common Stock | 160K | 160K | 160K | 160K | 160K | 160K | 160K | 178K | 178K | 178K | 114K | 114K | 37.2M | 0 |
| Additional Paid-in Capital | 90.98M | 90.68M | 89.94M | 89.48M | 88.83M | 88.09M | 87.35M | 93.43M | 92.94M | 92.27M | 46.67M | 46.05M | 0 | 0 |
| Retained Earnings | -131.23M | -121.54M | -95.51M | -86.9M | -74.89M | -61.74M | -48.05M | -36.38M | -27.94M | -17.54M | -8.58M | -1.86M | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -1.03% | -1.58% | -0.2% | -0.48% | -0.39% | -0.62% | -0.41% | -0.15% | -0.34% | -0.24% | -0.42% | -0.61% | 1.07% | 1.62% |
| Return on Equity (ROE) | 14.57% | - | - | -26.57% | -8.89% | -8.72% | -3.99% | -1.1% | -2.09% | -1.51% | -2.74% | -5.51% | 32.2% | - |
| Debt / Assets | 104.86% | 103.5% | 98.4% | 96.5% | 94.47% | 91.7% | 89.38% | 85.71% | 82.98% | 80.19% | 83.35% | 80.97% | 92.35% | 88.97% |
| Debt / Equity | -12.15x | - | - | 166.64x | 31.24x | 16.17x | 10.37x | 7.05x | 5.66x | 4.55x | 5.98x | 4.87x | 19.04x | - |
| Net Debt / EBITDA | 18.53x | 35.12x | 17.73x | 19.10x | 20.93x | 21.97x | 18.19x | 18.49x | 7.98x | 8.01x | 7.72x | 15.29x | 41.20x | 13.88x |
| Book Value per Share | -2.48 | -1.90 | -0.88 | 0.45 | 2.31 | 4.35 | 5.91 | 7.96 | 9.07 | 10.90 | 6.85 | 7.95 | 2.02 | -0.25 |
Quick answers to the most common questions about buying CLPR stock.
As of 2025, Clipper Realty Inc. (CLPR) had total assets of $1.23B including $39.5M in current assets.
Clipper Realty Inc. (CLPR) carries total debt of $1.28B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Clipper Realty Inc. (CLPR) has total shareholders' equity (book value) of $-30.7M ($-1.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Clipper Realty Inc. (CLPR) reported a current ratio of 7.48x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
High Leverage Refinancing Risk
Metrics are mathematically derived from official filings.
Debt Burden Constrains Financial Flexibility
According to the company's reported financial statements, Clipper Realty maintains a total debt load of $1.3 billion against a total asset base of $1.2 billion, indicating a highly leveraged capital structure that leaves little room for balance sheet volatility in the current interest rate environment.
The persistent alignment of total debt with total assets suggests that the company is operating with minimal equity cushion, which may exacerbate risks during periods of property valuation compression. Investors should monitor whether the company's reliance on property-level financing will necessitate dilutive capital raises to address upcoming maturity walls.
Negative Equity Signals Structural Impairment
As indicated by the most recent quarterly filings, the company's equity position has deteriorated into negative territory, reaching -$36.3 million in 2026Q1, which reflects the cumulative impact of sustained net losses and the aggressive use of debt to finance the NYC-centric real estate portfolio.
This negative equity position appears to be a byproduct of accounting depreciation outpacing the market value appreciation of the underlying assets. While this may not reflect the true economic value of the properties, it does signal a lack of tangible book value support for shareholders, potentially limiting the company's ability to access traditional credit markets.
Tight Liquidity Amidst Capital Requirements
Based on reported figures, cash reserves have fluctuated between $18.6 million and $32.0 million over the last ten quarters, a relatively thin buffer given the company's significant debt service obligations and the ongoing capital intensity required to maintain its aging New York City residential assets.
The limited cash position suggests that the company may be highly dependent on operational cash flow or external refinancing to meet its immediate obligations. Any disruption in rental collections or a delay in the stabilization of new development projects could place significant pressure on the company's ability to fund necessary capital expenditures.
Hidden Risks in Asset Valuation
Financial disclosures reveal that the company's net property, plant, and equipment (PPE) values have been inconsistently reported, with periods showing zero balance, which warrants further investigation into the transparency of asset valuation and the potential for deferred maintenance liabilities to impact future cash flows.
The intermittent reporting of PPE suggests that the company may be utilizing complex accounting treatments for its real estate holdings, which could obscure the true state of capital reinvestment. Analysts should be cautious that the lack of consistent asset-level reporting may mask underlying deferred capex that could eventually require significant cash outlays to maintain occupancy levels.