ACRES Commercial Realty is a Maryland-based REIT that originates and manages floating-rate, transitional CRE loans — primarily first mortgage bridge loans — to middle-market borrowers across the U.S. The company targets properties in transition (being repositioned, renovated, or stabilized), offering shorter-term bridge capital before borrowers refinance into permanent financing. Loan sizes typically range from $10M to $100M, with terms up to five years including extensions. The portfolio stood at roughly $1.8B across 53 loans at year-end 2025, with heavy concentration in multifamily and additional exposure to student housing, hospitality, industrial, office, and self-storage. ACRES Commercial Realty is externally managed by ACRES Capital, which handles origination, underwriting, and asset management, and earns a 1.50% base management fee plus a 20% incentive fee above a 7% return hurdle. The company earns money primarily on NIM — the spread between its floating-rate loans and floating-rate borrowings — and finances its portfolio through CRE CLOs and warehouse facilities, targeting GAAP leverage of 3.5-4x. Beyond lending, ACRES Commercial Realty holds a small portfolio of direct equity investments in CRE properties, largely acquired through foreclosure, which management is actively selling and redeploying into new loans. Management's near-term priorities are growing the loan portfolio to $2B+, exiting equity investments, and resuming common dividend payments once the portfolio reaches sufficient scale.