ACR: revenue $21.0M, net income -$5.0M. ACR pivots to internalization via ACC merger, grows loan portfolio 50%, but book value drops /share and losses widen

Filed August 4, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 5, 2025 · ~1 min read

Key Changes

• high

  ACR will acquire its external manager ACC in an all-stock merger, transitioning to an internally-managed REIT expected to close in Q3 2026.

  MD&A: Merger and internalization verify on EDGAR →
• high

  CRE loan portfolio grew 53% to $2.13B, driven by nine new whole loans and a new $873.7M securitization (ACR 2026-FL4).

  Notes: CRE loan portfolio growth verify on EDGAR →
• high

  Book value per share fell $3.25 to $26.76 in H1 2026, a much larger decline than the $0.94 drop in the prior-year period.

  MD&A: Book value decline verify on EDGAR →