KBRA Publishes Ratings for ACRES Commercial Realty Corp.
Key Highlights
- ➤ACRES (ACR) receives BB issuer, BBB- senior secured, and BB- preferred ratings; Outlook Stable
- ➤ACRES acquired ACRES Capital Corp. on August 6, 2026, internalizing its CRE investment manager
- ➤Barings senior secured term loan increased $55 million to $185 million total
- ➤ACRES issued $200 million senior secured notes to refinance $150 million maturing notes
- ➤Pro forma debt/EBITDA reaches 10.5x in 2026E, then is expected to decline
KBRA publishes the issuer rating of BB, senior secured debt rating of BBB-, and preferred stock rating of BB- for ACRES Commercial Realty Corp. (NYSE: ACR, “ACRES”, or “the company”). The Outlook for the ratings is Stable. On August 5, 2026, these ratings were assigned on an unpublished basis.
On August 6, 2026, ACR, a real estate investment trust, acquired ACRES Capital Corp. (“ACC”), a commercial real estate (“CRE”) investment manager founded in 2012, as part of an internalization. Following the transaction, ACR operates an integrated CRE lending and investment management platform, encompassing its publicly traded REIT operations, ACRES Mortgage Fund, Ltd. (“AMF”), and separately managed accounts (“SMAs”).
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