Recent News
February–March 2026: The company priced a large floating‑rate securitization to fund roughly $1.0 billion of first‑mortgage loans, with the transaction sized at about $879.5 million at a weighted cost near SOFR+168 bps.
Late February 2026: One sell‑side coverage update reduced ACRES’s rating, citing recent operating headwinds and investor positioning.
January–March 2026: Management disclosed expanded share‑buyback activity and set record/meeting dates for routine corporate actions; a related securitization closing and corporate filings appeared in public releases in the same window.
Technical Analysis
ADX at 22.06 signals an emerging trend in price action rather than a strong directional phase; this indicates trending dynamics have begun to form but lack long‑term conviction. DI+ at 24.50 rising while DI‑ at 13.56 falls indicates directional indicators currently favor buyers, supporting the near‑term bullish tilt.
MACD sits at 0.25, above its signal line at 0.12, with the MACD trend increasing; the MACD crossover constitutes a bullish momentum confirmation and aligns with the DI+ improvement.
MRO reads 34.44 and climbs, indicating the market price sits above the model target with material mean‑reversion pressure; in other words the technical oscillator implies a pullback risk exists despite positive momentum.
RSI at 54.55 and rising places momentum in neutral‑to‑bullish territory, reducing the risk of overbought exhaustion while allowing additional upside during the current consolidation.
Price sits above the 20‑day and 50‑day averages (20‑day average $19.50, 50‑day average $19.00) and slightly above the 200‑day average ($20.11); the 12‑day EMA is rising, which supports a constructive near‑term bias. Price trades inside the Ichimoku cloud (Senkou A $18.79 / Senkou B $21.09), suggesting mixed trend context beyond immediate moving‑average support. Bollinger band placement shows price nearer the upper bands (upper 1σ $20.06 / upper 2σ $20.61), indicating short‑term stretch but not extreme dispersion relative to historic volatility. SuperTrend lower at $19.57 functions as a near support reference during any pullback. Beta measures (42‑day 0.45; 52‑week 0.55) confirm below‑market sensitivity, so technical moves may evolve with lower absolute volatility than the index.
Fundamental Analysis
Earnings and distributable results: Reported EPS came in at -$0.48 versus an estimate of $0.14, a shortfall of $0.62 representing a -442.86% EPS surprise. Forward EPS equals $0.2025 with a forward PE of ~106.94. The negative reported PE (-41.20) reflects the current GAAP loss; forward PE compresses the valuation discrepancy but remains elevated relative to typical REIT peer multiples.
Balance‑sheet and leverage: Debt‑to‑assets registers at 0.73571 (73.57%) with debt‑to‑equity 3.78073 (378.07%); debt‑to‑equity rose QoQ by 32.67% and rose YoY by 18.11%. Net debt stands materially above market capitalization ($1,461,170,000 net debt vs $136,207,195 market cap), indicating a capital structure placing leverage at the core of valuation sensitivity.
Liquidity and cash flow: Cash on hand totals $83,768,000 with operating cash flow $6,316,000 and free cash flow $6,257,000; free cash flow yield equals 4.594% and exceeds the industry peer mean free cash flow yield of 1.682%. Free cash flow yield YoY change registers 720.36% per the provided metric, signifying a sizable reported improvement year‑over‑year in cash‑generation metrics.
Profitability and growth: Return on assets reads 0.117% and return on equity 0.533%; revenue totaled $18,567,000 with revenue growth year‑over‑year of -403.80% per the provided YoY metric and a QoQ decline shown as -181.19% in the same series. Reported earnings growth stands negative across periods (YoY -247.52%; QoQ -86.71%), reflecting a weak earnings baseline versus prior periods.
Valuation multiples and book value: Book value per share $61.09 while price‑to‑book sits at 0.3237, well below the industry peer mean P/B of 3.46306 and industry peer median P/B of 3.28387; that gap underpins the WMDST valuation call. Price‑to‑sales at 7.336 and price target mean at $22.44 provide additional context versus market price ($20.44). Dividend coverage reads 42.42% with a dividend payout ratio of 235.74% and a dividend yield of 3.884%; the payout profile highlights distribution pressure relative to cash flow and earnings.
WMDST valuation: The current valuation as determined by WMDST: under‑valued. The combination of a low price‑to‑book multiple, material cash on hand, and successful securitization activity supports the stated valuation despite elevated leverage and recent EPS weakness.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-04 |
| NEXT REPORT DATE: | 2026-06-03 |
| CASH FLOW | Begin Period Cash Flow | $ 42.7 M |
| Operating Cash Flow | $ 6.3 M | |
| Capital Expenditures | $ -59.00 K | |
| Change In Working Capital | $ -1.66 M | |
| Dividends Paid | $ -5.29 M | |
| Cash Flow Delta | $ 43.3 M | |
| End Period Cash Flow | $ 86.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 18.6 M | |
| Forward Revenue | $ 2.9 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 1.4 M | |
| Depreciation and Amortization | $ 1.4 M | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | $ 33.3 M | |
| Interest Expense | $ 22.6 M | |
| Net Interest Income | $ 10.7 M | |
| Income Before Tax | $ 6.2 M | |
| Tax Provision | $ -166.00 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ 2.2 M | |
| Net Income From Continuing Operations | $ 6.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.14 | |
| EPS Actual | $ -0.48 | |
| EPS Difference | $ -0.62 | |
| EPS Surprise | -442.857 % | |
| Forward EPS | $ 0.20 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.2 B | |
| Intangible Assets | $ 6.2 M | |
| Net Tangible Assets | $ 414.6 M | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | $ 83.8 M | |
| Net Receivables | $ 27.3 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 6.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | $ 1.5 B | |
| Total Debt | $ 1.6 B | |
| Total Liabilities | $ 1.6 B | |
| EQUITY | ||
| Total Equity | $ 420.8 M | |
| Retained Earnings | $ -720.03 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 61.09 | |
| Shares Outstanding | 6.887 M | |
| Revenue Per-Share | $ 2.70 | |
| VALUATION | Market Capitalization | $ 136.2 M |
| Enterprise Value | $ 1.7 B | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | 93.019 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 5.139 | |
| Asset To Liability | 1.342 | |
| Debt To Capital | 0.791 | |
| Debt To Assets | 0.736 | |
| Debt To Assets QoQ | 0.705 % | |
| Debt To Assets YoY | -1.523 % | |
| Debt To Assets IPRWA | high: 1.375 ACR: 0.736 median: 0.311 mean: 0.261 low: 0.0 |
|
| Debt To Equity | 3.781 | |
| Debt To Equity QoQ | 32.674 % | |
| Debt To Equity YoY | 18.11 % | |
| Debt To Equity IPRWA | high: 4.266 ACR: 3.781 mean: 0.822 median: 0.609 low: -2.288 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.324 | |
| Price To Book QoQ | -5.226 % | |
| Price To Book YoY | 5.224 % | |
| Price To Book IPRWA | high: 9.731 mean: 3.463 median: 3.284 ACR: 0.324 low: -1.833 |
|
| Price To Earnings (P/E) | -41.2 | |
| Price To Earnings QoQ | -307.708 % | |
| Price To Earnings YoY | -209.088 % | |
| Price To Earnings IPRWA | high: 346.806 mean: 88.314 median: 46.767 ACR: -41.2 low: -287.178 |
|
| PE/G Ratio | 0.279 | |
| Price To Sales (P/S) | 7.336 | |
| Price To Sales QoQ | 69.57 % | |
| Price To Sales YoY | 57.148 % | |
| Price To Sales IPRWA | high: 34.149 mean: 11.808 ACR: 7.336 median: 4.795 low: 0.022 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 106.937 | |
| Forward PE/G | -0.725 | |
| Forward P/S | 47.213 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.01 | |
| Asset Turnover Ratio QoQ | -50.539 % | |
| Asset Turnover Ratio YoY | -35.171 % | |
| Asset Turnover Ratio IPRWA | high: 0.603 mean: 0.21 median: 0.118 ACR: 0.01 low: 0.004 |
|
| Receivables Turnover | 0.751 | |
| Receivables Turnover Ratio QoQ | -54.642 % | |
| Receivables Turnover Ratio YoY | -62.909 % | |
| Receivables Turnover Ratio IPRWA | high: 21.769 mean: 3.407 median: 2.918 ACR: 0.751 low: 0.522 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 121.573 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 121.573 | |
| Cash Conversion Cycle Days QoQ | 120.469 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 174.938 ACR: 121.573 mean: 19.018 median: 11.204 low: -85.948 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | -0.003 | |
| CapEx To Depreciation | -0.044 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 2.0 B | |
| Net Invested Capital | $ 2.0 B | |
| Invested Capital | $ 2.0 B | |
| Net Tangible Assets | $ 414.6 M | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 1.266 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.424 | |
| Dividend Payout Ratio | 2.357 | |
| Dividend Rate | $ 0.77 | |
| Dividend Yield | 0.039 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 28.053 % | |
| Revenue Growth | -45.676 % | |
| Revenue Growth QoQ | -181.192 % | |
| Revenue Growth YoY | -403.798 % | |
| Revenue Growth IPRWA | high: 79.718 % median: 7.953 % mean: 7.923 % ACR: -45.676 % low: -59.284 % |
|
| Earnings Growth | -147.525 % | |
| Earnings Growth QoQ | -86.709 % | |
| Earnings Growth YoY | -247.525 % | |
| Earnings Growth IPRWA | high: 185.366 % mean: 22.711 % median: 10.484 % ACR: -147.525 % low: -163.636 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 6.3 M | |
| Free Cash Flow Yield | 4.594 % | |
| Free Cash Flow Yield QoQ | -172.131 % | |
| Free Cash Flow Yield YoY | 720.357 % | |
| Free Cash Flow Yield IPRWA | high: 21.034 % ACR: 4.594 % mean: 1.682 % median: 1.153 % low: -14.056 % |
|
| Free Cash Growth | -166.444 % | |
| Free Cash Growth QoQ | -7.728 % | |
| Free Cash Growth YoY | 82.91 % | |
| Free Cash Growth IPRWA | high: 330.07 % median: -42.663 % mean: -70.562 % ACR: -166.444 % low: -505.085 % |
|
| Free Cash To Net Income | 2.788 | |
| Cash Flow Margin | 8.213 % | |
| Cash Flow To Earnings | 0.68 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.01 | |
| Return On Assets (ROA) | 0.117 % | |
| Return On Assets QoQ | -86.38 % | |
| Return On Assets YoY | -76.122 % | |
| Return On Assets IPRWA | high: 3.446 % mean: 0.705 % median: 0.571 % ACR: 0.117 % low: -8.325 % |
|
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | 0.005 | |
| Return On Equity QoQ | -84.688 % | |
| Return On Equity YoY | -75.438 % | |
| Return On Equity IPRWA | high: 0.193 median: 0.028 mean: 0.022 ACR: 0.005 low: -0.179 |
|
| DuPont ROE | 0.526 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |