EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2025

Reconciliation of basic and diluted income per common share

The following table presents a reconciliation of basic and diluted earnings (losses) per common share for the periods presented (dollars in thousands, except per share amounts):


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Net income	$	4,324		$	6,397		$	3,594		$	11,321
Net income allocated to preferred shares		(5,282	)		(4,806	)		(10,595	)		(9,628	)
Carrying value in excess of consideration paid for preferred shares		—			—			—			242
Net loss allocable to non-controlling interest, net of taxes		226			62			410			274
Net (loss) income allocable to common shares	$	(732	)	$	1,653		$	(6,591	)	$	2,209

Weighted average number of common shares outstanding:
Weighted average number of common shares outstanding - basic		6,858,629			7,272,082			6,914,128			7,317,109
Weighted average number of warrants outstanding (1)		391,995			391,995			391,995			391,995
Total weighted average number of common shares outstanding - basic		7,250,624			7,664,077			7,306,123			7,709,104
Effect of dilutive securities - unvested restricted stock(2)		—			177,676			—			228,680
Weighted average number of common shares outstanding - diluted		7,250,624			7,841,753			7,306,123			7,937,784

Net (loss) income per common share - basic	$	(0.10	)	$	0.22		$	(0.90	)	$	0.29
Net (loss) income per common share - diluted	$	(0.10	)	$	0.21		$	(0.90	)	$	0.28

(1)

See Note 11 for further details regarding the warrants.

(2)

Excludes 207,822 and 319,687 shares of common stock, respectively, as they were anti-dilutive for the three and six months ended June 30, 2025.

ACRES Commercial Realty Corp. 10-Q