UNIONDALE, N.Y., Nov. 1, 2023
/PRNewswire/ -- ACRES Commercial Realty Corp. (NYSE: ACR)
("ACR" or the "Company"), a real estate investment trust
that is primarily focused on originating, holding and managing
commercial real estate mortgage loans and equity investments in
commercial real estate property through direct ownership and joint
ventures, announced today that David J.
Bryant, Senior Vice President, Chief Financial Officer and
Treasurer, is retiring from ACR, effective December 31, 2023. Mr. Bryant has faithfully
served the company for 17 years. Mr. Bryant joined ACR as Senior
Vice President, Chief Financial Officer, Chief Accounting Officer
and Treasurer in June 2006 and has
played a significant role in the design and execution of the
Company's strategy.
"On behalf of the Board and entire Company, I want to
congratulate Dave on his retirement and express our sincere
gratitude for his significant contributions and expert counsel that
have been invaluable since ACR's inception and specifically since
our acquisition in July of 2020," said Chairman Andrew Fentress. "Dave helped navigate the
Company during a challenging time in 2020 and his knowledge and
expertise of our businesses combined with his leadership and
contributions have been invaluable to ACR. On behalf of the many
stakeholders at ACR, we thank Dave for his commitment to our
shareholders and his positive impact on our people and our
business."
Effective January 1, 2024,
Eldron C. Blackwell will succeed Mr.
Bryant as Senior Vice President, Chief Financial Officer and
Treasurer. Mr. Blackwell has served as Vice President and Chief
Accounting Officer of the Company since March 2014, leading the Company's accounting and
financial reporting functions. "This promotion recognizes Mr.
Blackwell's deep knowledge of, and invaluable experience at ACR and
ensures a seamless transition as we remain committed to driving the
Company's growth," said President and Chief Executive Officer,
Mark Fogel.
"It has been a privilege to be part of this talented team at
ACR," said Mr. Bryant. "I have no doubt the collective efforts of
the ACR team will continue to propel the success of the Company
well into the future. Having hired and worked with Eldron for nine
years at the Company and collaborated with him for six years prior
as the Company's auditor, I'm pleased to see a knowledgeable and
high-caliber leader like Eldron step in as the next CFO of the
Company."
About ACRES Commercial Realty Corp.
ACRES Commercial Realty Corp. is a real estate investment trust
that is primarily focused on originating, holding and managing
commercial real estate mortgage loans and equity investments in
commercial real estate properties through direct ownership and
joint ventures. The Company is externally managed by ACRES Capital,
LLC, a subsidiary of ACRES Capital Corp., a private commercial real
estate lender exclusively dedicated to nationwide middle market
commercial real estate lending with a focus on multifamily, student
housing, hospitality, industrial and office property in top U.S.
markets. For more information, please visit the Company's website
at www.acresreit.com or contact investor relations at
IR@acresreit.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements can generally be
identified by our use of forward-looking terminology such as "may,"
"will," "continue," "expect," "intend," "anticipate," "estimate,"
"believe," "look forward" or other similar words or terms. Because
such statements include risks, uncertainties and contingencies,
actual results may differ materially from the expectations,
intentions, beliefs, plans or predictions of the future expressed
or implied by such forward-looking statements. Factors that can
affect future results are discussed in the documents filed by the
Company from time to time with the Securities and Exchange
Commission, including, without limitation, factors impacting
whether we will be able to maintain our sources of liquidity and
whether we will be able to identify sufficient suitable investments
to increase our originations. The Company undertakes no obligation
to update or revise any forward-looking statement to reflect new or
changing information or events after the date hereof or to reflect
the occurrence of unanticipated events, except as may be required
by law.
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SOURCE ACRES Commercial Realty Corp.