ACRES Commercial Realty switches auditor to PwC

ACRES Commercial Realty Corp. is changing its independent auditor, dismissing Ernst & Young LLP and appointing PricewaterhouseCoopers LLP, effective upon filing its Form 10-Q for the quarter ended March 31, 2026.

Rhea-AI Filing Summary

ACRES Commercial Realty Corp. is changing its independent auditor, dismissing Ernst & Young LLP and appointing PricewaterhouseCoopers LLP, effective upon filing its Form 10-Q for the quarter ended March 31, 2026. The company states there were no disagreements with EY and no reportable events for the fiscal years ended December 31, 2025 and 2024 or subsequent interim periods. EY’s audit reports for those years contained no adverse opinions or qualifications. PwC has not previously been consulted by the company on accounting matters described in Regulation S-K Item 304(a)(2).

Insights

Accounting & governance analyst

Auditor change from EY to PwC appears routine, with no reported disputes.

ACRES Commercial Realty Corp. is replacing Ernst & Young with PwC as its independent registered public accounting firm for the fiscal year ending December 31, 2026. The change is scheduled to take effect after filing the Form 10-Q for the quarter ended March 31, 2026.

The company states EY’s reports for the fiscal years ended 2025 and 2024 contained no adverse opinions or qualifications, and it reports no disagreements or reportable events under Regulation S-K Item 304. That language signals a standard transition rather than one prompted by disclosed accounting disputes.

The filing also notes the company did not consult PwC on matters covered by Item 304(a)(2) during the past two fiscal years or subsequent interim periods, which aligns with SEC disclosure expectations for new auditor appointments. Future periodic reports will show how PwC’s audit approach and any new disclosures develop over time.

8-K Event Classification

2 items: 4.01, 9.01

2 items

Item 4.01 Changes in Registrant's Certifying Accountant Governance

The company changed its independent auditing firm, which may involve disagreements on accounting matters.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Prior audited fiscal years: Fiscal years ended December 31, 2025 and 2024 New audit engagement year: Fiscal year ending December 31, 2026 Effective date trigger: Filing of Form 10-Q for quarter ended March 31, 2026

3 metrics

Prior audited fiscal years Fiscal years ended December 31, 2025 and 2024 EY audit reports with no adverse opinions or qualifications

New audit engagement year Fiscal year ending December 31, 2026 PwC engaged as independent registered public accounting firm

Effective date trigger Filing of Form 10-Q for quarter ended March 31, 2026 Timing for EY dismissal and PwC appointment to take effect

Key Terms

independent registered public accounting firm, reportable events, Audit Committee, Regulation S-K Item 304, +1 more

5 terms

independent registered public accounting firm financial

"dismiss Ernst & Young LLP (“EY”) as the Company’s independent registered public accounting firm"

An independent registered public accounting firm is an outside accounting company officially registered with the government regulator to examine and report on a public company's financial records and controls. Investors treat its reports like an impartial inspector’s certificate — they add credibility to financial statements, help spot errors or misleading claims, and reduce the risk that shareholders are relying on unchecked or biased numbers.

reportable events regulatory

"there were no “reportable events” (as described in Item 304(a)(1)(v) of Regulation S-K)"

Reportable events are significant incidents or changes a company is legally required to disclose to regulators and the public, such as major safety problems, legal actions, financial irregularities, or management changes. They matter to investors because these events can alter a company’s risk profile or future performance, much like a dashboard warning light signals a problem that could affect a car’s safety or reliability. Timely disclosure helps investors make informed decisions and maintain market fairness.

Audit Committee financial

"the Audit Committee of the Board of Directors of ACRES Commercial Realty Corp."

A company's audit committee is a small group of board members who act like independent inspectors for the firm's finances, overseeing how financial reports are prepared, monitoring internal controls, and managing the relationship with external auditors. Investors care because a strong audit committee reduces the risk of accounting errors, fraud, or misleading statements, making financial statements more trustworthy and helping protect shareholder value.

Regulation S-K Item 304 regulatory

"within the meaning of Item 304(a)(1)(iv) of Regulation S-K"

Emerging growth company regulatory

"Emerging growth company"

An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did ACRES Commercial Realty Corp. change auditors from EY to PwC?

ACRES Commercial Realty Corp. decided its Audit Committee would dismiss Ernst & Young and appoint PricewaterhouseCoopers as independent auditor. The company did not cite disagreements or reportable events, indicating the switch is described as a governance decision rather than a response to disclosed accounting conflicts.

Were there any disagreements between ACRES Commercial Realty Corp. and Ernst & Young?

The company reports no disagreements with Ernst & Young on accounting principles, financial statement disclosure, or audit scope during 2024, 2025, or subsequent interim periods. It also states there were no reportable events under Regulation S-K Item 304(a)(1)(v), supporting the view of a routine auditor transition.

How were Ernst & Young’s prior audit opinions on ACRES Commercial Realty described?

Ernst & Young’s reports on ACRES Commercial Realty’s consolidated financial statements for fiscal years ended December 31, 2025 and 2024 contained no adverse opinions or disclaimers. They were not qualified or modified regarding uncertainty, audit scope, or accounting principles, suggesting clean audit opinions for those periods.

When will PwC’s appointment as ACRES Commercial Realty’s auditor become effective?

PwC’s appointment as independent registered public accounting firm becomes effective upon filing ACRES Commercial Realty’s Form 10-Q for the quarter ended March 31, 2026. PwC is engaged for the fiscal year ending December 31, 2026, covering audits and reviews for that reporting period.

Did ACRES Commercial Realty consult PwC on accounting matters before this engagement?

The company states that during its two most recent fiscal years, 2024 and 2025, and subsequent interim periods, neither it nor anyone acting on its behalf consulted PwC on matters described in Regulation S-K Items 304(a)(2)(i) and (ii). This is standard disclosure for new independent auditor appointments.

What is the purpose of Exhibit 16.1 in ACRES Commercial Realty’s filing?

Exhibit 16.1 is a letter from Ernst & Young dated April 30, 2026, addressed to the SEC. ACRES Commercial Realty provided EY with its disclosures and requested this letter to state whether EY agrees with the company’s statements about the auditor change, fulfilling SEC disclosure requirements.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/30/2026 - 04:07 PM Learn about SEC filing dates

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 27, 2026

ACRES Commercial Realty Corp.

(Exact name of Registrant as Specified in Its Charter)

Maryland			1-32733	20-2287134
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
390 RXR Plaza
Uniondale, New York				11556
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 516 535-0015

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		ACR		New York Stock Exchange
8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock		ACRPrC		New York Stock Exchange
7.875% Series D Cumulative Redeemable Preferred Stock		ACRPrD		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 4.01 Changes in Registrant’s Certifying Accountant

(a) Dismissal of Previous Independent Registered Public Accounting Firm

On April 27, 2026, the Audit Committee (the “Audit Committee”) of the Board of Directors of ACRES Commercial Realty Corp. (the “Company”) determined to dismiss Ernst & Young LLP (“EY”) as the Company’s independent registered public accounting firm, effective upon filing the Company’s Form 10-Q for the quarter ended March 31, 2026. The dismissal is not related to any disagreements with EY on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

The reports of EY on the consolidated financial statements of the Company as of and for the fiscal years ended December 31, 2025 and 2024 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the fiscal years ended December 31, 2025 and 2024, as well as the subsequent interim periods through the date of this report, there were no disagreements within the meaning of Item 304(a)(1)(iv) of Regulation S-K between the Company and EY on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, any of which, if not resolved to EY’s satisfaction, would have caused EY to make reference thereto in their reports. Additionally, during the fiscal years ended December 31, 2025 and 2024, as well as the subsequent interim periods through the date of this report, there were no “reportable events” (as described in Item 304(a)(1)(v) of Regulation S-K).

The Company provided EY with a copy of the disclosures it is making in this Current Report on Form 8-K and requested that EY furnish the Company with a letter addressed to the SEC stating whether it agrees with the statements made herein and, if not, stating the respects in which it does not agree. A copy of such letter provided by EY, dated April 30, 2026, is filed as Exhibit 16.1 hereto.

(b) Appointment of New Independent Registered Public Accounting Firm

On April 27, 2026, the Audit Committee approved the engagement of PricewaterhouseCoopers LLP (“PwC”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026, effective upon filing the Form 10-Q for the quarter ended March 31, 2026. During the Company’s two most recent fiscal years ended December 31, 2025 and 2024, as well as the subsequent interim periods through the date of this report, neither the Company nor anyone acting on its behalf consulted with PwC regarding any of the matters described in Items 304(a)(2)(i) and (ii) of Regulation S-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
16.1		Letter from Ernst & Young LLP dated April 30, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			ACRES COMMERCIAL REALTY CORP.
Date:	April 30, 2026	By:	/s/ Eldron C. Blackwell
			Eldron C. Blackwell Senior Vice President and Chief Financial Officer

Filing Exhibits & Attachments

2 documents

Other Documents

• EX-16.1 EX-16.1 4.2 KB
• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 45.3 KB