# Clipper Realty Inc. (CLPR)

> Source: Nexqual · https://nexqual.com/CLPR · data as of 2026-10-23 18:27 UTC · cite as "Nexqual, Clipper Realty Inc. (CLPR), nexqual.com/CLPR" · informational, not investment advice.

**Price:** USD 3.09 (-0.48% today) · US market open, as of October 23, 2026 at 18:27 UTC; quotes may be delayed. Prev close 3.1 · day 3.03–3.11 · 52w 2.69–4.23 · market cap $131M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $151M, net income -$33.3M (-22.0% margin) (SEC filings).
- Insider open-market purchases, last ~7 months: 7 Form 4 filings, $1.6M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Strong Sell (mean 5.00 on a 1–5 scale) (1 analysts).
- Total return with dividends: 1Y -15.6% vs S&P 500 +14.5%; 5Y -46.5% vs S&P 500 +77.1%.
- Next earnings: 2026-11-04, EPS estimate USD —, revenue estimate $38.7M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $123M | $130M | $138M | $149M | $153M | $151M |
| Gross profit | $26.9M | $27.6M | $33.2M | $40.8M | $4.2M | — |
| Operating income | $24.2M | $27.6M | $33.2M | $40.5M | $4.2M | $30.7M |
| Net income | -$20.0M | -$12.6M | -$15.6M | -$6.6M | -$52.3M | -$33.3M |
| EPS (diluted) | -$0.51 | — | — | — | — | — |
| Free cash flow | -$70.0M | -$32.0M | -$20.1M | -$37.9M | — | — |
| Gross margin | 21.9% | 21.3% | 24.0% | 27.4% | 2.7% | — |
| Operating margin | 19.7% | 21.3% | 24.0% | 27.2% | 2.7% | 20.3% |
| Net margin | -16.3% | -9.7% | -11.3% | -4.4% | -34.2% | -22.0% |
| Revenue growth | -0.1% | +5.7% | +6.5% | +7.6% | +3.0% | — |
| Cash + short-term investments | $34.5M | $18.2M | $22.2M | $19.9M | $30.8M | — |
| Total debt | $1.13B | $1.16B | $1.21B | $1.27B | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.9x · Earnings yield -25.40% · Dividend yield (paid, TTM) 14.22%

## Insider purchases (SEC Form 4, open-market, last ~7 months)
7 purchases, $1.6M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-28 | Bistricer Jacob | Chief Operating Officer | 73,500 | $246K | 3.35 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-23…2026-09-24 | Levinson Sam | Director | 22,923 | $77K | 3.38 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-14…2026-09-15 | Levinson Sam | Director | 9,084 | $30K | 3.29 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-08…2026-09-09 | Levinson Sam | Director | 117,552 | $388K | 3.3 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-31…2026-09-02 | Levinson Sam | Director | 8,063 | $26K | 3.24 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-18…2026-08-20 | Levinson Sam | Director | 98,635 | $311K | 3.15 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-12…2026-08-14 | Levinson Sam | Director | 154,764 | $489K | 3.16 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Strong Sell (mean 5.00 on a 1–5 scale), 1 analysts.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -15.6% | -46.5% |
| S&P 500 (SPY) | +14.5% | +77.1% |
| Per year | -15.6% | -11.8% |
| Volatility (annualized) | 41.2% | 40.3% |
| Max drawdown | -28.4% (Oct 2025→Jun 2026) | -59.9% (Jan 2022→Jul 2026) |

## Peers (REIT - Residential)
NXRT (NexPoint Residential Trust, Inc) USD 18.65 -2.30% · CSR (D/B/A Centerspace) USD 56.7 -1.31% · UMH (UMH Properties, Inc.) USD 15.35 -0.65% · IRT (Independence Realty Trust, Inc.) USD 14.91 -1.75% · MRP (Millrose Properties, Inc.) USD 23.84 -0.54% · JAN (Janus Living, Inc.) USD 28.06 -2.03%

## More
Full page: https://nexqual.com/CLPR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CLPR's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1649096/000143774926005856/clpr20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Class B | "If there is a transfer of a controlling interest in any of our properties (or in the entities through which we hold our properties), issuances of our common stock in exchange for Class B LLC units pursuant to the exchang…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Residential | $32.2M | 83.5% | +10.9% | $9.6M | 29.9% |
| Commercial | $6.4M | 16.5% | -36.4% | -$251,000 | -4.0% |
| Total revenue | $38.6M | 100% | — | $9.4M | 24.3% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Residential Rental | $32.2M | 83.5% | +10.9% |
| Commercial Real Estate | $6.4M | 16.5% | -36.4% |
| Rental Income | $6.4M | 16.5% | -36.4% |
| Total revenue | $38.6M | 100% | — |
The lines above cover 116.5% of total revenue.

## Customer concentration

Period ended 2026-06-30: 11% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | — | — | — | $38.7M | — |
| Next quarter (ends 2026-12-31) | — | — | — | $39.1M | — |
| Current fiscal year (ends 2026-12-31) | — | — | — | $154.6M | — |
| Next fiscal year (ends 2027-12-31) | — | — | — | $158.3M | — |