secwatch.observer — SEC 8-K summary
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Issuer:     ACRES Commercial Realty Corp. (ACR)
CIK:        0001332551
Form:       8-K
Filed at:   2023-07-25T23:59:59+00:00
Accession:  0000950170-23-034416
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ACRES Commercial Realty amends JPMorgan facility covenants, extends maturity to 2026
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- Liquidity requirement set at $15M or 7.5% of outstanding repurchase price through Dec 2024, then $10M or 5%.
- Total Indebtedness to Total Equity ratio capped at 5.50:1.00 through 2024, then 6.00:1.00.
- EBITDA to Interest Expense ratio set at 1.25:1.00 through 2024, then 1.50:1.00.
- Master repurchase agreement maturity extended from Oct 26, 2024 to July 21, 2026; optional extension to July 21, 2028.
- Seller paid a $458,904 fee for the amendment.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1332551/000095017023034416/0000950170-23-034416-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1332551/000095017023034416/acr-20230721.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-034416

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