ACR expects to close merger with ACC on Aug 6, 2026; issues $200M 8.625% notes due 2031

ACRES Commercial Realty Corp.

Merger consideration: each ACC share converts to 2.61882 ACR shares; ~7.48M ACR shares to be issued.
ACR will assume ACC's $250M credit facility (~$185M outstanding) and become internally managed.
Private placement of $200M 8.625% Senior Secured Notes due 2031; proceeds to repay $150M 5.75% notes due Aug 2026.
Pro forma combined net loss allocable to common shares of $36.9M for H1 2026 and $37.3M for FY 2025.
Notes expected to carry investment grade rating; covenants include min liquidity $20M, net debt/equity ≤5.0x.

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