ACR completes merger with ACC, becomes internally managed; issues $200M 8.625% notes due 2031

ACRES Commercial Realty Corp.

Issued ~7.5M shares of ACR common stock to ACC stockholders; net increase of ~6.3M shares after eliminating ACC-held shares.
Terminated external management agreement for no consideration; company now internally managed.
Completed $200M private placement of 8.625% Senior Secured Notes due 2031; proceeds to repay $150M 5.75% notes due Aug 2026.
Amended credit facility to $185M at 8.749% fixed rate, maturing July 2033; $55M additional commitments funded.
Entered employment agreements with 7 executives (Fogel, Fentress, Reasoner, Jesberger, Brengel, Blackwell, Persaud) with 3-year terms.

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