ACRES Commercial Realty amends credit facility covenants with JPMorgan and Morgan Stanley

ACRES Commercial Realty Corp.

JPM Amendment (Nov 17): Through Sep 2023, liquidity floor raised to $15M or 7.5% of repurchase price; max leverage 5.5:1; min EBITDA/interest 1.25:1.
Morgan Stanley Amendment (Nov 18): Through Mar 2024, same liquidity floor of $15M or 7.5%; max leverage 5.5:1; min EBITDA/interest 1.25:1.
Both amendments modify EBITDA calculation by excluding certain non-cash items and REO construction loan interest.
The company represents no defaults exist and reaffirms compliance with all covenants post-amendment.

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