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ACRES Commercial Realty Corp 8.625% Fixed/Float Ser C Cumul Redeem Prfd Stock
Ticker Symbol: ACR-C     CUSIP: 00489Q201     Previous CUSIP: 30068N402      Exchange: NYSE
Security Type:   Traditional Preferred Stock

QUANTUMONLINE.COM SECURITY DESCRIPTION:  ACRES Commercial Realty Corp., formerly Exantas Capital Corp., formerly Resource Capital Corp., 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 7/30/2024 at $25 per share plus accrued and unpaid dividends, and with no stated maturity.

Cumulative distributions of 8.625% per annum ($2.15625 per annum or $0.53906 per quarter) will be paid quarterly on 1/30, 4/30, 7/30 & 10/30 to holders of record that will be the first day of the calendar month in which the payment date falls or the record date fixed by the board, not more than 90 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). From 7/30/2024, distributions will be paid at a floating rate equal to three-month LIBOR plus a spread of 5.927% per annum, provided that such floating rate shall not be less than the initial rate of 8.625%. Dividends paid by preferreds issued by REITs are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders.

Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details).

This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Cpn Rate
Ann Amt
Call Date
Matur Date
Distribution Dates 15%
Tax Rate
1/30, 4/30, 7/30 & 10/30
Click for MW ExDiv Date
Click for Yahoo ExDiv Date

Go to Parent Company's Record (ACR)

Notes:  Feb. 16, 2021 -- ACRES Commercial Realty Corp. (NYSE: ACR) (the "Company"), focused on originating, holding and managing commercial real estate mortgage loans and other commercial real estate-related debt investments, announced today that its name change from "Exantas Capital Corp." is effective. As of tomorrow, February 17, 2021, its common shares will trade on the New York Stock Exchange under the symbol "ACR" and its 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock ("preferred stock") will trade under the symbol "ACR-C." The new CUSIP number for the Company's common stock is 00489Q102, and the new CUSIP number for its preferred stock is 00489Q201. Additionally, its 3-for-1 reverse stock split is effective as of the market close on February 16, 2021.

Sept. 21, 2020 -- Exantas Capital Corp. (NYSE:XAN) (the "Company") announced today that its Board of Directors declared all accrued and unpaid cash dividends on its 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock") for the period from January 31, 2020 through and including July 30, 2020 in the amount of $1.078125 per share. The Company's Board of Directors also declared a cash dividend on its Series C Preferred Stock for the period from July 31, 2020 through and including October 30, 2020 in the amount of $0.5390625 per share. The dividends will be paid on October 30, 2020 to holders of record on October 1, 2020.

March 25, 2020 -- Exantas Capital Corp. (NYSE:XAN) (the "Company") announced today that, due to the turmoil in the financial markets resulting from the global pandemic of the COVID-19 virus, the Company and its subsidiaries have received margin calls from CMBS repo financing counterparties. As of the close of business on March 23, 2020, the Company did not meet all of its margin calls. The Company has requested that its CMBS repo financing counterparties forbear from exercising rights under the applicable agreements to allow the Company to evaluate its options for responding to the current situation.The Board of Directors of the Company has rescinded the Company's previously announced cash dividend of $0.275 per common share for shareholders of record on March 31, 2020 and the cash dividend in the amount of $0.539063 per share on its 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock for shareholders of record on April 30, 2020 due to the events described above and the uncertainties in the market resulting from the COVID-19 pandemic _____________________ August 31, 2015 -- Resource Capital Corp. (NYSE: RSO)announced today disclosed a one-for-four reverse stock split of the Company's common stock with a new CUSIP of 76120W708 effective 9/1/2015.

IPO - 6/3/2014 - 4.40 Million Shares @ $25.00 /share.    Link to IPO Prospectus
Previous Ticker Symbol: XAN-C    Changed: 2/17/2021
Previous Name: Exantas Capital Corp.    Changed: 2/18/2021
Market Value $114.0 Million

Company's Online Information Links
HOME PAGE:     https://www.acresreit.com/home
Company's Investor Relations Information Go to Investor Relations Information
Company's Online News Releases Go to News Releases
Online Company Profile Go to Online Profile

Company's Online SEC EDGAR Filings
Company's SEC EDGAR Filings Go to SEC Filings

Company's Email Address Links
Email Address IR@acresreit.com
Email Contact Form on Website Go to Email Form

Address and Phone Numbers
Address:   865 Merrick Avenue, Suite 200 S, Westbury NY 11590
Main Phone Number 516-535-0015
Fax Number Not Available
Investor Contact (CFO)   David Bryant 516-862-2385
CEO - Mark Fogel CFO - David J. Bryant

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Latest Update: 8/7/2023