ACRES Commercial Realty Corp. expects to complete its merger with ACRES Capital Corp. and internalization of management on August 6, 2026. ACC will merge into a subsidiary of ACR, allowing ACR to acquire the manager and terminate the existing management agreement without additional consideration. Shareholders of ACC will receive 2.61882 shares of ACR common stock for each share held, resulting in an issuance of approximately 7.48 million new shares. Concurrently, ACR expects to assume a $250 million credit facility with roughly $185 million outstanding and complete a private placement of $200 million in 8.625% Senior Secured Notes due 2031. Proceeds from the notes will repay $150 million of maturing senior unsecured notes, with the remainder for general corporate purposes. ACRES Commercial Realty Corp. is a real estate investment trust that invests in commercial real estate debt and equity.
