Commercial mortgage REIT Acres Commercial Realty (ACR) is going to be selling a new issue of preferred stock.
The company, which was previously Exantas Capital, has 1 fixed-to-floating rate preferred outstanding–it is the 8.625% ACR-C issue which becomes redeemable in 2024.
Terms are normal terms–unrated, cumulative, non qualified and optionally redeemable in 2026.
The proceeds of the new issue will be used for investment in additional commercial real estate loans.
J was on top of this one.