Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when ACR files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsACRES Commercial Realty extends Morgan Stanley repo facility to Nov 2027, eases interest coverage covenant
Filed November 6, 2026 · Period ending November 2, 2026 · ~1 min read
Key Changes
-
high
Extended the Morgan Stanley repurchase agreement to November 2027, preserving financing capacity for real estate lending.
Item 1.01 verify on EDGAR → -
high
Amended guarantor financial covenants, including a tiered interest coverage ratio that steps down to 1.15x through Sept 2027 before returning to 1.35x after March 2028.
Item 1.01 verify on EDGAR → -
low
Amendment effectiveness is conditioned on payment of an extension fee by November 3, 2026; fee amount not disclosed.
Exhibit 99.1 view on EDGAR → -
low
Seller and guarantor represented no uncured default or margin deficit exists as of the amendment date.
Exhibit 99.1 view on EDGAR →
Summary
ACRES Commercial Realty Corp. amended its master repurchase agreement with Morgan Stanley, extending the facility termination date to November 2027. The amendment also modifies certain financial covenants in the guaranty, most notably the interest coverage ratio, which is reduced to a minimum of 1.15x through September 2027, then steps up to 1.25x through March 2028, and returns to 1.35x thereafter. This provides the company with additional covenant headroom during the interim period.
The extension preserves a key source of financing for the company's real estate lending operations. The amendment is conditioned on payment of an extension fee by November 3, 2026, and the company represented that no uncured default or margin deficit exists. The specific fee amount and other covenant details are not disclosed in the filing.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
extending the agreement to November 2027
The Company entered into the Seventh Amendment to its Master Repurchase and Securities Contract Agreement with Morgan Stanley, extending the agreement's term to November 2027. This provides continued financing capacity for the Company's real estate lending operations.
Added in current filing · verify on EDGAR →
including amending certain financial covenants
The Amendment also modifies certain financial covenants in the guaranty between the Company and Morgan Stanley. The specific covenant changes are not detailed in the 8-K body, but the amendment is filed as Exhibit 99.1.
Event · Exhibit 99.1
ACRES Commercial Realty amends its Morgan Stanley repurchase facility to extend the termination date and modify guarantor financial covenants.
Added in current filing · view on EDGAR →
Seller has requested and Administrative Agent has agreed to extend the Facility Termination Date
The amendment extends the termination date of the Master Repurchase and Securities Contract Agreement with Morgan Stanley Mortgage Capital Holdings LLC. The specific new date is not disclosed in the excerpt, but the extension itself is the core purpose of the amendment.
Added in current filing · view on EDGAR →
(3) from the calendar quarter ending September 30, 2026 through the calendar quarter ending September 30, 2027, less than 1.15 to 1.00, (4) from the calendar quarter ending December 31, 2027 through the calendar quarter ending March 31, 2028, less than 1.25 to 1.00, and (2) at all times after the calendar quarter ending DecemberMarch 31, 20252028, less than 1.35 to 1.00.
The amended guaranty sets a tiered minimum EBITDA-to-interest expense ratio: 1.15x through September 2027, 1.25x through March 2028, and 1.35x thereafter. This represents a relaxation from the prior 1.35x requirement during the interim period, giving the company more covenant headroom.
Show 1 minor / wording change
Added in current filing · view on EDGAR →
no uncured monetary Default, material non-monetary Default or Event of Default or any unsatisfied Margin Deficit has occurred and is continuing as of the date hereof
Seller and Guarantor represent that no uncured default or margin deficit exists as of the amendment date. This is a standard representation in such amendments and indicates the facility is in good standing.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Nov 9, 2026 · How we verify