SEC Filing Summary: Resource Capital Corp. (8-K)
Business Context and Reporting Period
This Form 8-K was filed by Resource Capital Corp. on February 21, 2018. The filing reports a corporate event regarding the redemption of preferred stock. Note: The request metadata references "ACRES Commercial Realty Corp.," but the filing text explicitly identifies the registrant as "Resource Capital Corp."
Key Financial Metrics
The filing does not provide general financial metrics such as revenue, profit, cash flow, margins, or total debt. The only specific financial data disclosed relates to the preferred stock redemption:
- Security: 8.25% Series B Cumulative Redeemable Preferred Stock.
- Redemption Price: $25.00 per share.
- Accrued Distributions: $0.32083 per share (accrued up to, but not including, the redemption date).
- Total Payment: $25.32083 per share.
Material Changes
The material change announced is the scheduled full redemption of all outstanding shares of the Series B Preferred Stock. Upon redemption, these shares will cease to be outstanding, and all associated rights will terminate except for the right to receive the redemption payment. The stock will be delisted from the New York Stock Exchange.
Guidance, Outlook, and Risks
Event Details: The redemption is scheduled for March 26, 2018. All shares are held in book-entry form through the Depository Trust Company (DTC).
Management Commentary: The filing references a press release (Exhibit 99.1) for further details but contains no additional management commentary, forward-looking guidance, or specific risk factors within the text provided.
Key Facts for Investor Verification
- Verify the exact number of Series B Preferred Stock shares outstanding to calculate the total cash outflow for the redemption.
- Confirm the impact of the redemption on the company's capital structure and liquidity as of March 26, 2018.
- Review the attached press release (Exhibit 99.1) for any additional context regarding the funding source for the redemption.
- Note the discrepancy between the requested company name (ACRES Commercial Realty Corp.) and the filing registrant (Resource Capital Corp.).