Business Context and Reporting Period
This Form 8-K is filed by Exantas Capital Corp. (not ACRES Commercial Realty Corp.) on October 30, 2019. The report serves to furnish a press release regarding the Company's operating results for the three and nine months ended September 30, 2019. The registrant is incorporated in Maryland and trades on the New York Stock Exchange under the symbols XAN (Common Stock) and XANPrC (Preferred Stock).
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document acts as a conduit for a press release (Exhibit 99.1) containing these details but does not list the figures within the body of the 8-K itself.
Material Changes
No specific material changes or comparative financial data are detailed in the text of this filing. The report indicates that the Company issued a press release regarding its results, but the content of that release is not summarized in the provided text.
Guidance, Outlook, and Risks
- Forward-Looking Statements: The filing contains forward-looking statements identified by terms such as "may," "expect," and "believe."
- Risks and Contingencies: Actual results may differ materially from expectations due to risks, uncertainties, and contingencies discussed in the Company's other SEC filings under "Risk Factors" and "Management's Discussion and Analysis."
- Legal Disclaimer: The information is "furnished" and not "filed" for purposes of Section 18 of the Exchange Act, meaning it is not subject to the liabilities of that section and will not be incorporated by reference into other registration statements.
Investor Verification Checklist
- Verify the correct registrant name is Exantas Capital Corp., as the input metadata incorrectly referenced ACRES Commercial Realty Corp.
- Review Exhibit 99.1 (the Press Release) to obtain actual financial figures for the three and nine months ended September 30, 2019.
- Consult the Company's most recent 10-Q or 10-K filings for detailed "Risk Factors" and "Management's Discussion and Analysis" referenced in the forward-looking statements disclaimer.
- Confirm the trading status of Common Stock (XAN) and 8.625% Fixed-to-Floating Series C Preferred Stock (XANPrC) on the NYSE.