Item 1.01Entry into a Material Definitive Agreement.

Senior Secured Financing Facility

As previously reported, on July 31, 2020, RCC Real Estate SPE Holdings LLC ("Holdings"), an indirect, wholly owned subsidiary of Exantas Capital Corp., and RCC Real Estate SPE 9 LLC (the "Borrower"), a direct, wholly owned subsidiary of Holdings, entered into a $250 million Loan and Servicing Agreement (the "Loan Agreement") with Massachusetts Mutual Life Insurance Company ("MassMutual"), the other lenders party thereto (the "Lenders"), Wells Fargo Bank, National Association, as the administrative agent and collateral custodian, MassMutual, as the facility servicer, and ACRES Capital Servicing LLC, an affiliate of ACRES Capital, LLC, as the portfolio servicer. Capitalized terms used but not defined herein have the same meanings as in the Loan Agreement, a copy of which was included as Exhibit 10.2 to our current report on Form 8-K filed on August 3, 2020 and is incorporated herein by reference.

On September 16, 2020, Holdings, the Borrower and the Lenders entered into a first amendment to the Loan Agreement (the "Amendment") pursuant to which (i) the portfolio of Initial Portfolio Assets was revised and an agreed advance rate for each Initial Portfolio Asset (each, an "Initial Portfolio Asset Advance Rate") was set, and (ii) the revolving loan facility under the Loan Agreement was amended to require the Initial Lender (currently MassMutual) to provide a specific advance rate for any future Eligible Portfolio Assets and to limit the aggregate total amount of Advances outstanding at any time to both the Total Facility Amount and, in lieu of a 55% LTV, a Borrowing Base as of any required date of determination equal to the sum of, in each case, the product of the advance rate for such Eligible Portfolio Asset (including in respect of the Initial Portfolio Assets, the applicable Initial Portfolio Advance Rate therefor) and the then determined Value of such Eligible Portfolio Asset.

The Initial Portfolio Asset Advance Rates range between approximately 27% and 70%.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 and is incorporated herein by reference.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits.




Exhibit No.   Description
10.1            First Amendment to Loan and Servicing Agreement, dated as of
              September 16, 2020, among RCC Real Estate SPE Holdings LLC, RCC Real
              Estate SPE 9 LLC, Massachusetts Mutual Life Insurance Company and
              Wells Fargo Bank, National Association, as the Administrative
              Agent.
104           Cover Page Interactive Data File (embedded within the Inline XBRL
              document).

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