Item 1.01 Entry into a Material Definitive Agreement.

On January 24, 2023, in connection with ACRES Commercial Realty Corp.’s (the
“Company”) investment in a student housing complex, ACRES Realty Funding, Inc.,
a direct, wholly-owned subsidiary of the Company (“ARF”) entered into guaranties
related to a $48 million construction loan made by the joint venture in which
the Company has a membership interest. Pursuant to the Guaranty Agreement, dated
as of January 24, 2023, by Jason Pollack, Frank Dellaglio and ARF (collectively,
the “Guarantors”) for the benefit of Oceanview Life and Annuity Company (the
“Lender”), the Guarantors provided limited (“bad boy”) guaranties to the Lender
pursuant to the Building Loan Agreement, dated January 24, 2023 between Chapel
Drive East, LLC, a Delaware limited liability company (the “Borrower”) and the
Lender (“Loan Agreement”) until the earlier of the payment in full of the
indebtedness or the date of a sale of the property pursuant to a foreclosure of
the mortgage or deed or other transfer in lieu of foreclosure is accepted by the
Lender.

On January 24, 2023, the Guarantors also entered into a Completion Guaranty
Agreement for the benefit of the Lender to guaranty the timely completion of the
project in accordance with the Loan Agreement, as well as a Carry Guaranty
Agreement, for the benefit of the Lender to guaranty the prompt and
unconditional payment by Borrower of all customary or necessary costs and
expenses incurred in connection with the operation, maintenance and management
of the property and an Environmental Indemnity Agreement jointly and severally
in favor of the Lender whereby the Guarantors serving as Indemnitors provided
environmental representations and warranties, covenants and indemnification
(collectively the “Guaranties”). The Guaranties include certain financial
covenants required of ARF, including required net worth and liquidity
requirements.

The foregoing description of the Guaranty Agreement, the Completion Guaranty
Agreement, the Carry Guaranty Agreement and the Environmental Indemnity
Agreement are only summaries, do not purport to be complete and are qualified in
their entirety by reference to the full text of such agreements, which are filed
as Exhibits 10.1, 10.2, 10.3 and 10.4 hereto and are incorporated herein by
reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.
10.1           Guaranty Agreement executed January 24, 2023 by Jason Pollack,
             Frank Dellaglio and ACRES Realty Funding, Inc. for the benefit of
             Oceanview Life and Annuity Company
10.2           Completion Guaranty Agreement executed January 24, 2023 by Jason
             Pollack, Frank Dellaglio and ACRES Realty Funding, Inc. for the
             benefit of Oceanview Life and Annuity Company
10.3           Carry Guaranty Agreement executed January 24, 2023 by Jason
             Pollack, Frank Dellaglio and ACRES Realty Funding, Inc. for the
             benefit of Oceanview Life and Annuity Company
10.4           Environmental Indemnity Agreement executed January 24, 2023 by
             Jason Pollack, Frank Dellaglio and ACRES Realty Funding, Inc. in
             favor of Oceanview Life and Annuity Company
104          Cover Page Interactive Data File (embedded within the Inline XBRL
             document).

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