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			jcap_Current Folio_8K
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:16pt;">UNITED STATES</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:16pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:9pt;">WASHINGTON, D.C. 20549</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:16pt;">FORM 8-K</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:9pt;">CURRENT REPORT</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:9pt;">Pursuant to Section 13 or 15(d) of the</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:9pt;">Securities Exchange Act of 1934</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:7pt;">&nbsp;</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:9pt;">Date of Report (Date of earliest event reported): March 26, 2020</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:7pt;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;color:#000000;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 22pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:22pt;">Jernigan Capital, Inc.</font>
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		<p style="margin:0pt;text-align:center;color:#000000;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:9pt;">(Exact Name of Registrant as Specified in its Charter)</font>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;</font></p>
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;</font></p>
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:9pt;">Maryland</font></p>
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:9pt;">(State or Other Jurisdiction</font></p>
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:9pt;">of Incorporation)</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:9pt;">001-36892</font></p>
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:9pt;">(Commission</font></p>
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:9pt;">File Number)</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;&nbsp;&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:9pt;">47-1978772</font></p>
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:9pt;">(IRS Employer</font></p>
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:9pt;">Identification No.)</font></p>
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					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:9pt;">6410 Poplar Avenue, Suite 650</font></p>
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:9pt;">Memphis, Tennessee</font></p>
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:9pt;">(Address of Principal Executive Offices)</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:9pt;">38119</font></p>
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:9pt;">(Zip Code)</font></p>
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;</font></p>
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			<font style="display:inline;font-size:6pt;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:9pt;">(901) 567-9510</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:9pt;">(Registrant&#x2019;s telephone number, including area code)</font>
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		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:7pt;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:9pt;">N/A</font>
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		<p style="margin:0pt;text-align:center;color:#000000;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:9pt;">(Former Name or Former Address, if Changed Since Last Report)</font>
		</p>
		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:7pt;">&nbsp;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font>
		</p>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&#x2610;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&#x2610;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font>
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		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&#x2610;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-size:9pt;">&#x2610;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font>
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		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:7pt;">&nbsp;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">Securities registered pursuant to Section 12(b) of the Act:</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:7pt;">&nbsp;</font>
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					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">Title of each class</font></p>
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				<td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">Trading Symbol(s)</font></p>
				</td>
				<td valign="bottom" style="width:45.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">Name of each exchange on which registered</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.82%;padding:0pt 5.4pt 0pt 5.4pt;">
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">Common stock, par value $0.01 per share</font></p>
				</td>
				<td valign="top" style="width:12.86%;padding:0pt 5.4pt 0pt 5.4pt;">
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">JCAP</font></p>
				</td>
				<td valign="top" style="width:45.32%;padding:0pt 5.4pt 0pt 5.4pt;">
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">New York Stock Exchange</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.82%;padding:0pt 5.4pt 0pt 5.4pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:12.86%;padding:0pt 5.4pt 0pt 5.4pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:45.32%;padding:0pt 5.4pt 0pt 5.4pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:6pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:41.82%;padding:0pt 5.4pt 0pt 5.4pt;">
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">7.00% Series B cumulative redeemable perpetual preferred stock, $0.01 par value per share</font></p>
				</td>
				<td valign="top" style="width:12.86%;padding:0pt 5.4pt 0pt 5.4pt;">
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">JCAP PR B</font></p>
				</td>
				<td valign="top" style="width:45.32%;padding:0pt 5.4pt 0pt 5.4pt;">
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">New York Stock Exchange</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#xA7;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this chapter).</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:7pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;">
			<tr>
				<td valign="top" style="width:43.90pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:441.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:43.90pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&#x2612;</font></p>
				</td>
				<td valign="top" style="width:441.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">Emerging growth company.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:43.90pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:6pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:441.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 6pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:6pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:43.90pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-size:9pt;">&#x2612;</font></p>
				</td>
				<td valign="top" style="width:441.40pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 9pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:9pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 7pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt solid #000000 ;border-bottom:3pt solid #000000 ;line-height:1pt;font-family:Arial,Helvetica,sans-serif;font-size: 1pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">
			&nbsp;
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%">

		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:10pt;">Item 1.01.</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:10pt;">&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:10pt;">Entry into a Material Definitive Agreement.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">On March 26, 2020, Jernigan Capital Operating Company, LLC (the &#x201C;Operating Company&#x201D;), the operating company of Jernigan Capital, Inc. (the &#x201C;Company&#x201D;), entered into a second amended and restated senior secured revolving credit facility of up to $375 million (the &#x201C;Amended and Restated Credit Facility&#x201D;) with KeyBank National Association, as administrative agent, KeyBanc Capital Markets Inc. and BMO Capital Markets Corp., as joint lead arrangers, BMO Capital Markets Corp. as syndication agent, Raymond James Bank, N.A. as documentation agent and the other lenders party thereto. Pursuant to an accordion feature, the Operating Company may from time to time increase the commitments under the Amended and Restated Credit Facility up to an aggregate amount of $750 million, subject to, among other things, an absence of default under the Amended and Restated Credit Facility, borrowing base capacity, as well as receiving commitments from lenders for the additional amounts. The Amended and Restated Credit Facility amends and restates the Company&#x2019;s existing credit facility in all respects. The Operating Company intends to use future borrowings under the Amended and Restated Credit Facility to fund its investments, to make secured or unsecured loans to borrowers in connection with its investments and for general corporate purposes.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">On March 26, 2020, the Company and certain wholly-owned subsidiaries of the Operating Company (the &#x201C;Subsidiaries&#x201D;) entered into a Second Amended and Restated Unconditional Guaranty of Payment and Performance (the &#x201C;Amended and Restated Guaranty&#x201D;) whereby they have agreed to unconditionally guarantee the obligations of the Operating Company under the Amended and Restated Credit Facility. The Amended and Restated Credit Facility is secured by certain of the Company&#x2019;s investments made through the Subsidiaries, and other subsidiaries of the Operating Company may be added as guarantors from time to time during the term of the Amended and Restated Credit Facility. The Amended and Restated Credit Facility has a scheduled maturity date on March 24, 2023 with two one-year extension options to extend the maturity of the facility to March 26, 2025. Borrowings under the Amended and Restated Credit Facility are secured by three different pools of collateral: the first consisting of the mortgage loans held by the Company or its subsidiaries extended to developers (each a &#x201C;Mortgage Loan&#x201D;), the second consisting of certain non-stabilized self-storage properties owned by the Company or one of its wholly owned subsidiaries(the &#x201C;Non-Stabilized Real Estate Collateral&#x201D;) and the third consisting of certain stabilized self-storage properties owned by the Company or one of its wholly owned subsidiaries (the &#x201C;Stabilized Real Estate Collateral&#x201D; and, together with the Mortgage Loans and the Non-Stabilized Real Estate Collateral, the &#x201C;Borrowing Base Assets&#x201D;).</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">The amount available to borrow under the Amended and Restated Credit Facility is limited according to a borrowing base valuation of the assets available as collateral. For loans secured by Mortgage Loans, the borrowing base availability is the lesser of (i) 60% of the outstanding balance of the Mortgage Loans and (ii) the maximum principal amount which would not cause the outstanding loans under the Amended and Restated Credit Facility secured by the Mortgage Loans to be greater than 50% of the underlying real estate assets securing the Mortgage Loans. For loans secured by Non-Stabilized Real Estate Collateral, the borrowing base availability is the lesser of (i) the maximum principal amount that would not cause the outstanding loans under the Amended and Restated Credit Facility secured by Non-Stabilized Real Estate Collateral to be greater than 60% of the as-stabilized value of such Non-Stabilized Real Estate Collateral, (ii) the maximum principal amount which would not cause the outstanding loans and letter of credit liabilities under the Amended and Restated Facility to be greater than 75% of the total development cost of the Non-Stabilized Real Estate Collateral, and (iii) whichever of the following is then applicable: (A) the maximum principal amount that would not cause the ratio of (1) stabilized net operating income from the Non-Stabilized Real Estate Collateral included in the borrowing base divided by (2) an implied debt service coverage amount to be less than 1.35 to 1.00, (B) for any underlying real estate asset securing the Non-Stabilized Real Estate Collateral that has been included in the borrowing base for greater than 18 months, the maximum principal amount which would not cause the ratio of (1) actual adjusted net operating income for the underlying real estate asset securing such Non-Stabilized Real Estate Collateral divided by (2) an implied debt service amount to be less than 0.50 to 1.00, and (C) for any underlying real estate asset securing the Non-Stabilized Real Estate Collateral that has been included in the borrowing base for greater than 30 months, the maximum principal amount which would not cause the ratio of (1) actual adjusted net operating income for the underlying real estate asset securing such Non-Stabilized Real Estate Collateral divided by (2) an implied debt service amount to be less than 1.00 to 1.00. For loans secured by Stabilized Real Estate Collateral, the borrowing base availability is the lesser of (i) the maximum principal amount that would not cause the outstanding loans under the Amended and Restated Credit Facility secured by the underlying real estate asset securing the Stabilized Real Estate Collateral to be greater than 65% of the value of such self-storage property and (ii) the maximum principal amount that would not cause the ratio of (a) actual adjusted net operating income from the underlying real estate asset securing such Stabilized Real Estate Collateral divided by (b) an implied debt service coverage amount to be less than 1.30 to 1.00. </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%">

		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;"><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Notwithstanding the foregoing, the borrowing base availability will be reduced by certain aggregate operating and interest holdbacks, which must be updated by the Company on a quarterly basis and may be updated by the Company on a monthly basis as leasing at the Company&#x2019;s properties progresses. All such amounts are subject to approval by the administrative agent.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">The Amended and Restated Credit Facility includes certain requirements that may limit the borrowing capacity available to the Company from time to time. Under the terms of the Amended and Restated Credit Facility, the outstanding principal balance of the revolving credit loans, swing loans and letter of credit liabilities under the Amended and Restated Credit Facility may not exceed the borrowing base availability.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Each loan made under the Amended and Restated Credit Facility will bear interest at either, at the Operating Company&#x2019;s election, (i) a base rate plus a margin of 1.10%, 1.50% or 2.00% or (ii) LIBOR plus a margin of 2.10%, 2.50% or 3.00%&nbsp;(subject to customary LIBOR replacement protocols), in each case depending on the borrowing base available for such loan. In addition, the Operating Company is required to pay a per diem fee at the rate of either 0.25% or 0.30% per annum, depending on the amount outstanding under the Amended and Restated Credit Facility at the time, times the excess of the sum of the commitments of the lenders, as in effect from time to time, over the outstanding principal amount of revolving credit loans under the Amended and Restated Credit Facility.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">The Amended and Restated Credit Facility contains certain customary representations and warranties and financial and other affirmative and negative covenants. The Operating Company&#x2019;s ability to borrow under the Amended and Restated Credit Facility is subject to ongoing compliance by the Company and the Operating Company with various customary restrictive covenants, including but not limited to limitations on its incurrence of indebtedness, investments, dividends, asset sales, acquisitions, mergers and consolidations and liens and encumbrances. In addition, the Amended and Restated Credit Facility contains certain financial covenants including the following:</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
				<font style="margin:0pt 0pt 5pt;font-family:Symbol;line-height:100%;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">total consolidated indebtedness not exceeding (i) 45% of gross asset value during the period between March 26, 2020 and December 31, 2020, and (ii) 50% of gross asset value during the period between January 1, 2021 through the maturity of the Amended and Restated Credit Facility;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
				<font style="margin:0pt 0pt 5pt;font-family:Symbol;line-height:100%;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">a minimum fixed charge coverage ratio (defined as the ratio of consolidated adjusted earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of not less than (i) 1.15 to 1.00 during the period between March 26, 2020 and December 31, 2020, (ii) 1.20 to 1.00 during the period between January 1, 2021 and December 31, 2021 and (iii) 1.40 to 1.00 during the period between January 1, 2022 through the maturity of the Amended and Restated Credit Facility;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
				<font style="margin:0pt 0pt 5pt;font-family:Symbol;line-height:100%;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">a minimum consolidated tangible net worth (defined as gross asset value less total consolidated indebtedness) of $360.5 million plus 75% of the sum of any additional net offering proceeds;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
				<font style="margin:0pt 0pt 5pt;font-family:Symbol;line-height:100%;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">when aggregate outstanding loans under the Amended and Restated Credit Facility exceed $50 million, unhedged variable rate debt cannot exceed 40% of consolidated total indebtedness;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
				<font style="margin:0pt 0pt 5pt;font-family:Symbol;line-height:100%;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">liquidity of no less than the greater of (i) future funding commitments of the Company and its subsidiaries for the three months after each date of determination and (ii) $25 million for the period between March 26, 2020 and December 31, 2020 or, on and after January 1, 2021, liquidity of no less than the greater of (i) future funding commitments of the Company and its subsidiaries for the six months following each date of determination and (ii) $25 million; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
				<font style="margin:0pt 0pt 5pt;font-family:Symbol;line-height:100%;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">a ratio of adjusted consolidated EBITDA determined for the most recently ended calendar quarter, annualized, to debt service for the most recently ended calendar quarter, annualized, of no less than 2.00 to 1;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
				<font style="margin:0pt 0pt 5pt;font-family:Symbol;line-height:100%;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt 0pt 5pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">a requirement to maintain at all times a minimum of 25 Borrowing Base Assets with an aggregate borrowing base availability of not less than (i) $150 million for the period between March 26, 2020 and December 31, 2020, and (ii) $250 million for the period between January 1, 2021 through the maturity of the Amended and Restated Credit Facility; and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt;">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;line-height:100%;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;margin:0pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">a minimum borrowing base availability attributable to Non-Stabilized Real Estate Collateral and Stabilized Real Estate Collateral of not less than (i) 20% of total borrowing base availability for the period between March 26, 2020 and December 31, 2020, (ii) 40% of total borrowing base availability for the period </font></p></td></tr></table></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%">

		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top"><p style="margin:0pt 0pt 0pt 54pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;;"><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">between January 1, 2021 and December 31, 2021 and (iii) 60% of total borrowing base availability for the period between January 1, 2022 through the maturity of the Amended and Restated Credit Facility, in each case, exclusive of any borrowing base availability attributable to Mortgage Loans. </font></p></td></tr></table></div>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">The Amended and Restated Credit Facility provides for standard events of default, including nonpayment of principal and other amounts when due, non-performance of covenants, breach of representations and warranties, certain bankruptcy or insolvency events, and changes in control. If an event of default occurs and is continuing under the Amended and Restated Credit Facility, the lenders may, among other things, terminate their commitments under the Amended and Restated Credit Facility and require the immediate payment of all amounts owed thereunder.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Pursuant to the Amended and Restated Credit Facility, the Operating Company is prohibited from making distributions to the Company, and the Company is prohibited from paying distributions to its stockholders or other common equity holders, to the extent that (i) for the period beginning on March 26, 2020 through and including December 31, 2022, the aggregate amount of such distributions paid in any calendar quarter, when added to the aggregate amount of all other distributions paid in any given calendar quarter, would be in excess of the greater of (A) $0.23 per quarter per share of common stock outstanding as of March 26, 2020 (adjusted for stock splits) or (B) 17.5% of the Company&#x2019;s consolidated adjusted earnings for such period, and (ii) commencing on the quarter ended December 31, 2022 and thereafter, the aggregate amount of such distributions paid, when added to the aggregate amount of all other distributions paid in any period of 4 consecutive fiscal quarters, exceeds 95% of funds from operations for such period. Furthermore, prior to December 30, 2022, the Company is prohibited from increasing its common dividend above its current quarterly per share amount of $0.23 (adjusted for stock splits) without the approval of the administrative agent and the required lenders, and the Company may not repurchase, redeem or otherwise retire shares of common stock (with the exception of repurchase/retirement of common stock for the purpose of satisfying tax withholdings or forfeitures on employee restricted stock units) after March 26, 2020 without the approval of the administrative agent and the required lenders approval.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">The Company currently has an aggregate of approximately $198.0 million outstanding under the Amended and Restated Credit Facility and has $51.6 million available for future borrowings.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">The descriptions of the Amended and Restated Credit Facility and the Amended and Restated Guaranty in this Item 1.01 do not purport to be complete and are qualified in their entirety by reference to the full text of the Amended and Restated Credit Facility and the Amended and Restated Guaranty, which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.</font>
		</p>
		<p style="margin:0pt;text-indent:24.5pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 51.1pt;text-indent: -51.1pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:10pt;">Item 2.03.</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:10pt;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:27pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03, insofar as it relates to the creation of a direct financial obligation.</font>
		</p>
		<p style="margin:0pt;text-indent:27pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 74.25pt;text-indent: -74.25pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:10pt;">Item 9.01.</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:10pt;">Financial Statements and Exhibits.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">(d) </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-style:italic;color:#000000;font-size:10pt;">Exhibits</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">.</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;line-height:100%;margin-bottom:0pt;font-family:Times New Roman,Times,serif;font-size:10pt;">
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:11.08%;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.06%;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:86.86%;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.08%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:10pt;">Exhibit No.</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.06%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:86.86%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:10pt;">Description</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.08%;border-top:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:10pt;">10.1</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.06%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:86.86%;border-top:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<a href="ex-10d1.htm"><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Second Amended and Restated Credit Agreement, dated March 26, 2020, by and among Jernigan Capital Operating Company, LLC, KeyBank National Association, as administrative agent, KeyBanc Capital Markets Inc. and BMO Capital Markets Corp., as joint lead arrangers, BMO Capital Markets Corp. as syndication agent, Raymond James Bank, N.A. as documentation agent and the other lenders party thereto.</font></a></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.08%;padding:0pt;">
					<p style="margin:0pt;text-align:center;color:#000000;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.06%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:86.86%;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:11.08%;padding:0pt;">
					<p style="margin:0pt;text-align:center;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:10pt;">10.2</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:02.06%;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:86.86%;padding:0pt;">
					<p style="margin:0pt;color:#000000;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<a href="ex-10d2.htm"><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Second Amended and Restated Unconditional Guaranty of Payment and Performance, dated as of March 26, 2020, by and among the Jernigan Capital, Inc. and its subsidiaries party there to, in favor of KeyBank National Association and the other lenders under the Amended and Restated Credit Facility.</font></a></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;"></font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 12pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:10pt;">SIGNATURES</font>
		</p>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
		</p>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:10pt;">JERNIGAN CAPITAL, INC.</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Dated: March 27, 2020</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">By:</font></p>
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				<td valign="bottom" style="width:47.00%;border-bottom:1pt solid #000000 ;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">/s/ John A. Good</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font></p>
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				<td colspan="2" valign="bottom" style="width:50.00%;background-color: #auto;padding:0pt;">
					<p style="margin:0pt;line-height:100%;font-family:Arial,Helvetica,sans-serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">John A. Good</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Chief Executive Officer</font></p>
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{"company-data": {"conformed-name": "Jernigan Capital, Inc.", "cik": "0001622353", "assigned-sic": "6798", "irs-number": "471978772", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-36892", "film-number": "20751993"}, "business-address": {"street1": "6410 POPLAR AVE.", "street2": "SUITE 650", "city": "MEMPHIS", "state": "TN", "zip": "38119", "phone": "901.567.9522"}, "mail-address": {"street1": "6410 POPLAR AVE.", "street2": "SUITE 650", "city": "MEMPHIS", "state": "TN", "zip": "38119"}}
jcap_Current Folio_8K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 26, 2020
Jernigan Capital, Inc.
(Exact Name of Registrant as Specified in its Charter)
Maryland
(State or Other Jurisdiction
of Incorporation)
001-36892
(Commission
File Number)
47-1978772
(IRS Employer
Identification No.)
6410 Poplar Avenue, Suite 650
Memphis, Tennessee
(Address of Principal Executive Offices)
38119
(Zip Code)
(901) 567-9510
(Registrant's telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.01 per share
JCAP
New York Stock Exchange
7.00% Series B cumulative redeemable perpetual preferred stock, $0.01 par value per share
JCAP PR B
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☒
Emerging growth company.
☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01.
Entry into a Material Definitive Agreement.
On March 26, 2020, Jernigan Capital Operating Company, LLC (the "Operating Company"), the operating company of Jernigan Capital, Inc. (the "Company"), entered into a second amended and restated senior secured revolving credit facility of up to $375 million (the "Amended and Restated Credit Facility") with KeyBank National Association, as administrative agent, KeyBanc Capital Markets Inc. and BMO Capital Markets Corp., as joint lead arrangers, BMO Capital Markets Corp. as syndication agent, Raymond James Bank, N.A. as documentation agent and the other lenders party thereto. Pursuant to an accordion feature, the Operating Company may from time to time increase the commitments under the Amended and Restated Credit Facility up to an aggregate amount of $750 million, subject to, among other things, an absence of default under the Amended and Restated Credit Facility, borrowing base capacity, as well as receiving commitments from lenders for the additional amounts. The Amended and Restated Credit Facility amends and restates the Company's existing credit facility in all respects. The Operating Company intends to use future borrowings under the Amended and Restated Credit Facility to fund its investments, to make secured or unsecured loans to borrowers in connection with its investments and for general corporate purposes.
On March 26, 2020, the Company and certain wholly-owned subsidiaries of the Operating Company (the "Subsidiaries") entered into a Second Amended and Restated Unconditional Guaranty of Payment and Performance (the "Amended and Restated Guaranty") whereby they have agreed to unconditionally guarantee the obligations of the Operating Company under the Amended and Restated Credit Facility. The Amended and Restated Credit Facility is secured by certain of the Company's investments made through the Subsidiaries, and other subsidiaries of the Operating Company may be added as guarantors from time to time during the term of the Amended and Restated Credit Facility. The Amended and Restated Credit Facility has a scheduled maturity date on March 24, 2023 with two one-year extension options to extend the maturity of the facility to March 26, 2025. Borrowings under the Amended and Restated Credit Facility are secured by three different pools of collateral: the first consisting of the mortgage loans held by the Company or its subsidiaries extended to developers (each a "Mortgage Loan"), the second consisting of certain non-stabilized self-storage properties owned by the Company or one of its wholly owned subsidiaries(the "Non-Stabilized Real Estate Collateral") and the third consisting of certain stabilized self-storage properties owned by the Company or one of its wholly owned subsidiaries (the "Stabilized Real Estate Collateral" and, together with the Mortgage Loans and the Non-Stabilized Real Estate Collateral, the "Borrowing Base Assets").
The amount available to borrow under the Amended and Restated Credit Facility is limited according to a borrowing base valuation of the assets available as collateral. For loans secured by Mortgage Loans, the borrowing base availability is the lesser of (i) 60% of the outstanding balance of the Mortgage Loans and (ii) the maximum principal amount which would not cause the outstanding loans under the Amended and Restated Credit Facility secured by the Mortgage Loans to be greater than 50% of the underlying real estate assets securing the Mortgage Loans. For loans secured by Non-Stabilized Real Estate Collateral, the borrowing base availability is the lesser of (i) the maximum principal amount that would not cause the outstanding loans under the Amended and Restated Credit Facility secured by Non-Stabilized Real Estate Collateral to be greater than 60% of the as-stabilized value of such Non-Stabilized Real Estate Collateral, (ii) the maximum principal amount which would not cause the outstanding loans and letter of credit liabilities under the Amended and Restated Facility to be greater than 75% of the total development cost of the Non-Stabilized Real Estate Collateral, and (iii) whichever of the following is then applicable: (A) the maximum principal amount that would not cause the ratio of (1) stabilized net operating income from the Non-Stabilized Real Estate Collateral included in the borrowing base divided by (2) an implied debt service coverage amount to be less than 1.35 to 1.00, (B) for any underlying real estate asset securing the Non-Stabilized Real Estate Collateral that has been included in the borrowing base for greater than 18 months, the maximum principal amount which would not cause the ratio of (1) actual adjusted net operating income for the underlying real estate asset securing such Non-Stabilized Real Estate Collateral divided by (2) an implied debt service amount to be less than 0.50 to 1.00, and (C) for any underlying real estate asset securing the Non-Stabilized Real Estate Collateral that has been included in the borrowing base for greater than 30 months, the maximum principal amount which would not cause the ratio of (1) actual adjusted net operating income for the underlying real estate asset securing such Non-Stabilized Real Estate Collateral divided by (2) an implied debt service amount to be less than 1.00 to 1.00. For loans secured by Stabilized Real Estate Collateral, the borrowing base availability is the lesser of (i) the maximum principal amount that would not cause the outstanding loans under the Amended and Restated Credit Facility secured by the underlying real estate asset securing the Stabilized Real Estate Collateral to be greater than 65% of the value of such self-storage property and (ii) the maximum principal amount that would not cause the ratio of (a) actual adjusted net operating income from the underlying real estate asset securing such Stabilized Real Estate Collateral divided by (b) an implied debt service coverage amount to be less than 1.30 to 1.00.
Notwithstanding the foregoing, the borrowing base availability will be reduced by certain aggregate operating and interest holdbacks, which must be updated by the Company on a quarterly basis and may be updated by the Company on a monthly basis as leasing at the Company's properties progresses. All such amounts are subject to approval by the administrative agent.
The Amended and Restated Credit Facility includes certain requirements that may limit the borrowing capacity available to the Company from time to time. Under the terms of the Amended and Restated Credit Facility, the outstanding principal balance of the revolving credit loans, swing loans and letter of credit liabilities under the Amended and Restated Credit Facility may not exceed the borrowing base availability.
Each loan made under the Amended and Restated Credit Facility will bear interest at either, at the Operating Company's election, (i) a base rate plus a margin of 1.10%, 1.50% or 2.00% or (ii) LIBOR plus a margin of 2.10%, 2.50% or 3.00% (subject to customary LIBOR replacement protocols), in each case depending on the borrowing base available for such loan. In addition, the Operating Company is required to pay a per diem fee at the rate of either 0.25% or 0.30% per annum, depending on the amount outstanding under the Amended and Restated Credit Facility at the time, times the excess of the sum of the commitments of the lenders, as in effect from time to time, over the outstanding principal amount of revolving credit loans under the Amended and Restated Credit Facility.
The Amended and Restated Credit Facility contains certain customary representations and warranties and financial and other affirmative and negative covenants. The Operating Company's ability to borrow under the Amended and Restated Credit Facility is subject to ongoing compliance by the Company and the Operating Company with various customary restrictive covenants, including but not limited to limitations on its incurrence of indebtedness, investments, dividends, asset sales, acquisitions, mergers and consolidations and liens and encumbrances. In addition, the Amended and Restated Credit Facility contains certain financial covenants including the following:
·
total consolidated indebtedness not exceeding (i) 45% of gross asset value during the period between March 26, 2020 and December 31, 2020, and (ii) 50% of gross asset value during the period between January 1, 2021 through the maturity of the Amended and Restated Credit Facility;
·
a minimum fixed charge coverage ratio (defined as the ratio of consolidated adjusted earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of not less than (i) 1.15 to 1.00 during the period between March 26, 2020 and December 31, 2020, (ii) 1.20 to 1.00 during the period between January 1, 2021 and December 31, 2021 and (iii) 1.40 to 1.00 during the period between January 1, 2022 through the maturity of the Amended and Restated Credit Facility;
·
a minimum consolidated tangible net worth (defined as gross asset value less total consolidated indebtedness) of $360.5 million plus 75% of the sum of any additional net offering proceeds;
·
when aggregate outstanding loans under the Amended and Restated Credit Facility exceed $50 million, unhedged variable rate debt cannot exceed 40% of consolidated total indebtedness;
·
liquidity of no less than the greater of (i) future funding commitments of the Company and its subsidiaries for the three months after each date of determination and (ii) $25 million for the period between March 26, 2020 and December 31, 2020 or, on and after January 1, 2021, liquidity of no less than the greater of (i) future funding commitments of the Company and its subsidiaries for the six months following each date of determination and (ii) $25 million;
·
a ratio of adjusted consolidated EBITDA determined for the most recently ended calendar quarter, annualized, to debt service for the most recently ended calendar quarter, annualized, of no less than 2.00 to 1;
·
a requirement to maintain at all times a minimum of 25 Borrowing Base Assets with an aggregate borrowing base availability of not less than (i) $150 million for the period between March 26, 2020 and December 31, 2020, and (ii) $250 million for the period between January 1, 2021 through the maturity of the Amended and Restated Credit Facility; and
·
a minimum borrowing base availability attributable to Non-Stabilized Real Estate Collateral and Stabilized Real Estate Collateral of not less than (i) 20% of total borrowing base availability for the period between March 26, 2020 and December 31, 2020, (ii) 40% of total borrowing base availability for the period
between January 1, 2021 and December 31, 2021 and (iii) 60% of total borrowing base availability for the period between January 1, 2022 through the maturity of the Amended and Restated Credit Facility, in each case, exclusive of any borrowing base availability attributable to Mortgage Loans.
The Amended and Restated Credit Facility provides for standard events of default, including nonpayment of principal and other amounts when due, non-performance of covenants, breach of representations and warranties, certain bankruptcy or insolvency events, and changes in control. If an event of default occurs and is continuing under the Amended and Restated Credit Facility, the lenders may, among other things, terminate their commitments under the Amended and Restated Credit Facility and require the immediate payment of all amounts owed thereunder.
Pursuant to the Amended and Restated Credit Facility, the Operating Company is prohibited from making distributions to the Company, and the Company is prohibited from paying distributions to its stockholders or other common equity holders, to the extent that (i) for the period beginning on March 26, 2020 through and including December 31, 2022, the aggregate amount of such distributions paid in any calendar quarter, when added to the aggregate amount of all other distributions paid in any given calendar quarter, would be in excess of the greater of (A) $0.23 per quarter per share of common stock outstanding as of March 26, 2020 (adjusted for stock splits) or (B) 17.5% of the Company's consolidated adjusted earnings for such period, and (ii) commencing on the quarter ended December 31, 2022 and thereafter, the aggregate amount of such distributions paid, when added to the aggregate amount of all other distributions paid in any period of 4 consecutive fiscal quarters, exceeds 95% of funds from operations for such period. Furthermore, prior to December 30, 2022, the Company is prohibited from increasing its common dividend above its current quarterly per share amount of $0.23 (adjusted for stock splits) without the approval of the administrative agent and the required lenders, and the Company may not repurchase, redeem or otherwise retire shares of common stock (with the exception of repurchase/retirement of common stock for the purpose of satisfying tax withholdings or forfeitures on employee restricted stock units) after March 26, 2020 without the approval of the administrative agent and the required lenders approval.
The Company currently has an aggregate of approximately $198.0 million outstanding under the Amended and Restated Credit Facility and has $51.6 million available for future borrowings.
The descriptions of the Amended and Restated Credit Facility and the Amended and Restated Guaranty in this Item 1.01 do not purport to be complete and are qualified in their entirety by reference to the full text of the Amended and Restated Credit Facility and the Amended and Restated Guaranty, which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03, insofar as it relates to the creation of a direct financial obligation.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
.
Exhibit No.
Description
10.1
Second Amended and Restated Credit Agreement, dated March 26, 2020, by and among Jernigan Capital Operating Company, LLC, KeyBank National Association, as administrative agent, KeyBanc Capital Markets Inc. and BMO Capital Markets Corp., as joint lead arrangers, BMO Capital Markets Corp. as syndication agent, Raymond James Bank, N.A. as documentation agent and the other lenders party thereto.
10.2
Second Amended and Restated Unconditional Guaranty of Payment and Performance, dated as of March 26, 2020, by and among the Jernigan Capital, Inc. and its subsidiaries party there to, in favor of KeyBank National Association and the other lenders under the Amended and Restated Credit Facility.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
JERNIGAN CAPITAL, INC.
Dated: March 27, 2020
By:
/s/ John A. Good
John A. Good
Chief Executive Officer