Jernigan Capital, Inc. Announces Pricing of Public Offering of 7.00% Series B Cumulative Redeemable Perpetual Preferred Stock

Jernigan Capital, Inc. (NYSE:JCAP) (the "Company") today announced that it has priced an underwritten public offering of 1,500,000 shares of its newly designated 7.00% Series B cumulative redeemable perpetual preferred stock (the "Series B Preferred Stock") at a public offering price of $25.00 per share, for net proceeds, after the underwriting discount but before estimated expenses of the offering payable by the Company, of approximately $36.3 million.

The offering is expected to close on January 26, 2018, subject to customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to an additional 225,000 shares of Series B Preferred Stock at the public offering price less underwriting discounts and commissions. The Company has applied to list the shares of Series B Preferred Stock on the New York Stock Exchange under the symbol "JCAP PR B." If the application is approved, the Company expects trading to commence 30 days after initial delivery of the shares of Series B Preferred Stock.

The Company intends to use the net proceeds from the offering to fund a portion of an investment in bridge financing with respect to five self-storage facilities located in the Miami, FL MSA for which the Company has executed a non-binding term sheet, or if such investment is not consummated, for other existing or future investments in our development portfolio and operating property loan portfolio and for general corporate purposes.

Raymond James & Associates, Inc. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering and B. Riley FBR, Inc., BMO Capital Markets Corp. and KeyBanc Capital Markets Inc. are acting as co-managers.

This offering may only be made by means of a prospectus supplement and the accompanying prospectus. Copies of the final prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, by visiting the Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov or from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, telephone: [phone], email: [e-mail]; and Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.