Chiron Real Estate Inc. (NYSE: XRN) announced it entered into an agreement for up to $100 million in delayed-draw convertible perpetual preferred equity investment led by Maewyn Capital Partners.

The healthcare-focused real estate investment trust will sell Series C convertible perpetual preferred stock carrying a 6.00% annual dividend yield, payable quarterly in cash. The dividend rate will increase after the fourth anniversary if the preferred stock remains outstanding.

Holders can convert the preferred stock into common shares at $43.00 per share at any time. After three years from the final draw, Chiron can force conversion to common stock if the volume-weighted average price exceeds 120% of the conversion price for 45 consecutive trading days.

The company may redeem the preferred stock at par after the fourth anniversary. If redeemed, Chiron will issue warrants to holders at the conversion price with a five-year term. All capital must be called within six months from the announcement date.

Charles P. Fitzgerald, founder and managing partner of Maewyn Capital Partners, will join Chiron's board as an independent director following the company's May 20, 2026 annual stockholder meeting. A separate Maewyn affiliate owns 53,434 shares of Chiron common stock, representing approximately $2 million in invested capital purchased prior to this transaction.

Mark Decker Jr., Chiron's chief executive officer and president, said the investment provides long-term flexibility and is expected to accelerate the company's transition toward higher-return opportunities across the healthcare real estate spectrum.

J.P. Morgan Securities LLC and BMO Capital Markets served as financial advisors to Chiron. CBRE Investment Banking served as lead financial advisor to Maewyn, with CS Capital Advisors LLC and Cantor Fitzgerald also advising.

Maewyn Capital Partners is a Dallas-based investment firm founded in 2025 by Fitzgerald, who brings nearly 30 years of experience including positions at JP Morgan Investment Management and V3 Capital Management.