Form 4: Eagle Point Credit Management LLC Reduces Stake in ACRES Commercial Realty Corp.

Eagle Point Credit Management LLC reports a transaction involving the disposal of ACRES Commercial Realty Corp. preferred stock, while disclaiming beneficial ownership of the reported securities.

Summary

• On October 23, 2024, Eagle Point Credit Management LLC disposed of 100 shares of 8.625% Series C Preferred Stock of ACRES Commercial Realty Corp. at a price of $24.89 per share.
• Following the transaction, Eagle Point Credit Management LLC indirectly owns 499,291 shares of 8.625% Series C Preferred Stock, 921,078 shares of 7.875% Series D Preferred Stock, and 1,191,307 shares of Common Stock, $0.001 par value.
• Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC disclaim beneficial ownership of these securities, stating that the securities are held by private investment funds managed by Eagle Point Credit Management LLC.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing detailing a transaction and disclaimer of beneficial ownership. It doesn't inherently convey positive or negative sentiment.

Negatives

• Eagle Point Credit Management LLC disposed of a small portion of its holdings in ACRES Commercial Realty Corp.'s preferred stock.

Management Comments

• Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC disclaim beneficial ownership of the reported securities pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934.

Industry Context

Form 4 filings are standard disclosures required by the SEC when insiders or significant shareholders of a publicly traded company buy or sell the company's securities. This filing indicates changes in the holdings of Eagle Point Credit Management LLC, a major shareholder of ACRES Commercial Realty Corp.

Stakeholder Impact

• The transaction may have a minor impact on shareholders due to the change in ownership by a significant shareholder.

Key Dates