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

Eagle Point Credit Management LLC reports the sale of ACRES Commercial Realty Corp. Series C Preferred Stock over two days, reducing its indirect holdings.

Summary

• Eagle Point Credit Management LLC, along with Eagle Point DIF GP I LLC, filed a Form 4 detailing changes in beneficial ownership of ACRES Commercial Realty Corp. securities.
• On October 11, 2024, 4,630 shares of 8.625% Series C Preferred Stock were sold at a weighted average price of $24.85 per share.
• On October 14, 2024, an additional 4,200 shares of the same series were sold at a weighted average price of $24.86 per share.
• These transactions reduced the indirect holdings of Series C Preferred Stock to 502,795 shares.
• The reporting persons disclaim beneficial ownership of the securities, stating that the inclusion of these securities in the report should not be deemed an admission of beneficial ownership.

Sentiment

Score: 4

Explanation: The sentiment is neutral to slightly negative as it reflects a reduction in holdings by a significant shareholder, which could be interpreted as a lack of confidence, but could also be for a variety of other reasons.

Negatives

• Eagle Point Credit Management LLC reduced its holdings in ACRES Commercial Realty Corp.

Management Comments

• Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC disclaim beneficial ownership of the securities described in the report.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders, providing transparency to the market regarding their transactions.

Stakeholder Impact

• Shareholders may react to the news of Eagle Point Credit Management LLC reducing its stake in ACRES Commercial Realty Corp.

Key Dates