Form 4: Eagle Point Credit Management LLC Reports Changes in Beneficial Ownership of ACRES Commercial Realty Corp.

Eagle Point Credit Management LLC, a 10% owner of ACRES Commercial Realty Corp., reported the sale of 8.625% Series C Preferred Stock in two transactions on July 3rd and July 8th, 2024.

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.
• The report indicates sales of ACRES Commercial Realty Corp.'s 8.625% Series C Preferred Stock on July 3, 2024, and July 8, 2024.
• On July 3, 2024, 2,220 shares were sold at a weighted average price of $24.67 per share.
• On July 8, 2024, 1,210 shares were sold at a weighted average price of $24.80 per share.
• Following these transactions, Eagle Point Credit Management LLC indirectly holds 651,309 shares of the 8.625% Series C Preferred Stock.
• The report also mentions indirect ownership of 1,191,307 shares of Common Stock and 1,020,135 shares of 7.875% Series D Preferred Stock.
• Eagle Point Credit Management LLC disclaims beneficial ownership of the reported securities, except to the extent of any pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing stock sales. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about transactions.

Industry Context

Form 4 filings are standard disclosures required by the SEC when there are changes in beneficial ownership of a company's securities, particularly for directors, officers, and principal stockholders. This filing indicates activity by a major shareholder in ACRES Commercial Realty Corp.

Stakeholder Impact

• The sale of shares by a significant owner could potentially influence investor sentiment, although the impact is likely to be minimal given the relatively small number of shares sold compared to the total outstanding.

Key Dates