Form 4: Eagle Point Credit Management LLC Reports Sale of ACRES Commercial Realty Corp. Preferred Stock

Eagle Point Credit Management LLC, a 10% owner of ACRES Commercial Realty Corp., reported the sale of 4,528 shares of 8.625% Series C Preferred Stock on June 28, 2024.

Summary

• On June 28, 2024, Eagle Point Credit Management LLC reported the disposition of 4,528 shares of ACRES Commercial Realty Corp.'s 8.625% Series C Preferred Stock.
• The shares were sold at a price of $25 per share.
• Following the transaction, Eagle Point Credit Management LLC indirectly holds 654,739 shares of the 8.625% Series C Preferred Stock.
• Eagle Point Credit Management LLC also indirectly holds 1,191,307 shares of Common Stock, $0.001 par value and 1,020,135 shares of 7.875% Series D Preferred Stock.
• The reporting entities disclaim beneficial ownership of the reported securities.

Sentiment

Score: 5

Explanation: Neutral sentiment as it is a standard disclosure of a transaction. The sale of shares by a major holder could be viewed slightly negatively, but without further context, it's difficult to assess the overall impact.

Negatives

• Eagle Point Credit Management LLC, a 10% owner, has reduced its holdings in ACRES Commercial Realty Corp.'s 8.625% Series C Preferred Stock.

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 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 a change in ownership by a major shareholder of ACRES Commercial Realty Corp.

Stakeholder Impact

• The sale of shares by Eagle Point Credit Management LLC may have a minor impact on shareholder confidence.

Key Dates