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

Eagle Point Credit Management LLC, a 10% owner of ACRES Commercial Realty Corp., reported the sale of preferred stock series C and D on December 17th and 18th, 2024.

Summary

• Eagle Point Credit Management LLC (EPCM) and Eagle Point DIF GP I LLC (DIF GP), both reporting persons, filed a Form 4 detailing changes in beneficial ownership of ACRES Commercial Realty Corp. securities.
• The transactions involve the sale of ACRES Commercial Realty Corp.'s 7.875% Series D Preferred Stock and 8.625% Series C Preferred Stock.
• On December 17, 2024, 2,965 shares of Series D Preferred Stock were sold at $23.10 per share, and 2,677 shares of Series C Preferred Stock were sold at $25.18 per share.
• On December 18, 2024, 1,316 shares of Series D Preferred Stock were sold at $23.07 per share, and 5,500 shares of Series C Preferred Stock were sold at $25.18 per share.
• Following these transactions, EPCM and DIF GP indirectly beneficially own 900,207 shares of Series D Preferred Stock, 434,574 shares of Series C Preferred Stock, and 1,191,307 shares of Common Stock.
• 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: 5

Explanation: The document is a standard regulatory filing detailing stock sales, so the sentiment is neutral.

Management Comments

• Each of the Reporting Persons hereby disclaims beneficial ownership of the securities described in this report pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934 and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of any of the reported securities for purposes of Section 16 or for any other purpose.

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 ownership by Eagle Point Credit Management, a major shareholder of ACRES Commercial Realty Corp.

Stakeholder Impact

• The sale of preferred stock by a significant shareholder could potentially influence investor sentiment regarding ACRES Commercial Realty Corp.

Key Dates