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

Eagle Point Credit Management LLC, along with Eagle Point DIF GP I LLC, reported the sale of ACRES Commercial Realty Corp. preferred stock on September 16 and 17, 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. securities.
• The report indicates sales of 8.625% Series C Preferred Stock and 7.875% Series D Preferred Stock on September 16 and 17, 2024.
• On September 16, 2024, 2,611 shares of Series C Preferred Stock were sold at $25.02 per share, and 2,620 shares of Series D Preferred Stock were sold at $22.9 per share.
• On September 17, 2024, 2,367 shares of Series C Preferred Stock were sold at $25.04 per share, and 6,224 shares of Series D Preferred Stock were sold at $23 per share.
• Following these transactions, Eagle Point Credit Management LLC indirectly beneficially owns 573,387 shares of Series C Preferred Stock, 991,693 shares of Series D 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, with a neutral sentiment.

Management Comments

• EPCM and DIF GP could be deemed to have an 'indirect pecuniary interest' (within the meaning of Rule 16a-1(a)(2)(ii) under the Securities Exchange Act of 1934) in securities reported herein.
• 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 company buy or sell the company's securities, providing transparency to the market.

Comparison to Industry Standards

• Form 4 filings are a standard part of regulatory compliance for publicly traded companies and their insiders.
• Similar filings are made by insiders of comparable companies like Blackstone Mortgage Trust and Starwood Property Trust when they trade their company's stock.

Stakeholder Impact

• The sales of preferred stock by a significant shareholder could potentially influence investor sentiment.

Key Dates