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 over two days in September.

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 on September 5th and 6th, 2024.
• On September 5th, 725 shares were sold at a weighted average price of $24.99 per share.
• On September 6th, 900 shares were sold at a weighted average price of $24.99 per share.
• Following these transactions, Eagle Point Credit Management LLC indirectly owns 586,791 shares of the 8.625% Series C Preferred Stock, 1,015,137 shares of the 7.875% 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, so the sentiment is neutral.

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 Eagle Point Credit Management LLC's holdings in ACRES Commercial Realty Corp.

Stakeholder Impact

• The sale of preferred stock may have a minor impact on the market price of ACRES Commercial Realty Corp.'s securities.
• Shareholders may be interested in the transactions of major holders like Eagle Point Credit Management LLC.

Key Dates