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 a three-day period.

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 ACRES Commercial Realty Corp.'s 8.625% Series C Preferred Stock and 7.875% Series D Preferred Stock between August 7, 2024, and August 9, 2024.
• On August 7, 2024, 3,859 shares of 8.625% Series C Preferred Stock were sold at $24.86 per share, and 805 shares of 7.875% Series D Preferred Stock were sold at $23.99 per share.
• On August 8, 2024, 1,008 shares of 8.625% Series C Preferred Stock were sold at $24.83 per share.
• On August 9, 2024, 100 shares of 8.625% Series C Preferred Stock were sold at $24.85 per share.
• Following these transactions, Eagle Point Credit Management LLC indirectly beneficially owns 615,992 shares of 8.625% Series C Preferred Stock, 1,019,330 shares of 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, which is neutral in sentiment.

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 sales of preferred stock may have a minor impact on the market price of ACRES Commercial Realty Corp.'s preferred shares.

Key Dates