Form 4: Eagle Point Credit Management LLC Sells Shares in ACRES Commercial Realty Corp.

Eagle Point Credit Management LLC, a 10% owner of ACRES Commercial Realty Corp., reports selling shares of preferred stock in multiple transactions.

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 transactions involved the sale of 7.875% Series D Preferred Stock and 8.625% Series C Preferred Stock.
• On September 12, 2024, 8,300 shares of Series D Preferred Stock were sold at $22.84 per share.
• On September 13, 2024, 1,000 shares of Series D Preferred Stock were sold at $22.88 per share, and 503 shares of Series C Preferred Stock were sold at $25 per share.
• Following these transactions, Eagle Point Credit Management LLC indirectly beneficially owns 1,000,537 shares of 7.875% Series D Preferred Stock, 578,365 shares of 8.625% 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 SEC filing reporting transactions, so the sentiment is neutral.

Management Comments

• Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC disclaim beneficial ownership of the reported securities.

Industry Context

This filing reflects ongoing transactions by major shareholders in publicly traded REITs, which is a common occurrence.

Stakeholder Impact

• The sale of shares by a significant shareholder could potentially influence investor sentiment.

Key Dates