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

Eagle Point Credit Management LLC, a 10% owner of ACRES Commercial Realty Corp., reported selling shares of the company's 8.625% Series C Preferred Stock between June 25 and June 27, 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 filing reports sales of ACRES Commercial Realty Corp.'s 8.625% Series C Preferred Stock on June 25, 26, and 27, 2024.
• On June 25, 2024, 7,005 shares were sold at $25.01 per share.
• On June 26, 2024, 7,100 shares were sold at $25.02 per share.
• On June 27, 2024, 18,464 shares were sold at $25.00 per share.
• Following these transactions, Eagle Point Credit Management LLC indirectly holds 659,267 shares of the 8.625% Series C Preferred Stock.
• They also indirectly hold 1,191,307 shares of Common Stock and 1,020,135 shares of 7.875% Series D Preferred 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: 4

Explanation: The sentiment is neutral to slightly negative as a major shareholder is reducing their position, which could be interpreted negatively by the market. However, the filing itself is a standard regulatory disclosure.

Negatives

• Eagle Point Credit Management LLC, a 10% owner, reduced its holdings in ACRES Commercial Realty Corp.'s 8.625% Series C Preferred Stock.

Risks

• Continued sales by Eagle Point Credit Management LLC could put downward pressure on the price of ACRES Commercial Realty Corp.'s preferred stock.

Industry Context

Form 4 filings are a routine part of the regulatory landscape for publicly traded companies, providing transparency into the trading activities of insiders and large shareholders.

Stakeholder Impact

• Shareholders may react to the news of Eagle Point Credit Management LLC selling shares.
• The sales could potentially impact the price of ACRES Commercial Realty Corp.'s preferred stock.

Key Dates