Form 4: Eagle Point Credit Management Reduces Stake in ACRES Commercial Realty Corp.

Eagle Point Credit Management LLC, a 10% owner of ACRES Commercial Realty Corp., has reported selling shares of the company's 8.625% Series C Preferred Stock between July 11 and July 15, 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 transactions involved the sale of ACRES Commercial Realty Corp.'s 8.625% Series C Preferred Stock.
• On July 11, 2024, 1,900 shares were sold at $24.63 per share.
• On July 12, 2024, 7,200 shares were sold at $24.63 per share.
• On July 15, 2024, 679 shares were sold at $24.67 per share.
• Following these transactions, Eagle Point Credit Management LLC indirectly holds 641,530 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: 5

Explanation: The sentiment is neutral as it simply reports transactions. The reduction in stake could be interpreted negatively, but without further context, it's a factual reporting of events.

Negatives

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

Management Comments

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

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders and significant shareholders, providing transparency to the market.

Stakeholder Impact

• Shareholders may react to the change in ownership, potentially affecting the stock price.

Key Dates