Form 4: Eagle Point Credit Management Sells Preferred Stock in ACRES Commercial Realty Corp.

Eagle Point Credit Management LLC reports the sale of ACRES Commercial Realty Corp. preferred stock, but disclaims beneficial ownership.

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 the sale of 2,803 shares of 8.625% Series C Preferred Stock at an average price of $24.87 on October 16, 2024.
• Additionally, 3,506 shares of 7.875% Series D Preferred Stock were sold on October 16, 2024, at an average price of $23.23, and another 26,709 shares of the same series were sold on October 17, 2024, at an average price of $23.20.
• Following these transactions, Eagle Point Credit Management LLC indirectly owns 499,992 shares of 8.625% Series C Preferred Stock, 931,078 shares of 7.875% Series D Preferred Stock, and 1,191,307 shares of common stock.
• The reporting persons disclaim beneficial ownership of these securities, stating that the securities are held by private investment funds managed by Eagle Point Credit Management LLC.

Sentiment

Score: 5

Explanation: Neutral sentiment as it is a standard disclosure of stock sales. The disclaimer of beneficial ownership adds a layer of complexity, but doesn't necessarily indicate positive or negative sentiment.

Management Comments

• Eagle Point Credit Management LLC disclaims beneficial ownership of the securities described in the report.

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'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 reasons behind Eagle Point Credit Management's decision to sell these shares.

Key Dates