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 across multiple transactions on September 18th and 19th, 2024.

Summary

• Eagle Point Credit Management LLC, through managed accounts, sold shares of ACRES Commercial Realty Corp.'s 8.625% Series C Preferred Stock and 7.875% Series D Preferred Stock on September 18th and 19th, 2024.
• On September 18, 2024, 17,196 shares of Series C Preferred Stock were sold at $25.08 per share, and 10,000 shares of Series D Preferred Stock were sold at $23.06 per share.
• On September 19, 2024, 20,000 shares of Series C Preferred Stock were sold at $25.15 per share, and 10,000 shares of Series D Preferred Stock were sold at $23.15 per share.
• Following these transactions, Eagle Point Credit Management LLC indirectly holds 536,191 shares of Series C Preferred Stock, 971,693 shares of Series D Preferred Stock, and 1,191,307 shares of common stock.
• Eagle Point Credit Management LLC disclaims beneficial ownership of the reported securities.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing reporting the sale of securities. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about transactions.

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 preferred shares.
• Shareholders may be interested in the reasons behind Eagle Point Credit Management's decision to sell a portion of their holdings.

Key Dates