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

Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC reported sales of ACRES Commercial Realty Corp. preferred stock, while disclaiming beneficial ownership.

Summary

• Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC filed a Form 4 detailing changes in beneficial ownership of ACRES Commercial Realty Corp. securities.
• The report indicates sales of 8.625% Series C Preferred Stock and 7.875% Series D Preferred Stock on September 20, 2024, and further sales of 8.625% Series C Preferred Stock on September 23, 2024.
• Specifically, 6,675 shares of Series C Preferred Stock were sold at $25.21 per share, and 10,400 shares of Series D Preferred Stock were sold at $23.44 per share on September 20, 2024.
• An additional 5,159 shares of Series C Preferred Stock were sold at $25.22 per share on September 23, 2024.
• Despite these transactions, the reporting persons disclaim beneficial ownership of the reported securities.
• Following the reported transactions, Eagle Point Credit Management LLC indirectly owns 524,357 shares of 8.625% Series C Preferred Stock, 961,293 shares of 7.875% Series D Preferred Stock, and 1,191,307 shares of Common Stock.

Sentiment

Score: 5

Explanation: Neutral sentiment as the document is a standard SEC filing reporting stock sales. The disclaimer of beneficial ownership adds a layer of complexity, but the overall impact is neither strongly positive nor negative.

Negatives

• Eagle Point Credit Management LLC reduced its holdings in ACRES Commercial Realty Corp. preferred stock through sales.

Industry Context

Form 4 filings are standard disclosures for significant shareholders, providing transparency into their transactions and holdings in publicly traded companies. This filing indicates changes in Eagle Point Credit Management's investment in ACRES Commercial Realty Corp.

Stakeholder Impact

• Shareholders may react to the news of Eagle Point Credit Management's stock sales, potentially influencing the stock price.

Key Dates