Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, entities with a significant stake in ACRES Commercial Realty Corp. (NYSE:ACR), have recently divested a portion of their holdings in the company. The transactions, which took place on September 12 and 13, 2024, involved the sale of preferred stock amounting to over $225,000.
The sales were conducted at varying prices, with the price per share for 7.875% Series D Preferred Stock ranging from $22.80 to $22.93, as detailed in the footnotes of the filing. On September 12, a total of 8,300 shares of Series D Preferred Stock were sold at an average price of $22.84 per share. The following day, an additional 1,000 shares of the same series were sold at $22.88 per share. Furthermore, 503 shares of 8.625% Series C Preferred Stock were sold on September 13 at $25.00 per share.
Following these transactions, the entities’ holdings in Series D Preferred Stock decreased to 1,000,537 shares. Additionally, their ownership in Series C Preferred Stock was adjusted to 578,365 shares. The entities also reported holding 1,191,307 shares of ACRES Commercial Realty Corp.’s common stock following the sales.
The reporting entities, managed by Eagle Point Credit Management LLC, and Eagle Point DIF GP I LLC acting as the general partner for certain accounts, have indicated that they have an indirect pecuniary interest in the securities mentioned. However, they have disclaimed beneficial ownership of the reported securities, as clarified in the footnotes of the SEC filing.
Investors and market watchers often scrutinize such filings for insights into the actions of significant stakeholders in public companies. The sale of these preferred shares by Eagle Point entities is no exception and will likely be of interest to those following the financial maneuvers within ACRES Commercial Realty Corp.
In other recent news, InPoint Commercial Real Estate Income, Inc. announced the conclusion of its 2024 Annual Meeting of Stockholders, according to a recent SEC filing. The meeting resulted in the election of five directors to its Board, including Mitchell A. Sabshon, Donald MacKinnon, Norman A. Feinstein, Cynthia Foster Curry, and Robert N. Jenkins. Furthermore, stockholders ratified the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
Simultaneously, ACRES Commercial Realty Corp. reported its financial outcomes for the Second Quarter of 2024. The company…
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