Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, both ten percent owners, have reported the sale of shares in ACRES Commercial Realty Corp. (NYSE:ACR), a company that has seen its stock surge 124% over the past year. The transactions involved the sale of 5,742 shares of 8.625% Series C Preferred Stock across two separate transactions on November 29 and December 2. The shares were sold at prices ranging from $25.15 to $25.19 per share, totaling approximately $144,563. Following these transactions, the firms hold 461,869 shares of the Series C Preferred Stock. Additionally, they maintain holdings in other securities, including 909,783 shares of 7.875% Series D Preferred Stock and 1,191,307 shares of Common Stock. According to InvestingPro, ACR currently trades at a low Price/Book ratio of 0.29 and maintains a "GOOD" overall financial health score, with 8 additional exclusive insights available to subscribers.
In other recent news, InPoint Commercial Real Estate Income, Inc. announced significant changes in its leadership, with the appointment of Donald MacKinnon as the new Chairman of the Board and Denise C. Kramer as CEO, following Mitchell A. Sabshon's resignation. These recent developments suggest a commitment to continuity and stability in the company's strategic direction. Kramer, a seasoned executive with a wealth of experience, is expected to bring her expertise to the new role starting December 1, 2024.
On the other hand, ACRES Commercial Realty Corp reported its Q3 2024 financial results, revealing a net decrease in its loan portfolio and a dip in earnings available for distribution (EAD), but a slight increase in GAAP book value per share. The company's leadership highlighted their focus on asset monetization and credit quality improvement, with plans to redeploy capital into new loans. ACRES also maintains a strong liquidity position, with $79 million on hand and a stable leverage ratio.
These are the latest developments in both companies, indicating strategic shifts and financial adjustments in response to market conditions. With ACRES Commercial Realty planning to reinvest in new loans and InPoint Commercial Real Estate Income, Inc. reinforcing its leadership team, both companies are making significant moves to navigate the complexities of the real estate investment trust sector.
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