Eagle Point Credit Management LLC, a significant shareholder in ACRES Commercial Realty Corp. (NYSE:ACR), has recently sold shares of the company's preferred stock, according to a regulatory filing. The transactions, which took place on December 23 and December 24, involved the sale of a total of 2,945 shares of the 8.625% Series C Preferred Stock at a price of $25.20 per share, amounting to $74,214. ACRES Commercial Realty, with a market capitalization of $116 million, has seen its stock surge over 63% in the past year, though InvestingPro data shows significant price volatility.
Following these transactions, Eagle Point Credit Management LLC, along with Eagle Point DIF GP I LLC, retains ownership of 425,801 shares of the Series C Preferred Stock. Additionally, they continue to hold substantial positions in other securities of ACRES Commercial Realty, including 899,186 shares of the 7.875% Series D Preferred Stock and 1,191,307 shares of Common Stock. Trading at just 0.27 times book value, InvestingPro analysis suggests the stock may be undervalued, with 8 additional exclusive insights available to subscribers.
The transactions were disclosed in a Form 4 filing with the Securities and Exchange Commission, signed by Kenneth P. Onorio, the Chief Financial Officer of both Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC. The filing indicates that the securities are directly held by certain private investment funds and accounts managed by Eagle Point Credit Management LLC, with Eagle Point DIF GP I LLC serving as the general partner to certain accounts.
In other recent news, ACRES Commercial Realty Corp has authorized an additional $5 million for its share repurchase program, allowing the continuation of its common and preferred stock buyback. The company's management has been actively repurchasing shares, with the stock currently trading at a significant discount to book value. The timing and volume of repurchases are subject to the company's management discretion, based on market conditions and other relevant factors.
In other executive changes, InPoint Commercial Real Estate Income, Inc. announced the appointment of a new CEO and Chairman following the resignation of Mitchell A. Sabshon. Donald MacKinnon, currently the President and a Board member, will take on the role of Chairman, while Denise C. Kramer, President of InPoint's advisor, Inland InPoint Advisor, LLC, will step into the CEO position.
ACRES Commercial Realty Corp recently reported its third-quarter financial results for 2024, revealing a net decrease in its loan portfolio and a dip in earnings available for distribution, while the company's GAAP book value per share saw a slight increase. The company's management emphasized a focus on asset monetization and credit quality improvement, with plans to redeploy capital into new loans in the future.
These are recent developments that highlight the ongoing changes and strategies within both companies. As InPoint Commercial Real Estate navigates its leadership transition, ACRES Commercial Realty Corp is concentrating on improving its financial standing amid challenging market conditions.
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