Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, both significant stakeholders in ACRES Commercial Realty Corp. (NYSE:ACR), reported a series of stock sales in a recent filing with the Securities and Exchange Commission. The transactions, which took place on December 5 and 6, involved the sale of preferred stock, totaling $153,524. The sales come as ACR, currently trading at $17.40 with a market cap of $124.84 million, shows strong momentum with a 104% gain over the past year. According to InvestingPro analysis, the company appears undervalued despite trading near its 52-week high.
On December 5, Eagle Point sold 774 shares of 7.875% Series D Preferred Stock at $23.10 per share and 1,289 shares of 8.625% Series C Preferred Stock at a weighted average price of $25.18. The following day, an additional 4,098 shares of the Series C Preferred Stock were sold at the same average price. These sales were conducted at prices ranging from $23.10 to $25.18 per share.
Post-transaction, Eagle Point's holdings in ACRES Commercial Realty include 908,982 shares of Series D Preferred Stock and 454,456 shares of Series C Preferred Stock. Additionally, they maintain ownership of 1,191,307 shares of Common Stock. The company's financial health is rated as "GOOD" by InvestingPro, which offers a comprehensive analysis with 10+ additional ProTips and detailed valuation metrics in its Pro Research Report.
In other recent news, significant leadership changes occurred at InPoint Commercial Real Estate Income, Inc. following the resignation of Mitchell A. Sabshon as CEO and from the company's Board of Directors. Donald MacKinnon, currently the President and a Board member, was appointed as the new Chairman of the Board. Denise C. Kramer, President of InPoint Commercial Real Estate Income's advisor, Inland InPoint Advisor, LLC, will assume the role of CEO and join the Board. These recent developments aim to ensure continuity and stability in strategic direction.
Meanwhile, ACRES Commercial Realty Corp reported its Q3 2024 financial results, showcasing a net decrease in its loan portfolio, a dip in earnings available for distribution (EAD), and a slight increase in GAAP book value per share. The company's loan portfolio experienced a net decrease of $134.4 million, now valued at $1.6 billion. The GAAP net income was reported at $2.8 million, or $0.36 per share for the quarter, and EAD per share decreased to $0.24. Despite these figures, the company maintains a strong liquidity position at $79 million and plans to reinvest in new loans.
In light of these recent developments, ACRES Commercial Realty is focused on monetizing assets, improving credit quality, and potentially returning to a market-based dividend as capital is redeployed. The company's management remains committed to leveraging its strong liquidity and favorable past financing costs to achieve targeted returns on equity.
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