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Eagle point entities sell over $540k in Acres commercial realty preferred stock

Published 09/24/2024, 05:53 PM
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ACR
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Eagle Point Credit Management LLC and its affiliate Eagle Point DIF GP I LLC have recently sold a significant amount of preferred stock in ACRES Commercial Realty Corp. (NYSE:ACR), according to the latest filings. The transactions, which took place on September 20 and September 23, 2024, resulted in the sale of two different series of preferred stock, totaling over $540,000.

The sales included 8.625% Series C Preferred Stock and 7.875% Series D Preferred Stock. On September 20, Eagle Point entities sold 6,675 shares of the Series C Preferred Stock at an average price of $25.21 per share and 10,400 shares of the Series D Preferred Stock at an average price of $23.44 per share. A few days later, on September 23, an additional 5,159 shares of the Series C Preferred Stock were sold at an average price of $25.22 per share.

The reported transactions ranged between $23.44 and $25.22 per share. These sales were part of multiple transactions at various prices within this range. The total value of the sold securities amounted to $542,162.

Following these transactions, Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC still have indirect interests in ACRES Commercial Realty Corp. through certain private investment funds and accounts they manage. However, both entities have disclaimed beneficial ownership of the reported securities, as noted in the footnotes of the filing.

Investors and interested parties can request more detailed information about the specific prices of shares sold during these transactions from the reporting entities. The transactions were signed off by Kenneth P. Onorio, the Chief Financial Officer of both Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC.


In other recent news, ACRES Commercial Realty Corp. reported second-quarter 2024 results, revealing a net decrease in its loan portfolio and a strategic focus on enhancing the credit quality of its investments. The company resolved a defaulted loan and is actively managing real estate investments, including a student housing development at Florida State University. With a GAAP net income of $1.7 million and a book value per share of $27.20, ACRES is contemplating asset sales and dividend reinstatement as part of its future growth strategy.

Simultaneously, InPoint Commercial Real Estate Income, Inc. successfully concluded its 2024 Annual Meeting of Stockholders. The meeting resulted in the election of five directors to its Board and the ratification of the company's independent auditors. Mitchell A. Sabshon, Donald MacKinnon, Norman A. Feinstein, Cynthia Foster Curry, and Robert N. Jenkins were elected to serve until the next annual meeting. In addition, stockholders ratified the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.

These are recent developments in both ACRES Commercial Realty Corp. and InPoint Commercial Real Estate Income, Inc., providing insights into their strategic plans and governance structures respectively.


InvestingPro Insights


ACRES Commercial Realty Corp. (NYSE:ACR) has been making headlines with the recent sale of its preferred stock by Eagle Point entities. Investors looking at the broader picture of ACR's financial health will find InvestingPro's real-time data and expert tips particularly insightful. With a market capitalization of $115.25 million, ACR is a company whose stock price movements have been quite volatile, yet it has shown a remarkable 91.25% return over the last year, reflecting significant investor confidence.

One of the key InvestingPro Tips is ACR's perfect Piotroski Score of 9, indicating strong financial health and suggesting that the company is operating effectively. Additionally, management's aggressive share buyback strategy could signal their belief in the company's undervaluation or a commitment to boosting shareholder value. In fact, ACR's stock is trading at a low Price / Book multiple of 0.27, as of the last twelve months leading up to Q2 2024, which may attract value investors looking for potential bargains in the market.

On the performance front, ACR has seen a revenue growth of 13.82% in the last twelve months as of Q2 2024, which is a robust indicator of the company's ability to increase sales and market share. However, it's worth noting that the company experienced a quarterly revenue decline of 6.32% in Q2 2024, which might be a point of analysis for those considering the stock's short-term prospects. Finally, ACR's strong return over the last three months, at 24.9%, complements the bullish sentiment demonstrated by the year-to-date price total return of 65.8%.

For those interested in diving deeper, there are additional InvestingPro Tips available, which can be accessed by visiting the InvestingPro platform. These tips offer more detailed analytics and can provide a more comprehensive understanding of ACR's financial and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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