ACR Form 4: Eagle Point-managed funds trim Series D preferred stake

Rhea-AI Filing Summary

Eagle Point Credit Management LLC reported insider sales of ACRES Commercial Realty Corp. securities on behalf of private funds and accounts it manages. The filing discloses multiple sales of 7.875% Series D preferred stock on 09/12/2025, 09/15/2025 and 09/16/2025 totaling 10,761 shares sold at a weighted average price of $22.57 per share. Following these transactions the reporting person continued to show indirect beneficial ownership of approximately 776,433 shares of Series D preferred. The filing also reports indirect ownership of 1,177,060 shares of common stock and 393,646 shares of 8.625% Series C preferred stock, held by applicable accounts managed by Eagle Point. Footnotes state the securities are held by private funds/accounts and disclaim direct beneficial ownership.

Positive

• Continued substantial indirect holdings in ACRES across common stock and two series of preferred stock indicate ongoing exposure by Eagle Point-managed funds
• Detailed disclosure including weighted average price range and footnotes clarifying indirect holdings improves transparency

Negative

• Net reduction in 7.875% Series D preferred holdings via sales totaling 10,761 shares on 09/12–09/16/2025
• Sales may reduce preferred-share voting/financial exposure held indirectly by the reporting accounts

Insights

Securities Analyst

TL;DR: The report discloses routine portfolio sales by the manager with continued significant indirect holdings across preferred and common shares.

The Form 4 shows multiple small block sales of the issuer's 7.875% Series D preferred stock executed over three days for a total of 10,761 shares at a weighted average price of $22.57. The reporting entity, Eagle Point Credit Management LLC, manages the Applicable Accounts that directly hold the securities; it asserts an indirect pecuniary interest and disclaims beneficial ownership under Rule 16a-1(a)(4). Material ownership remains: ~776,433 Series D preferred shares, 393,646 Series C preferred shares and 1,177,060 common shares held indirectly. From an investor-impact perspective these are manager-level portfolio rebalancing trades rather than insider signals of corporate action; the persistence of sizeable indirect positions suggests continued exposure by Eagle Point-managed funds.

Corporate Governance Expert

TL;DR: Disclosure is standard and compliant; footnotes clarify indirect holdings and disclaimers, limiting governance implications.

The filing includes required explanatory footnotes noting that the securities are directly held by private funds/accounts managed by Eagle Point and that the filer disclaims beneficial ownership for Section 16 purposes. Transactions are marked with code 'S' (sale) and the price footnote explains multiple trade prices within a narrow range ($22.55–$22.60). There is no indication of a change in control or a new contractual plan such as a 10b5-1 arrangement. Governance impact is minimal beyond routine portfolio management disclosures, but the continued significant indirect holdings mean the reporting entity retains economic interest in the issuer.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Eagle Point Credit Management LLC

(Last) (First) (Middle)

600 STEAMBOAT ROAD, SUITE 202

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ACRES Commercial Realty Corp. [ ACR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
7.875% Series D Preferred Stock	09/12/2025		S		310	D	$22.57	780,757	I	See footnotes(1)(2)(3)
7.875% Series D Preferred Stock	09/15/2025		S		389	D	$22.57	780,368	I	See footnotes(1)(2)(3)
7.875% Series D Preferred Stock	09/16/2025		S		10,062	D	$22.57	776,433	I	See footnotes(1)(2)(3)(4)
Common Stock, $0.001 par value								1,177,060	I	See footnotes(1)(2)(3)
8.625% Series C Preferred Stock								393,646	I	See footnotes(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The securities are directly held by certain private investment funds and/or certain accounts (the "Applicable Accounts") managed by Eagle Point Credit Management LLC ("EPCM"). Eagle Point DIF GP I LLC ("DIF GP") serves as general partner to certain Applicable Accounts.

2. EPCM and DIF GP could be deemed to have an "indirect pecuniary interest" (within the meaning of Rule 16a-1(a)(2)(ii) under the Securities Exchange Act of 1934) in securities reported herein.

3. Each of the Reporting Persons hereby disclaims beneficial ownership of the securities described in this report pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934 and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of any of the reported securities for purposes of Section 16 or for any other purpose.

4. The price reported reflects the weighted average price per share. These securities were sold in multiple transactions at prices ranging from $22.55 to $22.60 per share, inclusive. Upon request by the staff of the Securities and Exchange Commission, the Issuer or any security holder of the Issuer, the reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

	/s/ Courtney Fandrick, Chief Compliance Officer of Eagle Point Credit Management LLC	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transactions did Eagle Point Credit Management LLC report on Form 4 for ACRES (ACR)?

The filer reported sales (code S) of 10,761 shares of 7.875% Series D preferred stock on 09/12/2025, 09/15/2025 and 09/16/2025 at a weighted average price of $22.57.

How much ACRES common and preferred stock does the reporting person still hold indirectly?

The filing reports indirect beneficial ownership of 1,177,060 shares of common stock, 393,646 shares of 8.625% Series C preferred, and approximately 776,433 shares of 7.875% Series D preferred following the reported sales.

Who actually holds the securities reported in this Form 4?

The securities are directly held by certain private investment funds and accounts (the 'Applicable Accounts') managed by Eagle Point Credit Management LLC; the filer states it has an indirect pecuniary interest and disclaims direct beneficial ownership for Section 16 purposes.

Do the Form 4 disclosures indicate a change in control or a 10b5-1 plan?

No. Transactions are reported as sales (code S) and the form does not indicate that they were made pursuant to a 10b5-1 plan or that there is a change in control.

What price range were the Series D preferred shares sold at?

Footnote disclosure states sales occurred at prices ranging from $22.55 to $22.60 per share, with a reported weighted average of $22.57.