ACRES Commercial Realty (ACR) insider entities trim 8.625% Series C preferred stake
Rhea-AI Filing Summary
ACRES Commercial Realty Corp. (ACR) reported insider activity by investment entities managed by Eagle Point Credit Management. The reporting persons, acting as directors of the issuer, sold small amounts of the company’s 8.625% Series C Preferred Stock in late November and early December.
They sold 913 shares at a weighted average price of about $25.19 per share and 5,054 shares at about $25.20 per share. After these transactions, the reporting persons continued to report indirect holdings of 387,463 shares of 8.625% Series C Preferred Stock, 763,436 shares of 7.875% Series D Preferred Stock, and 1,177,060 shares of common stock, all held through certain managed funds and accounts.
The filing states that Eagle Point Credit Management LLC and its affiliate Eagle Point DIF GP I LLC may be deemed to have an indirect pecuniary interest in these securities but each disclaims beneficial ownership for Section 16 purposes.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | 8.625% Series C Preferred Stock | 5,054 | $25.20 | $127K |
| Sale | 8.625% Series C Preferred Stock | 913 | $25.19 | $23K |
| holding | 7.875% Series D Preferred Stock | -- | -- | -- |
| holding | Common Stock, $0.001 par value | -- | -- | -- |
Footnotes (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. 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. 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. The price reported reflects the weighted average price per share. These securities were sold in multiple transactions at prices ranging from $25.19 to $25.20 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.
FAQ
What insider transaction did ACRES Commercial Realty Corp. (ACR) disclose?
The disclosure reports that entities managed by Eagle Point Credit Management LLC sold small amounts of 8.625% Series C Preferred Stock of ACRES Commercial Realty Corp. in late November and early December.
What ACRES Commercial Realty (ACR) holdings remain after the reported sales?
After the transactions, the reporting persons reported indirect holdings of 387,463 shares of 8.625% Series C Preferred Stock, 763,436 shares of 7.875% Series D Preferred Stock, and 1,177,060 shares of common stock.
Who executed the ACRES Commercial Realty (ACR) transactions reported here?
The securities are held by private investment funds and accounts managed by Eagle Point Credit Management LLC, with Eagle Point DIF GP I LLC serving as general partner to certain accounts.