Eagle Point funds trim ACR (NYSE: ACR) Series D stake with 2,954-share sale
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
ACRES Commercial Realty Corp. reported an open-market sale of 2,954 shares of its 7.875% Series D Preferred Stock at a weighted average price of $22.07 per share, in transactions ranging from $22.05 to $22.10. 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. The reporting entities disclaim beneficial ownership of these securities. After the sale, the accounts indirectly held 739,023 Series D preferred shares, 1,177,060 common shares and 349,907 shares of 8.625% Series C Preferred Stock.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 2,954 shares ($65,195)
Net Sell
3 txns
Insider
Eagle Point Credit Management LLC, Eagle Point DIF GP I LLC
Role
10% Owner | 10% Owner
Sold
2,954 shs ($65K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | 7.875% Series D Preferred Stock | 2,954 | $22.07 | $65K |
| holding | Common Stock, $0.001 par value | -- | -- | -- |
| holding | 8.625% Series C Preferred Stock | -- | -- | -- |
Holdings After Transaction:
7.875% Series D Preferred Stock — 739,023 shares (Indirect, See footnotes);
Common Stock, $0.001 par value — 1,177,060 shares (Indirect, See footnotes);
8.625% Series C Preferred Stock — 349,907 shares (Indirect, See footnotes)
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 $22.05 to $22.10 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) report?
ACRES Commercial Realty reported that accounts managed by Eagle Point Credit Management sold 2,954 shares of 7.875% Series D Preferred Stock. The open-market sale occurred at a weighted average price of $22.07 per share, with individual trades between $22.05 and $22.10.
Who executed the ACR Series D Preferred Stock sale reported on Form 4?
The shares are held by private investment funds and accounts managed by Eagle Point Credit Management LLC, with Eagle Point DIF GP I LLC as general partner to certain accounts. These entities, not individuals, are associated with the reported sale of 2,954 Series D Preferred shares.
What other ACRES Commercial Realty securities are held by the Eagle Point accounts?
In addition to the Series D Preferred position, the accounts indirectly held 1,177,060 shares of ACRES Commercial Realty common stock and 349,907 shares of 8.625% Series C Preferred Stock. These holdings are reported as indirect and subject to the same beneficial ownership disclaimers.
Do Eagle Point entities claim beneficial ownership of the ACR securities?
The reporting entities state they could be deemed to have an indirect pecuniary interest in the reported securities. However, they expressly disclaim beneficial ownership under Rule 16a-1(a)(4), noting the inclusion of these holdings should not be viewed as an admission of beneficial ownership.
How was the sale price range for ACR’s Series D Preferred Stock described?
The Form 4 notes a weighted average sale price of $22.07 per share for the 2,954 Series D Preferred shares. It explains that trades occurred in multiple transactions at prices between $22.05 and $22.10, and offers to provide detailed breakdowns upon request to interested parties.