[Form 4] BOX, INC. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 Overview – ACRES Commercial Realty Corp. (ACR)

On 14 July 2025, Eagle Point Credit Management LLC ("EPCM") and Eagle Point DIF GP I LLC (together, the “Reporting Persons”) filed a Form 4 disclosing a Rule S (sale) transaction that occurred on 10 July 2025. The Reporting Persons are listed as 10 % owners and directors of ACR.

• Security sold: 7.875 % Series D Preferred Stock
• Shares sold: 6,160
• Weighted-average sale price: $22.21 (sales executed between $22.20 – $22.24)
• Proceeds (approx.): $136,514

After the transaction, the Reporting Persons continue to hold the following ACR securities (all indirect ownership through managed funds/accounts):

• 7.875 % Series D Preferred: 835,092 shares
• Common Stock: 1,177,060 shares
• 8.625 % Series C Preferred: 393,646 shares

The filing states that EPCM manages the relevant private funds/accounts, while DIF GP acts as general partner to certain of those funds. Both entities expressly disclaim beneficial ownership beyond their “indirect pecuniary interest.”

Implications for investors: The sale represents less than 1 % of the Reporting Persons’ Series D preferred position and does not materially change their aggregate exposure to ACR. Nonetheless, any insider activity by a 10 % owner can be a sentiment indicator and may warrant monitoring for further sales or pattern changes.

Positive

• Large residual ownership: Reporting Persons still hold over 2.4 million ACR securities across common and preferred classes, signalling continued exposure.

Negative

• Insider sale by 10 % owner: Even though small, any disposition by a control-level holder can be perceived as a mildly negative sentiment indicator.

Insights

Portfolio Manager

TL;DR: Small preferred share sale by 10 % owner; exposure largely unchanged—signal impact minimal.

The Form 4 shows EPCM off-loading just 6,160 Series D preferred shares against an 835 k-share remaining stake. The roughly $136 k notional is immaterial relative to total holdings and ACR’s capitalisation. Because EPCM manages multiple funds, the transaction likely reflects routine portfolio rebalancing rather than a change in fundamental view. Investors should watch for follow-on filings to detect any acceleration of insider selling, but today’s data point is neutral-to-slightly-negative in sentiment and not financially material.

Corporate Governance Specialist

TL;DR: Insider sale triggers vigilance on governance but lacks scale to move valuation.

EPCM, a control-level holder, reduced its Series D preferred position marginally, while keeping substantial equity and preferred exposure. The disclaimer of beneficial ownership is standard for investment managers. No red flags regarding Rule 10b5-1 are indicated. The event does not alter ownership thresholds, voting power or board representation. I classify it as non-impactful to corporate governance dynamics at this time.

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
Estimated average burden
hours per response:			0.5

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

X

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^*

Levie Aaron

(Last) (First) (Middle)

900 JEFFERSON AVE

(Street)

REDWOOD CITY CA 94063

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BOX INC [ BOX ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2025

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
Class A Common Stock	07/10/2025		S(1)		15,000	D	$33.348(2)	2,952,030(3)	D

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 reported sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 28, 2025.

2. This sale price represents the weighted average sale price of the shares sold ranging from $33.15 to $33.58 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

3. Certain of these shares are represented by restricted stock units ("RSUs"). Each RSU represents the Reporting Person's right to receive one share of Common Stock of the Issuer subject to the applicable vesting schedule and the Reporting Person's continuous service through each such date.

	/s/ David Leeb, Attorney-in-Fact	07/14/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many ACRES Commercial Realty (ACR) shares did Eagle Point sell?

They sold 6,160 shares of ACR’s 7.875 % Series D preferred stock on 10 July 2025.

At what price were the ACR Series D preferred shares sold?

The weighted-average sale price was $22.21, with individual trades between $22.20 and $22.24.

What is Eagle Point’s remaining stake in ACR Series D preferred stock?

After the sale, the Reporting Persons still indirectly hold 835,092 shares of Series D preferred.

Does the filing indicate use of a Rule 10b5-1 trading plan?

The form includes a checkbox for Rule 10b5-1(c) plans, but it is not marked; no such plan is claimed.

Are Eagle Point Credit Management and DIF GP deemed insiders of ACR?

Yes. They are disclosed as 10 % owners and directors under Section 16, requiring Form 4 reporting.

Is this transaction material to ACRES Commercial Realty’s financials?

The transaction involves roughly $0.14 million and does not materially affect ACR’s balance sheet.