Eagle Point Entities Sell Over $540,000 in Acres Commercial Preferred Shares Via Investing.com

Eagle Point Credit Management LLC and its affiliate Eagle Point DIF GP I LLC 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 23, 2024, resulted in the sale of two different series of preferred stock totaling more than $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 Series C Preferred Stock at an average price of $25.21 per share and 10,400 shares of 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 Series C preferred stock were sold at an average price of $25.22 per share.

The reported trades ranged from $23.44 to $25.22 per share. These sales were part of several transactions at different prices in this range. The total value of securities sold was $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 it manages. However, both entities have disclaimed beneficial ownership of the reported securities as noted in the filing footnotes.

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

In other recent news, ACRES Commercial Realty Corp. reported results for Q2 2024, revealing a net decrease in its loan portfolio and a strategic focus on improving the credit quality of its investments. The company has resolved an outstanding loan and is actively managing real estate investments, including a student housing development at Florida State University. With GAAP net income of $1.7 million and book value per share of $27.20, ACRES is considering asset sales and dividend restoration as part of its future growth strategy.

Simultaneously, InPoint Commercial Real Estate Income, Inc. successfully concluded its 2024 Annual Meeting of Shareholders. 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, shareholders have 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 information on their strategic plans and governance structures, respectively.

InvestingPro Insights

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

One of InvestingPro’s key tips is ACR’s perfect Piotroski score of 9, indicating strong financial health and suggesting the company is operating efficiently. Additionally, management’s aggressive share repurchase strategy could signal their belief in the company’s undervaluation or commitment to increasing shareholder value. In fact, ACR shares are trading at a low Price/Book multiple of 0.27 over the trailing twelve months leading up to Q2 2024, which could attract value investors looking for potential bargains in the market.

In terms of performance, ACR has seen revenue growth of 13.82% over the trailing twelve months to Q2 2024, which is a robust indicator of the company’s ability to grow sales and market share. However, it’s worth noting that the company posted a quarterly revenue decline of 6.32% in Q2 2024, which could be a point of analysis for those considering the stock’s short-term outlook. Finally, ACR’s strong three-month return of 24.9% complements the bullish sentiment demonstrated by its year-to-date total price return of 65.8%.

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