Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, both significant stakeholders in ACRES Commercial Realty Corp. (NYSE:ACR), have disclosed sales of preferred stock. The transactions, reported on December 13 and 16, involved the sale of 130 shares of 7.875% Series D Preferred Stock at $23.06 per share and 4084 shares of 8.625% Series C Preferred Stock at $25.18 per share. Additionally, 102 shares of 7.875% Series D Preferred Stock were sold at $23.04 per share. These transactions totaled $108,183, with prices ranging from $23.04 to $25.18 per share. The company, currently trading at $17.01 with a market cap of $122.4 million, has shown remarkable performance with a 92% return over the past year. According to InvestingPro analysis, ACR maintains a strong financial health score and trades at an attractive 0.28 price-to-book ratio.
Following these sales, Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC hold 904,488 shares of Series D Preferred Stock and 442,751 shares of Series C Preferred Stock, respectively. The companies also maintain ownership of 1,191,307 shares of ACRES Commercial Realty's common stock. InvestingPro subscribers can access 8 additional key insights about ACR's valuation, growth prospects, and financial health through the comprehensive Pro Research Report, helping investors make more informed decisions about this volatile but potentially rewarding stock.
In other recent news, ACRES Commercial Realty Corp reported its Q3 2024 financial results, indicating a net decrease in its loan portfolio, a reduction in earnings available for distribution (EAD), and a slight increase in GAAP book value per share. The company's management highlighted their focus on asset monetization and credit quality improvement, with plans to reinvest capital into new loans. ACRES also reported a GAAP net income of $2.8 million, or $0.36 per share for the quarter, and an EAD per share decrease to $0.24.
In another development, InPoint Commercial Real Estate Income, Inc. announced leadership changes, with the appointment of a new CEO and Chairman following the resignation of Mitchell A. Sabshon. Donald MacKinnon, currently the President and a Board member, has been appointed as the new Chairman of the Board. Denise C. Kramer, President of InPoint Commercial Real Estate Income's advisor, will become the new CEO and join the Board.
These recent developments reflect the ongoing strategic adjustments and leadership transitions within these real estate companies.
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