Eagle Point Credit Management LLC and its affiliate Eagle Point DIF GP I LLC have recently sold shares of ACRES Commercial Realty Corp. (NYSE:ACR), as revealed in a new SEC filing. The transactions, which occurred on September 25 and 26, involved the sale of 8.625% Series C Preferred Stock at a price of $25.22 per share, totaling approximately $23,732.
The sales are part of Eagle Point Credit Management's investment activities, where the company manages private investment funds and accounts. The specific number of shares sold over the two days was 941, with the majority, 937 shares, transacted on the second day.
According to the SEC filing, Eagle Point Credit Management LLC, as the manager of certain private investment funds, and Eagle Point DIF GP I LLC, as the general partner of some of those funds, may be deemed to indirectly have a pecuniary interest in the securities. However, both entities have disclaimed beneficial ownership of the securities sold.
The remaining holdings of Eagle Point Credit Management in ACRES Commercial Realty include 961,293 shares of 7.875% Series D Preferred Stock and 1,191,307 shares of Common Stock, $0.001 par value, following the transactions. The nature of these holdings is indirect, as the securities are directly held by the applicable accounts managed by Eagle Point Credit Management.
This latest move by Eagle Point Credit Management provides investors with insight into the firm's trading activities and current stakes in ACRES Commercial Realty, a real estate investment trust based in Uniondale, New York. The company specializes in the ownership and management of commercial real estate properties and related assets.
In other recent news, InPoint Commercial Real Estate Income, Inc. has successfully concluded its 2024 Annual Meeting of Stockholders. The meeting resulted in the election of five directors to its Board and the ratification of KPMG LLP as the company's independent auditors. Directors elected include Mitchell A. Sabshon, Donald MacKinnon, Norman A. Feinstein, Cynthia Foster Curry, and Robert N. Jenkins, each securing their positions with a majority of votes.
In other developments, ACRES Commercial Realty Corp. reported its Q2 2024 financial outcomes, revealing a net decrease in its loan portfolio and a strategic focus on improving the credit quality of its investments. The company posted a GAAP net income of $1.7 million and a book value per share of $27.20. The company's future plans include selling assets, reinvesting in the loan book, and potentially reinstating dividends.
These recent developments reflect the ongoing strategic decisions made by both InPoint Commercial Real Estate Income, Inc. and ACRES Commercial Realty Corp. as they navigate their respective industries. The companies' actions, from board elections to financial strategy adjustments, indicate their commitment to maintaining operational efficiency and shareholder value.
InvestingPro Insights
To complement the recent stock transactions by Eagle Point Credit Management, let's delve into some key financial metrics and insights for ACRES Commercial Realty Corp. (NYSE:ACR).
According to InvestingPro data, ACR's market capitalization stands at $113.28 million, with a price-to-book ratio of 0.26 as of the last twelve months ending Q2 2024. This low P/B ratio, highlighted as an InvestingPro Tip, suggests that the stock might be undervalued relative to its book value, which could be of interest to value investors.
The company's revenue for the same period was $76.82 million, showing a growth of 13.82% year-over-year. This growth, coupled with the InvestingPro Tip that net income is expected to grow this year, paints a positive picture of ACR's financial trajectory.
Another noteworthy InvestingPro Tip is that ACR's management has been aggressively buying back shares. This could signal management's confidence in the company's future prospects and potentially lead to increased shareholder value.
It's worth mentioning that ACR is trading near its 52-week high, with its current price at 96.22% of the 52-week high. This aligns with the InvestingPro Tip indicating a strong return over the last three months, which stands at an impressive 22.24%.
For investors seeking more comprehensive analysis, InvestingPro offers 12 additional tips for ACR, providing a deeper understanding of the company's financial health and market position.
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