Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, both reporting as ten percent owners, have sold a total of $92,472 worth of 8.625% Series C Preferred Stock in ACRES Commercial Realty Corp. (NYSE:ACR). The transactions were executed over a series of trades with prices ranging from $24.93 to $24.98 per share.
The sales took place on three separate dates, with the first batch of 894 shares sold at an average price of $24.93 on August 29, 2024. The following day, 2,714 shares were sold at an average price of $24.94. The final set of 100 shares was sold on September 3, 2024, at an average price of $24.98. These sales were part of multiple transactions occurring at prices within the specified ranges.
Following these transactions, Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC's indirect ownership in ACRES Commercial Realty Corp.'s 8.625% Series C Preferred Stock has decreased, with a post-transaction total of 588,416 shares remaining. The entities also hold significant positions in other securities of the company, including 1,015,137 shares of 7.875% Series D Preferred Stock and 1,191,307 shares of common stock, demonstrating a continued investment in ACRES Commercial Realty Corp.
It should be noted that the reported entities have disclaimed beneficial ownership of the securities described in the report. According to the footnotes in the filing, the securities are directly held by private investment funds and accounts managed by Eagle Point Credit Management LLC, with Eagle Point DIF GP I LLC serving as the general partner to certain of these accounts. Both entities could be deemed to have an "indirect pecuniary interest" in the securities, but they have disclaimed beneficial ownership for the purposes of Section 16 or any other context.
Investors keeping an eye on insider transactions such as these can stay updated on the movements and holdings of significant shareholders within ACRES Commercial Realty Corp. and other publicly traded companies.
In other recent news, ACRES Commercial Realty Corp. disclosed its second-quarter results for 2024, reporting a GAAP net income of $1.7 million and a book value per share of $27.20. The company noted a decrease in its loan portfolio by $61.9 million after loan payoffs amounting to $71.2 million. ACRES also managed to resolve an $8 million defaulted loan, collateralized by a retail property in New Jersey.
The company is actively managing its real estate investments, including a student housing project at Florida State University that is nearing completion. ACRES Commercial Realty is also considering strategic asset sales and the reinstatement of dividends as part of its future growth strategy.
In terms of financial health, the company ended the quarter with $1.7 billion in commercial real estate loans and $98.4 million in available liquidity. ACRES also repurchased 115,000 common shares using $1.6 million. These are the recent developments that have transpired within ACRES Commercial Realty Corp.
InvestingPro Insights
ACRES Commercial Realty Corp. (NYSE:ACR) has been a topic of interest for investors, especially with the recent insider transactions. To provide a deeper understanding of the company's financial health and market performance, here are some key metrics and tips from InvestingPro:
As of the last twelve months leading up to Q2 2024, ACRES Commercial Realty Corp. has demonstrated a solid Price / Book multiple of 0.26. This metric can be particularly appealing to value investors looking for potentially undervalued stocks. Moreover, the company's revenue has grown by 13.82% during the same period, indicating a positive trajectory in its financial performance.
In terms of market performance, ACRES Commercial Realty Corp. has experienced a significant price uptick, with a 40.04% total return over the last six months and an impressive 83.83% return over the past year. Such strong returns may catch the attention of momentum investors seeking stocks with a robust upward trend.
InvestingPro Tips highlight that ACRES Commercial Realty Corp. has a perfect Piotroski Score of 9, suggesting a healthy financial state. Additionally, management's aggressive share buyback strategy could signal confidence in the company's future prospects. These insights, along with many others, are available on InvestingPro, where investors can find a total of 12 tips for ACRES Commercial Realty Corp. at https://www.investing.com/pro/ACR.
Overall, the combination of favorable financial ratios and positive market returns positions ACRES Commercial Realty Corp. as an interesting candidate for further analysis by prospective investors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.