Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, both significant shareholders in ACRES Commercial Realty Corp. (NYSE:ACR), recently filed a report indicating a series of stock sales. These transactions, which took place on December 17 and 18, involved the sale of preferred stock in the company, totaling $304,748. The sales come as ACR, currently valued at $110 million, has demonstrated strong performance with a 64% gain year-to-date, according to InvestingPro data.
The sales included 2,965 shares of 7.875% Series D Preferred Stock at approximately $23.10 per share and 2,677 shares of 8.625% Series C Preferred Stock at about $25.18 per share on December 17. The following day, an additional 1,316 shares of Series D and 5,500 shares of Series C Preferred Stock were sold at similar prices.
These transactions reflect a price range between $23.07 and $25.18 per share. Following these sales, Eagle Point Credit Management and Eagle Point DIF GP I LLC continue to hold substantial positions in ACRES Commercial Realty Corp., with shares owned indirectly through various accounts.
In other recent news, ACRES Commercial Realty Corp. has authorized an additional $5 million for its share repurchase program, a move that allows the company to continue buying back its common and preferred stock. The buyback program will be carried out through various methods, including open market purchases and privately negotiated transactions. However, the exact number of shares to be repurchased remains uncertain, dependent on market conditions and other relevant factors.
In a significant leadership transition, InPoint Commercial Real Estate Income, Inc. announced the appointment of a new CEO and Chairman following the resignation of Mitchell A. Sabshon. Donald MacKinnon is set to become the new Chairman, while Denise C. Kramer will step into the CEO position. This change in leadership comes as the real estate investment trust sector navigates complex market conditions.
Turning to earnings, ACRES Commercial Realty Corp reported its third-quarter financial results for 2024, revealing a net decrease in its loan portfolio and a dip in earnings available for distribution. Despite these challenges, the company's GAAP book value per share experienced a slight increase. The company's management emphasized a focus on asset monetization and credit quality improvement, with plans to redeploy capital into new loans in the future.
These recent developments highlight the ongoing changes and strategies within both ACRES Commercial Realty Corp and InPoint Commercial Real Estate Income, Inc. Investors will likely find these updates significant as they indicate the companies' strategic directions and potential future performance.
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