Eagle Point Entities Sell Over $540K in Acres Commercial Realty Preferred Stock

Eagle Point Credit Management LLC and its affiliate, Eagle Point DIF GP I LLC, have recently completed the sale of a notable amount of preferred stock in ACRES Commercial Realty Corp. The transactions, executed on September 20 and September 23, 2024, involved two distinct series of preferred stock, with a total value exceeding $540,000.

The sales included the 8.625% Series C Preferred Stock and the 7.875% Series D Preferred Stock. On September 20, Eagle Point sold 6,675 shares of the Series C Preferred Stock at an average price of $25.21 per share, along with 10,400 shares of the Series D Preferred Stock at an average price of $23.44 per share. On September 23, they sold an additional 5,159 shares of the Series C Preferred Stock at an average price of $25.22 per share.

The sales occurred at prices ranging from $23.44 to $25.22 per share. The cumulative value of the sold securities amounted to $542,162. Despite these sales, Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC maintain indirect interests in ACRES Commercial Realty Corp. through certain private investment funds and managed accounts. However, both entities have disclaimed beneficial ownership of the reported securities as detailed in their filing.

Interested parties may request more specific information on the sale prices of shares from the reporting entities. The transactions were authorized by Kenneth P. Onorio, the Chief Financial Officer of both Eagle Point entities.

In other developments, ACRES Commercial Realty Corp. announced its second-quarter 2024 financial results, highlighting a reduction in its loan portfolio while emphasizing a focus on enhancing the credit quality of its investments. The company resolved a defaulted loan and is actively managing its real estate holdings, including a student housing project at Florida State University. With a GAAP net income of $1.7 million and a book value per share of $27.20, ACRES is considering asset sales and the possible reinstatement of dividends as part of its growth strategy.

Additionally, InPoint Commercial Real Estate Income, Inc. successfully held its 2024 Annual Meeting of Stockholders, where five directors were elected to its Board and the appointment of the independent auditors was ratified. Directors elected include Mitchell A. Sabshon, Donald MacKinnon, Norman A. Feinstein, Cynthia Foster Curry, and Robert N. Jenkins. Stockholders also ratified the appointment of KPMG LLP as their independent registered public accounting firm for the fiscal year ending December 31, 2024.

These recent updates from ACRES Commercial Realty Corp. and InPoint Commercial Real Estate Income, Inc. shed light on their strategic directions and governance developments.

In terms of financial insights, ACRES Commercial Realty Corp. has captured attention due to the recent preferred stock sales by Eagle Point. Investors evaluating ACR’s financial standing will find notable indicators, including its market capitalization of $115.25 million, and a remarkable 91.25% return over the past year, signaling strong investor confidence.

A standout financial indicator is ACR’s perfect Piotroski Score of 9, suggesting robust financial health and operational effectiveness. Furthermore, the company’s share buyback strategy could indicate management’s belief in the firm’s undervaluation or its commitment to enhancing shareholder value. ACR’s stock is currently trading at a low Price/Book ratio of 0.27, which may entice value investors searching for potential opportunities.

In terms of performance, ACR experienced a revenue growth of 13.82% over the last year as of Q2 2024, reflecting its capacity to boost sales and market share, although a quarterly revenue decline of 6.32% in Q2 might warrant scrutiny from those evaluating the stock’s short-term outlook. Notably, ACR recorded a strong 24.9% return over the last three months, complementing a year-to-date total return of 65.8%.

For those interested in further analysis, additional detailed financial insights and tips can provide a comprehensive understanding of ACR’s market position and prospects.

This article was generated with AI support and reviewed by an editor.