Eagle Point Credit Management and ACRES Commercial Realty Corp. Stakeholders Sell Series C Preferred Stock
Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, major stakeholders in ACRES Commercial Realty Corp. (NYSE:ACR), recently sold a portion of their holdings in the company. The transactions, which occurred on July 26 and July 29, involved the sale of 8.625% Series C Preferred Stock at $24.75 per share, totaling around $58,261.
The sales were conducted in multiple transactions at prices ranging from $24.75 to $24.76. The exact number of shares sold at each price is available upon request. Despite these transactions, the entities still hold a significant number of shares in both common and preferred stock categories of ACRES Commercial Realty Corp.
Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC manage private investment funds and accounts that directly hold the securities. The reported sales reflect a strategic adjustment in their investment portfolios. Investors and market watchers closely monitor such transactions for insights into the investment strategies of significant stakeholders and their outlook on the company's financial health.
In other news, ACRES Commercial Realty Corp. reported its Q1 2024 financial results, highlighting a strategic decrease in its loan portfolio and steady performance in its commercial real estate investments. The company announced a net income of $556,000 or $0.07 per share, emphasizing its intention to monetize assets, reinstate dividends, and continue share buybacks.
ACRES Commercial Realty Corp. remains confident in its ability to monetize assets and sees attractive opportunities in the market despite seasonal variations in the hotel sector. These recent developments reflect the company's strategic approach to balancing capital return to shareholders and loan portfolio management in changing market conditions.
InvestingPro Insights:
Amidst the portfolio adjustments by Eagle Point entities, ACRES Commercial Realty Corp. has been actively repurchasing shares, signaling confidence in its valuation and future prospects. ACR is trading at a low Price / Book multiple, indicating potential undervaluation relative to its assets.
ACR's financial health appears robust, with a market capitalization of $108.91 million and promising net income outlook. The company has shown solid revenue growth over the last twelve months, with a high return over the last year. Investors may find it opportune to explore ACR's performance metrics and investment potential further.
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