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Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, both significant stakeholders in ACRES Commercial Realty Corp. (NYSE:ACR), have recently reported stock sales totaling $75,610. The stock, currently trading at $15.85, has shown remarkable strength with a 69% return over the past year, despite its characteristic volatility according to InvestingPro data. The transactions, disclosed in a recent SEC filing, involved the sale of 3,241 shares of preferred stock across two series. The sales were executed at prices ranging from $23.05 to $25.20 per share. Following these transactions, Eagle Point entities maintain substantial holdings in ACRES Commercial Realty, with 425,380 shares of Series C Preferred Stock and 896,366 shares of Series D Preferred Stock still in their portfolio. With a market capitalization of $114 million and trading at just 0.26 times book value, InvestingPro analysis suggests the stock may be undervalued.
In other recent news, ACRES Commercial Realty Corp has announced an additional $5 million for its share repurchase program, allowing the company to continue buying back its common and preferred stock. This development follows ACRES Commercial Realty's third-quarter financial results, which revealed a decrease in its loan portfolio and earnings available for distribution, but a slight increase in GAAP book value per share. The company's management has emphasized a focus on asset monetization and credit quality improvement, with plans to redeploy capital into new loans in the future.
InPoint Commercial Real Estate Income, Inc. has also seen significant changes, with the appointment of a new CEO and Chairman. Donald MacKinnon, currently the President and a Board member, will take on the role of Chairman, while Denise C. Kramer, President of InPoint's advisor, Inland InPoint Advisor, LLC, will step into the CEO position.
These recent developments highlight the ongoing changes and strategies within both companies. As InPoint Commercial Real Estate navigates its leadership transition, ACRES Commercial Realty Corp is concentrating on improving its financial standing amid challenging market conditions. These updates indicate the companies' strategic directions and potential future performance.
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