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    Ares Commercial Real Estate Corporation Reports First Quarter 2025 Results

    5/7/25 6:00:00 AM ET
    $ACRE
    Real Estate Investment Trusts
    Real Estate
    Get the next $ACRE alert in real time by email

    First quarter GAAP net income of $9.3 million or $0.17 per diluted common share and Distributable Earnings(1) of $7.2 million or $0.13 per diluted common share

    - Subsequent to the three months ended March 31, 2025 -

    Declared second quarter 2025 dividend of $0.15 per common share

    Ares Commercial Real Estate Corporation (the "Company") (NYSE:ACRE), a specialty finance company primarily engaged in directly originating and investing in commercial real estate assets, reported generally accepted accounting principles ("GAAP") net income of $9.3 million or $0.17 per diluted common share and Distributable Earnings(1) of $7.2 million or $0.13 per diluted common share for the first quarter of 2025.

    "In the first quarter, we successfully increased liquidity, further reduced debt and achieved our targeted balance sheet position," said Bryan Donohoe, Chief Executive Officer of Ares Commercial Real Estate Corporation. "Stable to improving trends across the portfolio coupled with our strong available capital allows us to actively consider a wider range of uses for our additional liquidity. In support of these efforts, the scale and experience of the Ares Real Estate team, enhanced by Ares' recent acquisition of GCP, advantages us in building shareholder value."

    "We believe the flexibility of our balance sheet enhances our ability to accelerate successful outcomes in our portfolio and positions the Company to evaluate a number of opportunities for investing our additional capital, including into new loans," said Jeff Gonzales, Chief Financial Officer of Ares Commercial Real Estate Corporation. "During the first quarter, our balance sheet was further strengthened by $307 million of repayments leading to reduced borrowings and increased liquidity. As of May 2, 2025, we have approximately $147 million of available capital, including $113 million of cash equating to more than $2.00 per share."

     

    (1) Distributable Earnings (Loss) is a non-GAAP financial measure. Refer to Schedule I for the definition and reconciliation of Distributable Earnings (Loss).

    COMMON STOCK DIVIDEND

    On February 12, 2025, the Board of Directors of the Company declared a regular cash dividend of $0.15 per common share for the first quarter of 2025. The first quarter 2025 dividend was paid on April 15, 2025 to common stockholders of record as of March 31, 2025.

    On May 7, 2025, the Board of Directors of the Company declared a regular cash dividend of $0.15 per common share for the second quarter of 2025. The second quarter 2025 dividend will be payable on July 15, 2025 to common stockholders of record as of June 30, 2025.

    ADDITIONAL INFORMATION

    The Company issued a presentation of its first quarter 2025 results, which can be viewed at www.arescre.com on the Investor Resources section of our home page under Events and Presentations. The presentation is titled "First Quarter 2025 Earnings Presentation." The Company also filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 with the U.S. Securities and Exchange Commission on May 7, 2025.

    CONFERENCE CALL AND WEBCAST INFORMATION

    On Wednesday, May 7, 2025, the Company invites all interested persons to attend its webcast/conference call at 12:00 p.m. (Eastern Time) to discuss its first quarter 2025 financial results.

    All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of the Company's website at www.arescre.com. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call by dialing +1 (800) 225-9448. International callers can access the conference call by dialing +1 (203) 518-9708. Please provide passcode ACREQ125. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. For interested parties, an archived replay of the call will be available through June 7, 2025 at 5:00 p.m. (Eastern Time) to domestic callers by dialing +1 (800) 695-0715 and to international callers by dialing +1 (402) 220-1423. An archived replay will also be available through June 7, 2025 on a webcast link located on the Home page of the Investor Resources section of the Company's website.

    ABOUT ARES COMMERCIAL REAL ESTATE CORPORATION

    Ares Commercial Real Estate Corporation (the "Company") is a specialty finance company primarily engaged in directly originating and investing in commercial real estate loans and related investments. Through its national direct origination platform, the Company provides a broad offering of flexible and reliable financing solutions for commercial real estate owners and operators. The Company originates senior mortgage loans, as well as subordinate financings, mezzanine debt and preferred equity, with an emphasis on providing value added financing on a variety of properties located in liquid markets across the United States. Ares Commercial Real Estate Corporation elected and qualified to be taxed as a real estate investment trust and is externally managed by a subsidiary of Ares Management Corporation. For more information, please visit www.arescre.com. The contents of such website are not, and should not be deemed to be, incorporated by reference herein.

    FORWARD-LOOKING STATEMENTS

    Statements included herein or on the webcast / conference call may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements relate to future events or the Company's future performance or financial condition and include, but are not limited to, statements about the resolution of underperforming loans, liquidity management, reduction or increase of CECL reserve, reduction or increase of available borrowings, the industry and the loan market. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including global economic trends and economic conditions, including high inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, currency fluctuations, changes caused by tariffs and trade disputes with other countries, changes in interest rates, credit spreads and the market value of the Company's investments, the Company's business and investment strategy, the Company's projected operating results, the return or impact of current and future investments, access to the financing and debt markets, the demand for commercial real estate loans, rates of prepayments on the Company's mortgage loans and the effect on the Company's business of such prepayments, availability of investment opportunities in mortgage-related and real estate-related investments and securities, the ability of Ares Commercial Real Estate Management LLC ("ACREM" or our "Manager") to locate suitable investments for the Company, monitor, service and administer the Company's investments and execute its investment strategy, and the risks described from time to time in the Company's filings with the Securities and Exchange Commission (the "SEC"), including, but not limited to, the risk factors described in Part I, Item 1A. Risk Factors in the Company's Annual Report on Form 10-K, filed with the SEC on February 12, 2025. Any forward-looking statement, including any contained herein, speaks only as of the time of this press release and Ares Commercial Real Estate Corporation undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call. Projections and forward-looking statements are based on management's good faith and reasonable assumptions, including the assumptions described herein.

     

    ARES COMMERCIAL REAL ESTATE CORPORATION AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    (in thousands, except share and per share data)

     

     

     

    As of

     

     

    March 31, 2025

     

    December 31, 2024

     

     

    (unaudited)

     

     

    ASSETS

     

     

     

     

    Cash and cash equivalents

     

    $

    125,496

     

     

    $

    63,799

     

    Restricted cash ($3,587 and $2,495 related to consolidated VIEs, respectively)

     

     

    3,587

     

     

     

    2,495

     

    Loans held for investment ($182,370 and $551,955 related to consolidated VIEs, respectively)

     

     

    1,355,264

     

     

     

    1,656,688

     

    Current expected credit loss reserve

     

     

    (131,433

    )

     

     

    (136,224

    )

    Loans held for investment, net of current expected credit loss reserve

     

     

    1,223,831

     

     

     

    1,520,464

     

    Investment in available-for-sale debt securities, at fair value

     

     

    8,568

     

     

     

    8,684

     

    Real estate owned held for investment, net ($57,483 and $58,844 related to consolidated VIEs, respectively)

     

     

    136,864

     

     

     

    139,032

     

    Other assets ($359 and $1,991 of interest receivable related to consolidated VIEs, respectively; $4,262 of other receivables related to consolidated VIEs as of March 31, 2025)

     

     

    21,275

     

     

     

    16,732

     

    Total assets

     

    $

    1,519,621

     

     

    $

    1,751,206

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

    LIABILITIES

     

     

     

     

    Secured funding agreements

     

    $

    674,405

     

     

    $

    588,468

     

    Secured term loan

     

     

    118,437

     

     

     

    128,062

     

    Collateralized loan obligation securitization debt (consolidated VIEs)

     

     

    151,970

     

     

     

    455,839

     

    Due to affiliate

     

     

    4,194

     

     

     

    3,790

     

    Dividends payable

     

     

    8,353

     

     

     

    13,924

     

    Other liabilities ($387 and $1,309 of interest payable related to consolidated VIEs, respectively)

     

     

    20,118

     

     

     

    20,991

     

    Total liabilities

     

     

    977,477

     

     

     

    1,211,074

     

    Commitments and contingencies

     

     

     

     

    STOCKHOLDERS' EQUITY

     

     

     

     

    Common stock, par value $0.01 per share, 450,000,000 shares authorized at March 31, 2025 and December 31, 2024 and 54,856,977 and 54,542,178 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively

     

     

    532

     

     

     

    532

     

    Additional paid-in capital

     

     

    817,973

     

     

     

    816,923

     

    Accumulated other comprehensive income (loss)

     

     

    7

     

     

     

    37

     

    Accumulated earnings (deficit)

     

     

    (276,368

    )

     

     

    (277,360

    )

    Total stockholders' equity

     

     

    542,144

     

     

     

    540,132

     

    Total liabilities and stockholders' equity

     

    $

    1,519,621

     

     

    $

    1,751,206

     

     

    ARES COMMERCIAL REAL ESTATE CORPORATION AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (in thousands, except share and per share data)

    (unaudited)

     

     

     

    For the Three Months Ended March 31,

     

     

     

    2025

     

     

     

    2024

     

    Revenue:

     

     

     

     

    Interest income

     

    $

    27,480

     

     

    $

    44,033

     

    Interest expense

     

     

    (18,189

    )

     

     

    (28,819

    )

    Net interest margin

     

     

    9,291

     

     

     

    15,214

     

    Revenue from real estate owned

     

     

    5,657

     

     

     

    3,478

     

    Total revenue

     

     

    14,948

     

     

     

    18,692

     

    Expenses:

     

     

     

     

    Management and incentive fees to affiliate

     

     

    2,567

     

     

     

    2,768

     

    Professional fees

     

     

    877

     

     

     

    533

     

    General and administrative expenses

     

     

    1,720

     

     

     

    2,081

     

    General and administrative expenses reimbursed to affiliate

     

     

    1,003

     

     

     

    1,132

     

    Expenses from real estate owned

     

     

    4,495

     

     

     

    2,037

     

    Total expenses

     

     

    10,662

     

     

     

    8,551

     

    (Provision for) reversal of current expected credit losses, net

     

     

    5,340

     

     

     

    22,269

     

    Realized losses on loans

     

     

    —

     

     

     

    (45,726

    )

    Change in unrealized losses on loans held for sale

     

     

    —

     

     

     

    995

     

    Income (loss) before income taxes

     

     

    9,626

     

     

     

    (12,321

    )

    Income tax expense (benefit), including excise tax

     

     

    281

     

     

     

    2

     

    Net income (loss) attributable to common stockholders

     

    $

    9,345

     

     

    $

    (12,323

    )

    Earnings (loss) per common share:

     

     

     

     

    Basic earnings (loss) per common share

     

    $

    0.17

     

     

    $

    (0.23

    )

    Diluted earnings (loss) per common share

     

    $

    0.17

     

     

    $

    (0.23

    )

    Weighted average number of common shares outstanding:

     

     

     

     

    Basic weighted average shares of common stock outstanding

     

     

    54,828,751

     

     

     

    54,396,397

     

    Diluted weighted average shares of common stock outstanding

     

     

    55,694,939

     

     

     

    54,396,397

     

    Dividends declared per share of common stock(1)

     

    $

    0.15

     

     

    $

    0.25

     

     

    (1) There is no assurance dividends will continue at these levels or at all.

    SCHEDULE I

    Reconciliation of Net Income (Loss) to Non-GAAP Distributable Earnings (Loss)

    Distributable Earnings (Loss) is a non-GAAP financial measure that helps the Company evaluate its financial performance excluding the effects of certain transactions and GAAP adjustments that it believes are not necessarily indicative of its current loan origination portfolio and operations. To maintain the Company's REIT status, the Company is generally required to annually distribute to its stockholders substantially all of its taxable income. The Company believes the disclosure of Distributable Earnings (Loss) provides useful information to investors regarding the Company's ability to pay dividends, which is one of the principal reasons the Company believes investors invest in the Company. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Distributable Earnings (Loss) is defined as net income (loss) attributable to common stockholders computed in accordance with GAAP, excluding non-cash equity compensation expense, the incentive fees the Company pays to its Manager, depreciation and amortization (to the extent that any of the Company's target investments are structured as debt and the Company forecloses on any properties underlying such debt), any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss), one-time events pursuant to changes in GAAP and certain non-cash charges after discussions between the Company's Manager and the Company's independent directors and after approval by a majority of the Company's independent directors. Loan balances that are deemed to be uncollectible are written off as a realized loss and are included in Distributable Earnings (Loss). Distributable Earnings (Loss) is aligned with the calculation of "Core Earnings," which is defined in the Management Agreement and is used to calculate the incentive fees the Company pays to its Manager.

    Reconciliation of net income (loss) attributable to common stockholders, the most directly comparable GAAP financial measure, to Distributable Earnings (Loss) is set forth in the table below for the three months and twelve months ended March 31, 2025 ($ in thousands):

     

    For the Three Months Ended

    March 31, 2025

     

    For the Twelve Months Ended

    March 31, 2025

    Net income (loss) attributable to common stockholders

    $

    9,345

     

     

    $

    (13,325

    )

    Stock-based compensation

     

    1,050

     

     

     

    4,505

     

    Incentive fees to affiliate

     

    —

     

     

     

    —

     

    Depreciation and amortization of real estate owned

     

    2,182

     

     

     

    6,157

     

    Provision for (reversal of) current expected credit losses, net

     

    (5,340

    )

     

     

    (1,223

    )

    Change in unrealized losses on loans held for sale

     

    —

     

     

     

    —

     

    Distributable Earnings (Loss)

    $

    7,237

     

     

    $

    (3,886

    )

     

     

     

     

    Net income (loss) attributable to common stockholders

    $

    0.17

     

     

    $

    (0.24

    )

    Stock-based compensation

     

    0.02

     

     

     

    0.08

     

    Incentive fees to affiliate

     

    —

     

     

     

    —

     

    Depreciation and amortization of real estate owned

     

    0.04

     

     

     

    0.11

     

    Provision for (reversal of) current expected credit losses, net

     

    (0.10

    )

     

     

    (0.02

    )

    Change in unrealized losses on loans held for sale

     

    —

     

     

     

    —

     

    Basic Distributable Earnings (Loss) per common share

    $

    0.13

     

     

    $

    (0.07

    )

     

     

     

     

    Net income (loss) attributable to common stockholders

    $

    0.17

     

     

    $

    (0.24

    )

    Stock-based compensation

     

    0.02

     

     

     

    0.08

     

    Incentive fees to affiliate

     

    —

     

     

     

    —

     

    Depreciation and amortization of real estate owned

     

    0.04

     

     

     

    0.11

     

    Provision for (reversal of) current expected credit losses, net

     

    (0.10

    )

     

     

    (0.02

    )

    Change in unrealized losses on loans held for sale

     

    —

     

     

     

    —

     

    Diluted Distributable Earnings (Loss) per common share

    $

    0.13

     

     

    $

    (0.07

    )

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250507506247/en/

    INVESTOR RELATIONS CONTACTS

    Ares Commercial Real Estate Corporation

    Carl Drake or John Stilmar

    (888) 818-5298

    [email protected]

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      First quarter GAAP net income of $9.3 million or $0.17 per diluted common share and Distributable Earnings(1) of $7.2 million or $0.13 per diluted common share - Subsequent to the three months ended March 31, 2025 - Declared second quarter 2025 dividend of $0.15 per common share Ares Commercial Real Estate Corporation (the "Company") (NYSE:ACRE), a specialty finance company primarily engaged in directly originating and investing in commercial real estate assets, reported generally accepted accounting principles ("GAAP") net income of $9.3 million or $0.17 per diluted common share and Distributable Earnings(1) of $7.2 million or $0.13 per diluted common share for the first quarter of 2025

      5/7/25 6:00:00 AM ET
      $ACRE
      Real Estate Investment Trusts
      Real Estate
    • Ares Commercial Real Estate Corporation Schedules Earnings Release and Conference Call for the First Quarter Ended March 31, 2025

      Ares Commercial Real Estate Corporation (NYSE:ACRE) announced today that it will report earnings for the first quarter ended March 31, 2025 on Wednesday, May 7, 2025 prior to the opening of the New York Stock Exchange. Ares Commercial Real Estate Corporation will hold its webcast/conference call on the same day at 12:00 p.m. Eastern Time to discuss its first quarter ended March 31, 2025 financial results. All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of our website at http://www.arescre.com. Please visit the website to test your connection before the webc

      4/25/25 4:30:00 PM ET
      $ACRE
      Real Estate Investment Trusts
      Real Estate
    • Ares Commercial Real Estate Corporation Reports Fourth Quarter and Full Year 2024 Results

      Fourth quarter GAAP net income (loss) of $(10.7) million or $(0.20) per diluted common share and Distributable Earnings (Loss)(1) of $(8.3) million or $(0.15) per diluted common share Full year GAAP net income (loss) of $(35.0) million or $(0.64) per diluted common share and Distributable Earnings (Loss)(1) of $(44.6) million or $(0.82) per diluted common share - Subsequent to the year ended December 31, 2024 - Declared first quarter 2025 dividend of $0.15 per common share Collected $166 million in repayments resulting in available capital of over $200 million(2) Ares Commercial Real Estate Corporation (the "Company") (NYSE:ACRE), a specialty finance company primarily engaged in d

      2/12/25 6:00:00 AM ET
      $ACRE
      Real Estate Investment Trusts
      Real Estate

    $ACRE
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Ares Commercial Real Estate downgraded by Wells Fargo with a new price target

      Wells Fargo downgraded Ares Commercial Real Estate from Equal Weight to Underweight and set a new price target of $7.00 from $7.50 previously

      9/20/24 7:16:06 AM ET
      $ACRE
      Real Estate Investment Trusts
      Real Estate
    • BTIG Research resumed coverage on Ares Commercial Real Estate

      BTIG Research resumed coverage of Ares Commercial Real Estate with a rating of Neutral

      7/19/24 7:51:11 AM ET
      $ACRE
      Real Estate Investment Trusts
      Real Estate
    • Ares Commercial Real Estate downgraded by BofA Securities with a new price target

      BofA Securities downgraded Ares Commercial Real Estate from Buy to Underperform and set a new price target of $7.00 from $11.00 previously

      3/4/24 7:28:40 AM ET
      $ACRE
      Real Estate Investment Trusts
      Real Estate