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    Ares Commercial Real Estate Corporation Reports Third Quarter 2024 Results

    11/7/24 6:00:00 AM ET
    $ACRE
    Real Estate Investment Trusts
    Real Estate
    Get the next $ACRE alert in real time by email

    Third quarter GAAP net income (loss) of $(5.9) million or $(0.11) per diluted common share and

    Distributable Earnings(1) of $3.7 million or $0.07 per diluted common share

    - Subsequent to three months ended September 30, 2024 -

    Declared fourth quarter 2024 dividend of $0.25 per common share

    Ares Commercial Real Estate Corporation (the "Company") (NYSE:ACRE), a specialty finance company engaged in originating and investing in commercial real estate assets, reported generally accepted accounting principles ("GAAP") net income (loss) of $(5.9) million or $(0.11) per diluted common share and Distributable Earnings(1) of $3.7 million or $0.07 per diluted common share for the third quarter of 2024.

    "During the third quarter, we continued to make progress on our objective of further strengthening our balance sheet position and resolving our risk rated 4 and 5 loans, which declined by 33%," said Bryan Donohoe, Chief Executive Officer of Ares Commercial Real Estate Corporation. "Together with our financial flexibility and the capabilities provided by our Ares Real Estate Group, we believe we are well positioned to resolve our remaining underperforming assets, which will ultimately position the Company for higher levels of portfolio growth and earnings in the future."

    "We believe our balance sheet positioning is paramount in our ability to drive successful outcomes resolving our remaining underperforming assets," said Jeff Gonzales, Chief Financial Officer of Ares Commercial Real Estate Corporation. "During the third quarter, we have continued to further de-lever our balance sheet with our outstanding debt balance declining by an additional 8% while continuing to maintain strong levels of liquidity."

    ____________________

    (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 August 6, 2024, the Board of Directors of the Company declared a regular cash dividend of $0.25 per common share for the third quarter of 2024. The third quarter 2024 dividend was paid on October 15, 2024 to common stockholders of record as of September 30, 2024.

    On November 7, 2024, the Board of Directors of the Company declared a regular cash dividend of $0.25 per common share for the fourth quarter of 2024. The fourth quarter 2024 dividend will be payable on January 15, 2025 to common stockholders of record as of December 31, 2024.

    ADDITIONAL INFORMATION

    The Company issued a presentation of its third quarter 2024 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 "Third Quarter 2024 Earnings Presentation." The Company also filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 with the U.S. Securities and Exchange Commission on November 7, 2024.

    CONFERENCE CALL AND WEBCAST INFORMATION

    On November 7, 2024, the Company invites all interested persons to attend its webcast/conference call at 12:00 p.m. (Eastern Time) to discuss its third quarter 2024 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 ACREQ324. 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 December 7, 2024 at 5:00 p.m. (Eastern Time) to domestic callers by dialing +1 (800) 839-1246 and to international callers by dialing +1 (402) 220-0464. An archived replay will also be available through December 7, 2024 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 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 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, reduction or increase of CECL reserve, 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, changes to fiscal and monetary policy, higher interest rates and currency fluctuations, as well as geopolitical instability, including conflicts between Russia and Ukraine and in the Middle East, 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, 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 22, 2024, and the risk factors described in Part II, Item 1A. Risk Factors in the Company's subsequent Quarterly Reports on Form 10-Q. 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

     

     

    September 30,

    2024

     

    December 31,

    2023

     

     

    (unaudited)

     

     

    ASSETS

     

     

     

     

    Cash and cash equivalents

     

    $

    68,881

     

     

    $

    110,459

     

    Restricted cash ($3,466 related to consolidated VIEs as of September 30, 2024)

     

     

    3,466

     

     

     

    —

     

    Loans held for investment ($658,956 and $892,166 related to consolidated VIEs, respectively)

     

     

    1,812,773

     

     

     

    2,126,524

     

    Current expected credit loss reserve

     

     

    (144,068

    )

     

     

    (159,885

    )

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

     

     

    1,668,705

     

     

     

    1,966,639

     

    Loans held for sale ($38,981 related to consolidated VIEs as of December 31, 2023)

     

     

    —

     

     

     

    38,981

     

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

     

     

    27,005

     

     

     

    28,060

     

    Real estate owned held for investment, net ($59,953 related to consolidated VIEs as of September 30, 2024)

     

     

    140,912

     

     

     

    83,284

     

    Real estate owned held for sale ($14,509 related to consolidated VIEs as of September 30, 2024)

     

     

    14,509

     

     

     

    —

     

    Other assets ($2,094 and $3,690 of interest receivable related to consolidated VIEs, respectively; $32,002 of other receivables related to consolidated VIEs as of December 31, 2023)

     

     

    17,125

     

     

     

    52,354

     

    Total assets

     

    $

    1,940,603

     

     

    $

    2,279,777

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

    LIABILITIES

     

     

     

     

    Secured funding agreements

     

    $

    640,610

     

     

    $

    639,817

     

    Notes payable

     

     

    —

     

     

     

    104,662

     

    Secured term loan

     

     

    127,828

     

     

     

    149,393

     

    Collateralized loan obligation securitization debt (consolidated VIEs)

     

     

    574,896

     

     

     

    723,117

     

    Due to affiliate

     

     

    4,106

     

     

     

    4,135

     

    Dividends payable

     

     

    13,809

     

     

     

    18,220

     

    Other liabilities ($1,686 and $2,263 of interest payable related to consolidated VIEs, respectively)

     

     

    15,601

     

     

     

    14,584

     

    Total liabilities

     

     

    1,376,850

     

     

     

    1,653,928

     

    Commitments and contingencies

     

     

     

     

    STOCKHOLDERS' EQUITY

     

     

     

     

    Common stock, par value $0.01 per share, 450,000,000 shares authorized at September 30, 2024 and December 31, 2023 and 54,532,393 and 54,149,225 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

     

     

    532

     

     

     

    532

     

    Additional paid-in capital

     

     

    815,802

     

     

     

    812,184

     

    Accumulated other comprehensive income

     

     

    190

     

     

     

    153

     

    Accumulated earnings (deficit)

     

     

    (252,771

    )

     

     

    (187,020

    )

    Total stockholders' equity

     

     

    563,753

     

     

     

    625,849

     

    Total liabilities and stockholders' equity

     

    $

    1,940,603

     

     

    $

    2,279,777

     

     

    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

    September 30,

     

    For the Nine Months Ended

    September 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Revenue:

     

     

     

     

     

     

     

     

    Interest income

     

    $

    39,345

     

     

    $

    52,819

     

     

    $

    124,225

     

     

    $

    154,260

     

    Interest expense

     

     

    (27,401

    )

     

     

    (29,745

    )

     

     

    (83,703

    )

     

     

    (79,695

    )

    Net interest margin

     

     

    11,944

     

     

     

    23,074

     

     

     

    40,522

     

     

     

    74,565

     

    Revenue from real estate owned

     

     

    4,709

     

     

     

    809

     

     

     

    11,619

     

     

     

    809

     

    Total revenue

     

     

    16,653

     

     

     

    23,883

     

     

     

    52,141

     

     

     

    75,374

     

    Expenses:

     

     

     

     

     

     

     

     

    Management and incentive fees to affiliate

     

     

    2,654

     

     

     

    2,974

     

     

     

    8,114

     

     

     

    9,317

     

    Professional fees

     

     

    681

     

     

     

    682

     

     

     

    1,971

     

     

     

    2,080

     

    General and administrative expenses

     

     

    1,939

     

     

     

    1,691

     

     

     

    5,978

     

     

     

    5,414

     

    General and administrative expenses reimbursed to affiliate

     

     

    871

     

     

     

    775

     

     

     

    3,280

     

     

     

    2,617

     

    Expenses from real estate owned

     

     

    3,164

     

     

     

    480

     

     

     

    7,426

     

     

     

    480

     

    Total expenses

     

     

    9,309

     

     

     

    6,602

     

     

     

    26,769

     

     

     

    19,908

     

    Provision for current expected credit losses

     

     

    7,461

     

     

     

    3,227

     

     

     

    (17,182

    )

     

     

    44,373

     

    Realized losses on loans

     

     

    5,766

     

     

     

    4,886

     

     

     

    67,879

     

     

     

    10,499

     

    Change in unrealized losses on loans held for sale

     

     

    —

     

     

     

    —

     

     

     

    (995

    )

     

     

    —

     

    Income (loss) before income taxes

     

     

    (5,883

    )

     

     

    9,168

     

     

     

    (24,330

    )

     

     

    594

     

    Income tax expense (benefit), including excise tax

     

     

    (3

    )

     

     

    (16

    )

     

     

    (1

    )

     

     

    48

     

    Net income (loss) attributable to common stockholders

     

    $

    (5,880

    )

     

    $

    9,184

     

     

    $

    (24,329

    )

     

    $

    546

     

    Earnings (loss) per common share:

     

     

     

     

     

     

     

     

    Basic earnings (loss) per common share

     

    $

    (0.11

    )

     

    $

    0.17

     

     

    $

    (0.45

    )

     

    $

    0.01

     

    Diluted earnings (loss) per common share

     

    $

    (0.11

    )

     

    $

    0.17

     

     

    $

    (0.45

    )

     

    $

    0.01

     

    Weighted average number of common shares outstanding:

     

     

     

     

     

     

     

     

    Basic weighted average shares of common stock outstanding

     

     

    54,464,147

     

     

     

    54,085,035

     

     

     

    54,429,014

     

     

     

    54,339,441

     

    Diluted weighted average shares of common stock outstanding

     

     

    54,464,147

     

     

     

    54,796,413

     

     

     

    54,429,014

     

     

     

    55,043,206

     

    Dividends declared per share of common stock(1)

     

    $

    0.25

     

     

    $

    0.33

     

     

    $

    0.75

     

     

    $

    1.03

     

    (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 September 30, 2024 ($ in thousands):

     

    For the Three Months Ended

    September 30, 2024

     

    For the Twelve Months Ended

    September 30, 2024

    Net income (loss) attributable to common stockholders

    $

    (5,880

    )

     

    $

    (63,742

    )

    Stock-based compensation

     

    1,182

     

     

     

    4,658

     

    Incentive fees to affiliate

     

    —

     

     

     

    —

     

    Depreciation and amortization of real estate owned

     

    967

     

     

     

    3,331

     

    Provision for current expected credit losses

     

    7,461

     

     

     

    30,271

     

    Realized gain on termination of interest rate cap derivative (1)

     

    —

     

     

     

    (105

    )

    Unrealized losses on loans held for sale

     

    —

     

     

     

    —

     

    Distributable Earnings (Loss)

    $

    3,730

     

     

    $

    (25,587

    )

     

     

     

     

    Net income (loss) attributable to common stockholders

    $

    (0.11

    )

     

    $

    (1.17

    )

    Stock-based compensation

     

    0.02

     

     

     

    0.09

     

    Incentive fees to affiliate

     

    —

     

     

     

    —

     

    Depreciation and amortization of real estate owned

     

    0.02

     

     

     

    0.06

     

    Provision for current expected credit losses

     

    0.14

     

     

     

    0.56

     

    Realized gain on termination of interest rate cap derivative (1)

     

    —

     

     

     

    —

     

    Unrealized losses on loans held for sale

     

    —

     

     

     

    —

     

    Basic Distributable Earnings (Loss) per common share

    $

    0.07

     

     

    $

    (0.47

    )

     

     

     

     

    Net income (loss) attributable to common stockholders

    $

    (0.11

    )

     

    $

    (1.17

    )

    Stock-based compensation

     

    0.02

     

     

     

    0.09

     

    Incentive fees to affiliate

     

    —

     

     

     

    —

     

    Depreciation and amortization of real estate owned

     

    0.02

     

     

     

    0.06

     

    Provision for current expected credit losses

     

    0.14

     

     

     

    0.56

     

    Realized gain on termination of interest rate cap derivative (1)

     

    —

     

     

     

    —

     

    Unrealized losses on loans held for sale

     

    —

     

     

     

    —

     

    Diluted Distributable Earnings (Loss) per common share

    $

    0.07

     

     

    $

    (0.47

    )

    (1)

    For the twelve months ended September 30, 2024, Distributable Loss includes a $105 thousand adjustment to reverse the impact of the $2.0 million realized gain from the termination of the interest rate cap derivative that was amortized into GAAP net income (loss).

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241107316756/en/

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    • Director Parekh Rebecca Jaisali was granted 24,696 shares, increasing direct ownership by 73% to 58,379 units (SEC Form 4)

      4 - Ares Commercial Real Estate Corp (0001529377) (Issuer)

      5/1/25 5:09:05 PM ET
      $ACRE
      Real Estate Investment Trusts
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    • Director April Rand Scott was granted 24,696 shares (SEC Form 4)

      4 - Ares Commercial Real Estate Corp (0001529377) (Issuer)

      5/1/25 5:06:45 PM ET
      $ACRE
      Real Estate Investment Trusts
      Real Estate
    • Director Moriarty Edmond N. Iii was granted 24,696 shares, increasing direct ownership by 45% to 80,026 units (SEC Form 4)

      4 - Ares Commercial Real Estate Corp (0001529377) (Issuer)

      5/1/25 5:04:31 PM ET
      $ACRE
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    $ACRE
    SEC Filings

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    $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 Corporation filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders

      8-K - Ares Commercial Real Estate Corp (0001529377) (Filer)

      5/28/25 4:39:26 PM ET
      $ACRE
      Real Estate Investment Trusts
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    • SEC Form 10-Q filed by Ares Commercial Real Estate Corporation

      10-Q - Ares Commercial Real Estate Corp (0001529377) (Filer)

      5/6/25 8:38:09 PM ET
      $ACRE
      Real Estate Investment Trusts
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    • Ares Commercial Real Estate Corporation filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - Ares Commercial Real Estate Corp (0001529377) (Filer)

      5/6/25 8:34:07 PM ET
      $ACRE
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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
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    • 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
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    • 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
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    $ACRE
    Leadership Updates

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    • Ares Commercial Real Estate Corporation Appoints Rebecca Parekh to its Board of Directors

      Ares Commercial Real Estate Corporation announced today that it has appointed Rebecca Parekh to its Board of Directors, effective immediately. Ms. Parekh's appointment expands the Board from seven to eight members, including six independent board members. Ms. Parekh is the Co-Founder and Chief Executive Officer of The Well, a series of wellness facilities. Previously, she served as the Chief Operating Officer for Deepak Chopra Radical Well-Being, LLC. Prior to that, Ms. Parekh spent ten years at Deutsche Bank Securities, Inc., focused primarily on structured credit where she held various positions, including Head of the U.S. Private Institutional Client Group and Head of Cross Product Sale

      12/16/21 4:30:00 PM ET
      $ACRE
      Real Estate Investment Trusts
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    Financials

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    • Ares Commercial Real Estate Corporation Reports First Quarter 2025 Results

      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
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    • 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
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    $ACRE
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

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    • SEC Form SC 13G/A filed by Ares Commercial Real Estate Corporation (Amendment)

      SC 13G/A - Ares Commercial Real Estate Corp (0001529377) (Subject)

      2/13/24 4:58:58 PM ET
      $ACRE
      Real Estate Investment Trusts
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    • SEC Form SC 13G/A filed by Ares Commercial Real Estate Corporation (Amendment)

      SC 13G/A - Ares Commercial Real Estate Corp (0001529377) (Subject)

      1/25/24 1:48:52 PM ET
      $ACRE
      Real Estate Investment Trusts
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    • SEC Form SC 13G filed by Ares Commercial Real Estate Corporation

      SC 13G - Ares Commercial Real Estate Corp (0001529377) (Subject)

      2/9/23 11:07:39 AM ET
      $ACRE
      Real Estate Investment Trusts
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