Ares Commercial Real Estate Corporation
Ares Commercial Real Estate Corporation, a specialty finance company, originates and invests in commercial real estate (CRE) loans and related investments in the United States. It provides a range of financing solutions for the owners, operators, and sponsors of CRE properties. The company originates senior mortgage loans, subordinate debt products, mezzanine loans, real estate preferred equity investments, and other CRE investments, including commercial mortgage backed securities. Ares Commercial Real Estate Corporation has elected and qualified to be taxed as a real estate investment trust for the United States federal income tax purposes under the Internal Revenue Code of 1986. Ares Commercial Real Estate Management LLC operates as the manager of the company. The company was founded in 2011 and is headquartered in New York, New York.
IPO Year: 2012
Exchange: NYSE
Website: arescre.com
Recent Analyst Ratings for Ares Commercial Real Estate Corporation
Date | Price Target | Rating | Analyst |
---|---|---|---|
9/20/2024 | $7.50 → $7.00 | Equal Weight → Underweight | Wells Fargo |
7/19/2024 | Neutral | BTIG Research | |
3/4/2024 | $11.00 → $7.00 | Buy → Underperform | BofA Securities |
12/6/2023 | $10.50 | Neutral | UBS |
12/5/2023 | Mkt Outperform → Mkt Perform | JMP Securities | |
9/13/2023 | $10.00 | Equal Weight | Wells Fargo |
8/18/2023 | Outperform → Mkt Perform | Raymond James | |
4/25/2023 | Buy → Neutral | BTIG Research | |
3/8/2023 | $12.50 | Outperform → Mkt Perform | Keefe Bruyette |
10/31/2022 | $13.00 | Buy | BofA Securities |
Ares Commercial Real Estate Corporation Press Releases
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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
Ares Commercial Real Estate Corporation Schedules Earnings Release and Conference Call for the Fourth Quarter and Full Year Ended December 31, 2024
Ares Commercial Real Estate Corporation (NYSE:ACRE) announced today that it will report earnings for the fourth quarter and full year ended December 31, 2024 on Wednesday, February 12, 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 11:00 a.m. Eastern Time to discuss its fourth quarter and full year ended December 31, 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 our website at http://www.arescre.com. Please visit the webs
Ares Commercial Real Estate Corporation Announces Tax Reporting Information for Calendar Year 2024
Ares Commercial Real Estate Corporation (NYSE:ACRE) (the "Company") today announced the 2024 tax treatment for the Company's common stock distributions (CUSIP # 04013V-10-8). Form 1099 Reference: Box 1a Box 1b Box 2a Box 3 Box 5 Record Date Payment Date Cash Distribution Per Share Allocable to 2024 Total Ordinary Dividends Qualified Dividends (1) Total Capital Gain Distributions Nondividend Distributions Section 199A Dividends (1) 12/29/2023 1/17/2024 $0.3300(2) $0.0000 $0.0000 $0.0000 $0.0000
KBW Announces Index Rebalancing for Fourth-Quarter 2024
NEW YORK, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Keefe, Bruyette & Woods, Inc., a leading specialist investment bank to the financial services and fintech sectors, and a wholly owned subsidiary of Stifel Financial Corp. (NYSE:SF), announces the upcoming index rebalancing for the fourth quarter of 2024. This quarter, there are constituent changes within four of our indexes: the KBW Nasdaq Capital Markets Index (Index Ticker: KSX, ETF Ticker:N/A), KBW Nasdaq Financial Technology Index (Index Ticker: KFTX, ETF Ticker: FTEK.LN), KBW Nasdaq Financial Sector Dividend Yield Index (Index Ticker: KDX, ETF Ticker: KBWD), and KBW Nasdaq Premium Yield Equity REIT Index (Index Ticker: KYX, ETF Ticker: KBWY
Ares Commercial Real Estate Corporation Reports Third Quarter 2024 Results
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
Ares Commercial Real Estate Corporation Schedules Earnings Release and Conference Call for the Third Quarter Ended September 30, 2024
Ares Commercial Real Estate Corporation (NYSE:ACRE) announced today that it will report earnings for the third quarter ended September 30, 2024 on November 7, 2024 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 third quarter ended September 30, 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 our website at http://www.arescre.com. Please visit the website to test your connection before the we
Ares Commercial Real Estate Corporation Reports Second Quarter 2024 Results
Second quarter GAAP net income (loss) of $(6.1) million or $(0.11) per diluted common share and Distributable Earnings (Loss)(1) of $(6.6) million or $(0.12) per diluted common share - Subsequent to three months ended June 30, 2024 - Tae-Sik Yoon appointed to Chief Operating Officer; Jeff Gonzales appointed to Chief Financial Officer & Treasurer Declared third 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 $(6.1) million or $(0.11) per di
Ares Commercial Real Estate Corporation Schedules Earnings Release and Conference Call for the Second Quarter Ended June 30, 2024
NEW YORK, NY / ACCESSWIRE / July 25, 2024 / Ares Commercial Real Estate Corporation (NYSE:ACRE) announced today that it will report earnings for the second quarter ended June 30, 2024 on August 6, 2024 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 second quarter ended June 30, 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 our website at http://www.arescre.com. Please visit the website to tes
Ares Commercial Real Estate Corporation Reports First Quarter 2024 Results
First quarter GAAP net income (loss) of $(12.3) million or $(0.23) per diluted common share and Distributable Earnings (Loss)(1) of $(33.5) million or $(0.62) per diluted common share - Subsequent to three months ended March 31, 2024 - Declared second 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 $(12.3) million or $(0.23) per diluted common share and Distributable Earnings (Loss)(1) of $(33.5) million or $(0.62) per diluted common share f
Ares Commercial Real Estate Corporation Schedules Earnings Release and Conference Call for the First Quarter Ended March 31, 2024
NEW YORK, NY / ACCESSWIRE / April 25, 2024 / Ares Commercial Real Estate Corporation (NYSE:ACRE) announced today that it will report earnings for the first quarter ended March 31, 2024 on Thursday, May 9, 2024 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 9:00 a.m. Eastern Time to discuss its first quarter ended March 31, 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 our website at http://www.arescre.com. Please visit the website
Ares Commercial Real Estate Corporation Analyst Ratings
Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.
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
BTIG Research resumed coverage on Ares Commercial Real Estate
BTIG Research resumed coverage of Ares Commercial Real Estate with a rating of Neutral
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
UBS initiated coverage on Ares Commercial Real Estate with a new price target
UBS initiated coverage of Ares Commercial Real Estate with a rating of Neutral and set a new price target of $10.50
Ares Commercial Real Estate downgraded by JMP Securities
JMP Securities downgraded Ares Commercial Real Estate from Mkt Outperform to Mkt Perform
Wells Fargo initiated coverage on Ares Commercial Real Estate with a new price target
Wells Fargo initiated coverage of Ares Commercial Real Estate with a rating of Equal Weight and set a new price target of $10.00
Ares Commercial Real Estate downgraded by Raymond James
Raymond James downgraded Ares Commercial Real Estate from Outperform to Mkt Perform
Ares Commercial Real Estate downgraded by BTIG Research
BTIG Research downgraded Ares Commercial Real Estate from Buy to Neutral
Ares Commercial Real Estate downgraded by Keefe Bruyette with a new price target
Keefe Bruyette downgraded Ares Commercial Real Estate from Outperform to Mkt Perform and set a new price target of $12.50
BofA Securities resumed coverage on Ares Commercial Real Estate with a new price target
BofA Securities resumed coverage of Ares Commercial Real Estate with a rating of Buy and set a new price target of $13.00
Ares Commercial Real Estate Corporation Insider Purchases
Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.
Donohoe Bryan Patrick bought $50,266 worth of shares (3,509 units at $14.32), increasing direct ownership by 9% to 41,259 units (SEC Form 4)
4 - Ares Commercial Real Estate Corp (0001529377) (Issuer)
Ares Commercial Real Estate Corporation Insider Trading
Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.
Gen. Counsel VP and Secretary Feingold Anton sold $43,263 worth of shares (7,615 units at $5.68), decreasing direct ownership by 9% to 78,360 units (SEC Form 4)
4 - Ares Commercial Real Estate Corp (0001529377) (Issuer)
CFO and Treasurer Gonzales Jeffrey Michael sold $22,839 worth of shares (4,020 units at $5.68), decreasing direct ownership by 7% to 50,751 units (SEC Form 4)
4 - Ares Commercial Real Estate Corp (0001529377) (Issuer)
Chief Executive Officer Donohoe Bryan Patrick sold $133,230 worth of shares (23,465 units at $5.68), decreasing direct ownership by 10% to 218,949 units (SEC Form 4)
4 - Ares Commercial Real Estate Corp (0001529377) (Issuer)
CFO and Treasurer Gonzales Jeffrey Michael was granted 25,000 shares, increasing direct ownership by 84% to 54,771 units (SEC Form 4)
4 - Ares Commercial Real Estate Corp (0001529377) (Issuer)
Gen. Counsel VP and Secretary Feingold Anton was granted 17,000 shares, increasing direct ownership by 25% to 85,975 units (SEC Form 4)
4 - Ares Commercial Real Estate Corp (0001529377) (Issuer)
Chief Executive Officer Donohoe Bryan Patrick was granted 45,000 shares, increasing direct ownership by 23% to 242,414 units (SEC Form 4)
4 - Ares Commercial Real Estate Corp (0001529377) (Issuer)
Chief Operating Officer Yoon Tae Sik was granted 32,500 shares, increasing direct ownership by 15% to 251,753 units (SEC Form 4)
4 - Ares Commercial Real Estate Corp (0001529377) (Issuer)
New insider Gonzales Jeffrey Michael claimed ownership of 29,771 shares (SEC Form 3)
3 - Ares Commercial Real Estate Corp (0001529377) (Issuer)
Browning William was granted 13,842 shares (SEC Form 4)
4 - Ares Commercial Real Estate Corp (0001529377) (Issuer)
Skinner James E was granted 13,842 shares, increasing direct ownership by 24% to 72,642 units (SEC Form 4)
4 - Ares Commercial Real Estate Corp (0001529377) (Issuer)
Ares Commercial Real Estate Corporation SEC Filings
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)
SEC Form 10-K filed by Ares Commercial Real Estate Corporation
10-K - Ares Commercial Real Estate Corp (0001529377) (Filer)
Ares Commercial Real Estate Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation
8-K - Ares Commercial Real Estate Corp (0001529377) (Filer)
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)
SEC Form 10-Q filed by Ares Commercial Real Estate Corporation
10-Q - Ares Commercial Real Estate Corp (0001529377) (Filer)
SEC Form 10-Q filed by Ares Commercial Real Estate Corporation
10-Q - Ares Commercial Real Estate Corp (0001529377) (Filer)
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)
SEC Form S-8 filed by Ares Commercial Real Estate Corporation
S-8 - Ares Commercial Real Estate Corp (0001529377) (Filer)
Ares Commercial Real Estate Corporation filed SEC Form 8-K: Leadership Update, Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits
8-K - Ares Commercial Real Estate Corp (0001529377) (Filer)
SEC Form 10-Q filed by Ares Commercial Real Estate Corporation
10-Q - Ares Commercial Real Estate Corp (0001529377) (Filer)
Ares Commercial Real Estate Corporation Leadership Updates
Live Leadership Updates
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
Ares Commercial Real Estate Corporation Financials
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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
Ares Commercial Real Estate Corporation Schedules Earnings Release and Conference Call for the Fourth Quarter and Full Year Ended December 31, 2024
Ares Commercial Real Estate Corporation (NYSE:ACRE) announced today that it will report earnings for the fourth quarter and full year ended December 31, 2024 on Wednesday, February 12, 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 11:00 a.m. Eastern Time to discuss its fourth quarter and full year ended December 31, 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 our website at http://www.arescre.com. Please visit the webs
Ares Commercial Real Estate Corporation Announces Tax Reporting Information for Calendar Year 2024
Ares Commercial Real Estate Corporation (NYSE:ACRE) (the "Company") today announced the 2024 tax treatment for the Company's common stock distributions (CUSIP # 04013V-10-8). Form 1099 Reference: Box 1a Box 1b Box 2a Box 3 Box 5 Record Date Payment Date Cash Distribution Per Share Allocable to 2024 Total Ordinary Dividends Qualified Dividends (1) Total Capital Gain Distributions Nondividend Distributions Section 199A Dividends (1) 12/29/2023 1/17/2024 $0.3300(2) $0.0000 $0.0000 $0.0000 $0.0000
KBW Announces Index Rebalancing for Fourth-Quarter 2024
NEW YORK, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Keefe, Bruyette & Woods, Inc., a leading specialist investment bank to the financial services and fintech sectors, and a wholly owned subsidiary of Stifel Financial Corp. (NYSE:SF), announces the upcoming index rebalancing for the fourth quarter of 2024. This quarter, there are constituent changes within four of our indexes: the KBW Nasdaq Capital Markets Index (Index Ticker: KSX, ETF Ticker:N/A), KBW Nasdaq Financial Technology Index (Index Ticker: KFTX, ETF Ticker: FTEK.LN), KBW Nasdaq Financial Sector Dividend Yield Index (Index Ticker: KDX, ETF Ticker: KBWD), and KBW Nasdaq Premium Yield Equity REIT Index (Index Ticker: KYX, ETF Ticker: KBWY
Ares Commercial Real Estate Corporation Reports Third Quarter 2024 Results
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
Ares Commercial Real Estate Corporation Schedules Earnings Release and Conference Call for the Third Quarter Ended September 30, 2024
Ares Commercial Real Estate Corporation (NYSE:ACRE) announced today that it will report earnings for the third quarter ended September 30, 2024 on November 7, 2024 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 third quarter ended September 30, 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 our website at http://www.arescre.com. Please visit the website to test your connection before the we
Ares Commercial Real Estate Corporation Reports Second Quarter 2024 Results
Second quarter GAAP net income (loss) of $(6.1) million or $(0.11) per diluted common share and Distributable Earnings (Loss)(1) of $(6.6) million or $(0.12) per diluted common share - Subsequent to three months ended June 30, 2024 - Tae-Sik Yoon appointed to Chief Operating Officer; Jeff Gonzales appointed to Chief Financial Officer & Treasurer Declared third 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 $(6.1) million or $(0.11) per di
Ares Commercial Real Estate Corporation Schedules Earnings Release and Conference Call for the Second Quarter Ended June 30, 2024
NEW YORK, NY / ACCESSWIRE / July 25, 2024 / Ares Commercial Real Estate Corporation (NYSE:ACRE) announced today that it will report earnings for the second quarter ended June 30, 2024 on August 6, 2024 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 second quarter ended June 30, 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 our website at http://www.arescre.com. Please visit the website to tes
Ares Commercial Real Estate Corporation Reports First Quarter 2024 Results
First quarter GAAP net income (loss) of $(12.3) million or $(0.23) per diluted common share and Distributable Earnings (Loss)(1) of $(33.5) million or $(0.62) per diluted common share - Subsequent to three months ended March 31, 2024 - Declared second 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 $(12.3) million or $(0.23) per diluted common share and Distributable Earnings (Loss)(1) of $(33.5) million or $(0.62) per diluted common share f
Ares Commercial Real Estate Corporation Schedules Earnings Release and Conference Call for the First Quarter Ended March 31, 2024
NEW YORK, NY / ACCESSWIRE / April 25, 2024 / Ares Commercial Real Estate Corporation (NYSE:ACRE) announced today that it will report earnings for the first quarter ended March 31, 2024 on Thursday, May 9, 2024 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 9:00 a.m. Eastern Time to discuss its first quarter ended March 31, 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 our website at http://www.arescre.com. Please visit the website
Ares Commercial Real Estate Corporation Large Ownership Changes
This live feed shows all institutional transactions in real time.
SEC Form SC 13G/A filed by Ares Commercial Real Estate Corporation (Amendment)
SC 13G/A - Ares Commercial Real Estate Corp (0001529377) (Subject)
SEC Form SC 13G/A filed by Ares Commercial Real Estate Corporation (Amendment)
SC 13G/A - Ares Commercial Real Estate Corp (0001529377) (Subject)
SEC Form SC 13G filed by Ares Commercial Real Estate Corporation
SC 13G - Ares Commercial Real Estate Corp (0001529377) (Subject)
SEC Form SC 13G/A filed by Ares Commercial Real Estate Corporation (Amendment)
SC 13G/A - Ares Commercial Real Estate Corp (0001529377) (Subject)
SEC Form SC 13D/A filed by Ares Commercial Real Estate Corporation (Amendment)
SC 13D/A - Ares Commercial Real Estate Corp (0001529377) (Subject)
SEC Form SC 13D/A filed by Ares Commercial Real Estate Corporation
SC 13D/A - Ares Commercial Real Estate Corp (0001529377) (Subject)