Ares Commercial Real Estate Corp
Business
Ares Commercial Real Estate Corporation is a specialty finance company and REIT that directly originates and invests in commercial real estate loans and related debt instruments. The company provides customized financing solutions including senior mortgage loans, subordinated debt, mezzanine loans, preferred equity, and commercial mortgage-backed securities to borrowers whose capital needs are not met by traditional banks or capital markets. ACRE is externally managed by Ares Commercial Real Estate Management LLC, a subsidiary of Ares Management Corporation, and operates a national direct origination platform across four U.S. offices.
Summary from 10-K filed 2026-02-10
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Interest income | 98 | 158 | 199 | 170 | 134 | |
| Interest expense | −65 | −106 | −110 | −66 | −50 | |
| Net interest margin | 32 | 52 | 89 | 104 | 84 | |
| Revenue from real estate owned | 22 | 18 | 4 | 3 | — | |
| Total revenue | 55 | 70 | 93 | 107 | 102 | |
| Management and incentive fees to affiliate | 10 | 11 | 12 | 15 | 12 | |
| Professional fees | 3 | 3 | 3 | 3 | 2 | |
| General and administrative expenses | 7 | 8 | 7 | 6 | 5 | |
| General and administrative expenses reimbursed to affiliate | 4 | 4 | 3 | 4 | 3 | |
| Expenses from real estate owned | 18 | 13 | 3 | 4 | 19 | |
| Total expenses | 41 | 38 | 29 | 33 | 41 | |
| (Provision for) reversal of current expected credit losses, net | 18 | 18 | −92 | 46 | 10,000 | |
| Realized losses on loans | −35 | −84 | −10 | 0 | 0 | |
| Change in unrealized losses on loans held for sale | 0 | 995,000 | −995,000 | 0 | 0 | |
| Realized gain (loss) on sale of real estate owned | 3 | −2 | 0 | −2 | 0 | |
| Income (loss) before income taxes | −617,000 | −35 | −39 | 30 | 61 | |
| Income tax expense (benefit), including excise tax | 285,000 | −18,000 | −39,000 | 472,000 | 722,000 | |
| Net income (loss) attributable to common stockholders | −902,000 | −35 | −39 | 30 | 60 | |
| Basic earnings (loss) per common share (in dollars per share) | −0.02 | −0.64 | −0.72 | 0.58 | 1.43 | |
| Diluted earnings (loss) per common share (in dollars per share) | −0.02 | −0.64 | −0.72 | 0.57 | 1.42 | |
| Basic weighted average shares of common stock outstanding (in shares) | 55 | 54 | 54 | 52 | 42 | |
| Diluted weighted average shares of common stock outstanding (in shares) | 55 | 54 | 54 | 52 | 43 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 29 | 64 | 110 | 141 | 51 | |
| Restricted cash ($1,108 and $2,495 related to consolidated VIEs, respectively) | 38 | 2 | 0 | 0 | — | |
| Loans held for investment ($138,950 and $551,955 related to consolidated VIEs, respectively) | 1,529 | 1,657 | 2,127 | 2,264 | 2,414 | |
| Current expected credit loss reserve | −126 | −136 | −160 | −66 | −24 | |
| Loans held for investment, net of current expected credit loss reserve | 1,403 | 1,520 | 1,967 | 2,198 | 2,390 | |
| Investment in available-for-sale debt securities, at fair value | 0 | 9 | 28 | 28 | 0 | |
| Real estate owned held for investment, net ($52,634 and $58,844 related to consolidated VIEs, respectively) | 130 | 139 | 83 | — | — | |
| Other assets ($76 and $1,991 of interest receivable related to consolidated VIEs, respectively) | 18 | 17 | 52 | 156 | 154 | |
| Total assets | 1,618 | 1,751 | 2,280 | 2,523 | 2,632 | |
| Secured funding agreements | 858 | 588 | 640 | 705 | 840 | |
| Secured term loan | 89 | 128 | 149 | 149 | 149 | |
| Collateralized loan obligation securitization debt (consolidated VIEs) | 100 | 456 | 723 | 778 | 861 | |
| Due to affiliate | 4 | 4 | 4 | 6 | — | |
| Dividends payable | 8 | 14 | 18 | 19 | 17 | |
| Other liabilities ($257 and $1,309 of interest payable related to consolidated VIEs, respectively) | 49 | 21 | 15 | 14 | 9 | |
| Total liabilities | 1,109 | 1,211 | 1,654 | 1,775 | 1,953 | |
| Commitments and contingencies (Note 8) | — | — | — | — | — | |
| Common stock, par value $0.01 per share, 450,000,000 shares authorized at December 31, 2025 and 2024 and 55,026,453 and 54,542,178 shares issued and outstanding at December 31, 2025 and 2024, respectively | 532,000 | 532,000 | 532,000 | 537,000 | 465,000 | |
| Additional paid-in capital | 821 | 817 | 812 | 813 | 704 | |
| Accumulated other comprehensive income (loss) | 0 | 37,000 | 153,000 | 8 | 3 | |
| Accumulated earnings (deficit) | −312 | −277 | −187 | −73 | −29 | |
| Total stockholders' equity | 510 | 540 | 626 | 748 | 679 | |
| Total liabilities and stockholders' equity | 1,618 | 1,751 | 2,280 | 2,523 | 2,632 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Amortization of deferred financing costs | 5 | 5 | 4 | 7 | 10 | |
| Accretion of discounts, deferred loan origination fees and costs | −4 | −5 | −6 | −10 | −8 | |
| Stock-based compensation | 4 | 5 | 4 | 3 | 2 | |
| Depreciation and amortization of real estate owned | 9 | 5 | 1 | 0 | 825,000 | |
| Provision for (reversal of) current expected credit losses, net | −18 | −18 | 92 | 46 | — | |
| Realized losses on loans | 35 | 84 | 10 | 0 | 0 | |
| Change in unrealized losses on loans held for sale | 0 | −995,000 | 995,000 | 0 | 0 | |
| Amortization of derivative financial instruments | 0 | 0 | −921,000 | −1 | 0 | |
| Other assets | −2 | −2 | −20 | −18 | −19 | |
| Due to affiliate | 271,000 | −345,000 | −1 | 1 | 1 | |
| Other liabilities | −3 | −4 | 2 | 1 | 1 | |
| Net cash provided by (used in) operating activities | 21 | 36 | 47 | 57 | 48 | |
| Issuance of and fundings on loans held for investment | −489 | −44 | −200 | −653 | −1,242 | |
| Principal collections and cost-recovery proceeds on loans held for investment | 582 | 395 | 289 | 825 | 535 | |
| Proceeds from sale of loans held for sale | 0 | 39 | 37 | — | — | |
| Receipt of origination and other loan fees | 7 | 3 | 1 | 9 | 8 | |
| Principal repayment of available-for-sale debt securities | 9 | 19 | 0 | 0 | — | |
| Purchases of capitalized additions to real estate owned | −2 | −358,000 | 0 | — | — | |
| Proceeds from sale of real estate owned | 5 | 13 | 0 | 38 | 0 | |
| Restricted cash assumed from acquisition of real estate owned | 0 | 4 | 0 | 0 | — | |
| Receipt (disbursement) of escrows and reserves for loans held for investment, net | 37 | 0 | 0 | — | — | |
| Net cash provided by (used in) investing activities | 148 | 428 | 127 | 193 | −700 | |
| Repayments of notes payable | 0 | −105 | 0 | −51 | −28 | |
| Payment of secured funding costs | −3 | −4 | −4 | −4 | −13 | |
| Repayments of debt of consolidated VIEs | −356 | −268 | −55 | −86 | −121 | |
| Dividends paid | −39 | −60 | −76 | −72 | −58 | |
| Repurchase of common stock | 0 | 0 | −5 | 0 | 0 | |
| Net cash provided by (used in) financing activities | −169 | −508 | −205 | −160 | 627 | |
| Change in cash, cash equivalents and restricted cash | 863,000 | −44 | −31 | 91 | −24 | |
| Interest paid during the period | 61 | 103 | 104 | 58 | 40 | |
| Income taxes paid during the period | 0 | 0 | 375,000 | 250,000 | 1 | |
| Dividends declared, but not yet paid | 8 | 14 | 18 | 19 | 17 | |
| Other receivables related to consolidated VIEs | 0 | 0 | 32 | 129 | 129 | |
| Assumption of real estate owned | 0 | 75 | 84 | 0 | 0 | |
| Assumption of other assets related to real estate owned | 0 | 397,000 | 353,000 | 0 | 0 | |
| Assumption of other liabilities related to real estate owned | 0 | 4 | 2 | 0 | 0 | |
| Transfer of senior mortgage loans to real estate owned | 0 | 97 | 83 | 0 | 0 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Ares Commercial Real Estate Corp's CIK number?
Ares Commercial Real Estate Corp's SEC CIK number is 0001529377 (1529377). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Ares Commercial Real Estate Corp's SEC filings?
All of Ares Commercial Real Estate Corp's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Ares Commercial Real Estate Corp last report earnings?
Ares Commercial Real Estate Corp (ACRE) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-031611). This is Ares Commercial Real Estate Corp's most recent earnings filing of record — not a forecast of its next earnings date.
What is Ares Commercial Real Estate Corp's most recent earnings 8-K?
Ares Commercial Real Estate Corp's latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001628280-26-031611. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Ares Commercial Real Estate Corp's latest earnings 8-K →
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