Ares Commercial Real Estate Corp ACRE

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

The following description of the business of Ares Commercial Real Estate Corporation ("ACRE") should be read in conjunction with the information included elsewhere in this annual report on Form 10-K for the year ended December 31, 2025. We refer to ACRE together with our consolidated subsidiaries as "we," "us," "Company," or "our," unless we specifically state otherwise or the context indicates otherwise. We refer to our manager, Ares Commercial Real Estate Management LLC, as our "Manager" or "ACREM," and the parent company of our Manager, Ares Management Corporation, together with its consolidated subsidiaries, as "Ares Management."

We are a specialty finance company primarily engaged in directly originating and investing in commercial real estate ("CRE") loans and related investments. We are externally managed by Ares Commercial Real Estate Management LLC ("ACREM" or our "Manager"), a subsidiary of Ares Management Corporation (NYSE: ARES) ("Ares Management"), a publicly traded, leading global alternative investment manager, pursuant to the terms of the Amended and Restated Management Agreement dated July 26, 2022, between us and our Manager (the "Management Agreement"). From the commencement of our operations in late 2011, we have been primarily focused on directly originating and managing a diversified portfolio of CRE debt-related investments for our own account.

Last close 3.35 2026-10-23
Market cap $185.9M 2026-06-30 share count
52-week range 3.16 - 5.89

Valuation FY2025 figures against the last close

P/S3.4x
P/E—
P/FCF8.7x
EV/EBITDA—
Dividend yield21.0%
Diluted EPS—

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $54.8M$69.7M$92.9M$106.8M$102.1M$82.7M$77.3M$55.3M$46.3M$45.1M
SG&A $7.0M$7.8M$7.2M$6.4M$4.7M$3.7M$4.2M$3.3M$2.8M$2.8M
Interest expense $32.4M$51.7M$89.0M$104.2M$83.6M$69.1M$52.2M$55.3M$46.3M$45.1M
Pre-tax income -$617.0K-$35.0M-$38.9M$30.3M$61.2M$22.2M$37.5M$39.0M$30.6M$30.7M
Income tax $285.0K$18.0K$39.0K$472.0K$722.0K$352.0K$515.0K$446.0K$178.0K$230.0K
Net income -$902.0K-$35.0M-$38.9M$29.8M$60.5M$21.8M$37.0M$38.6M$30.4M$44.9M
EPS, basic ———————1.351.071.42
EPS, diluted ———————1.351.071.41
Shares, diluted (wtd. avg.) 54.9M54.4M54.3M52.1M42.7M33.2M28.8M28.7M28.6M28.5M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $29.3M$63.8M$110.5M$141.3M$50.6M$74.8M$5.6M$11.5M$28.7M$47.6M
Total assets $1.62B$1.75B$2.28B$2.52B$2.63B$1.93B$1.78B$1.60B$1.77B$1.37B
Long-term debt $948.2M$718.5M$894.8M$960.2M$1.04B$928.7M$894.7M$888.0M$1.07B$935.7M
Total liabilities $1.11B$1.21B$1.65B$1.78B$1.95B$1.46B$1.36B$1.18B$1.35B$944.0M
Retained earnings -$311.8M-$277.4M-$187.0M-$73.3M-$28.6M-$25.1M$2.4M$3.6M-$1.8M-$1.3M
Total equity $509.6M$540.1M$625.8M$747.5M$678.6M$473.0M$426.3M$425.6M$419.2M$429.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $21.4M$35.5M$46.8M$57.2M$48.4M$31.8M$32.5M$39.2M$31.3M-$4.5M
Depreciation and amortisation $8.5M$4.8M$1.0M$0$825.0K$892.0K$667.0K$0$0$167.0K
Stock-based compensation $3.9M$4.7M$4.0M$2.9M$1.9M$1.3M$1.9M$1.1M$581.0K$312.0K
Investing cash flow $148.1M$427.9M$127.5M$193.2M-$699.7M-$81.9M-$174.4M$157.9M-$405.8M-$60.3M
Financing cash flow -$168.6M-$507.6M-$205.1M-$159.7M$627.2M$119.2M$136.1M-$214.4M$355.6M$73.1M
Dividends paid $39.0M$59.6M$76.0M$71.8M$58.4M$42.8M$37.5M$32.1M$30.5M$29.4M
Buybacks $0$0$4.6M$0$0——$0$0$1.4M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-006635.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -50M 0 50M 100M 150M Revenue, FY2016: 45.1M Net income, FY2016: 44.9M Revenue, FY2017: 46.3M Net income, FY2017: 30.4M Revenue, FY2018: 55.3M Net income, FY2018: 38.6M Revenue, FY2019: 77.3M Net income, FY2019: 37M Revenue, FY2020: 82.7M Net income, FY2020: 21.8M Revenue, FY2021: 102.1M Net income, FY2021: 60.5M Revenue, FY2022: 106.8M Net income, FY2022: 29.8M Revenue, FY2023: 92.9M Net income, FY2023: -38.9M Revenue, FY2024: 69.7M Net income, FY2024: -35M Revenue, FY2025: 54.8M Net income, FY2025: -902K FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $45.1M $46.3M $55.3M $77.3M $82.7M $102.1M $106.8M $92.9M $69.7M $54.8M
Gross profit — — — — — — — — — —
Net income $44.9M $30.4M $38.6M $37.0M $21.8M $60.5M $29.8M -$38.9M -$35.0M -$902.0K

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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