Ares Commercial Real Estate (ACRE) Financials

$4.43 -0.10 (-2.12%)

Closing price 07/7/2026 03:59 PM Eastern

Extended Trading

$4.42 -0.02 (-0.34%)

As of 07:47 AM Eastern

Annual Income Statements for Ares Commercial Real Estate

This table shows Ares Commercial Real Estate's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	34	40	30	39	37	50	60	30	-39	-35	-0.90
Consolidated Net Income / (Loss)	43	45	30	39	37	22	60	30	-39	-35	-0.90
Net Income / (Loss) Continuing Operations	36	30	30	39	37	50	60	30	-39	-35	-0.90
Total Pre-Tax Income	36	31	31	39	38	50	61	30	-39	-35	-0.62
Total Revenue	50	45	46	55	77	87	102	107	-10	2.92	41
Net Interest Income / (Expense)	50	45	46	55	52	69	84	104	89	52	32
Total Interest Income	86	82	98	118	115	121	134	170	199	158	98
Loans and Leases Interest Income	86	82	98	118	115	121	134	170	199	158	98
Total Interest Expense	36	37	51	63	63	52	50	66	110	106	65
Long-Term Debt Interest Expense	36	37	51	63	63	52	50	66	110	106	65
Total Non-Interest Income	0.00	0.00	-0.77	0.00	25	18	19	2.67	-99	-49	8.36
Net Realized & Unrealized Capital Gains on Investments	0.00	0.00	-0.77	-	0.00	4.01	0.00	0.00	-103	-67	-14
Other Non-Interest Income	-	-	0.00	0.00	25	14	19	2.67	3.97	18	22
Total Non-Interest Expense	14	14	15	16	40	36	41	33	29	38	41
Other Operating Expenses	14	14	15	16	40	36	41	33	29	38	41
Income Tax Expense	-0.01	0.23	0.18	0.45	0.52	0.35	0.72	0.47	-0.04	-0.02	0.29
Weighted Average Basic Shares Outstanding	28.50M	28.46M	28.48M	28.53M	28.61M	32.98M	42.40M	51.68M	54.28M	54.45M	54.89M
Weighted Average Diluted Shares Outstanding	28.60M	28.52M	28.55M	28.66M	28.85M	33.20M	42.68M	52.13M	54.28M	54.45M	54.89M
Weighted Average Basic & Diluted Shares Outstanding	28.60M	28.40M	28.40M	28.60M	33.39M	33.48M	47.22M	54.61M	54.42M	54.86M	55.37M
Cash Dividends to Common per Share	$1.00	$1.04	$1.08	$1.16	$1.32	$1.32	$1.40	$1.40	$1.36	$1.00	$0.60

This table shows Ares Commercial Real Estate's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	9.18	-39	-12	-6.13	-5.88	-11	9.35	-11	4.65	-3.87	-9.61
Consolidated Net Income / (Loss)	9.18	-39	-12	-6.13	-5.88	-11	9.35	-11	4.65	-3.87	-9.61
Net Income / (Loss) Continuing Operations	9.18	-39	-12	-6.13	-5.88	-11	9.35	-11	4.65	-3.87	-9.61
Total Pre-Tax Income	9.17	-40	-12	-6.13	-5.88	-11	9.63	-11	4.65	-3.86	-9.58
Total Revenue	19	-81	-3.77	2.78	3.43	-44	20	-0.29	15	6.14	-1.02
Net Interest Income / (Expense)	23	14	15	13	12	11	9.29	7.02	8.47	7.65	7.55
Total Interest Income	53	44	44	41	39	33	27	23	23	24	25
Loans and Leases Interest Income	53	44	44	41	39	33	27	23	23	24	25
Total Interest Expense	30	30	29	27	27	22	18	16	15	16	17
Long-Term Debt Interest Expense	30	30	29	27	27	22	18	16	15	16	17
Total Non-Interest Income	-4.08	-95	-19	-11	-8.52	-55	11	-7.30	6.18	-1.52	-8.56
Net Realized & Unrealized Capital Gains on Investments	-4.89	-	-22	-14	-13	-61	5.34	-13	0.55	-7.08	-14
Other Non-Interest Income	0.81	-	3.48	3.43	4.71	6.30	5.66	5.55	5.63	5.56	5.92
Total Non-Interest Expense	6.60	8.61	8.55	8.91	9.31	11	11	11	10	10.00	8.56
Other Operating Expenses	6.60	8.61	8.55	8.91	9.31	11	11	11	10	10.00	8.56
Income Tax Expense	-0.02	-0.09	0.00	0.00	-0.00	-0.02	0.28	0.00	-0.00	0.01	0.03
Weighted Average Basic Shares Outstanding	54.09M	54.28M	54.40M	54.43M	54.46M	54.45M	54.83M	54.86M	54.90M	54.89M	55.32M
Weighted Average Diluted Shares Outstanding	54.80M	54.28M	54.40M	54.43M	54.46M	54.45M	55.69M	54.86M	55.78M	54.89M	55.32M
Weighted Average Basic & Diluted Shares Outstanding	54.14M	54.42M	54.51M	54.52M	54.54M	54.86M	55.01M	55.01M	55.03M	55.37M	55.48M
Cash Dividends to Common per Share	$0.33	-	$0.25	$0.25	$0.25	-	$0.15	$0.15	$0.15	-	$0.15

This table details how cash moves in and out of Ares Commercial Real Estate's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-7.56	8.27	-19	-17	-5.83	69	-24	91	-31	-44	0.86
Net Cash From Operating Activities	276	-4.49	31	39	32	32	48	57	47	36	21
Net Cash From Continuing Operating Activities	276	-4.49	31	39	32	32	48	57	47	36	21
Net Income / (Loss) Continuing Operations	43	45	30	39	37	22	60	30	-39	-35	-0.90
Consolidated Net Income / (Loss)	43	45	30	39	37	22	60	30	-39	-35	-0.90
Provision For Loan Losses	-1.09	-0.15	-	0.00	0.00	20	0.01	46	92	-18	-18
Depreciation Expense	0.22	0.17	0.00	0.00	0.67	0.89	0.83	0.00	1.02	4.76	8.47
Amortization Expense	4.58	0.52	1.03	-1.23	-0.44	-1.00	1.46	-4.28	-3.16	0.07	0.36
Non-Cash Adjustments to Reconcile Net Income	166	-80	1.35	1.10	1.88	5.35	1.94	0.68	15	90	36
Changes in Operating Assets and Liabilities, net	63	30	-1.54	0.75	-6.64	-16	-16	-15	-20	-5.76	-4.53
Net Cash From Investing Activities	258	-60	-406	158	-174	-82	-700	193	127	428	148
Net Cash From Continuing Investing Activities	258	-60	-406	158	-174	-82	-700	193	127	428	148
Purchase of Investment Securities	-229	-862	-900	-543	-675	-524	-1,242	-681	-200	-44	-491
Sale and/or Maturity of Investments	487	728	495	701	500	443	543	874	327	469	632
Other Investing Activities, net	-	-	-	-	-	-	-	0.00	0.00	3.26	6.55
Net Cash From Financing Activities	-541	73	356	-214	136	119	627	-160	-205	-508	-169
Net Cash From Continuing Financing Activities	-541	73	356	-214	136	119	627	-160	-205	-508	-169
Issuance of Debt	1,225	2,232	1,197	642	1,023	541	1,616	372	44	137	488
Repayment of Debt	-1,690	-2,082	-792	-822	-843	-447	-1,122	-562	-164	-581	-614
Repurchase of Common Equity	0.00	-1.44	-	-	-	-	0.00	0.00	-4.60	0.00	0.00
Payment of Dividends	-29	-29	-31	-32	-37	-43	-58	-72	-76	-60	-39
Other Financing Activities, Net	-48	-46	-19	-2.32	-5.82	-5.37	-13	-4.63	-4.05	-3.74	-3.23
Cash Interest Paid	29	30	42	57	55	46	40	58	104	103	61
Cash Income Taxes Paid	0.08	0.00	0.24	0.36	0.67	0.40	1.41	0.25	0.38	0.00	0.00

This table details how cash moves in and out of Ares Commercial Real Estate's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-82	49	-11	-29	1.70	-6.05	63	-35	30	-57	67
Net Cash From Operating Activities	14	10	11	8.67	8.43	7.07	8.01	4.88	3.84	4.63	-57
Net Cash From Continuing Operating Activities	14	10	11	8.67	8.43	7.07	8.01	4.88	3.84	4.63	-57
Net Income / (Loss) Continuing Operations	9.18	-39	-12	-6.13	-5.88	-11	9.35	-11	4.65	-3.87	-9.61
Consolidated Net Income / (Loss)	9.18	-39	-12	-6.13	-5.88	-11	9.35	-11	4.65	-3.87	-9.61
Provision For Loan Losses	3.23	47	-22	-2.37	7.46	-0.97	-5.34	-20	-2.19	9.84	11
Depreciation Expense	0.21	0.81	0.79	0.77	0.97	2.24	2.18	2.32	2.01	1.96	0.74
Amortization Expense	-0.61	-0.33	-0.14	0.04	0.36	-0.19	-0.09	0.51	-0.03	-0.03	-0.08
Non-Cash Adjustments to Reconcile Net Income	5.87	2.04	46	18	6.95	19	1.05	34	2.67	-1.87	4.24
Changes in Operating Assets and Liabilities, net	-4.34	-0.47	-0.70	-1.18	-1.42	-2.46	0.86	-0.70	-3.27	-1.42	-63
Net Cash From Investing Activities	-48	86	134	-0.30	122	173	299	26	113	-290	-90
Net Cash From Continuing Investing Activities	-48	86	134	-0.30	122	173	299	26	113	-290	-90
Purchase of Investment Securities	-87	-19	-12	-11	-11	-9.74	-7.01	-12	-96	-376	-200
Sale and/or Maturity of Investments	40	104	146	10	130	184	306	39	206	82	108
Other Investing Activities, net	-	-	0.00	0.66	2.96	-1.35	-0.02	-0.92	3.30	4.18	2.25
Net Cash From Financing Activities	-47	-46	-156	-37	-128	-186	-244	-66	-87	229	214
Net Cash From Continuing Financing Activities	-47	-46	-156	-37	-128	-186	-244	-66	-87	229	214
Issuance of Debt	28	0.34	13	-	102	22	115	-	85	287	333
Repayment of Debt	-55	-27	-151	-21	-216	-194	-343	-57	-164	-50	-109
Payment of Dividends	-19	-18	-18	-14	-14	-14	-14	-8.35	-8.37	-8.37	-8.44
Other Financing Activities, Net	-1.36	-1.69	-0.37	-2.25	-0.47	-0.66	-1.92	-0.79	-0.30	-0.22	-2.00

This table presents Ares Commercial Real Estate's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,379	1,374	1,770	1,603	1,784	1,929	2,632	2,523	2,280	1,751	1,618
Cash and Due from Banks	5.07	47	28	11	5.26	75	51	141	110	64	29
Restricted Cash	13	0.38	0.38	0.38	0.38	-	-	-	0.00	2.50	38
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Loans Held for Sale	-	-	-	-	-	-	-	-	39	-	0.00
Mortgage Servicing Rights	1,174	1,314	1,726	1,525	1,682	1,815	2,414	2,264	2,127	1,657	1,529
Other Assets	186	12	15	67	96	40	167	90	-24	20	22
Total Liabilities & Shareholders' Equity	1,379	1,374	1,770	1,603	1,784	1,929	2,632	2,523	2,280	1,751	1,618
Total Liabilities	922	944	1,351	1,178	1,358	1,456	1,953	1,775	1,654	1,211	1,109
Short-Term Debt	523	781	958	778	729	756	840	711	640	592	862
Other Short-Term Payables	9.58	10	10	12	12	14	21	19	-	14	8.44
Long-Term Debt	324	150	379	379	607	675	1,083	1,031	977	584	189
Other Long-Term Liabilities	66	3.33	3.93	8.60	9.87	11	9.18	14	37	21	49
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	456	430	419	426	426	473	679	748	626	540	510
Total Preferred & Common Equity	409	419	419	426	426	473	679	748	626	540	510
Total Common Equity	409	419	419	426	426	473	679	748	626	540	510
Common Stock	421	420	421	422	424	498	704	813	813	817	821
Retained Earnings	-12	-1.31	-1.75	3.57	2.44	-25	-29	-73	-187	-277	-312

This table presents Ares Commercial Real Estate's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,363	2,111	2,070	1,941	1,520	1,439	1,392	1,836
Cash and Due from Banks	61	100	71	69	125	90	85	86
Restricted Cash	-	-	-	3.47	3.59	4.15	39	48
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Loans Held for Sale	-	-	21	0.00	-	-	-	61
Mortgage Servicing Rights	2,180	2,015	1,973	1,813	1,355	1,301	1,231	1,629
Other Assets	94	-31	-22	28	27	36	37	12
Total Liabilities & Shareholders' Equity	2,363	2,111	2,070	1,941	1,520	1,439	1,392	1,836
Total Liabilities	1,680	1,510	1,487	1,377	977	915	871	1,344
Short-Term Debt	655	635	626	645	679	646	597	1,186
Other Short-Term Payables	18	14	-	14	8.35	8.37	8.37	8.44
Long-Term Debt	989	849	831	703	270	246	217	90
Other Long-Term Liabilities	19	12	31	16	20	14	49	60
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	683	601	582	564	542	524	521	492
Total Preferred & Common Equity	683	601	582	564	542	524	521	492
Total Common Equity	683	601	582	564	542	524	521	492
Common Stock	812	814	815	816	819	819	820	822
Retained Earnings	-129	-213	-233	-253	-276	-296	-299	-330

This table displays calculated financial ratios and metrics derived from Ares Commercial Real Estate's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	28,609,650.00	28,482,756.00	28,589,968.00	28,698,600.00	28,865,610.00	33,441,937.00	47,001,821.00	54,442,649.00	54,140,558.00	-	55,026,453.00
DEI Adjusted Shares Outstanding	28,609,650.00	28,482,756.00	28,589,968.00	28,698,600.00	28,865,610.00	33,441,937.00	47,001,821.00	54,442,649.00	54,140,558.00	-	55,026,453.00
DEI Earnings Per Adjusted Shares Outstanding	1.51	1.58	1.06	1.34	1.28	0.65	1.29	0.55	-0.72	-	-0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	33.19%	-9.78%	1.05%	21.29%	39.75%	12.23%	17.72%	4.68%	-109.73%	-115.90%	1,297.46%
EBITDA Growth	40.81%	-23.73%	0.88%	19.51%	-0.22%	33.29%	26.21%	-62.53%	-272.61%	32.04%	127.24%
EBIT Growth	58.01%	-15.54%	-0.23%	27.55%	-3.93%	34.36%	21.41%	-54.14%	-238.65%	15.89%	98.24%
NOPAT Growth	59.72%	-16.19%	-0.06%	26.83%	-4.16%	35.28%	20.82%	-50.74%	-191.44%	10.01%	98.24%
Net Income Growth	75.98%	3.57%	-32.17%	26.83%	-4.16%	-40.96%	176.83%	-50.74%	-230.49%	9.97%	97.42%
EPS Growth	41.18%	17.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	223.60%	-101.63%	796.57%	25.39%	-17.25%	-2.13%	52.23%	18.22%	-18.14%	-24.02%	-39.93%
Free Cash Flow Firm Growth	185.65%	-104.70%	-1,281.13%	158.01%	-167.17%	35.32%	-592.25%	122.27%	54.74%	128.60%	-69.17%
Invested Capital Growth	-28.77%	4.37%	29.09%	-9.87%	11.33%	8.07%	36.65%	-4.31%	-9.91%	-23.48%	-9.04%
Revenue Q/Q Growth	38.20%	14.19%	-5.21%	8.69%	10.05%	-11.36%	23.83%	-1.75%	-110.53%	-124.69%	111.70%
EBITDA Q/Q Growth	-0.94%	-7.22%	-5.08%	10.26%	-0.98%	39.46%	35.62%	-43.48%	-1,444.92%	-180.29%	157.25%
EBIT Q/Q Growth	1.66%	-3.36%	-7.75%	10.94%	-0.58%	38.54%	36.14%	-36.75%	-641.56%	-147.57%	97.35%
NOPAT Q/Q Growth	5.74%	-1.63%	-7.70%	11.03%	-0.96%	192.77%	-29.63%	-32.35%	-888.03%	45.15%	91.71%
Net Income Q/Q Growth	4.67%	-4.94%	-7.70%	11.03%	-0.96%	-39.07%	55.18%	-32.35%	-1,224.62%	45.10%	88.29%
EPS Q/Q Growth	0.00%	-2.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	5,360.00%	-106.31%	62.72%	9.95%	-9.37%	4.76%	23.03%	-4.96%	-9.66%	-7.82%	-10.27%
Free Cash Flow Firm Q/Q Growth	1,134.12%	57.21%	-3,436.44%	296.48%	-241.25%	64.16%	-49.02%	167.16%	-41.03%	35.44%	-72.90%
Invested Capital Q/Q Growth	-10.65%	-12.32%	11.60%	-7.77%	6.61%	-1.17%	6.62%	-7.64%	-3.60%	-10.20%	16.95%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	82.25%	69.53%	69.42%	68.40%	48.83%	58.00%	62.18%	22.26%	0.00%	0.00%	20.15%
EBIT Margin	72.66%	68.02%	67.16%	70.62%	48.55%	58.12%	59.94%	26.26%	0.00%	0.00%	-1.51%
Profit (Net Income) Margin	86.65%	99.47%	66.77%	69.82%	47.88%	25.19%	59.23%	27.88%	0.00%	0.00%	-2.21%
Tax Burden Percent	119.26%	146.24%	99.42%	98.86%	98.63%	43.34%	98.82%	98.44%	99.90%	99.95%	146.19%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	107.83%	100.00%	106.99%	100.00%
Effective Tax Rate	-0.03%	0.75%	0.58%	1.14%	1.37%	0.70%	1.18%	1.56%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	2.32%	2.29%	1.95%	2.31%	2.21%	2.73%	2.68%	1.17%	0.00%	0.00%	-0.03%
ROIC Less NNEP Spread (ROIC-NNEP)	2.96%	3.91%	1.95%	2.31%	2.21%	0.69%	2.68%	1.17%	0.00%	0.00%	-0.07%
Return on Net Nonoperating Assets (RNNOA)	6.92%	7.84%	5.22%	6.83%	6.47%	2.13%	7.82%	3.01%	0.00%	0.00%	-0.15%
Return on Equity (ROE)	9.24%	10.13%	7.17%	9.14%	8.68%	4.86%	10.50%	4.18%	-5.66%	-6.00%	-0.17%
Cash Return on Invested Capital (CROIC)	35.93%	-1.99%	-23.44%	12.69%	-8.51%	-5.02%	-28.29%	5.58%	9.28%	25.36%	9.44%
Operating Return on Assets (OROA)	2.24%	2.23%	1.95%	2.31%	2.21%	2.71%	2.68%	1.09%	0.00%	0.00%	-0.04%
Return on Assets (ROA)	2.67%	3.26%	1.94%	2.29%	2.18%	1.18%	2.65%	1.16%	0.00%	0.00%	-0.05%
Return on Common Equity (ROCE)	8.01%	9.47%	7.08%	9.14%	8.68%	4.86%	10.50%	4.18%	-5.66%	-6.00%	-0.17%
Return on Equity Simple (ROE_SIMPLE)	10.58%	10.71%	7.26%	9.07%	8.68%	4.62%	8.91%	3.98%	-6.21%	-6.48%	-0.18%
Net Operating Profit after Tax (NOPAT)	36	30	30	39	37	50	60	30	-27	-25	-0.43
NOPAT Margin	72.68%	67.51%	66.77%	69.82%	47.88%	57.71%	59.23%	27.88%	0.00%	0.00%	-1.06%
Net Nonoperating Expense Percent (NNEP)	-0.64%	-1.62%	0.00%	0.00%	0.00%	2.04%	0.00%	0.00%	0.69%	0.75%	0.04%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.34%	31.98%	32.84%	29.38%	51.45%	41.88%	40.05%	30.63%	0.00%	0.00%	101.51%
Earnings before Interest and Taxes (EBIT)	36	31	31	39	38	50	61	28	-39	-33	-0.62
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	41	31	32	38	38	50	63	24	-41	-28	8.22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.33	0.41	0.42	0.46	0.61	0.55	0.73	0.56	0.66	0.59	0.50
Price to Tangible Book Value (P/TBV)	0.33	0.41	0.42	0.46	0.61	0.55	0.73	0.56	0.66	0.59	0.50
Price to Revenue (P/Rev)	2.67	3.85	3.89	3.56	3.39	3.01	4.83	3.94	0.00	0.00	6.25
Price to Earnings (P/E)	3.89	4.30	5.84	5.09	7.07	5.22	8.15	14.12	0.00	0.00	0.00
Dividend Yield	21.47%	17.07%	17.40%	16.93%	14.56%	16.90%	12.59%	17.09%	17.32%	16.98%	12.95%
Earnings Yield	25.73%	23.25%	17.13%	19.63%	14.14%	19.16%	12.27%	7.08%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.77	0.78	0.85	0.85	0.90	0.85	0.91	0.81	0.86	0.83	0.79
Enterprise Value to Revenue (EV/Rev)	20.18	23.66	32.59	24.28	20.60	18.65	23.18	18.92	0.00	0.00	30.38
Enterprise Value to EBITDA (EV/EBITDA)	24.54	34.02	46.95	35.49	42.19	32.16	37.27	85.00	0.00	0.00	150.76
Enterprise Value to EBIT (EV/EBIT)	27.78	34.78	48.53	34.38	42.44	32.10	38.66	72.04	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	27.77	35.04	48.82	34.77	43.03	32.32	39.13	67.86	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	3.66	0.00	47.50	34.22	49.05	50.92	48.93	35.37	41.02	40.26	58.03
Enterprise Value to Free Cash Flow (EV/FCFF)	1.79	0.00	0.00	6.33	0.00	0.00	0.00	14.24	8.74	2.85	8.01
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.86	2.17	3.19	2.72	3.13	3.03	2.83	2.33	2.58	2.18	2.06
Long-Term Debt to Equity	0.71	0.35	0.90	0.89	1.42	1.43	1.60	1.38	1.56	1.08	0.37
Financial Leverage	2.34	2.01	2.67	2.95	2.93	3.08	2.91	2.57	2.45	2.40	2.12
Leverage Ratio	3.46	3.11	3.70	3.99	3.98	4.13	3.96	3.61	3.50	3.46	3.21
Compound Leverage Factor	3.46	3.11	3.70	3.99	3.98	4.13	3.96	3.90	3.50	3.70	3.21
Debt to Total Capital	64.98%	68.41%	76.13%	73.11%	75.80%	75.16%	73.92%	69.97%	72.10%	68.53%	67.36%
Short-Term Debt to Total Capital	40.11%	57.39%	54.56%	49.16%	41.35%	39.68%	32.29%	28.55%	28.53%	34.51%	55.23%
Long-Term Debt to Total Capital	24.87%	11.02%	21.57%	23.95%	34.45%	35.48%	41.63%	41.42%	43.57%	34.02%	12.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.61%	0.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	31.42%	30.81%	23.87%	26.89%	24.20%	24.84%	26.08%	30.03%	27.90%	31.47%	32.64%
Debt to EBITDA	20.59	29.67	42.25	30.60	35.40	28.46	30.30	73.26	-39.39	-42.17	127.92
Net Debt to EBITDA	20.15	28.15	41.34	30.30	35.25	26.97	29.50	67.32	-36.70	-39.79	119.75
Long-Term Debt to EBITDA	7.88	4.78	11.97	10.03	16.09	13.43	17.07	43.37	-23.81	-20.93	23.03
Debt to NOPAT	23.31	30.56	43.93	29.98	36.11	28.60	31.81	58.49	-59.37	-47.99	-2,434.63
Net Debt to NOPAT	22.81	29.00	42.98	29.68	35.95	27.10	30.97	53.75	-55.32	-45.29	-2,279.14
Long-Term Debt to NOPAT	8.92	4.92	12.45	9.82	16.41	13.50	17.92	34.63	-35.88	-23.83	-438.25
Noncontrolling Interest Sharing Ratio	13.33%	6.51%	1.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	563	-26	-365	212	-142	-92	-637	142	220	502	155
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	15.49	-0.72	-7.13	3.36	-2.27	-1.77	-12.73	2.15	2.00	4.74	2.38
Operating Cash Flow to Interest Expense	7.58	-0.12	0.61	0.62	0.52	0.61	0.97	0.87	0.43	0.34	0.33
Operating Cash Flow Less CapEx to Interest Expense	7.58	-0.12	0.61	0.62	0.52	0.61	0.97	0.87	0.43	0.34	0.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.03	0.03	0.03	0.05	0.05	0.04	0.04	0.00	0.00	0.02
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,303	1,360	1,756	1,583	1,762	1,904	2,602	2,490	2,243	1,716	1,561
Invested Capital Turnover	0.03	0.03	0.03	0.03	0.05	0.05	0.05	0.04	0.00	0.00	0.02
Increase / (Decrease) in Invested Capital	-526	57	396	-173	179	142	698	-112	-247	-527	-155
Enterprise Value (EV)	1,009	1,067	1,486	1,342	1,592	1,617	2,366	2,021	1,919	1,431	1,239
Market Capitalization	133	173	178	197	262	261	493	420	413	321	255
Book Value per Share	$14.31	$14.71	$14.66	$14.83	$14.77	$14.14	$14.44	$13.73	$11.56	$9.90	$9.26
Tangible Book Value per Share	$14.31	$14.71	$14.66	$14.83	$14.77	$14.14	$14.44	$13.73	$11.56	$9.90	$9.26
Total Capital	1,303	1,360	1,756	1,583	1,762	1,904	2,602	2,490	2,243	1,716	1,561
Total Debt	847	931	1,337	1,157	1,336	1,431	1,923	1,742	1,617	1,176	1,052
Total Long-Term Debt	324	150	379	379	607	675	1,083	1,031	977	584	189
Net Debt	829	883	1,308	1,146	1,330	1,356	1,873	1,601	1,507	1,110	984
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	-6.99	-14	0.00	0.00	0.00	28	0.00	0.00	12	10	0.47
Net Nonoperating Obligations (NNO)	847	931	1,337	1,157	1,336	1,431	1,923	1,742	1,617	1,176	1,052
Total Depreciation and Amortization (D&A)	4.80	0.68	1.03	-1.23	0.22	-0.10	2.29	-4.28	-2.14	4.83	8.84
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.20	$1.42	$1.07	$1.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	28.50M	28.46M	28.48M	28.53M	28.61M	32.98M	42.40M	51.68M	54.28M	54.45M	54.89M
Adjusted Diluted Earnings per Share	$1.20	$1.41	$1.07	$1.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	28.60M	28.52M	28.55M	28.66M	28.85M	33.20M	42.68M	52.13M	54.28M	54.45M	54.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	28.61M	28.48M	28.60M	28.76M	33.39M	33.48M	47.22M	54.61M	54.42M	54.86M	55.37M
Normalized Net Operating Profit after Tax (NOPAT)	25	30	30	39	37	50	60	28	-27	-23	-0.43
Normalized NOPAT Margin	50.86%	67.51%	66.77%	69.82%	47.88%	57.71%	59.23%	25.85%	0.00%	0.00%	-1.06%
Pre Tax Income Margin	72.66%	68.02%	67.16%	70.62%	48.55%	58.12%	59.94%	28.32%	0.00%	0.00%	-1.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.00	0.83	0.60	0.62	0.60	0.97	1.22	0.43	-0.35	-0.31	-0.01
NOPAT to Interest Expense	1.00	0.83	0.59	0.61	0.59	0.96	1.21	0.45	-0.25	-0.23	-0.01
EBIT Less CapEx to Interest Expense	1.00	0.83	0.60	0.62	0.60	0.97	1.22	0.43	-0.35	-0.31	-0.01
NOPAT Less CapEx to Interest Expense	1.00	0.83	0.59	0.61	0.59	0.96	1.21	0.45	-0.25	-0.23	-0.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	66.01%	65.53%	100.33%	83.14%	101.34%	195.81%	96.63%	241.08%	-195.42%	-170.43%	-4,324.94%
Augmented Payout Ratio	66.01%	68.73%	100.33%	83.14%	101.34%	195.81%	96.63%	241.08%	-207.26%	-170.43%	-4,324.94%

This table displays calculated financial ratios and metrics derived from Ares Commercial Real Estate's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	54,136,273.00	54,140,558.00	54,140,558.00	54,506,811.00	54,518,727.00	-	54,856,977.00	55,005,353.00	55,005,353.00	55,026,453.00	55,367,672.00
DEI Adjusted Shares Outstanding	54,136,273.00	54,140,558.00	54,140,558.00	54,506,811.00	54,518,727.00	-	54,856,977.00	55,005,353.00	55,005,353.00	55,026,453.00	55,367,672.00
DEI Earnings Per Adjusted Shares Outstanding	0.17	-0.73	-0.23	-0.11	-0.11	-	0.17	-0.20	0.08	-0.07	-0.17
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-30.34%	-386.69%	-114.23%	-88.86%	-81.97%	-501.41%	638.14%	-110.24%	327.67%	1,181.21%	-105.02%
EBITDA Growth	985.66%	-16,630.08%	-491.84%	-65.50%	-152.00%	-16.68%	200.45%	-54.38%	245.36%	77.73%	-176.07%
EBIT Growth	1,312.63%	-9,268.75%	-1,620.81%	-172.95%	-164.17%	-19.97%	178.13%	-80.16%	179.08%	63.86%	-199.47%
NOPAT Growth	1,326.09%	-1,050.52%	-1,620.81%	-172.95%	-144.84%	72.96%	208.35%	-80.16%	212.99%	63.86%	-171.72%
Net Income Growth	1,326.09%	-1,454.90%	-91.38%	-178.66%	-164.02%	72.94%	175.83%	-80.16%	179.13%	63.76%	-202.78%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	4.89%	-33.15%	1.08%	-27.17%	-37.75%	-29.89%	-29.60%	-43.69%	-54.49%	-34.57%	-806.72%
Free Cash Flow Firm Growth	248.47%	90.53%	296.09%	6.40%	8.75%	136.80%	93.00%	93.20%	41.28%	-70.62%	-147.04%
Invested Capital Growth	-13.69%	-9.91%	-13.35%	-13.66%	-17.85%	-23.48%	-28.48%	-30.54%	-30.16%	-9.04%	18.58%
Revenue Q/Q Growth	-23.98%	-525.76%	-134.45%	173.85%	23.06%	-503.51%	4,135.49%	-101.40%	5,241.05%	-58.11%	-116.59%
EBITDA Q/Q Growth	372.98%	-1,115.10%	73.85%	54.45%	14.24%	-1,042.22%	235.76%	-170.01%	180.75%	-129.02%	-363.75%
EBIT Q/Q Growth	508.56%	-1,076.08%	72.69%	50.29%	3.95%	-819.96%	190.11%	-214.64%	142.16%	-182.98%	-148.06%
NOPAT Q/Q Growth	684.67%	-401.07%	68.81%	50.29%	3.95%	-81.57%	224.98%	-182.66%	160.24%	-158.07%	-148.06%
Net Income Q/Q Growth	517.83%	-529.16%	68.73%	50.30%	4.00%	-81.38%	187.62%	-218.08%	142.17%	-183.06%	-148.51%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	13.83%	-25.54%	12.80%	-23.83%	-2.71%	-16.13%	13.26%	-39.08%	-21.37%	20.59%	-1,323.43%
Free Cash Flow Firm Q/Q Growth	26.40%	-42.04%	42.56%	1.87%	29.19%	26.22%	16.19%	1.97%	-5.53%	-73.75%	-286.02%
Invested Capital Q/Q Growth	-1.48%	-3.60%	-7.04%	-2.21%	-6.26%	-10.20%	-13.12%	-5.04%	-5.74%	16.95%	13.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	46.15%	0.00%	0.00%	-190.95%	-133.07%	0.00%	57.78%	0.00%	45.23%	-31.33%	0.00%
EBIT Margin	48.26%	0.00%	0.00%	-220.01%	-171.72%	0.00%	47.45%	0.00%	31.75%	-62.90%	0.00%
Profit (Net Income) Margin	48.34%	0.00%	0.00%	-220.01%	-171.63%	0.00%	46.06%	0.00%	31.76%	-62.98%	0.00%
Tax Burden Percent	100.17%	99.78%	100.02%	100.00%	99.95%	99.84%	97.08%	100.00%	100.02%	100.13%	100.31%
Interest Burden Percent	100.00%	44.14%	100.00%	100.00%	100.00%	19.74%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	-0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	2.92%	0.00%	-0.02%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.90%	0.00%	0.00%	-2.03%	-0.76%	0.00%	0.70%	0.00%	0.38%	-1.10%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	1.90%	0.00%	0.00%	-2.14%	-0.88%	0.00%	0.70%	0.00%	0.38%	-1.20%	0.00%
Return on Net Nonoperating Assets (RNNOA)	4.68%	0.00%	0.00%	-5.27%	-2.10%	0.00%	1.48%	0.00%	0.75%	-2.55%	0.00%
Return on Equity (ROE)	6.58%	-5.66%	0.00%	-7.29%	-2.86%	-6.00%	2.17%	0.00%	1.13%	-3.64%	0.00%
Cash Return on Invested Capital (CROIC)	14.83%	9.28%	12.90%	13.11%	17.49%	25.36%	32.70%	35.32%	35.19%	9.44%	-17.85%
Operating Return on Assets (OROA)	1.87%	0.00%	0.00%	-2.85%	-1.07%	0.00%	0.71%	0.00%	0.37%	-1.52%	0.00%
Return on Assets (ROA)	1.87%	0.00%	0.00%	-2.85%	-1.07%	0.00%	0.68%	0.00%	0.37%	-1.52%	0.00%
Return on Common Equity (ROCE)	6.58%	-5.66%	0.00%	-7.29%	-2.86%	-6.00%	2.17%	0.00%	1.13%	-3.64%	0.00%
Return on Equity Simple (ROE_SIMPLE)	0.51%	0.00%	-7.45%	-8.36%	-11.31%	0.00%	-2.46%	-3.48%	-1.48%	0.00%	-4.03%
Net Operating Profit after Tax (NOPAT)	9.18	-28	-8.62	-4.29	-4.12	-7.48	9.35	-7.72	4.65	-2.70	-6.70
NOPAT Margin	48.34%	0.00%	0.00%	-154.01%	-120.20%	0.00%	46.06%	0.00%	31.76%	-44.03%	0.00%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.70%	0.23%	0.12%	0.12%	0.23%	0.00%	0.28%	0.00%	0.10%	0.26%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.75%	0.00%	0.00%	320.01%	271.72%	0.00%	52.55%	0.00%	68.25%	162.90%	0.00%
Earnings before Interest and Taxes (EBIT)	9.17	-89	-12	-6.13	-5.88	-54	9.63	-11	4.65	-3.86	-9.58
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	8.77	-89	-12	-5.32	-4.56	-52	12	-8.21	6.63	-1.92	-8.92
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.66	0.66	0.58	0.54	0.59	0.59	0.41	0.50	0.48	0.50	0.54
Price to Tangible Book Value (P/TBV)	0.66	0.66	0.58	0.54	0.59	0.59	0.41	0.50	0.48	0.50	0.54
Price to Revenue (P/Rev)	4.55	0.00	6.80	10.88	24.84	0.00	8.31	32.62	12.87	6.25	13.64
Price to Earnings (P/E)	130.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	15.90%	17.32%	19.30%	20.07%	17.71%	16.98%	22.03%	16.77%	15.52%	12.95%	12.50%
Earnings Yield	0.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.87	0.86	0.83	0.83	0.84	0.83	0.70	0.75	0.70	0.79	0.80
Enterprise Value to Revenue (EV/Rev)	20.59	0.00	33.86	58.74	120.11	0.00	38.70	131.87	48.68	30.38	72.21
Enterprise Value to EBITDA (EV/EBITDA)	665.80	0.00	86.35	0.00	0.00	0.00	0.00	0.00	0.00	150.76	0.00
Enterprise Value to EBIT (EV/EBIT)	282.85	0.00	85.35	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	587.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	39.23	41.02	36.93	38.94	41.69	40.26	32.44	37.35	39.42	58.03	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	5.46	8.74	5.98	5.90	4.34	2.85	1.79	1.74	1.64	8.01	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.41	2.58	2.47	2.50	2.39	2.18	1.75	1.70	1.56	2.06	2.59
Long-Term Debt to Equity	1.45	1.56	1.41	1.43	1.25	1.08	0.50	0.47	0.42	0.37	0.18
Financial Leverage	2.46	2.45	2.40	2.46	2.40	2.40	2.13	2.12	1.99	2.12	2.15
Leverage Ratio	3.51	3.50	3.45	3.51	3.45	3.46	3.18	3.17	3.07	3.21	3.24
Compound Leverage Factor	3.51	1.54	3.45	3.51	3.45	0.68	3.18	3.17	3.07	3.21	3.24
Debt to Total Capital	70.65%	72.10%	71.17%	71.44%	70.50%	68.53%	63.64%	63.02%	60.97%	67.36%	72.15%
Short-Term Debt to Total Capital	28.13%	28.53%	30.44%	30.70%	33.73%	34.51%	45.51%	45.62%	44.73%	55.23%	67.09%
Long-Term Debt to Total Capital	42.51%	43.57%	40.73%	40.74%	36.77%	34.02%	18.13%	17.40%	16.25%	12.13%	5.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	29.35%	27.90%	28.83%	28.56%	29.50%	31.47%	36.36%	36.98%	39.03%	32.64%	27.85%
Debt to EBITDA	538.53	-39.39	73.97	-670.90	-71.96	-42.17	-139.83	-34.94	-56.69	127.92	-102.71
Net Debt to EBITDA	518.54	-36.70	69.01	-638.35	-68.10	-39.79	-120.81	-31.25	-48.06	119.75	-91.89
Long-Term Debt to EBITDA	324.08	-23.81	42.34	-382.58	-37.53	-20.93	-39.84	-9.65	-15.10	23.03	-7.21
Debt to NOPAT	475.58	-59.37	-47.21	-42.66	-30.16	-47.99	-103.78	-70.92	-156.29	-2,434.63	-91.96
Net Debt to NOPAT	457.92	-55.32	-44.05	-40.59	-28.54	-45.29	-89.66	-63.44	-132.50	-2,279.14	-82.28
Long-Term Debt to NOPAT	286.20	-35.88	-27.02	-24.32	-15.73	-23.83	-29.57	-19.58	-41.64	-438.25	-6.45
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	378	219	312	318	411	519	603	615	581	153	-284
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	12.71	7.32	10.84	11.58	15.01	23.30	33.16	38.20	39.28	9.48	-16.34
Operating Cash Flow to Interest Expense	0.46	0.34	0.39	0.32	0.31	0.32	0.44	0.30	0.26	0.29	-3.26
Operating Cash Flow Less CapEx to Interest Expense	0.46	0.34	0.39	0.32	0.31	0.32	0.44	0.30	0.26	0.29	-3.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.00	0.02	0.01	0.01	0.00	0.01	0.00	0.01	0.02	0.01
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,327	2,243	2,085	2,039	1,911	1,716	1,491	1,416	1,335	1,561	1,768
Invested Capital Turnover	0.04	0.00	0.02	0.01	0.01	0.00	0.02	0.00	0.01	0.02	0.01
Increase / (Decrease) in Invested Capital	-369	-247	-321	-323	-415	-527	-594	-623	-576	-155	277
Enterprise Value (EV)	2,032	1,919	1,732	1,701	1,608	1,431	1,044	1,061	938	1,239	1,407
Market Capitalization	449	413	348	315	333	321	224	262	248	255	266
Book Value per Share	$12.62	$11.56	$11.05	$10.68	$10.34	$9.90	$9.88	$9.52	$9.47	$9.26	$8.89
Tangible Book Value per Share	$12.62	$11.56	$11.05	$10.68	$10.34	$9.90	$9.88	$9.52	$9.47	$9.26	$8.89
Total Capital	2,327	2,243	2,085	2,039	1,911	1,716	1,491	1,416	1,335	1,561	1,768
Total Debt	1,644	1,617	1,484	1,457	1,347	1,176	949	892	814	1,052	1,276
Total Long-Term Debt	989	977	849	831	703	584	270	246	217	189	90
Net Debt	1,583	1,507	1,384	1,386	1,275	1,110	820	798	690	984	1,141
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	12	3.70	1.84	1.76	3.19	0.00	3.31	0.00	1.16	2.90
Net Nonoperating Obligations (NNO)	1,644	1,617	1,484	1,457	1,347	1,176	949	892	814	1,052	1,276
Total Depreciation and Amortization (D&A)	-0.40	0.48	0.65	0.81	1.32	2.05	2.10	2.83	1.98	1.94	0.66
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	54.09M	54.28M	54.40M	54.43M	54.46M	54.45M	54.83M	54.86M	54.90M	54.89M	55.32M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	54.80M	54.28M	54.40M	54.43M	54.46M	54.45M	55.69M	54.86M	55.78M	54.89M	55.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	54.14M	54.42M	54.51M	54.52M	54.54M	54.86M	55.01M	55.01M	55.03M	55.37M	55.48M
Normalized Net Operating Profit after Tax (NOPAT)	6.42	-28	-8.62	-4.29	-4.12	-7.48	9.35	-7.72	3.26	-2.70	-6.70
Normalized NOPAT Margin	33.78%	0.00%	0.00%	-154.01%	-120.20%	0.00%	46.06%	0.00%	22.23%	-44.03%	0.00%
Pre Tax Income Margin	48.26%	0.00%	0.00%	-220.01%	-171.72%	0.00%	47.45%	0.00%	31.75%	-62.90%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.31	-2.99	-0.43	-0.22	-0.21	-2.43	0.53	-0.69	0.31	-0.24	-0.55
NOPAT to Interest Expense	0.31	-0.92	-0.30	-0.16	-0.15	-0.34	0.51	-0.48	0.31	-0.17	-0.39
EBIT Less CapEx to Interest Expense	0.31	-2.99	-0.43	-0.22	-0.21	-2.43	0.53	-0.69	0.31	-0.24	-0.55
NOPAT Less CapEx to Interest Expense	0.31	-0.92	-0.30	-0.16	-0.15	-0.34	0.51	-0.48	0.31	-0.17	-0.39
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2,230.01%	-195.42%	-167.21%	-142.32%	-100.27%	-170.43%	-415.33%	-273.64%	-577.17%	-4,324.94%	-168.89%
Augmented Payout Ratio	2,363.11%	-207.26%	-167.21%	-142.32%	-100.27%	-170.43%	-415.33%	-273.64%	-577.17%	-4,324.94%	-168.89%

Financials Breakdown Chart

Key Financial Trends

Ares Commercial Real Estate (NYSE: ACRE) showed a mixed but still pressured financial picture in Q1 2026. The company posted a quarterly net loss, generated negative operating cash flow, and continued to rely on debt financing. At the same time, liquidity remained solid and the balance sheet still carried a meaningful equity cushion.

Here are the most important takeaways from the last several years:

Cash and restricted cash improved to $134.3 million in Q1 2026 from $123.9 million in Q3 2025, giving ACRE more immediate liquidity.
Total equity rose modestly to $492.4 million in Q1 2026, compared with $521.0 million in Q3 2025 and $542.1 million in Q1 2025, still leaving a substantial book-value base.
The company generated a strong quarterly swing in cash flow from investing and financing activities in Q1 2026, with net change in cash of $67.2 million.
Net interest income held up reasonably well at $7.5 million in Q1 2026, up slightly from $7.7 million in Q4 2025 and $7.0 million in Q2 2025.
Mortgage servicing rights remain the dominant asset on the balance sheet at $1.63 billion in Q1 2026, but that is down sharply from $1.81 billion in Q3 2025 and $2.01 billion in Q1 2024.
ACRE’s quarterly results have been volatile, with swings from profits in some 2025 quarters to losses in others, largely driven by investment marks and credit costs.
The company paid a dividend of $0.15 per share in Q1 2026, showing it is still returning capital to shareholders despite ongoing earnings pressure.
ACRE reported a net loss of $9.6 million in Q1 2026, versus a $4.7 million profit in Q3 2025 and a $9.3 million profit in Q1 2025.
Total revenue was negative $1.0 million in Q1 2026, compared with $6.1 million in Q4 2025 and $20.3 million in Q1 2025, reflecting weak overall operating performance.
Operating cash flow was negative $56.6 million in Q1 2026, a sharp deterioration from positive $4.6 million in Q4 2025 and positive $8.0 million in Q1 2025.

Balance sheet trends suggest a smaller but more leveraged company. Total assets fell to $1.84 billion in Q1 2026 from $2.39 billion in Q1 2024, while liabilities remained elevated at $1.34 billion. Debt also remains heavy, with $1.19 billion of short-term debt and $89.5 million of long-term debt at the end of Q1 2026.

The main issue for investors is earnings consistency. ACRE’s results have been hurt by large swings in realized and unrealized gains/losses, credit provisions, and financing costs. That makes the stock sensitive to changes in credit quality, interest rates, and the performance of its mortgage servicing portfolio.

Bottom line: ACRE still has liquidity and equity on its side, but the latest quarter shows ongoing pressure on profitability and cash generation. Investors should watch whether the company can stabilize earnings and reduce reliance on debt-funded balance sheet management.

07/08/26 09:15 AM ETAI Generated. May Contain Errors.

Ares Commercial Real Estate Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ares Commercial Real Estate's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Ares Commercial Real Estate's net income appears to be on a downward trend, with a most recent value of -$902 thousand in 2025, falling from $43.32 million in 2015. The previous period was -$34.99 million in 2024. See where experts think Ares Commercial Real Estate is headed by visiting Ares Commercial Real Estate's forecast page.

Over the last 10 years, Ares Commercial Real Estate's total revenue changed from $50.00 million in 2015 to $40.79 million in 2025, a change of -18.4%.

Ares Commercial Real Estate's total liabilities were at $1.11 billion at the end of 2025, a 8.5% decrease from 2024, and a 20.2% increase since 2015.

In the past 10 years, Ares Commercial Real Estate's cash and equivalents has ranged from $5.07 million in 2015 to $141.28 million in 2022, and is currently $29.29 million as of their latest financial filing in 2025.

Over the last 10 years, Ares Commercial Real Estate's book value per share changed from 14.31 in 2015 to 9.26 in 2025, a change of -35.3%.

Related Companies

Financial statements for NYSE:ACRE last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Ares Commercial Real Estate (ACRE) Financials

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Ares Commercial Real Estate (ACRE) Financials

Annual Income Statements for Ares Commercial Real Estate

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Quarterly Cash Flow Statements for Ares Commercial Real Estate

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Quarterly Balance Sheets for Ares Commercial Real Estate

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Quarterly Metrics And Ratios for Ares Commercial Real Estate

Financials Breakdown Chart

Key Financial Trends

Ares Commercial Real Estate Financials - Frequently Asked Questions

When does Ares Commercial Real Estate's financial year end?

How has Ares Commercial Real Estate's net income changed over the last 10 years?

How has Ares Commercial Real Estate's revenue changed over the last 10 years?

How much debt does Ares Commercial Real Estate have?

How much cash does Ares Commercial Real Estate have?

How has Ares Commercial Real Estate's book value per share changed over the last 10 years?

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