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Ares Commercial Real Estate Corporation, a specialty finance company, engages in the originating and investing in commercial real estate (CRE) loans and related investments in the United States. The company provides loan opportunities for the owners, operators, and sponsors of CRE properties. Its investments includes senior mortgage loans, subordinate debt, preferred equity products, mezzanine loans, and other CRE investments, such as commercial mortgage-backed securities. It 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 Corporation was incorporated in 2011 and is based in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $23M | - | $-1M | $20M | -0.2% | -250.6% | -97.4% |
| 2024 | $-15M | - | $-35M | $35M | -6.5% | -118.7% | -10.0% |
| 2023 | $81M | - | $-39M | $47M | -6.2% | -25.3% | -230.5% |
| 2022 | $109M | - | $30M | $57M | 4.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 109.05 | 81.43 | -15.23 | 22.95 |
| Operating Revenue | - | 109.05 | 81.43 | -15.23 | 22.95 |
| Selling General And Administration | - | 10.17 | 10.68 | 11.65 | 10.66 |
| Interest Income | - | 178.40 | 198.61 | 157.72 | 97.59 |
| Interest Expense | - | 74.23 | 109.65 | 105.98 | 65.16 |
| Net Interest Income | - | 104.18 | 88.96 | 51.73 | 32.43 |
| Pretax Income | - | 30.26 | -38.91 | -35.01 | -0.62 |
| Tax Provision | - | 0.47 | -0.04 | -0.02 | 0.28 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.03 | 0 | 0 | 0.58 |
| Net Income Continuous Operations | - | 29.78 | -38.87 | -34.99 | -0.90 |
| Net Income From Continuing And Discontinued Operation | - | 29.78 | -38.87 | -34.99 | -0.90 |
| Net Income From Continuing Operation Net Minority Interest | - | 29.78 | -38.87 | -34.99 | -0.90 |
| Net Income | - | 29.78 | -38.87 | -34.99 | -0.90 |
| Net Income Common Stockholders | - | 29.78 | -38.87 | -34.99 | -0.90 |
| Net Income Including Noncontrolling Interests | - | 29.78 | -38.87 | -34.99 | -0.90 |
| Normalized Income | - | 27.62 | -38.87 | -32.71 | -3.08 |
| Diluted NI Availto Com Stockholders | - | 29.78 | -38.87 | -34.99 | -0.90 |
| Basic Average Shares | 42.40 | 51.68 | 54.28 | 54.45 | - |
| Diluted Average Shares | 42.68 | 52.13 | 54.28 | 54.45 | - |
| Reconciled Depreciation | - | 0 | 1.02 | 4.76 | 8.47 |
| Total Unusual Items | - | 2.20 | 0 | -2.29 | 2.76 |
| Total Unusual Items Excluding Goodwill | - | 2.20 | 0 | -2.29 | 2.76 |
| General And Administrative Expense | - | 10.17 | 10.68 | 11.65 | 10.66 |
| Other Gand A | - | 10.17 | 10.68 | 11.65 | 10.66 |
| Professional Expense And Contract Services Expense | - | 3.35 | 3.05 | 2.63 | 2.76 |
| Other Non Interest Expense | - | 19.21 | 14.78 | 23.65 | 27.99 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ares Commercial Real Estate Corporationthis co. | ACRE | $280M | -310.62 | 0.55 | -0.2% | - |
| Transcontinental Realty Investors, Inc. | TCI | $325M | 23.53 | 0.38 | 1.6% | 12.78 |
| Seaport Entertainment Group Inc. | SEG | $306M | -2.62 | 0.67 | -25.6% | -5.13 |
| Ready Capital Corporation | RC | $285M | -1.24 | 0.20 | -16.0% | - |
| NexPoint Diversified Real Estate Trust |
| 2021 | - | - | - | - | - | - | - |
| NXDT |
| $271M |
| -2.16 |
| 0.39 |
| -17.9% |
| - |
| BRT Apartments Corp. | BRT | $270M | -22.61 | 1.52 | -6.7% | 19.66 |
| SITE Centers Corp. | SITC | $260M | 1.46 | 0.78 | 53.1% | 1.86 |
| TPG Mortgage Investment Trust, Inc. | MITT | $245M | 5.03 | 0.72 | 14.3% | - |
| Chicago Atlantic Real Estate Finance, Inc. | REFI | $240M | 6.65 | 0.78 | 11.7% | - |
| Peer Median | - | 0.11 | 0.70 | -2.6% | 7.32 | |