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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% | - | - |
| 2024 | $-15M | - | $-35M | $35M | -6.5% | -118.7% | - |
| 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 109.05 | 81.43 | -15.23 | 22.95 |
| Pretax Income | 30.26 | -38.91 | -35.01 | -0.62 |
| Tax Provision | 0.47 | -0.04 | -0.02 | 0.28 |
| Net Income | 29.79 | -38.87 | -34.99 | -0.90 |
| Net Income Common Stockholders | 29.79 | -38.87 | -34.99 | -0.90 |
| Interest Expense | 74.23 | 109.65 | 105.98 | 65.16 |
| Interest Income | 178.40 | 198.61 | 157.72 | 97.59 |
| Selling General And Administration | 10.17 | 10.68 | 11.65 | 10.66 |
| Normalized Income | 27.62 | -38.87 | -32.71 | -3.08 |
| Basic EPS | 0.58 | -0.72 | -0.64 | 0 |
| Diluted EPS | 0.58 | -0.72 | -0.64 | 0 |
| Tax Effect Of Unusual Items | 0.03 | 0 | 0 | 0.58 |
| Tax Rate For Calcs | 0.02 | 0 | 0 | 0.21 |
| Total Unusual Items | 2.20 | 0 | -2.29 | 2.76 |
| Total Unusual Items Excluding Goodwill | 2.20 | 0 | -2.29 | 2.76 |
| Net Income From Continuing Operation Net Minority Interest | 29.79 | -38.87 | -34.99 | -0.90 |
| Reconciled Depreciation | 0 | 1.02 | 4.76 | 8.47 |
| Net Interest Income | 104.18 | 88.96 | 51.73 | 32.43 |
| Net Income From Continuing And Discontinued Operation | 29.79 | -38.87 | -34.99 | -0.90 |
| Diluted Average Shares | 52.13 | 54.28 | 54.45 | 0 |
| Basic Average Shares | 51.68 | 54.28 | 54.45 | 0 |
| Diluted NI Availto Com Stockholders | 29.79 | -38.87 | -34.99 | -0.90 |
| Net Income Including Noncontrolling Interests | 29.79 | -38.87 | -34.99 | -0.90 |
| Net Income Continuous Operations | 29.79 | -38.87 | -34.99 | -0.90 |
| General And Administrative Expense | 10.17 | 10.68 | 11.65 | 10.66 |
| Other Gand A | 10.17 | 10.68 | 11.65 | 10.66 |
| Operating Revenue | 109.05 | 81.43 | -15.23 | 22.95 |
| Professional Expense And Contract Services Expense | 3.35 | 3.05 | 2.63 | 2.75 |
| 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 | $287M | - | 0.56 | -0.2% | - |
| Transcontinental Realty Investors, Inc. | TCI | $322M | 23.26 | 0.38 | 1.6% | 85.49 |
| Ready Capital Corporation | RC | $302M | - | 0.21 | -13.9% | - |
| Maui Land & Pineapple Company, Inc. | MLP | $302M | - | 9.09 | -32.0% | -29.23 |
| The RMR Group Inc. |
| RMR |
| $296M |
| 12.76 |
| 1.27 |
| 4.4% |
| 6.01 |
| SITE Centers Corp. | SITC | $287M | 1.63 | 0.86 | 53.1% | 4.74 |
| Seaport Entertainment Group Inc. | SEG | $286M | - | 0.62 | -25.0% | -5.37 |
| BRT Apartments Corp. | BRT | $268M | - | 1.51 | -6.7% | 14.41 |
| NexPoint Diversified Real Estate Trust | NXDT | $254M | - | 0.36 | -17.3% | 37.13 |
| Peer Median | - | 12.76 | 0.74 | -10.3% | 6.01 | |