Ares Commercial Real Estate Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Ares Commercial Real Estate Corp reported revenue of $54.8M (-21.3% year on year) and net income of ($902.0K) (+97.4% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Interest income | $97.6M | $157.7M | $198.6M | $170.2M |
| Interest expense | ($65.2M) | ($106.0M) | ($109.7M) | ($66.0M) |
| Net interest margin | $32.4M | $51.7M | $89.0M | $104.2M |
| Revenue from real estate owned | $22.4M | $17.9M | $4.0M | $2.7M |
| Total revenue | $54.8M | $69.7M | $92.9M | $106.8M |
| Management and incentive fees to affiliate | $9.8M | $10.7M | $12.3M | $14.9M |
| Professional fees | $2.8M | $2.6M | $3.1M | $3.4M |
| General and administrative expenses | $7.0M | $7.8M | $7.2M | $6.4M |
| General and administrative expenses reimbursed to affiliate | $3.6M | $3.8M | $3.4M | $3.8M |
| Expenses from real estate owned | $18.2M | $13.0M | $2.5M | $4.3M |
| Total expenses | $41.4M | $37.9M | $28.5M | $32.7M |
| (Provision for) reversal of current expected credit losses, net | $17.8M | ($18.2M) | $91.8M | $46.1M |
| Realized losses on loans | ($34.6M) | $83.6M | $10.5M | — |
| Change in unrealized losses on loans held for sale | $0 | ($995.0K) | $995.0K | — |
| Realized gain (loss) on sale of real estate owned | $2.8M | $2.3M | $0 | $2.2M |
| Income (loss) before income taxes | ($617.0K) | ($35.0M) | ($38.9M) | $30.3M |
| Income tax expense (benefit), including excise tax | $285.0K | ($18.0K) | ($39.0K) | $472.0K |
| Net income (loss) attributable to common stockholders | ($902.0K) | ($35.0M) | ($38.9M) | $29.8M |
| Basic earnings (loss) per common share (in dollars per share) | -$0.02 | -$0.64 | -$0.72 | $0.58 |
| Diluted earnings (loss) per common share (in dollars per share) | -$0.02 | -$0.64 | -$0.72 | $0.57 |
| Basic weighted average shares of common stock outstanding (in shares) | 54.9M | 54.4M | 54.3M | 51.7M |
| Diluted weighted average shares of common stock outstanding (in shares) | 54.9M | 54.4M | 54.3M | 52.1M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Interest income | $27.8M | $24.9M | $23.3M | $23.1M |
| Interest expense | ($19.2M) | ($17.4M) | ($14.8M) | ($16.1M) |
| Net interest margin | $8.6M | $7.5M | $8.5M | $7.0M |
| Revenue from real estate owned | $5.8M | $5.9M | $5.6M | $5.5M |
| Total revenue | $14.4M | $13.5M | $14.1M | $12.6M |
| Management and incentive fees to affiliate | $2.4M | $2.4M | $2.4M | $2.4M |
| Professional fees | $699.0K | $819.0K | $526.0K | $673.0K |
| General and administrative expenses | $1.7M | $1.4M | $1.7M | $2.0M |
| General and administrative expenses reimbursed to affiliate | $853.0K | $787.0K | $781.0K | $1.0M |
| Expenses from real estate owned | $3.3M | $3.1M | $4.5M | $4.6M |
| Total expenses | $9.0M | $8.6M | $10.0M | $10.8M |
| (Provision for) reversal of current expected credit losses, net | ($865.0K) | ($11.1M) | $2.2M | $20.1M |
| Realized losses on loans | $0 | ($3.3M) | ($1.6M) | ($33.0M) |
| Income (loss) before income taxes | $4.5M | ($9.6M) | $4.7M | ($11.0M) |
| Income tax expense (benefit), including excise tax | $138.0K | $30.0K | ($1.0K) | $0 |
| Net income (loss) attributable to common stockholders | $4.4M | ($9.6M) | $4.7M | ($11.0M) |
| Basic earnings (loss) per common share (in dollars per share) | $0.08 | -$0.17 | $0.08 | -$0.20 |
| Diluted earnings (loss) per common share (in dollars per share) | $0.08 | -$0.17 | $0.08 | -$0.20 |
| Basic weighted average shares of common stock outstanding (in shares) | 55.4M | 55.3M | 54.9M | 54.9M |
| Diluted weighted average shares of common stock outstanding (in shares) | 56.4M | 55.3M | 55.8M | 54.9M |
| Dividend per share amount (in dollars per share) | $0.15 | $0.15 | $0.15 | $0.15 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $29.3M | $63.8M | $110.5M | $141.3M |
| Restricted cash ($1,108 and $2,495 related to consolidated VIEs, respectively) | $37.9M | $2.5M | — | — |
| Loans held for investment ($138,950 and $551,955 related to consolidated VIEs, respectively) | $1.5B | $1.7B | $2.1B | $2.3B |
| Current expected credit loss reserve | ($125.8M) | ($136.2M) | ($159.9M) | ($66.0M) |
| Loans held for investment, net of current expected credit loss reserve | $1.4B | $1.5B | $2.0B | $2.2B |
| Investment in available-for-sale debt securities, at fair value | $0 | $8.7M | $28.1M | $27.9M |
| Real estate owned held for investment, net ($52,634 and $58,844 related to consolidated VIEs, respectively) | $130.2M | $139.0M | — | — |
| Other assets ($76 and $1,991 of interest receivable related to consolidated VIEs, respectively) | $17.8M | $16.7M | $52.4M | $155.7M |
| Total assets | $1.6B | $1.8B | $2.3B | $2.5B |
| Secured funding agreements | $858.2M | $588.5M | $639.8M | $705.2M |
| Secured term loan | $89.4M | $128.1M | $149.4M | $149.2M |
| Collateralized loan obligation securitization debt (consolidated VIEs) | $99.9M | $455.8M | $723.1M | $777.7M |
| Due to affiliate | $4.1M | $3.8M | $4.1M | $5.6M |
| Dividends payable | $8.4M | $13.9M | $18.2M | $19.3M |
| Other liabilities ($257 and $1,309 of interest payable related to consolidated VIEs, respectively) | $48.6M | $21.0M | $14.6M | $14.0M |
| Total liabilities | $1.1B | $1.2B | $1.7B | $1.8B |
| 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 | $532000.00 | $532000.00 | $532000.00 | $537000.00 |
| Additional paid-in capital | $820.8M | $816.9M | $812.2M | $812.8M |
| Accumulated other comprehensive income (loss) | $0 | $37.0K | $153.0K | $7.5M |
| Accumulated earnings (deficit) | ($311.8M) | ($277.4M) | ($187.0M) | ($73.3M) |
| Total stockholders' equity | $509.6M | $540.1M | $625.8M | $747.5M |
| Total liabilities and stockholders' equity | $1.6B | $1.8B | $2.3B | $2.5B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $17.6M | $86.2M | $84.9M | $90.0M |
| Restricted cash ($1,108 related to consolidated VIEs as of December 31, 2025) | $41.0M | $48.2M | $39.0M | $4.2M |
| Loans held for investment ($138,950 related to consolidated VIEs as of December 31, 2025) | $1.7B | $1.6B | $1.2B | $1.3B |
| Real estate owned held for investment, net ($52,634 related to consolidated VIEs as of December 31, 2025) | $76.2M | $76.8M | — | — |
| Current expected credit loss reserve | ($137.8M) | ($136.8M) | ($115.3M) | ($117.7M) |
| Loans held for investment, net of current expected credit loss reserve | $1.6B | $1.5B | $1.1B | $1.2B |
| Real estate owned held for sale | $53.9M | $53.1M | — | — |
| Other assets ($76 of interest receivable related to consolidated VIEs as of December 31, 2025) | $17.5M | $18.9M | $18.3M | $18.3M |
| Total assets | $1.8B | $1.8B | $1.4B | $1.4B |
| Secured funding agreements | $1.2B | $1.2B | $593.0M | $641.8M |
| Secured term loan | $89.7M | $89.5M | $99.1M | $108.8M |
| Collateralized loan obligation securitization debt (consolidated VIEs) | $0 | $0 | $117.8M | $137.6M |
| Due to affiliate | $4.2M | $4.1M | $4.0M | $4.1M |
| Dividends payable | $8.5M | $8.4M | $8.4M | $8.4M |
| Other liabilities ($257 of interest payable related to consolidated VIEs as of December 31, 2025) | $52.6M | $59.7M | $48.7M | $14.2M |
| Total liabilities | $1.3B | $1.3B | $870.9M | $914.9M |
| Common stock, par value $0.01 per share, 450,000,000 shares authorized at June 30, 2026 and December 31, 2025 and 55,481,113 and 55,026,453 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | $532000.00 | $532000.00 | $532000.00 | $532000.00 |
| Additional paid-in capital | $822.6M | $821.7M | $819.9M | $818.9M |
| Accumulated earnings (deficit) | ($333.9M) | ($329.8M) | ($299.5M) | ($295.8M) |
| Total stockholders' equity | $489.2M | $492.4M | $521.0M | $523.7M |
| Total liabilities and stockholders' equity | $1.8B | $1.8B | $1.4B | $1.4B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | ($902.0K) | ($35.0M) | ($38.9M) | $29.8M |
| Amortization of deferred financing costs | $4.6M | $5.1M | $3.9M | $7.1M |
| Accretion of discounts, deferred loan origination fees and costs | ($4.3M) | ($5.0M) | ($6.1M) | ($10.3M) |
| Stock-based compensation | $3.9M | $4.7M | $4.0M | $2.9M |
| Depreciation and amortization of real estate owned | $8.5M | $4.8M | $1.0M | — |
| Provision for (reversal of) current expected credit losses, net | ($17.8M) | ($18.2M) | — | — |
| Realized losses on loans | $34.6M | $83.6M | $10.5M | $0 |
| Change in unrealized losses on loans held for sale | $0 | ($995.0K) | $995.0K | — |
| Amortization of derivative financial instruments | $0 | $0 | ($921.0K) | ($1.0M) |
| Realized (gain) loss on sale of real estate owned | ($2.8M) | $2.3M | $0 | ($2.2M) |
| Other assets | ($2.2M) | ($1.9M) | ($19.9M) | ($17.7M) |
| Due to affiliate | $271.0K | ($345.0K) | ($1.4M) | $1.4M |
| Other liabilities | ($2.6M) | ($3.5M) | $1.8M | $1.2M |
| Net cash provided by (used in) operating activities | $21.4M | $35.5M | $46.8M | $57.2M |
| Issuance of and fundings on loans held for investment | ($489.2M) | ($44.1M) | ($199.8M) | ($652.7M) |
| Principal collections and cost-recovery proceeds on loans held for investment | $582.2M | $394.7M | $288.6M | $824.9M |
| Proceeds from sale of loans held for sale | $0 | $39.0M | $37.2M | $0 |
| Receipt of origination and other loan fees | $6.5M | $3.0M | $1.5M | $8.5M |
| Principal repayment of available-for-sale debt securities | $8.7M | $19.3M | — | — |
| Purchases of capitalized additions to real estate owned | ($1.6M) | ($358.0K) | $0 | $0 |
| Proceeds from sale of real estate owned | $4.8M | $12.8M | $0 | $38.2M |
| Restricted cash assumed from acquisition of real estate owned | $0 | $3.6M | — | — |
| Receipt (disbursement) of escrows and reserves for loans held for investment, net | $36.8M | — | — | — |
| Net cash provided by (used in) investing activities | $148.1M | $427.9M | $127.5M | $193.2M |
| Proceeds from secured funding agreements | $487.6M | $136.8M | $43.7M | $267.2M |
| Repayments of secured funding agreements | ($257.8M) | ($208.1M) | ($109.1M) | ($424.7M) |
| Repayments of notes payable | $0 | ($105.0M) | $0 | ($51.1M) |
| Payment of secured funding costs | ($3.2M) | ($3.7M) | ($4.0M) | ($4.5M) |
| Repayments of debt of consolidated VIEs | ($356.1M) | ($267.9M) | ($55.1M) | ($85.9M) |
| Dividends paid | ($39.0M) | ($59.6M) | ($76.0M) | ($71.8M) |
| Repurchase of common stock | $0 | $0 | ($4.6M) | — |
| Net cash provided by (used in) financing activities | ($168.6M) | ($507.6M) | ($205.1M) | ($159.7M) |
| Change in cash, cash equivalents and restricted cash | $863.0K | ($44.2M) | ($30.8M) | $90.7M |
| Cash, cash equivalents and restricted cash, beginning of period | $66.3M | $110.5M | $141.3M | $50.6M |
| Cash, cash equivalents and restricted cash, end of period | $67.2M | $66.3M | — | — |
| Cash and cash equivalents | $29.3M | $63.8M | — | — |
| Restricted cash | $37.9M | $2.5M | — | — |
| Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $67.2M | $66.3M | — | — |
| Interest paid during the period | $61.1M | $102.8M | $103.7M | $57.8M |
| Income taxes paid during the period | $0 | $0 | $375.0K | $250.0K |
| Dividends declared, but not yet paid | $8.4M | $13.9M | $18.2M | $19.3M |
| Other receivables related to consolidated VIEs | $0 | $0 | $32.0M | $129.5M |
| Assumption of real estate owned | $0 | $74.7M | $84.3M | — |
| Assumption of other assets related to real estate owned | $0 | $397.0K | $353.0K | — |
| Assumption of other liabilities related to real estate owned | $0 | $4.3M | $1.7M | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | ($5.2M) | ($9.6M) | $3.0M | ($1.7M) |
| Amortization of deferred financing costs | $2.4M | $1.1M | $3.6M | $2.4M |
| Accretion of discounts, deferred loan origination fees and costs | ($2.6M) | ($1.2M) | ($3.2M) | ($2.0M) |
| Stock-based compensation | $1.8M | $897.0K | $3.0M | $2.0M |
| Depreciation and amortization of real estate owned | $1.5M | $741.0K | $6.5M | $4.5M |
| Provision for (reversal of) current expected credit losses, net | $12.0M | $11.1M | ($27.7M) | ($25.5M) |
| Realized losses on loans | $3.3M | $3.3M | $34.6M | $33.0M |
| Other assets | ($7.7M) | ($3.5M) | ($1.4M) | $110.0K |
| Due to affiliate | $138.0K | $24.0K | $172.0K | $355.0K |
| Other liabilities | $1.3M | $1.0M | ($1.8M) | ($307.0K) |
| Net cash provided by (used in) operating activities | $6.9M | ($56.6M) | $16.7M | $12.9M |
| Issuance of and fundings on loans held for investment | ($332.1M) | ($199.1M) | ($113.8M) | ($19.1M) |
| Principal collections and cost-recovery proceeds on loans held for investment | $114.3M | $96.2M | $506.2M | $342.6M |
| Receipt of origination and other loan fees | $3.8M | $2.3M | $2.4M | $1.6M |
| Principal repayment of available-for-sale debt securities | $0 | $0 | $8.7M | $870.0K |
| Purchases of capitalized additions to real estate owned | ($1.5M) | ($534.0K) | ($1.3M) | ($937.0K) |
| Receipt (disbursement) of escrows and reserves for loans held for investment, net | $4.3M | $11.4M | $36.0M | — |
| Net cash provided by (used in) investing activities | ($211.3M) | ($89.8M) | $438.2M | $325.0M |
| Proceeds from secured funding agreements | $430.6M | $333.0M | $200.1M | $114.8M |
| Repayments of secured funding agreements | ($115.7M) | ($9.1M) | ($225.6M) | ($81.4M) |
| Payment of secured funding costs | ($2.3M) | ($2.0M) | ($3.0M) | ($2.7M) |
| Repayments of debt of consolidated VIEs | ($99.9M) | ($99.9M) | ($338.3M) | ($318.4M) |
| Dividends paid | ($16.9M) | ($8.4M) | ($30.6M) | ($22.3M) |
| Net cash provided by (used in) financing activities | $195.8M | $213.6M | ($397.3M) | ($310.0M) |
| Change in cash, cash equivalents and restricted cash | ($8.6M) | $67.2M | $57.6M | $27.8M |
| Cash, cash equivalents and restricted cash, beginning of period | $67.2M | $67.2M | $66.3M | $66.3M |
| Cash, cash equivalents and restricted cash, end of period | $58.6M | $134.3M | $123.9M | $94.1M |
| Cash and cash equivalents | $17.6M | $86.2M | $84.9M | $90.0M |
| Restricted cash | $41.0M | $48.2M | $39.0M | $4.2M |
| Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $58.6M | $134.3M | $123.9M | $94.1M |
| Dividends declared, but not yet paid | $8.5M | $8.4M | $8.4M | $8.4M |
Ares Commercial Real Estate Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.