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Ares Commercial Real Estate Corp

ACRE NYSE Real Estate Investment Trusts Financials FY2016–FY2025

Revenue Total sales reported in the income statement.
$54.8M
21.3% vs prior year
Operating margin Operating income as a share of revenue.
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Net income Profit after all expenses, interest and tax.
−$0.9M
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
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P/E Last close divided by diluted earnings per share over the last four quarters.
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What Ares Commercial Real Estate Corp does

No business description yet.

Legal name
Ares Commercial Real Estate Corp
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 10, 2026
Accession · CIK
0001628280-26-006635
0001529377

Revenue and margins

Ares Commercial Real Estate Corp had $54.8M of revenue in fiscal 2025, down 21.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Ares Commercial Real Estate Corp returned $39.0M to shareholders in fiscal 2025. The diluted share count rose 0.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Ares Commercial Real Estate Corp can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $50.6M$141M$110M$63.8M$29.3M
Debt incl. finance leases $1.0B$960M$895M$718M$948M
Debt / equity 1.5x1.3x1.4x1.3x1.9x
Total assets $2.6B$2.5B$2.3B$1.8B$1.6B
Total liabilities $2.0B$1.8B$1.7B$1.2B$1.1B
Shareholders' equity $679M$748M$626M$540M$510M
Net debt (− = net cash) $991M$819M$784M$655M$919M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

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$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✕ ✕ ✕
Cash from operations is positive ✕ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
Return on assets rose — ✕ ✓ ✕ ✕ ✓ ✕ ✕ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓ ✕ ✓ ✕ ✓ ✓ ✓ ✓
Debt fell relative to assets — ✓ ✓ ✓ ✓ ✓ ✓ ✕ ✕ ✕
Current ratio rose — — — — — — — — — —
Share count didn't rise — ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✕ ✕
Gross margin rose — — — — — — — — — —
Revenue rose relative to assets — ✕ ✓ ✓ ✕ ✕ ✓ ✕ ✕ ✕
F-score — / 34 / 76 / 74 / 74 / 74 / 75 / 72 / 72 / 73 / 7
Accruals ratio 3.6%−0.1%−0.0%0.3%−0.5%0.5%−1.1%−3.6%−3.5%−1.3%
Altman Z'' ——————————

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $45.1M $46.3M $55.3M $77.3M $82.7M $102M $107M $92.9M $69.7M $54.8M
Net interest income $45.1M $46.3M $55.3M $52.2M $69.1M $83.6M $104M $89.0M $51.7M $32.4M
Noninterest expense $14.4M $15.0M $16.2M $39.8M $36.3M $40.9M $32.7M $28.5M $37.9M $41.4M
Provision for credit losses — — $0.0M $0.0M $20.2M $0.0M $46.1M $91.8M — —
Pretax income $30.7M $30.6M $39.0M $37.5M $22.2M $61.2M $30.3M −$38.9M −$35.0M −$0.6M
Income tax $0.2M $0.2M $0.4M $0.5M $0.4M $0.7M $0.5M −$0.0M −$0.0M $0.3M
Net income $44.9M $30.4M $38.6M $37.0M $21.8M $60.5M $29.8M −$38.9M −$35.0M −$0.9M
Net income to common $40.3M $30.4M $38.6M — $21.8M $60.5M $29.8M −$38.9M −$35.0M −$0.9M
Diluted EPS $1.41 $1.07 $1.35 — — — — — — —
Diluted shares 0.03B 0.03B 0.03B 0.03B 0.03B 0.04B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations −$4.5M $31.3M $39.2M $32.5M $31.8M $48.4M $57.2M $46.8M $35.5M $21.4M
Depreciation and amortization $0.2M $0.0M $0.0M $0.7M $0.9M $0.8M $0.0M $1.0M $4.8M $8.5M
Stock-based compensation $0.3M $0.6M $1.1M $1.9M $1.3M $1.9M $2.9M $4.0M $4.7M $3.9M
Acquisitions −$90.0M — — — — — — — — —
Share buybacks $1.4M $0.0M $0.0M — — $0.0M $0.0M $4.6M $0.0M $0.0M
Dividends paid $29.4M $30.5M $32.1M $37.5M $42.8M $58.4M $71.8M $76.0M $59.6M $39.0M
Dividends and buybacks $30.8M $30.5M $32.1M $37.5M $42.8M $58.4M $71.8M $80.6M $59.6M $39.0M
Balance sheet
Cash and short-term investments $47.3M $28.3M $11.1M $5.3M $74.8M $50.6M $141M $110M $63.8M $29.3M
Total debt $936M $1.1B $888M $895M $929M $1.0B $960M $895M $718M $948M
Total assets $1.4B $1.8B $1.6B $1.8B $1.9B $2.6B $2.5B $2.3B $1.8B $1.6B
Total liabilities $944M $1.4B $1.2B $1.4B $1.5B $2.0B $1.8B $1.7B $1.2B $1.1B
Shareholders' equity $419M $419M $426M $426M $473M $679M $748M $626M $540M $510M
Margins
Net margin 99.5% 65.6% 69.8% 47.9% 26.4% 59.2% 27.9% −41.8% −50.2% −1.6%
Net interest share of revenue 100.0% 100.0% 100.0% 67.6% 83.6% 81.9% 97.5% 95.7% 74.3% 59.1%
Efficiency ratio 32.0% 32.3% 29.4% 51.5% 43.9% 40.0% 30.6% 30.7% 54.5% 75.5%
Returns
Return on equity 10.7% 7.3% 9.1% 8.7% 4.9% 10.5% 4.2% −5.7% −6.0% −0.2%
Return on assets 3.3% 1.9% 2.3% 2.2% 1.2% 2.7% 1.2% −1.6% −1.7% −0.1%
Return on tangible equity 9.6% 7.3% 9.1% 8.7% 4.6% 8.9% 4.0% −6.2% −6.5% −0.2%
Growth
Revenue growth — 2.8% 19.3% 39.8% 7.0% 23.4% 4.7% −13.0% −25.0% −21.3%
Net income growth — −32.2% 26.9% −4.2% −41.0% 176.8% −50.7% −230.5% — —
EPS growth — −24.1% 26.2% — — — — — — —
Share count change — 0.1% 0.4% 0.7% 15.1% 28.6% 22.1% 4.1% 0.3% 0.8%
Financial health
Debt / equity 2.2x 2.5x 2.1x 2.1x 2.0x 1.5x 1.3x 1.4x 1.3x 1.9x
Capital allocation
Stock comp / revenue 0.7% 1.3% 2.0% 2.4% 1.6% 1.9% 2.7% 4.3% 6.8% 7.1%
Quality scores
Piotroski F-score — 4.0 6.0 4.0 4.0 4.0 5.0 2.0 2.0 3.0
Accruals ratio 3.6% −0.1% −0.0% 0.3% −0.5% 0.5% −1.1% −3.6% −3.5% −1.3%

Source: SEC EDGAR XBRL filings (CIK 0001529377). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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