{"id":520571,"date":"2021-07-30T06:03:10","date_gmt":"2021-07-30T10:03:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ares-commercial-real-estate-corporation-reports-second-quarter-2021-results\/"},"modified":"2021-07-30T06:03:10","modified_gmt":"2021-07-30T10:03:10","slug":"ares-commercial-real-estate-corporation-reports-second-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ares-commercial-real-estate-corporation-reports-second-quarter-2021-results\/","title":{"rendered":"Ares Commercial Real Estate Corporation Reports Second Quarter 2021 Results"},"content":{"rendered":"

<\/p>\n

Ares Commercial Real Estate Corporation Reports <\/b>Second Quarter 2021 Results<\/b><\/p>\n

Second quarter GAAP net income of $17.6 million or $0.43 per diluted common share and <\/i>Distributable Earnings(1)\u00a0<\/sup>of $15.1 million or $0.37 per diluted common share<\/i><\/p>\n

Closed $311 million of new loan commitments<\/i><\/p>\n

– Subsequent to end of second quarter –<\/i><\/p>\n

Declared third quarter 2021 dividend of $0.33 per diluted common share and <\/i>a supplemental dividend of $0.02 per diluted common share<\/i><\/p>\n

Closed $254 million of new loan commitments<\/i><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nAres Commercial Real Estate Corporation (the \u201cCompany\u201d) (NYSE:ACRE), a specialty finance company engaged in originating and investing in commercial real estate assets, reported generally accepted accounting principles (\u201cGAAP\u201d) net income of $17.6 million or $0.43 per diluted common share and Distributable Earnings(1) <\/sup>of $15.1 million or $0.37 per diluted common share for the second quarter of 2021.\n<\/p>\n

\n\u201cWe reported another strong quarter with Distributable Earnings per share up 16% versus the same period a year ago,\u201d said Bryan Donohoe, Chief Executive Officer of Ares Commercial Real Estate Corporation. \u201cWith our broad market coverage and increased capital base, we are in a strong position to invest given our growing pipeline of attractive opportunities. During the second quarter, we closed $311 million of commitments and, subsequent to the end of the quarter, another $254 million of commitments in July.\u201d\n<\/p>\n

\n\u201cOur senior-oriented portfolio continues to perform well with recovering real estate market fundamentals leading to a corresponding lift in our weighted average portfolio risk rating,\u201d said Tae-Sik Yoon, Chief Financial Officer of Ares Commercial Real Estate Corporation. \u201cIn addition, as we continue to see further reductions in our CECL reserve due to improvements in our overall loan performance and market environment outlook, combined with the accretive impact of our recent common share offering, our book value per share has now increased for the fourth consecutive quarter.\u201d\n<\/p>\n

\n_________________________________\n<\/p>\n

\n(1) Beginning in the fourth quarter of 2020, the non-GAAP financial measure of Core Earnings was renamed to Distributable Earnings. Refer to Schedule I for the definition and reconciliation of Distributable Earnings.\n<\/p>\n

COMMON STOCK DIVIDEND <\/b><\/p>\n

\nOn May 4, 2021, the Company declared a regular cash dividend of $0.33 per common share and a supplemental cash dividend of $0.02 per common share for the second quarter of 2021. The second quarter 2021 dividend and supplemental cash dividend were paid on July 15, 2021 to common stockholders of record as of June 30, 2021. On July 30, 2021, the Company declared a regular cash dividend of $0.33 per common share and a supplemental cash dividend of $0.02 per common share for the third quarter of 2021. The third quarter 2021 dividend and supplemental cash dividend will be payable on October 15, 2021 to common stockholders of record as of September 30, 2021.\n<\/p>\n

ADDITIONAL INFORMATION<\/b><\/p>\n

\nThe Company issued a presentation of its second quarter 2021 results, which can be viewed at www.arescre.com<\/a><\/span> on the Investor Resources section of our home page under Events and Presentations. The presentation is titled \u201cSecond Quarter 2021 Earnings Presentation.\u201d The Company also filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 with the U.S. Securities and Exchange Commission on July 30, 2021.\n<\/p>\n

CONFERENCE CALL AND WEBCAST INFORMATION <\/b><\/p>\n

\nOn Friday, July 30, 2021, the Company invites all interested persons to attend its webcast\/conference call at 12:00 p.m. (Eastern Time) to discuss its second quarter 2021 financial results.\n<\/p>\n

\nAll interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Home page of the Investor Resources section of the Company\u2019s website at http:\/\/www.arescre.com<\/a>. Please visit the website to test your connection before the webcast. Domestic callers can access the conference call by dialing +1 (888) 317-6003. International callers can access the conference call by dialing +1 (412) 317-6061. All callers will need to enter the Participant Elite Entry Number 9261682 followed by the # sign and reference \u201cAres Commercial Real Estate Corporation\u201d once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. For interested parties, an archived replay of the call will be available through August 13, 2021 at 5:00 p.m. (Eastern Time) to domestic callers by dialing +1 (877) 344-7529 and to international callers by dialing +1 (412) 317-0088. For all replays, please reference conference number 10156566. An archived replay will also be available through August 13, 2021 on a webcast link located on the Home page of the Investor Resources section of the Company\u2019s website.\n<\/p>\n

ABOUT ARES COMMERCIAL REAL ESTATE CORPORATION<\/b><\/p>\n

\nAres Commercial Real Estate Corporation is a specialty finance company primarily engaged in originating and investing in commercial real estate loans and related investments. Through its national direct origination platform, the Company provides a broad offering of flexible and reliable financing solutions for commercial real estate owners and operators. The Company originates senior mortgage loans, as well as subordinate financings, mezzanine debt and preferred equity, with an emphasis on providing value added financing on a variety of properties located in liquid markets across the United States. Ares Commercial Real Estate Corporation elected and qualified to be taxed as a real estate investment trust and is externally managed by a subsidiary of Ares Management Corporation. For more information, please visit www.arescre.com<\/a><\/span>. The contents of such website are not, and should not be deemed to be, incorporated by reference herein.\n<\/p>\n

FORWARD-LOOKING STATEMENTS<\/b><\/p>\n

\nStatements included herein or on the webcast \/ conference call may constitute \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which relate to future events or the Company\u2019s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including the returns on current and future investments, rates of repayments and prepayments on the Company\u2019s mortgage loans, availability of investment opportunities, the Company\u2019s ability to originate additional investments and completion of pending investments, the availability of capital, the availability and cost of financing, market trends and conditions in the Company\u2019s industry and the general economy, the level of lending and borrowing spreads and interest rates, commercial real estate loan volumes, the impact of the COVID-19 pandemic and the pandemic’s impact on the U.S. and global economy, the Company\u2019s ability to pay future dividends at historical levels or at all, and the risks described from time to time in the Company\u2019s filings with the Securities and Exchange Commission (the \u201cSEC\u201d), including, but not limited to, the risk factors described in Part I, Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K, filed with the SEC on February 18, 2021 and the risk factors described in Part II, Item 1A. Risk Factors in the Company’s Quarterly Report on Form 10-Q, filed with the SEC on July 30, 2021. Any forward-looking statement, including any contained herein, speaks only as of the time of this press release and Ares Commercial Real Estate Corporation undertakes no duty to update any forward-looking statements made herein or on the webcast\/conference call. Projections and forward-looking statements are based on management\u2019s good faith and reasonable assumptions, including the assumptions described herein.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

ARES COMMERCIAL REAL ESTATE CORPORATION AND SUBSIDIARIES
\n
CONSOLIDATED BALANCE SHEETS
\n
(in thousands, except share and per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

As of<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

June 30, 2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

December 31, 2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

(unaudited)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

ASSETS<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCash and cash equivalents\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n75,671\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n74,776\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLoans held for investment ($1,118,269 and $550,590 related to consolidated VIEs, respectively)\n<\/p>\n<\/td>\n

\n

\n2,032,408\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,815,219\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCurrent expected credit loss reserve\n<\/p>\n<\/td>\n

\n

\n(16,893)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(23,604)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLoans held for investment, net of current expected credit loss reserve\n<\/p>\n<\/td>\n

\n

\n2,015,515\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,791,615\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nReal estate owned, net\n<\/p>\n<\/td>\n

\n

\n36,860\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n37,283\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther assets ($2,467 and $1,079 of interest receivable related to consolidated VIEs, respectively; $105,990 and $6,410 of other receivables related to consolidated VIEs, respectively)\n<\/p>\n<\/td>\n

\n

\n128,789\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n25,823\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal assets\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,256,835\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,929,497\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

LIABILITIES AND STOCKHOLDERS’ EQUITY<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

LIABILITIES<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSecured funding agreements\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n404,205\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n755,552\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNotes payable\n<\/p>\n<\/td>\n

\n

\n43,976\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n61,837\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSecured term loan\n<\/p>\n<\/td>\n

\n

\n60,000\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n110,000\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCollateralized loan obligation securitization debt (consolidated VIEs)\n<\/p>\n<\/td>\n

\n

\n979,777\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n443,871\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSecured borrowings\n<\/p>\n<\/td>\n

\n

\n59,902\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n59,790\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDue to affiliate\n<\/p>\n<\/td>\n

\n

\n3,731\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,150\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDividends payable\n<\/p>\n<\/td>\n

\n

\n16,528\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11,124\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOther liabilities ($599 and $391 of interest payable related to consolidated VIEs, respectively)\n<\/p>\n<\/td>\n

\n

\n9,679\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11,158\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal liabilities\n<\/p>\n<\/td>\n

\n

\n1,577,798\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,456,482\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommitments and contingencies\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

STOCKHOLDERS’ EQUITY<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nCommon stock, par value $0.01 per share, 450,000,000 shares authorized at June 30, 2021 and December 31, 2020 and 47,001,121 and 33,442,332 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively\n<\/p>\n<\/td>\n

\n

\n464\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n329\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdditional paid-in capital\n<\/p>\n<\/td>\n

\n

\n700,994\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n497,803\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccumulated other comprehensive income\n<\/p>\n<\/td>\n

\n

\n117\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAccumulated earnings (deficit)\n<\/p>\n<\/td>\n

\n

\n(22,538)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(25,117)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal stockholders’ equity\n<\/p>\n<\/td>\n

\n

\n679,037\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n473,015\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal liabilities and stockholders’ equity\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,256,835\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,929,497\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

ARES COMMERCIAL REAL ESTATE CORPORATION AND SUBSIDIARIES
\n
CONSOLIDATED STATEMENTS OF OPERATIONS
\n
(in thousands, except share and per share data)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

For the three months
\n
ended June 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

For the six months ended
\n
June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

(unaudited)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

(unaudited)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

(unaudited)<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

(unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Revenue:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest income\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n30,859\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n29,835\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n61,564\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n61,283\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nInterest expense\n<\/p>\n<\/td>\n

\n

\n(11,092)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(13,042)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(23,231)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(28,576)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet interest margin\n<\/p>\n<\/td>\n

\n

\n19,767\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n16,793\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n38,333\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n32,707\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenue from real estate owned\n<\/p>\n<\/td>\n

\n

\n3,764\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,189\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,421\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n6,409\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal revenue\n<\/p>\n<\/td>\n

\n

\n23,531\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n17,982\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n44,754\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n39,116\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Expenses:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nManagement and incentive fees to affiliate\n<\/p>\n<\/td>\n

\n

\n2,951\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,152\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,518\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,924\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProfessional fees\n<\/p>\n<\/td>\n

\n

\n615\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n660\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,400\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,563\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGeneral and administrative expenses\n<\/p>\n<\/td>\n

\n

\n1,195\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n959\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,351\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,827\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nGeneral and administrative expenses reimbursed to affiliate\n<\/p>\n<\/td>\n

\n

\n788\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,038\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,540\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,089\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nExpenses from real estate owned\n<\/p>\n<\/td>\n

\n

\n3,842\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,254\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,120\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,930\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal expenses\n<\/p>\n<\/td>\n

\n

\n9,391\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,063\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n17,929\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n19,333\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision for current expected credit losses\n<\/p>\n<\/td>\n

\n

\n(3,883)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(4,007)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(7,123)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n23,111\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nUnrealized losses on loans held for sale\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,998\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,998\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Income (loss) before income taxes<\/b><\/p>\n<\/td>\n

\n

\n18,023\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,928\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n33,948\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n(7,326)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncome tax expense, including excise tax\n<\/p>\n<\/td>\n

\n

\n408\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n160\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n593\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n169\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Net income (loss) attributable to common stockholders<\/b><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n17,615\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n9,768\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n33,355\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(7,495)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Earnings (loss) per common share:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic earnings (loss) per common share\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.43\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.29\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.88\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.23)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted earnings (loss) per common share\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.43\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.29\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.88\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n(0.23)\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Weighted average number of common shares outstanding:<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nBasic weighted average shares of common stock outstanding\n<\/p>\n<\/td>\n

\n

\n41,009,175\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n33,316,933\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n37,731,317\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n32,607,442\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted weighted average shares of common stock outstanding\n<\/p>\n<\/td>\n

\n

\n41,294,597\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n33,539,580\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n38,025,933\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n32,607,442\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

Dividends declared per share of common stock(1)<\/sup><\/b><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.35\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.33\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.70\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.66\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n(1) There is no assurance dividends will continue at these levels or at all.\n<\/p>\n

SCHEDULE I <\/b><\/p>\n

Reconciliation of Net Income to Non-GAAP Distributable Earnings<\/b><\/p>\n

\nBeginning in the fourth quarter of 2020, the non-GAAP financial measure of Core Earnings was renamed to Distributable Earnings to more appropriately reflect the principal purpose of the measure. Distributable Earnings helps the Company evaluate its financial performance excluding the effects of certain transactions and GAAP adjustments that it believes are not necessarily indicative of its current loan origination portfolio and operations. To maintain the Company\u2019s REIT status, the Company is generally required to annually distribute to its stockholders substantially all of its taxable income. The Company believes the disclosure of Distributable Earnings provides useful information to investors regarding the Company’s ability to pay dividends, which is one of the principal reasons investors invest in the Company. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. Distributable Earnings is defined as net income (loss) computed in accordance with GAAP, excluding non-cash equity compensation expense, the incentive fees the Company pays to its Manager (Ares Commercial Real Estate Management LLC), depreciation and amortization (to the extent that any of the Company\u2019s target investments are structured as debt and the Company forecloses on any properties underlying such debt), any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income (loss), one-time events pursuant to changes in GAAP and certain non-cash charges after discussions between the Company\u2019s manager and the Company\u2019s independent directors and after approval by a majority of the Company\u2019s independent directors. Loan balances that are deemed to be uncollectible are written off as a realized loss and are included in Distributable Earnings. Distributable Earnings is aligned with the calculation of \u201cCore Earnings,\u201d which is defined in the Management Agreement and is used to calculate the incentive fees the Company pays to its Manager.\n<\/p>\n

\nReconciliation of net income attributable to common stockholders, the most directly comparable GAAP financial measure, to Distributable Earnings is set forth in the table below for the three and twelve months ended June 30, 2021 ($ in thousands):\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

For the three months
\n
ended June 30, 2021<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

For the twelve months
\n
ended June 30, 2021<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income attributable to common stockholders\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n17,615\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n62,689\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nStock-based compensation\n<\/p>\n<\/td>\n

\n

\n497\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1,767\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncentive fees to affiliate\n<\/p>\n<\/td>\n

\n

\n693\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n1,884\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation of real estate owned\n<\/p>\n<\/td>\n

\n

\n225\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n897\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision for current expected credit losses\n<\/p>\n<\/td>\n

\n

\n(3,883)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(10,048)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nChange in unrealized losses on loans held for sale\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(3,998)\n<\/p>\n<\/td>\n<\/tr>\n

\n

Distributable Earnings<\/b><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n15,147\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n53,191\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income attributable to common stockholders\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.43\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.76\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nStock-based compensation\n<\/p>\n<\/td>\n

\n

\n0.01\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n0.05\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncentive fees to affiliate\n<\/p>\n<\/td>\n

\n

\n0.02\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n0.05\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation of real estate owned\n<\/p>\n<\/td>\n

\n

\n0.01\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n0.03\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision for current expected credit losses\n<\/p>\n<\/td>\n

\n

\n(0.09)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(0.28)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nChange in unrealized losses on loans held for sale\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(0.11)\n<\/p>\n<\/td>\n<\/tr>\n

\n

Basic Distributable Earnings per common share<\/b><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.37\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.50\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income attributable to common stockholders\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.43\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.75\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nStock-based compensation\n<\/p>\n<\/td>\n

\n

\n0.01\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n0.05\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nIncentive fees to affiliate\n<\/p>\n<\/td>\n

\n

\n0.02\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n0.05\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation of real estate owned\n<\/p>\n<\/td>\n

\n

\n0.01\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n0.03\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvision for current expected credit losses\n<\/p>\n<\/td>\n

\n

\n(0.09)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(0.28)\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nChange in unrealized losses on loans held for sale\n<\/p>\n<\/td>\n

\n

\n\u2014\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n(0.11)\n<\/p>\n<\/td>\n<\/tr>\n

\n

Diluted Distributable Earnings per common share<\/b><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.37\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1.49\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210730005142\/en\/<\/a><\/span><\/p>\n

INVESTOR RELATIONS<\/b><\/p>\n

\nAres Commercial Real Estate Corporation
\n
Carl Drake or John Stilmar
\n
(888) 818-5298
\n
iracre@aresmgmt.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America New York<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Other Professional Services Other Construction & Property Commercial Building & Real Estate Finance Construction & Property<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Ares Commercial Real Estate Corporation Reports Second Quarter 2021 Results Second quarter GAAP net income of $17.6 million or $0.43 per diluted common share and Distributable Earnings(1)\u00a0of $15.1 million or $0.37 per diluted common share Closed $311 million of new loan commitments – Subsequent to end of second quarter – Declared third quarter 2021 dividend of $0.33 per diluted common share and a supplemental dividend of $0.02 per diluted common share Closed $254 million of new loan commitments NEW YORK–(BUSINESS WIRE)– Ares Commercial Real Estate Corporation (the \u201cCompany\u201d) (NYSE:ACRE), a specialty finance company engaged in originating and investing in commercial real estate assets, reported generally accepted accounting principles (\u201cGAAP\u201d) net income of $17.6 million or $0.43 per diluted common share … <\/p>\n

Continue reading “Ares Commercial Real Estate Corporation Reports Second Quarter 2021 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-520571","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nAres Commercial Real Estate Corporation Reports Second Quarter 2021 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ares-commercial-real-estate-corporation-reports-second-quarter-2021-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ares Commercial Real Estate Corporation Reports Second Quarter 2021 Results - 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