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Ares Commercial Real Estate
Ares Commercial Real Estate (ACRE) investor relations material
Ares Commercial Real Estate Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Reported GAAP net income of $5 million ($0.08 per diluted share) for Q3 2025, reversing a prior year loss, with distributable earnings of $6 million ($0.10 per diluted share) and $7 million ($0.13 per share) excluding realized losses.
Book value per share was $9.47 at quarter-end, with a declared Q4 dividend of $0.15 per share (annualized yield ~14%).
Sequential earnings growth, stable CECL reserves, and consistent book value per share were achieved while reducing net debt-to-equity ratio.
Over $360 million in new loan commitments since the start of Q3, with $271 million closed after quarter-end.
Nearly $500 million in repayments collected year-to-date, enhancing liquidity.
Financial highlights
Net interest margin for Q3 2025 was $8.5 million, with total revenue of $14.1 million and interest income of $23.3 million.
Available capital stood at $173 million, including $88 million in cash as of September 30, 2025.
Outstanding borrowings reduced to $811 million, down 9% quarter-over-quarter and 40% year-over-year.
Loans held for investment at September 30, 2025: $1.23 billion carrying amount, $1.29 billion principal.
Book value stood at $521 million ($9.47 per share), or $11.60 per share excluding CECL reserve.
Outlook and guidance
Focused on resolving non-accrual and risk-rated 4 and 5 loans (~$170 million carrying value) and redeploying capital to expand the loan portfolio.
Targeting a return to portfolio growth in the first half of 2026.
Management anticipates additional repayments will further increase liquidity and support more investment activity.
The board extended the $50 million stock repurchase program through July 2026.
Primary sources of cash expected to be sufficient for operating and investing activities for at least the next 12 months.
Risk rated 4/5 loan exposure update?
Available capital deployment for new commitments?
Future CECL reserve adjustments outlook?
How do co-investments shape ACRE's portfolio?
Strategy for risk 4/5 loan resolution?
What defines the improved risk profile of new loans?
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Next Ares Commercial Real Estate earnings date
Q4 202510 Feb, 2026
Ares Commercial Real Estate
Next Ares Commercial Real Estate earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
Ares Commercial Real Estate Corporation, a specialty finance company, originates and invests in commercial real estate (CRE) loans and related investments in the United States. It focuses on directly originating, acquiring, financing, and managing CRE senior loans, subordinate financings, and other CRE debt and equity investments through its national direct origination platform
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