Ares Commercial Real Estate financials
$4.110.00%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.4M | $17.9M | $4.0M | $2.7M | $18.5M | $13.6M | $25.1M | $0.00 | $0.00 | — |
| Gross profit | $22.4M | $17.9M | $4.0M | $2.7M | $18.5M | $13.6M | $25.1M | $0.00 | $0.00 | — |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | — | — |
| Operating income | -$19.0M | -$20.0M | -$24.5M | -$30.1M | -$22.4M | -$22.7M | -$14.7M | -$16.2M | -$15.0M | -$14.4M |
| Net income | -$902.0K | -$35.0M | -$38.9M | $29.8M | $60.5M | $21.8M | $37.0M | $38.6M | $30.4M | $40.3M |
| Net margin | −4.0% | −195.3% | −979.0% | 1114.7% | 326.5% | 160.7% | 147.6% | — | — | — |
| Diluted EPS | $-0.02 | $-0.64 | $-0.72 | $0.57 | $1.42 | $0.66 | $1.28 | $1.35 | $1.07 | $1.41 |
| EBITDA | -$10.5M | -$15.3M | -$23.5M | -$31.1M | -$21.5M | -$21.8M | -$14.0M | -$16.2M | -$15.0M | -$14.3M |
| Operating cash flow | $21.4M | $35.5M | $46.8M | $57.2M | $48.4M | $128.4M | $32.5M | $39.2M | $31.3M | -$4.5M |
| Free cash flow | $19.7M | $35.2M | $46.8M | $57.2M | $48.4M | — | — | — | — | — |
| Diluted shares | 54.9M | 54.4M | 54.3M | 52.1M | 42.7M | 33.2M | 28.8M | 28.7M | 28.6M | 28.5M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $29.3M | $63.8M | $110.5M | $141.3M | $50.6M | $74.8M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $1.05B | $1.17B | $1.62B | $1.74B | $1.92B | $1.43B |
| Total assets | $1.62B | $1.75B | $2.28B | $2.52B | $2.63B | $1.93B |
| Total liabilities | $1.11B | $1.21B | $1.65B | $1.78B | $1.95B | $1.46B |
| Shareholders' equity | $509.6M | $540.1M | $625.8M | $747.5M | $678.6M | $473.0M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology