Ares Commercial Real Estate Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ares Commercial Real Estate Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	45.1	46.3	55.3	77.3	82.7	102	107	92.9	69.7	54.8
General and administrative	2.8	2.83	3.31	4.19	3.73	4.74	6.39	7.24	7.82	7.04
Pre-tax income	30.7	30.6	39	37.5	22.2	61.2	30.3	-38.9	-35	-0.62
Income tax	0.23	0.18	0.45	0.52	0.35	0.72	0.47	-0.04	-0.02	0.29
Income from continuing operations	25.9	30.4	38.6	37	21.8	60.5
Net income to minority interests	4.53	0.03	0	0
Net income	44.9	30.4	38.6	37	21.8	60.5	29.8	-38.9	-35	-0.9
EPS, basic	1.42	1.07	1.35
EPS, diluted	1.41	1.07	1.35
Shares, basic (weighted)	28.5	28.5	28.5	28.6	33	42.4	51.7	54.3	54.4	54.9
Shares, diluted (weighted)	28.5	28.6	28.7	28.8	33.2	42.7	52.1	54.3	54.4	54.9
Dividend per share	1.04	1.08	1.16	1.32	1.32	1.40	1.40	1.36	1.00	0.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	47.3	28.3	11.1	5.26	74.8	50.6	141	110	63.8	29.3
Total assets	1,374	1,770	1,603	1,784	1,929	2,632	2,523	2,280	1,751	1,618
Total liabilities	944	1,351	1,178	1,358	1,456	1,953	1,775	1,654	1,211	1,109
Total debt	936	1,068	888	895	929	1,041	960	895	718	948
Paid-in capital	420	421	422	424	498	704	813	812	817	821
Retained earnings	-1.31	-1.75	3.57	2.44	-25.1	-28.6	-73.3	-187	-277	-312
Other comprehensive income					0	2.84	7.54	0.15	0.04	0
Shareholders' equity	419	419	426	426	473	679	748	626	540	510
Total equity	430	419	426	426	473	679	748	626	540	510
Total liabilities and equity	1,374	1,770	1,603	1,784	1,929	2,632	2,523	2,280	1,751	1,618
Shares outstanding	28.6	28.6	28.8	28.9	33.4	47.1	54.4	54.1	54.5	55

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	44.9	30.4	38.6	37	21.8	60.5	29.8	-38.9	-35	-0.9
Depreciation and amortization	0.17	0	0	0.67	0.89	0.83	0	1.02	4.76	8.47
Stock-based compensation	0.31	0.58	1.1	1.88	1.34	1.94	2.88	3.99	4.74	3.9
Deferred income tax	2.05	0	0
Cash from operations	-4.49	31.3	39.2	32.5	31.8	48.4	57.2	46.8	35.5	21.4
Acquisitions	90
Purchases of investments					0	0	-27.9	0	0
Sales and maturities of investments							0	0	19.3	8.67
Cash from investing	-60.3	-406	158	-174	-81.9	-700	193	127	428	148
Debt issued	80	273	0	173
Share buybacks	-1.44	0	0			0	0	-4.6	0	0
Dividends paid	-29.4	-30.5	-32.1	-37.5	-42.8	-58.4	-71.8	-76	-59.6	-39
Cash from financing	73.1	356	-214	136	119	627	-160	-205	-508	-169
Net change in cash	8.27	-18.9	-17.3	-5.83	69.1	-24.2	90.7	-30.8	-44.2	0.86
Interest paid	30.1	41.9	56.7	54.6	46.1	40.1	57.8	104	103	61.1
Income taxes paid	0	0.24	0.36	0.67	0.4	1.41	0.25	0.38	0	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.19 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	-7.7%	Pre-tax income / revenue.
Net margin	-8.0%	Net income / revenue.
Operating cash flow margin	27.9%	Cash from operations / revenue.
Return on equity (ROE)	-0.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.2%	Net income / average total assets.
Stock-based pay / revenue	6.7%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	9.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-21.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-19.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-7.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-39.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-28.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-7.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-40.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-24.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-14.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-5.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-12.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-7.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-13.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	10.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	73.1%	Total liabilities / total assets.
Tangible book value	$489.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.03x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.98	Revenue / diluted weighted shares.
Operating cash flow per share	$0.27	Cash from operations / diluted weighted shares.
Book value per share	$8.82	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.82	Tangible book value / shares outstanding.
Cash per share	$0.32	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$232.5M	Share price x shares outstanding.
Enterprise value	$214.9M	Market cap + total debt - cash - short-term investments.
P/S	4.22x	Market cap / revenue.
P/B	0.48x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.48x	Market cap / tangible book value, when positive.
P/OCF	15.1x	Market cap / cash from operations, when positive.
EV/Sales	3.90x	Enterprise value / revenue.
Earnings yield	-1.9%	Net income / market cap (the inverse of P/E).
Dividend yield	14.5%	Dividends paid over the period / market cap.
Shareholder yield	14.5%	(Dividends paid + share buybacks) / market cap.

What was Ares Commercial Real Estate Corp's revenue in fiscal 2025?

Ares Commercial Real Estate Corp reported revenue of $54.8M for fiscal 2025, 21.3% lower than the year before.

Was Ares Commercial Real Estate Corp profitable in fiscal 2025?

No. It reported a net loss of $902.0K.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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