Ares Commercial Real Estate (ACRE) financial statements
Ares Commercial Real Estate reported revenue of $55M in fiscal 2025, up 2.2% a year over 9 years.
Net income was -$902,000.
Free cash flow was $20M, and the company returned $39M in dividends.
The diluted share count rose 92% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ares Commercial Real Estate's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45M | $46M | $55M | $77M | $83M | $102M | $107M | $93M | $70M | $55M |
| Selling, general and admin | $3M | $3M | $3M | $4M | $4M | $5M | $6M | $7M | $8M | $7M |
| Pre-tax income | $31M | $31M | $39M | $38M | $22M | $61M | $30M | -$39M | -$35M | -$617,000 |
| Income tax | $230,000 | $178,000 | $446,000 | $515,000 | $352,000 | $722,000 | $472,000 | -$39,000 | -$18,000 | $285,000 |
| Net income | $45M | $30M | $39M | $37M | $22M | $60M | $30M | -$39M | -$35M | -$902,000 |
| EPS (diluted) | $1.41 | $1.07 | $1.35 | — | — | — | — | — | — | — |
| Diluted shares | 29M | 29M | 29M | 29M | 33M | 43M | 52M | 54M | 54M | 55M |
| Net margin | 99.5% | 65.6% | 69.8% | 47.9% | 26.4% | 59.2% | 27.9% | -41.8% | -50.2% | -1.6% |
Balance sheet
Fiscal years, from Ares Commercial Real Estate's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $47M | $28M | $11M | $5M | $75M | $51M | $141M | $110M | $64M | $29M |
| 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 |
| Net debt | -$47M | -$28M | -$11M | -$5M | -$75M | -$51M | -$141M | -$110M | -$64M | -$29M |
Cash flow
Fiscal years, from Ares Commercial Real Estate's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4M | $31M | $39M | $32M | $32M | $48M | $57M | $47M | $36M | $21M |
| Capital spending | — | — | — | — | — | — | — | $0 | $358,000 | $2M |
| Free cash flow | — | — | — | — | — | — | — | $47M | $35M | $20M |
| Stock-based compensation | $312,000 | $581,000 | $1M | $2M | $1M | $2M | $3M | $4M | $5M | $4M |
| Dividends paid | $29M | $31M | $32M | $37M | $43M | $58M | $72M | $76M | $60M | $39M |
| Share buybacks (net) | -$1M | $0 | $0 | — | — | $0 | $0 | -$5M | $0 | $0 |
| Net borrowing | $80M | $273M | $0 | $173M | — | — | — | — | — | — |
| Free cash flow margin | — | — | — | — | — | — | — | 50.4% | 50.5% | 36.0% |
| Dividends per share | $1.03 | $1.07 | $1.12 | $1.30 | $1.29 | $1.37 | $1.38 | $1.40 | $1.10 | $0.71 |
Questions
What was Ares Commercial Real Estate's revenue in 2025?
$55M in fiscal 2025, from its 10-K filing.
How much free cash flow does Ares Commercial Real Estate generate?
$20M in fiscal 2025 (operating cash flow minus capital spending).
From Ares Commercial Real Estate's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.