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    Ares Commercial Real Estate (ACRE)

    Market Price (11/3/2026): $3.34 | Market Cap: $185.3 MilSector: Financials | Industry: Mortgage REITs

    Ares Commercial Real Estate (ACRE)

    Market Price (11/3/2026): $3.34
    Market Cap: $185.3 Mil
    Sector: Financials
    Industry: Mortgage REITs

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 18%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.8%, FCF Yield is 7.0%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 978%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -74%

    Low stock price volatility
    Vol 12M is 37%

    Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, and E-commerce Logistics & Data Centers. Themes include Private Credit, E-commerce Logistics, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -60%, 3Y Excs Rtn is -125%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 658%

    Key risks
    ACRE key risks include [1] a heavy portfolio concentration in the distressed office sector, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 18%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.8%, FCF Yield is 7.0%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 978%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 25%
    3 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -74%
    4 Low stock price volatility
    Vol 12M is 37%
    5 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, and E-commerce Logistics & Data Centers. Themes include Private Credit, E-commerce Logistics, Show more.
    6 Weak multi-year price returns
    2Y Excs Rtn is -60%, 3Y Excs Rtn is -125%
    7 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 658%
    8 Key risks
    ACRE key risks include [1] a heavy portfolio concentration in the distressed office sector, Show more.

    ACRE in ETFs

    Weight = ACRE's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.01%
    IWN0.01%
    VTWO0.01%
    IWV0.00%

    Valuation & Metrics

    FYE: 12/31ACRE [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$52.9 Mil—
    FY 2026 Sales$50.9 Mil—
    FY 2027 Sales$55.9 Mil—
    FY 2026 Sales Growth-3.7%—
    FY 2027 Sales Growth9.8%8.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$-4.4 Mil—
    FY 2026 Net Income (Non-GAAP)$14.9 Mil—
    FY 2027 Net Income (Non-GAAP)$20.1 Mil—
    FY 2027 Net Income Growth34.9%14.0%
    FY 2026 EPS (Non-GAAP)$0.25—
    FY 2027 EPS (Non-GAAP)$0.37—
    FY 2027 EPS Growth45.6%—
    VALUATION
    FY 2026 P/S3.63.1
    FY 2027 P/S3.3—
    FY 2026 P/E12.518.0
    FY 2027 P/E9.2—

    [1] ACRE forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    ACRES&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.1
    Rev Chg Q170.3%8.9%
    Rev Chg LTM977.6%8.5%
    Rev Chg 3Y Avg278.9%6.2%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)-0.0
    CFO/Rev LTM29.1%21.6%
    Net Inc Mgn-8.4%13.4%
    VALUATIONMODERATE
    P/S3.53.3
    P/CFO12.015.2
    P/FCF14.020.4
    P/E-41.722.8

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    MetricValueDateSource
    Total Originated Commitments1.5 billion6302025Link
    Number of Loans266302025Link
    Portfolio Principal Balance2.2 billion12312023Link
    Percentage of Senior Loans98%12312023Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/1/2026

    Ares Commercial Real Estate (ACRE) stock has lost about 15% since 7/31/2026 because of the following key factors:

    1. Macroeconomic headwinds from rising interest rates contributed significantly to the stock's decline. The Federal Reserve's decision to raise its benchmark interest rate by 25 basis points in September 2026, pushing it to 3.75%-4.0%, has increased borrowing costs across the economy. This, in turn, led to average 30-year fixed mortgage rates climbing above 7% in late September, a notable increase from 5.98% earlier in fiscal year 2026. For a commercial real estate (CRE) lender like Ares Commercial Real Estate, higher interest rates make new loans more expensive for clients and can negatively impact the valuation of existing loan portfolios. Furthermore, rising Treasury yields have narrowed the premium for owning real estate over bonds to one of its thinnest levels in a decade, creating a potential headwind for future CRE valuations.

    2. Anticipated weaker fiscal Q3 2026 earnings and negative analyst sentiment likely weighed on investor confidence. While Ares Commercial Real Estate reported strong fiscal Q2 2026 (ended June 30, 2026) earnings of $0.12 EPS, beating consensus estimates of $0.04 EPS, analysts are projecting a significant drop for the upcoming fiscal Q3 2026. The consensus expectation for fiscal Q3 2026 earnings, to be reported on November 6, 2026, is $0.0435 per share on revenue of $12.87 million, substantially lower than the previous quarter's performance. This forward-looking concern is compounded by analysts' collective "Reduce" rating for ACRE shares and recent price target cuts, with some lowering targets to $4.50 per share from $5.50 in October 2026.

    Show more
    Updated on 11/1/2026

    Ares Commercial Real Estate (ACRE) stock has lost about 15% since 7/31/2026 because of the following key factors:

    1. Macroeconomic headwinds from rising interest rates contributed significantly to the stock's decline. The Federal Reserve's decision to raise its benchmark interest rate by 25 basis points in September 2026, pushing it to 3.75%-4.0%, has increased borrowing costs across the economy. This, in turn, led to average 30-year fixed mortgage rates climbing above 7% in late September, a notable increase from 5.98% earlier in fiscal year 2026. For a commercial real estate (CRE) lender like Ares Commercial Real Estate, higher interest rates make new loans more expensive for clients and can negatively impact the valuation of existing loan portfolios. Furthermore, rising Treasury yields have narrowed the premium for owning real estate over bonds to one of its thinnest levels in a decade, creating a potential headwind for future CRE valuations.

    2. Anticipated weaker fiscal Q3 2026 earnings and negative analyst sentiment likely weighed on investor confidence. While Ares Commercial Real Estate reported strong fiscal Q2 2026 (ended June 30, 2026) earnings of $0.12 EPS, beating consensus estimates of $0.04 EPS, analysts are projecting a significant drop for the upcoming fiscal Q3 2026. The consensus expectation for fiscal Q3 2026 earnings, to be reported on November 6, 2026, is $0.0435 per share on revenue of $12.87 million, substantially lower than the previous quarter's performance. This forward-looking concern is compounded by analysts' collective "Reduce" rating for ACRE shares and recent price target cuts, with some lowering targets to $4.50 per share from $5.50 in October 2026.

    3. Concerns regarding the sustainability of ACRE's dividend payments have deterred investors. Despite a high forward dividend yield of 17.6% to 18.07% as of October 2026, the company's dividend payout ratio is negative at -750.00%. This signals that the company is currently paying out more in dividends than it earns, raising questions about the long-term viability of its distributions. Furthermore, Ares Commercial Real Estate has cut its dividend twice in the last three years, which can erode investor trust, particularly for a real estate investment trust (REIT) where consistent income is a primary attraction.

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    Stock Movement Drivers

    Fundamental Drivers

    The -16.7% change in ACRE stock from 7/31/2026 to 11/2/2026 was primarily driven by a -71.4% change in the company's P/S Multiple.
    (LTM values as of)731202611022026Change
    Stock Price ($)4.103.42-16.7%
    Change Contribution By: 
    Total Revenues ($ Mil)1853192.0%
    P/S Multiple12.53.6-71.4%
    Shares Outstanding (Mil)5555-0.1%
    Cumulative Contribution-16.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/2/2026
    ReturnCorrelation
    ACRE-16.7% 
    Market (SPY)0.7%29.2%
    Sector (XLF)1.1%19.5%

    Fundamental Drivers

    The -29.8% change in ACRE stock from 4/30/2026 to 11/2/2026 was primarily driven by a -69.3% change in the company's P/S Multiple.
    (LTM values as of)430202611022026Change
    Stock Price ($)4.873.42-29.8%
    Change Contribution By: 
    Total Revenues ($ Mil)2353130.6%
    P/S Multiple11.73.6-69.3%
    Shares Outstanding (Mil)5555-0.7%
    Cumulative Contribution-29.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/2/2026
    ReturnCorrelation
    ACRE-29.8% 
    Market (SPY)4.9%24.6%
    Sector (XLF)10.8%29.5%

    Fundamental Drivers

    The -12.4% change in ACRE stock from 10/31/2025 to 11/2/2026 was primarily driven by a -91.8% change in the company's P/S Multiple.
    (LTM values as of)1031202511022026Change
    Stock Price ($)3.903.42-12.4%
    Change Contribution By: 
    Total Revenues ($ Mil)553977.6%
    P/S Multiple43.63.6-91.8%
    Shares Outstanding (Mil)5555-0.9%
    Cumulative Contribution-12.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/2/2026
    ReturnCorrelation
    ACRE-12.4% 
    Market (SPY)11.2%27.6%
    Sector (XLF)11.3%33.4%

    Fundamental Drivers

    The -43.9% change in ACRE stock from 10/31/2023 to 11/2/2026 was primarily driven by a -48.9% change in the company's Total Revenues ($ Mil).
    (LTM values as of)1031202311022026Change
    Stock Price ($)6.103.42-43.9%
    Change Contribution By: 
    Total Revenues ($ Mil)10453-48.9%
    P/S Multiple3.23.611.8%
    Shares Outstanding (Mil)5455-1.8%
    Cumulative Contribution-43.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/2/2026
    ReturnCorrelation
    ACRE-43.9% 
    Market (SPY)86.0%38.3%
    Sector (XLF)85.7%40.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    ACRE Return34%-20%16%-34%-8%-21%-41%
    Peers Return26%-19%17%-9%7%-35%-24%
    S&P 500 Return27%-19%24%23%16%10%101%

    Monthly Win Rates [3]
    ACRE Win Rate67%42%50%42%33%36% 
    Peers Win Rate62%48%53%50%53%35% 
    S&P 500 Win Rate75%42%67%75%67%36% 

    Max Drawdowns [4]
    ACRE Max Drawdown-15%-34%-36%-37%-41%-39% 
    Peers Max Drawdown-15%-31%-29%-21%-19%-42% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: STWD, BXMT, ARI, KREF, LADR. See ACRE Returns vs. Peers.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/2/2026 (YTD)

    How Low Can It Go

    EventACRES&P 500
    2025 US Tariff Shock
      % Loss-29.1%-18.8%
      % Gain to Breakeven41.1%23.1%
      Time to Breakeven26 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-12.5%-9.5%
      % Gain to Breakeven14.3%10.5%
      Time to Breakeven42 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-32.6%-6.7%
      % Gain to Breakeven48.4%7.1%
      Time to Breakeven224 days31 days
    2020 COVID-19 Crash
      % Loss-74.7%-33.7%
      % Gain to Breakeven295.4%50.9%
      Time to Breakeven362 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-28.1%-12.2%
      % Gain to Breakeven39.1%13.9%
      Time to Breakeven119 days62 days
    2014-2016 Oil Price Collapse
      % Loss-18.6%-6.8%
      % Gain to Breakeven22.8%7.3%
      Time to Breakeven40 days15 days

    Compare to STWD, BXMT, ARI, KREF, LADR

    In The Past

    Ares Commercial Real Estate's stock fell -29.1% during the 2025 US Tariff Shock. Such a loss loss requires a 41.1% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventACRES&P 500
    2025 US Tariff Shock
      % Loss-29.1%-18.8%
      % Gain to Breakeven41.1%23.1%
      Time to Breakeven26 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-32.6%-6.7%
      % Gain to Breakeven48.4%7.1%
      Time to Breakeven224 days31 days
    2020 COVID-19 Crash
      % Loss-74.7%-33.7%
      % Gain to Breakeven295.4%50.9%
      Time to Breakeven362 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-28.1%-12.2%
      % Gain to Breakeven39.1%13.9%
      Time to Breakeven119 days62 days
    2013 Taper Tantrum
      % Loss-24.2%-0.2%
      % Gain to Breakeven31.9%0.2%
      Time to Breakeven1049 days1 days

    Compare to STWD, BXMT, ARI, KREF, LADR

    In The Past

    Ares Commercial Real Estate's stock fell -29.1% during the 2025 US Tariff Shock. Such a loss loss requires a 41.1% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Ares Commercial Real Estate (ACRE)

    Ares Commercial Real Estate Corporation (ACRE) is a specialty finance company operating as a Real Estate Investment Trust (REIT) focused on the U.S. commercial real estate (CRE) market. The company's core business involves originating and investing in a variety of loans and related financial instruments designed for owners, operators, and sponsors of commercial properties across the United States. As a REIT, ACRE is structured to invest in income-producing real estate and real estate-related assets, distributing a significant portion of its taxable income to shareholders.

    ACRE provides a comprehensive suite of financing solutions, including senior mortgage loans which typically hold a primary lien position, as well as subordinate debt products like mezzanine loans that sit lower in the capital structure. Additionally, the company offers real estate preferred equity investments and invests in other CRE-related securities, such as commercial mortgage-backed securities (CMBS), diversifying its portfolio. These products and services cater directly to entities seeking capital for the acquisition, development, or refinancing of commercial properties within the U.S.

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    Here are 1-3 brief analogies for Ares Commercial Real Estate (ACRE):

    • It's like Wells Fargo for commercial real estate loans.
    • Think of it as Goldman Sachs' commercial real estate lending division, but as a dedicated public company.

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    • Senior Mortgage Loans: Primary debt instruments secured by commercial real estate properties.
    • Subordinate Debt Products: Loans that hold a lower repayment priority compared to senior debt.
    • Mezzanine Loans: Hybrid financing solutions that combine characteristics of both debt and equity for commercial real estate projects.
    • Real Estate Preferred Equity Investments: Equity investments that provide preferential rights in dividend payments and asset liquidation.
    • Commercial Mortgage-Backed Securities (CMBS): Investments in diversified pools of commercial real estate mortgages.
    • Other CRE Investments: Various additional investment vehicles related to commercial real estate.

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    Ares Commercial Real Estate (ACRE) sells its financing solutions primarily to other companies and business entities. Due to the nature of commercial real estate lending, ACRE's specific borrowers (its customers) are generally not publicly disclosed. However, based on the company's description, its major customers fall into the following categories:
    • Owners of Commercial Real Estate (CRE) Properties: These are typically institutional investors, real estate funds, or private companies that own and hold commercial properties such as office buildings, multi-family residential complexes, industrial facilities, and retail centers. They seek financing for acquisitions, refinancing, or capital improvements.
    • Operators of CRE Properties: Companies that manage and operate commercial real estate assets often look for financing solutions to optimize their property portfolios, fund operational enhancements, or support strategic growth initiatives.
    • Sponsors of CRE Properties: This category includes real estate developers, private equity firms, and other institutional sponsors who initiate and manage commercial real estate projects. They require various forms of debt and equity financing (senior mortgage loans, mezzanine loans, preferred equity) for property development, value-add acquisitions, and repositioning strategies.

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    • Ares Management Corporation ARES

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    Bryan Donohoe Chief Executive Officer and Director

    Mr. Donohoe was appointed Chief Executive Officer in December 2019. He also serves as a Partner and Head of US Debt in Ares Real Estate, and is a member of the Ares Real Estate Global and Debt Investment Committees. Prior to joining Ares in 2019, Mr. Donohoe was a Managing Director for Commercial Real Estate Debt at AllianceBernstein. From 2010 to 2013, he was a Senior Professional at Ranieri Real Estate Partners. He also spent approximately 10 years at Deutsche Bank, where he focused on originating, structuring, and closing first mortgage loans. As part of Ares Management, a global alternative investment manager, he is involved with a company associated with private equity activities.

    Jeffrey Michael Gonzales Chief Financial Officer, Treasurer and Principal Accounting Officer

    Mr. Gonzales is a Managing Director in the Ares Finance and Accounting Department. He was appointed Chief Financial Officer effective August 30, 2024, having previously served as Controller. Before joining Ares in 2013, Mr. Gonzales worked in the Financial Services Assurance Practice of Deloitte & Touche LLP. He is a Certified Public Accountant. As part of Ares Management, a global alternative investment manager, he is involved with a company associated with private equity activities.

    Tae-Sik Yoon Chief Operating Officer

    Mr. Yoon was appointed Chief Operating Officer effective August 30, 2024, after having served as Chief Financial Officer and Treasurer since July 2012. He is also a Partner and Chief Financial Officer of Ares Real Estate and Private Equity Groups and serves on the Ares Real Estate Global and Debt Investment Committees. Prior to joining Ares in 2012, Mr. Yoon was a Senior Vice President of Akridge and held various positions at J.E. Robert Companies, Inc., including Managing Director and Chief Financial Officer. He also worked in the real estate investment banking group at Morgan Stanley & Co. and was an attorney at Williams & Connolly LLP.

    Carl G. Drake Partner, Senior Advisor

    Mr. Drake is a Partner and Senior Advisor in the Ares Public Markets Investor Relations Group. He formerly served as Head of Public Markets Investor Relations and Corporate Communications. Prior to joining Ares in 2008, he was a Managing Director in Equity Research at SunTrust Robinson Humphrey, where he covered financial services companies, and earlier served as a Vice President in Investment Banking. Additionally, Mr. Drake served as a Vice President at Creditanstalt Corporate Finance Inc., an Assistant Vice President at General Electric Capital Corporation, and a Financial Analyst at Metropolitan Life.

    Andrew Holm Partner, Head of U.S. Diversified Equity for Ares Real Estate

    Mr. Holm is a Partner in the Ares Real Estate Group, where he serves as a Co-Portfolio Manager of the U.S. opportunity funds and leads the group's equity investment activities. He also serves as a member of the Ares Real Estate Global and the Real Estate Debt Investment Committees. Prior to joining Ares in 2013, Mr. Holm was a Principal at AREA Property Partners, where he focused on sourcing and executing real estate investments across asset classes for AREA's equity and mezzanine debt businesses. Previously, he was an Analyst at Lazard in the real estate investment banking group.

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    Key Risks to Ares Commercial Real Estate (ACRE)

    1. Declining Commercial Real Estate Values and Increased Defaults: Ares Commercial Real Estate faces significant risks due to a potential global economic slowdown and declines in overall real estate values, which could impair its investments and adversely affect business operations. The commercial real estate (CRE) market has experienced strains from the rise in remote work, increasing interest rates, and declining property prices, making it difficult for borrowers to repay their loans and potentially leading to losses for lenders like ACRE. Rising delinquencies and defaults in commercial real estate are a growing concern.
    2. Exposure to the Distressed Office Property Sector: A significant portion of ACRE's portfolio has a heavy concentration in the office property sector, which is currently distressed. Office properties are particularly vulnerable due to the ongoing impact of increased remote work, leading to higher vacancy rates and a greater likelihood of defaults. In 2023, office loans constituted 37% of ACRE's portfolio. The challenges in the office market continue to be significant due to changes in work patterns and lifestyles.
    3. Interest Rate Fluctuations and High Leverage: The company is exposed to risks from changes in interest rates and credit spreads, which can impact its financial condition. Rising interest rates can increase ACRE's financing costs and reduce income from its floating-rate investments, thereby affecting its net interest margins. Furthermore, high debt levels contribute to ACRE's poor financial strength, with a debt-to-equity ratio of 1.56, indicating significant leverage that poses risks in a volatile market environment.
    ```

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    Ares Commercial Real Estate Corporation (ACRE) operates within the U.S. commercial real estate (CRE) finance market, originating and investing in various debt and equity products. The addressable markets for its main products and services are as follows:

    • Overall Commercial Real Estate (CRE) Debt Market: The total outstanding commercial/multifamily mortgage debt in the United States reached approximately $4.81 trillion at the end of the first quarter of 2025. As of the second quarter of 2025, total outstanding commercial real estate debt stood at $4.8 trillion. Commercial banks hold the largest share of these mortgages, at $1.8 trillion, representing 38% of the total, as of Q1 2025.
    • Senior Mortgage Loans: As a primary component of the CRE debt market, senior mortgage loans are part of the overall commercial mortgage debt outstanding. In 2024, first liens accounted for 92% of the dollar volume closed by commercial mortgage bankers, with total CRE mortgage borrowing and lending estimated at $498 billion.
    • Mezzanine Loans, Subordinate Debt Products, and Real Estate Preferred Equity Investments: These products fall under the broader category of mezzanine finance or junior capital. The global mezzanine finance market was valued at approximately $197.52 billion in 2024 and is projected to grow to $212.58 billion in 2025. North America represents the largest market for mezzanine finance, accounting for approximately 60% of the global share.
    • Commercial Mortgage-Backed Securities (CMBS): The U.S. CMBS market had a market capitalization of around $1.8 trillion as of December 31, 2025. As of the first quarter of 2025, CMBS, collateralized debt obligation (CDO), and other asset-backed securities (ABS) issues held $642 billion (13%) of commercial/multifamily mortgages in the U.S. Additionally, domestic, private-label CMBS issuance increased to $125.6 billion in 2025.

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    Expected Drivers of Future Revenue Growth for Ares Commercial Real Estate (ACRE)

    Over the next 2-3 years, Ares Commercial Real Estate (ACRE) anticipates several key drivers to fuel its revenue growth:

    1. Increased Loan Origination and Portfolio Expansion: ACRE has resumed investment activity, with significant new loan commitments in 2025, particularly in residential and industrial properties, leading to portfolio growth. The company aims to expand its loan portfolio to approximately $2 billion, with expectations for net portfolio growth of $500 million to $700 million in 2026.
    2. Resolution of Risk-Rated Loans and Portfolio Repositioning: A key focus for ACRE is the resolution of its risk-rated 4 and 5 loans, including specific assets like the Brooklyn residential condo project, with sales anticipated to begin in 2026. This strategy is expected to free up capital and allow for reinvestment, significantly contributing to future earnings growth.
    3. Strategic Shift Towards Residential and Industrial Properties: ACRE is actively rebalancing its portfolio by prioritizing originations in non-office sectors, such as residential, industrial, and self-storage, due to their enhanced risk-adjusted return potential. The company has reduced its office loan exposure and plans no new commitments for office properties, aiming to return the portfolio mix to historically higher percentages of multifamily assets.
    4. Increased Leverage to Support Investment Activity: Management has indicated a strategy to increase leverage to 2.0x in the near term and target a long-term debt-to-equity ratio of 3.0x. This increased leverage is intended to support continued investment in new loans and help the company achieve its historical return on equity.
    5. Leveraging the Broader Ares Real Estate Platform and Co-investment Opportunities: ACRE plans to continue benefiting from the extensive capabilities, scale, and debt capacity of the broader Ares real estate platform. A significant portion of its new loan commitments in 2025 were co-investments alongside other Ares-affiliated vehicles, a strategy expected to enhance sourcing and credit capabilities for future growth.

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    Share Repurchases

    • Ares Commercial Real Estate extended its stock repurchase program, authorizing up to $50 million in share repurchases until July 31, 2026.
    • No shares were repurchased during 2025.

    Share Issuance

    • In 2021, the company raised accretive equity to support increased investment activity and enhance earnings.
    • In the third quarter of 2021, ACRE fully deployed proceeds from its June equity offering, which enabled a more than 30% growth in its loan portfolio.
    • Shares outstanding were 55,026,453 as of November 4, 2025.

    Inbound Investments

    • More than 60% of commitments originated in fiscal year 2025 were co-invested alongside other Ares managed funds.
    • More than half of the dollars committed in new loans in 2025 represented co-investment opportunities alongside other Ares management affiliated vehicles, leveraging the broader Ares real estate platform.
    • ACRE is externally managed by a subsidiary of Ares Management Corporation (NYSE: ARES), a global alternative investment manager with approximately $623 billion of assets under management as of December 31, 2025.

    Outbound Investments

    • Ares Commercial Real Estate closed a record $1.4 billion of new loan commitments in 2021.
    • In 2025, ACRE closed 13 new loan commitments totaling $486 million, with over 50% collateralized by residential and industrial properties.
    • In the fourth quarter of 2025, the company closed eight new loan commitments totaling $393 million, contributing to a portfolio balance of $1.6 billion, a 24% increase versus year-end 2024.

    Peer Outperformance in Mortgage REITs

    ACRE has trailed 68% of its 34 Mortgage REITs peers over 5Y. Mortgage REITs ranks 17th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Mortgage REITs constituents that ACRE has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    64%
    of 36 industry peers · -12.4% return
    3Y
    20%
    of 35 industry peers · -48.4% return
    5Y
    32%
    of 34 industry peers · -57.9% return
    No Mortgage REITs peer with a comparable growth profile has beaten ACRE by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Mortgage REITs is ACRE's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 37.5%74.0%118.3% SPNT 170% · RGA 148% · RNR 138%
    Investment Banking & Brokerage 13 -1.9%90.1%92.3% IBKR 314% · SNEX 159% · HOOD 140%
    Diversified Banks 12 32.8%141.8%91.6% CM 142% · RY 130% · JPM 126%
    Life & Health Insurance 20 17.2%52.4%78.2% JXN 536% · UNM 303% · FG 188%
    Property & Casualty Insurance 42 21.7%72.7%65.0% PGR 176% · TRV 176% · ACGL 166%
    Multi-line Insurance 9 10.2%68.9%63.6% AIZ 100% · GNW 98% · L 97%
    Multi-Sector Holdings 3 9.8%52.4%57.5% BRK-B 93% · VOYA 57% · JEF 35%
    Regional Banks 262 34.5%91.3%53.5% CBC 263% · FCNCA 189% · NIC 146%
    Financial Exchanges & Data 15 19.8%33.8%32.6% CBOE 176% · VIRT 144% · CME 71%
    Insurance Brokers 15 5.3%11.6%26.0% LIFE 387% · ARX 89% · AJG 80%
    Asset Management & Custody Banks 85 -6.1%21.7%8.8% VCTR 257% · WT 230% · AAMI 191%
    Consumer Finance 30 5.9%72.9%5.4% ENVA 397% · FCFS 137% · AXP 101%
    Diversified Financial Services 4 -5.1%18.6%3.3% FRHC 171% · EQH 80%
    Commercial & Residential Mortgage Finance 14 -48.7%20.2%-0.2% FNMA 448% · FMCC 399% · ACT 167%
    Specialized Finance 3 8.4%31.0%-20.6% HASI -21% · CACC -28%
    Transaction & Payment Processing Services 17 15.8%17.6%-22.2% V 111% · MA 106% · CPAY 69%
    Mortgage REITs ← 35 -19.0%-7.6%-35.2% RITM 35% · DX 18% · AGNC 11%
    Diversified Capital Markets 20 -58.1%2.5%-68.4% LPLA 80% · TW 39% · WULF -60%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

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    Peer Comparisons

    Peers to compare with:

    Financials

    ACRESTWDBXMTARIKREFLADRMedian
    NameAres Com.Starwood.Blacksto.Apollo C.KKR Real.Ladder C. 
    Mkt Price3.3312.5511.092.335.149.157.15
    Mkt Cap0.24.61.90.30.31.10.7
    Rev LTM53812555-8545268161
    Op Inc LTM-------
    FCF LTM134813532198855
    FCF 3Y Avg28531323567410791
    CFO LTM151,09135386478887
    CFO 3Y Avg2975232316891107138

    Growth & Margins

    ACRESTWDBXMTARIKREFLADRMedian
    NameAres Com.Starwood.Blacksto.Apollo C.KKR Real.Ladder C. 
    Rev Chg LTM977.6%1.8%9.2%-154.5%-62.3%16.6%5.5%
    Rev Chg 3Y Avg278.9%-10.0%-6.7%-67.0%-32.7%-5.3%-8.4%
    Rev Chg Q170.3%-5.7%-41.2%-551.4%-28.8%96.2%-17.2%
    QoQ Delta Rev Chg LTM192.0%-1.2%-9.0%-132.4%-14.1%25.7%-5.1%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM29.1%134.4%63.6%-103.7%32.7%63.6%
    CFO/Rev 3Y Avg349.2%89.9%60.5%-85.6%39.5%85.6%
    FCF/Rev LTM25.0%59.3%63.6%-20.9%32.7%32.7%
    FCF/Rev 3Y Avg341.4%62.8%60.5%-55.4%39.5%60.5%

    Valuation

    ACRESTWDBXMTARIKREFLADRMedian
    NameAres Com.Starwood.Blacksto.Apollo C.KKR Real.Ladder C. 
    Mkt Cap0.24.61.90.30.31.10.7
    P/S3.55.73.4-6.54.24.2
    P/Op Inc-------
    P/EBIT-------
    P/E-41.620.2-5.02.3-1.511.50.4
    P/CFO12.04.25.33.56.313.05.8
    Total Yield15.4%20.1%-3.0%90.2%-48.0%18.7%17.1%
    Dividend Yield17.8%15.1%16.7%46.6%17.9%10.1%17.2%
    FCF Yield 3Y Avg9.6%8.5%12.4%4.6%10.4%8.0%9.0%
    D/E6.83.07.71.211.53.04.9
    Net D/E6.82.97.4-2.810.92.84.8

    Returns

    ACRESTWDBXMTARIKREFLADRMedian
    NameAres Com.Starwood.Blacksto.Apollo C.KKR Real.Ladder C. 
    1M Rtn-13.1%-3.8%1.7%-62.4%-16.6%6.2%-8.4%
    3M Rtn-18.7%-18.7%-20.9%-65.8%-27.8%-2.8%-19.8%
    6M Rtn-31.8%-25.8%-37.4%-78.8%-17.9%-5.5%-28.8%
    12M Rtn-14.7%-22.4%-32.7%-76.2%-30.2%-5.0%-26.3%
    3Y Rtn-49.8%-10.6%-28.7%-78.3%-40.0%11.2%-34.3%
    1M Excs Rtn-10.8%-1.5%4.0%-60.1%-14.3%8.5%-6.1%
    3M Excs Rtn-22.9%-17.6%-17.6%-63.1%-24.5%-0.1%-20.3%
    6M Excs Rtn-36.4%-30.5%-42.0%-83.6%-22.5%-10.2%-33.4%
    12M Excs Rtn-24.0%-32.6%-43.1%-87.3%-41.4%-15.6%-37.0%
    3Y Excs Rtn-124.8%-85.0%-102.7%-158.2%-114.0%-57.5%-108.3%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/4/20265/7/20262/10/202611/7/20258/5/20255/7/20252/12/202511/7/20248/6/20245/9/20242/22/202411/3/2023
    Key Financials Quarterly            
    Total Revenue14101612-2015-0110-261719
    Net Income4-10-45-119-11-6-6-12-399
    EPS0.08-0.17-0.070.08-0.200.17-0.20-0.11-0.11-0.23-0.730.17
    Key Financials TTM            
    Total Revenue TTM5318236526-15210358195
    Net Income TTM-4-20-1-8-18-13-35-64-49-45-393
    Growth Rates Quarterly            
    Total Revenue Growth170.3%-32.3%3359.6%14.5%-5084.1%157.4%-103.0%-42.7%-98.4%-224.7%-45.6%-30.3%
    Net Income Growth139.7%-202.8%63.8%179.1%-80.2%175.8%72.9%-164.0%-178.7%-91.4%-1454.4%1326.1%
    Margins Quarterly            
    Net Income Margin30.5%-94.9%-24.2%37.3%-62.5%--54.0%-1493.9%--238.0%48.3%
    Cash & Debt            
    Total Cash188629859813472969912813989
    Total Debt1,2631,2721,0478108889451,1721,3431,4571,4801,6171,644
    Net Debt / (Cash)1,2451,1851,0187257908111,1001,2471,3581,3521,4781,554
    Cash Flows Quarterly            
    FCF from Operations64-575458789111014
    Cash Flows TTM            
    FCF from Operations TTM15-4321242832363944474752
    Returns to Shareholders Quarterly            
    Dividends8888814141414181819
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC0.8%-1.9%-0.8%1.2%-2.7%2.3%-2.2%-1.1%-1.1%-2.3%-6.9%1.5%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-0.2%-1.0%-0.0%-0.5%-1.1%-0.8%-1.8%-3.1%-2.2%-2.1%-1.7%0.1%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Single Segment23-1581109102
    Total23-1581109102


    Assets by Segment
    $ Mil201520142013
    principal lending1,2461,5731,077
    mortgage banking133295100
    Total1,3791,8681,177


    Price Behavior

    Price Behavior
    Market Price$3.42 
    Market Cap ($ Bil)0.2 
    First Trading Date04/26/2012 
    Distance from 52W High-33.7% 
       50 Days200 Days
    DMA Price$3.90$4.38
    DMA Trenddowndown
    Distance from DMA-12.4%-21.9%
     3M1YR
    Volatility30.8%37.0%
    Downside Capture150.7699.18
    Upside Capture-2.7472.57
    Correlation (S&P 500)16.1%28.3%
    ACRE Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta-0.200.401.010.700.810.96
    Up Beta-2.680.052.280.550.410.74
    Down Beta0.590.880.520.711.271.05
    Up Capture-154%-60%28%19%54%55%
    Bmk +ve Days12182862130427
    Stock +ve Days9162754115355
    Down Capture52%146%146%126%95%107%
    Bmk -ve Days10253664121325
    Stock -ve Days12223062118365

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ACRE
    ACRE-11.5%37.0%-0.27-
    Sector ETF (XLF)11.6%14.6%0.5233.4%
    Equity (SPY)11.6%12.8%0.5727.6%
    Gold (GLD)-2.3%28.6%-0.0910.5%
    Commodities (DBC)43.1%20.9%1.60-21.8%
    Real Estate (VNQ)11.0%13.7%0.5044.3%
    Bitcoin (BTCUSD)-28.8%43.6%-0.6610.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ACRE
    ACRE-16.2%36.2%-0.41-
    Sector ETF (XLF)9.0%18.3%0.3548.7%
    Equity (SPY)12.0%17.1%0.5247.3%
    Gold (GLD)16.5%19.0%0.6910.3%
    Commodities (DBC)8.4%19.6%0.319.8%
    Real Estate (VNQ)1.1%18.9%-0.0556.1%
    Bitcoin (BTCUSD)4.1%51.6%0.2620.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ACRE
    ACRE-2.1%45.4%0.12-
    Sector ETF (XLF)13.4%22.1%0.5551.8%
    Equity (SPY)15.2%17.9%0.7246.3%
    Gold (GLD)11.6%16.5%0.574.0%
    Commodities (DBC)7.8%18.1%0.3416.9%
    Real Estate (VNQ)5.4%20.7%0.2259.4%
    Bitcoin (BTCUSD)61.7%66.3%1.0117.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity2.6 Mil
    Short Interest: % Change Since 93020267.8%
    Average Daily Volume0.7 Mil
    Days-to-Cover Short Interest3.6 days
    Basic Shares Quantity55.4 Mil
    Short % of Basic Shares4.6%

    Returns Analyses

    Earnings Returns History

    Updated 10/9/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/4/20261.5%2.2%-1.7%
    5/7/2026-3.3%-8.8%-4.4%
    2/10/202611.7%2.0%-1.6%
    11/7/202512.7%8.5%15.6%
    8/5/2025-0.5%5.8%20.7%
    5/7/20253.0%2.6%2.3%
    2/12/2025-12.2%-16.3%-22.8%
    11/7/202410.2%9.7%8.8%
    ...
    SUMMARY STATS   
    # Positive141412
    # Negative101012
    Median Positive3.3%2.4%6.5%
    Median Negative-3.0%-4.0%-1.9%
    Max Positive12.7%9.7%27.2%
    Max Negative-12.2%-16.3%-23.0%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/4/20261.5%2.2%-1.7%
    5/7/2026-3.3%-8.8%-4.4%
    2/10/202611.7%2.0%-1.6%
    11/7/202512.7%8.5%15.6%
    8/5/2025-0.5%5.8%20.7%
    5/7/20253.0%2.6%2.3%
    2/12/2025-12.2%-16.3%-22.8%
    11/7/202410.2%9.7%8.8%
    8/6/2024-3.0%-4.7%-0.3%
    5/9/2024-1.6%-1.6%1.7%
    2/22/2024-6.6%-12.0%-5.0%
    11/3/20233.0%-1.0%6.3%
    8/2/20232.0%1.2%-0.2%
    5/2/20233.9%3.3%17.9%
    2/15/20231.6%-3.3%-23.0%
    11/2/2022-3.4%-4.8%-2.0%
    7/29/20220.7%-2.5%-0.1%
    5/3/20224.1%0.0%-0.7%
    2/15/20223.5%0.3%6.1%
    11/3/2021-2.3%1.4%-5.4%
    7/30/2021-3.0%-3.0%4.0%
    5/4/2021-0.3%1.5%6.7%
    2/18/20211.7%6.1%4.9%
    10/29/20205.1%7.9%27.2%
    SUMMARY STATS   
    # Positive141412
    # Negative101012
    Median Positive3.3%2.4%6.5%
    Median Negative-3.0%-4.0%-1.9%
    Max Positive12.7%9.7%27.2%
    Max Negative-12.2%-16.3%-23.0%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/04/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/10/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/12/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/09/202410-Q
    12/31/202302/22/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/15/202310-K
    09/30/202211/02/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/04/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/10/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/12/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/09/202410-Q
    12/31/202302/22/202410-K
    09/30/202311/03/202310-Q
    06/30/202308/02/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/15/202310-K
    09/30/202211/02/202210-Q
    06/30/202207/29/202210-Q
    03/31/202205/03/202210-Q
    12/31/202102/15/202210-K
    09/30/202111/03/202110-Q
    06/30/202107/30/202110-Q
    03/31/202105/04/202110-Q
    12/31/202002/18/202110-K
    09/30/202010/29/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/08/202010-Q
    12/31/201902/20/202010-K
    09/30/201911/08/201910-Q

    Insider Activity

    Updated 5/1/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Donohoe, Bryan PatrickChief Executive OfficerDirectSell11520264.9321,761107,2301,232,871Form
    2Gonzales, Jeffrey MichaelCFO and TreasurerDirectSell11520264.936,21830,640436,255Form
    3Feingold, AntonGen. Counsel VP and SecretaryDirectSell11520264.937,60637,479457,055Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Donohoe, Bryan PatrickChief Executive OfficerDirectSell11520264.9321,761107,2301,232,871Form
    2Gonzales, Jeffrey MichaelCFO and TreasurerDirectSell11520264.936,21830,640436,255Form
    3Feingold, AntonGen. Counsel VP and SecretaryDirectSell11520264.937,60637,479457,055Form

    Industry Resources

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