ACRE reports Q3 GAAP net income $0.21/sh; Distributable Earnings $0.37/sh

Ares Commercial Real Estate Corp

GAAP net income of $10.0M ($0.21 per diluted share); Distributable Earnings $17.5M ($0.37 per share).
Closed $485 million of new loan commitments during Q3 2021.
Declared Q4 2021 regular dividend of $0.33/sh and supplemental dividend of $0.02/sh.
Management expects to fully cover regular and supplemental dividends from Distributable Earnings for the year.
Loan portfolio grew more than 30% vs Q3 2020; floating-rate loans positioned for rising rates.

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