Ares CRE reports Q3 distributable earnings $21.3M ($0.39/share); declares $0.35 dividend for Q4

Ares Commercial Real Estate Corp

GAAP net income $0.6M ($0.01/diluted share) vs Distributable Earnings $21.3M ($0.39/share) for Q3 2022.
Regular dividend $0.33 + supplemental $0.02 declared for Q4 2022, payable Jan 18, 2023.
Available liquidity $156M with no credit spread based mark-to-market financing.
CEO cites benefits of higher rates on floating-rate loan portfolio.
Quarterly report on Form 10-Q filed November 2, 2022.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Ares Commercial Real Estate Corp reported the quarter ended September 30, 2022 results: net income $0.6 million, EPS $0.01 per diluted common share.

Period: the quarter ended September 30, 2022
Net income: $0.6 million
EPS: $0.01 per diluted common share
Result: reported results

Exact text from the filing

Third quarter GAAP net income of $0.6 million or $0.01 per diluted common share and Distributable Earnings (1) of $21.3 million or $0.39 per diluted common share

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Source: SEC EDGAR

accession 0001628280-22-027648

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