ACRE reports Q1 GAAP net loss $0.12/share; Distributable Earnings $0.27/share; declares Q2 dividend

Ares Commercial Real Estate Corp

GAAP net loss $6.4M ($0.12 diluted EPS); Distributable Earnings $15.1M ($0.27).
Declared Q2 2023 regular dividend $0.33/sh and supplemental $0.02/sh, payable July 18.
Net debt-to-equity below 2.0x; cash >$150M (over 20% of equity) as of March 31.
Distributable Earnings include $0.10/sh realized loss; without loss, would have been $0.37/sh.
Management emphasizes progress on watch-list assets and bank retrenchment opportunity.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Ares Commercial Real Estate Corp reported first quarter of 2023 results: net income GAAP net loss of $6.4 million or $0.12 per diluted common share.

Period: first quarter of 2023
Net income: GAAP net loss of $6.4 million or $0.12 per diluted common share
Result: reported results

Exact text from the filing

On May 2, 2023 , the registrant issued a press release announcing its financial results for the quarter ended March 31, 2023.

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Source: SEC EDGAR

accession 0001628280-23-014727

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