ACRE reports Q2 2023 GAAP net loss of $2.2M; Distributable Earnings of $19.0M covers dividend

Ares Commercial Real Estate Corp

GAAP net loss of $2.2M ($0.04/diluted share); Distributable Earnings of $19.0M ($0.35/share) for Q2.
Declared Q3 2023 regular dividend of $0.33/share, payable Oct 17 to holders of record Sep 29.
Repurchased ~1.0% of outstanding common shares in Q2 at avg price $8.58/share.
Cash of $140M plus $75M available financing proceeds as of June 30, 2023.
CEO says share buybacks and new originations are now better capital uses than supplemental dividends.

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 June 30, 2023 results: net income $2.2 million, EPS $0.04 per diluted common share.

Period: the quarter ended June 30, 2023
Net income: $2.2 million
EPS: $0.04 per diluted common share
Result: reported results

Exact text from the filing

Second quarter GAAP net loss of $2.2 million or $0.04 per diluted common share

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Source: SEC EDGAR

accession 0001628280-23-026537

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