Ares Commercial Real Estate posts Q4 GAAP net loss of $39.4M; cuts dividend to $0.25/share

Ares Commercial Real Estate Corp

Q4 GAAP net loss $39.4M ($0.73/share); Distributable Earnings $10.8M ($0.20/share).
Full year 2023 GAAP net loss $38.9M ($0.72/share); Distributable Earnings $58.4M ($1.06/share).
Q1 2024 dividend cut to $0.25/share from $0.33/share (prior quarter), a 24% reduction.
Increased CECL reserves; commercial office and residential condo loans accounted for 87% of total reserves.
Ended 2023 with $185M available capital and reduced debt-to-equity ratio for flexibility.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Ares Commercial Real Estate Corp reported the quarter and year ended December 31, 2023 results: net income GAAP net income (loss) of $(39.4) million, EPS $(0.73) per diluted common share.

Period: the quarter and year ended December 31, 2023
Net income: GAAP net income (loss) of $(39.4) million
EPS: $(0.73) per diluted common share
Result: reported results

Exact text from the filing

On February 22, 2024 , the registrant issued a press release announcing its financial results for the quarter and year ended December 31, 2023.

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Source: SEC EDGAR

accession 0001628280-24-006104

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