ACRE Q1 2024 GAAP net loss $12.3M ($0.23/sh); Distributable loss $33.5M ($0.62/sh)

Ares Commercial Real Estate Corp

GAAP net loss of $12.3M, or $0.23 per diluted share; Distributable Earnings loss of $33.5M, or $0.62 per diluted share.
Exited or restructured four loans; non-accrual principal balance declined 31% QoQ.
Total debt reduced 8% to below $1.5 billion; balance sheet de-leveraging continues.
Q2 2024 dividend declared at $0.25 per share, payable July 16, 2024 to holders of record June 28, 2024.
CEO cites progress on underperforming loans and Ares platform as positioned to drive shareholder value.

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 ended March 31, 2024 results: net income $(12.3) million, EPS $(0.23) per diluted common share.

Period: the quarter ended March 31, 2024
Net income: $(12.3) million
EPS: $(0.23) per diluted common share
Result: reported results

Exact text from the filing

the registrant issued a press release announcing its financial results for the quarter ended March 31, 2024

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Source: SEC EDGAR

accession 0001628280-24-021910

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