Ares commercial real estate corp (ACRE)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12
Operating activities:
Net income

36,991

38,596

30,432

44,868

43,320

24,616

13,766

-

Net Income (Loss) Attributable to Parent

-

-

-

-

-

-

-

860

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of deferred financing costs

6,569

5,720

7,608

6,439

9,559

9,716

3,274

698

Change in mortgage banking activities

-

-

-

10,386

12,596

7,955

3,110

-

Change in fair value of mortgage servicing rights

-

-

-

6,457

8,798

7,650

2,697

-

Accretion of deferred loan origination fees and costs

7,013

6,949

6,578

5,924

4,979

3,661

2,366

400

Provision for loss sharing

-

-

-

-146

-1,093

-1,364

6

-

Cash paid to settle loss sharing obligations

-

-

-

681

2,264

2,581

2,040

-

Originations of mortgage loans held for sale

-

-

-

639,413

681,928

497,258

84,150

-

Sale of mortgage loans held for sale to third parties

-

-

-

571,714

850,816

302,886

102,363

-

Stock-based compensation

1,880

1,102

581

312

835

939

524

338

Changes in fair value of derivatives

-

-

-

-

-

-

1,739

-97

Gain on sale of discontinued operations

-

-

-

10,196

0

0

4,438

-

Depreciation

667

0

0

167

219

160

38

-

Gain (Loss) on Extinguishment of Debt

0

0

-768

0

0

-

-

-

Deferred tax expense

-

-

-

2,049

2,093

93

61

-

Changes in operating assets and liabilities:
Restricted cash

-

-

-

-

-38,956

43,811

-1,648

-

Interest receivable

-

-

-

-

-

-

-

1,743

Other assets

6,435

-198

2,530

-40,016

-20,040

10,892

4,414

615

Due to affiliate

-402

535

-71

380

-77

-61

1,476

1,089

Other liabilities

195

16

1,066

-10,146

3,820

-1,391

1,848

-

Refundable deposits

-

-

-

-

-

-

-

-150

Accounts payable and accrued expenses

-

-

-

-

-

-

-

1,778

Net cash provided by (used in) operating activities

-

-

-

-

-

-222,914

25,444

1,952

Net cash provided by (used in) operating activities

32,452

39,218

31,276

-4,490

275,519

-

-

-

Investing activities:
Issuance of and fundings on loans held for investment

673,160

543,077

900,289

861,444

228,500

711,136

675,607

351,875

Principal repayment of loans held for investment

492,884

695,183

411,298

721,684

411,740

193,867

66,920

180

Issuance of a mortgage loan held for sale

-

-

-

-

-

-

84,769

-

Proceeds from sale of mortgage loans held for sale

0

0

73,900

0

74,625

80,197

-

-

Receipt of origination fees

7,536

5,818

9,323

6,813

1,078

7,082

6,058

3,540

Purchases of capitalized additions to real estate owned

1,686

0

0

-

-

-

-

-

Proceeds from sale of discontinued operations, net of cash sold

-

-

-

-

-

0

58,258

-

Proceeds from sale of discontinued operations, net of cash and restricted cash sold

-

-

-

73,004

0

-

-

-

Purchases of other assets

-

-

-

354

604

1,831

41

-

Payments for acquisition of mortgage servicing rights

-

-

-

-

-

1,259

-

-

Net cash provided by (used in) investing activities

-

-

-

-

-

-433,080

-745,697

-348,155

Net cash provided by (used in) investing activities

-174,426

157,924

-405,768

-60,297

258,339

-

-

-

Financing activities:
Proceeds from secured funding agreements

793,801

642,241

923,882

1,288,698

345,434

1,143,342

703,154

278,353

Repayments of secured funding agreements

843,186

822,227

746,635

1,030,760

375,458

854,962

582,991

134,097

Proceeds from notes payable and secured borrowings

56,155

0

0

-

-

-

-

-

Payment of secured funding costs

5,731

2,322

8,405

5,563

8,013

10,841

7,033

2,323

Proceeds from issuance of debt of consolidated VIEs

-

-

-

0

0

308,703

395,027

-

Repayments of debt of consolidated VIEs

-

-

-

255,275

272,471

175,984

-

-

Proceeds from issuance of common stock

-

-

-

-

-

-

250,687

-

Redemption of Series A Convertible Preferred Stock

-

-

-

-

-

-

-

6,295

Proceeds from issuance of common stock

-

-

-

-

-

-

-

165,850

Payment of offering costs

-

-

-

-

-

113

8,834

-

Proceeds from warehouse lines of credit

-

-

-

863,382

804,935

544,011

97,676

-

Repayments of warehouse lines of credit

-

-

-

795,684

973,294

350,846

112,148

-

Proceeds from issuance of debt of consolidated VIEs

172,673

0

272,927

80,000

75,000

-

-

-

Repayments of secured term loan

0

0

45,000

0

0

-

-

-

Repayment of convertible debt

-

-

-

-

69,000

-

-

-

Repurchase of common stock

-

-

-

1,436

0

0

-

-

Proceeds from convertible debt

-

-

-

-

-

-

-

69,000

Convertible notes issuance costs

-

-

-

-

-

-

-

2,748

Payment of offering costs

-

-

-

-

-

-

-

3,448

Dividends paid

37,487

32,088

30,531

29,400

28,597

28,577

18,575

1,560

Payment of offering costs

84

0

0

-

-

-

-

-

Proceeds from issuance of Series A convertible preferred stock

-

-

-

-

-

-

-

5,723

Series A preferred dividend

-

-

-

-

-

-

-

102

Contributions from non-controlling interests

0

0

12

11

5,685

77,712

-

-

Distributions to non-controlling interests

0

0

10,681

40,916

45,635

-

-

-

Net cash provided by (used in) financing activities

136,141

-214,396

355,569

73,057

-541,414

-

-

-

Net cash provided by (used in) financing activities

-

-

-

-

-

652,445

716,963

368,353

Change in cash, cash equivalents and restricted cash

-5,833

-17,254

-18,923

8,270

-

-

-

-

Change in cash and cash equivalents

-

-

-

-

-7,556

-

-

-

Change in cash, cash equivalents and restricted cash

-

-

-

-

-

-3,549

-3,290

22,150

Supplemental Information:
Interest paid during the period

54,595

56,719

41,891

30,066

28,731

23,870

11,317

1,254

Income taxes paid during the period

668

360

240

0

83

430

-

-

Supplemental disclosure of noncash investing and financing activities:
Issuance of common stock for acquisition of ACRE Capital

-

-

-

-

-

-

7,512

-

Fair value of assets acquired from ACRE Capital, net of cash acquired

-

-

-

-

-

-

112,609

-

Fair value of liabilities assumed from ACRE Capital

-

-

-

-

-

-

48,401

-

Accrued offering costs

-

-

-

-

-

-

-

244