Ares commercial real estate corp (ACRE)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12
Operating activities:
Net income

-

-

-

-

-

-

-

-

9,318

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Income (Loss) Attributable to Parent

-17,263

-

9,035

9,753

8,543

-

-

-

-

-

11,058

6,713

6,478

-

19,741

9,981

6,425

-

11,710

11,263

9,295

-

4,103

6,638

4,755

-

6,885

3,265

327

1,081

-554

-175

508

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

1,622

1,615

1,637

1,652

1,665

1,403

1,411

1,419

1,487

2,012

1,673

2,190

1,733

1,657

1,632

1,616

1,534

2,242

2,130

2,029

3,158

3,401

3,027

2,219

1,069

2,456

365

226

227

229

204

140

125

Change in mortgage banking activities

-

-

-

-

-

-

-

-

-

-

-

-

-

0

3,942

6,721

-277

1,396

3,604

6,402

1,194

5,909

-1,234

3,326

-46

-

-

-

-

-

-

-

-

Change in fair value of mortgage servicing rights

-

-

-

-

-

-

-

-

-

-

-

-

-

0

2,562

2,047

1,848

1,843

1,772

2,002

3,181

2,117

1,798

1,888

1,847

-

-

-

-

-

-

-

-

Accretion of deferred loan origination fees and costs

1,967

1,991

1,790

1,966

1,266

1,407

2,187

1,501

1,854

1,685

2,253

1,186

1,454

2,207

1,704

1,060

953

1,475

1,050

929

1,525

969

1,099

1,001

592

512

586

529

739

229

33

81

57

Provision for loss sharing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

119

-

-

-

-

-

-

-

-

Provision for loss sharing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-143

61

228

-

118

425

566

-

-

-

-

-

-

-

-

-

-

-

-

Originations of mortgage loans held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

0

356,788

112,739

169,886

106,890

192,345

220,518

162,175

277,478

68,354

98,632

52,794

-

-

-

-

-

-

-

-

Sale of mortgage loans held for sale to third parties

-

-

-

-

-

-

-

-

-

-

-

-

-

0

310,215

116,385

145,114

165,678

160,686

308,058

216,394

102,891

96,955

46,925

56,115

-

-

-

-

-

-

-

-

Stock-based compensation

225

482

479

427

492

324

329

215

234

209

177

97

98

110

-67

107

162

173

248

215

199

162

252

261

264

150

139

99

136

-

-

-

-

Changes in fair value of derivatives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

2,137

-398

-

-

-

-

Amortization of convertible notes issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

246

229

214

-

-

-

-

-

-

-

-

Accretion of convertible notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

152

141

132

-

-

-

-

-

-

-

-

Depreciation

221

219

206

188

54

0

0

0

0

-

-

-

-

0

55

57

55

55

55

55

54

62

36

33

29

-

-

-

-

-

-

-

-

Provision for expected credit losses (other)

27,117

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred tax expense

-

-

-

-

-

-

-

-

-

-

-

-

-

0

1,367

1,159

-477

270

1,155

683

-15

578

-356

503

-632

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-61

1,337

-2,687

2,960

-708

-2,528

-38,680

42,392

284

338

797

-

-

-

-

-

-

-

-

Interest receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

848

718

875

291

59

518

Other assets

1,343

2,130

1,202

1,409

1,694

-395

-906

1,297

-194

542

286

1,120

582

-310

-25

-2,985

-36,696

-1,122

1,246

-1,947

-18,217

-1,277

8,354

1,127

2,688

1,346

2,902

489

-323

101

-920

1,410

24

Due to affiliate

75

134

-536

904

-904

651

-577

558

-97

61

-58

-230

156

96

419

-148

13

-31

13

-87

28

81

-320

424

-246

-162

1,395

121

122

36

480

717

-144

Other liabilities

-420

-413

712

-3

-101

-455

325

-267

413

374

541

372

-221

-11,951

3,923

3,341

-5,459

1,244

3,613

-2,860

1,823

-745

1,291

-2,782

845

-

-

-

-

-

-

-

-

Interest payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

71

Refundable deposits

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

440

50

-125

175

0

-200

Accounts payable and accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

274

1,100

-

-

387

18

Net cash provided by (used in) operating activities

-

-

-

-

-

-

-

-

-

-

-

-

6,208

-

-33,235

15,612

17,808

-

-

-

125,554

-209,814

29,222

-50,008

7,686

20,158

3,266

794

1,226

1,641

1,017

-485

-221

Net cash provided by (used in) operating activities

8,267

7,576

8,541

9,546

6,789

10,930

10,163

8,430

9,695

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

294,733

258,004

167,843

127,008

120,305

176,238

109,719

179,860

77,260

395,735

82,721

288,372

133,461

79,080

586,256

88,054

108,054

75,255

37,008

57,568

58,669

241,226

202,191

120,158

147,561

286,722

202,483

130,103

56,299

166,320

112,391

17

73,147

Principal repayment of loans held for investment

17,471

148,936

166,817

67,237

109,894

313,706

194,929

106,615

79,933

137,313

181,719

16,748

75,518

277,412

214,825

181,597

47,850

136,581

47,022

10,043

218,094

-

-

-

-

18,700

34,708

13,456

56

48

58

56

18

Proceeds from sale of mortgage loans held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

80,197

-

-

-

-

-

-

-

-

Receipt of origination fees

3,538

2,554

1,824

1,732

1,426

1,814

1,073

1,891

1,040

3,185

1,429

3,453

1,256

804

5,399

-70

680

268

53

359

398

2,347

2,594

1,244

897

2,364

2,030

1,125

539

-

-

-

880

Purchases of capitalized additions to real estate owned

227

100

1,334

252

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

0

2

13

339

514

28

6

56

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

24

192

52

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-56,687

-

-276,053

93,460

-59,863

-

-

-

159,767

-239,486

-11,486

-115,589

-66,519

-350,458

-223,013

-116,522

-55,704

-162,732

-112,271

-903

-72,249

Net cash provided by (used in) investing activities

-273,951

-106,614

-536

-58,291

-8,985

139,282

86,283

-71,354

3,713

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Financing activities:
Proceeds from secured funding agreements

355,083

378,368

136,035

172,379

107,019

176,545

98,724

312,300

54,672

390,002

157,765

287,265

88,850

0

849,977

234,531

204,190

174,909

56,655

93,000

20,870

343,307

415,103

239,253

145,679

376,255

231,734

39,371

55,794

165,286

65,790

-12

47,289

Repayments of secured funding agreements

93,108

269,809

133,529

176,404

263,444

310,981

186,936

241,132

83,178

162,270

237,274

54,034

293,057

98,389

572,669

248,134

111,568

173,810

95,824

36,500

69,324

132,499

530,403

123,504

68,556

-

-

-

-

-

-

-

-

Proceeds from notes payable and secured borrowings

10,555

0

0

56,155

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of secured funding costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,587

6,053

1,453

748

6,004

827

192

10

233

453

1,041

596

Payment of secured funding costs

1,005

-

247

1,464

3,413

-

209

393

322

-

1,531

2,883

3,031

-

2,763

1,297

161

-

764

308

248

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of debt of consolidated VIEs

0

-

0

0

172,673

-

0

0

0

-

0

0

272,927

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of debt of consolidated VIEs

-

-

-

-

-

-

-

-

-

-

-

-

-

57,830

47,164

81,069

69,212

28,768

46,197

10,043

187,463

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

142,450

23,400

Payment of offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

113

-

-

-

-

-

-

-

-

Proceeds from warehouse lines of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

0

530,679

141,477

191,226

136,880

232,463

259,903

175,689

336,948

69,664

94,519

42,880

-

-

-

-

-

-

-

-

Repayments of warehouse lines of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

0

484,606

144,624

166,454

195,585

200,804

347,740

229,165

161,327

100,319

46,320

42,880

-

-

-

-

-

-

-

-

Repurchase of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,078

358

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Convertible notes issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-171

-

-

-

-

Dividends paid

9,565

9,526

9,527

9,520

8,914

8,323

8,036

8,007

7,722

7,717

7,717

7,691

7,406

7,406

7,412

7,430

7,152

7,151

7,153

7,146

7,147

7,151

7,151

7,148

7,127

7,119

6,822

2,317

2,317

-

-

-

-

Proceeds from Sale of Treasury Stock

73,232

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of offering costs

266

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of Series A convertible preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

5,723

Contributions from non-controlling interests

-

-

-

-

-

-

-

-

-

0

0

0

12

0

7

2

2

0

0

0

5,685

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to non-controlling interests

-

-

-

-

-

-

-

-

-

0

0

0

10,681

37,020

1,304

1,303

1,289

39,209

2,331

2,331

1,764

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

334,926

98,342

-7,268

41,146

3,921

-144,157

-96,457

62,768

-36,550

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-

-

-

-

-

-

-

-

-

-

-

222,657

47,614

-

344,745

-108,925

39,224

-

-

-

-292,867

454,403

-26,440

155,347

69,135

337,847

192,065

133,413

53,638

160,498

47,782

84,257

75,816

Change in cash, cash equivalents and restricted cash

69,242

-696

737

-7,599

1,725

6,055

-11

-156

-23,142

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in cash, cash equivalents and restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-2,865

-

35,457

147

-2,831

-

2,294

-900

-7,546

5,103

-8,704

-10,250

10,302

7,547

-27,682

17,685

-840

-593

-63,472

82,869

3,346

Supplemental Information:
Interest paid during the period

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,786

1,343

4,060

1,128

665

163

283

143

Supplemental disclosure of noncash investing and financing activities:
Accretion of redemption premium

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-572