Ares commercial real estate corp (ACRE)
CashFlow / TTM
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

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Income (Loss) Attributable to Parent

0

-

0

0

0

-

-

-

-

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

11,558

4,119

679

860

0

0

0

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

6,526

6,569

6,357

6,131

5,898

5,720

6,329

6,591

7,362

7,608

7,253

7,212

6,638

6,439

7,024

7,522

7,935

9,559

10,718

11,615

11,805

9,716

8,771

6,109

4,116

3,274

1,047

886

800

698

0

0

0

Change in mortgage banking activities

-

-

-

-

-

-

-

-

-

-

-

-

-

10,386

11,782

11,444

11,125

12,596

17,109

12,271

9,195

7,955

0

0

0

-

-

-

-

-

-

-

-

Change in fair value of mortgage servicing rights

-

-

-

-

-

-

-

-

-

-

-

-

-

6,457

8,300

7,510

7,465

8,798

9,072

9,098

8,984

7,650

0

0

0

-

-

-

-

-

-

-

-

Accretion of deferred loan origination fees and costs

7,714

7,013

6,429

6,826

6,361

6,949

7,227

7,293

6,978

6,578

7,100

6,551

6,425

5,924

5,192

4,538

4,407

4,979

4,473

4,522

4,594

3,661

3,204

2,691

2,219

2,366

2,083

1,530

1,082

400

0

0

0

Provision for loss sharing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Provision for loss sharing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Originations of mortgage loans held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

639,413

746,303

581,860

689,639

681,928

852,516

728,525

606,639

497,258

0

0

0

-

-

-

-

-

-

-

-

Sale of mortgage loans held for sale to third parties

-

-

-

-

-

-

-

-

-

-

-

-

-

571,714

737,392

587,863

779,536

850,816

788,029

724,298

463,165

302,886

0

0

0

-

-

-

-

-

-

-

-

Stock-based compensation

1,613

1,880

1,722

1,572

1,360

1,102

987

835

717

581

482

238

248

312

375

690

798

835

824

828

874

939

927

814

652

524

0

0

0

-

-

-

-

Changes in fair value of derivatives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,739

0

0

0

-

-

-

-

Amortization of convertible notes issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Accretion of convertible notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Depreciation

834

667

448

242

54

0

0

0

0

-

-

-

-

167

222

222

220

219

226

207

185

160

0

0

0

-

-

-

-

-

-

-

-

Provision for expected credit losses (other)

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred tax expense

-

-

-

-

-

-

-

-

-

-

-

-

-

2,049

2,319

2,107

1,631

2,093

2,401

890

710

93

0

0

0

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,549

902

-2,963

-38,956

476

1,468

4,334

43,811

0

0

0

-

-

-

-

-

-

-

-

Interest receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,732

1,943

1,743

0

0

0

Other assets

6,084

6,435

3,910

1,802

1,690

-198

739

1,931

1,754

2,530

1,678

1,367

-2,738

-40,016

-40,828

-39,557

-38,519

-20,040

-20,195

-13,087

-10,013

10,892

13,515

8,063

7,425

4,414

3,169

-653

268

615

0

0

0

Due to affiliate

577

-402

115

74

-272

535

-55

464

-324

-71

-36

441

523

380

253

-153

-92

-77

35

-298

213

-61

-304

1,411

1,108

1,476

1,674

759

1,355

1,089

0

0

0

Other liabilities

-124

195

153

-234

-498

16

845

1,061

1,700

1,066

-11,259

-7,877

-4,908

-10,146

3,049

2,739

-3,462

3,820

1,831

-491

-413

-1,391

0

0

0

-

-

-

-

-

-

-

-

Interest payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Refundable deposits

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

540

100

-150

0

0

0

Accounts payable and accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

0

0

Net cash provided by (used in) operating activities

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

-

-

-

-105,046

-222,914

7,058

-18,898

31,904

25,444

6,927

4,678

3,399

1,952

0

0

0

Net cash provided by (used in) operating activities

33,930

32,452

35,806

37,428

36,312

39,218

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

847,588

673,160

591,394

533,270

586,122

543,077

762,574

735,576

844,088

900,289

583,634

1,087,169

886,851

861,444

857,619

308,371

277,885

228,500

394,471

559,654

622,244

711,136

756,632

756,924

766,869

675,607

555,205

465,113

335,027

351,875

0

0

0

Principal repayment of loans held for investment

400,461

492,884

657,654

685,766

725,144

695,183

518,790

505,580

415,713

411,298

551,397

584,503

749,352

721,684

580,853

413,050

241,496

411,740

0

0

0

-

-

-

-

66,920

48,268

13,618

218

180

0

0

0

Proceeds from sale of mortgage loans held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

80,197

0

0

0

-

-

-

-

-

-

-

-

Receipt of origination fees

9,648

7,536

6,796

6,045

6,204

5,818

7,189

7,545

9,107

9,323

6,942

10,912

7,389

6,813

6,277

931

1,360

1,078

3,157

5,698

6,583

7,082

7,099

6,535

6,416

6,058

0

0

0

-

-

-

0

Purchases of capitalized additions to real estate owned

1,913

1,686

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

354

868

894

887

604

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

-

-

-

-206,794

-433,080

-544,052

-755,579

-756,512

-745,697

-557,971

-447,229

-331,610

-348,155

0

0

0

Net cash provided by (used in) investing activities

-439,392

-174,426

71,470

158,289

145,226

157,924

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Financing activities:
Proceeds from secured funding agreements

1,041,865

793,801

591,978

554,667

694,588

642,241

855,698

914,739

889,704

923,882

533,880

1,226,092

1,173,358

1,288,698

1,463,607

670,285

528,754

345,434

513,832

872,280

1,018,533

1,143,342

1,176,290

992,921

793,039

703,154

492,185

326,241

286,858

278,353

0

0

0

Repayments of secured funding agreements

672,850

843,186

884,358

937,765

1,002,493

822,227

673,516

723,854

536,756

746,635

682,754

1,018,149

1,212,249

1,030,760

1,106,181

629,336

417,702

375,458

334,147

768,726

855,730

854,962

0

0

0

-

-

-

-

-

-

-

-

Proceeds from notes payable and secured borrowings

66,710

56,155

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of secured funding costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,841

14,258

9,032

7,771

7,033

1,262

888

1,737

2,323

0

0

0

Payment of secured funding costs

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of debt of consolidated VIEs

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of debt of consolidated VIEs

-

-

-

-

-

-

-

-

-

-

-

-

-

255,275

226,213

225,246

154,220

272,471

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

165,850

0

0

0

Payment of offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

113

0

0

0

-

-

-

-

-

-

-

-

Proceeds from warehouse lines of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

863,382

1,000,262

702,046

820,472

804,935

1,005,003

842,204

676,820

544,011

0

0

0

-

-

-

-

-

-

-

-

Repayments of warehouse lines of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

795,684

991,269

707,467

910,583

973,294

939,036

838,551

537,131

350,846

0

0

0

-

-

-

-

-

-

-

-

Repurchase of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

1,436

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Convertible notes issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Dividends paid

38,138

37,487

36,284

34,793

33,280

32,088

31,482

31,163

30,847

30,531

30,220

29,915

29,654

29,400

29,145

28,886

28,602

28,597

28,597

28,595

28,597

28,577

28,545

28,216

23,385

18,575

0

0

0

-

-

-

-

Proceeds from Sale of Treasury Stock

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of offering costs

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of Series A convertible preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,723

0

0

0

Contributions from non-controlling interests

-

-

-

-

-

-

-

-

-

12

12

19

21

11

11

4

2

5,685

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Distributions to non-controlling interests

-

-

-

-

-

-

-

-

-

10,681

47,701

49,005

50,308

40,916

43,105

44,132

45,160

45,635

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

467,146

136,141

-106,358

-195,547

-173,925

-214,396

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

-

-

-

290,443

652,445

535,889

754,394

732,460

716,963

539,614

395,331

346,175

368,353

0

0

0

Change in cash, cash equivalents and restricted cash

61,684

-5,833

918

170

7,613

-17,254

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in cash, cash equivalents and restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

-2,841

-

-1,049

-12,047

-21,397

-3,549

-1,105

-20,083

7,852

-3,290

-11,430

-47,220

17,964

22,150

0

0

0

Supplemental Information:
Interest paid during the period

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11,317

7,196

6,016

2,239

1,254

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0