Ares commercial real estate corp (ACRE)
Income statement / 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
Revenue:
Interest income from loans held for investment

31,448

28,536

28,269

29,993

27,986

30,882

30,362

29,604

27,436

25,220

28,551

22,643

21,127

23,508

20,776

18,929

18,750

21,206

20,949

21,012

23,170

19,641

17,967

17,735

15,152

12,108

10,695

8,086

6,711

4,881

1,889

1,559

949

Interest expense

15,534

15,044

15,124

16,675

15,740

16,357

16,378

15,968

14,299

14,348

13,825

12,232

10,788

10,898

9,018

8,415

8,525

8,756

8,707

8,701

10,178

8,983

9,615

8,414

6,625

9,714

1,995

1,879

1,385

1,468

398

353

339

Net interest margin

15,914

13,492

13,145

13,318

12,246

14,525

13,984

13,636

13,137

10,872

14,726

10,411

10,339

12,610

11,758

10,514

10,225

12,450

12,242

12,311

12,992

10,658

8,352

9,321

8,527

2,394

8,700

6,207

5,326

3,413

1,491

1,206

610

Revenue from real estate owned

5,220

8,088

6,702

8,357

1,911

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

680

-

-

-

-

-

-

-

-

Servicing fees, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,916

-

3,868

3,494

5,219

-

1,361

-

-

-

-

-

-

Gains from mortgage banking activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,144

-

2,473

5,306

1,298

-

3,326

-

-

-

-

-

-

Provision for loss sharing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

566

-

285

1,180

-

-

-

-

-

-

-

-

-

Provision for loss sharing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

119

-

-32

-

-

-

-

-

-

Change in fair value of mortgage servicing rights

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,181

-

1,798

1,888

1,847

-

858

-

-

-

-

-

-

Mortgage banking revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,445

-

4,828

8,092

4,551

-

3,861

-

-

-

-

-

-

Total revenue

21,134

21,580

19,847

21,675

14,157

14,525

13,984

13,636

13,137

-

-

-

-

-

-

-

-

-

-

-

18,437

-6,813

13,180

17,413

13,758

-1,467

12,561

6,207

5,326

-

-

-

-

Provision for Loan and Lease Losses

27,117

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Expenses:
Other interest expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,646

1,499

1,552

-

-

-

-

Management and incentive fees to affiliate

1,773

1,959

1,578

2,252

1,574

2,116

1,571

2,173

1,558

1,549

1,554

1,654

1,812

1,576

1,690

1,338

1,352

1,224

1,351

1,346

1,476

995

1,475

1,478

1,492

1,381

1,487

643

614

-

625

419

-

Professional fees

903

642

542

532

478

510

498

455

482

505

350

428

391

525

678

535

490

214

617

412

775

22

635

1,104

925

706

675

500

566

506

292

331

65

Acquisition and investment pursuit costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

20

266

2,052

1,121

640

-

-

-

-

Compensation and benefits

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,637

-

4,704

4,510

4,021

-

1,765

-

-

-

-

-

-

General and administrative expenses

868

1,034

1,005

1,029

1,120

892

852

789

774

822

724

640

642

702

690

686

723

-346

698

647

1,831

-4,253

2,437

2,600

2,219

501

994

453

482

429

496

323

37

General and administrative expenses reimbursed to affiliate

1,051

765

831

771

659

946

870

830

924

1,016

986

949

948

1,024

860

660

897

700

840

821

1,065

400

1,000

1,000

1,000

784

1,000

863

747

-

632

308

-

Expenses from real estate owned

6,676

7,339

6,838

7,118

1,687

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Depreciation

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total expenses

11,271

11,739

10,794

11,702

5,518

4,464

3,791

4,247

3,738

3,892

3,614

3,671

3,793

3,827

3,918

3,219

3,462

-2,845

3,506

3,226

9,784

-16,071

10,251

10,692

9,677

-2,824

9,619

5,079

4,601

2,235

2,045

1,381

102

Changes in fair value of derivatives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

2,137

-398

-

-

-

-

Income from continuing operations before gain on acquisition and income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,942

-

-

-

-

-

-

Gain on acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,438

-

-

-

-

-

-

Income (loss) before income taxes

-17,254

9,841

9,053

9,973

8,639

10,061

10,193

9,389

9,399

6,212

11,112

6,740

6,546

8,783

7,840

7,295

6,763

9,850

8,736

9,085

8,653

9,258

2,929

6,721

4,081

1,357

7,380

3,265

327

-

-

-

-

Income Tax Expense (Benefit)

9

182

19

218

96

43

236

86

81

29

54

27

68

62

161

3

4

625

3

3

-642

2,004

-1,173

83

-674

-

496

-

-

-

-

-

-

Less: Net income attributable to non-controlling interests

-

-

-

-

-

-

-

-

-

0

0

0

25

656

1,299

1,288

1,289

2,175

2,331

2,296

2,233

-

-

-

-

-

-

-

-

-

-

-

-

Preferred dividends

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

50

52

Accretion of redemption premium

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-572

Net Income (Loss) Attributable to Parent

-17,263

9,659

9,034

9,755

8,543

10,018

9,957

9,303

9,318

6,158

11,058

6,713

6,478

8,721

19,741

9,981

6,425

11,052

11,710

11,263

9,295

9,121

4,102

6,638

4,755

-

6,884

-

-

407

-554

-175

508

Net income from continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

8,721

7,679

7,292

6,759

-

8,733

9,082

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income from operations of discontinued operations, net of income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,181

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income from operations of discontinued operations, net of income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,866

2,689

-334

-

2,977

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain on sale of discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,196

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,265

327

-

-

-

-

Earnings Per Share [Abstract]
Net income attributable to common stockholders

-

-

-

-

-

-

-

-

-

-

11,058

6,713

6,453

8,065

18,442

8,693

5,136

8,877

9,379

8,967

7,062

8,901

4,102

6,638

4,755

-

-

-

-

1,081

-554

-225

-116

Earnings per common share:
Basic earnings per common share (in dollars per share)

-0.54

0.33

0.32

0.34

0.30

-

0.35

0.33

-

-

-

-

-

0.29

0.22

0.21

0.19

-

0.22

0.24

-

-

-

-

-

-

-

-

-

-

-

-

-

Diluted earnings per common share (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

0.01

0.42

0.09

-0.01

-

0.10

0.08

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

0.28

0.65

0.31

0.18

0.31

0.33

0.31

0.25

-

-

-

-

-

-

-

-

-

-

-

-

Diluted earnings per common share (in dollars per share)

-

-

0.31

0.34

-

-

0.35

0.33

-

-

-

-

-

0.29

0.22

0.21

0.19

-

0.22

0.24

-

-

-

-

-

-

-

-

-

-

-

-

-

Basic and diluted earnings per common share (in dollars per share)

-

-

-

-

-

-

-

-

0.33

-

0.39

0.24

0.23

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Weighted average number of common shares outstanding:
Discontinued operations (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

0.01

0.42

0.09

-0.01

-

0.10

0.08

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

0.27

0.65

0.31

0.18

0.31

0.33

0.31

0.25

-

-

-

-

-

-

-

-

-

-

-

-

Basic and diluted earnings per common share (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.14

0.23

0.17

-

0.25

0.32

0.04

-

-0.06

-0.03

-0.12

Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares)

31,897

28,641

28,634

28,599

28,561

28,554

28,542

28,524

28,495

28,486

28,481

28,475

28,468

28,460

28,428

28,428

28,529

28,525

28,505

28,491

28,484

28,476

28,464

28,453

28,442

28,553

27,976

10,215

9,212

9,310

9,245

6,576

998

Diluted weighted average shares of common stock outstanding (in shares)

31,897

28,874

28,867

28,863

28,780

28,710

28,698

28,618

28,598

28,591

28,582

28,546

28,482

28,482

28,513

28,495

28,602

28,610

28,609

28,585

28,584

28,593

28,604

28,590

28,550

28,600

28,027

10,257

9,267

9,448

9,245

6,576

998

Basic and diluted weighted average shares of common stock outstanding

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,205

-

-

Dividends declared per share of common stock (in dollars per share)

0.33

-

0.33

0.33

0.33

-

0.29

0.28

0.28

-

0.27

0.27

0.27

-

0.26

0.26

0.26

-

0.25

0.25

0.25

-

0.25

0.25

0.25

-

0.25

0.25

0.25

-

0.06

0.06

0.30