Ares Commercial announces Q3 GAAP EPS of 8 cents, surpassing consensus estimate of 4 cents.
Reports Q3 revenue $14.10M, consensus $12.36M. "In the Q3, we delivered increased sequential earnings and stable CECL reserve and book values, while continuing to strengthen our financial flexibility by addressing risk rated 4 and 5 loans and reducing office loans," said Bryan Donohoe, CEO of Ares Commercial Real Estate Corporation. "Our progress is driving ACRE's ability to accelerate its investing activity, evidenced by more than $360M of new loan commitments since the beginning of the Q3. We believe this investment activity, alongside the resolution of non-earning assets, are important steps in repositioning the portfolio."
