Ares Commercial Real Estate
Originates senior CRE loans through an externally managed Ares platform.
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Profile
Originates and invests in senior mortgage loans and related CRE debt, with revenue tied mainly to net interest margin and real estate owned. The company is externally managed by an Ares affiliate and operates as one segment, with current execution shaped by office and risk-rated loan cleanup.
Provides financing to owners, operators, and sponsors of commercial real estate, with the public portfolio centered on senior mortgage loans in liquid U.S. markets. Target investments also include subordinated debt, mezzanine loans, preferred equity, commercial mortgage-backed securities, and REO-related assets.
Operates as a single reportable segment, earning mainly through net interest margin and real estate owned rather than property operations. The business has no direct employees; an Ares Management affiliate supplies executives, investment personnel, administration, and day-to-day operating support.
Execution depends on the Ares platform for origination and portfolio management. Recent activity has focused on rebuilding senior-loan commitments while reducing office exposure, risk-rated loans, debt, and REO positions.
Company facts
Categories
Key statistics
Year to date −1.8% · Average volume (30d) 430.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jun 2, 2026 | UBS | Reiterate | Neutral | $3.75 | $5.50 | |
| Feb 12, 2026 | Wells Fargo | Reiterate | Underweight | $7 | $5 | |
| Dec 15, 2025 | Keefe, Bruyette & Woods | Upgrade | Market Perform | Outperform | ||
| Sep 20, 2024 | Wells Fargo | Downgrade | Equal Weight | Underweight | $7 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $0.04 | $0.12 | +224.0% | $11.0M | $14.4M | +31.0% | +8.94% |
| May 7, 2026Q1 FY26 | $0.08 | $0.06 | −25.0% | $11.6M | $13.5M | +15.7% | +1.78% |
| Feb 10, 2026Q4 FY25 | $0.01 | $0.15 | +1,400.0% | $11.8M | $13.2M | +12.4% | −2.45% |
| Nov 7, 2025Q3 FY25 | −$0.09 | $0.10 | +211.1% | $11.4M | $16.3M | +43.2% | −5.93% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $14.9M | −$4.3M | $27.3M | $29.3M | $27.5M | $14.4M | |
| Gross profit | $14.9M | −$285.0K | $14.7M | $20.4M | $21.0M | $14.4M | |
| Operating income | $0 | −$11.0M | $4.7M | $9.5M | $7.8M | $5.4M | |
| Net income | $9.3M | −$11.0M | $4.7M | −$3.9M | −$9.6M | $4.4M | |
| Diluted EPS | $0.17 | −$0.20 | $0.08 | −$0.07 | −$0.17 | $0.08 | |
| Gross margin | 100.0% | — | 53.8% | 69.7% | 76.5% | 100.0% | |
| Operating margin | 0.0% | — | 17.1% | 32.3% | 28.3% | 37.5% |
Fiscal years (4-quarter sums)FY21 $102.1M · FY22 $109.0M · FY23 $81.4M · FY24 −$15.2M · FY25 $67.2M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $17.6M · Total debt $1.53B · Total assets $1.82B · Shareholders' equity $489.2M
Dividends
Last cut to $0.15 from $0.25 in Mar 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.15 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.15 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.15 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.15 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.15 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.15 | cut from $0.25 |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.25 | |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.25 |
Ownership
Shares outstanding 55.48M · Float 54.30M · 97.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 4.67M | 8.42% | 13F | Aug 7, 2026 |
| Vanguard Capital Management | 2.78M | 5.01% | 13G | Jul 31, 2026 |
| Lighthouse Investment Partners, LLC | 1.56M | 2.82% | 13F | Aug 14, 2026 |
| Geode Capital Management, LLC | 1.44M | 2.60% | 13F | Aug 12, 2026 |
| Hotchkis & Wiley Capital Management LLC | 1.35M | 2.44% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jan 14, 2026 | Anton Feingold | officer: Gen. Counsel VP and Secretary | −7,606 | $4.93 |
| Jan 14, 2026 | Jeffrey Michael Gonzales | officer: CFO and Treasurer | −6,218 | $4.93 |
| Jan 14, 2026 | Bryan Patrick Donohoe | officer: Chief Executive Officer | −21,761 | $4.93 |
Peers
- Starwood Property Trust
Large CRE finance peer with senior lending and debt investing
- Blackstone Mortgage Trust
Scaled Blackstone-backed senior CRE lending peer
- Ladder Capital
Middle-market CRE finance peer across mortgages and mezzanine capital
- Apollo Commercial Real Estate Finance
Apollo-backed CRE debt REIT with first mortgage overlap
- KKR Real Estate Finance Trust
KKR-backed structured senior CRE loan competitor
- BrightSpire Capital
Internally managed CRE credit REIT focused on senior loans
- Granite Point Mortgage Trust
Smaller senior floating-rate commercial mortgage peer
- ACRES Commercial Realty
Small middle-market CRE mortgage REIT with similar loan focus
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ares Commercial Real Estate | $4.65 | +0.11% | $258.0M | — | 50.3 | 2.6 | — |
| Starwood Property Trust | $15.85 | +0.27% | $5.86B | 23.2 | 9.4 | 2.9 | +7.9% |
| Blackstone Mortgage Trust | $13.75 | +0.18% | $2.31B | 171.6 | 10.9 | 1.5 | +18.1% |
| Ladder Capital | $9.82 | +0.10% | $1.25B | 23.4 | 9.0 | 3.3 | −40.9% |
| Apollo Commercial Real Estate Finance | $6.85 | −0.15% | $897.0M | 8.7 | — | 3.4 | −76.2% |
| KKR Real Estate Finance Trust | $7.59 | +0.20% | $488.0M | — | — | 1.2 | −82.3% |
| BrightSpire Capital | $4.75 | 0.00% | $601.0M | — | 7.8 | 1.8 | −0.9% |
| Granite Point Mortgage Trust | $1.08 | −0.46% | $51.8M | — | — | 0.4 | −87.2% |
| ACRES Commercial Realty | $13.96 | −0.64% | $99.6M | — | 13.1 | 0.5 | −50.2% |
| Median | 23.3 | 9.4 | 1.7 | −45.6% |