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Jun 30, 2023
Ares Commercial Real Estate Q2 2023 Earnings Report
Reported a GAAP net loss and Distributable Earnings, with Distributable Earnings per diluted common share fully covering the regular and supplemental dividends for the quarter.
Key Takeaways
Ares Commercial Real Estate Corporation reported a GAAP net loss of $2.2 million, or $0.04 per diluted common share, and Distributable Earnings of $19.0 million, or $0.35 per diluted common share, for the second quarter of 2023. The company bought back approximately 1.0% of its outstanding common shares at an average price of $8.58 per common share during the quarter.
GAAP net loss was $2.2 million, or $0.04 per diluted common share.
Distributable Earnings were $19.0 million, or $0.35 per diluted common share.
The Board of Directors declared a regular cash dividend of $0.33 per common share for the third quarter of 2023.
Company repurchased approximately 1.0% of its outstanding common shares during the second quarter of 2023.
Forward Guidance
Management believes that repurchasing common shares at meaningful discounts to book value and new loan originations will be better uses of capital than the previously distributed supplemental dividends.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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