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Jun 30, 2024
Ares Commercial Real Estate Q2 2024 Earnings Report
Reported a net loss and distributable loss for the second quarter of 2024, while making progress on resolving risk-rated loans and maintaining financial flexibility.
Key Takeaways
Ares Commercial Real Estate Corporation reported a GAAP net loss of $(6.1) million and Distributable Earnings (Loss) of $(6.6) million for the second quarter of 2024. The company is focused on resolving risk-rated loans and maintaining financial flexibility.
GAAP net income (loss) of $(6.1) million or $(0.11) per diluted common share.
Distributable Earnings (Loss) of $(6.6) million or $(0.12) per diluted common share.
Tae-Sik Yoon appointed to Chief Operating Officer.
Jeff Gonzales appointed to Chief Financial Officer & Treasurer.
Forward Guidance
The company's forward-looking statements involve risks and uncertainties, including global economic trends, interest rate changes, and geopolitical instability.
Positive Outlook
- Statements about the resolution of underperforming loans
- Statements about reduction of CECL reserve
- Statements about increase of available borrowings
- Statements about the industry
- Statements about loan market and the benefits of the announced officer appointments
Challenges Ahead
- Global economic trends and economic conditions, including high inflation, slower growth, changes to fiscal and monetary policy, higher interest rates and currency fluctuations
- Geopolitical instability, including conflicts between Russia and Ukraine and the conflict between Israel and Hamas
- Changes in interest rates
- Failure to obtain benefits from the announced officer appointments
Historical Earnings Impact
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Avg. Return Before/After Earnings
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