Ares Commercial Real Estate ACRE

REIT - Specialty, Real Estate

$3.35

+2.76%

Market cap: $185.9M
PE: n/m; a loss over the last year
Forward PE: n/m; not a meaningful number
Price to FFO: 216×; from its filings
Price to sales: 3.4×
EV/EBIT: n/m; a loss over the last year
Revenue, 12 months: $55.1M; −11% on a year ago
Net margin: −8.0%

Ares Commercial Real Estate trades at 216× its funds from operations, the earnings measure REITs are valued on. Revenue was $55.1M over the last twelve months, down 11% on a year earlier with a −8% net margin.

Charts

Financials

Income statement for ACRE, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$23.9M−12%	$17.6M−42%	$18.7M−30%	$16.8M−33%	$16.7M−30%	$17.5M−0%	$14.9M−20%	$12.6M−25%	$14.1M−15%	$13.2M−25%	$13.5M−10%	$14.4M+14%
SG&A	$1.7M+19%	$1.8M+3%	$2.1M+24%	$2M−4%	$1.9M+15%	$1.8M+1%	$1.7M−17%	$2M+2%	$1.7M−11%	$1.6M−14%	$1.4M−18%	$1.7M−14%
Interest expense	$29.7M+62%	$30M+35%	$28.8M+25%	$27.5M+2%	$27.4M−8%	$22.3M−26%	$18.2M−37%	$16.1M−41%	$14.8M−46%	$16.1M−28%	$17.4M−5%	$19.2M+19%
Pre-tax income	$9.2M+1313%	−$39.5M	−$12.3M+95%	−$6.1M+173%	−$5.9M	−$10.7M−73%	$9.6M	−$11M+80%	$4.7M	−$3.9M−64%	−$9.6M	$4.5M
	−$16K	−$87K	$2K−98%	$0	−$3K−81%	−$17K−81%	$281K+13950%	$0	−$1K−67%	$5K	$30K−89%	$138K
Net income	$9.2M+1326%	−$39.4M	−$12.3M+91%	−$6.1M+179%	−$5.9M	−$10.7M−73%	$9.3M	−$11M+80%	$4.7M	−$3.9M−64%	−$9.6M	$4.4M
	$0.17+1600%	−$0.73	−$0.23+92%	−$0.11+175%	−$0.11	−$0.20−73%	$0.17	−$0.20+82%	$0.08	−$0.07−65%	−$0.17	$0.08
	54.8M−0%	54.1M−1%	54.4M−0%	54.4M+0%	54.5M−1%	54.5M+1%	55.7M+2%	54.9M+1%	55.8M+2%	55M+1%	55.3M−1%	56.4M+3%

EPS, diluted: 11 periods, Q3 FY13 to Q4 FY25: quarter's net income to common over its shares, to the cent.

Diluted shares: Q4 FY12: the earlier year to date counted no dilution: the quarter's basic count plus the later year to date's dilution. 10 periods, Q4 FY13 to Q4 FY22: share-days: the 12-month average less the 9-month, weighted by days. 3 periods, Q4 FY23 to Q4 FY25: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in REIT - Specialty nearest Ares Commercial Real Estate's size, closest first.

Company	Market cap	PE	Its 10y median PE	P/S	Revenue growth	Net margin
ACREAres Commercial Real Estate	$185.9M	n/m	11.4×	3.4×	−11%	−8.0%
STRWStrawberry Fields REIT	$179.4M	19.8×	21.1×	1.1×	+18%	5.3%
MITTTPG Mortgage Investment Trust	$173M	7.4×	8.5×	n/m	n/m	n/m
REFIChicago Atlantic Real Estate Finance	$240.1M	6.8×	7.7×	n/m	n/m	n/m
SEVNSeven Hills Realty Trust	$140.4M	9.2×	8.2×	4.5×	−2%	38.0%
PINEAlpine Income Property Trust	$289.9M	35.1×	76.6×	3.8×	+32%	16.5%
NREFNexPoint Real Estate Finance	$294.2M	7.5×	7.4×	n/m	n/m	n/m
ESBAEmpire State Realty OP	$106.2M	159×	40.7×	0.1×	+2%	1.2%
CHMICherry Hill Mortgage Investment	$94.6M	14.2×	14.0×	2.9×	+124%	49.7%
CHCTCommunity Healthcare Trust	$372.5M	19.4×	95.0×	3.0×	+6%	16.8%
XRNChiron Real Estate	$397.1M	8.1×	9.7×	2.6×	+8%	37.8%
Peer median	$209.7M	11.7×	11.8×	2.9×	+8%	16.8%