NEW YORK--(BUSINESS WIRE)--Ares Commercial Real Estate Corporation (NYSE:ACRE), a specialty finance company engaged in originating and investing in commercial real estate assets, reported generally accepted accounting principles net income of $14.9 million or $0.44 per diluted common share and Core Earnings(1) of $10.5 million or$0.31 per diluted common share for the third quarter of 2020.

“This morning, we announced another quarter of consistent earnings with continued stable credit performance and liquidity position,” said Bryan Donohoe, Chief Executive Officer of ACRE. “Since the inception of ACRE, our focus on defensively positioning both our portfolio and our funding sources has enabled us to successfully navigate market downturns like the one we have experienced this year. We are now seeing an improvement in market activity and the quality of investment opportunities.”

“Our continued strategic focus on defensive, senior loans in growing, non-gateway markets continues to produce attractive results as 100% of our loans made their contractual debt service payments for the third quarter and October payment dates,” said Tae-Sik Yoon, Chief Financial Officer of ACRE.

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(1) Core Earnings is a non-GAAP financial measure. Refer to Schedule I for further details.

COMMON STOCK DIVIDEND

On September 16, 2020, the Company declared a cash dividend of $0.33 per common share for the third quarter of 2020. The third quarter 2020 dividend was paid on October 15, 2020 to common stockholders of record as of September 30, 2020.

ADDITIONAL INFORMATION

The Company issued a presentation of its third quarter 2020 results, which can be viewed at www.arescre.com on the Investor Resources section of our home page under Events and Presentations. The presentation is titled “Third Quarter 2020 Earnings Presentation.” The Company also filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 with the U.S. Securities and Exchange Commission on October 29, 2020.

ABOUT ARES COMMERCIAL REAL ESTATE CORPORATION

Ares Commercial Real Estate Corporation is a specialty finance company primarily engaged in originating and investing in commercial real estate loans and related investments. Through its national direct origination platform, the Company provides a broad offering of flexible and reliable financing solutions for commercial real estate owners and operators. The Company originates senior mortgage loans, as well as subordinate financings, mezzanine debt and preferred equity, with an emphasis on providing value added financing on a variety of properties located in liquid markets across the United States. Ares Commercial Real Estate Corporation elected and qualified to be taxed as a real estate investment trust and is externally managed by a subsidiary of Ares Management Corporation. For more information, please visit www.arescre.com. The contents of such website are not, and should not be deemed to be, incorporated by reference herein.