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Ares Commercial Real Estate’s net profit for the third quarter of 2022 is $600,000, financial firm CRE reported on Wednesday.
In a press release, Ares reported a third-quarter 2022 net income of $644,000 attributable to common stock, or $0.1 per diluted common share. This is down from $9.95 million in the third quarter of 2021.
The company’s distributable earnings were $21.3 million, or $0.39 per share, while total earnings were relatively stable at approximately $27.2 million.
Ares Commercial CEO Brian Donohoe said the quarter’s “strong performance” was due to “strong interest rates” in the company’s variable rate portfolio.
“We will continue to capitalize on the current high credit market by supporting high-quality commercial real estate by acquiring opportunistic investment-grade commercial real estate with wider and more attractive credit spreads,” Donohoe said.
“We are confident in our strong position in the absence of funding sources in the market, based on $156 million of available liquidity and credit spread,” said Tae-Sik Yoon, the company’s chief financial officer of Ares commercial real estate Corp.
Ares primarily originates and invests in commercial real estate loans and related investments.
The company offers several CRE financing options directly through its national platform and launches senior mortgages, structured loans, mezzanine debt, and preferred shares.
Reference Source: MPA
