- Ares Commercial Real Estate ( NYSE: ACRE ) Q3 earnings and revenue came in stronger than expected and rose from the year-ago period as expenses fell, and a rising interest rate environment benefited the mortgage REIT's floating rate loan portfolio.
- Q3 distributable EPS of $0.39, topping the average analyst estimate of $0.31, climbed from $0.21 in Q3 of last year.
- Revenue of $27.3M at September 30 also surpassed the $24.8M consensus and inched up from $27.2M in Q3 2021.
- Interest income rose to $45.6M from $34M a year before; interest expense was $18.4M vs. $12.7M a year ago.
- Credit loss provision was $19.5M compared with $6.4M in Q3 2021.
- Expenses totaled $7.14M, down from $10.89M a year earlier.
- Loans held for investment were $2.51B compared with $2.41B at Dec. 31, 2021.
- Conference call at 12:00 p.m. ET.
- Earlier, Ares Commercial Real Estate declared $0.33 dividend, supplemental cash dividend of $0.02 .
For further details see:
Ares Commercial Real Estate Q3 beat as higher yields benefit floating rate loan portfolio