Ares Commercial Real Estate Ratios (2012-2025) | ACRE

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Ratios	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025	Dec2025
Profitability
EBT Margin			-37.16%	31.67%	8.66%	69.35%	67.61%	23.50%	29.66%	38.60%	22.22%	44.52%	66.60%	73.80%	71.36%	73.00%	66.14%	69.38%	66.68%	69.65%					71.55%	68.85%	72.89%	69.27%	61.02%	46.01%	45.61%	72.95%	-81.64%	55.21%	67.53%	67.95%	75.04%	76.59%	36.58%	57.39%	67.88%	40.28%	2.38%	10.44%	-23.88%	-8.98%	38.39%	-225.05%	-65.92%	-36.46%	-35.33%	-61.00%	64.40%	-87.82%	32.98%	-29.21%
EBIT Margin			-37.16%	31.67%	8.66%	69.35%	67.61%	23.50%	29.66%	38.60%	22.22%	44.52%	66.60%	73.80%	71.36%	73.00%	66.14%	69.38%	66.68%	69.65%					71.55%	68.85%	72.89%	69.27%	61.02%	46.01%	45.61%	72.95%	-81.64%	55.21%	67.53%	67.95%	75.04%	76.59%	36.58%	57.39%	67.88%	40.28%	2.38%	10.44%	-23.88%	-8.98%	38.39%	-225.05%	-65.92%	-36.46%	-35.33%	-61.00%	64.40%	-87.82%	32.98%	-29.21%
EBITDA Margin			-37.16%	31.67%	8.66%	69.35%	67.61%	23.50%	29.66%	38.60%	22.22%	44.52%	66.60%	73.80%	71.36%	73.00%	66.14%	69.38%	66.68%	69.65%					71.55%	68.85%	72.89%	69.27%	61.40%	46.01%	45.61%	72.95%	-81.64%	55.21%	67.53%	67.95%	75.04%	76.59%	36.58%	57.39%	67.88%	40.28%	2.38%	10.44%	-23.88%	-8.98%	38.39%	-225.05%	-65.92%	-36.46%	-35.33%	-61.00%	64.40%	-87.82%	32.98%	-29.21%
Net Margin			-37.16%	31.67%	8.66%	69.35%	63.07%	26.04%	34.56%	38.12%	31.12%	42.81%	54.36%	72.84%	76.61%	71.30%	50.23%	82.68%	156.85%	63.96%					70.93%	68.22%	71.20%	68.98%	60.34%	45.01%	45.52%	71.60%	-81.68%	54.32%	66.72%	67.94%	74.16%	74.86%	36.58%	56.97%	67.44%	39.89%	2.36%	9.57%	-24.30%	-8.80%	38.45%	-224.55%	-65.93%	-36.46%	-35.31%	-60.91%	62.52%	-87.82%	32.99%	-29.25%
FCF Margin			68.21%	48.08%	32.49%	16.86%	29.92%	159.32%	55.49%	-288.29%	221.53%	-1,016.63%	965.96%	791.41%	-150.65%	565.69%	170.85%	148.36%	-282.68%	-37.07%					73.80%	61.82%	72.68%	75.25%	47.96%	42.88%	36.31%	55.41%	38.04%	32.73%	38.33%	42.38%	46.76%	41.78%	38.37%	59.82%	67.50%	51.45%	47.36%	49.62%	42.47%	47.62%	56.72%	57.47%	60.87%	51.60%	50.63%	40.39%	53.59%	38.84%	27.20%	35.01%
Efficiency
Assets Average		128.08M	195.76M	304.06M	415.91M	512.51M	710.43M	1,008.36M	1,217.39M	1,339.72M	1,412.03M	1,632.32M	1,725.97M	1,567.31M	1,523.51M	1,440.58M	1,400.55M	1,377.09M	1,448.61M	1,469.42M	1,401.35M	1,545.79M	1,625.02M	1,678.84M	1,757.19M	1,780.84M	1,774.51M	1,667.42M	1,610.88M	1,644.94M	1,673.07M	1,729.42M	1,942.74M	2,061.29M	1,985.15M	1,939.28M	2,010.15M	2,173.82M	2,361.76M	2,549.26M	2,573.82M	2,606.07M	2,711.76M	2,625.09M	2,483.66M	2,422.17M	2,381.59M	2,321.48M	2,195.24M	2,090.23M	2,005.18M	1,845.90M	1,635.41M	1,479.13M	1,415.25M	1,505.00M
Equity Average		98.46M	167.17M	166.06M	164.51M	279.23M	402.76M	408.43M	405.15M	403.96M	402.44M	440.96M	484.02M	488.15M	490.39M	474.06M	455.24M	454.15M	459.78M	447.47M	423.78M	417.44M	418.74M	419.83M	419.94M	421.45M	423.18M	424.87M	425.34M	425.43M	425.75M	426.04M	446.20M	465.60M	467.24M	471.18M	524.49M	627.50M	675.89M	675.69M	683.98M	737.67M	776.54M	757.31M	732.92M	704.75M	687.07M	654.40M	613.47M	591.68M	573.01M	551.94M	541.14M	532.92M	522.34M	515.28M
Invested Capital	29.27M	167.66M	166.68M	165.44M	163.58M	394.88M	410.65M	739.63M	404.09M	403.83M	401.04M	480.89M	487.15M	489.15M	491.62M	456.49M	454.00M	454.30M	465.27M	1,365.39M	417.89M	416.98M	420.50M	1,487.13M	420.71M	422.20M	424.16M	1,313.56M	425.10M	425.76M	425.74M	1,321.08M	466.06M	465.13M	469.35M	1,401.69M	575.97M	679.04M	672.74M	1,719.79M	689.33M	786.00M	767.08M	1,707.77M	718.30M	691.19M	682.96M	1,520.67M	601.09M	582.26M	563.75M	1,258.60M	542.14M	523.70M	520.98M	1,457.74M
Asset Utilization Ratio				0.02	0.02	0.03	0.03	0.03	0.03	0.04	0.04	0.04	0.04	0.04	0.04	0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.01		0.01	0.02	0.02	0.03	0.03	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.05	0.04	0.04	0.04	0.04	0.03	0.04	0.04	0.04	0.04	0.04
Leverage & Solvency
Debt to Equity	1.62	0.01	0.29	0.87	1.22	0.26	0.72	0.65	0.85	1.13	0.85	1.15	1.04	1.15	1.06	1.15	1.36	1.32	1.89	1.82	1.38	1.94	1.74	2.29	2.21	2.37	2.15	1.83	1.46	1.45	1.46	1.71	2.13	1.89	1.69	1.60	0.61	0.60	0.98	1.24	1.07	1.09	1.11	0.94	0.97	0.99	0.96	1.02	1.05	1.08	1.14	1.09	1.24	1.23	1.14	1.68
Debt Ratio	0.56	0.01	0.22	0.37	0.45	0.17	0.35	0.22	0.27	0.32	0.24	0.30	0.32	0.36	0.35	0.38	0.43	0.45	0.56	0.57	0.40	0.49	0.46	0.54	0.53	0.55	0.53	0.49	0.38	0.37	0.37	0.41	0.47	0.43	0.41	0.39	0.17	0.18	0.27	0.32	0.29	0.32	0.31	0.28	0.29	0.28	0.28	0.28	0.30	0.30	0.33	0.34	0.44	0.45	0.43	0.53
Equity Ratio	0.34	0.98	0.76	0.43	0.37	0.68	0.49	0.35	0.32	0.28	0.29	0.26	0.31	0.32	0.33	0.33	0.32	0.34	0.30	0.31	0.29	0.25	0.26	0.24	0.24	0.23	0.24	0.27	0.26	0.25	0.25	0.24	0.22	0.23	0.24	0.25	0.28	0.30	0.27	0.26	0.27	0.29	0.28	0.30	0.29	0.29	0.29	0.27	0.28	0.28	0.29	0.31	0.36	0.36	0.37	0.31
Dividends & Payouts
FCF Payout Ratio			0.89	0.34	1.89	2.92	2.09	0.35	0.93	-0.14	0.24	-0.03	0.06	0.07	-0.39	0.34	0.41	0.48	-0.22	-4.05	1.72	0.65	0.71	1.05	0.80	0.95	0.79	0.87	1.40	1.03	1.32	1.28	1.38	1.88	1.29	1.24	1.44	1.68	1.58	0.93	1.03	1.48	1.49	1.28	1.72	1.63	1.33	1.81	1.60	1.59	1.64	1.97	1.74	1.71	2.18	1.82
Valuation
Enterprise Value	1.71M	-87.45M	-23.98M	-23.39M	-22.55M	-40.23M	-12.55M	-14.44M	-30.40M	-20.15M	-11.45M	-15.04M	-9.01M	-5.03M	-5.10M	-5.07M	-4.31M	-5.31M	-41.77M	-47.65M	-44.40M	-5.72M	-28.25M	-28.34M	-5.20M	-5.04M	-5.03M	-11.09M	-12.81M	-5.21M	-5.95M	-5.26M	-74.50M	-72.99M	-81.30M	-74.78M	-97.94M	-75.67M	-15.79M	-50.62M	-13.76M	-25.62M	-77.30M	-141.28M	-153.76M	-142.60M	-61.02M	-110.46M	-99.52M	-70.65M	-68.88M	-63.80M	-125.50M	-89.98M	-84.87M	-29.29M
Return Ratios
Return on Sales			-0.37%	0.32%	0.09%	0.69%	0.63%	0.26%	0.35%	0.38%	0.31%	0.35%	0.72%	0.18%	0.24%	0.16%	-0.03%	0.26%	0.87%	0.28%	0.37%	0.42%			0.71%	0.68%	0.71%	0.69%	0.60%	0.45%	0.46%	0.72%	-0.82%	0.54%	0.67%	0.68%	0.74%	0.75%	0.37%	0.57%	0.67%	0.40%	0.02%	0.10%	-0.24%	-0.09%	0.38%	-2.25%	-0.66%	-0.36%	-0.35%	-0.61%	0.63%	-0.88%	0.33%	-0.29%
Return on Invested Capital									0.03%	0.05%	0.05%	0.05%	0.06%	0.06%	0.07%	0.08%	0.07%	0.07%	0.07%	0.03%	0.03%	0.07%	0.08%	0.03%	0.03%	0.09%	0.08%	0.04%	0.04%	0.09%	0.09%	0.04%	0.01%	0.02%	0.04%	0.02%	0.06%	0.10%	0.09%	0.05%	0.05%	0.07%	0.06%	0.02%	0.01%	-0.01%	0.01%	-0.04%	-0.04%	-0.08%	-0.11%	-0.04%	-0.01%	-0.03%	-0.01%	0.00%
Return on Assets				0.00%	0.00%	0.01%	0.02%	0.01%	0.01%	0.02%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%			0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.00%	0.00%	0.00%	-0.02%	-0.02%	-0.02%	-0.03%	-0.02%	-0.01%	-0.01%	-0.01%	0.00%
Return on Equity				0.01%	0.01%	0.01%	0.03%	0.03%	0.04%	0.05%	0.05%	0.05%	0.06%	0.05%	0.04%	0.03%	0.01%	0.02%	0.03%	0.03%	0.03%	0.02%			0.02%	0.04%	0.07%	0.09%	0.09%	0.09%	0.09%	0.09%	0.03%	0.02%	0.04%	0.05%	0.10%	0.10%	0.09%	0.09%	0.09%	0.07%	0.06%	0.04%	0.01%	-0.01%	0.01%	-0.06%	-0.07%	-0.08%	-0.11%	-0.06%	-0.02%	-0.03%	-0.01%	0.00%

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Ares Commercial Real Estate Ratios (2012-2025) | ACRE

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