Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45.1M | $46.3M | $55.3M | $77.3M | $82.7M | $102M | $107M | $92.9M | $69.7M | $54.8M |
| Revenue growth | — | 2.8% | 19.3% | 39.8% | 7.0% | 23.4% | 4.7% | -13.0% | -25.0% | -21.3% |
| Net income | $44.9M | $30.4M | $38.6M | $37.0M | $21.8M | $60.5M | $29.8M | -$38.9M | -$35.0M | -$902K |
| Net margin | 99.5% | 65.6% | 69.8% | 47.9% | 26.4% | 59.2% | 27.9% | -41.8% | -50.2% | -1.6% |
| EPS (diluted) | $1.41 | $1.07 | $1.35 | — | — | — | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.49M | $31.3M | $39.2M | $32.5M | $31.8M | $48.4M | $57.2M | $46.8M | $35.5M | $21.4M |
| Share buybacks | $1.44M | $0.00 | $0.00 | — | — | $0.00 | $0.00 | $4.60M | $0.00 | $0.00 |
| Dividends paid | $29.4M | $30.5M | $32.1M | $37.5M | $42.8M | $58.4M | $71.8M | $76.0M | $59.6M | $39.0M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $47.3M | $28.3M | $11.1M | $5.26M | $74.8M | $50.6M | $141M | $110M | $63.8M | $29.3M |
| Total assets | $1.37B | $1.77B | $1.60B | $1.78B | $1.93B | $2.63B | $2.52B | $2.28B | $1.75B | $1.62B |
| Total liabilities | $944M | $1.35B | $1.18B | $1.36B | $1.46B | $1.95B | $1.78B | $1.65B | $1.21B | $1.11B |
| Long-term debt | $936M | $1.07B | $888M | $895M | $929M | $1.04B | $960M | $895M | $718M | $948M |
| Shareholders' equity | $419M | $419M | $426M | $426M | $473M | $679M | $748M | $626M | $540M | $510M |
| Retained earnings | -$1.31M | -$1.75M | $3.56M | $2.44M | -$25.1M | -$28.6M | -$73.3M | -$187M | -$277M | -$312M |
| Shares (wtd avg diluted) | 28.5M | 28.6M | 28.7M | 28.8M | 33.2M | 42.7M | 52.1M | 54.3M | 54.4M | 54.9M |
Every figure is extracted from Ares Commercial Real Estate Corp’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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