Ares Commercial Real Estate Corporation (ACRE) Balance Sheet
ACRE balance sheet, 2025
December 31, 2025 · U.S. dollars$1.62B assets = $1.11B liabilities + $509.6M equity
Both columns are drawn to the same scale: what ACRE owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ACRE financial health
Descriptive bands, not a rating. Fiscal 2025.
ACRE balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.37B2016 | $1.62B2025 | +1.8%/yr | |
| Total liabilities | $944.0M2016 | $1.11B2025 | +1.8%/yr | |
| Shareholders’ equity | $429.7M2016 | $509.6M2025 | +1.9%/yr | |
| Cash & short-term investments | $47.3M2016 | $29.3M2025 | −5.2%/yr | |
| Total debt | $1.51B2016 | $1.05B2025 | −4.0%/yr | |
| Net cash (debt) | −$1.46B2016 | −$1.02B2025 | +$443.7M | |
| Working capital | −$578.3M2016 | −$803.7M2025 | −$225.4M | |
| Book value per share | $15.062016 | $9.282025 | −5.2%/yr | |
| Current ratio | 0.002016 | 0.082025 | +0.08 | |
| Debt / equity | 3.512016 | 2.062025 | −1.46 | |
| Shares outstanding | 28.5M2016 | 54.9M2025 | +7.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ACRE assets
ACRE liabilities and equity
ACRE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ACRE balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $29.3M | $63.8M | $138.5M | $169.2M | $50.6M | $74.8M | $5.3M | $11.1M | $28.3M | $47.3M |
| Cash & equivalents | $29.3M | $63.8M | $110.5M | $141.3M | $50.6M | $74.8M | $5.3M | $11.1M | $28.3M | $47.3M |
| Short-term investments | $0 | $8.7M | $28.1M | $27.9M | $3.0M | — | — | — | $379,000 | $375,000 |
| Receivables | $17.8M | $1.52B | $35.7M | $132.5M | $131.2M | $1.79B | $42.4M | $52.4M | $945,000 | $203,000 |
| Inventory | $0 | $0 | $0 | −$6.6M | −$3.0M | $1 | $1 | $1.2M | $1.3M | $578,000 |
| Other current assets | $20.2M | $10.6M | $0 | $2.27B | $3.0M | $17.6M | $0 | $0 | $0 | $0 |
| Total current assets | $67.2M | $1.59B | $146.2M | $2.56B | $181.8M | $1.88B | $47.7M | $52.4M | $945,000 | $203,000 |
| Property, plant & equipment (net) | $113.3M | $115.3M | $83.3M | $0 | $36.6M | $37.3M | $37.9M | $0 | $0 | $0 |
| Goodwill & intangible assets | $16.9M | $23.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $8.7M | $28.1M | $27.9M | $2.41B | $1.82B | $1.68B | $1.52B | $1.73B | $1.31B |
| Other non-current assets | $1.42B | $8.6M | $2.02B | $0 | $0 | $0 | $16.1M | $26.0M | $43.0M | $59.6M |
| Total assets | $1.62B | $1.75B | $2.28B | $2.52B | $2.63B | $1.93B | $1.78B | $1.60B | $1.77B | $1.37B |
| Liabilities | ||||||||||
| Accounts payable | $257,000 | $1.3M | $2.3M | $1.9M | $570,000 | $391,000 | $718,000 | $541,000 | $414,000 | $10.1M |
| Short-term debt | $858.2M | $359.7M | $639.8M | $705.2M | $819.4M | $277.5M | $560.5M | $36.3M | $744.5M | $578.5M |
| Deferred revenue | — | — | — | — | — | — | — | −$48.9M | −$10.8M | — |
| Total current liabilities | $870.9M | $378.8M | $24.6M | $104.5M | $820.0M | $292.2M | $561.2M | $541,000 | $744.9M | $578.5M |
| Long-term debt | $189.3M | $583.9M | $977.2M | $1.03B | $1.08B | $675.5M | $1.34B | $1.16B | $1.34B | $930.6M |
| Other long-term liabilities | $48.4M | $248.4M | $652.1M | $639.7M | $0 | $488.8M | $0 | $20.7M | $14.3M | $13.4M |
| Total liabilities | $1.11B | $1.21B | $1.65B | $1.78B | $1.95B | $1.46B | $1.36B | $1.18B | $1.35B | $944.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $532,000 | $532,000 | $532,000 | $537,000 | $465,000 | $329,000 | $283,000 | $283,000 | $420.9M | $420.3M |
| Retained earnings (deficit) | −$311.8M | −$277.4M | −$187.0M | −$73.3M | −$28.6M | −$25.1M | $2.4M | $3.6M | −$1.8M | −$1.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | $36,999 | $153,000 | $7.5M | $2.8M | $0 | $0 | $0 | $419.2M | $0 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $10.6M |
| Total shareholders' equity | $509.6M | $540.1M | $625.8M | $747.5M | $678.6M | $473.0M | $426.3M | $425.6M | $419.2M | $429.7M |
| Key figures | ||||||||||
| Total debt | $1.05B | $1.17B | $1.62B | $1.74B | $1.90B | $1.43B | $1.90B | $1.19B | $2.08B | $1.51B |
| Net cash (debt) | −$1.02B | −$1.11B | −$1.48B | −$1.57B | −$1.85B | −$1.36B | −$1.89B | −$1.18B | −$2.05B | −$1.46B |
| Working capital | −$803.7M | $1.22B | $121.5M | $2.46B | −$638.2M | $1.59B | −$513.6M | $51.9M | −$744.0M | −$578.3M |
| Tangible book value | $492.7M | $516.4M | $625.8M | $747.5M | $678.6M | $473.0M | $426.3M | $425.6M | $419.2M | $429.7M |
| Book value per share | $9.28 | $9.92 | $11.53 | $14.34 | $15.90 | $14.25 | $14.78 | $14.85 | $14.68 | $15.06 |
| Shares outstanding | 54.9M | 54.4M | 54.3M | 52.1M | 42.7M | 33.2M | 28.8M | 28.7M | 28.6M | 28.5M |
| Current ratio | 0.08 | 4.21 | 5.94 | 24.52 | 0.22 | 6.45 | 0.08 | 96.90 | 0.00 | 0.00 |
| Quick ratio | 0.05 | 4.18 | 7.08 | 2.89 | 0.22 | 6.39 | 0.08 | 117.40 | 0.04 | 0.08 |
| Debt / equity | 2.06 | 2.17 | 2.58 | 2.32 | 2.80 | 3.03 | 4.45 | 2.80 | 4.97 | 3.51 |
| Equity / assets | 31.5% | 30.8% | 27.5% | 29.6% | 25.8% | 24.5% | 23.9% | 26.5% | 23.7% | 31.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $17.6M | $86.2M | $29.3M | $84.9M | $90.0M | $125.5M | $63.8M | $95.9M | $70.6M | $99.5M | $138.5M | $61.0M |
| Cash & equivalents | $17.6M | $86.2M | $29.3M | $84.9M | $90.0M | $125.5M | $63.8M | $68.9M | $70.6M | $99.5M | $110.5M | $61.0M |
| Short-term investments | — | — | $0 | $0 | $7.8M | $8.6M | $8.7M | $27.0M | $28.1M | $28.1M | $28.1M | $28.1M |
| Receivables | $17.5M | $18.9M | $17.8M | $18.3M | $1.18B | $1.22B | $1.52B | $17.1M | $1.84B | $1.87B | $35.7M | $5.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 | $0 | −$326,000 |
| Other current assets | $23.5M | $0 | $20.2M | $0 | $9.9M | $9.6M | $10.6M | $0 | $46.0M | $19.1M | $1.99B | $144.7M |
| Total current assets | $58.6M | $105.1M | $67.2M | $103.1M | $1.28B | $1.36B | $1.59B | $113.0M | $1.95B | $1.99B | $2.16B | $211.1M |
| Property, plant & equipment (net) | $76.2M | $0 | $0 | $0 | $113.6M | $114.9M | $115.3M | $0 | $73.0M | $72.6M | $83.3M | $73.5M |
| Goodwill & intangible assets | $0 | $0 | $16.9M | $20.7M | $21.9M | $21.9M | $23.7M | $0 | $8.7M | $9.9M | $0 | $10.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $7.8M | $8.6M | $8.7M | $27.0M | $28.1M | $28.1M | $28.1M | $28.1M |
| Other non-current assets | $1.68B | $1.73B | $1.53B | $1.27B | $12.5M | $15.3M | $8.6M | $1.80B | $8.1M | $6.7M | $7.4M | $2.04B |
| Total assets | $1.82B | $1.84B | $1.62B | $1.39B | $1.44B | $1.52B | $1.75B | $1.94B | $2.07B | $2.11B | $2.28B | $2.36B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | $257,000 | $294,000 | $347,000 | $387,000 | $1.3M | $1.7M | $1.8M | $1.9M | $2.3M | $2.1M |
| Short-term debt | $269.9M | $224.6M | $858.2M | $41.6M | $149.5M | $149.5M | $359.7M | — | $204.1M | $204.1M | $52.2M | $909.5M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$205.9M | −$206.0M | — | — |
| Total current liabilities | $269.9M | $224.6M | $870.9M | $54.2M | $162.4M | $162.5M | $378.8M | $19.6M | $20.1M | $20.0M | $24.6M | $933.8M |
| Long-term debt | $89.7M | $89.5M | $189.3M | $216.8M | $246.4M | $270.4M | $583.9M | $1.34B | $1.46B | $1.48B | $977.2M | $989.1M |
| Other long-term liabilities | $968.5M | $1.03B | $48.4M | $599.8M | $506.2M | $544.6M | $248.4M | $0 | $10.9M | $10.0M | $652.1M | $586.5M |
| Total liabilities | $1.33B | $1.34B | $1.11B | $870.9M | $914.9M | $977.5M | $1.21B | $1.38B | $1.49B | $1.51B | $1.65B | $1.68B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $532,000 | $532,000 | $532,000 | $532,000 | $532,000 | $532,000 | $532,000 | $532,000 | $532,000 | $532,000 | $532,000 | $532,000 |
| Retained earnings (deficit) | −$333.9M | −$329.8M | −$311.8M | −$299.5M | −$295.8M | −$276.4M | −$277.4M | −$252.8M | −$233.1M | −$213.1M | −$187.0M | −$129.4M |
| Accumulated other comprehensive income | — | — | — | — | $27,999 | $7,000 | $36,999 | $190,000 | $192,999 | $234,000 | $153,000 | $666,000 |
| Total shareholders' equity | $489.2M | $492.4M | $509.6M | $521.0M | $523.7M | $542.1M | $540.1M | $563.8M | $582.3M | $601.1M | $625.8M | $683.0M |
| Key figures | ||||||||||||
| Total debt | $1.26B | $1.27B | $1.05B | $809.9M | $888.2M | $944.8M | $1.17B | $1.34B | $1.46B | $1.48B | $1.62B | $1.64B |
| Net cash (debt) | −$1.25B | −$1.19B | −$1.02B | −$725.0M | −$798.2M | −$819.3M | −$1.11B | −$1.25B | −$1.39B | −$1.38B | −$1.48B | −$1.58B |
| Working capital | −$211.3M | −$119.5M | −$803.7M | $48.9M | $1.12B | $1.20B | $1.22B | $93.4M | $1.93B | $1.97B | $2.14B | −$722.7M |
| Tangible book value | $489.2M | $492.4M | $492.7M | $500.3M | $501.8M | $520.2M | $516.4M | $563.8M | $573.5M | $591.2M | $625.8M | $672.3M |
| Book value per share | $8.68 | $8.90 | $9.27 | $9.34 | $9.55 | $9.73 | $9.91 | $10.35 | $10.70 | $11.05 | $11.57 | $12.46 |
| Shares outstanding | 56.4M | 55.3M | 55.0M | 55.8M | 54.9M | 55.7M | 54.5M | 54.5M | 54.4M | 54.4M | 54.1M | 54.8M |
| Current ratio | 0.22 | 0.47 | 0.08 | 1.90 | 7.90 | 8.36 | 4.21 | 5.77 | 97.02 | 99.66 | 87.78 | 0.23 |
| Quick ratio | 0.13 | 0.47 | 0.05 | 1.90 | 7.84 | 8.31 | 4.18 | 5.77 | 94.74 | 98.71 | 7.08 | 0.07 |
| Debt / equity | 2.58 | 2.58 | 2.06 | 1.55 | 1.70 | 1.74 | 2.17 | 2.38 | 2.50 | 2.46 | 2.58 | 2.41 |
| Equity / assets | 26.9% | 26.8% | 31.5% | 37.4% | 36.4% | 35.7% | 30.8% | 29.1% | 28.1% | 28.5% | 27.5% | 28.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 10, 2026); data from EODHD.
ACRE financial position
At the end of fiscal 2025 (December 31, 2025), Ares Commercial Real Estate had total assets of $1.6 billion (down 7.6% from a year earlier), total liabilities of $1.1 billion and shareholders' equity of $509.6 million. It held $29.3 million in cash and short-term investments against $1.0 billion of debt, net debt of $1.0 billion. Its current ratio was 0.08. In the latest quarter (ended June 30, 2026) total assets were $1.8 billion and equity $489.2 million.
Related: ACRE income statement, ACRE cash flow statement, ACRE key metrics. See the ACRE stock overview for the latest quote and news.
ACRE balance sheet FAQ
What are Ares Commercial Real Estate's total assets?
Ares Commercial Real Estate reported total assets of $1.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.8 billion a year earlier.
How much debt does Ares Commercial Real Estate have?
Ares Commercial Real Estate had $1.0 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 2.06.
How much cash does Ares Commercial Real Estate have?
Ares Commercial Real Estate held $29.3 million in cash and short-term investments at the end of fiscal 2025; with $1.0 billion of debt that is net debt of $1.0 billion.
What is Ares Commercial Real Estate's book value?
Ares Commercial Real Estate's shareholders' equity (book value) was $509.6 million at the end of fiscal 2025, or $9.28 per share.
What is Ares Commercial Real Estate's current ratio?
Ares Commercial Real Estate had current assets of $67.2 million and current liabilities of $870.9 million, a current ratio of 0.08 (current liabilities exceed current assets).
How much goodwill does Ares Commercial Real Estate have?
Ares Commercial Real Estate carried $16.9 million of goodwill and intangible assets, 1.0% of total assets, at the end of fiscal 2025.