Ares mercial Real Estate (ACRE) - 2019 Q3 - Earnings Call Presentation

Financial Performance - GAAP Earnings were $9.0 million, or $0.31 per diluted common share[10] - Core Earnings were $9.7 million, or $0.34 per diluted common share[10] - Book value per diluted common share was $14.75[10] Loan Portfolio - Total loan portfolio consisted of 47 loans held for investment[10] - Total loan commitments at closing were $1.8 billion, with $1.5 billion in outstanding principal[10] - 97% of loans have floating interest rates based on outstanding principal balance[10] - 96% of loans are senior loans based on outstanding principal balance[10] - The weighted average unleveraged effective yield of the loan portfolio was 6.9%[10] - 92% of the loan portfolio has a LIBOR floor with a weighted average floor of 1.69%[10] - 54% of the loan portfolio is either fixed rate or floating rate with a LIBOR floor of 1.75% or higher[10] Investment Activity - Closed five senior loans totaling $193.4 million in commitments[10, 12] - $143.8 million in outstanding principal was funded on new commitments[10] - $25.6 million in outstanding principal was funded on previously originated commitments[10] - Repayments of $118.7 million were received from three loans[10] Capital and Liquidity - Total borrowing capacity was $1.9 billion, with $1.2 billion in outstanding principal[10] - Debt to equity ratio was 2.9x[27] Dividends - A common stock dividend of $0.33 per common share was paid for Q3-19[10] - The annualized dividend yield was 8.7% based upon the closing share price on September 30, 2019[10] Subsequent Events - Closed three loans with a total commitment amount of $125.5 million and $119.2 million funded at closing[10] - Declared a Q4-19 dividend of $0.33 per common share on November 8, 2019[10]