Ares mercial Real Estate (US:ACRE)2024-08-06 15:48Financial Performance - The company reported a GAAP net loss of $(0.11) per diluted common share for the second quarter of 2024[5] - Distributable Earnings (Loss) for 2Q 2024 was $(0.12) per diluted common share[6] - Excluding realized losses of $0.30 per diluted common share, the Distributable Earnings for 2Q 2024 was $0.18 per diluted common share[7] - A cash dividend of $0.25 per common share was declared for 3Q 2024[14] Portfolio & Balance Sheet - The loan portfolio has an outstanding principal balance of $2 billion, with 99% in senior loans[4] - Outstanding borrowings were reduced by 10% YTD, totaling $1.5 billion[4] - The net debt to equity ratio, excluding CECL reserves, is 1.9x[4, 12] - Available capital stands at $121 million[4, 13] - CECL reserves are $139 million, representing 7% of the outstanding principal balance for loans held for investment[11, 31] Real Estate Owned (REO) - The company holds real estate owned with a carrying value of $82 million for a mixed-use property in Florida and $15 million for an office property in California[40]