Ares Commercial Real Estate (ACRE) earnings and revenue breakdown
Latest: Q3 2026 · 8-K filed Nov 6, 2026
Q3 2026 Revenue down 4% year over year to $13.5M · 74¢ of every $1 of revenue kept as net profit · operating margin 74.4%
Ares Commercial Real Estate made $13.5M in Q3 2026 (-4% Y/Y). Operating margin 74.4%, net earnings $10.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Nov 6, 2026 (preliminary, from the earnings release).
Revenue$13.5M
Year over year-4%
Operating margin74.4%
Net earnings$10.0M
Operating cash flow—
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $13.5M in Q3 2026, down 4% year over year and down 6% from the previous quarter.
Operating profit was $10.1M, a 74.4% margin (up 41.5 points year over year). Total costs fell 63% while revenue fell 4%. Net earnings were $10.0M, up 116% year over year. The effective tax rate was 0.1%.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
8-K
Nov 6, 2026
$13.5M
-4%
74.4%
$10.0M
—
Q2 2026
10-Q
Aug 4, 2026
$14.4M
+14%
31.5%
$4.4M
$63.5M
Q1 2026
10-Q
May 7, 2026
$13.5M
-10%
-71.1%
−$9.6M
−$56.6M
Q4 2025
10-K
Feb 10, 2026
$13.2M
-24%
-29.2%
−$3.9M
$4.6M
Q3 2025
10-Q
Nov 7, 2025
$14.1M
-15%
33.0%
$4.7M
$3.8M
Q2 2025
10-Q
Aug 5, 2025
$12.6M
-25%
-87.8%
−$11.0M
$4.9M
Q1 2025
10-Q
May 7, 2025
$14.9M
-20%
64.4%
$9.3M
$8.0M
Charts
Latest (Q3 2026): Y/Y -4%, Q/Q -6%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income $4.4M, Operating cash flow $63.5M.+65.3% since FY2020: more shares outstanding (issuance, stock pay).Cash $29.3M, short-term investments —, long-term debt $948M at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
ARES · Stated in 10-K (named, share not stated) · source
About Ares Commercial Real Estate
The following description of the business of Ares Commercial Real Estate Corporation (“ACRE”) should be read in conjunction with the information included elsewhere in this annual report on Form 10-K for the year ended December 31, 2025. We refer to ACRE together with our consolidated subsidiaries as “we,” “us,” “Company,” or “our,” unless we specifically state otherwise or the context indicates otherwise. We refer to our manager, Ares Commercial Real Estate Management LLC, as our “Manager” or “ACREM,” and the parent company of our Manager, Ares Management Corporation, together with its consolidated subsidiaries, as “Ares Management.”
In its own words, from its 10-K, filed Feb 10, 2026.
Ares Commercial Real Estate against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -4% against the peers' median +11%. Operating margin: 74.4% against the peers' median 20.6%.