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Ares Commercial Real Estate cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$63.5M in Q2 2026 · $15.4M over twelve months

Operating cash flow$63.5M
Free cash flow+$63.5M
Cash / net income14.5×

Analysis

In Q2 2026, Ares Commercial Real Estate generated $63.5M of operating cash flow. That is $58.7M more than in Q2 2025 ($4.9M).

Over the twelve months to Jun 30, 2026, operating cash flow was $15.4M; the largest uses were other investing ($388M), dividends ($33.6M); besides operations, cash came from other financing ($364M), partners ($7.0M); the cash balance fell by $35.6M.

Operating cash flow was $63.5M against net income of $4.4M — 14.5× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets −$4.1M, stock-based pay +$882K, depreciation & amortization +$749K.

Free cash flow

Ares Commercial Real Estate: free cash flow by quarterAres Commercial Real Estate: free cash flow by quarter$8.4MQ3 2024$7.1MQ4 2024$8.0MQ1 2025$4.9MQ2 2025$3.8MQ3 2025$4.6MQ4 2025−$56.6MQ1 2026$63.5MQ2 2026
Operating cash flow less capital spending.
Ares Commercial Real Estate: operating cash flow against capital spendingAres Commercial Real Estate: operating cash flow against capital spendingOperating cash flowCapital spending$8.4M$0Q3 2024$7.1M$0Q4 2024$8.0M$0Q1 2025$4.9M$0Q2 2025$3.8M$0Q3 2025$4.6M$0Q4 2025−$56.6M$0Q1 2026$63.5M$0Q2 2026
Latest (Q2 2026): Operating cash flow $63.5M, Capital spending $0.

Capital allocation, year by year

Ares Commercial Real Estate: where the cash came from (up) and went (down), by fiscal yearAres Commercial Real Estate: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesBuybacksDividendsFY2021: Operating cash flow $48.4MFY2021: Net borrowing −$12.0MFY2021: Shares issued $205MFY2021: Dividends −$58.4M$253MFY2021FY2022: Operating cash flow $57.2MFY2022: Net borrowing $53.9MFY2022: Shares issued $106MFY2022: Asset sales $38.2MFY2022: Dividends −$71.8M$256MFY2022FY2023: Operating cash flow $46.8MFY2023: Buybacks −$4.6MFY2023: Dividends −$76.0M$46.8MFY2023FY2024: Operating cash flow $35.5MFY2024: Net borrowing −$105MFY2024: Asset sales $12.8MFY2024: Dividends −$59.6M$48.3MFY2024FY2025: Operating cash flow $21.4MFY2025: Asset sales $4.8MFY2025: Dividends −$39.0M$26.1MFY2025
Over these 5 years operating cash flow totalled $209M; the largest uses were dividends ($305M) and net borrowing ($117M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$17.6M
Debt$948M
Net debt$931M
Due within a year$240M

Ares Commercial Real Estate funds itself: free cash flow was $15.4M over the last twelve months, and $17.6M of cash and investments stands against $948M of debt ($240M due within a year, 0.1× covered by cash).

Ares Commercial Real Estate: debt maturities by year (FY2025)Ares Commercial Real Estate: debt maturities by year (FY2025)$240MYear 1$269MYear 2$439MYear 3
Principal due in each year as disclosed in the annual report, against $17.6M of cash and investments now.

Where the cash came from and went

Ares Commercial Real Estate: sources (+) and uses (−) of cash, Q2 2026Ares Commercial Real Estate: sources (+) and uses (−) of cash, Q2 2026Other investing−$122MCash drawn (+) / kept (−)$75.8MOperating cash flow$63.5MOther financing−$11.1MDividends−$8.4MPartners$1.7M
Ares Commercial Real Estate: sources (+) and uses (−) of cash, TTM to Q2 2026Ares Commercial Real Estate: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$388MOther financing$364MCash drawn (+) / kept (−)$35.6MDividends−$33.6MOperating cash flow$15.4MPartners$7.0M

From profit to cash

Ares Commercial Real Estate: net income to operating cash flow, Q2 2026Ares Commercial Real Estate: net income to operating cash flow, Q2 2026Net income$4.4MDepreciation & amortization$749KStock-based pay$882KPrepaid and other assets−$4.1MOther liabilities$337KOperating cash flow$63.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$63.5M−$8.4M—$75.8M$63.5M
Q1 2026−$56.6M−$8.4M—−$67.2M−$56.6M
Q4 2025$4.6M−$8.4M—$56.7M$4.6M
Q3 2025$3.8M−$8.4M—−$29.7M$3.8M
Q2 2025$4.9M−$8.4M—$34.9M$4.9M
Q1 2025$8.0M−$13.9M—−$62.8M$8.0M
Q4 2024$7.1M−$13.8M—$6.1M$7.1M
Q3 2024$8.4M−$13.8M$102M−$1.7M$8.4M

Ares Commercial Real Estate: income statement and cash flow

Ares Commercial Real Estate, Q3 2026: revenue $13.5M (-4% year over year), operating margin 74.4%. The chart follows the revenue to costs, profit and cash.

Ares Commercial Real Estate: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.