Filing Flows › Ares Commercial Real Estate (ACRE) › Q3 2025
Ares Commercial Real Estate (ACRE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Ares Commercial Real Estate (ACRE) reported revenue of $14.1M for the third quarter 2025 (Q3 2025), -15% from a year earlier and +12% from the quarter before. Operating margin was 33.0%, net earnings $4.7M (33.0% of revenue).
Ares Commercial Real Estate, Q3 2025: revenue $14.1M (-15% year over year), operating margin 33.0%, net earnings $4.7M, operating cash flow $3.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.1M | +12% | -15% |
| Operating profit | $4.7M | — | — |
| Net earnings | $4.7M | — | — |
| Operating cash flow | $3.8M | -21% | -54% |
| Free cash flow | $3.4M | — | -59% |
What changed
Revenue was $14.1M in Q3 2025, down 15% year over year and up 12% from the previous quarter.
Operating profit was $4.7M, a 33.0% margin (up 68.3 points year over year). Total costs fell 58% while revenue fell 15%. Net earnings were $4.7M. The effective tax rate was 0.0%.
Operating cash flow was $3.8M (down 54% year over year), 82% of net earnings. Non-cash charges added back $2.0M of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items used $3.8M. Capital expenditures of $393K left free cash flow of $3.4M.
Questions
What was Ares Commercial Real Estate's revenue in the third quarter 2025?
Ares Commercial Real Estate (ACRE) reported revenue of $14.1M for the third quarter 2025 (Q3 2025), -15% from a year earlier and +12% from the quarter before.
Was Ares Commercial Real Estate profitable in the third quarter 2025?
Operating profit was $4.7M (33.0% of revenue) and net earnings $4.7M.