Filing Flows › Ares Commercial Real Estate (ACRE) › Q4 2025
Ares Commercial Real Estate (ACRE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 10, 2026
Ares Commercial Real Estate (ACRE) reported revenue of $13.2M for the fourth quarter 2025 (Q4 2025), -25% from a year earlier and -6% from the quarter before. Operating margin was -29.2%, net loss $3.9M (29.2% of revenue).
Ares Commercial Real Estate, Q4 2025: revenue $13.2M (-24% year over year), operating margin -29.2%, net loss $3.9M, operating cash flow $4.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $13.2M | -6% | -25% |
| Operating profit | −$3.9M | -183% | — |
| Net earnings | −$3.9M | -183% | — |
| Operating cash flow | $4.6M | +21% | -35% |
| Free cash flow | $4.3M | — | -36% |
What changed
Revenue was $13.2M in Q4 2025, down 25% year over year and down 6% from the previous quarter.
Operating costs exceeded revenue by $3.9M, an operating margin of -29.2%. Total costs fell 39% while revenue fell 25%. The quarter ended with a net loss of $3.9M, after a profit of $4.7M the previous quarter.
Operating cash flow was $4.6M (down 35% year over year). Non-cash charges added back $2.0M of depreciation and amortization and $892K of share-based compensation. Working capital and other items added $5.6M. Capital expenditures of $301K left free cash flow of $4.3M.
Questions
What was Ares Commercial Real Estate's revenue in the fourth quarter 2025?
Ares Commercial Real Estate (ACRE) reported revenue of $13.2M for the fourth quarter 2025 (Q4 2025), -25% from a year earlier and -6% from the quarter before.
Was Ares Commercial Real Estate profitable in the fourth quarter 2025?
Operating loss was $3.9M (-29.2% of revenue) and net loss $3.9M.