Ares Commercial Real Estate Corporation · NYSE:ACRE

Ares Commercial Real Estate — Q3 2021 Earnings Presentation

19 slides from Ares Commercial Real Estate's earnings presentation, Nov 3, 2021

1. Slide 1: Third Quarter 2021 Earnings Presentation

   0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE Third Quarter 2021 Earnings Presentation Exhibit 99.2

2. Slide 2: Disclaimer

   0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 1 Disclaimer Statements included herein may constitute “forward-looking statements” within the meaning of the Privat

3. Slide 3: Originations activity supports portfolio growth and stable earnings

   0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 2 Originations activity supports portfolio growth and stable earnings Company Highlights As of September 30, 2021, u

4. Slide 4: Summary of Q3 2021 Results and Activity

   0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 3 Summary of Q3 2021 Results and Activity Earnings Results ∙ GAAP net income of $0.21 per diluted common share(1) ∙

5. Slide 5: Loan Portfolio Positioning and Performance

   0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 4 35% 22% 19% 16% 8% Southeast West Midwest Mid-Atlantic / Northeast Southwest 35% 14%12% 10% 10% 7% 6% 6% Office Mu

6. Slide 6: Portfolio Activity and New Investment Commitments

   0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 5 Note: Differences may arise due to rounding. 1. Based on the comparison of new commitments year to date as of the

7. Slide 7: Conservative Balance Sheet and Liquidity Management

   0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 6 Conservative Balance Sheet and Liquidity Management Note: As of September 30, 2021, unless otherwise noted. Divers

8. Slide 8: History of Growing and Consistent Dividends

   0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 7 Dividend Coverage (per share) 1.0x 1.2x 1.1x 1.0x 1.1x Supplemental dividend of $0.02 in 2021 Distributable Earnin

9. Slide 9: Appendix

   0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE Appendix

10. Slide 10: Current Expected Credit Losses

    0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 9 Current Expected Credit Losses ∙ No specific loan impairments on loan portfolio ∙ Increase in CECL reserve of $6.4

11. Slide 11: Additional Details on Sources of Funding

    0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 10 Additional Details on Sources of Funding ($ in millions) Financing Sources Total Commitments Outstanding Balance

12. Slide 12: Loans Held for Investment Portfolio Details

    0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 11 Loans Held for Investment Portfolio Details ($ in millions) # Loan Type Location Origination Date Current Loan Co

13. Slide 13: Loans Held for Investment Portfolio Details (continued)

    0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 12 ($ in millions) # Loan Type Location Origination Date Current Loan Commitment Outstanding Principal Carrying Valu

14. Slide 14: Loans Held for Investment Portfolio Details

    0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 13 Loans Held for Investment Portfolio Details Note: As of September 30, 2021. 1. I/O = interest only, P/I = princip

15. Slide 15: Loans Held for Investment Portfolio Details

    0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 14 Loans Held for Investment Portfolio Details Note: As of September 30, 2021. 1. I/O = interest only, P/I = princip

16. Slide 16: Consolidated Balance Sheets

    0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 15 As of ($ in thousands, except share and per share data) 9/30/2021 12/31/2020 ASSETS Cash and cash equivalents $ 1

17. Slide 17: Consolidated Statements of Operations

    0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 16 Consolidated Statements of Operations For the Three Months Ended ($ in thousands, except share and per share data

18. Slide 18: Reconciliation of Net Income to Non-GAAP Distributable Earnings

    0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 17 Reconciliation of Net Income to Non-GAAP Distributable Earnings For the Three Months Ended ($ in thousands, excep

19. Slide 19: Glossary

    0 42 65 155 112 42 4 94 109 127 127 127 0 42 65 2 87 133 71 126 163 120 163 198 Credit Private Equit y Real Estat e Strategi c Initiat ives BUSINE SS SECTOR PALETT E GENER AL PALET TE 18 Glossary Ares Warehouse The Ares Warehouse represents a real estate debt warehouse investment vehicle maintained

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