Ares Commercial Real Estate Corporation · NYSE:ACRE
Ares Commercial Real Estate — Q3 2026 Earnings Presentation
25 slides from Ares Commercial Real Estate's earnings presentation, Nov 6, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
Third Quarter 2026 Earnings Presentation Exhibit 99.2
Slide 2: Disclaimer
Disclaimer Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, which may relate to future events or the future performance or financial co
Slide 3: Q3 2026 Company Results and Highlights
Q3 2026 Company Results and Highlights As of September 30, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. See relevant endnotes on page 24. Earnings and Results • GAAP net income of $10.0 m
Slide 4: Portfolio Overview
Portfolio Overview As of September 30, 2026, unless otherwise noted. Past performance may not be indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Based on carrying value of loans held for investment, which excludes the CECL Reserve. REO prope
Slide 5: Ares Management is a Global Leader
Founded 1997 AUM $691 billion Employees 4,610+ Investment Professionals 1,740+ Global Offices 55+1 Direct Institutional Relationships 2,975+ Listing: NYSE – Market Capitalization $40 billion2 Ares Management is a Global Leader With approximately $691 billion in assets under management, Ares Manageme
Slide 6: Ares Real Estate is a Global Investment Manager and Operator
Ares Real Estate is a Global Investment Manager and Operator The performance, awards noted herein relate only to selected funds/strategies and may not be representative of any given client’s experience and should not be viewed as indicative of Ares’ past performance or its funds’ future performance.
Slide 7: Diversified Loan Portfolio Positioning
Diversified Loan Portfolio Positioning1 7As of September 30, 2026. Due to rounding, numbers presented may not add up to the totals provided. 1) Based on outstanding principal balance of loans held for investment. Loan Portfolio Metrics Outstanding Principal Balance: $1.8 billion Number of Loans: 37
Slide 8: Office Loans Progress
Office loans measured by outstanding principal balance remained consistent QoQ, decreased 10% YoY and nearly 50% in the last three years Office Loans Progress As of September 30, 2026, unless otherwise noted. Past performance is not indicative of future results. Office Loans QoQ and YoY as Measured
Slide 9: Balance Sheet and Capital Position
Balance Sheet and Capital Position Maintained balance sheet flexibility which supports the ability to resolve risk rated 4 and 5 loans and continued investment activity As of September 30, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers pr
Slide 10: Trends in CECL Reserves
Trends in CECL Reserves As of September 30, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. Change in CECL Reserve Q3 2026 ($ in millions) Q2 2026 CECL Reserve Net Change in CECL Reserve on
Slide 11: CECL Reserve
CECL reserve related to risk rated 4 and 5 loans: 94% CECL Reserve As of September 30, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Total CECL Reserve includes reserve on both the outs
Slide 12: CECL Reserve for Risk Rated 4 and 5 Loans
CECL Reserve for Risk Rated 4 and 5 Loans As of September 30, 2026, unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Total CECL Reserve includes reserve on both the outstanding balances and unfu
Slide 13: Summary of Real Estate Owned (REO)
Summary of Real Estate Owned ("REO") As of September 30, 2026, unless otherwise noted. Past performance may not be indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) Carrying amount is net of accumulated depreciation and amortization of $9 mill
Slide 14: Appendix
MARES Appendix
Slide 15: Loans Held for Investment Portfolio Details
Loans Held for Investment Portfolio Details As of September 30, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) The Illinois loan is s
Slide 16: Loans Held for Investment Portfolio Details
Loans Held for Investment Portfolio Details As of September 30, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) As of September 30, 20
Slide 17: Loans Held for Investment Portfolio Details
Loans Held for Investment Portfolio Details As of September 30, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) The New York loan is s
Slide 18: Loans Held for Investment Portfolio Details
Loans Held for Investment Portfolio Details As of September 30, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) I/O = interest only, P/I = principal and interest. 2) In August 2026, the Co
Slide 19: Consolidated Balance Sheets
Consolidated Balance Sheets As of ($ in thousands, except share and per share data) 9/30/2026 12/31/2025 ASSETS Cash and cash equivalents $ 21,687 $ 29,289 Restricted cash ($1,108 related to consolidated VIEs as of December 31, 2025) 39,942 37,868 Loans held for investment ($138,950 related to conso
Slide 20: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended ($ in thousands, except share and per share data) 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Revenue: Interest income $ 26,895 $ 27,754 $ 24,906 $ 23,732 $ 23,261 Interest expense (18,954) (19,182) (17,361) (16,078) (14,790) Ne
Slide 21: Reconciliation of Net Income (Loss) to Non-GAAP Distributable Earnings (Loss)
Reconciliation of Net Income (Loss) to Non-GAAP Distributable Earnings (Loss) Due to rounding, numbers presented may not add up to the totals provided. For the Three Months Ended ($ in thousands, except per share data) 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Net income (loss) attributable
Slide 22: Sources of Financing That Support Portfolio
Sources of Financing That Support Portfolio As of September 30, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers presented may not add up to the totals provided. 1) For the Secured Funding Agreements, total commitments are available subject
Slide 23: Glossary
Glossary Carrying Value Carrying Value represents the cost of loans held for investment, net of unamortized purchase discounts, deferred loan fees and origination costs and cost‑recovery proceeds, and excludes the impact of current expected credit losses. Distributable Earnings (Loss) Distributable
Slide 24: End Notes
End Notes 24 Q3 2026 Company Results and Highlights; page 3 As of September 30, 2026 unless otherwise noted. Past performance is not indicative of future results. Due to rounding, numbers may not add up to the totals provided. 1) Distributable Earnings (Loss) and Distributable Earnings excluding rea
Slide 25: Slide 25
Ares Commercial Real Estate — Q3 2026 Earnings Presentation on 6ix