阿瑞斯商业地产 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the fiscal year ended December 31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the transition period from_____ to _____ Commission File No.001-35517ARES COMMERCIAL REAL ESTATE CORPORATION(Exact name of registrant as specified in its charter) Maryland(State or other jurisdiction ofincorporation or organization) 245 Park Avenue, 42ndFloor, New York, NY 10167(Address of principal executive offices) (Zip Code) (212)750-7300(Registrant’s telephone number, including area code) Securities registered pursuant to Section12(g) of the Act: NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.YesNo Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T (Section §232.405 ofthis chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See thedefinitionsof“large accelerated filer,”“accelerated filer,”“smaller reporting company”and“emerging growth company”in Rule 12b-2 of the Exchange Act: LargeacceleratedfilerAccelerated filerNon-acceleratedfilerSmallerreportingcompany☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period complying with any new or revised financial accounting standardsprovided pursuant to Section 13(a) of the Exchange Act. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an errorto previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executiveofficers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐NoThe aggregate market value of the voting stock held by non-affiliates of the registrant on June30, 2025, based on the closing price on that date of $4.77 on the New York Stock Exchange, wasapproximately $243,860,476. As of February5, 2026, there were 55,367,672 shares of the registrant’s common stock outstanding. Portions of the registrant’s Proxy Statement for its 2026 Annual Meeting of Stockholders to be filed not later than 120days after the end of the fiscal year covered by this annual report onForm 10-K are incorporated by reference into PartIII of this Form10-K. Table of Contents TABLE OF CONTENTS PartI Item1. BusinessItem1A. Risk FactorsItem1B. Unresolved Staff CommentsItem 1C. CybersecurityItem2. PropertiesItem3. Legal ProceedingsItem4. Mine Safety Disclosures PartIIItem5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesItem6. [Reserved]Item7. Management's Discussion and Analysis of Financial Condition and Results of OperationsItem7A. Quantitative and Qualitative Disclosures about Market RiskItem8. Financial Statements and Supplementary Data (included in F-pages)Item9. Changes In and Disagreements With Accountants on Accounting and Financial DisclosureItem9A. Controls and ProceduresItem9B. Other InformationItem 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections PartIII Item10. Directors, Executive Officers and Corporate GovernanceItem11. Executive CompensationItem12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem13. Certain Relationships and Related Party Transactions, and Director IndependenceItem14. Principal Accountant Fees and Services PartIVItem15. Exhibits and Financial Statement SchedulesItem 16. Form 10-K Summary FORWARD-LOOKING STATEMENTS Some of the statements contained in this annual report constitute forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995 and Section21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and weintend such statements to be covered by the safe harbor provisions contained therein. The information contained in this section should be readin conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this annual report on Form 10-K. Inaddition, some of the statements in this annual