阿瑞斯商业地产 2026年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For thequarterlyperiod endedMarch 31, 2026OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _____ to _____ Commission File No.001-35517 ARES COMMERCIAL REAL ESTATE CORPORATION (Exact name of Registrant as specified in its charter) 45-3148087(I.R.S. EmployerIdentification Number) 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) N/A(Former name, former address and former fiscal year, if changed since last report)Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days:YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T (§232.405of this chapter) during the preceding 12 months (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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. (Check one): If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ TABLE OF CONTENTS PagePart I. Financial InformationItem 1. Consolidated Financial StatementsConsolidated Balance Sheets as ofMarch 31, 2026(unaudited) and December 31, 20255Consolidated Statements of Operations for the Three Months Ended March31, 2026 and 2025(unaudited)6Consolidated Statements of Comprehensive Income (Loss) for the Three Months EndedMarch 31, 2026 and 2025(unaudited)7Consolidated Statements of Stockholders’ Equity for the Three Months Ended March31, 2026(unaudited) and the Year EndedDecember 31, 20258Consolidated Statements of Cash Flows for the Three Months EndedMarch 31, 2026 and 2025(unaudited)9Notes to Consolidated Financial Statements (unaudited)10Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations37Item 3. Quantitative and Qualitative Disclosures About Market Risk47Item 4. Controls and Procedures50Part II. Other InformationItem 1. Legal Proceedings50Item 1A. Risk Factors50Item 2. Unregistered Sales of Equity Securities and Use of Proceeds51Item 3. Defaults Upon Senior Securities51Item 4. Mine Safety Disclosures51Item 5. Other Information51Item 6. Exhibits52Signatures53 FORWARD-LOOKING STATEMENTS Some of the statements contained in this quarterly 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 quarterly report on Form 10-Q. Inaddition, some of the statements in this quarterly report (including in the following discussion) constitute forward-looking statements, whichrelate to future events or the future performance or financial condition of Ares Commercial Real Estate Corporation (“ACRE” and, togetherwith its consolidated subsidiaries, the “Company,” “we,” “us” and “our”). The forward-looking statements contained in this report involve anumber of risks and uncertainties, including: •global economic trends and economic conditions, including slower growth, changes to fiscal and monetary policy, inflation,labor shortages, changing interest rates, foreign currency exchange volatility and uncertainties caused by tariffs and tradedisputes with other countries, as well as pronounced geopolitical instability, including resulting from actions and initiativesof the United States government or governments outside of the United States and international conflicts such as the militaryoperation in Iran and conflicts in the Middle East; •management’s estimate of current