Ares Commercial Real Estate Corporation Financial Ratios — ACRE

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	1,126.4	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	0.43	1.76	1.61	2.12	2.93	1.93	2.29	2.18	1.18	2.65	1.16	-1.62	-1.74	-0.05
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	- -	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	0.11	0.43	0.44	0.37	- -	- -	0.86	1.13	0.81	- -	1.25	-31.25	36.93
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	- -	12.99	41.28	61.24	72.66	68.02	66.04	70.62	48.55	28.2	59.94	27.75	-47.78	229.84	-2.69
Profit Margin (%)	- -	12.99	40.76	64.99	68.58	89.42	65.61	69.82	47.88	27.76	59.23	27.31	-47.73	229.72	-3.93
Net Income to Common Margin (%)	- -	11.44	40.76	64.99	68.58	89.42	65.61	69.82	47.88	27.76	59.23	27.31	-47.73	229.72	-3.93
Effective Tax Rate (%)	- -	- -	1.26	1.04	- -	0.75	0.58	1.14	1.37	1.59	1.18	1.56	- -	- -	- -
Dvd Payout Ratio (%)	- -	205.8	134.93	124.42	63.03	84.04	100.24	83.14	101.34	195.81	96.63	241.08	-195.42	-170.43	-4,324.94
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	-15.1	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	212	727	1,115	605	806	2,081	1,022	1,204	1,327	1,903	1,737	1,617	1,172	1,047
ST Debt	- -	112	264	524	280	579	745	607	561	651	819	705	640	588	858
LT Debt	- -	99	463	591	324	228	1,337	415	643	675	1,083	1,031	977	584	189
Total Debt/EBITDA	- -	- -	19,138.45	6,968.79	2,760.75	4,826.95	- -	- -	1,804.82	1,487.59	2,306.12	- -	1,591.52	246.3	123.61
Net Debt/EBITDA	- -	- -	18,609.5	6,865.34	2,737.62	4,543.9	- -	- -	1,796.94	1,403.76	2,244.77	- -	1,482.81	232.89	120.15
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-2.15	-0.97	-1.12	-0.93	-0.85	-0.07	-0.08	0.24	0.15	-1.28	-1.07	-2.89	-8.18	-15.81	-19.24
Long-Term Debt/Equity (%)	- -	60.11	113.94	122.82	71	52.96	318.91	97.6	150.89	142.81	159.61	137.96	156.14	108.1	37.15
Long-Term Debt/Capital (%)	- -	47.86	64.82	50.24	50.65	27.9	64.27	40.49	53.32	51.88	57.79	61.99	68.31	65.2	25.71
Long-Term Debt/Total Assets (%)	- -	25.64	39.33	31.72	23.5	16.57	75.51	25.91	36.06	35.01	41.16	40.88	42.86	33.34	11.7
Total Debt/Equity (%)	- -	127.87	179.03	231.86	132.45	187.61	496.52	240.12	282.36	280.53	280.35	232.3	258.37	217.05	205.56
Total Debt/Capital (%)	- -	101.81	101.85	94.85	94.48	98.82	100.07	99.62	99.77	101.9	101.5	104.37	113.04	130.91	142.28
Total Debt/Total Assets (%)	- -	54.54	61.79	59.88	43.84	58.68	117.57	63.74	67.47	68.77	72.29	68.83	70.93	66.95	64.73
Net Debt to Equity	-19.26	113.73	174.08	228.42	131.34	176.61	489.76	237.51	281.13	264.72	272.89	213.41	240.72	205.24	199.81
Net Debt/Capital (%)	88.38	102.04	101.9	94.78	94.44	98.75	100.07	99.62	99.77	102.02	101.54	104.78	114.13	133.28	144.03
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	- -	1	5	8
EBITDA-CapEx	- -	- -	- -	-2	- -	- -	- -	- -	1	1	1	- -	1	5	8
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	1.31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	6.51	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	1.31	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	4.11	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-2.15	-0.97	-1.12	-0.93	-0.85	-0.07	-0.08	0.24	0.15	-1.28	-1.07	-2.89	-8.18	-15.81	-19.24
Long-Term Debt/Equity (%)	- -	60.11	113.94	122.82	71	52.96	318.91	97.6	150.89	142.81	159.61	137.96	156.14	108.1	37.15
Long-Term Debt/Capital (%)	- -	47.86	64.82	50.24	50.65	27.9	64.27	40.49	53.32	51.88	57.79	61.99	68.31	65.2	25.71
Long-Term Debt/Total Assets (%)	- -	25.64	39.33	31.72	23.5	16.57	75.51	25.91	36.06	35.01	41.16	40.88	42.86	33.34	11.7
Total Debt/Equity (%)	- -	127.87	179.03	231.86	132.45	187.61	496.52	240.12	282.36	280.53	280.35	232.3	258.37	217.05	205.56
Total Debt/Capital (%)	- -	101.81	101.85	94.85	94.48	98.82	100.07	99.62	99.77	101.9	101.5	104.37	113.04	130.91	142.28
Total Debt/Total Assets (%)	- -	54.54	61.79	59.88	43.84	58.68	117.57	63.74	67.47	68.77	72.29	68.83	70.93	66.95	64.73
CFO/Total Liabilities	- -	0.88	3.3	-16.14	29.87	-0.48	2.31	3.33	2.39	2.18	2.48	3.22	2.83	2.94	1.93
CFO/CapEx	- -	- -	620.59	-107.07	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.8	0.29	0.21	0.15	0.24	0.28	0.19	0.23	0.25	0.18	0.21	0.18	0.12	-0.07	-0.11

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	7.57	15.72	12.53	16.3	31.13	80.75	61.84	71.8	65.9	55.61	39.14	24.42	-5.36	22.2
Days Sales Outstanding	- -	48.19	23.22	29.12	22.39	11.73	4.52	5.9	5.08	5.54	6.56	9.33	14.95	-68.06	16.44
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	107	249	327	326	391	367	372	453	393	616	532	562	321	262
- Cash & Cash Equivalents	1	23	20	17	5	47	28	11	5	75	51	141	110	64	29
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	78	47	11	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	212	727	1,115	605	806	2,081	1,022	1,204	1,327	1,903	1,737	1,617	1,172	1,047
Enterprise Value	-1	295	956	1,503	973	1,160	2,420	1,383	1,652	1,645	2,468	2,099	2,041	1,421	1,281
Total Capital	- -	208	714	1,176	640	816	2,080	1,026	1,207	1,302	1,874	1,664	1,431	896	736
Total Debt/Capital (%)	- -	101.81	101.85	94.85	94.48	98.82	100.07	99.62	99.77	101.9	101.5	104.37	113.04	130.91	142.28
Total Debt / EV	- -	0.72	0.76	0.74	0.62	0.69	0.86	0.74	0.73	0.81	0.77	0.83	0.79	0.83	0.82
EV/Sales	- -	44.61	28.3	40.04	19.45	25.72	52.22	25.01	21.38	20.9	24.18	19.25	25.06	- -	55.8
EV/EBITDA	- -	- -	25,155.88	9,394.37	4,441.18	6,947.64	- -	- -	2,476.36	1,844.07	2,992.03	- -	2,008.69	298.44	151.11
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	151.34	37.57	- -	3.53	- -	77.39	35.26	50.9	51.79	51.05	36.73	43.62	39.96	59.97
EV/Free Cash Flow to Firm	- -	151.34	37.51	- -	3.53	- -	77.39	35.26	50.9	51.79	51.05	36.73	43.62	39.96	59.97
Diluted Market Cap	- -	108	249	328	327	392	368	374	457	395	621	536	562	321	262
Diluted Enterprise Value	-1	296	957	1,505	974	1,161	2,421	1,385	1,655	1,648	2,473	2,132	2,069	1,429	1,281
EV per Share	- -	45.22	50.34	52.82	34.12	40.77	84.99	48.47	57.73	49.88	58.22	40.62	37.6	26.09	23.33
TTM Sales	- -	7	34	38	50	45	46	55	77	79	102	109	81	-15	23
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	- -	1	5	8
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	- -	2	25	-223	276	-4	31	39	32	32	48	57	47	36	21
TTM Free Cash Flow to Firm	- -	2	25	-221	276	-4	31	39	32	32	48	57	47	36	21

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	55.24	9.79	-1.49	1.19	-87.22	11.78	9.53	14.08	12.45	12.84	9.38	12.02	9.02	12.29
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-1	295	956	1,503	973	1,160	2,420	1,383	1,652	1,645	2,468	2,099	2,041	1,421	1,281
Low Price	- -	14.85	12.04	11.41	10.9	8.91	12.48	11.96	12.82	2.78	11.16	9.9	7.52	5.77	3.35
EV/Sales	- -	44.61	28.3	40.04	19.45	25.72	52.22	25.01	21.38	20.9	24.18	19.25	25.06	- -	55.8
EV/EBITDA	- -	- -	25,155.88	9,394.37	4,441.18	6,947.64	- -	- -	2,476.36	1,844.07	2,992.03	- -	2,008.69	298.44	151.11
Price/Earnings	- -	141.51	18.07	13.39	9.51	9.69	12.08	9.64	12.25	17.98	10.2	17.85	- -	- -	- -
Price/Earnings Average	- -	144.9	20.22	14.67	9.98	8.49	12.48	9.98	11.69	15.83	10.27	23.25	-14.04	-11.47	-292.35
Price/Earnings High	- -	156.85	24.35	16.22	10.96	10.15	13.32	10.92	12.65	26.76	11.91	28.59	-17.81	-16.38	-377.87
Price/Earnings Low	- -	127.98	16.61	13.31	9.06	6.29	11.69	8.84	9.92	4.2	7.83	17.18	-10.5	-8.98	-203.84
Price/Book Value	- -	-28.51	-18.86	-18.79	-27.85	-380.51	-250.42	96.68	166.61	-15.84	-21.89	-7.31	-3.02	-1.16	-0.84
Price/Book Value Average	- -	-29.2	-21.1	-20.58	-29.22	-333.64	-258.64	100.14	158.91	-13.95	-22.04	-9.52	-2.93	-1.45	-0.85
Price/Book Value High	- -	-31.6	-25.41	-22.75	-32.09	-398.8	-276.05	109.51	172.08	-23.57	-25.56	-11.7	-3.71	-2.07	-1.1
Price/Book Value Low	- -	-25.79	-17.34	-18.67	-26.53	-246.93	-242.27	88.67	134.84	-3.7	-16.8	-7.03	-2.19	-1.13	-0.59
Price/Tangible Book Value	- -	0.65	0.72	0.77	0.83	0.91	0.88	0.87	1.06	0.83	0.91	0.71	0.9	0.59	0.51
Price/Tangible Book Value Average	- -	0.66	0.8	0.85	0.87	0.8	0.91	0.91	1.01	0.73	0.91	0.93	0.87	0.74	0.52
Price/Tangible Book Value High	- -	0.72	0.97	0.94	0.95	0.95	0.97	0.99	1.1	1.24	1.06	1.14	1.11	1.06	0.67
Price/Tangible Book Value Low	- -	0.59	0.66	0.77	0.79	0.59	0.85	0.8	0.86	0.19	0.7	0.68	0.65	0.58	0.36
Price/Sales	- -	16.2	7.37	8.7	6.52	8.66	7.93	6.73	5.87	4.99	6.04	4.88	6.91	-21.05	11.43
Price/Sales Average	- -	16.58	8.24	9.53	6.84	7.6	8.19	6.97	5.59	4.39	6.08	6.35	6.7	-26.34	11.49
Price/Sales High	- -	17.95	9.92	10.54	7.51	9.08	8.74	7.62	6.06	7.43	7.05	7.81	8.5	-37.64	14.85
Price/Sales Low	- -	14.65	6.77	8.65	6.21	5.62	7.67	6.17	4.75	1.17	4.64	4.69	5.01	-20.62	8.01
Price/Cash Flow	- -	54.95	9.78	-1.47	1.18	-87.03	11.75	9.49	13.96	12.37	12.75	9.3	12.02	9.02	12.29
Price/Cash Flow Average	- -	56.27	10.94	-1.61	1.24	-76.31	12.13	9.83	13.32	10.89	12.84	12.12	11.66	11.29	12.35
Price/Cash Flow High	- -	60.91	13.17	-1.77	1.36	-91.22	12.95	10.74	14.42	18.4	14.89	14.9	14.79	16.13	15.96
Price/Cash Flow Low	- -	49.7	8.99	-1.46	1.13	-56.48	11.36	8.7	11.3	2.89	9.79	8.95	8.72	8.84	8.61
Price/Free Cash Flow Average	- -	56.57	10.95	-1.63	1.25	-76.48	12.16	9.87	13.43	10.96	12.92	12.22	11.66	11.29	12.35
Price/Free Cash Flow High	- -	61.23	13.19	-1.8	1.37	-91.41	12.98	10.79	14.54	18.52	14.99	15.03	14.79	16.13	15.96
Price/Free Cash Flow Low	- -	49.96	8.99	-1.48	1.13	-56.6	11.39	8.74	11.4	2.91	9.85	9.03	8.72	8.84	8.61
EV/Sales Average	- -	44.99	29.18	40.87	19.78	24.66	52.48	25.26	21.11	20.31	24.22	20.98	25.2	- -	55.86
EV/Sales High	- -	46.36	30.86	41.88	20.45	26.14	53.03	25.91	21.57	23.34	25.2	22.44	27	- -	59.22
EV/Sales Low	- -	43.06	27.71	39.99	19.15	22.68	51.96	24.46	20.26	17.08	22.78	19.32	23.51	- -	52.38
EV/EBITDA Average	- -	- -	25,933.51	9,589.06	4,514.49	6,659.39	- -	- -	2,444.99	1,791.45	2,997.08	- -	2,019.75	317.19	151.27
EV/EBITDA High	- -	- -	27,429.62	9,824.82	4,667.63	7,060.13	- -	- -	2,498.66	2,058.87	3,117.43	- -	2,164	353.34	160.37
EV/EBITDA Low	- -	- -	24,626.17	9,381.92	4,370.9	6,126.17	- -	- -	2,346.82	1,506.53	2,818.32	- -	1,884.58	298.89	141.85
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	16.42	13.1	11.48	11.44	13.73	12.9	13.04	15.84	11.91	14.54	10.29	10.36	5.89	4.78
High Price	- -	18.2	17.65	13.9	13.18	14.39	14.22	14.77	16.36	17.72	16.98	16.48	12.75	10.53	6.21
Enterprise Value Average	-1	298	985	1,534	989	1,112	2,432	1,396	1,631	1,598	2,473	2,288	2,052	1,510	1,282
Enterprise Value High	-1	307	1,042	1,572	1,022	1,179	2,458	1,432	1,667	1,837	2,572	2,447	2,199	1,682	1,359
Enterprise Value Low	-1	285	936	1,501	957	1,023	2,408	1,352	1,565	1,344	2,325	2,107	1,915	1,423	1,202

Shares Outstanding	9	9	29	29	29	28	29	29	29	33	47	54	54	55	55
Diluted Weighted Avg Shares	- -	7	19	29	29	29	29	29	29	33	43	52	54	54	55
Basic Weighted Avg Shares	- -	7	19	28	29	28	28	29	29	33	42	52	54	54	55
Revenue per Share	- -	1.01	1.78	1.32	1.75	1.58	1.63	1.94	2.7	2.39	2.41	2.11	1.5	-0.28	0.42
EBITDA per Share	- -	- -	- -	0.01	0.01	0.01	- -	- -	0.02	0.03	0.02	- -	0.02	0.09	0.15
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	0.12	0.72	0.86	1.2	1.42	1.07	1.35	1.29	0.66	1.43	0.58	-0.72	-0.64	-0.02
Basic EPS from Cont Ops	- -	0.13	0.72	0.8	1.27	1.07	1.07	1.35	1.29	0.66	1.43	0.58	-0.72	-0.64	-0.02
Diluted EPS, GAAP	- -	0.12	0.72	0.85	1.2	1.41	1.07	1.35	1.28	0.66	1.42	0.57	-0.72	-0.64	-0.02
Diluted EPS from Cont Ops	- -	0.13	0.72	0.8	1.27	1.07	1.07	1.35	1.28	0.66	1.42	0.57	-0.72	-0.64	-0.02
Dividend per Share	- -	0.25	0.98	1	1	1.03	1.07	1.12	1.31	1.3	1.38	1.39	1.4	1.1	0.71
Cash Flow per Share	- -	0.3	1.34	-7.83	9.67	-0.16	1.1	1.37	1.13	0.96	1.14	1.11	0.86	0.65	0.39
Free Cash Flow per Basic Share	- -	0.3	1.34	-7.91	9.67	-0.16	1.1	1.37	1.13	0.96	1.14	1.11	0.86	0.65	0.39
Cash & Equivalents per Share	- -	3.58	1.06	0.58	0.18	1.66	1	0.39	0.18	2.27	1.19	3.27	2.55	1.33	0.53
Book Value per Share	- -	-0.58	-0.69	-0.61	-0.41	-0.04	-0.05	0.13	0.1	-0.75	-0.66	-1.41	-3.44	-5.08	-5.67
Tangible Book Value per Share	- -	25.32	18.25	14.83	13.85	15.1	14.72	14.92	14.9	14.34	16.01	14.46	11.53	9.92	9.28

Ares Commercial Real Estate Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)