$ACRE
Ares Commercial Real Estate Corp

2012 Q2 Form 10-Q Financial Statement

#000110465912057564 Filed on August 14, 2012

View on sec.gov

Income Statement

Concept 2012 Q2
Revenue $1.560M
YoY Change
Cost Of Revenue $770.0K
YoY Change
Gross Profit $790.0K
YoY Change
Gross Profit Margin 50.64%
Selling, General & Admin $960.0K
YoY Change
% of Gross Profit 121.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $960.0K
YoY Change
Operating Profit -$170.0K
YoY Change
Interest Expense $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$180.0K
YoY Change
Income Tax $0.00
% Of Pretax Income
Net Earnings -$175.0K
YoY Change
Net Earnings / Revenue -11.22%
Basic Earnings Per Share
Diluted Earnings Per Share -$27.36K
COMMON SHARES
Basic Shares Outstanding 6.577M shares
Diluted Shares Outstanding 6.577M shares

Balance Sheet

Concept 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $87.50M
YoY Change
Cash & Equivalents $87.46M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $600.0K
Other Receivables $0.00
Total Short-Term Assets $88.10M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $78.20M
YoY Change
Other Assets $4.300M
YoY Change
Total Long-Term Assets $83.16M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $88.10M
Total Long-Term Assets $83.16M
Total Assets $171.3M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $800.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.200M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $1.300M
YoY Change
Total Long-Term Liabilities $1.300M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.200M
Total Long-Term Liabilities $1.300M
Total Liabilities $3.601M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $92.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $167.7M
YoY Change
Total Liabilities & Shareholders Equity $171.3M
YoY Change

Cashflow Statement

Concept 2012 Q2
OPERATING ACTIVITIES
Net Income -$175.0K
YoY Change
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$500.0K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$100.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$900.0K
YoY Change
Cash From Investing Activities -$1.000M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 84.30M
YoY Change
NET CHANGE
Cash From Operating Activities -500.0K
Cash From Investing Activities -1.000M
Cash From Financing Activities 84.30M
Net Change In Cash 82.80M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$500.0K
Capital Expenditures -$100.0K
Free Cash Flow -$400.0K
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2012Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
9267162 shares
dei Entity Central Index Key
EntityCentralIndexKey
0001529377
dei Amendment Flag
AmendmentFlag
false
dei Entity Registrant Name
EntityRegistrantName
Ares Commercial Real Estate Corp
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
CY2011Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
7587000 USD
us-gaap Interest Paid Net
InterestPaidNet
426000 USD
us-gaap Interest And Fee Income Loans And Leases Held In Portfolio
InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio
2508000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-341000 USD
us-gaap Proceeds From Issuance Of Common Stock
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165850000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1240000 USD
CY2011Q4 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
MortgageLoansOnRealEstateCommercialAndConsumerNet
4945000 USD
CY2011Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
3000 USD
CY2011Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1194000 USD
CY2011Q4 us-gaap Other Assets
OtherAssets
205000 USD
CY2011Q4 us-gaap Assets
Assets
7587000 USD
CY2011Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
827000 USD
CY2011Q4 us-gaap Customer Advances And Deposits
CustomerAdvancesAndDeposits
200000 USD
CY2011Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
123000 USD
CY2011Q4 us-gaap Liabilities
Liabilities
1150000 USD
CY2011Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
6600000 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
6437000 USD
CY2012Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
555000 USD
CY2011Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2012Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2011Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012Q2 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012Q2 us-gaap Common Stock Value
CommonStockValue
92000 USD
CY2012Q2 us-gaap Liabilities
Liabilities
3601000 USD
CY2012Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2087000 USD
CY2012Q2 us-gaap Assets
Assets
171259000 USD
CY2012Q2 us-gaap Stockholders Equity
StockholdersEquity
167658000 USD
CY2012Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
171259000 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
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-163000 USD
CY2012Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2011Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2012Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2011Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2012Q2 us-gaap Preferred Stock Shares Issued
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CY2012Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2011Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2011Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2011Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2012Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2011Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000 shares
CY2012Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
9242162 shares
CY2011Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
0 shares
CY2012Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2011Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2012Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
1206000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
1816000 USD
us-gaap Noninterest Expense
NoninterestExpense
1483000 USD
CY2012Q2 us-gaap Noninterest Expense
NoninterestExpense
1381000 USD
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-175000 USD
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-225000 USD
us-gaap Net Income Loss
NetIncomeLoss
333000 USD
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
5723000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-706000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
265000 USD
us-gaap Amortization Of Deferred Loan Origination Fees Net
AmortizationOfDeferredLoanOriginationFeesNet
138000 USD
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
577000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
681000 USD
us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
573000 USD
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-200000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
405000 USD
us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
73164000 USD
us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
74000 USD
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
47277000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
47277000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
86215000 USD
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
692000 USD
us-gaap Professional Fees
ProfessionalFees
414000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
331000 USD
us-gaap Redeemable Preferred Stock Dividends
RedeemablePreferredStockDividends
102000 USD
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2012Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
142450000 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><b><i><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman" size="2">Concentration of Credit Risk</font></i></b></p> <p style="MARGIN: 0in 0in 0pt 0.75in; TEXT-INDENT: -0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The Company places its cash and cash equivalents with financial institutions and, at times, cash held may exceed the Federal Deposit Insurance Corporation insured limit.</font></p></td></tr></table>
CY2011Q4 acre Funded Commitments
FundedCommitments
5055000 USD
CY2012Q2 acre Unfunded Commitments
UnfundedCommitments
19851000 USD
CY2011Q4 acre Unfunded Commitments
UnfundedCommitments
5945000 USD
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6576923 shares
acre Related Party Transaction Number Of Subsidiaries Who Entered Into Interim Service Agreements
RelatedPartyTransactionNumberOfSubsidiariesWhoEnteredIntoInterimServiceAgreements
2 item
us-gaap Costs And Expenses Related Party
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419000 USD
us-gaap Use Of Estimates
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CY2012Q2 us-gaap Accumulated Amortization Deferred Finance Costs
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304000 USD
CY2011Q4 us-gaap Accumulated Amortization Deferred Finance Costs
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39000 USD
CY2012Q2 us-gaap Mortgage Loans On Real Estate Commercial And Consumer Net
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78173000 USD
CY2012Q2 us-gaap Mortgage Loans On Real Estate Face Amount Of Mortgages
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79025000 USD
us-gaap Mortgage Loans On Real Estate Interest Rate
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0.070 pure
acre Mortgage Loans On Real Estate Weighted Average Term
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P2Y7M6D
CY2012Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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CY2011Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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125000000 USD
CY2012Q2 us-gaap Payments For Repurchase Of Redeemable Convertible Preferred Stock
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6295000 USD
CY2012Q2 acre Commitments
Commitments
98876000 USD
CY2011Q4 acre Commitments
Commitments
11000000 USD
CY2012Q2 acre Funded Commitments
FundedCommitments
79025000 USD

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