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We refer to ACRE together with our consolidated subsidiaries as we, us, Company, or our, unless we specifically state otherwise or the context indicates otherwise. We refer to our manager, Ares Commercial Real Estate Management LLC, as our Manager or ACREM, and the parent company of our Manager, Ares Management Corporation, together with its consolidated subsidiaries, as Ares Management.
Revenue declined 17.2% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 40% versus the prior year, cash generation momentum has weakened. Net debt of $919M represents 43.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$55M
▼ -17.2% YoY
Net Income (TTM)
-$20M
▲ +97.4% YoY
Op. Margin
—
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
-$43M
▼ -39.9% YoY
Op. Cash Flow (TTM)
-$43M
▼ -39.9% YoY
Net Debt
$1.10B
Cash & Equiv.
$86M
5Y CAGR: +3.1%
5Y CAGR: -7.6%
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