Ares Commercial reports Q2 non-GAAP EPS 35c, consensus 28c

Reports Q2 revenue $24.99M, consensus $26.47M. “Our Q2 results demonstrate that our portfolio continues to benefit from higher interest, with our 35c of Distributable Earnings per diluted common share fully covering our regular and supplemental dividends for the quarter,” said Bryan Donohoe, CEO of Ares Commercial Real Estate Corporation. “Going forward, we believe that repurchasing our common shares at meaningful discounts to book value and new loan originations will be better uses of capital than the previously distributed supplemental dividends. Given our strong liquidity position, during the second quarter, we bought back approximately 1.0% of our outstanding common shares at an average price of $8.58 per common share.”