Earnings call transcript Q3 2022

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Operator

Good afternoon, and welcome to Ares Commercial Real Estate Corporation's Conference Call to discuss the company's third quarter 2022 financial results.

As a reminder, this conference call is being recorded on November 2, 2022.

I will now turn the call over to John Stilmar from Investor Relations. Please go ahead.

John Stilmar

Good afternoon, and thank you for joining us on today's conference call. CEO, of Tae-Sik our our and our by members other team. joined Bryan Yoon, Donohoe; CFO I'm

In addition posted to our that under we our Investor website press release with the SEC, and at the www.arescre.com. we section have Resources an presentation filed earnings of the XX-Q

forward-looking Before I’ll subject Many contain documents forward-looking should, that and are remind can expressions. comments course such uncertainties. during the statements accompanying we this and conference by and may anticipates, these of the risks identified begin, to of and such of similar words will, call believes, everyone the made and be webcast statements intends, expects, use as

listed guarantees involve company's actual current risks forward-looking of Ares of These a and The of obligation market of materially are a factors, forward-looking statements and condition assumes uncertainties. conditions could statements. Corporation not any judgment. future results differ or as to those its number in the on no These update those performance, statements such a number of from and Real management's expectations Estate in forward-looking result management's SEC expressed results including Commercial documents. are based statements

Principles. will measures use prepared we should in accordance of for call, measures to conference measures Generally measures. considered not refer These in Accounting used We may to be other not like-titled this companies. During performance, and financial as by or these substitute a non-GAAP measure a be measures as likely operating these isolation comparable Accepted from with

to to I'd our turn like CEO, over call Donohoe. Now, the Bryan

Bryan Donohoe

fees primarily per the prepayment supplemental and of and quarterly X% the year, distributable driven of our earnings This in morning, regular an third everybody. quarter our announced paid distributable of increase which good some exceeded benefits quarter rising share, earnings last and modest third was John, afternoon Thanks, received. of $X.XX per rates share. The interest by $X.XX from growth of we dividends

rate and rising have on place that have hedges due portfolio loan to a interest rates will floating expect on positive forward, impact we potential the earnings our our Looking we liabilities. continue our in to

me with in Now, influencing Reserve policy cross which driving pace factors on our of an monetary is These a increased markets. rates Federal recession. most asset major unexpected including to we macro estate. continuing macro-economic to combat are tighten complex the increases let commercial of The has market believe likelihood real currents volatility across inflation, a classes, touch few

impairing as retrenched, are foreseeable markets persist the premiums. are factors has We risk these challenges for formation meaningfully believe expanded resulting in both these significantly our be and capital there'll for capital Additionally, bank conditions future, industry. the lending and to likely

relationships be all type important financing Because this informational this, more the we environment. of Ares derive of even the of part benefits in as platform that sourcing, will us for deep and

period rates. We the have we have been growth market and XXXX. the particularly in types the rent interest focused growth outpaced multifamily, or recent time been property end dynamics, that self-storage exited strong at has on muted such which This since industrial COVID true as has underlying of

and quarter, possessing properties self-storage deployments that spreads. CRE to also while believe and risk multifamily counteract public are across markets drivers AAA-rated, new rates debt strong we newly market and conservative our investments $XX selective. structures higher types We opportunities, of million during demand and private issued underlying investments we floating Across third rate $XX and with terms on securities. of In closed the and both were million of more property highly wider liquid premiums,

of for multifamily driving secured and the loan. spreads well-regarded well-located originated XX basis was subordination with with in enhanced a The repeat loans terms, spread greater equity a senior portfolio whole a the by loan the the By example, all-in a sponsor. the during on way we whole higher of properties of third multifamily quarter, whole and further post-pandemic loans average attractiveness points our structural Sunbelt than

these relationships, were an highly ACRE financing loan arrange insurance to and We investment. financing million in markets Ares' on mezzanine with financing loan this mezzanine view sheet loan our company we a by breadth a senior efficient non-recourse one capital of similar balance to of investment able underwriting the attributes sources. holding Supported our this as with and with the concept $XX.X portion retaining lien of on and first a

We pool We securities, believe resulting believe opportunities CRE average of are floating weighted compelling are LTVs of million at XX% these by newly in by the points, $XX of of real all yields of unlevered backed also X% commercial a took issued spreads we diversified with senior with excess what estate a in credit XX%. highly securities of SOFR pool basis of current by XXX properties backed underlying rates, today purchasing AAA-rated advantage in CMBS mortgages. markets rate attractive investments to

and slower the level of during was loan six had market, third million we one ago at year quarter. risk This during million quarter was the $XX repayments a loan four the our rated hospitality repaid Despite with and included average quarter. a repayments third par of line in $XXX with

a on selective and For position. investments quarter, new expect liquidity maintain the strong fourth we remain to

position. to turn details walk our financial highlights and through me on over further call capital and portfolio Tae-Sik let our the Now to quarterly

Tae-Sik Yoon

approximately Great, is distributable recorded GAAP portfolio, Bryan, X.X% The serve our per EPS CECL reserve million $XX.X $XX.X primary $X.XX or provision more our our increase we've and to during of per to share everyone. distributable $XX.X or of and of This net per provision or cover reported in driver overall shortly detail. afternoon, $X.XX quarter we the This between income about thank quarter. EPS commitments total share. will GAAP million earnings and $XXX,XXX approximately CECL which share of you, million I in the the good $X.XX or loan difference of third morning,

were the our proactive allowed hedging in interest third were XXXX quarter liability materially of interest for the supported are rates for continued one by lock month rates benefits from earnings at lower positive XX that place we distributable our than early in us and they contributions basis points. the when today to approach put LIBOR in Overall, and market rising

Turning consisting to XX loans ended of XX% We our with principal loan loans. across quarter a an senior of portfolio. billion portfolio outstanding and the balance $X.X

and loans third our of X% we our portfolio status. three September about collected quarter nonaccrual the overall During non-accrual represents XXXX. XX% due contractual interest of of as loan The one status to XX, new on added

to a loan from three ratings four quarter. four three negative of on backed our third to More terms properties from quarter quality primarily by business each had respective In specifically, risk portfolio on respective the submarkets. their or plans reflects downgraded outlook their last the of of metrics, our during our XX% the were and of due which loans, macroeconomic our declined and loans migration rating other of risk XX% office viewpoint credit better, three

In addition, the four risk loan rating five. from residential of changed to one

Here, be million we property loss in value, consummated. fourth our of expect should of transaction approximately underlying carrying below the quarter $X.X the resulting sale the the in a

million of increased total loan at X.X% the by third and overall our In terms $XX.X CECL reserve, of our of we our $XX.X million quarter XXXX total commitments. or of our reserve now as total reserve CECL stands

capitalization Turning to our liquidity. and

Our And based spread these financing sources. eight structures mark-to-market importantly, none borrowing have of base remains financing highly diversified various provisions. across

liabilities. on no We have calls received our margin

a We with facilities. of liquidity cash debt are million November amounts us position various also in available X. of under includes very available capital $XXX strong draw for approximately This as and to

spreads in our market. a of cash level Additionally, a a finance significant to spread we L today's increasingly of we as to uncertain significant used level be FLX benefit at at while conditions. maintaining of million borrowing invest $XXX This transactions discount available in of have that XXX, can plus us liquidity healthy an environment, market should securitization capital attractive selectively due new

portfolio being the from resulting Let principal me interest the as means our loans potential update assets positioning benefits our are currently XX% provide currently now benefit that two LIBOR further which the are in our indices. further by is which with in indexed to measured provided of our respective us increases of positioned earnings past in our from floors sensitive rates. significant balance of effect, interest outstanding base short-term comprised portfolio in one and SOFR, floating-rate years either on month increases increases portfolio in to LIBOR or XX% revenues of future to in an None incremental rates.

rising borrowed In This a on floating rate is one through loan, comparison, basis to increases positioned third in means or in rate base today's sensitive not are portion well rates. our ACRE our as from fixed of meaningful a rate to term we have the interest environment. liabilities of interest swaps benefit case rate about of that our hedged debt

the the For and our points of earnings forma pro portfolio basis, XXX as as by was actual annualized XXXX September remain quarter of higher of million would example, our been all levels same XX, of a or on LIBOR forma than a on XXXX have a $XX third basis other per constant date, pro basis. approximately the share $X.XX if aspects higher distributable

share, Finally, this as of morning, we share. $X.XX per a regular as dividend our quarterly quarter continuation $X.XX per supplemental common well of of XXXX dividend announced common a fourth

turn So closing to with some back the me remarks. let Bryan for call over that,

Bryan Donohoe

Commercial future economic certain to that properties. real rates landscape. expected recognize Thanks, believe and Ares well economic challenges estate on navigate to Real Estate positioned remains the We Tae-Sik. We the rising interest uncertainty have are changing

with great available strong of to sheet spread-based be in balance no shape leverage, a capital. financing Our level moderate continues and of sources mark-to-market

invest landscape terms. competitive remains While opportunities in with the favorable, yielding we structural to finding are higher opportunities highly better

during expect to We order selective period. expect liquidity we could in strong preserve volatile position a to be continue remain our to highly what

the ask line questions. to I'll With the that, open operator for

Question-and-Answer Session

Operator

[Operator we DeLaney have on JMP. comes Thank Steve of first the phone you. lines from Instructions] The question

Your line open. is now

Steve DeLaney

on Do -- mentioned Thanks. at opportunity, purchases. CMBS. are you for at looking look I'm obviously, that -- the Hello, taking everyone. curious you securities you as market question. Thanks the you

also, those easy, buying rate, of you're Thanks. there, you how just to curious double-digit at an rate and yourself to a those you're target out low bit return? looking are get attractive So been just financing floating also, make sort the -- to also blown using a repo CLOs but have and response the and -- have at while maybe feature given of

Bryan Donohoe

Yeah, absolutely. Thanks Steve. for question, the

market CLO there the features as think some structural well. actually we think, within I compelling is

you of to So And those. between somewhat bit agnostic. not have the both. we're can a we certainly Thus see far, two, lever sought little

some a mark-to-market liquidity are thus that combination yield to hesitant of effectively utilize market and far. of like against securities kind So this. There features in leverage the both been we've

candidly We're widened structures an of certainly it's have in to as be attractive So hesitant period with us. bonds somewhat exploring that's time something the that, up well. more mitigate to do but stack volatility of of been to some we've various mezzanine than where around the the some spreads

Steve DeLaney

Okay, to just one the follow-up. weeks great. alerts sort the recall articles, a Thanks. I'm I find in a commercial last in like of know Q believe looking it Mac I of ACRE was And something Freddie curious quick one five a as and I that is Series And resurgence alternative four -- mention there Freddie? specifically. that over looking do you're couldn't I referenced to at at with in a mortgage series, but of article, the multifamily, Q financing deal you

Bryan Donohoe

play, Yeah, years we have so and but or safe that been also date. has space, yield to five article. the to to a it not volatility as with outside less something tightened this date, us even an we've last specific interesting realm explored It's the times we platform, where in familiar a -- possibility, not explored of clearly not harbor but not To ACRE. interesting of to I'm broad somewhat that the was over of not

Steve DeLaney

Bryan. you, Thank Okay.

Bryan Donohoe

you. Thank

Operator

Thank you.

Your next Rahmani question comes of KBW. from Jade

is now open, Your line Jade.

Jade Rahmani

very Thank you much.

seeing? on more few the reassessment cases, decline of Just you adding taking well thereof as, heightened do space, the think lack and reserves multiple CECL as maturity at issue it's to office of that the a there's think going that that in speaking, primarily fundamental commercial in mortgage driving office loans valuation that's these you broadly a or we're an are default? Or do REITs liquidity

Bryan Donohoe

good It's a question, Jade.

demand little is on I volatility, where and assets clearly there think That's the or of cross rental certain where leases liquidity sector degrees currents in bit part attractive of certain just more cash that side. a part longer less counteracted you've flow in of in assets, are equilibrium. by term some despite space the of the the markets there's the times normal office got more certain and high

the other there regulatory think sector. pressures banking to and exposure I cross said, I there some reduce -- office I think in is currents as where is

So this. how points question that that's contributes flowing through and all treats as towards of your CECL to

Jade Rahmani

did Only to very expecting maturity a firstly, million Thank that general risk upcoming into reserve, was specific, and maturities CECL side? on review default was take speaking, there of all account? but every $X.X it loan want maturity The loan reserve. term much. near and the the more you confirm, nearly What you the broadly are you loan of and

Tae-Sik Yoon

Jade. Sure, Thanks Yes, question. this that is for Tae-Sik.

yes. sorry, was -- $X.X loan first just million million million $X.X mentioned general that quarter. all that one $XX.X Of of million, to not your change I'm the Again, million the $X.X a had million, that question, the had answer we reserve the there to due already in So was already million, that terms specific. in to clarify, prior $X.X $XX.X $X.X

million $XXX,XXX. all $XX.X that sort changes under of CECL. just really was that in But the the to the due mentioned, net So remainder of general is reserve you change that specific the

And go clearly, question, one loan. of model that CECL the into factors maturity answer to data your the is the second then

an the loan of will maturity. on So impact And we what property months CECL maturity, the also It want on a three the be the at the more the a has our definitely you precise, can get impact model. years when be it, closer of you have out obviously, outlook call it to time is specific different does that more versus performing it. out, about if and to three

overall consideration your answer reserve definitely analysis. yes, into the to of the is part So CECL maturity question, date taken as

Jade Rahmani

$XXX four loans period over kind risk-rated some of how you what a is four many resolution? bucket, million, expect the And on that? And do

Bryan Donohoe

focus of be a have six four maturities, near-term resolved, they all intense of six you is, just Yeah. the at that good led terms are Again, when asset there there of few look the believe I Ares' if certainly, rated by of team. loans. is the And but will news are management them. sort our in

But each in about various their plan, there of But of business close very necessary. of the restructuring is with I they're terms, the think couple again, dialog very, loan the are with stages maturities. in are plans. the good We business news the some some all a of progress completing if borrowers near

that not borrowers do do borrowers but pursued near-term they all very actively working their others with the terms we to work to The meet everything in close make very, maturities, are of being sure have plans. very the to we can business with

Jade Rahmani

thanks. Great,

Operator

you. Thank

Bryan Donohoe

Thank right. you, All Jade.

Operator

next question ready, from Rick of the JP Please Your comes line Shane Rick. with Morgan. you're go ahead when

Rick Shane

maturity is Is fully same then some the that Thanks know date the my I portfolio months, my and top which Jade when slide taking maturity on at when date I I’m question percentage that the that portfolio in in maturing. for questions, I this, apologize maturities of deck, that extend extended the the And greater the and original the three look six of or pretty obviously date? at the there're an issue remember think just head. maturity looking next months the we showing off even everybody. to am honed is One should I you can't is but you're significant

Tae-Sik Yoon

The date the is maturity we're showing date. initial

mentioned Some as we --

Rick Shane

so, [Multiple maybe Okay, Speakers]

Bryan Donohoe

mentioned Some, as [Multiple Speakers] we

Rick Shane

Yeah.

not two, initial So can should assume three-year extensions least calculate that are loans pretty with that for one, have is there we do easily at probably most if you maturity what shown available? that

Tae-Sik Yoon

generally or for often, yield, about are generally, or would met, different standard be requirements built-in payment it's say I fees, one built-in no debt requirements are there potentially are default, our accompanied yields certainly whether by of extensions, LTVs. loans rates. interest debt of but them existence to that But level have do of LTV, extensions, one-year they most some Yeah, two necessary

Rick Shane

the the been is maturities there are it, be of Got extract think is market looking deal competitor that is the that you frankly office loans do of business is, in part -- changes of and sponsors those financially a believe extend disproportionately given pending a part a the from space, positions which you've understood those to the concentrating I within there do in in in or we are of originations in right are and -- can are you think yours, saw that. specifically the going noteworthy you portfolio, that the also a what's is from both greater now, of you to terms these and you not going where covenants a to to willingness that, at just think toll that model, and that's dismiss the concern that activity of for generally up? recently terms When extensions do type just pick speaking, business

Tae-Sik Yoon

So absolutely deal I each situations differently. with think we

if order to again increase give with of show of some very in equity have you contribution most to And an look most think Whether interest opportunity been in fee? historical borrower closely we each meet is sort concessions to probably at Whether practice, deal. their that plans. asked have every capital their continued an say we the some their I to our additional continue business of loans, that's right? we very some provide of them for sure extension make material working, to I'd level in sponsorship rate? often, the often

We we do borrowers do ongoing to so. us to way. are key, point, them borrowers this perspective. where, it's where to which that as goal be animal, an understand don't behave in to discussions. committed, want and effort certainly, the But if with we situations well have But want ready motivated they situations there from we call to do every you it may I our think have the economic an them borrowers of throw as continue work would At each capital is situations for to again, our both I as give perspective, success. again, say opportunity

response. give best borrower it's generic each again, each And on very to hard on we many us so again, it But these borrower, with that so we different have individually. for uniquely, the make I the on it on work to submarket, do It the solution evaluate building, closely we of depends a and very depends situations depends them. do that depends think sure it for the situations

Bryan Donohoe

if one avenue you maybe than flowing leases duration that, if to complex. Yeah, product you when for intimated of is another longer which think office we in apartment higher Tae-Sik, right, on about might is I'll add the see have cash do could, benefits I I and kind of is just of instance the assets,

cash additional a flow cash that in pay this of space Now management structure through down rerouted extent additional to used period -- working through and the the or loan we're as collateral. our held can illiquidity be

Tae-Sik of space in on but covering an and which manage I did in we we're macro actively So basis. certainly through avenues good a the is job asset-by-asset different the a this overlay think challenge, working one all

Rick Shane

And the resolution decades I in I are Got which terms worse. is look, with make it. borrowers. I versus of better continuum think we to really or pining I of always followed aggressive I the with ends mean, strategically and that behavior not work the over there observation the borrowers that will has am you, been partnering think

history it the to of I upon try I in work think properties. the the But and company think them your keep long to sponsors really is the depends with lender. that

Bryan Donohoe

value lender of there. and some that to But be kind step certainly asset credit, to them get maximize the and think brand DNA certainly the win-win situations add the your at our times at through -- right. know there in a take expertise, environment will, and from creates spectrum the the the charter, borrowers and company that's value day, our cloudier into to with of but Obviously, comes at the situations we of across I to level, some in broader have really better correct. that you if is those a end to is which have these I some work and loyalty is think Ares, we ability

Rick Shane

in a Yeah, hotel Plains again? be running you don't to want White ever

Bryan Donohoe

COVID least. during Not at

Rick Shane

Thank enough. Fair you, guys.

Bryan Donohoe

the Thanks for time.

Operator

Credit Suisse. now Thank Harter you're ahead Doug Please have when We from go ready. you.

Douglas Harter

returns? capital -- that timing And about a And Thanks. Can lower of to you're loans decision a you capital and just how thinking lower bit about CMBS? about return more allocate compares? how of the to into the AAA accept deploying versus at holding obviously, that risk, little likely it kind talk but higher

Bryan Donohoe

year there's Yeah. clearly, the a estate balance was and coming a activity of in the slowdown really throughout of space. real off volume year. record last a spectrum, risk transaction It We're been transaction

are environment. opportunities. enough still do. with actually great happy to we So We're lending the seeing And pretty

be So when fair those to the first just to we the additional about We said potential print as those on did to tickets a able the we question value felt question. with relative the it's upside lever But compelling is the a something the the given into the made overall in securities time. that that of combination liquidity plus if right at structure those was interesting pretty unlevered inherent the yield. fairly it yield

Makes Again, of are we've as et how it going reinvestment the what CLOs you timeframe we mandate of the given much about the right? Tae-Sik, the or estate $XXX mortgage million at a think of mentioned, there for us reinvestment? of time, rights previously. one on crosscurrents that longer But had we -- the few dearth was then, felt for real borrowers lenders said markets, changing in cash. the the CLO top first transactions talk heard be cetera, pretty here, to has is We it is you've is to And and don't the that see that commercial the sense. compelling. CLO? I Or What

Tae-Sik Yoon

is for securitization advantage that the extend We put This the again, that about really X that mentioned there's one of in the number into times, of revolving notes holds all we have we $XXX investment-grade of that is taking And that million benefits CLO. securitization. of really could that Sure. of CLO. that, we've our again, who FLX of managed a to period participant capacity

expires, also when time be to it. that able of in hopeful continue renew amount additional collateral. that to decent a we'll We're have still still we put to So even some

right our are third I period. now think revolving we in

well we continue And anticipate and $XXX very of do hopeful the the the period. that soon hope time we're that we do put it. But clearly, replacement within can period work allotted to so, to we can million

Douglas Harter

And would we there kind into I go that that Or there? be would first for loans would $XXX of do CLO? of expect million limitations guess, deployment the what you the

Tae-Sik Yoon

Yeah.

the So, limitations, the is investment-grade one to of course, of of the that owner the has approve. right notes

worked in that obviously the put years collateral them have FLX we put sure consistent -- with We with over thesis. is we many make do to the our thesis and their

of we you go don't to? that having anticipate assets So, do of into certainly challenges right But type it. identifying Bryan, want the

Bryan Donohoe

think landscape. Yeah, a like-minded I time market do use years are we would we set have is given I but take about of real of reason advantage think one add of partnership in-the-money clearly on the up first dislocation. structure regularly. and think back us they in that you opportunity when that, compelling set very we all, viewpoint few I just -- I nature of the I lenders, which a to when a speak estate we to share commercial that just it, like-minded, that the view it the And the investor, And that front as was because liability think the to this priorities true cite we of is we our

a of number And us. for priority a put concert years. this place it's for one, we we've it's that something with partner will in two, in approach that So,

Douglas Harter

you. Thank

Operator

our go Instructions] Please ready. you. you're BTIG. have Thank ahead Hagen when with next from We question [Operator

Eric Hagen

rate both would are the filtered How for CRE guys your and of volatility? your are you How guys Hope backdrop way that the reserve say afternoon. against in finding of the interest and underwriting well. sponsors good is and rates with risk you higher hedging values hedging risk Hi, you into impact of conversations that you credit? in the

Bryan Donohoe

Yeah, it's dynamic. good pretty question. a a It's amazing been

I asset. say as the I change and significant. would it pretty saw expected the our both, some systematically, the in others, rate as we our say, you being handled well is further velocity really account of been as of duration broad borrowers taking has converse with commentary the I throughout would portfolio, into think

associated When do you today, plus to take come making we with premium that we the extent rates about ways, real in the downside is to interest that caps logical protect we're prepaying the while way just hearing functioning how about that, pivot be trying be. interest to to effectively the certain which necessarily we're reasonable time risk sure they're and all the in doesn't rate

a having quite So often. it's conversation we're

clearly, our credit of has I generally certain environments. underlying anything advantage you focusing we've of now, really to on the rates add and both asset. in it's view, And and know mentioned as Tae-Sik there? quarters, defensive today think taken I in is prior Right Tae-Sik, don't the if have

Bryan Donohoe

I thoughts. are Bryan, very [indiscernible] think Yeah. with my consistent

we was One obviously, required. inexpensive have ago, it is of years that something a to for rate the other challenges, few very borrowers buy interest protection. generally is It

resistance, think of look having those back was counterparties, even done right the it a on I it with little those met borrowers, but as bit Sometimes, obviously thing.

I so. in obviously mentioned, more I higher value rate the rates, borrowers a think any fortunately And with other think put expensive of rate as today, of doing volatility the see much absolute and it's types Bryan protection. the or cap interest to

more So is less cost of it, think there's I to of but monetary doing a interest resistance the there putting rate to limitation in protection.

Eric Hagen

helpful. a it, to call get loan the the rate interest a extended, need new, that's execute In at-the-market does case borrower does Right, where cap?

Tae-Sik Yoon

it of hard. again, in in mean, to resistance to increases put come and in what a terms are don't protected that's is other affordability push the but is that we interest we Yeah, wanting of those face cost things again, question that And place. to we rate make every question. borrowers that do we so, interest very and rates. the I very want a a certainly and caps That one live will down and there day against very, may mechanisms very, that great further is I again, to protection think it of do sure

to have consent push of certainly again, it overall in order is something to negotiation what seek place for, the it's all for very but hard an extension. us in of that to would So part we we

Eric Hagen

Thank Got guys, you, much. very it.

Tae-Sik Yoon

Thank you, Eric.

Operator

you. Thank

I further like over no back And the have to Donohoe final for call We turn any remarks. Bryan questions. to

Bryan Donohoe

to Thank want to just you certainly to support. you their express time their our and Thank continued very I the for for the thanks gratitude for investors this team quarter today. our my much. and commitment throughout

Operator

Ladies this our and call for conference gentlemen, today. concludes

this +XX-XXX-XXX-XXXX. missed and will through approximately the one any X-XXX-XXX-XXXX part, archived XX, conference XXXX you dialing to domestic callers an after call replay hour by November international of available to If dialing be by ends callers call

number the please XXXXXX. Resources section link all available on conference the on reference website. will Investor An also homepage the of our archived For be replays, webcast located of a replay

Ares Commercial Real Estate (ACRE) 2 Nov 222022 Q3 Earnings call transcript