Ares Commercial Real Estate (ACRE) Prices 7M Share Common Offering for Est. Gross Proceeds of Approx. $101.9M

Ares Commercial Real Estate Corporation (NYSE: ACRE), today announced the pricing of an underwritten public offering of 7,000,000 shares of common stock for total estimated gross proceeds of approximately $101.9 million.

The Company has also granted the underwriters an option for 30 days to purchase up to an additional 1,050,000 shares of common stock. The offering is expected to close on or about March 17, 2021, subject to customary closing conditions. The Company intends to use all of the net proceeds from the offering for general corporate purposes, including repaying indebtedness and investing in mortgage loans and other target assets and investments consistent with its investment strategies and investment guidelines and funding commitments on existing mortgage loans.

Morgan Stanley, Wells Fargo Securities and BofA Securities are joint book running managers for the offering, and JMP Securities, Keefe, Bruyette & Woods, A Stifel Company and Raymond James are co-managers for the offering.

A registration statement on Form S-3 relating to these securities has been filed with the Securities and Exchange Commission and has been declared effective. The offering may be made only by means of a prospectus supplement and accompanying prospectus.

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