Ares Commercial Real Estate (NYSE: ACRE) reported Q1 EPS of $0.32, $0.02 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $21.13 million versus the consensus estimate of $14.1 million.

“During this unprecedented economic disruption caused by the COVID-19 pandemic, we have relied on our seasoned team of professionals and rigorous, credit focused investment philosophy to manage our existing portfolio and liquidity position,” said Bryan Donohoe, Chief Executive Officer of ACRE. “We strategically structured our portfolio to be comprised of 95% senior loans with 62% collateralized by multifamily, office and industrial properties with limited exposure to hotel and retail properties. As of quarter end, our portfolio has performed relatively well with no impairments and we received all loan debt service payments for the April 2020 payment date.”

“Our funding structure is diversified across ten different sources of capital with relationship financial institutions that do not contain margin call provisions based on changes in market borrowing spreads,” said Tae-Sik Yoon, Chief Financial Officer of ACRE. “In addition, we have purposefully diversified the composition of senior loans that we finance with each of our lenders.”

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