The business behind the dividend
| Measure | ACRE | Median | Formula |
|---|---|---|---|
| Return on equity | -0.2% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | -0.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | -1.1% | 14.3% | Operating income ÷ revenue |
| Net margin | -1.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.86x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | -0.01x | 4.22x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -1.4% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Free cash flow, Owner earnings — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -0.2% | -6.5% | -6.2% | 4.0% | 8.9% | 4.6% | 8.7% | 9.1% | 7.3% | 10.7% | 4.6% |
| Return on capital employed | -0.0% | -2.8% | -2.6% | 1.8% | 3.6% | 1.6% | 2.8% | — | — | — | 1.6% |
| Operating margin | -1.1% | -50.3% | -41.9% | 28.3% | 59.9% | 26.8% | 48.5% | — | — | — | 26.8% |
| Net margin | -1.6% | -50.2% | -41.8% | 27.9% | 59.2% | 26.4% | 47.9% | 69.8% | 65.6% | 99.5% | 27.9% |
| Debt to equity | 1.86x | 1.33x | 1.43x | 1.28x | 1.53x | 1.96x | 2.10x | 2.09x | 2.55x | 2.23x | 1.86x |
| Cash conversion | — | — | — | 1.92x | 0.80x | 1.45x | 0.88x | 1.02x | 1.03x | -0.10x | 1.02x |
How it compares in real estate
Among the 20 real estate companies here measured on operating cash flow, Ares Commercial Real Estate pays out less than 8 of them. The median for that group is 152.3%, against this company’s 182.7%.
Closest on operating cash flow
- Chicago Atlantic Real Estate Finance (REFI) 152.3%
- TWO Harbors Investment (TWO-PC) 192.2%
- MFA Financial (MFA) 194.4%
- Dynex Capital (DX) 204.1%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →