False000152937700015293772022-05-032022-05-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_____________________________________________________________________ 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): May 3, 2022
acre-20220503_g1.jpg
ARES COMMERCIAL REAL ESTATE CORPORATION
(Exact Name of Registrant as Specified in Charter)
 
Maryland   001-35517   45-3148087
(State or Other Jurisdiction
of Incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)
 
245 Park Avenue, 42nd Floor, New York, NY 10167
(Address of Principal Executive Offices) (Zip Code)
 
Registrant’s telephone number, including area code (212) 750-7300
 
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value per share ACRE New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o




Item 8.01 Other Events.

Ares Commercial Real Estate Corporation, a Maryland corporation (the “Company”), has identified an inadvertent error included in its Quarterly Report on Form 10-Q for the three month period ended March 31, 2022, which was filed with the Securities and Exchange Commission on May 3, 2022 (the “Form 10-Q”). The Form 10-Q included an error in the risk classification of the carrying values (excluding CECL Reserve) of the Company’s loans held for investment in the table that appears on page 20 of the Form 10-Q in Note 4 (Current Expected Credit Losses) to the Consolidated Financial Statements. The following table contains the corrected information:

As of March 31, 2022, the carrying value, excluding the CECL Reserve, of the Company’s loans held for investment within each risk rating by year of origination is as follows ($ in thousands):
2022 2021 2020 2019 2018 Prior Total
Risk rating:
1 $ 11,282 $ 35,806 $ $ 33,905 $ 9,393 $ $ 90,386
2 17,256 495,289 105,949 22,816 96,819 738,129
3 90,078 511,837 320,711 260,597 157,575 89,794 1,430,592
4 60,879 101,786 162,665
5
Total $ 179,495 $ 1,042,932 $ 320,711 $ 400,451 $ 291,570 $ 186,613 $ 2,421,772

Except for this correction, there are no changes to the Form 10-Q.



SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
    ARES COMMERCIAL REAL ESTATE CORPORATION
     
Date: May 4, 2022 By: /s/ Tae-Sik Yoon
  Name: Tae-Sik Yoon
  Title: Chief Financial Officer and Treasurer



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