Ares Commercial Real Estate Cash Flow
Concept
Operating Cash Flow
Net Income
Depreciation & Amortization
Stock based compensation
Other non cash items
Change in working capital
Investing Cash Flow
Capital Expenditures
Financing Cash Flow
Dividends Paid
Payout Ratio
Share Issuance / Repurchase
Debt Issued / Paid
Other Investing Activities
End Cash Position
Changes in Cash
Beginning Cash Position
Free Cash Flow
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
47M
-39M
1M
4M
108M
-20M
299M
0M
-205M
76M
-194.44 %
-5M
0M
-4M
110M
-31M
141M
47M
57M
30M
-1M
3M
41M
-15M
155M
0M
-160M
72M
242.11 %
106M
-194M
368M
141M
91M
51M
57M
48M
60M
10M
2M
2M
-16M
-700M
0M
627M
58M
96.48 %
1,616M
481M
-13M
51M
-24M
75M
48M
32M
22M
1M
1M
0M
-16M
-82M
0M
119M
43M
195.45 %
541M
94M
-5M
75M
69M
6M
31M
32M
37M
1M
2M
0M
-7M
-174M
2M
136M
37M
101.56 %
0M
174M
1,017M
6M
-6M
11M
31M
39M
39M
6M
1M
-1M
1M
158M
0M
-214M
32M
82.96 %
0M
-182M
640M
11M
-17M
29M
39M
31M
30M
8M
1M
1M
-2M
-406M
0M
356M
31M
100 %
-11M
405M
1,178M
28M
-19M
47M
31M
9M
35M
0M
0M
-72M
43M
-43M
0M
73M
29M
84.43 %
-1M
150M
-46M
47M
38M
9M
9M
276M
43M
0M
1M
166M
63M
184M
1M
-541M
29M
66.23 %
6M
-465M
1,177M
9M
-8M
17M
276M
-223M
25M
0M
1M
-193M
-56M
-510M
3M
652M
29M
116.28 %
78M
101M
2,063M
17M
-4M
20M
-226M
25M
14M
0M
1M
10M
1M
-603M
0M
717M
19M
136.11 %
1,196M
104M
-16M
20M
-3M
23M
25M
2M
1M
1M
0M
0M
0M
-348M
0M
368M
2M
192.31 %
-6M
208M
345M
23M
22M
1M
2M
Concept
Operating Cash Flow
Net Income
Depreciation & Amortization
Stock based compensation
Other non cash items
Change in working capital
Investing Cash Flow
Capital Expenditures
Financing Cash Flow
Dividends Paid
Payout Ratio
Share Issuance / Repurchase
Debt Issued / Paid
Other Investing Activities
End Cash Position
Changes in Cash
Beginning Cash Position
Free Cash Flow
4Q2023
3Q2023
2Q2023
1Q2023
4Q2022
3Q2022
2Q2022
1Q2022
4Q2021
3Q2021
2Q2021
1Q2021
4Q2020
3Q2020
2Q2020
1Q2020
4Q2019
3Q2019
2Q2019
1Q2019
4Q2018
3Q2018
2Q2018
1Q2018
4Q2017
3Q2017
2Q2017
1Q2017
4Q2016
3Q2016
2Q2016
1Q2016
4Q2015
3Q2015
2Q2015
1Q2015
4Q2014
3Q2014
2Q2014
1Q2014
4Q2013
3Q2013
2Q2013
1Q2013
4Q2012
3Q2012
2Q2012
1Q2012
10M
-39M
1M
1M
51M
0M
86M
0M
-46M
18M
-45.21 %
0M
0M
86M
110M
49M
61M
10M
14M
9M
0M
1M
1M
-4M
-48M
0M
-47M
19M
205.88 %
0M
-27M
27M
61M
-82M
143M
14M
12M
-2M
-1M
1M
19M
-6M
19M
0M
-42M
19M
-900 %
-5M
-18M
-3M
143M
-11M
154M
12M
11M
-6M
1M
1M
24M
-9M
70M
0M
-69M
19M
-291.67 %
0M
-49M
12M
154M
12M
141M
11M
15M
3M
-1M
1M
19M
-6M
257M
0M
-208M
19M
700 %
0M
-189M
41M
141M
64M
77M
15M
13M
1M
0M
1M
18M
-6M
12M
0M
27M
19M
3500 %
0M
46M
104M
77M
52M
26M
13M
13M
10M
0M
1M
7M
-4M
-166M
0M
165M
17M
165 %
103M
78M
186M
26M
12M
14M
13M
16M
16M
2M
1M
-3M
2M
51M
0M
-143M
17M
102.94 %
3M
-129M
37M
14M
-37M
51M
16M
18M
17M
10M
0M
0M
-1M
-125M
0M
141M
17M
97.22 %
451M
146M
-3M
51M
35M
16M
18M
10M
10M
7M
0M
7M
-7M
-267M
0M
197M
17M
166.67 %
0M
214M
407M
16M
-60M
76M
10M
10M
18M
4M
0M
-3M
-5M
-177M
0M
144M
14M
81.4 %
133M
58M
-1M
76M
-22M
98M
10M
10M
16M
2M
1M
0M
-4M
-131M
0M
145M
11M
71.11 %
624M
63M
-8M
98M
23M
75M
10M
9M
14M
0M
0M
0M
-4M
23M
0M
-39M
11M
76.74 %
0M
-26M
14M
75M
-7M
81M
9M
9M
15M
0M
0M
-4M
-5M
88M
0M
-88M
11M
75 %
0M
-76M
120M
81M
8M
73M
9M
6M
10M
0M
0M
4M
-4M
81M
0M
-89M
11M
113.79 %
0M
-76M
36M
73M
-2M
75M
6M
8M
-17M
0M
0M
0M
-2M
-274M
0M
335M
10M
-55.56 %
366M
273M
-1M
75M
69M
6M
8M
8M
10M
0M
0M
0M
-2M
-107M
0M
98M
10M
100 %
0M
103M
378M
6M
-1M
6M
7M
9M
9M
0M
0M
0M
-1M
-1M
1M
-7M
10M
106.45 %
0M
3M
136M
6M
1M
6M
7M
10M
10M
0M
0M
0M
-1M
-58M
0M
41M
10M
97.06 %
0M
52M
227M
6M
-8M
13M
10M
7M
9M
0M
0M
0M
-3M
-9M
0M
4M
9M
103.33 %
0M
16M
276M
13M
2M
11M
7M
11M
10M
6M
0M
0M
1M
139M
0M
-144M
8M
82.86 %
0M
-137M
175M
11M
6M
5M
11M
10M
10M
-1M
0M
-1M
1M
86M
0M
-96M
8M
80 %
0M
-88M
99M
5M
0M
5M
10M
8M
9M
0M
0M
0M
-1M
-71M
0M
63M
8M
84.85 %
0M
71M
312M
5M
0M
6M
8M
10M
9M
1M
0M
0M
1M
4M
0M
-37M
8M
81.82 %
0M
-29M
54M
6M
-23M
29M
10M
7M
6M
8M
0M
0M
0M
-255M
0M
174M
8M
122.73 %
-11M
-99M
389M
28M
0M
28M
7M
11M
11M
-1M
0M
-1M
0M
100M
0M
-89M
8M
69.23 %
0M
-80M
156M
28M
23M
6M
11M
7M
7M
1M
0M
1M
-1M
-268M
0M
223M
8M
112.5 %
0M
233M
284M
6M
-39M
44M
7M
6M
6M
2M
0M
0M
-1M
-57M
0M
48M
7M
113.04 %
-11M
69M
348M
44M
-3M
47M
6M
8M
9M
6M
0M
-1M
0M
199M
0M
-202M
7M
83.87 %
-37M
-162M
-38M
47M
6M
42M
8M
-33M
10M
0M
0M
-49M
4M
-366M
0M
345M
7M
78.79 %
-1M
310M
1,457M
42M
35M
6M
-33M
16M
10M
0M
0M
-1M
5M
93M
0M
-109M
7M
74.29 %
-1M
-95M
-3M
6M
0M
6M
16M
18M
6M
0M
0M
-22M
34M
-60M
0M
39M
7M
113.64 %
0M
23M
-1M
6M
-3M
9M
18M
71M
11M
0M
0M
60M
-1M
62M
0M
-133M
7M
64.1 %
-46M
-28M
341M
9M
-1M
10M
71M
-18M
12M
0M
0M
-35M
3M
10M
0M
-64M
7M
60.98 %
0M
-86M
286M
10M
2M
8M
-18M
97M
11M
0M
0M
84M
2M
-47M
0M
-51M
7M
64.1 %
-2M
46M
350M
8M
-1M
9M
97M
126M
9M
0M
0M
57M
59M
160M
0M
-293M
7M
75.76 %
4M
-236M
200M
9M
-8M
17M
125M
-210M
9M
0M
0M
-178M
-42M
-239M
1M
454M
7M
78.13 %
78M
208M
755M
17M
5M
11M
-210M
29M
4M
0M
0M
33M
-8M
-9M
2M
-26M
7M
178.57 %
0M
-297M
787M
11M
-9M
20M
27M
-50M
7M
0M
0M
-54M
-4M
-115M
0M
155M
7M
108.7 %
0M
114M
332M
20M
-10M
30M
-50M
8M
5M
0M
0M
6M
-3M
-147M
0M
69M
7M
147.06 %
0M
76M
188M
30M
10M
20M
8M
20M
3M
0M
0M
22M
-4M
-266M
0M
338M
7M
284.62 %
1,096M
-36M
-7M
20M
8M
13M
20M
3M
8M
0M
0M
-9M
4M
-166M
0M
192M
7M
88.89 %
256M
192M
-1M
13M
-28M
40M
3M
1M
3M
0M
0M
-2M
-1M
-116M
0M
133M
2M
71.88 %
243M
-107M
-107M
40M
18M
23M
1M
2M
1M
0M
0M
0M
0M
-56M
0M
160M
1M
50 %
0M
56M
327M
23M
-1M
24M
2M
2M
1M
0M
0M
1M
-202M
-163M
0M
160M
1M
50 %
0M
161M
-52M
23M
-1M
24M
2M
1M
-1M
0M
0M
0M
1M
-112M
0M
48M
1M
-100 %
166M
48M
48M
24M
-63M
87M
1M
0M
0M
0M
0M
0M
0M
0M
0M
84M
0M
-66.67 %
139M
-48M
-58M
87M
83M
5M
0M
0M
1M
0M
0M
0M
-1M
-73M
0M
76M
1M
83.33 %
29M
47M
53M
5M
3M
1M
0M