Ares Commercial Real Estate announced that Chief Operating Officer Tae-Sik Yoon will transition from his day-to-day executive role to serve as a senior adviser to Ares management after 14 years with the firm. The company reported second-quarter GAAP net income of $4.4 million, or $0.08 per diluted common share, and distributable earnings of $6.9 million, or $0.12 per share. The total loan portfolio reached $1.8 billion in outstanding principal, a 36% increase year over year, while office exposure fell to $442 million, or less than 25% of the portfolio. The board declared a quarterly dividend of $0.15 per share and reauthorized a $50 million share repurchase program through July 2027.
Ares Commercial Real EstateCOO transition, earnings, dividend, and buyback reauthorization are financial/corporate events.
