Ares Commercial Real Estate Corporation (NYSE:ACRE) Q3 2023 Earnings Call Transcript

Jade Rahmani: Thank you.

Bryan Donohoe: Thanks, Jade.

Tae-Sik Yoon: And just while we have the mic, I just want to go back to a question that was first asked by Sarah Barcomb. This relates to the question about $70 million of office repayments that we expect in the fourth quarter. Just to clarify that a bit. So the $70 million of office that we expect to be repaid in the fourth quarter consists of our Chicago loan, the $57 million Chicago loan as well as a partial repayment of a larger loan on a different office complex. I think the $33 million office loan that Sarah was referring to in California, that loan, we don’t expect to resolve until 2024. So I just want to clarify that comment in connection with Sarah’s question.

Operator: We have reached the end of the question-and-answer session. I would now like to turn the call back to Bryan Donohoe for closing comments.

Bryan Donohoe: Great. Thank you. I just want to thank everybody for the time today. We certainly appreciate your continued support of Ares Commercial Real Estate and look forward to speaking with you again on our next earnings call. Thanks, everybody.

Operator: Ladies and gentlemen, this concludes our conference call for today. If you missed any part of today’s call, an archived replay of this conference call will be available approximately 1 hour after the end of this call through December 1, 2023, to domestic callers by dialing 1 (877) 660-6853 and to international callers by dialing 1 (201) 612-7415. For all replays, please reference conference ID number 13740719. An archived replay will also be available on a webcast link located on the homepage of the Investor Relations section of our website. Thank you for your participation today.