Gold prices just lower; monthly gains on track
In a recent transaction, Jeffrey Michael Gonzales, the Chief Financial Officer and Treasurer of Ares Commercial Real Estate Corp (NYSE:ACRE), sold 4,020 shares of the company’s common stock. The shares were sold on January 31, 2025, at a weighted average price of $5.6814, with individual transactions ranging from $5.60 to $5.76. This sale, totaling $22,839, was conducted to cover tax withholding obligations related to the vesting of common stock. The transaction comes as ACRE, currently valued at $319.25M, trades below its InvestingPro Fair Value, offering a notable dividend yield of 17.61%.
Following this transaction, Gonzales retains ownership of 50,751 shares, which includes 36,666 restricted stock units that vest according to the company’s equity incentive plan. These restricted stock units entitle Gonzales to receive one share of Ares Commercial Real Estate’s common stock per unit upon vesting. With a beta of 1.55 indicating higher volatility than the market, investors can access comprehensive insider trading patterns and 8 additional key insights through InvestingPro’s detailed research reports.
In other recent news, Ares Commercial Real Estate Corp has revised its financial agreements with Citibank, according to a recent regulatory filing. This includes extending the expiration date and funding availability period of the Master Repurchase Agreement, also known as the Citi Facility, by two years, now set to expire in January 2027. The adjustment also permits two additional 12-month extensions, potentially extending the maturity date to January 2029, contingent on certain conditions. The agreement also includes an accordion feature that allows the facility amount to be increased by up to $425 million in two $50 million increments, subject to Citibank’s consent. This development signifies a continued relationship between Ares Commercial Real Estate and Citibank, providing the company with extended financial flexibility. These recent developments are seen as a strategic move by Ares Commercial Real Estate to secure and potentially expand its financial resources for future operations and growth initiatives.
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