Ares Commercial Real Estate Corporation (NYSE:ACRE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 26, 2019, Kirk A. Sykes resigned, with immediate effect, as a member of the Board of Directors (the “Board”) of Ares Commercial Real Estate Corporation (the “Company”).
Mr. Sykes’ decision to resign was due to Mr. Sykes embarking on a new professional commitment. Mr. Sykes’ decision to resign did not involve a disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
The Board is now comprised of eight members, including five directors who are independent for purposes of the New York Stock Exchange corporate governance listing requirements and the rules and regulations of the Securities and Exchange Commission.
About Ares Commercial Real Estate Corporation (NYSE:ACRE)
Ares Commercial Real Estate Corporation is a specialty finance company. The Company is focused on directly originating, managing and servicing a portfolio of commercial real estate (CRE) debt-related investments for its own account. It operates in two segments: principal lending and mortgage banking. Its target investments include senior loans, bridge loans, subordinated debt, preferred equity and other CRE investments. The Company is also engaged in the mortgage banking business through its subsidiary, ACRE Capital LLC (ACRE Capital). Its Principal Lending Business includes all business activities of the Company, which represents investments in real estate related loans and securities that are held for investment. In mortgage banking business, the Company directly originates long-term senior loans collateralized by multifamily and senior-living properties, and sells them to third parties pursuant to programs overseen by government agencies and government-sponsored enterprises.
