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 and effective as of October 17, 2017, the Board of Directors (the “Board”) of Ares Commercial Real Estate Corporation (the “Company”), increased the size of its Board from seven to eight members and appointed Kirk A. Sykes as an independent Class II director to fill the vacancy created by such increase.

The initial term of Mr. Sykes, as a Class II director, will expire at the 2020 annual meeting of stockholders of the Company. The Board has determined that Mr. Sykes is “independent” within the meaning of the independence standards of the Securities and Exchange Commission (the “SEC”) and the rules of the New York Stock Exchange. As an independent director, Mr. Sykes will receive the same compensation as provided to the Company’s other independent directors, as described in detail in the Company’s other filings with the SEC.

Mr. Sykes, 59, has served as Senior Vice President of New Boston Fund, Inc., an independent, privately-owned real estate investment management firm, since September 2016. Previously, Mr. Sykes was the President of the Urban Strategy America Fund, L.P., a New Boston real estate investment fund, from 2005 to September 2016. Since 1993, Mr. Sykes has also served as the President of Primary Corporation, a real estate company that owns commercial real estate and has served as the manager of Accordia Partners, LLC, a real estate development company, since September 2014. Mr. Sykes currently serves as a member of: The Federal Reserve Bank of Boston CEO Roundtable and External Diversity Advisory Board; Eastern Bank Corporation Board of Trustees; The Real Estate Executive Council Board (Chairman); Urban Land Institute New England Advisory Council; National Association of Industrial Office Properties Massachusetts Board; and The City of Boston Civic Design Commission. Previously, Mr. Sykes served on the Board of Directors of the Federal Reserve Bank of Boston from 2008 to 2014, including as its Chairman from 2012 to 2014 and held various other banking advisory board roles. Mr. Sykes holds a Bachelor of Architecture degree from Cornell University. Mr. Sykes’ significant experience as a real estate investor, including as an executive of a real estate investment fund, and his extensive financial and economic expertise will provide the Board with valuable industry, investment, financial and leadership experience.

Item 7.01 Regulation FD Disclosure.

On October 18, 2017, the Company issued a press release announcing the appointment of Kirk A. Sykes as an independent Class II director of the Company. The text of the press release is attached as Exhibit 99.1 to this Form 8-K.

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits:

Ares Commercial Real Estate Corp Exhibit
EX-99.1 2 kirksykesappointmentpressr.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Ares Commercial Real Estate Corporation Appoints Kirk Sykes to Board of DirectorsNEW YORK — October 18,…
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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.