Business Context and Reporting Period
This Form 8-K Current Report was filed by Ares Commercial Real Estate Corporation on May 30, 2018, covering events occurring on May 24, 2018. The filing details a material definitive agreement entered into by ACRC Lender B LLC, a subsidiary of the registrant.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, or liquidity metrics. The primary financial instrument discussed is the $125 million Amended and Restated Bridge Loan Warehousing Credit and Security Agreement (the "BAML Facility") with Bank of America, N.A.
Material Changes
The registrant amended the BAML Facility with the following key changes:
- Commitment Period Extension: The period during which the subsidiary may request individual loans under the facility was extended to May 23, 2019.
- Maturity Date Extension: The final maturity date of the facility was extended to May 23, 2022.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or specific risk factors beyond the standard disclosure that the summary is qualified by reference to the full agreement filed as Exhibit 10.1. No unusual items or contingencies were disclosed in the text provided.
Investor Verification Checklist
- Verify the full terms of Amendment No. 3 to the Bridge Loan Warehousing Credit and Security Agreement in Exhibit 10.1.
- Confirm the impact of the extended maturity date (May 23, 2022) on the company's long-term debt schedule.
- Review the subsidiary's utilization of the $125 million facility to assess current leverage.