Business Context and Reporting Period
This Form 8-K is a current report filed by Ares Commercial Real Estate Corporation for the date of January 31, 2014. The filing reports on a material definitive agreement entered into by ACRE Capital LLC, a wholly owned subsidiary of the registrant.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, or overall debt levels. The report focuses exclusively on a specific financing arrangement rather than general financial performance metrics.
Material Changes
On January 31, 2014, ACRE Capital LLC entered into a Seventh Amendment to its Fifth Amended and Restated Mortgage Warehousing and Security Agreement with Bank of America, N.A., as Credit Agent. The primary material change is the consent by Bank of America to extend the maturity date of the committed warehouse line under this agreement to April 1, 2014.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or discussion of general risks and contingencies. The document is limited to the disclosure of the amendment to the warehousing agreement. No unusual items were reported.
Investor Verification Checklist
- Verify the full terms of the Seventh Amendment to the Mortgage Warehousing and Security Agreement filed as Exhibit 10.1.
- Confirm the status of the committed warehouse line and any covenants associated with the extension to April 1, 2014.
- Review subsequent filings to ensure the maturity extension was executed as reported.