Investor Presentaiton

Consolidated Balance Sheets As of June 30, 2020 December 31, 2019 (unaudited) ASSETS Cash and cash equivalents $ 72,987 $ Restricted cash Loans held for investment ($525,817 and $515,896 related to consolidated VIES, respectively) 1,794,049 5,256 379 1,682,498 Current expected credit loss reserve (26,063) Loans held for investment, net of current expected credit loss reserve 1,767,986 1,682,498 Loans held for sale, at fair value 96,404 Real estate owned, net 37,693 37,901 Other assets ($996 and $1,309 of interest receivable related to consolidated VIES, respectively; $31,183 and $41,104 of other receivables related to consolidated VIES, respectively) 46,163 58,100 Total assets $ 2,021,233 $ 1,784,134 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Secured funding agreements Notes payable Secured term loan Collateralized loan obligation securitization debt (consolidated VIE) Secured borrowings Due to affiliate Dividends payable Other liabilities ($371 and $718 of interest payable related to consolidated VIES, respectively) Total liabilities $ 876,842 $ 728,589 54,819 54,708 109,588 109,149 443,467 443,177 47,533 3,217 2,761 11,072 9,546 9,569 9,865 1,556,107 1,357,795 Commitments and contingencies STOCKHOLDERS' EQUITY Common stock, par value $0.01 per share, 450,000,000 shares authorized at June 30, 2020 and December 31, 2019 and 33,441,937 and 28,865,610 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 329 283 Additional paid-in capital Accumulated earnings (deficit) Total stockholders' equity Total liabilities and stockholders' equity 497,054 (32,257) 465,126 423,619 2,437 426,339 $ 2,021,233 $ 18 1,784,134 ARES COMMERCIAL REAL ESTATE CORPORATION

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