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Side-by-side financial comparison of American Assets Trust, Inc. (AAT) and Ares Commercial Real Estate Corp (ACRE). Click either name above to swap in a different company.
Ares Commercial Real Estate Corp is the larger business by last-quarter revenue ($13.2M vs $9.6M, roughly 1.4× American Assets Trust, Inc.). On growth, American Assets Trust, Inc. posted the faster year-over-year revenue change (-5.5% vs -24.5%). Over the past eight quarters, American Assets Trust, Inc.'s revenue compounded faster (-5.2% CAGR vs -15.9%).
Personal Assets Trust is a large British investment trust. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The chairman is Iain Ferguson CBE.
Ares Commercial Real Estate Corp is a specialty finance company focused on the commercial real estate sector. It offers a full suite of customized financing solutions including senior mortgage loans, subordinated debt and preferred equity, primarily serving middle-market commercial property owners and operators across the United States.
AAT vs ACRE — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $9.6M | $13.2M |
| Net Profit | — | $-3.9M |
| Gross Margin | — | — |
| Operating Margin | — | -29.2% |
| Net Margin | — | -29.2% |
| Revenue YoY | -5.5% | -24.5% |
| Net Profit YoY | — | 63.8% |
| EPS (diluted) | $0.06 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $9.6M | $13.2M | ||
| Q3 25 | $10.1M | $14.1M | ||
| Q2 25 | $10.2M | $12.6M | ||
| Q1 25 | $9.9M | $14.9M | ||
| Q4 24 | $10.2M | $17.5M | ||
| Q3 24 | $11.4M | $16.7M | ||
| Q2 24 | $10.6M | $16.8M | ||
| Q1 24 | $10.7M | $18.7M |
| Q4 25 | — | $-3.9M | ||
| Q3 25 | $4.5M | $4.7M | ||
| Q2 25 | $5.5M | $-11.0M | ||
| Q1 25 | $42.5M | $9.3M | ||
| Q4 24 | — | $-10.7M | ||
| Q3 24 | $16.7M | $-5.9M | ||
| Q2 24 | $11.9M | $-6.1M | ||
| Q1 24 | $19.3M | $-12.3M |
| Q4 25 | — | -29.2% | ||
| Q3 25 | — | 33.0% | ||
| Q2 25 | — | -87.8% | ||
| Q1 25 | — | 64.4% | ||
| Q4 24 | — | -61.0% | ||
| Q3 24 | — | -35.3% | ||
| Q2 24 | — | -36.5% | ||
| Q1 24 | — | -65.9% |
| Q4 25 | — | -29.2% | ||
| Q3 25 | 44.6% | 33.0% | ||
| Q2 25 | 53.2% | -87.8% | ||
| Q1 25 | 429.3% | 62.5% | ||
| Q4 24 | — | -60.9% | ||
| Q3 24 | 145.5% | -35.3% | ||
| Q2 24 | 111.9% | -36.5% | ||
| Q1 24 | 179.4% | -65.9% |
| Q4 25 | $0.06 | — | ||
| Q3 25 | $0.07 | — | ||
| Q2 25 | $0.09 | — | ||
| Q1 25 | $0.70 | — | ||
| Q4 24 | $0.14 | — | ||
| Q3 24 | $0.28 | — | ||
| Q2 24 | $0.20 | — | ||
| Q1 24 | $0.32 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $129.4M | $29.3M |
| Total DebtLower is stronger | $1.7B | $948.2M |
| Stockholders' EquityBook value | $1.2B | $509.6M |
| Total Assets | $2.9B | $1.6B |
| Debt / EquityLower = less leverage | 1.48× | 1.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $129.4M | $29.3M | ||
| Q3 25 | $138.7M | $84.9M | ||
| Q2 25 | $143.7M | $90.0M | ||
| Q1 25 | $143.9M | $125.5M | ||
| Q4 24 | $425.7M | $63.8M | ||
| Q3 24 | $533.0M | $68.9M | ||
| Q2 24 | $114.9M | $70.6M | ||
| Q1 24 | $98.6M | $99.5M |
| Q4 25 | $1.7B | $948.2M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.0B | $718.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.2B | $509.6M | ||
| Q3 25 | $1.2B | $521.0M | ||
| Q2 25 | $1.2B | $523.7M | ||
| Q1 25 | $1.2B | $542.1M | ||
| Q4 24 | $1.2B | $540.1M | ||
| Q3 24 | $1.2B | $563.8M | ||
| Q2 24 | $1.2B | $582.3M | ||
| Q1 24 | $1.2B | $601.1M |
| Q4 25 | $2.9B | $1.6B | ||
| Q3 25 | $2.9B | $1.4B | ||
| Q2 25 | $3.0B | $1.4B | ||
| Q1 25 | $3.0B | $1.5B | ||
| Q4 24 | $3.3B | $1.8B | ||
| Q3 24 | $3.4B | $1.9B | ||
| Q2 24 | $3.0B | $2.1B | ||
| Q1 24 | $3.0B | $2.1B |
| Q4 25 | 1.48× | 1.86× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.72× | 1.33× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $40.6M | $4.6M |
| Free Cash FlowOCF − Capex | $23.0M | — |
| FCF MarginFCF / Revenue | 238.4% | — |
| Capex IntensityCapex / Revenue | 182.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $94.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.6M | $4.6M | ||
| Q3 25 | $40.5M | $3.8M | ||
| Q2 25 | $49.2M | $4.9M | ||
| Q1 25 | $36.9M | $8.0M | ||
| Q4 24 | $40.6M | $7.1M | ||
| Q3 24 | $52.4M | $8.4M | ||
| Q2 24 | $59.3M | $8.7M | ||
| Q1 24 | $54.8M | $11.4M |
| Q4 25 | $23.0M | — | ||
| Q3 25 | $23.1M | — | ||
| Q2 25 | $28.4M | — | ||
| Q1 25 | $20.4M | — | ||
| Q4 24 | $21.5M | — | ||
| Q3 24 | $28.0M | — | ||
| Q2 24 | $43.6M | — | ||
| Q1 24 | $43.8M | — |
| Q4 25 | 238.4% | — | ||
| Q3 25 | 228.3% | — | ||
| Q2 25 | 276.7% | — | ||
| Q1 25 | 206.1% | — | ||
| Q4 24 | 210.4% | — | ||
| Q3 24 | 244.4% | — | ||
| Q2 24 | 409.9% | — | ||
| Q1 24 | 408.5% | — |
| Q4 25 | 182.1% | — | ||
| Q3 25 | 172.4% | — | ||
| Q2 25 | 203.1% | — | ||
| Q1 25 | 166.0% | — | ||
| Q4 24 | 187.6% | — | ||
| Q3 24 | 213.5% | — | ||
| Q2 24 | 147.4% | — | ||
| Q1 24 | 101.9% | — |
| Q4 25 | — | — | ||
| Q3 25 | 8.98× | 0.82× | ||
| Q2 25 | 9.01× | — | ||
| Q1 25 | 0.87× | 0.86× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.15× | — | ||
| Q2 24 | 4.98× | — | ||
| Q1 24 | 2.84× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
