Ares Commercial Real Estate Corp (ACRE)
Ares Commercial Real Estate Corporation (ACRE) functions as a specialized financial institution, primarily engaged in developing and investing in a diverse portfolio of commercial real estate (CRE) debt and associated investments throughout the United States. The company offers a broad spectrum of funding options designed for the owners, operators, and sponsors of commercial properties. ACRE's investment activities encompass originating senior mortgage loans, various subordinate debt products, hybrid mezzanine financing, preferred equity stakes in real estate, and other CRE-related assets, including commercial mortgage-backed securities (CMBS). For federal tax purposes in the U.S., ACRE has opted for and qualifies as a Real Estate Investment Trust (REIT) in accordance with the Internal Revenue Code of 1986. The firm's operations are managed by Ares Commercial Real Estate Management LLC. ACRE was established in 2011 and its main office is situated in New York, New York.
Sector: Real Estate Investment Trusts
Industry: REIT - Mortgage
Ares Commercial Real Estate Corporation
NYSE:ACREReal Estate · REIT - Mortgage
+7.35%$3.65
CLOSED · Nov 6Prev close$3.40+7.35%Close$3.650.00%AH close$3.65
AH$3.65+0.00%vs close
Mkt Cap$202.51M
Float52.06M
O/S55.48M
VOL1.36M sh
$ Vol$5.14M
RVOL1.95×
Inst Own45.4%
SI4.9%
Div Yield16.44%
Dilution
Financials Summary
Revenue$85.35M
Net Income-$902K
Total Assets$1.62B
Free Cash Flow$19.72M
Debt & Equity
Debt 67%
Equity 33%
Total Debt$1.05B
Total Equity$509.57M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in ACRE's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$1.62B
Liabilities$1.11B
Accounts Receivable$17.77M
Accounts Payable$257K
Inventory$0
PP&E (Net)$113.28M
Goodwill$0
Intangible Assets$16.88M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Revenue | $85.35M | $69.65M | $92.93M | $109.05M | $106.05M | $78.69M | $77.26M | $55.28M | $46.35M | $45.11M | $84.31M | $63.78M | $33.77M | $6.62M |
| YoY Growth | 22.5% | -25.0% | -14.8% | 2.8% | 34.8% | 1.8% | 39.8% | 19.3% | 2.8% | -46.5% | 32.2% | 88.8% | 410.0% | - |
| Cost of Revenue | $36.4M | $0 | $0 | $0 | $18.56M | $0 | $0 | $7.42M | $6.57M | $6.12M | $20.45M | $18.65M | $5.46M | $0 |
| Gross Profit | $48.95M | $69.65M | $92.93M | $109.05M | $87.49M | $78.69M | $77.26M | $47.86M | $39.78M | $38.98M | $63.87M | $45.13M | $28.32M | $6.62M |
| Gross Margin | 57.4% | 100.0% | 100.0% | 100.0% | 82.5% | 100.0% | 100.0% | 86.6% | 85.8% | 86.4% | 75.7% | 70.8% | 83.8% | 100.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $9.8M | $37.93M | $10.68M | $10.17M | $7.76M | $7.38M | $7.21M | $6.88M | $6.73M | $6.24M | $31.12M | $31.9M | $13.02M | $2.9M |
| Other | -$22.63M | $0 | $82.25M | $98.88M | $0 | $71.3M | $70.05M | -$8.82M | -$8.4M | -$8.3M | -$8.05M | $0 | $0 | $0 |
| Total Operating Expenses | -$12.83M | $37.93M | $92.93M | $109.05M | $7.76M | $78.69M | $77.26M | $6.88M | $6.73M | $6.24M | $31.12M | $31.9M | $13.02M | $2.9M |
| Operating Income (EBIT) | $61.78M | $31.72M | $0 | $0 | $79.73M | $0 | $0 | $102.04M | $30.43M | $30.45M | $55.07M | $33.51M | $26.25M | $3.52M |
| Operating Margin | 72.4% | 45.5% | - | - | 75.2% | - | - | 184.6% | 65.7% | 67.5% | 65.3% | 52.5% | 77.7% | 53.1% |
| Interest Expense | $65.16M | $105.98M | $109.65M | $65.99M | $50.08M | $51.95M | $62.58M | $63M | $51.19M | $36.86M | $36.34M | $33.64M | $15.33M | $2.65M |
| Interest Income | $97.59M | $157.72M | $198.61M | $170.17M | $133.63M | $121.05M | $114.78M | $118.28M | $97.54M | $81.96M | $86.34M | $70.5M | $37.6M | $9.28M |
| Other Income (Expense) | -$62.4M | -$66.73M | -$38.91M | $30.26M | -$18.55M | $22.19M | $37.51M | $446K | $178K | $0 | $0 | -$9.94M | -$12.31M | $0 |
| Income Before Tax (EBT) | -$617K | -$35.01M | -$38.91M | $30.26M | $61.18M | $22.19M | $37.51M | $39.04M | $30.61M | $30.68M | $45.25M | $23.57M | $13.94M | $860K |
| Income Tax Expense | $285K | $18K | -$39K | $472K | $722K | $352K | $515K | $446K | $178K | $230K | $1.93M | -$1.04M | $176K | $4.38M |
| Net Income | -$902K | -$35.03M | -$38.87M | $29.79M | $60.46M | $21.84M | $36.99M | $38.6M | $30.41M | $40.34M | $34.28M | $24.4M | $13.77M | $860K |
| Net Income Margin | -1.1% | -50.3% | -41.8% | 27.3% | 57.0% | 27.8% | 47.9% | 69.8% | 65.6% | 89.4% | 40.7% | 38.3% | 40.8% | 13.0% |
| Supplementary Data | ||||||||||||||
| EPS | -0.02 | -0.64 | -0.72 | 0.58 | 1.43 | 0.66 | 1.29 | 1.35 | 1.07 | 1.42 | 1.20 | 0.86 | 0.72 | 0.03 |
| Diluted EPS | -0.02 | -0.64 | -0.72 | 0.57 | 1.42 | 0.66 | 1.28 | 1.35 | 1.07 | 1.41 | 1.20 | 0.85 | 0.72 | 0.03 |
| Weighted Average OS | 54.89M | 54.45M | 54.28M | 51.68M | 42.40M | 32.98M | 28.61M | 28.53M | 28.48M | 28.46M | 28.50M | 28.46M | 18.99M | 6.53M |
| EBITDA | $70.26M | $37.13M | $1.02M | $7.1M | $825K | $0 | $0 | $44.76M | $38.99M | $30.85M | $36.54M | $24.53M | $13.62M | $1.56M |
| EBITDA Margin | 82.3% | 53.3% | 1.1% | 6.5% | 0.8% | - | - | 81.0% | 84.1% | 68.4% | 43.3% | 38.5% | 40.3% | 23.5% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 |
| Assets | |||||||||||||||
| Current Assets | |||||||||||||||
| Cash and Cash Equivalents | $29.29M | $63.8M | $110.46M | $141.28M | $50.62M | $74.78M | $5.26M | $11.09M | $28.34M | $47.27M | $8.99M | $16.55M | $20.1M | $23.39M | $1.24M |
| Short-Term Investments | $0 | $0 | $28.06M | $27.94M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $29.29M | $63.8M | $138.52M | $169.21M | $50.62M | $74.78M | $5.26M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.24M |
| Accounts Receivable | $17.77M | $1.52B | $35.69M | $132.47M | $131.18M | $1.79B | $1.68B | $52.42M | $945K | $203K | $38.3M | $21.79M | $2.55M | $1.75M | $3K |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $20.17M | $10.6M | -$174.21M | -$301.69M | -$181.8M | $17.61M | $42.79M | -$52.42M | -$945K | -$203K | -$38.3M | -$21.79M | -$2.55M | -$1.75M | $4.95M |
| Total Current Assets | $67.23M | $1.59B | $0 | $0 | $0 | $1.88B | $1.73B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6.19M |
| Long-Term Assets | |||||||||||||||
| Property, Plant & Equipment Net | $113.28M | $115.32M | $0 | $0 | $0 | $37.28M | $37.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $16.88M | $23.71M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $61.8M | $58.89M | $59.64M | $0 | $0 |
| Long-Term Investments | $130.16M | $8.68M | $28.06M | $27.94M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $1.29B | $8.63M | -$28.06M | -$27.94M | $0 | $8.21M | $15.69M | $0 | $0 | $0 | -$61.8M | -$58.89M | -$59.64M | $0 | $1.4M |
| Total Long-Term Assets | $1.55B | $156.35M | $0 | $0 | $0 | $45.5M | $53.59M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.4M |
| Other Assets | $0 | $0 | $2.28B | $2.52B | $2.63B | $0 | $0 | $1.6B | $1.77B | $1.37B | $1.38B | $1.86B | $1.18B | $387.86M | $0 |
| Total Assets | $1.62B | $1.75B | $2.28B | $2.52B | $2.63B | $1.93B | $1.78B | $1.6B | $1.77B | $1.37B | $1.38B | $1.87B | $1.18B | $387.86M | $7.59M |
| Liabilities | |||||||||||||||
| Current Liabilities | |||||||||||||||
| Accounts Payable | $257K | $0 | $2.26M | $1.91M | $570K | $0 | $0 | $541K | $414K | $0 | $299K | $498K | $384K | $1.79M | $323K |
| Short-Term Debt | $858.18M | $359.74M | $0 | $705.23M | $819.4M | $277.51M | $711.13M | $36.28M | $744.51M | $0 | $280.5M | $524.36M | $264.42M | $112.1M | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$48.9M | -$10.76M | $0 | -$61.41M | -$10.12M | -$10.01M | -$5.43M | $0 |
| Other Current Liabilities | $0 | $13.92M | $0 | -$732.07M | -$840.8M | $11.12M | $9.55M | -$48.9M | -$755.27M | -$10.11M | -$290.38M | -$534.74M | -$274.73M | -$48.44M | -$323K |
| Total Current Liabilities | $870.94M | $378.76M | $24.62M | $0 | $0 | $292.17M | $724.16M | $541K | $744.92M | $578.54M | $305.61M | $524.86M | $264.8M | $113.88M | $950K |
| Long-Term Liabilities | |||||||||||||||
| Long-Term Debt | $189.28M | $812.63M | $1.62B | $1.03B | $1.08B | $1.15B | $624.49M | $415.36M | $1.34B | $930.59M | $324.11M | $590.64M | $560.33M | $99.45M | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.18B | $1.35B | $944.03M | -$12.35M | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$1.18B | -$1.35B | -$944.03M | $12.35M | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $48.36M | $19.68M | $12.32M | -$1.03B | -$1.08B | $10.77M | $9.15M | -$415.36M | -$1.34B | -$930.59M | -$324.11M | -$590.64M | -$560.33M | -$99.45M | $200K |
| Total Long-Term Liabilities | $237.64M | $832.31M | $1.63B | $0 | $0 | $1.16B | $633.63M | $1.18B | $1.35B | $944.03M | $922.49M | $1.39B | $770.7M | $222.42M | $200K |
| Other Liabilities | $0 | $0 | $0 | $1.78B | $1.95B | $0 | $0 | -$541K | -$744.92M | -$578.54M | -$305.61M | -$524.86M | -$264.8M | -$113.88M | $0 |
| Total Liabilities | $1.11B | $1.21B | $1.65B | $1.78B | $1.95B | $1.46B | $1.36B | $1.18B | $1.35B | $944.03M | $922.49M | $1.39B | $770.7M | $222.42M | $1.15M |
| Stockholders' Equity | |||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.56M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $532K | $532K | $532K | $537K | $465K | $329K | $283K | $283K | $283K | $283K | $284K | $284K | $284K | $92K | $0 |
| Retained Earnings | -$311.79M | -$277.36M | -$187.02M | -$73.33M | -$28.63M | -$25.12M | $2.44M | $3.56M | -$1.75M | -$1.31M | -$11.99M | -$17.67M | -$13.47M | -$3.85M | -$163K |
| Comprehensive Income & Other | $0 | $37K | $153K | $7.54M | $2.84M | $0 | -$0 | $0 | $419.17M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $820.83M | $816.96M | $812.34M | $820.33M | $706.79M | $497.8M | $423.62M | $421.74M | $420.64M | $420.06M | $421.18M | $420.34M | $419.4M | $169.2M | $6.6M |
| Total Equity | $509.57M | $540.13M | $625.85M | $747.54M | $678.63M | $473.01M | $426.34M | $425.59M | $419.17M | $419.03M | $409.47M | $402.95M | $406.22M | $165.44M | $6.44M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.15B | $1.31B | $10.64M | $47.02M | $77.93M | $0 | $0 | $0 |
| Total Liabilities and Equity | $1.62B | $1.75B | $2.28B | $2.52B | $2.63B | $1.93B | $1.78B | $1.6B | $1.77B | $1.36B | $1.33B | $1.79B | $1.18B | $387.86M | $7.59M |
| Supplementary Data | |||||||||||||||
| Total Debt | $1.05B | $1.17B | $1.62B | $1.74B | $1.9B | $1.43B | $1.34B | $379.08M | $378.81M | $149.88M | $629.41M | $1.12B | $727.26M | $211.54M | $0 |
| Net Debt | $1.02B | $1.11B | $1.51B | $1.6B | $1.85B | $1.36B | $1.33B | $367.99M | $350.46M | $102.61M | $620.42M | $1.1B | $707.16M | $188.16M | -$1.24M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Operating Activities | ||||||||||||||
| Net Income | -$902K | -$34.99M | -$38.87M | $29.79M | $60.46M | $21.84M | $36.99M | $38.6M | $30.43M | $34.67M | $43.32M | $24.62M | $13.77M | $860K |
| Depreciation & Amortization | $8.47M | $5.41M | $1.02M | $7.1M | $825K | $892K | $667K | $5.72M | $7.61M | $167K | $219K | $160K | $38K | $698K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | -$9.89M | $23.3M | -$667K | -$5.72M | -$6.84M | $2.05M | $2.09M | $93K | $61K | -$601K |
| Stock-Based Compensation | $3.9M | $4.74M | $3.99M | $2.88M | $1.94M | $1.34M | $1.88M | $1.1M | $581K | $312K | $835K | $939K | $524K | $338K |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$1.74M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $271K | $0 | $0 | $0 | $1.01M | $389K | -$402K | $535K | -$71K | $380K | -$77K | $0 | $1.64M | $1.78M |
| Other Working Capital | -$4.8M | -$5.76M | -$19.51M | -$15.09M | -$17.35M | -$15.89M | -$6.24M | $214K | -$1.46M | $41.48M | $23.86M | -$56.16M | -$1.08M | $324K |
| Total Working Capital Change | -$4.53M | -$5.76M | -$19.51M | -$15.09M | -$16.35M | -$15.51M | -$6.64M | $749K | -$1.54M | $43.28M | $62.74M | -$56.16M | $558K | $359K |
| Other Non-Cash Items | $14.4M | $66.15M | $100.16M | $32.49M | $11.37M | -$104K | $223K | -$1.23M | $1.03M | -$71.94M | $166.31M | -$192.57M | $10.5M | $298K |
| Net Cash from Operating | $21.35M | $35.55M | $46.79M | $57.16M | $48.35M | $31.76M | $32.45M | $39.22M | $31.27M | $8.54M | $275.52M | -$222.91M | $25.44M | $1.95M |
| Investing Activities | ||||||||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | -$144K | -$274K | -$1.69M | $0 | $0 | -$354K | -$604K | -$3.09M | -$41K | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $89.98M | $0 | $0 | -$58.26M | $0 |
| Purchases of Investments | $0 | $0 | $0 | -$27.87M | -$150K | -$274K | -$1.69M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $2.08M | $0 | $0 | $0 | $0 | $12K | $11K | $5.68M | $0 | $0 | $0 |
| Other Investing Activities | $148.14M | $427.91M | $127.46M | $218.96M | -$699.39M | -$81.32M | -$171.05M | $157.92M | -$405.77M | -$133.3M | $258.34M | -$429.99M | -$687.4M | -$348.15M |
| Net Cash from Investing | $148.14M | $427.91M | $127.46M | $193.17M | -$699.68M | -$81.87M | -$174.43M | $157.92M | -$405.77M | -$43.32M | $258.34M | -$433.08M | -$745.7M | -$348.15M |
| Financing Activities | ||||||||||||||
| Debt Repaid | $126.39M | $444.25M | $120.47M | $189.5M | -$494.21M | -$94.14M | -$179.44M | $179.99M | -$405.17M | -$82.66M | $464.85M | -$421.1M | -$515.19M | -$213.26M |
| Common Stock Issuance | $0 | $0 | $0 | $106.27M | $204.78M | $73.23M | $0 | $0 | $0 | $0 | $0 | $0 | $250.69M | $168.13M |
| Common Stock Repurchases | $0 | $0 | -$4.6M | $0 | $0 | $0 | $0 | $0 | $0 | -$1.44M | $0 | $0 | $0 | -$6.29M |
| Dividends Paid | -$39.01M | -$59.64M | -$72.65M | -$71.81M | -$58.42M | -$42.77M | -$37.49M | -$32.09M | -$30.53M | -$29.4M | -$28.6M | -$28.58M | -$18.57M | -$1.56M |
| Other Financing Activities | -$3.23M | -$3.74M | -$4.05M | -$4.63M | -$13.39M | -$5.37M | -$5.82M | -$2.32M | -$19.07M | -$46.47M | -$39.95M | $66.76M | -$15.87M | -$8.52M |
| Net Cash from Financing | -$168.63M | -$507.63M | -$205.07M | -$159.67M | $627.17M | $119.25M | $136.14M | -$214.4M | $355.57M | $73.06M | -$541.41M | $652.45M | $716.96M | $368.35M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $863K | -$44.16M | -$30.82M | $90.66M | -$24.16M | $69.14M | -$5.83M | -$17.25M | -$18.93M | $38.27M | -$7.56M | -$3.55M | -$3.29M | $22.15M |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $21.35M | $35.55M | $46.79M | $57.16M | $48.35M | $31.76M | $32.45M | $39.22M | $31.27M | $8.54M | $275.52M | -$222.91M | $25.44M | $1.95M |
| Capital Expenditure | -$1.63M | $0 | $0 | $0 | -$144K | -$274K | -$1.69M | $0 | $0 | -$354K | -$604K | -$3.09M | -$41K | $0 |
| Free Cash Flow | $19.72M | $35.55M | $46.79M | $57.16M | $48.21M | $31.49M | $30.77M | $39.22M | $31.27M | $8.18M | $274.92M | -$226M | $25.4M | $1.95M |
| Cash at Beginning | $66.29M | $110.46M | $141.28M | $50.62M | $74.78M | $5.63M | $11.47M | $28.72M | $47.27M | $8.99M | $16.55M | $20.1M | $23.39M | $1.24M |
| Cash at End | $67.16M | $66.29M | $110.46M | $141.28M | $50.62M | $74.78M | $5.63M | $11.47M | $28.34M | $47.27M | $8.99M | $16.55M | $20.1M | $23.39M |