Ares Commercial amends repo facilities with Citi, Morgan Stanley, Wells Fargo to cut tangible net worth minimum to $400 million
ACRE•Ares Commercial amended repo facilities with Citibank, Morgan Stanley Bank and Wells Fargo on Oct. 5, 2026, reducing the minimum tangible net worth covenant to $400 million from $500 million across all three facilities.
1. Covenant changes
Ares Commercial Real Estate amended repurchase facilities with Citibank, Morgan Stanley Bank and Wells Fargo on Oct. 5, 2026. The amendments cut the minimum tangible net worth covenant to $400 million from $500 million across all three facilities. The Wells Fargo facility also requires tangible net worth to include 80% of net proceeds from future equity issuances.
