On August 25, 2015, Todd S. Schuster informed Ares Commercial Real Estate Corporation that he was resigning as Chief Executive Officer, President, and Director of the Company. Mr. Schuster's resignation from his roles at the company was effective August 26, 2015. The Board of Directors of the Company appointed John Jardine, Vice President of the company and partner in Ares Management, L.P.'s Real Estate Group, as a Class I Director, Co-Chief Executive Officer and President of the Company. In addition the Board appointed Robert L. Rosen, one of the Company's Class II directors and Chairman of the Board, as Co-Chief Executive Officer on an interim basis, effective immediately. Since joining Ares Management in December of 2013, Mr. Jardine has been responsible for debt originations at the Ares Real Estate Group, including originations by the Company and its subsidiary ACRE Capital LLC. Mr. Rosen has served on the Board since the company's initial public offering in May 2012, and has been Chairman of the Board since October 2014. Mr. Rosen is managing partner of RLR Capital Partners, and CEO of RLR Partners, LLC. He has served as a director of Ares Capital Corporation since 2004 and previously served as director of Sapient Corporation. Mr. Rosen is also an Operating Advisor to the Ares Management Private Equity
Group.