NEW YORK (AP) — NEW YORK (AP) — Apollo Commercial Real Estate Finance (ARI) on Monday reported a first-quarter loss of $104.5 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the New York-based company said it had a loss of 76 cents. Earnings, adjusted for non-recurring costs and stock option expense, were 35 cents per share.
The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 35 cents per share.
The real estate investment trust posted revenue of $80.5 million in the period. Its adjusted revenue was $56.7 million.
Apollo Commerical Finance shares have dropped 9% since the beginning of the year. In the final minutes of trading on Monday, shares hit $10.68, a rise of almost 7% in the last 12 months.
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