NEW YORK (AP) — NEW YORK (AP) — Ares Commercial Real Estate Corp. (ACRE) on Wednesday reported first-quarter net income of $9.3 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the New York-based company said it had net income of 17 cents. Earnings, adjusted for non-recurring gains, were 13 cents per share.
The real estate investment trust posted revenue of $14.9 million in the period. Its adjusted revenue was $27.5 million.
The company’s shares closed at $4.12. A year ago, they were trading at $6.93.
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