NEW YORK (AP) — NEW YORK (AP) — Ares Commercial Real Estate Corp. (ACRE) on Thursday reported a first-quarter loss of $9.6 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 17 cents. Earnings, adjusted for non-recurring costs and stock option expense, were 6 cents per share.
The real estate investment trust posted revenue of $13.5 million in the period. Its adjusted revenue was $24.9 million.
Ares Commercial Real Estate shares have climbed 9% since the beginning of the year. The stock has climbed 27% in the last 12 months.
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