NEW YORK (AP) — NEW YORK (AP) — Ares Commercial Real Estate Corp. (ACRE) on Thursday reported a loss of $12.3 million in its first quarter.

The New York-based company said it had a loss of 23 cents per share. Losses, adjusted for one-time gains and costs, came to 62 cents per share.

The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 30 cents per share.

The real estate investment trust posted revenue of $18.7 million in the period. Its adjusted revenue was $44 million.

Ares Commercial Real Estate shares have declined 33% since the beginning of the year. The stock has declined 16% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACRE at https://www.zacks.com/ap/ACRE