NEW YORK (AP) — NEW YORK (AP) — Apollo Commercial Real Estate Finance (ARI) on Monday reported third-quarter profit of $46.1 million.

The New York-based company said it had net income of 30 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 37 cents per share.

The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.

The real estate investment trust posted revenue of $81.2 million in the period. Its adjusted revenue was $60.2 million.

Apollo Commerical Finance shares have decreased 12% since the beginning of the year. In the final minutes of trading on Monday, shares hit $9.48, a fall of 19% in the last 12 months.

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