NEW YORK (AP) _ Ready Capital Corporation (RC) on Monday reported a first-quarter loss of $50.5 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 98 cents. Earnings, adjusted for one-time gains and costs, came to 1 cent per share.

The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.

The real estate investment trust posted revenue of $69.6 million in the period. Its adjusted revenue was $22.6 million, which also missed Street forecasts. Three analysts surveyed by Zacks expected $24.9 million.

Ready Capital shares have decreased 60% since the beginning of the year. The stock has fallen 59% in the last 12 months.

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

Automated Insights, source Associated Press News