NEW YORK (AP) _ Ready Capital Corporation (RC) on Thursday reported first-quarter net income of $28.3 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 49 cents. Earnings, adjusted for non-recurring gains, came to 41 cents per share.

The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The real estate investment trust posted revenue of $73.4 million in the period. Its adjusted revenue was $22.6 million, which topped Street forecasts. Three analysts surveyed by Zacks expected $20.9 million.

Ready Capital shares have risen 15% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $14.34, more than doubling 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

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