MEMPHIS, Tenn. (AP) _ Jernigan Capital Inc. (JCAP) on Thursday reported a first-quarter loss of $54.8 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Memphis, Tennessee-based company said it had a loss of $2.53. Losses, adjusted for non-recurring costs and stock option expense, were 42 cents per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The commercial real estate finance company posted revenue of $11.7 million in the period, meeting Street forecasts.
Jernigan Capital shares have declined 34% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $12.70, a drop of 40% in the last 12 months.