Ares Commercial Real Estate Corporation performed well in the second quarter of 2021, reporting a profit of $17.6 million.

The New York-based REIT achieved a net income of $17.6 million, or $0.43 per share. Its distributable earnings, adjusted for non-recurring gains, was $0.37 per share during the quarter. Ares’ shares have increased 29% since the start of the year, while its stock rose 68% in the past 12 months.

“We reported another strong quarter with distributable earnings per share up 16% versus the same period a year ago,” said Bryan Donohoe, CEO of Ares Commercial Real Estate Corporation. “With our broad market coverage and increased capital base, we are in a strong position to invest given our growing pipeline of attractive opportunities.”