NEW YORK (AP) — NEW YORK (AP) — Blackstone Mortgage Trust Inc. (BXMT) on Wednesday reported a loss of $2.4 million in its fourth quarter.

The New York-based company said it had a loss of 1 cent per share. Earnings, adjusted for non-recurring costs and stock option expense, came to 69 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share.

The real estate finance company posted revenue of $505 million in the period. Its adjusted revenue was $153.8 million.

For the year, the company reported profit of $246.6 million, or $1.43 per share. Revenue was reported as $670.7 million.

Blackstone Mortgage shares have decreased 15% since the beginning of the year. The stock has dropped 21% in the last 12 months.

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