NEW YORK (AP) — NEW YORK (AP) — Blackstone Mortgage Trust Inc. (BXMT) on Wednesday reported fourth-quarter net income of $39.6 million.

The New York-based company said it had net income of 24 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, came to 51 cents per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.

The real estate finance company posted revenue of $318.8 million in the period. Its adjusted revenue was $83.9 million.

For the year, the company reported net income of $109.6 million, or 64 cents per share, swinging to a profit in the period. Revenue was reported as $367.5 million.

Blackstone Mortgage shares have risen 2.5% since the beginning of the year. The stock has increased slightly more than 5% in the last 12 months.

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