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Blackstone Mortgage misses 1Q profit forecasts

NEW YORK (AP) _ Blackstone Mortgage Trust Inc. (BXMT) on Tuesday reported first-quarter earnings of $51.4 million.

The New York-based company said it had net income of 54 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, were 61 cents per share.

The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.

The real estate finance company posted revenue of $71.8 million in the period.

Blackstone Mortgage shares have increased nearly 3 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $30.91, an increase of 16 percent 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

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Keywords: Blackstone Mortgage Trust, Earnings Report