NEW YORK (AP) — NEW YORK (AP) — Annaly Capital Management Inc. (NLY) on Wednesday reported a loss of $403.7 million in its fourth quarter.

The New York-based company said it had a loss of 88 cents per share. Earnings, adjusted for non-recurring costs, were 68 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share.

The real estate investment trust posted revenue of $990.4 million in the period. Its adjusted revenue was -$53.6 million.

For the year, the company reported a loss of $1.64 billion, or $3.61 per share. Revenue was reported as -$111.4 million.

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