First Marblehead Corp (FMD.N), one of the largest securitizers of student loans, posted a wider-than-expected quarterly loss, hurt by a six-fold increase in unrealized loss on education loans held for sale.

For the first quarter, the company posted a net loss of $94.1 million, or 95 cents a share, compared with a net loss of $92.9 million, or 94 cents a share, last year.

Analysts on average were looking for a loss of 5 cents a share, according to Thomson Reuters I/B/E/S.

Quarterly revenue of $13.5 million lagged Wall Street expectations of $18.8 million.

Total non-interest expense more than doubled to $150.2 million, including $121.5 million in unrealized loss on education loans held for sale.

On Oct. 16, First Marblehead sold a portfolio of private education loans with an outstanding principal balance of about $234 million for about $122 million. 

In July, First Marblehead was ordered by the U.S. Office of Thrift Supervision to lower risk by reducing its concentration of private student loans.

Shares of the company were down 6 percent at $1.81 in trading before the bell. They closed at $1.92 Friday on the New York Stock Exchange.