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Mar 31, 2021
Granite Point Q1 2021 Earnings Report
Announced first quarter 2021 financial results and provided a post quarter-end update.
Key Takeaways
Granite Point reported a strong start to 2021 with solid financial results, successful execution of liabilities management strategy, and restarting new loan originations. The company generated earnings well in excess of its dividend and drove growth in book value per share.
GAAP net income of $28.0 million, or $0.51 per basic share, inclusive of $0.17 per basic share release of prior CECL reserves.
Distributable Earnings of $20.7 million, or $0.38 per basic share.
Net interest income of $27.8 million.
Book value of $17.22 per common share, inclusive of $(1.14) per share of allowance for credit losses.
Forward Guidance
Granite Point is well-positioned to continue positive momentum and take advantage of attractive investment opportunities in the market.
Positive Outlook
- Current forward pipeline of senior CRE loans with total commitments of over $145 million and initial fundings of over $105 million, which have either closed or are in the closing process, subject to fallout.
- Current liquidity of approximately $228.9 million in cash on hand; option to borrow an additional $75 million in proceeds under the senior term loan facilities through September 2021.
- Since quarter end, funded approximately $9.6 million of principal balance on existing loan commitments and realized approximately $120.7 million of loan repayments.
- On May 5, 2021, priced GPMT 2021-FL3, a $824 million CRE CLO with an initial advance rate of 83.25% and a weighted average interest rate at issuance of LIBOR + 1.62%, before transaction costs.
- Upon closing, GPMT expects its percentage of credit non-mark-to-market financing to increase to approximately 70% of aggregate loan-level borrowings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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