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Mar 31, 2022
Granite Point Q1 2022 Earnings Report
Announced financial results for the quarter ended March 31, 2022, and provided an update on its activities subsequent to quarter-end.
Key Takeaways
Granite Point Mortgage Trust Inc. reported a GAAP net income of $1.0 million, or $0.02 per basic share, for the first quarter of 2022. The company closed on $153.7 million of total commitments and funded $172.9 million in total UPB. They realized $172.4 million in total UPB in loan repayments, principal amortization, and a loan sale.
GAAP net income of $1.0 million, or $0.02 per basic share, including a $(5.8) million charge on early extinguishment of debt and a $(3.7) million provision for credit losses.
Distributable Earnings before write-off of $12.7 million, or $0.24 per basic share. Distributable Earnings of $2.6 million, or $0.05 per basic share, inclusive of a $(10.1) million loan write-off.
Book value of $16.39 per common share, inclusive of $(0.67) per common share CECL reserve.
Closed on $153.7 million of total commitments and funded $172.9 million in total UPB.
Forward Guidance
Granite Point has made tremendous progress on strategic priorities of repositioning the balance sheet and improving run-rate earnings.
Positive Outlook
- Refinanced two older, and de-levered loan funding vehicles, releasing a substantial amount of capital trapped in those structures.
- Fully repaid the high-cost term loan.
- Resolved three of our four non-accrual loans.
- Have additional capital available to both make new loan investments and for other corporate purposes.
- Portfolio loan yields are expected to increase if short-term rates continue to rise.
Challenges Ahead
- Rising short-term interest rates in the near-term.
- Incurred a charge on early extinguishment of debt of approximately $(11.3) million, or $(0.21) per basic share.
- Recognized a charge-off of unamortized transaction costs of approximately $(1.8) million, or $(0.03) per basic share.
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