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Mar 31, 2023
Granite Point Q1 2023 Earnings Report
Reported strong operating results with distributable earnings covering the common dividend, while maintaining a conservative approach and emphasizing liquidity.
Key Takeaways
Granite Point Mortgage Trust Inc. reported a GAAP net loss of $(37.5) million, or $(0.72) per basic share, but achieved distributable earnings of $10.7 million, or $0.20 per basic share, covering the common dividend. The company maintained a conservative approach, focusing on liquidity and managing its diversified senior loan portfolio amidst a difficult economic environment.
GAAP net loss of $(37.5) million, or $(0.72) per basic share, inclusive of a $(46.4) million provision for credit losses.
Distributable Earnings of $10.7 million, or $0.20 per basic share, excluding the non-cash provision expense.
Book value of $14.08 per common share, inclusive of $(2.54) per common share total CECL reserve.
Portfolio of $3.5 billion in total commitments comprised of over 99% senior loans and 98% floating rate with a weighted average stabilized LTV of 62.9% and a realized portfolio yield of 8.0%.
Forward Guidance
So far in Q2 2023, the company funded $4.7 million on existing loan commitments and received $75.3 million in loan payoffs. The maturity of the Morgan Stanley financing facility was extended to June 2024, and the borrowing capacity was adjusted to $475 million. As of May 9th, the company carried over $215 million in unrestricted cash.
Positive Outlook
- Funded $4.7 million on existing loan commitments in Q2 2023.
- Received $75.3 million in loan payoffs in Q2 2023.
- Extended the maturity of the Morgan Stanley financing facility to June 2024.
- Adjusted the borrowing capacity of the Morgan Stanley financing facility to $475 million.
- Carried over $215 million in unrestricted cash as of May 9th.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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