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Jun 30, 2020
Granite Point Q2 2020 Earnings Report
Announced financial results for the quarter ended June 30, 2020, and provided an update on its activities subsequent to quarter-end.
Key Takeaways
Granite Point Mortgage Trust Inc. reported a GAAP net loss of $(1.7) million, or $(0.03) per basic share, and Core Earnings of $13.8 million, or $0.25 per basic share, inclusive of $(6.9) million realized loss on a loan sale. The book value was $17.47 per common share.
Generated GAAP net loss of $(1.7) million, or $(0.03) per basic share, and Core Earnings of $13.8 million, or $0.25 per basic share, inclusive of $(6.9) million or $(0.12) per basic share of realized loss on a loan sale; book value of $17.47 per common share.
Funded an additional $71.2 million on existing loan commitments and realized principal amortization of $0.6 million.
Portfolio principal balance of $4.4 billion and $5.1 billion in total commitments, comprised of 99% senior first mortgage loans and over 98% floating rate. No loan impairments and no loans on non-accrual status.
Cash balance of $56.0 million as of June 30, 2020.
Forward Guidance
Granite Point’s portfolio, comprised of 99% senior first mortgage loans and 98% floating rate, has continued its strong fundamental performance with over 99% of borrowers making their payments in July. The company has strengthened its balance sheet and increased liquidity.
Positive Outlook
- Portfolio comprised of 99% senior first mortgage loans.
- 98% of portfolio is floating rate.
- Over 99% of borrowers made their payments in July.
- Balance sheet has been strengthened.
- Liquidity increased to $145 million as of August 7, 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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