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Jun 30, 2021
Granite Point Q2 2021 Earnings Report
Reported solid operating results driven by a diversified portfolio of first mortgage loans, with Distributable Earnings covering the dividend and book value per share growing.
Key Takeaways
Granite Point Mortgage Trust Inc. announced its financial results for the second quarter of 2021, reporting a GAAP net income of $14.2 million, or $0.26 per basic share, and Distributable Earnings of $15.7 million, or $0.29 per basic share. The company's book value per share grew to $17.27. They closed an $824 million CRE CLO and extended the maturity of several repurchase facilities.
GAAP net income was $14.2 million, or $0.26 per basic share.
Distributable Earnings were $15.7 million, or $0.29 per basic share.
Book value was $17.27 per common share.
Closed seven loans with $203.8 million of total commitments.
Forward Guidance
Granite Point has a current forward pipeline of senior CRE loans with total commitments of over $280 million and initial fundings of over $265 million. Current liquidity of approximately $242 million in cash on hand; option to borrow an additional $75 million in proceeds under the senior term loan facilities through September 2021.
Positive Outlook
- Forward pipeline of senior CRE loans with total commitments of over $280 million.
- Initial fundings of over $265 million.
- Approximately $12 million of principal balance funded on existing loan commitments since quarter end.
- Extended the maturity of the Goldman Sachs repurchase facility to July 2023.
- Downsized the maximum facility size to $250 million, with an accordion feature to upsize it to $350 million.
Challenges Ahead
- Subject to fallout.
- Downsized the maximum facility size to $250 million.
- Extended the maturity of the Goldman Sachs repurchase facility to July 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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