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Jun 30, 2022
Granite Point Q2 2022 Earnings Report
Announced financial results for the quarter ended June 30, 2022.
Key Takeaways
Granite Point Mortgage Trust Inc. reported a GAAP net loss of $(17.4) million, or $(0.32) per basic share, and Distributable Earnings of $11.7 million, or $0.22 per basic share for the second quarter of 2022. The company's portfolio totaled $4.2 billion in total commitments with over 99% in senior loans. They ended the quarter with over $150 million in cash on hand.
GAAP net loss of $(17.4) million, or $(0.32) per basic share, including a loss on early extinguishment of debt and a provision for credit losses.
Distributable Earnings of $11.7 million, or $0.22 per basic share.
Book value of $16.01 per common share, inclusive of $(0.96) per common share CECL reserve.
Portfolio of $4.2 billion in total commitments comprised of over 99% senior loans with a weighted average stabilized LTV of 63.1%.
Forward Guidance
After growing our portfolio modestly in the second quarter, primarily in the multifamily sector, we are now reinforcing our balance sheet by increasing cash liquidity and being measured in adding new loans until there is more market stability.
Positive Outlook
- Floating rate mortgage loans are now 100% positively correlated to any additional increases in short term interest rates.
- Broad based and resilient portfolio of senior mortgage loans secured by institutional quality real estate.
- Delivered solid operating performance.
- Increased cash liquidity.
- Being measured in adding new loans until there is more market stability.
Challenges Ahead
- Macroeconomic uncertainty and capital markets volatility dramatically increased.
- Driven largely by sharp increases in short term interest rates.
- Challenging environment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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