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Jun 30, 2023
Granite Point Q2 2023 Earnings Report
Reported strong operating quarter with Pre-loss Distributable Earnings covering the common stock dividend, while maintaining leverage below longer-term targets.
Key Takeaways
Granite Point Mortgage Trust Inc. announced its financial results for the second quarter of 2023. The company reported GAAP net income of $1.4 million, or $0.03 per basic share, and Distributable Earnings of $6.0 million, or $0.12 per basic share. Pre-loss Distributable Earnings were $10.2 million, or $0.20 per basic share. The company's book value was $13.93 per common share, inclusive of a $2.61 per common share total CECL reserve. They ended the quarter with over $235 million in cash on hand and a total leverage ratio of 2.3x.
GAAP net income of $1.4 million, or $0.03 per basic share, inclusive of a $(5.8) million provision for credit losses.
Distributable Earnings of $6.0 million, or $0.12 per basic share, inclusive of a write-off of $(4.2) million related to REO transfer; Pre-loss Distributable Earnings of $10.2 million, or $0.20 per basic share.
Book value of $13.93 per common share, inclusive of $(2.61) per common share total CECL reserve.
Ended the quarter with over $235 million in cash on hand and a total leverage ratio of 2.3x.
Forward Guidance
So far in Q3 2023, funded $9.7 million on existing loan commitments and received $22.6 million in loan payoffs. Extended the maturity of the J.P. Morgan financing facility to July 2025. As of August 7th, carried over $225 million in unrestricted cash.
Positive Outlook
- Funded $9.7 million on existing loan commitments in Q3 2023.
- Received $22.6 million in loan payoffs in Q3 2023.
- Extended the maturity of the J.P. Morgan financing facility to July 2025.
- Carried over $225 million in unrestricted cash as of August 7th.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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