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Jun 30, 2024
Granite Point Q2 2024 Earnings Report
Reported a net loss and distributable loss due to provision for credit losses and loan write-offs, while strategically resolving nonearning assets and repurchasing shares.
Key Takeaways
Granite Point Mortgage Trust Inc. reported a GAAP Net Loss of $(66.7) million, or $(1.31) per basic share, and a Distributable Loss of $(9.1) million, or $(0.18) per basic share, for the second quarter of 2024. The company made progress in addressing nonearning assets, resolving loans, and repurchasing shares.
Recognized a GAAP Net Loss of $(66.7) million, or $(1.31) per basic share, inclusive of a $(60.8) million provision for credit losses.
Reported a Distributable Loss of $(9.1) million, or $(0.18) per basic share, inclusive of loan write-offs of $(6.6) million.
Book value per common share was $9.84 as of June 30, 2024, inclusive of $(5.27) per common share of total CECL reserve.
Realized $103.7 million of total UPB in loan repayments, paydowns, amortization, and resolutions.
Forward Guidance
The Company expects to realize a write-off of approximately $(22.2) million from the resolution of a $37.1 million loan. The Company also resolved a $51.0 million loan. So far in Q3 2024, funded about $3 million on existing loan commitments and realized approximately $143 million in loan repayments, paydowns and resolutions.
Positive Outlook
- Expects to realize a write-off of approximately $(22.2) million from the resolution of a $37.1 million loan.
- Resolved a $51.0 million loan secured by a mixed-use multifamily, event space and office property located in Pittsburgh, PA.
- Restructured the whole loan into a new $32 million senior loan and a $19 million mezzanine note.
- Received a capital infusion from the sponsor to further support the collateral property.
- So far in Q3 2024, funded about $3 million on existing loan commitments.
Challenges Ahead
- Expects to realize a write-off of approximately $(22.2) million from the resolution of a $37.1 million loan.
- The modification included a restructuring of the whole loan into a new $32 million senior loan and a $19 million mezzanine note.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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