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Sep 30, 2020
Granite Point Q3 2020 Earnings Report
Reported financial results for the quarter ended September 30, 2020 and provided a post quarter-end update.
Key Takeaways
Granite Point Mortgage Trust Inc. reported a GAAP net loss of $(24.7) million, or $(0.45) per basic share, inclusive of $(43.7) million of one-time restructuring charges. Core Earnings were $15.0 million, or $0.27 per basic share, excluding the one-time restructuring charges. The company declared a dividend of $0.20 per common share and ended the quarter with over $353 million in cash on hand.
GAAP net loss of $(24.7) million, or $(0.45) per basic share, inclusive of $(43.7) million of one-time restructuring charges.
Core Earnings of $15.0 million, or $0.27 per basic share, excluding the one-time restructuring charges.
Book value of $16.93 per common share, inclusive of $(1.47) per common share related to the allowance for credit losses; declared a dividend of $0.20 per common share.
Ended Q3 with over $353 million in cash on hand.
Forward Guidance
The company is strategically focused on preserving value for stockholders and positioning the Company for the current environment and profitable growth opportunities ahead. The process to internalize the Company’s management function has been progressing and is anticipated to close by year-end.
Positive Outlook
- Reinstated common stock dividend, which was more than covered by Core Earnings.
- Secured $300 million in additional, flexible capital further improving liquidity.
- Cash balance of over $325 million as of November 6th.
- Defensively positioned portfolio of 99% senior first mortgage loans generated strong results.
- Internalization of the Company’s management function is anticipated to close by year-end.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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