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Sep 30, 2021
Granite Point Q3 2021 Earnings Report
Announced financial results for the quarter ended September 30, 2021.
Key Takeaways
Granite Point Mortgage Trust Inc. reported GAAP net income of $18.6 million, or $0.34 per basic share, which included a release of prior CECL reserves of $5.8 million. The company closed eight loans with $311.7 million of total commitments. They also priced a $621 million managed CRE CLO with an initial advance rate of 80.875%.
GAAP net income of $18.6 million, or $0.34 per basic share, including a release of prior CECL reserves of $5.8 million.
Distributable Earnings of $5.1 million, or $0.09 per basic share, inclusive of a $(9.7) million write-off related to the resolution of a hotel loan.
Closed eight loans with $311.7 million of total commitments and $289.3 million of initial fundings.
Priced GPMT 2021-FL4, a $621 million managed CRE CLO with an initial advance rate of 80.875%.
Forward Guidance
Current forward pipeline of senior CRE loans with total commitments of over $270 million and initial fundings of over $240 million, which have either closed or are in the closing process, subject to fallout.
Positive Outlook
- Current forward pipeline of senior CRE loans with total commitments of over $270 million and initial fundings of over $240 million, which have either closed or are in the closing process, subject to fallout.
- On October 4, 2021, settled the remaining warrants to purchase approx. 3.49 million shares for a net cash amount of approx. $24.7 million, which resulted in a decrease in book value per common share of approx. $(0.46).
- On November 3, 2021 priced GPMT 2021-FL4, a $621 million managed CRE CLO with an initial advance rate of 80.875% and a weighted average interest rate at issuance of LIBOR + 1.68%, before accounting for transaction costs.
- Upon closing, the Company estimates the percentage of credit non-mark-to-market financing to be over 75% of its total borrowings.
- Since quarter end, funded approx. $14.4 million of principal balance on existing loan commitments.
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