Granite Point

Nov 07, 2023

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Sep 30, 2023

Granite Point Q3 2023 Earnings Report

Announced third quarter 2023 financial results, showing a net loss but progress in business priorities.

Key Takeaways

Granite Point Mortgage Trust Inc. reported a GAAP Net Loss of $(24.5) million, or $(0.48) per basic share, for the third quarter of 2023. The company recognized progress on business priorities, resolved a nonaccrual loan, and repaid corporate debt maturities. They ended the quarter with over $257 million in cash on hand and a total leverage ratio of 2.2x.

GAAP Net Loss of $(24.5) million, or $(0.48) per basic share, inclusive of a $(31.0) million provision for credit losses.

Pre-loss Distributable Earnings of $9.5 million, or $0.18 per basic share, and Distributable Loss of $(7.3) million, or $(0.14) per basic share, inclusive of a write-off of $(16.8) million.

Book value per common share was $13.28 as of September 30, 2023, inclusive of $(2.89) per common share total CECL reserve.

Ended the quarter with over $257 million in cash on hand and a total leverage ratio of 2.2x.

Total Revenue

$67.8M

Previous year: $18.3M