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Sep 30, 2024
Granite Point Q3 2024 Earnings Report
Reported third quarter results highlighted by nonaccrual loan resolutions and share buybacks.
Key Takeaways
Granite Point Mortgage Trust Inc. reported a GAAP Net Loss of $(34.6) million, or $(0.69) per basic share, and a Distributable Loss of $(38.0) million, or $(0.75) per basic share for the quarter ending September 30, 2024. The company resolved multiple nonaccrual loans and continued share buybacks.
GAAP Net (Loss) of $(34.6) million, or $(0.69) per basic share, inclusive of a $(27.9) million provision for credit losses.
Distributable (Loss) of $(38.0) million, or $(0.75) per basic share, inclusive of loan write-offs of $(44.6) million and recoveries of $8.8 million.
Book value per common share was $9.25 as of September 30, 2024, inclusive of $(5.18) per common share of total CECL reserve.
Resolved a $33.3 million loan in Chicago, realizing a loss of approximately $(3.3) million.
Forward Guidance
The Company anticipates resolving five additional nonaccrual loans totaling over $250 million in principal balance over the next few months.
Positive Outlook
- Resolution of a $32.9 million loan secured by an office property in Fort Lee, NJ, expected to result in a write-off of approximately $(16.6) million.
- Anticipated resolution of five additional nonaccrual loans totaling over $250 million in principal balance in the coming months.
- Funding of about $4 million on existing loan commitments so far in Q4 2024.
- Carrying approximately $94 million in unrestricted cash as of November 5, 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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