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Dec 31, 2021
Granite Point Q4 2021 Earnings Report
Announced financial results for the quarter and full year ended December 31, 2021, and provided an update on its activities subsequent to quarter-end.
Key Takeaways
Granite Point Mortgage Trust Inc. reported a GAAP net income of $6.7 million, or $0.13 per basic share, and Distributable Earnings of $12.7 million, or $0.24 per basic share for Q4 2021. The company closed on $248.6 million of total commitments and funded $268.7 million in total UPB. They also expanded their permanent capital base through an inaugural offering of approximately $115 million of attractively priced preferred stock.
GAAP net income of $6.7 million, or $0.13 per basic share, including a $(8.9) million charge on early extinguishment of debt and a $5.0 million benefit from release of CECL reserve.
Distributable Earnings of $12.7 million, or $0.24 per basic share.
Closed on $248.6 million of total commitments and funded $268.7 million in total UPB including prior commitments of $39.8 million and $8.0 million for loan upsizings.
Expanded the permanent capital base through an inaugural offering of approx. $115 million of attractively priced preferred stock.
Forward Guidance
Granite Point has a current forward pipeline of senior CRE loans with total commitments of approximately $285 million and initial fundings of over $250 million, which have either closed or are in the closing process, subject to fallout. The company also expanded the permanent equity base to over $1 billion through an approx. $90 million add-on preferred offering.
Positive Outlook
- Current forward pipeline of senior CRE loans with total commitments of approx. $285 million and initial fundings of over $250 million, which have either closed or are in the closing process, subject to fallout.
- Expanded the permanent equity base to over $1 billion through an approx. $90 million add-on preferred offering, bringing total preferred stock issued to approx. $205 million, providing growth capital and an ability to recapitalize the balance sheet while reducing higher-cost debt.
- Further reduced the borrowings under the senior secured term loan facilities to $100 million through an incremental $50 million repayment.
- Current cash balance of approx. $149.1 million plus approx. $61.8 million of unencumbered senior whole loans available to be pledged to financing facilities, subject to lender approval.
- The company issued two CRE CLOs totaling approximately $1.4 billion, bringing our non-mark-to-market borrowings to over 75% at year-end.
Challenges Ahead
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