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Dec 31, 2022
Granite Point Q4 2022 Earnings Report
Reported financial results for the fourth quarter and full year ended December 31, 2022.
Key Takeaways
Granite Point Mortgage Trust Inc. reported a GAAP net loss of $(9.9) million, or $(0.19) per basic share, and a Distributable Loss of $(8.2) million, or $(0.16) per basic share, for the fourth quarter of 2022. The company proactively managed its balance sheet by diversifying financing sources, building liquidity, and reducing leverage.
GAAP net (loss) of $(9.9) million, or $(0.19) per basic share, inclusive of a $(16.5) million, or $(0.32) per basic share, provision for credit losses.
Distributable (Loss) of $(8.2) million, or $(0.16) per basic share, inclusive of $(17.2) million, or $(0.33) per basic share of realized losses.
Book value of $14.86 per common share, inclusive of $(1.65) per common share CECL reserve.
Portfolio of $3.6 billion in total commitments comprised of over 99% senior loans with a weighted average stabilized LTV of 62.9% and a weighted average yield of 8.4%; over 98% floating rate.
Forward Guidance
The company will continue to manage its business in a conservative manner to protect its balance sheet and maintain leverage below its targets, while emphasizing liquidity during the volatile markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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