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Dec 31, 2023
Granite Point Q4 2023 Earnings Report
Announced financial results, reporting a GAAP Net Loss of $(17.1) million and a Distributable Loss of $(26.4) million.
Key Takeaways
Granite Point Mortgage Trust Inc. reported its Q4 2023 financial results, which included a GAAP Net Loss of $(17.1) million, or $(0.33) per basic share, and a Distributable Loss of $(26.4) million, or $(0.52) per basic share. The company realized $255.2 million of total UPB in loan repayments, principal paydowns, amortization and loan resolutions and ended the quarter with over $188 million in cash on hand.
Recognized GAAP Net Loss of $(17.1) million, or $(0.33) per basic share, inclusive of a $(21.6) million provision for credit losses.
Generated Distributable Loss of $(26.4) million, or $(0.52) per basic share, inclusive of a write-off of $(33.3) million.
Realized $255.2 million of total UPB in loan repayments, principal paydowns, amortization and loan resolutions.
Ended the quarter with over $188 million in cash on hand and a total leverage ratio of 2.1x.
Forward Guidance
The company funded $7.1 million on existing loan commitments and received $5.9 million from loan payoffs and paydowns so far in Q1 2024. As of February 9th, they carried approximately $170 million in unrestricted cash.
Positive Outlook
- Funded $7.1 million on existing loan commitments in Q1 2024.
- Received $5.9 million from loan payoffs and paydowns in Q1 2024.
- Carried approximately $170 million in unrestricted cash as of February 9th.
- Increased the borrowing capacity of the JPMorgan financing facility up to $525 million.
- Modified terms of the JPMorgan financing facility, resulting in additional cash proceeds of $100 million.
Challenges Ahead
- Challenging macro environment impacted business.
- Recognized GAAP Net Loss of $(17.1) million for Q4 2023.
- Generated Distributable Loss of $(26.4) million for Q4 2023.
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