Granite Point Mortgage Trust Inc. (GPMT) Tops Q4 EPS by 2c

Granite Point Mortgage Trust Inc. (NYSE: GPMT) reported Q4 EPS of $0.41, $0.02 better than the analyst estimate of $0.39.

Highlights:

• GAAP net income of $16.7 million or $0.38 per basic share; Core Earnings(1) of $17.2 million or $0.40 per basic share .
• Taxable income of $18.0 million or $0.41 per basic share; dividend of $0.42 per common share; and book value of $18.97 per common share.
• Closed 18 senior floating rate commercial real estate loans with total commitments of $669.3 million having a weighted average stabilized LTV of 65%(2) and a weighted average yield of LIBOR + 3.83%(3); funded $486.6 million of principal balance on loans during the quarter, including $41.5 million on existing loan commitments and $1.2 million on upsizing of 2 existing loans, whose total commitments were increased by $8.3 million.
• Received prepayments and principal amortization of $27.7 million.
• Owned a portfolio with a principal balance of $3.2 billion, which was over 98% floating rate and over 97% senior commercial mortgage loans, with a weighted average stabilized LTV of 63%.
• Issued over $130 million of 5-year, 6.375% senior unsecured convertible notes.

For earnings history and earnings-related data on Granite Point Mortgage Trust Inc. (GPMT) click here.

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