Granite Point Mortgage Trust Inc. (GPMT) Misses Q1 EPS by 2c

Granite Point Mortgage Trust Inc. (NYSE: GPMT) reported Q1 EPS of $0.32, $0.02 worse than the analyst estimate of $0.34.

First Quarter 2020 Highlights

• Generated GAAP net loss of $(37.2) million, or $(0.68) per basic share, and Core Earnings(1) of $17.5 million, or $0.32 per basic share; book value of $17.43 per common share. GAAP EPS and book value affected by provision for credit losses related to the new Current Expected Credit Loss (“CECL”) accounting standard.
• Closed on $200.4 million of new loan commitments with initial fundings of $125.2 million, a weighted average stabilized LTV of 55%(2), and a weighted average yield of LIBOR + 3.81%(3).
• Funded an additional $62.2 million on existing loan commitments and received prepayments and principal amortization of $108.4 million.
• Current portfolio principal balance of $4.4 billion and $5.1 billion in total commitments, comprised of 99% senior first mortgage loans and over 98% floating rate. No loan impairments and no loans on non-accrual status.
• Portfolio has a weighted average stabilized LTV of 64%(2) and weighted average yield at origination of LIBOR + 4.23%(3). Office, multifamily and industrial assets represents over 74% of the investments.
• Over $1.1 billion of asset-level financing is non-mark-to-market including two CLOs and an asset-specific financing facility.
• Extended the maturity of the Citi financing facility to 2023 and upsized its borrowing capacity to $500 million.
• Exercised the option to extend maturity of the Goldman Sachs financing facility to 2021.

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

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