Granite Point Mortgage Trust Inc. (GPMT) Tops Q1 EPS by 10c

Granite Point Mortgage Trust Inc. (NYSE: GPMT) reported Q1 EPS of $0.38, $0.10 better than the analyst estimate of $0.28.

• GAAP net income of $28.0 million, or $0.51 per basic share, inclusive of $0.17 per basic share release of prior CECL reserves.
• Distributable Earnings(1) of $20.7 million, or $0.38 per basic share.
• Net interest income of $27.8 million.
• Book value of $17.22 per common share, inclusive of $(1.14) per share of allowance for credit losses.
• Declared and paid a cash dividend of $0.25 per common share for the first quarter of 2021.
• At March 31, 2021, carried an allowance for credit losses of $63.1 million (or 1.46% of total portfolio commitments).
• Received loan repayments and principal amortization of $101.6 million in UPB.
• Funded $37.3 million of principal balance on existing loan commitments.
• Portfolio 100% CRE loans with an outstanding principal balance of $3.9 billion and $4.3 billion in total commitments, comprised of 99% senior first mortgage loans and over 98% floating rate loans.
• Portfolio has a weighted average stabilized LTV of 63.3%(2),a weighted average yield at origination of LIBOR + 4.17%(3) and a weighted average LIBOR floor on the loans of 1.57%.
• Closed a $349 million non-mark-to-market and term-matched financing with Goldman Sachs Bank USA, which refinanced loans previously funded on the Goldman Sachs repurchase facility

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

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