Granite Point Mortgage Trust Inc. (NYSE: GPMT) reported Q2 EPS of $0.25, in-line with the analyst estimate of $0.25.

Second Quarter 2020 Highlights

• Generated GAAP net loss of $(1.7) million, or $(0.03) per basic share, and Core Earnings(1) of $13.8 million, or $0.25 per basic share, inclusive of $(6.9) million or $(0.12) per basic share of realized loss on a loan sale; book value of $17.47 per common share.
• Funded an additional $71.2 million on existing loan commitments and realized principal amortization of $0.6 million.
• As of quarter end 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 + 4.22%(3). Office, multifamily and industrial assets represents over 75% of the investments.
• $56.0 million in cash at June 30, 2020.
• Over $1.1 billion of asset-level financing is non-mark-to-market including two CLOs and an asset-specific financing facility.
• Weighted average maturity of 1.5 years on repurchase agreements, which generally include 1-year extension options.

Post Quarter-End Update

• Cash balance of approximately $145 million, as of August 7, 2020.
• Funded $25.2 million of commitments on the existing loan portfolio; No new loan commitments.
• Realized approximately $158 million of loan repayments through August 7, 2020.
• Sold loans with an aggregate principal amount of approximately $191 million resulting in approximately $40 million of additional liquidity and approximately $9 million realized loss on sale.
• Increased borrowings on the J.P Morgan financing facility by $54.1 million for a period of time.

Jack Taylor, Granite Point’s President, Chief Executive Officer and Director stated: “I am pleased to say that our portfolio, comprised of 99% senior first mortgage loans and 98% floating rate, has continued its strong fundamental performance during these highly volatile markets, with over 99% of our borrowers making their payments in July. We have continued to strengthen our balance sheet by obtaining greater flexibility with our repurchase facility lenders and also increasing our liquidity to $145 million as of August 7, 2020. Our active asset management and proactive focus on improving liquidity is positioning us both to defend our portfolio and to protect and improve shareholder value.”

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