Granite Point Mortgage Trust Inc. (GPMT) Misses Q3 EPS by 4c

Granite Point Mortgage Trust Inc. (NYSE: GPMT) reported Q3 EPS of $0.34, $0.04 worse than the analyst estimate of $0.38.

• GAAP net income of $17.4 million or $0.32 per basic share; Core Earnings(1) of $18.5 million or $0.34 per basic share.
• Book value of $18.65 per common share; declared and paid a dividend of $0.42 per common share.
• Closed 15 senior commercial real estate loans with total commitments of $636.7 million having a weighted average stabilized LTV of 66%(2) and a weighted average yield of LIBOR + 3.65%(3); funded $535.0 million of principal balance of loans during the quarter, including $57.7 million on existing loan commitments and $2.2 million on upsizing 2 existing loans, whose total commitments were increased by $6.0 million.
• Received prepayments and principal amortization of $167.2 million.
• Portfolio principal balance of $4.0 billion; over 98% floating rate and comprised of over 98% senior commercial mortgage loans with a weighted average stabilized LTV of 64%.
• Extended the maturity of the Citibank repurchase facility to 2022 and upsized borrowing capacity from $250 to $400 million.
• Extended the maturity of the Citibank revolving credit facility to 2021, reduced its cost by 50bps and amended other terms.
• Upsized the JPMorgan repurchase facility borrowing capacity from $350 to $425 million.
• Extended the maturity of the Morgan Stanley repurchase facility to 2021.

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

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