Granite Point Mortgage Trust Inc. (GPMT) Misses Q4 EPS by 3c

Granite Point Mortgage Trust Inc. (NYSE: GPMT) reported Q4 EPS of $0.34, $0.03 worse than the analyst estimate of $0.37.

Fourth Quarter 2019 Highlights

• Generated GAAP net income of $17.7 million, or $0.32 per basic share, and Core Earnings(1) of $18.7 million, or $0.34 per basic share.
• Closed 11 new loan commitments of $670.9 million, with an average loan size of $61.0 million, initial fundings of $516.3 million, a weighted average stabilized LTV of 67%(2), and a weighted average yield of LIBOR + 3.49%(3).
• Funded an additional $86.3 million on existing loan commitments and received prepayments and principal amortization of $302.8 million.
• Current portfolio principal balance of $4.3 billion that is over 98% floating rate and comprised of over 98% senior loans with a weighted average stabilized LTV of 64%(2).
• Declared and paid a dividend of $0.42 per common share. Book value was $18.58 per common share as of December 31, 2019.

Jack Taylor, Granite Point’s President and Chief Executive Officer, stated: “Granite Point had a great 2019 highlighted by $2.0 billion in originations volume, continued growth of our business and further expansion of our platform’s brand recognition in the market. The record fourth quarter originations of over $670 million and fundings of over $600 million significantly contributed to our over 30% year-over-year portfolio growth. We also expanded our financing capacity, realized lower financing costs and further improved the profile of our liabilities by issuing our second CRE CLO, which provided us with additional matched-term, non-recourse and non-mark-to-market funding at attractive terms. We continue to emphasize strong loan underwriting and structuring discipline, and protecting our stockholders’ capital, and have not realized any loan credit losses since inception of our business. We are excited about the future of our business, we are confident that the franchise value our team has built will accrue to the benefit of our stockholders over time.”

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

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