NYSE$GPMT
Granite Point Mortgage Trust Inc · Q1 2022 earnings
Q1 2022 earnings · · Investor relations
Briefing
Announced financial results for the quarter ended March 31, 2022, and provided an update on its activities subsequent to quarter-end.
Granite Point Mortgage Trust Inc. reported a GAAP net income of $1.0 million, or $0.02 per basic share, for the first quarter of 2022. The company closed on $153.7 million of total commitments and funded $172.9 million in total UPB. They realized $172.4 million in total UPB in loan repayments, principal amortization, and a loan sale.
- GAAP net income of $1.0 million, or $0.02 per basic share, including a $(5.8) million charge on early extinguishment of debt and a $(3.7) million provision for credit losses.
- Distributable Earnings before write-off of $12.7 million, or $0.24 per basic share. Distributable Earnings of $2.6 million, or $0.05 per basic share, inclusive of a $(10.1) million loan write-off.
- Book value of $16.39 per common share, inclusive of $(0.67) per common share CECL reserve.
- Closed on $153.7 million of total commitments and funded $172.9 million in total UPB.
Headline financials
Revenue & EPS history
Granite Point · Revenue · Quarterly
$23.5M
Forward guidance
Granite Point has made tremendous progress on strategic priorities of repositioning the balance sheet and improving run-rate earnings.
Tailwinds
- Refinanced two older, and de-levered loan funding vehicles, releasing a substantial amount of capital trapped in those structures.
- Fully repaid the high-cost term loan.
- Resolved three of our four non-accrual loans.
- Have additional capital available to both make new loan investments and for other corporate purposes.
- Portfolio loan yields are expected to increase if short-term rates continue to rise.
Headwinds
- Rising short-term interest rates in the near-term.
- Incurred a charge on early extinguishment of debt of approximately $(11.3) million, or $(0.21) per basic share.
- Recognized a charge-off of unamortized transaction costs of approximately $(1.8) million, or $(0.03) per basic share.
- Loss of $(10.1) million on loan sale
- $(5.8) million charge on early extinguishment of debt
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2022
-0.0%
Avg return
Earnings day
-0.9%
Avg return
5 days after
+0.3%
Avg return
30 days after
46%
16 / 35 earnings
Positive
+24.2%
Q3 2020
Best reaction
-15.1%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +4.3% | -0.7% | +6.3% | |
| Q4 2025 | -11.5% | -23.8% | -30.8% | |
| Q3 2025 | +4.6% | +2.6% | +3.8% | |
| Q1 2025 | +15.3% | +19.5% | +37.4% | |
| Q4 2024 | -9.1% | -10.7% | -11.3% | |
| Q3 2024 | +2.3% | +12.6% | +9.6% | |
| Q2 2024 | -8.5% | -7.1% | -6.4% | |
| Q1 2024 | -13.0% | -17.3% | -29.1% | |
| Q4 2023 | -4.3% | -7.3% | -5.7% | |
| Q3 2023 | -1.1% | -0.2% | +18.9% | |
| Q2 2023 | -1.1% | -3.6% | -5.3% | |
| Q1 2023 | +3.2% | +4.9% | +27.3% | |
| Q4 2022 | +0.0% | -0.7% | -18.6% | |
| Q3 2022 | -15.1% | -9.6% | -9.7% | |
| Q2 2022 | +1.1% | -1.7% | -13.9% | |
| Q1 2022 | +1.7% | +2.8% | +11.0% | |
| Q4 2021 | -1.2% | -2.9% | +0.6% | |
| Q3 2021 | +0.4% | -1.5% | -10.5% | |
| Q2 2021 | -8.2% | -5.0% | -4.0% | |
| Q1 2021 | +1.7% | -3.6% | +14.3% | |
| Q4 2020 | +0.5% | +3.1% | +6.4% | |
| Q3 2020 | +24.2% | +20.4% | +44.6% | |
| Q2 2020 | +5.2% | +3.3% | -13.2% | |
| Q1 2020 | +10.4% | +2.4% | +66.9% | |
| Q4 2019 | +3.4% | -2.7% | -78.1% | |
| Q3 2019 | -1.7% | -2.7% | -1.9% | |
| Q2 2019 | -1.4% | -1.1% | -3.0% | |
| Q1 2019 | -1.0% | -0.6% | -2.3% | |
| Q4 2018 | -0.4% | -2.5% | -2.4% | |
| Q3 2018 | +1.7% | +1.1% | +0.7% | |
| Q2 2018 | -0.9% | -2.7% | +1.0% | |
| Q1 2018 | +2.0% | +3.8% | +8.9% | |
| Q4 2017 | -3.2% | -1.1% | +2.2% | |
| Q3 2017 | -1.5% | -0.3% | -1.1% | |
| Q2 2017 | -0.7% | -0.1% | -0.6% | |
| Q1 2017 | — | — | — | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — |
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