NYSE$GPMT
Granite Point Mortgage Trust Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Reported a net loss and distributable loss due to provision for credit losses and loan write-offs, while strategically resolving nonearning assets and repurchasing shares.
Granite Point Mortgage Trust Inc. reported a GAAP Net Loss of $(66.7) million, or $(1.31) per basic share, and a Distributable Loss of $(9.1) million, or $(0.18) per basic share, for the second quarter of 2024. The company made progress in addressing nonearning assets, resolving loans, and repurchasing shares.
- Recognized a GAAP Net Loss of $(66.7) million, or $(1.31) per basic share, inclusive of a $(60.8) million provision for credit losses.
- Reported a Distributable Loss of $(9.1) million, or $(0.18) per basic share, inclusive of loan write-offs of $(6.6) million.
- Book value per common share was $9.84 as of June 30, 2024, inclusive of $(5.27) per common share of total CECL reserve.
- Realized $103.7 million of total UPB in loan repayments, paydowns, amortization, and resolutions.
Headline financials
Revenue & EPS history
Granite Point · Revenue · Quarterly
$30.2M
Forward guidance
The Company expects to realize a write-off of approximately $(22.2) million from the resolution of a $37.1 million loan. The Company also resolved a $51.0 million loan. So far in Q3 2024, funded about $3 million on existing loan commitments and realized approximately $143 million in loan repayments, paydowns and resolutions.
Tailwinds
- Expects to realize a write-off of approximately $(22.2) million from the resolution of a $37.1 million loan.
- Resolved a $51.0 million loan secured by a mixed-use multifamily, event space and office property located in Pittsburgh, PA.
- Restructured the whole loan into a new $32 million senior loan and a $19 million mezzanine note.
- Received a capital infusion from the sponsor to further support the collateral property.
- So far in Q3 2024, funded about $3 million on existing loan commitments.
Headwinds
- Expects to realize a write-off of approximately $(22.2) million from the resolution of a $37.1 million loan.
- The modification included a restructuring of the whole loan into a new $32 million senior loan and a $19 million mezzanine note.
- Resolution of a $37.1 million loan secured by a mixed-use office and retail asset located in Los Angeles, CA.
- Realize a loss of approx. $(2.4) million from the resolution of an $11.6 million loan secured by a multifamily property located in Milwaukee, WI.
- The resulting $4.2 million mezzanine note from the modification of a $37.5 million loan was deemed uncollectible and written-off as of June 30, 2024.
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 Q2 2024
-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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