NYSE$GPMT
Granite Point Mortgage Trust Inc · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Announced financial results for the quarter ended September 30, 2021.
Granite Point Mortgage Trust Inc. reported GAAP net income of $18.6 million, or $0.34 per basic share, which included a release of prior CECL reserves of $5.8 million. The company closed eight loans with $311.7 million of total commitments. They also priced a $621 million managed CRE CLO with an initial advance rate of 80.875%.
- GAAP net income of $18.6 million, or $0.34 per basic share, including a release of prior CECL reserves of $5.8 million.
- Distributable Earnings of $5.1 million, or $0.09 per basic share, inclusive of a $(9.7) million write-off related to the resolution of a hotel loan.
- Closed eight loans with $311.7 million of total commitments and $289.3 million of initial fundings.
- Priced GPMT 2021-FL4, a $621 million managed CRE CLO with an initial advance rate of 80.875%.
Headline financials
Revenue & EPS history
Granite Point · Revenue · Quarterly
$22.1M
Forward guidance
Current forward pipeline of senior CRE loans with total commitments of over $270 million and initial fundings of over $240 million, which have either closed or are in the closing process, subject to fallout.
Tailwinds
- Current forward pipeline of senior CRE loans with total commitments of over $270 million and initial fundings of over $240 million, which have either closed or are in the closing process, subject to fallout.
- On October 4, 2021, settled the remaining warrants to purchase approx. 3.49 million shares for a net cash amount of approx. $24.7 million, which resulted in a decrease in book value per common share of approx. $(0.46).
- On November 3, 2021 priced GPMT 2021-FL4, a $621 million managed CRE CLO with an initial advance rate of 80.875% and a weighted average interest rate at issuance of LIBOR + 1.68%, before accounting for transaction costs.
- Upon closing, the Company estimates the percentage of credit non-mark-to-market financing to be over 75% of its total borrowings.
- Since quarter end, funded approx. $14.4 million of principal balance on existing loan commitments.
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 Q3 2021
-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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