NYSE$GPMT
Granite Point Mortgage Trust Inc · Q4 2021 earnings
Q4 2021 earnings · · Investor relations
Briefing
Announced financial results for the quarter and full year ended December 31, 2021, and provided an update on its activities subsequent to quarter-end.
Granite Point Mortgage Trust Inc. reported a GAAP net income of $6.7 million, or $0.13 per basic share, and Distributable Earnings of $12.7 million, or $0.24 per basic share for Q4 2021. The company closed on $248.6 million of total commitments and funded $268.7 million in total UPB. They also expanded their permanent capital base through an inaugural offering of approximately $115 million of attractively priced preferred stock.
- GAAP net income of $6.7 million, or $0.13 per basic share, including a $(8.9) million charge on early extinguishment of debt and a $5.0 million benefit from release of CECL reserve.
- Distributable Earnings of $12.7 million, or $0.24 per basic share.
- Closed on $248.6 million of total commitments and funded $268.7 million in total UPB including prior commitments of $39.8 million and $8.0 million for loan upsizings.
- Expanded the permanent capital base through an inaugural offering of approx. $115 million of attractively priced preferred stock.
Headline financials
Revenue & EPS history
Granite Point · Revenue · Quarterly
$20.1M
Forward guidance
Granite Point has a current forward pipeline of senior CRE loans with total commitments of approximately $285 million and initial fundings of over $250 million, which have either closed or are in the closing process, subject to fallout. The company also expanded the permanent equity base to over $1 billion through an approx. $90 million add-on preferred offering.
Tailwinds
- Current forward pipeline of senior CRE loans with total commitments of approx. $285 million and initial fundings of over $250 million, which have either closed or are in the closing process, subject to fallout.
- Expanded the permanent equity base to over $1 billion through an approx. $90 million add-on preferred offering, bringing total preferred stock issued to approx. $205 million, providing growth capital and an ability to recapitalize the balance sheet while reducing higher-cost debt.
- Further reduced the borrowings under the senior secured term loan facilities to $100 million through an incremental $50 million repayment.
- Current cash balance of approx. $149.1 million plus approx. $61.8 million of unencumbered senior whole loans available to be pledged to financing facilities, subject to lender approval.
- The company issued two CRE CLOs totaling approximately $1.4 billion, bringing our non-mark-to-market borrowings to over 75% at year-end.
Headwinds
- The forward pipeline is subject to fallout.
- The unencumbered senior whole loans are subject to lender approval.
- Incurred a charge on early extinguishment of debt of approx. $(5.8) million, or $(0.11) per basic share, which will be reflected in Q1’22 results.
- There is no assurance that management's expectations, beliefs and estimates will prove to be correct or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.
- Forward-looking statements are not statements of historical facts or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify, in particular those related to the COVID-19 pandemic, including the ultimate impact of COVID-19 on our business, financial performance and operating results.
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 Q4 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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