Mortgage rates have increased after declining since the announcement of rate cuts. The average 30-year fixed mortgage rate rose to its highest level since the week ending Aug. 9 at 6.52%, according to the Mortgage Bankers Association survey. This is the third consecutive week that mortgage rates have risen. Mortgage rates are usually linked to movement in treasury yields. Specifically, the 10-year Treasury is seen as the biggest influence on mortgage rates, and yields for the 10-year have increased in recen ...

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $66.7 million or $1.31 per basic share for Q2 2024, which includes a provision for credit losses of $60.8 million or $1.19 per share [23] - Distributable loss for the quarter was $9.1 million or $0.18 per share, reflecting loan write-offs of $6.6 million or $0.13 per share and a decline in net interest income mainly driven by non-accrual loans [23] - Book value at June 30 was $9.84 per common share, a decline of about $1.30 per share from Q1, primarily due to loan loss provisions [23] Business Line Data and Key Metrics Changes - The loan portfolio commitments totaled $2.7 billion with an outstanding principal balance of about $2.6 billion, and about $118 million of future fundings, accounting for only about 4% of total commitments [21] - The realized loan portfolio yield for Q2 was about 7%, net of the impact of non-accrual loans, which was estimated to be approximately 229 basis points for the three months ended June 30 [21] Market Data and Key Metrics Changes - The commercial real estate market has shown signs of improvement with increased transaction activity and liquidity returning to transitional assets [6][15] - The company has visibility on approximately $200 million to $300 million of more loan resolutions expected by the end of 2024, indicating a potential recovery in the market [8] Company Strategy and Development Direction - The company is focused on proactive asset management and liquidity management while navigating through the current credit cycle [12] - A reduction in the quarterly common dividend to $0.05 per share was made to protect investors' capital considering the challenging credit environment [12] - The company intends to remain opportunistic regarding share repurchases, having repurchased about 1.5 million common shares at a deep discount during the second quarter [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for the Fed to begin reducing short-term rates, which could contribute to the recovery of the commercial real estate market [6][14] - The company anticipates that the run rate profitability will improve in the coming quarters as progress is made on resolving non-accrual loans [25] - Management acknowledged the ongoing challenges in the commercial real estate market but noted a slower pace of credit migration within the portfolio [11] Other Important Information - The CECL reserve at quarter end was about $267 million or $5.27 per share, representing 9.7% of portfolio commitments, an increase from the previous quarter [26] - The company ended the quarter with about $86 million of unrestricted cash, and total leverage increased modestly to 2.5 times in Q2 compared to 2.3 times in Q1 [27] Q&A Session Summary Question: Outlook on loan portfolio and distributable EPS - Management indicated that it is difficult to predict where the loan portfolio might bottom out, but resolutions will have a positive impact on run rate profitability [30] Question: Realized losses and impact on distributable EPS - Management confirmed an anticipation of over $100 million in write-offs over the next couple of quarters, which could impact distributable EPS [31] Question: Transparency around property pricing and loan resolutions - Management expressed confidence in resolving loans at or near the marks due to improving transparency in property pricing [34] Question: Current risk ratings and potential new problem assets - Management is comfortable with current risk ratings but remains cautious about potential new problem assets [35][36] Question: Financing on non-accrual loans - Management explained that financing varies by asset and that they intend to finance REO assets to increase liquidity [39] Question: Difference between non-accruals and collateral dependent loans - Management clarified that the difference is likely due to carrying value under non-accruals excluding reserves [42]

GPMT IR juvaida khatun PROPERTY TYPE(2) Industrial, 4.6% 0ther, 3.5% Hotel, 7.2% Retail, 9.8% Office, 43.1% Multifamily, 31.8% Borrower defaults are troublesome for mortgage REIT's for two reasons. First, it obviously hurts cash flow in the short term, which worsens dividend coverage, and second, in the case of distressed properties, it poses a significant risk of a loss of capital as the REIT may not be able to resel the foreclosed building for more than th outstanding loan balance and consequently may boo ...

Investors might want to bet on Granite Point Mortgage Trust (GPMT) , as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. S ...

JacobH/E+ via Getty ImagesGranite Point Mortgage Trust (NYSE:GPMT) shed nearly 18% of its value following the publication of fiscal 2024 first-quarter earnings which saw CECL reserve as a percent of commitments move up to 7.5% sequentially from 4.7% in the fourth quarter. GPMT's loan portfolio had an outstanding principal balance of $2.7 billion spread across 71 loan investments that were 99% constituted from senior loans with roughly 43.1% of loans backed by office properties. This outsized exposure to ...

Granite Point Mortgage Trust (GPMT) has been on a downward spiral lately with significant selling pressure. After declining 15% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.Guide to Identifying Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting w ...

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Q1 2024 Earnings Conference Call May 8, 2024 11:00 AM ET Company Participants Chris Petta – Investor Relations Jack Taylor – President and Chief Executive Officer Steve Alpart – Chief Investment Officer and Co-Head-Originations Marcin Urbaszek – Chief Financial Officer Conference Call Participants Stephen Laws – Raymond James Doug Harter – UBS Steve DeLaney – Citizens JMP Jade Rahmani – KBW Operator Good morning. My name is Paul and I will be your conference fac ...

This presentation contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, projections and illustrations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements ar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38124 GRANITE POINT MORTGAGE TRUST INC. (Exact name of registrant as specified in its charter) Maryland 61-1843143 (State or other jurisdi ...

Post Quarter-End Update NEW YORK, May 7, 2024 – Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced its financial results for the quarter ending March 31, 2024, and provided an update on its activities subsequent to quarter-end. A presentation containing first quarter 2024 financial results can be viewed at www.gpmtreit.com. "Our first quarter earnings were primarily affected by the factors continuing to impact the commercial real estate sector, includin ...