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 ...

Financial Performance - For the year ended December 31, 2023, the company recorded a GAAP net loss attributable to common stockholders of $(77.6) million, or $(1.50) per basic share[265]. - GAAP net loss attributable to common stockholders for 2023 was $(77,649) thousand, compared to $(55,327) thousand in 2022[276]. - The company reported a net loss attributable to common stockholders of $77,649,000 for 2023, compared to a loss of $55,327,000 in 2022[437]. - The total comprehensive loss for 2023 was $77,649,000, compared to a comprehensive loss of $55,327,000 in 2022[437]. - The net loss for the year ended December 31, 2023, was $63.198 million, compared to a net loss of $40.825 million in 2022[442]. - Basic loss per share for 2023 was $1.50, worsening from a loss of $1.04 per share in 2022[437]. - Total operating expenses increased to $43.3 million in 2023 from $36.7 million in 2022, mainly due to the acquisition of REO[355]. Dividends - The company declared a cash dividend of $0.80 per share of common stock, totaling $42.7 million, compared to $0.95 per share in 2022[268]. - Total cash dividends declared for 2023 amounted to $0.80 per share, a decrease from $0.95 per share in 2022[363][364]. - Dividends declared for the year ended December 31, 2023, totaled $0.80 per share, in compliance with REIT distribution requirements[361]. Loan Portfolio - The company maintained a portfolio of 73 loan investments with an aggregate unpaid principal balance of $2.7 billion and total commitments of $2.9 billion[265]. - The number of loans in the portfolio as of December 31, 2023, was 73[284]. - The company has a total of 73 loans in its portfolio, with an unpaid principal balance of $2,727.2 million as of December 31, 2023[296]. - The company’s multifamily loans accounted for 80.0% of the total portfolio, indicating a strong focus on this sector[286]. - The company holds a diversified loan portfolio across multiple states, including Illinois, New York, and California, with property types such as multifamily, office, and mixed-use[285]. Credit Losses - The allowance for credit losses increased by $50.5 million, totaling $137.1 million, which is approximately 4.7% of total loan commitments of $2.9 billion[265]. - The provision for credit losses was $(104.8) million in 2023, up from $(69.3) million in 2022, attributed to a deteriorating macroeconomic outlook affecting collateral-dependent loans[352]. - The allowance for credit losses (ACL) increased to $134.7 million in 2023 from $82.3 million in 2022, representing a rise of approximately 64%[424]. - As of December 31, 2023, the company had five loans with a risk rating of "5" totaling an aggregate principal balance of $323.9 million, with an allowance for credit losses of $89.6 million[297]. Interest Income and Expense - The total interest income for the year ended December 31, 2023, was $263.7 million, with a net interest income of $82.0 million, reflecting a net interest rate spread of 0.3%[330]. - Total interest income increased to $263.7 million in 2023 from $210.9 million in 2022, primarily due to rising short-term interest rates[350]. - Total interest expense rose to $181.7 million in 2023 from $126.1 million in 2022, driven by higher short-term interest rates and increased costs from secured credit facilities[351]. - The cash paid for interest was $182.569 million in 2023, an increase from $123.371 million in 2022[442]. Liquidity and Capitalization - The company maintained unrestricted cash liquidity of $188.4 million, exceeding the required minimum of $30.0 million and 5.0% of recourse indebtedness[325]. - As of December 31, 2023, the company had immediate liquidity sources totaling $188.37 million[370]. - The tangible net worth was reported at $1.0 billion, surpassing the required minimum of $816.9 million[325]. - The debt-to-equity ratio as of December 31, 2023, was 2.1:1.0[359]. - The debt-to-equity ratio improved from 2.3:1.0 in 2022 to 2.1:1.0 in 2023, primarily due to a reduction in outstanding debt[367]. Market Conditions and Risks - The company faced significant disruptions in the commercial real estate sector due to investor concerns over inflation, rising interest rates, and geopolitical uncertainty, impacting loan repayments and originations[335]. - Rising interest rates and inflation have led to increased costs and decreased availability of capital, affecting borrowers' ability to service debt obligations[408]. - Credit risk remains a concern, with potential unanticipated losses due to market fluctuations and economic conditions affecting the performance of collateral properties[338]. - The current macroeconomic environment has resulted in decreased prepayment rates and increased loan extension options, potentially impacting operational results[412]. Asset Management and Strategy - The company actively manages loan investments, assessing credit risk quarterly and maintaining strong relationships with borrowers to maximize portfolio performance[294]. - The company aims to construct a well-diversified investment portfolio across property types, geographies, and sponsors[394]. - The company has implemented a strategy of loan modifications to adapt to changing market conditions and borrower needs[291]. - The company actively explores additional funding facilities to diversify its financing sources amid market volatility and uncertainty[336]. Financial Position - Total assets decreased to $2.85 billion in 2023 from $3.45 billion in 2022, marking a decline of about 17%[433]. - Total liabilities decreased to $1.99 billion in 2023 from $2.47 billion in 2022, a reduction of approximately 20%[433]. - The total stockholders' equity decreased to $859 million in 2023 from $983.7 million in 2022, a decline of approximately 13%[433]. - The company had $1.0 billion in securitized debt obligations with a weighted average borrowing rate of 7.2% as of December 31, 2023[358].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 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 jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 3 Bryant Park, Suite 2400A ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR New York, New Yor ...

Second Quarter 2023 Earnings Supplemental August 09, 2023 Safe Harbor Statement 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-l ...