Granite Point Mortgage Trust(GPMT) - 2024 Q4 - Annual Results

Financial Performance - Granite Point Mortgage Trust Inc. reported a GAAP net loss attributable to common stockholders of $(221.5) million, or $(4.39) per basic common share for the full year 2024[6]. - The company recognized distributable earnings (loss) of $(143.9) million, or $(2.85) per basic share, including write-offs of $(146.3) million for the full year 2024[6]. - The company recorded a net loss attributable to common stockholders of $42.44 million for the three months ended December 31, 2024, compared to a net loss of $17.07 million for the same period in 2023[20]. - Distributable Earnings (Loss) for the three months ended December 31, 2024, was $(98.16) million, reflecting a significant decline from $(6.41) million in the prior year[21]. - Basic (loss) earnings per weighted average common share for the three months ended December 31, 2024, was $(0.86), compared to $(0.33) for the same period in 2023[20]. Loan Portfolio and Credit Losses - The net loan portfolio activity for the full year 2024 showed a decrease of $(620.8) million in unpaid principal balance, with twelve full loan repayments totaling $(414.7) million[6]. - Granite Point resolved nonperforming loans totaling over $340 million in 2024, with additional resolutions expected in 2025[3]. - The provision for credit losses for the twelve months ended December 31, 2024, was $201.41 million, compared to $104.81 million for the same period in 2023, indicating a substantial increase in expected credit losses[21]. Assets and Cash Position - The total assets of Granite Point Mortgage Trust Inc. decreased to $2.115 billion as of December 31, 2024, down from $2.847 billion in 2023[19]. - The company ended the quarter with $87.8 million in unrestricted cash and a total leverage of 2.2x, with no corporate debt maturities remaining[6]. Shareholder Returns and Dividends - The company repurchased approximately 2.4 million common shares at an average price of $3.16 per share, totaling $7.6 million, resulting in book value accretion of approximately $0.28 per share[6]. - The company declared dividends of $0.05 per common share for the three months ended December 31, 2024, down from $0.20 per share in the same period of 2023[20]. Income and Expenses - For the three months ended December 31, 2024, Granite Point Mortgage Trust Inc. reported total interest income of $38.72 million, a decrease of 37.0% from $61.50 million in the same period of 2023[20]. - Total expenses for the three months ended December 31, 2024, were $12.50 million, an increase from $10.39 million in the same period of 2023[20]. Valuation and Metrics - The book value per common share was reported at $8.47, inclusive of $(4.12) per common share of total CECL reserve[6]. - Granite Point's loan portfolio carried a weighted average stabilized loan-to-value (LTV) ratio at origination of 64.4% and a realized loan portfolio yield of 6.6%[6]. - The weighted average number of basic common shares outstanding for the three months ended December 31, 2024, was 49,492,595, a decrease from 51,156,015 in the same period of 2023[20]. Non-GAAP Measures - Granite Point Mortgage Trust Inc. has adopted Distributable Earnings (Loss) as a non-GAAP measure to evaluate operating performance, which is intended to serve as a proxy for taxable income[21].