Granite Point Mortgage Trust(GPMT) - 2024 Q1 - Quarterly Results

Financial Performance - Reported GAAP net loss of $(77.7) million, or $(1.53) per basic share, including a $(75.6) million provision for credit losses[7] - GAAP Net Loss for the three months ended March 31, 2024, was $(77,723) thousand[20] - Generated distributable earnings of $1.3 million, or $0.03 per basic share[7] - Distributable Earnings for the same period amounted to $1,302 thousand, resulting in a Distributable Earnings per basic common share of $0.03[20] Credit Losses and Reserves - A provision for credit losses of $(75,552) thousand was recorded, which is excluded from Distributable Earnings[22] - Total CECL reserve at quarter-end was $212.7 million, representing 7.5% of total portfolio commitments[7] - Book value per common share was $11.14 as of March 31, 2024, including $(4.17) per common share of total CECL reserve[7] Cash and Liquidity - Ended the quarter with over $155 million in unrestricted cash and a total leverage ratio of 2.3x[7] - Declared and paid a cash dividend of $0.15 per common share[7] Loan Portfolio - Funded $17.5 million in prior loan commitments and upsizes during the quarter[7] - Carried a 98% floating rate loan portfolio with $2.8 billion in total commitments, with a weighted average stabilized loan-to-value ratio of 63.5%[7] - Realized loan portfolio yield was 7.7% as of March 31, 2024[7] - In Q2 2024, funded about $3 million on existing loan commitments and received approximately $13 million in loan paydowns[7] Distributable Earnings Methodology - The company has elected to present Distributable Earnings as a supplemental measure starting with the Annual Report for the year ended December 31, 2023[20] - Distributable Earnings is intended to serve as a proxy for taxable income, which is crucial for maintaining REIT status by distributing at least 90% of taxable income as dividends[20] - The methodology for calculating Distributable Earnings may differ from other companies, affecting comparability[23] - The company believes Distributable Earnings before realized losses is useful for assessing run-rate operating results and dividend considerations[24] Depreciation and Amortization - Depreciation and amortization on real estate owned for the period was $(1,302) thousand, also excluded from Distributable Earnings[22]