Granite Point Mortgage Trust Is Facing Headwinds But I'm Holding The Discounted Preferreds

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 ...