Granite Point Mortgage Trust(US:GPMT)2022-02-25 15:41Financial Highlights - Q4 GAAP earnings per basic share were $0.13, including a $(0.17) per share charge on early extinguishment of debt[5] - FY 2021 GAAP earnings per basic share were $1.24, including a $0.37 per share reduction of CECL reserves[5] - Q4 Distributable Earnings per basic share were $0.24[5] - FY 2021 Distributable Earnings per basic share were $0.99[5] Portfolio Overview - The portfolio totaled $4.2 billion in total commitments, comprised of over 99% senior loans with a weighted average stabilized LTV of 63.5% and a weighted average yield at origination of LIBOR + 4.07%[5] - The portfolio is over 98% floating rate with a weighted average LIBOR floor of 1.17%[5] - CECL reserve was reduced by $20.0 million year-over-year to $42.4 million at December 31, 2021, or 1.01% of total loan commitments[5] Capitalization & Liquidity - The company expanded the permanent equity base to over $1 billion through a $90 million add-on preferred offering, bringing total preferred stock issued to approximately $205 million[4] - Borrowings under the senior secured term loan facilities were further reduced to $100 million through an incremental $50 million repayment[4] - The company ended Q4 with over $190 million in cash on hand and total net-debt-to-equity leverage of 2.7x[5]