Earnings ·
Reports Q3 GAAP net loss of $60.3M, declares $0.10 common dividend
GPMTGranite Point Mortgage Trust Inc.
Granite Point Mortgage Trust Inc. reported a third-quarter GAAP net loss attributable to common stockholders of $60.3 million, or $12.50 per share, driven by a $45.4 million provision for credit losses and realized write-offs. Distributable earnings loss was $33.7 million, or $6.99 per share. The company declared a quarterly common stock dividend of $0.10 per share and a preferred dividend of $0.4375 per share. Portfolio activity included $89.5 million in repayments and resolutions against $7.9 million in new fundings, reducing the loan portfolio to $1.4 billion in commitments. The firm also extended its JPMorgan financing facility and refinanced legacy CLOs to lower funding costs. Granite Point Mortgage Trust Inc. is a real estate investment trust focused on originating and investing in senior floating-rate commercial mortgage loans.