GPMT
Granite Point Mortgage Trust Inc.2.5400
-0.0300-1.17%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Portfolio trough mid-2026 detailed
Q&A clarified portfolio will trough mid-2026 amid ongoing resolutions before regrowing via later-year originations, prioritizing de-levering over new loans or returns given the book value discount. Management affirmed CECL reserves as adequate, driven by softer CRE price forecasts and specifics on four collateral-dependent loans carrying $105M reserves. Multifamily faced questions post-Atlanta downgrade to risk-5—management deemed it a soft-market outlier, with positive medium-term trends. Only one new risk-5 loan this quarter. Workouts aren't over. Watch resolution momentum.
Key Stats
Market Cap
120.41MP/E (TTM)
-Basic EPS (TTM)
-1.45Dividend Yield
0.08%Recent Filings
10-K
FY2025 results
Granite Point Mortgage Trust closed FY2025 with a $1.7B loan portfolio at 65.0% stabilized LTV, down from prior year after $469M in repayments, paydowns, and resolutions including $80M write-offs. Q4 saw portfolio contraction via key exits like a $79M Baton Rouge mixed-use sale and $50M Louisville student housing payoff, while funding just $51M on commitments. Net interest spread tightened to -0.5% on $1.8B average assets, with Distributable Earnings (Loss) Before Realized Gains/Losses at $(0.15)/share versus $(0.13) last year. Debt fell to $1.2B (2.0x leverage) with $66M unrestricted cash; repurchased 2.1M shares for $5.7M. Loan resolutions accelerated. Office exposure weighs on momentum.
8-K
Q4 loss, repayments de-lever
Granite Point Mortgage Trust posted Q4 2025 GAAP net loss of $27.4 million ($0.58/share), driven by $14.4 million credit loss provision and $6.8 million REO impairment; Distributable Earnings Loss was $2.7 million ($0.06/share). Loan repayments cut portfolio to $1.7 billion UPB, with $148.4 million CECL reserve (8.4%). Post-quarter, $174 million repayments dropped leverage to 1.7x. Momentum builds.
8-K
GPMT unveils investor update
Granite Point released its January 2026 investor presentation under Item 7.01, spotlighting a $1.8 billion loan portfolio across 44 investments with 7.5% realized yield matching cost of funds. Q3 2025 showed GAAP net loss of $0.6 million yet positive distributable earnings before realized gains/losses of $0.9 million. Portfolio stays diversified; leverage sits at 1.9x.
10-Q
Q3 FY2025 results
Granite Point swung to a Q3 profit with net income of $3.0M, while YTD net loss narrowed to $17.3M from $168.2M y/y; interest income fell 24% y/y to $33.7M on a shrinking loan book (net $1.58B from $1.90B), yet net interest income rose 34% q/q (derived) to $10.3M as funding costs eased. Credit picture brightened: $1.6M benefit from credit losses vs. $27.9M prior-year hit, after $19.8M write-offs and nonaccrual loans down to $109.7M from $298.4M at year-start. Unrestricted cash holds at $62.7M with $509M unused repo capacity; debt mix cut to $1.19B, covenant-compliant. REO operations lost $2.2M. Office loans weigh 42% of portfolio. Non-GAAP metrics not disclosed in the 10-Q. Borrowers struggle with hybrid work's office hit.
8-K
Q3 loss, portfolio shrinks
Granite Point reported Q3 GAAP net loss of $0.6M ($0.01/share) but Distributable Earnings Before Realized Gains/Losses of $0.9M ($0.02/share), declared $0.05 common dividend. Portfolio shrank $109.7M to $1.8B commitments after $72.4M repayments and $50M resolution with $19.4M write-off; CECL reserve fell to $133.6M (7.4%). Extended credit facility to 2026, cut spread 75bps. Leverage dipped to 1.9x.
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