Reports Q2 revenue $4.78M, consensus $8.38M. "We continued to execute on our strategic priorities," said Jack Taylor, President, Chief Executive Officer, and Director of Granite Point. "The refinancing of our two legacy CLOs with JPMorgan lowered our cost of funds on these assets by 38 basis points. These assets represent a large part of our portfolio and we believe the refinancing further substantiates their underlying value. We also continue to realize and pursue loan repayments and resolutions to better position the Company for future growth."

8/3 08:30

Granite Point Mortgage Trust Upsizes Financing to $651M

Granite Point Mortgage Trust refinanced the assets that had been financed in its two remaining CRE CLOs, GPMT 2021-FL3 and GPMT 2021-FL4, on its JPMorgan Chase Bank repurchase facility, which it recently extended to July 2028, with three 1-year term extension options. In connection with the refinance, the Company upsized its JPMorgan Chase Bank repurchase facility to $651M. As of June 30, the Company's two CRE CLOs had combined debt obligations outstanding of $521M, with a weighted average cost of funds of SOFR+2.38%. Refinancing the legacy CRE CLO assets decreases the weighted average cost of funds by approximately 38 basis points to SOFR+2.00%. As of July 31, GPMT held approximately $35.1M in unrestricted cash.

5/5 16:40

GPMT CEO: Successful Repayment of Large Legacy Loans

"We have continued our progress in legacy loan repayments and resolutions," said Jack Taylor, President and Chief Executive Officer of GPMT, "as demonstrated by recent repayments of two large legacy loans, the sale of a junior hotel note above par, the sale of a subordinate interest in debt secured by an office property, and the final resolution of the Chicago retail loan at an amount above our carrying value, which meaningfully decreased our quarter end CECL reserve by over 150 basis points to 7.9% shortly after quarter end. We also improved our net interest spread by further reducing our higher cost debt by bringing our repo financing spread down by 61 basis points since the end of last year. As we continue to resolve legacy loans and remain focused on optimizing our balance sheet, we are positioning the company for future growth."

11/5 19:41

Granite Point Mortgage Announces Q3 Earnings Per Share of 1 Cent, Below Consensus Estimate of 44 Cents

Reports Q3 NII $10.3M vs. $7.7M last year.

8/5 17:20

Granite Point Mortgage reports Q2 EPS GAAP (35c) with items, consensus (79c)

Q2 GAAP EPS includes a provision for credit losses of ($11.0M), or (23c) per basic common share. Reports Q2 Book value per common share was $7.99, inclusive of ($3.27) per common share of total CECL reserve. "We continued our progress in resolving nonperforming loans and reducing higher-cost debt," said Jack Taylor, President and CEO of GPMT. "Year-to-date, five risk-rated 5 loans have been resolved, inclusive of another resolution after quarter end, leaving two remaining. We also sold an REO office property during the second quarter. Additionally, we repurchased 1.25M of our common shares during the quarter, given our belief that the stock is significantly undervalued. We are pleased with this progress and look forward to returning to our core business of originating loans over the coming quarters."

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