Quarterly ResultMay 5, 2026, 04:19 PM
Granite Point Q1 GAAP Net Loss $(6.0)M; Distributable Loss $(3.0)M
AI Summary
Granite Point Mortgage Trust Inc. reported a GAAP net loss attributable to common stockholders of $(6.0) million, or $(0.13) per share, and a Distributable Earnings (Loss) of $(3.0) million, or $(0.06) per share, for the first quarter of 2026. The company made progress in resolving legacy loans, including a $76.0 million Chicago retail loan post-quarter-end, which is expected to reduce the CECL reserve from 9.4% to 7.9%. Granite Point also repurchased $0.3 million of common stock and declared a $0.05 common stock dividend.
Key Highlights
- GAAP net loss attributable to common stockholders was $(6.0) million, or $(0.13) per basic weighted average common share.
- Distributable Earnings (Loss) was $(3.0) million, or $(0.06) per basic weighted average common share.
- Book value per common share was $7.05, inclusive of $(3.10) per common share of total CECL reserve.
- Declared a common stock dividend of $0.05 per common share and a Series A preferred stock dividend of $0.4375 per share.
- Net loan portfolio activity was $(175.1) million, including $(189.4) million in repayments, sales, and amortization.
- Total CECL reserve was $148.5 million, or 9.4% of total loan portfolio commitments, at quarter-end.
- Post-quarter-end, resolved a $76.0 million Chicago retail loan, decreasing the CECL reserve to approximately 7.9%.
- Repurchased 0.2 million shares of common stock at an average price of $1.74 per share, totaling $0.3 million.