| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 2.91 | 17.3% |
| Total Income | 2.91 | 17.3% |
| Expenditure | 13.86 | 3.1% |
| PBT | -2.43 | 65.0% |
| Net Profit | -2.43 | 65.4% |
| OPM | — | |
| NPM | -83.48% | |
| EPS | -0.13 | 40.9% |
Granite Point Reports Q1 2026 Net Loss of $(6.0) Million
06 May 2026 · 6 May, 1:49 am
Summary
Granite Point Mortgage Trust Inc. announced its financial results for the quarter ended March 31, 2026. The company reported a GAAP net loss of $(6.0) million, or $(0.13) per share. Distributable Earnings (Loss) was $(3.0) million, or $(0.06) per share. The company's loan portfolio had $1.6 billion in total loan commitments. The CECL reserve represented 9.4% of total loan portfolio commitments.
Key Highlights
- 1
Granite Point Mortgage Trust Inc. reported a GAAP net loss attributable to common stockholders of $(6.0) million, or $(0.13) per basic weighted average common share for Q1 2026.
- 2
Distributable Earnings (Loss) was $(3.0) million, or $(0.06) per basic weighted average common share.
- 3
The company's book value per common share was $7.05, inclusive of $(3.10) per common share of total CECL reserve.
- 4
A common stock dividend of $0.05 per common share and a cash dividend of $0.4375 per share of its Series A preferred stock were declared.
- 5
Net loan portfolio activity resulted in a decrease of $(175.1) million in unpaid principal balance.
- 6
The company carried a 98% floating rate loan portfolio with $1.6 billion in total loan commitments at quarter-end.
- 7
Total CECL reserve was $148.5 million, representing 9.4% of total loan portfolio commitments.
Management Comments
Jack Taylor
"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."
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