Granite Point Q3 GAAP net loss $24.5M ($0.48/share); repays $132M convertible notes

Granite Point Mortgage Trust Inc.

2023-Q3 EPS reported -$1.17

GAAP net loss attributable to common stockholders of $24.5M, or $(0.48) per basic share, with $31.0M provision for credit losses.
Pre-loss Distributable Earnings of $9.5M ($0.18/share); Distributable Loss of $7.3M after $16.8M loan write-off.
Book value per common share $13.28; total CECL reserve $148.9M (4.9% of portfolio), up $14.3M from Q2.
Redeemed $132M of Convertible Senior Notes due Oct. 1, 2023; no corporate debt outstanding post-redemption.
Post-quarter JPMorgan financing facility upsized to $525M; unrestricted cash ~$178M as of Nov. 3.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Granite Point Mortgage Trust Inc. reported quarter ending September 30, 2023 results: net income GAAP Net (Loss) (1) of $(24.5) million, EPS $(0.48) per basic share.

Period: quarter ending September 30, 2023
Net income: GAAP Net (Loss) (1) of $(24.5) million
EPS: $(0.48) per basic share
Result: reported results

Exact text from the filing

Third Quarter 2023 Activity • Recognized GAAP Net (Loss) (1) of $(24.5) million, or $(0.48) per basic share, inclusive of a $(31.0) million, or $(0.60) per basic share, provision for credit losses.

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Source: SEC EDGAR

accession 0001703644-23-000116

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