Granite Point Mortgage Trust Q1 2024 GAAP net loss $77.7M, book value $11.14

Granite Point Mortgage Trust Inc.

2024-Q1 EPS reported -$1.53

GAAP net loss attributable to common of $77.7M ($1.53/share), including $75.6M provision for credit losses.
Distributable earnings (non-GAAP) were $1.3M ($0.03/share); cash dividend maintained at $0.15/share.
Book value per share fell to $11.14, reflecting $(4.17) per share of CECL reserve.
CECL reserve grew to $212.7M (7.5% of total commitments); portfolio 98% floating rate, 63.5% avg LTV.
Ended quarter with >$155M unrestricted cash; post-quarter cash ~$130M; leverage ratio 2.3x.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Granite Point Mortgage Trust Inc. reported the fiscal quarter ended March 31, 2024 results: net income $(77.7) million, EPS $(1.53) per basic share.

Period: the fiscal quarter ended March 31, 2024
Net income: $(77.7) million
EPS: $(1.53) per basic share
Result: reported results

Exact text from the filing

Granite Point Mortgage Trust Inc. Reports First Quarter 2024 Financial Results

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Source: SEC EDGAR

accession 0001703644-24-000070

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