Granite Point Q2 GAAP net loss $66.7M ($1.31/sh); book value $9.84

Granite Point Mortgage Trust Inc.

2024-Q2 EPS reported -$2.84

GAAP net loss of $66.7M, or $1.31 per basic share, includes $60.8M provision for credit losses.
Distributable loss of $9.1M ($0.18/sh); excluding write-offs, loss was $2.5M ($0.05/sh).
Book value per common share fell to $9.84 from prior quarter; total CECL reserve $266.9M (9.7% of commitments).
Resolved $35.7M loan by taking title to office property; modified $37.5M loan, wrote off $4.2M mezzanine note.
Post quarter-end: resolved $37.1M loan in LA expecting ~$22.2M write-off; July loan repayments ~$143M.

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