Granite Point Mortgage Trust ( (GPMT) ) has released its Q4 earnings. Here is a breakdown of the information Granite Point Mortgage Trust presented to its investors.
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Granite Point Mortgage Trust Inc. is a Maryland-based company specializing in the origination, investment, and management of senior floating rate commercial mortgage loans and other commercial real estate debt investments. Headquartered in New York, the company operates within the real estate investment trust (REIT) sector.
In their latest earnings report, Granite Point Mortgage Trust Inc. announced significant financial results for the fourth quarter and full year 2024. The company reported a focused execution on resolving nonperforming loans totaling over $340 million in 2024 and received twelve loan repayments amounting to approximately $415 million.
For the fourth quarter of 2024, Granite Point recorded a GAAP net loss attributable to common stockholders of $42.4 million, with distributable earnings amounting to a loss of $98.2 million. The company also reported a book value per common share of $8.47 and declared dividends for common and preferred stockholders. Throughout the year, the company repurchased 2.4 million common shares, indicating confidence in its stock valuation.
In 2024, the company’s strategic actions included net loan portfolio activity of $620.8 million in unpaid principal balance, with several loan resolutions and repayments. The portfolio at year-end comprised 98% floating rate loans with $2.2 billion in total commitments. Granite Point ended the year with a total leverage of 2.2x and no remaining corporate debt maturities.
Looking ahead, Granite Point Mortgage Trust Inc. remains committed to proactive portfolio management and flexible capital allocation strategies. The company’s outlook suggests continued focus on resolving non-performing loans and maintaining a robust financial position to navigate future market conditions.
