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Granite Point Mortgage (GPMT)
NYSE:GPMT
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Earnings Data
Report Date
Feb 20, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.95Last Year’s EPS
-$0.52Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 06, 2024
|% Change Since: -3.62%
|Next Earnings Date:Feb 20, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a mixed picture with substantial progress in loan resolutions and share repurchase activities, but these were countered by significant net losses, a high amount of nonaccrual loans, and ongoing challenges in the office loan sector.Company Guidance
During the third quarter earnings call for Granite Point Mortgage Trust (GPMT), the company provided a comprehensive update on its financial performance and strategic initiatives. Key metrics highlighted included total loan portfolio commitments of $2.5 billion with an outstanding principal balance of approximately $2.3 billion, a realized loan portfolio yield of about 7%, and a weighted average loan-to-value (LTV) ratio of 64% at origination. The company resolved six loans totaling $205 million and had loan repayments and paydowns of $283 million. The guidance noted that Granite Point anticipates resolving $280 million in nonaccrual loans, which could improve run rate earnings per share by approximately $0.05 to $0.06 per quarter. The company ended the quarter with $113 million in unrestricted cash and a total leverage ratio of 2.2x. Additionally, Granite Point reported a GAAP net loss of $34.6 million, influenced by a $28 million provision for credit losses. The company also repurchased 700,000 common shares, with the board increasing the repurchase authorization to approximately 5.9 million shares. Looking forward, Granite Point aims to further resolve nonperforming loans and eventually return to core lending, leveraging improved real estate market conditions.Substantial Loan Resolutions
Resolved 6 loans totaling about $205 million and realized $283 million of principal balance loan repayments and paydowns, with most activity occurring during Q3.
Share Repurchase Program
Repurchased an additional 700,000 common shares, with the board increasing repurchase authorization by 3 million shares, totaling about 5.9 million shares available for buybacks.
Improving Liquidity and Market Conditions
Federal Reserve began interest rate cuts, improving liquidity and market sentiment, supportive of real estate valuations and transaction activity.
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GPMT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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GPMT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 06, 2024 | $3.04 | $3.08 | +1.32% |
| Aug 05, 2024 | $2.65 | $2.53 | -4.53% |
| May 07, 2024 | $4.24 | $3.71 | -12.50% |
| Feb 14, 2024 | $4.90 | $4.56 | -6.94% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Granite Point Mortgage (GPMT) report earnings?
Granite Point Mortgage (GPMT) is schdueled to report earning on Feb 20, 2025, TBA Not Confirmed.
What is Granite Point Mortgage (GPMT) earnings time?
Granite Point Mortgage (GPMT) earnings time is at Feb 20, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is GPMT EPS forecast?
GPMT EPS forecast for the fiscal quarter 2024 (Q4) is -$0.95.
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