Granite Point Mortgage Trust (GPMT) Q4 2024 earnings summary

Executive summary

• Achieved substantial progress in resolving non-performing loans, with over $441 million in loan resolutions since the start of 2024 and additional resolutions underway in 2025.

• Reported a Q4 2024 GAAP net loss attributable to common stockholders of $(42.4) million, or $(0.86) per share; full-year net loss was $(221.5) million.

• Repurchased 2.4 million common shares in 2024 at an average price of $3.16, reflecting confidence in undervalued stock.

• Book value per common share at year-end was $8.47, down from $9.25 at the end of Q3 2024.

• Portfolio comprised $2.2 billion in total loan commitments across 54 investments, with 99% senior loans and 98% floating rate.

Financial highlights

• Q4 2024 GAAP net loss was $(42.4) million, or $(0.86) per share, including a $(37.2) million provision for credit losses.

• Q4 2024 Distributable Loss was $(98.2) million, or $(1.98) per share, including $(95.2) million in write-offs.

• Full year 2024 GAAP net loss was $(221.5) million, or $(4.39) per share, with $(201.4) million provision for credit losses.

• Book value per share at year-end was $8.47, including $(4.12) per share of CECL reserve.

• Realized loan portfolio yield for Q4 was 6.6%, net of non-accrual loan impact.

Outlook and guidance

• Expects run rate profitability to improve as non-earning assets are resolved, expensive debt is repaid, and capital is reinvested.

• Plans to resume new loan originations and portfolio growth in the second half of 2025.

• Actively pursuing resolution options for risk-rated “5” loans, including foreclosure, restructuring, or sale.

• Several loan resolutions closed or underway in 2025, with continued proactive portfolio management.

• Unrestricted cash as of February 12, 2025, was approximately $75 million.