Granite Point Mortgage Trust Q2 loss widens as credit loss provisions rise
GPMT•Outlook
- Company did not provide specific financial guidance for the current or future periods
Analyst coverage
- The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
- The average consensus recommendation for the specialized REITs peer group is "buy"
- Wall Street's median 12-month price target for Granite Point Mortgage Trust Inc. is $1.50, about 2.7% above its August 4 closing price of $1.46
Result drivers and key details
- Credit loss provision - Large provision for credit losses contributed to Q2 net loss
- Loan repayments and resolutions - Loan repayments, paydowns, and resolutions reduced loan portfolio, including resolution of a $76 million retail/office loan
- CLO refinancing - Refinancing of two legacy CLOs lowered funding costs by 38 basis points, per CEO Jack Taylor
| Metric | Actual |
|---|---|
| Q2 Net Loss | $58.41 million |
| Q2 Net Interest Income | $4.78 million |
| Q2 Loan Loss Provision | -$46.98 million |
| Q2 Pretax Loss | $58.32 million |
