Granite Point Mortgage Trust Q3 loss widens on credit provisions, REO impairment
GPMT•Granite Point Mortgage Trust’s Q3 net loss attributable to common stockholders widened to $60.3 million, including a $45.4 million credit loss provision and $2.6 million REO impairment. Net interest income fell to $416,000.
1. Quarterly results
Granite Point Mortgage Trust reported a Q3 net loss attributable to common stockholders of $60.25 million, with a $45.4 million credit loss provision and a $2.6 million impairment on real estate owned. Net interest income was $416,000.
2. Loan activity
The company resolved two high-risk loans and collected repayments on office property loans. It refinanced debt facilities and transferred assets to lower funding costs.
3. Company focus
The board continues to review alternatives to enhance stockholder value, while the company remains focused on further loan repayments, resolutions and REO sales.
