Granite Point Mortgage Trust Files Q2 2024 10-Q

TL;DR

GPMT filed its Q2 10-Q. Financials are in.

AI Summary

Granite Point Mortgage Trust Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This filing provides investors with a detailed look at Granite Point Mortgage Trust's financial health and operational performance for the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial details and market conditions can introduce medium risk.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240805 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Granite Point Mortgage Trust Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240805 (date) — Filing date
• NEW YORK (location) — Business and mailing address city

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share GPMT NYSE 7.00% Series A Fix

Filing Documents

• gpmt-20240630.htm (10-Q) — 2522KB
• gpmtexh63024101.htm (EX-10.1) — 69KB
• gpmtexh063024311.htm (EX-31.1) — 11KB
• gpmtexh063024312.htm (EX-31.2) — 11KB
• gpmtexh063024321.htm (EX-32.1) — 6KB
• gpmtexh063024322.htm (EX-32.2) — 6KB
• gpmt-20240630_g1.jpg (GRAPHIC) — 27KB
• gpmt-20240630_g2.jpg (GRAPHIC) — 102KB
• gpmt-20240630_g3.jpg (GRAPHIC) — 31KB
• gpmt-20240630_g4.jpg (GRAPHIC) — 32KB
• 0001703644-24-000125.txt ( ) — 11869KB
• gpmt-20240630.xsd (EX-101.SCH) — 78KB
• gpmt-20240630_cal.xml (EX-101.CAL) — 80KB
• gpmt-20240630_def.xml (EX-101.DEF) — 358KB
• gpmt-20240630_lab.xml (EX-101.LAB) — 830KB
• gpmt-20240630_pre.xml (EX-101.PRE) — 600KB
• gpmt-20240630_htm.xml (XML) — 1907KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets at June 30 , 2024, and December 31, 2023 1 Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three and Six Months Ended June 30 , 2024, and 2023 2 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30 , 2024, and 2023 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2024, and 2023 4 Notes to the Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 51

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 52 Item 5. Other Information 52 Item 6. Exhibits 52 Index of Exhibits 53

Signatures

Signatures 54 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and that are subject to the safe harbors created by such sections. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "expect," "target," "believe," "outlook," "potential," "continue," "intend," "seek," "plan," "goals," "future," "likely," "may" and similar expressions or their negative forms, or by references to strategy, plans or intentions. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical facts or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and estimates are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and estimates will prove to be correct or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2023, under the caption " Risk Factors

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) June 30, 2024 December 31, 2023 ASSETS Loans held-for-investment $ 2,616,884 $ 2,718,486 Allowance for credit losses ( 264,140 ) ( 134,661 ) Loans held-for-investment, net 2,352,744 2,583,825 Cash and cash equivalents 85,916 188,370 Restricted cash 12,880 10,846 Real estate owned, net 42,820 16,939 Accrued interest receivable 10,725 12,380 Other assets 41,666 34,572 Total Assets (1) $ 2,546,751 $ 2,846,932 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Repurchase facilities $ 791,556 $ 875,442 Securitized debt obligations 938,075 991,698 Secured credit facility 85,192 84,000 Dividends payable 6,335 14,136 Other liabilities 20,892 22,633 Total Liabilities (1) 1,842,050 1,987,909 Commitments and Contingencies (see Note 10) Stockholders' Equity 7.00 % Series A cumulative redeemable preferred stock, par value $ 0.01 per share; 11,500,000 shares authorized, and 8,229,500 and 8,229,500 shares issued and outstanding, respectively; liquidation preference $ 25.00 per share 82 82 Common stock, par value $ 0.01 per share; 450,000,000 shares authorized, and 50,684,117 shares and 50,577,841 issued and outstanding, respectively 507 506 Additional paid-in capital 1,198,894 1,198,048 Cumulative earnings ( 69,696 ) 67,495 Cumulative distributions to stockholders ( 425,211 ) ( 407,233 ) Total Granite Point Mortgage Trust Inc. Stockholders' Equity 704,576 858,898 Non-controlling interests 125 125 Total Equity 704,701 859,023 Total Liabilities and Stockholders' Equity $ 2,546,751 $ 2,846,932 ______________________ (1) The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Tru

View Full Filing

View this 10-Q filing on SEC EDGAR