Granite Point Mortgage Trust Inc. · NYSE:GPMT
Granite Point Mortgage Trust — Q3 2019 Earnings Presentation
17 slides from Granite Point Mortgage Trust's earnings presentation, Nov 5, 2019
Slide 1: Third Quarter 2019 Earnings Presentation
Third Quarter 2019 Earnings Presentation November 06, 2019
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains, in addition to historical information, certain forward-looking statements that are based on our current assumptions, expectations and projections about future performance and events. In particular, statements regarding future economic performance, fi
Slide 3: Company Overview
Company Overview(1) LEADING COMMERCIAL REAL ESTATE FINANCE COMPANY FOCUSED ON DIRECTLY ORIGINATING AND MANAGING SENIOR FLOATING RATE COMMERCIAL MORTGAGE LOANS EXPERIENCED AND CYCLE -TE STE D ATTRACTIVE AND SUSTAINABLE SENIOR CRE TEAM MARKET OPPORTUNITY • Over 20 years of experience each in the comme
Slide 4: Third Quarter 2019 Highlights
Third Quarter 2019 Highlights FINANCIAL . GAAP EPS of $0.32 and Core Earnings(1) of $0.34 per basic share SUMMARY . Book value of $18.65 per common share; declared and paid a dividend of $0.42 per common share . Closed on $636.7 million of senior commercial real estate loan commitments and funded $5
Slide 5: Third Quarter 2019 Portfolio Activity
Third Quarter 2019 Portfolio Activity • Total funding activity of $535.0 million: ORIGINATIONS BY PROPERTY TYPE(1) – Closed 15 newly originated loans with total Hotel, 6.3% commitments of $636.7 million and initial fundings of $475.1 million • Weighted average stabilized LTV of 66% • Weighted averag
Slide 6: YTD and Historical Portfolio Growth
YTD and Historical Portfolio Growth • YTD originated 34 new loans with total commitments of over $1.3 billion and funded over $1.2 billion of gross loan balances(1) 2019 YTD PORTFOLIO ACTIVITY(2) PORTFOLIO GROWTH OVER TIME(3) $5,000 $5,000 $4,655 Total maximum commitments $4,500 $4,500 $667 Future f
Slide 7: Investment Portfolio as of September 30, 2019
Investment Portfolio as of September 30, 2019 KEY PORTFOLIO STATISTICS PROPERTY TYPE(1) GEOGRAPHY Industrial, Other, Southeast, Outstanding 6.8% 0.9% 12.7% $3,988.2m Retail, Principal Balance 9.5% Northeast, Office, 31.2% Total Loan 43.6% Midwest, $4,655.2m Hotel, 14.7% Commitments 14.9% West, 15.9%
Slide 8: Sensitivity to 1-Month U.S. LIBOR
Sensitivity to 1-Month U.S. LIBOR ANNUAL NET INTEREST INCOME PER SHARE SENSITIVITY WEIGHTED AVERAGE LIBOR FLOOR BY LOAN VINTAGE TO CHANGES IN 1-MONTH U.S. LIBOR(1) 2.50% 35.0% 31.2% 30.0% 27.7% 2.00% 23.6% 25.0% $0.17 $0.12 $0.13 1.50% 20.0% $0.08 $0.05 $0.04 % % Portfolio of Month Month LIBOR U.S.
Slide 9: Third Quarter 2019 Earnings Summary
Third Quarter 2019 Earnings Summary SUMMARY INCOME STATEMENT GAAP NET INCOME TO CORE EARNINGS ($ IN MILLIONS, EXCEPT PER SHARE DATA) RECONCILIATION(1) ($ IN MILLIONS, EXCEPT PER SHARE DATA) Net Interest Income $27.1 GAAP Net Income $17.4 Other Income $- Adjustments: Operating Expenses ($9.7) Non-Cas
Slide 10: Financing & Liquidity as of September 30, 2019
Financing & Liquidity as of September 30, 2019 SUMMARY BALANCE SHEET FINANCING SUMMARY ($ IN MILLIONS, EXCEPT PER SHARE DATA) ($ IN MILLIONS) Total Outstanding Wtd. Avg Cash $137.4 Capacity Balance Coupon Repurchase $2,371.7(2) $1,724.9 L+2.03%(3) Investment Portfolio $3,959.5 Agreements(1) Asset-Sp
Slide 11: Appendix
Appendix jm | eee Bee | Be gi Triti ii ie ae
Slide 12: Summary of Investment Portfolio
Summary of Investment Portfolio Original Maximum Loan Principal Carrying Cash All-in Yield at Maturity Stabilized ($ in millions) Commitment Balance Value Coupon(1) Origination(2) (Years) Initial LTV(4) LTV(5) Senior Loans $4,594.5 $3,927.5 $3,898.8 L + 3.67% L + 4.36% 3.2 66.1% 63.7% Subordinated L
Slide 13: Investment Portfolio Detail
Investment Portfolio Detail Maximum All-in Original Origination Loan Principal Carrying Cash Yield at Maturity Property Stabilized ($ in millions) Type Date Commitment Balance Value Coupon(1) Origination(2) (Years) State Type Initial LTV(4) LTV(5) Asset 1 Senior 07/18 $144.2 $113.7 $113.0 L + 3.34%
Slide 14: Average Balances and Yields/Cost of Funds
Average Balances and Yields/Cost of Funds Quarter Ended September 30, 2019 ($ in thousands) Average Balance(1) Interest Income/Expense Net Yield/Cost of Funds Interest-earning assets Loans held-for-investment Senior loans $3,733,792 $61,074 6.5% Subordinated loans 28,433 722 10.2% CMBS 34,121 838 9.
Slide 15: Consolidated Balance Sheets
Consolidated Balance Sheets GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, (in thousands, except share data) 2019 2019 ASSETS (unaudited) Loans held-for-investment $ 3,927,095 $ 3,167,913 Available-for-sale securities, at fair value 12,830 12,606 H
Slide 16: Consolidated Statements of Comprehensive Income
Consolidated Statements of Comprehensive Income Three Months Ended Nine Months Ended GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME September 30, September 30, (in thousands, except share data) 2019 2018 2019 2018 Interest income: (unaudited) (unaudited)
Slide 17: GRANITE POINT. *'
GRANITE POINT. *' MORTGAGE TRUST
Granite Point Mortgage Trust — Q3 2019 Earnings Presentation on 6ix