Granite Point Mortgage Trust Inc. · NYSE:GPMT
Granite Point Mortgage Trust — Q2 2018 Earnings Presentation
17 slides from Granite Point Mortgage Trust's earnings presentation, Aug 6, 2018
Slide 1: Second Quarter 2018 Earnings Presentation
Second Quarter 2018 Earnings Presentation August 7, 2018
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 E X PE RIE NCE D A N D C YCLE -TE STE D AT T RAC TIVE A N D S U STAINABLE S E N IOR C R E T E AM M A RKE T O P P ORTUNIT Y • Over 20 years of
Slide 4: Second Quarter 2018 Business Highlights
Second Quarter 2018 Business Highlights . GAAP net income of $15.2 million or $0.35 per basic share; Core Earnings(1) of $16.4 million or $0.38 FINANCIAL per basic share (including $0.5 million or $0.01 per basic share of prepayment fee income) SUMMARY . Taxable income of $20.6 million or $0.47 per
Slide 5: Second Quarter 2018 Portfolio Activity
Second Quarter 2018 Portfolio Activity • Total funding activity of $445.9 million: ORIGINATIONSPROPERTY BY PROPERTY TYPE TYPE – Closed 15 newly originated loans with total Retail, 6.0% Industrial, commitments of $498.2 million and initial fundings 3.0% of $411.4 million • Weighted average stabilized
Slide 6: Investment Portfolio as of June 30, 2018
Investment Portfolio as of June 30, 2018 KEY PORTFOLIO STATISTICS PROPERTY TYPE GEOGRAPHY Midwest, Industrial(2), Outstanding 4.8% $2.6b 8.6% Principal Balance Retail, Southeast, 7.1% 13.0% Hotel Southeast 9.6% 16.0% Northeast Northeast, Total Loan 42.6% $2.9b Multifamily(2) , Office 39.4% Commitmen
Slide 7: Interest Rate Sensitivity
Interest Rate Sensitivity • A 100 basis point increase in U.S. LIBOR would increase our annual net interest income per share by approximately $0.18 NET INTEREST INCOME PER SHARE SENSIVITY TO PORTFOLIO FLOATING VS FIXED CHANGES IN US LIBOR(1) $0.20 $0.18 $0.16 $0.14 Floating, 97.9% $0.12 $0.10 $0.08
Slide 8: Case Studies
Case Studies • A $46.5 million senior floating rate loan financing the • Two $18.5 million senior floating rate loans collateralized by acquisition / repositioning of a well-located, mixed-use office two newly constructed Los Angeles multifamily properties and retail building in the NoHo sub-market
Slide 9: Second Quarter 2018 Earnings Summary
Second Quarter 2018 Earnings Summary SUMMARY INCOME STATEMENT GAAP NET INCOME TO CORE EARNINGS ($ IN MILLIONS, EXCEPT PER SHARE DATA) RECONCILIATION(1) ($ IN MILLIONS, EXCEPT PER SHARE DATA) Net Interest Income $22.3 GAAP Net Income $15.2 Other Income $0.5 Operating Expenses ($7.6) Adjustments: GAAP
Slide 10: Financing and Liquidity as of June 30, 2018
Financing and Liquidity as of June 30, 2018 SUMMARY BALANCE SHEET FINANCING SUMMARY ($ IN MILLIONS, EXCEPT PER SHARE DATA) ($ IN MILLIONS) Cash $92.3 Total Outstanding Wtd. Avg Capacity Balance Coupon Investment Portfolio $2,530.1 Repurchase Agreements $2,325.0(2) $1,019.0 L+2.28%(1) Repurchase Agre
Slide 11: Appendix
| MoT eo) lalstaiel=t lg) Appendix
Slide 12: Summary of Investment Portfolio
Summary of Investment Portfolio(1) Maximum Loan Principal Carrying Cash Original Terms ($ in millions) Commitment Balance Value Coupon(2) Yield(3) (Years) Initial LTV(4) Stabilized LTV Senior Loans $2,836.0 $2,458.6 $2,436.6 L + 4.28% L + 4.98% 3.4 68.1% 63.0% Subordinated Loans $47.0 $47.0 $47.0 L
Slide 13: Investment Portfolio Detail
Investment Portfolio Detail(1) Maximum Origination Loan Principal Carrying Cash Original Term Property ($ in millions) Type Date Commitment Balance Value Coupon(2) Yield(3) (Years) State Type Initial LTV Stabilized LTV Asset 1 Senior 09/17 125.0 108.0 106.9 L + 4.45% L + 5.03% 3.0 CT Office 62.9% 58
Slide 14: Average Balances and Yields/Cost of Funds
Average Balances and Yields/Cost of Funds Quarter Ended June 30, 2018 ($ in thousands) Average Balance(1) Interest Income/Expense Net Yield/Cost of Funds Interest-earning assets Loans held-for-investment Senior loans $2,459,550 $40,939 6.7% Subordinated loans 56,191 1,420 10.1% CMBS 48,894 1,121 9.2
Slide 15: Consolidated Balance Sheets
Consolidated Balance Sheets GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, (in thousands, except share data) 2018 2017 ASSETS (unaudited) Loans held-for-investment $ 2,483,606 $ 2,304,266 Available-for-sale securities, at fair value 12,798 12,798 Held-t
Slide 16: Consolidated Statements of Comprehensive Income
Consolidated Statements of Comprehensive Income GRANITE POINT MORTGAGE TRUST INC. Three Months Ended Six Months Ended CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME June 30, June 30, (in thousands, except share data) 2018 2017 2018 2017 Interest income: (unaudited) (unaudited) Loans held-
Slide 17: Granite Point Mortgage Trust
GRANITE POINT.” MORTGAGE TRUST A Pipe River Capital Managed Company "
Granite Point Mortgage Trust — Q2 2018 Earnings Presentation on 6ix