Granite Point Mortgage Trust Inc. · NYSE:GPMT
Granite Point Mortgage Trust — Q2 2019 Earnings Presentation
16 slides from Granite Point Mortgage Trust's earnings presentation, Aug 5, 2019
Slide 1: Second Quarter 2019 Earnings Presentation
Second Quarter 2019 Earnings Presentation August 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: Second Quarter 2019 Highlights
Second Quarter 2019 Highlights FINANCIAL . GAAP EPS of $0.34 and Core Earnings(1) of $0.36 per basic share, based on 54.0 million wtd. avg. shares SUMMARY . Book value of $18.74 per common share; declared and paid a dividend of $0.42 per common share . Closed on $422.6 million of senior commercial r
Slide 5: Second Quarter 2019 Portfolio Activity
Second Quarter 2019 Portfolio Activity • Total funding activity of $416.0 million: ORIGINATIONS BY PROPERTY TYPE(1) – Closed 10 newly originated loans with total Other, commitments of $422.6 million and initial fundings 9.5% of $359.9 million Retail, 10.3% • Weighted average stabilized LTV of 59% (2
Slide 6: Investment Portfolio as of June 30, 2019
Investment Portfolio as of June 30, 2019 KEY PORTFOLIO STATISTICS PROPERTY TYPE(1) GEOGRAPHY Industrial, Other, Midwest, Outstanding 7.4% 0.9% 11.5% $3.6b Principal Balance Retail, 10.3% Southeast, Office, 12.2% Northeast, Total Loan 43.2% 32.2% $4.2b Commitments Hotel, 15.8% West, 19.6% Southwest,
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 $0.19 NET INTEREST INCOME PER SHARE SENSITIVITY TO PORTFOLIO FLOATING VS FIXED CHANGES IN US LIBOR(1) $0.19 Floating, $0.14 98.3% $0.10 $0.05 $(0.04) $(0.06)
Slide 8: Second Quarter 2019 Earnings Summary
Second Quarter 2019 Earnings Summary SUMMARY INCOME STATEMENT GAAP NET INCOME TO CORE EARNINGS ($ IN MILLIONS, EXCEPT PER SHARE DATA) RECONCILIATION(1) ($ IN MILLIONS, EXCEPT PER SHARE DATA) Net Interest Income $27.6 GAAP Net Income $18.2 Other Income $0.2 Adjustments: Operating Expenses ($9.6) Non-
Slide 9: Financing & Liquidity as of June 30, 2019
Financing & Liquidity as of June 30, 2019 SUMMARY BALANCE SHEET FINANCING SUMMARY ($ IN MILLIONS, EXCEPT PER SHARE DATA) ($ IN MILLIONS) Total Outstanding Wtd. Avg Cash $92.8 Capacity Balance Coupon Repurchase $2,200.0(2) $1,254.0 L+2.14%(1) Investment Portfolio $3,594.9 Agreements Asset Specific $1
Slide 10: Appendix
Appendix jm | eee Bee | Be gi Triti ii ie ae
Slide 11: Summary of Investment Portfolio
Summary of Investment Portfolio(1) Original Maximum Loan Principal Carrying Cash All-in Yield at Maturity Stabilized ($ in millions) Commitment Balance Value Coupon(2) Origination(3) (Years) Initial LTV(5) LTV(6) Senior Loans $4,145.6 $3,556.9 $3,531.5 L + 3.79% L + 4.53% 3.2 66.0% 63.1% Subordinate
Slide 12: Investment Portfolio Detail
Investment Portfolio Detail(1) Maximum All-in Original Origination Loan Principal Carrying Cash Yield at Maturity Property Stabilized ($ in millions) Type Date Commitment Balance Value Coupon(2) Origination(3) (Years) State Type Initial LTV(5) LTV(6) Asset 1 Senior 07/18 144.3 113.7 112.8 L + 3.34%
Slide 13: Average Balances and Yields/Cost of Funds
Average Balances and Yields/Cost of Funds Quarter Ended June 30, 2019 ($ in thousands) Average Balance(1) Interest Income/Expense Net Yield/Cost of Funds Interest-earning assets Loans held-for-investment Senior loans $3,296,237 $57,409 7.0% Subordinated loans 28,774 724 10.1% CMBS 37,209 924 9.9% To
Slide 14: Consolidated Balance Sheets
Consolidated Balance Sheets GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, (in thousands, except share data) 2019 2019 ASSETS (unaudited) Loans held-for-investment $ 3,560,117 $ 3,167,913 Available-for-sale securities, at fair value 12,830 12,606 Held-t
Slide 15: Consolidated Statements of Comprehensive Income
Consolidated Statements of Comprehensive Income Three Months Ended Six Months Ended GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME June 30, June 30, (in thousands, except share data) 2019 2018 2019 2018 Interest income: (unaudited) (unaudited) Loans held-
Slide 16: Granite Point Mortgage Trust
GRANITE POINT. *' MORTGAGE TRUST
Granite Point Mortgage Trust — Q2 2019 Earnings Presentation on 6ix