Granite Point Mortgage Trust Inc. · NYSE:GPMT
Granite Point Mortgage Trust — Q3 2018 Earnings Presentation
16 slides from Granite Point Mortgage Trust's earnings presentation, Nov 5, 2018
Slide 1: Third Quarter 2018 Earnings Presentation
Third Quarter 2018 Earnings Presentation November 6, 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 XPEX PE RIE NNCE CE D A N D CYCLEC YCLE-TE STE D AT T RAC TIVE A N D S U STAINABLE S E N IOR C RER E T E AAM M MAM A RKRKE E T OPO P P ORTO
Slide 4: Third Quarter 2018 Business Highlights
Third Quarter 2018 Business Highlights . GAAP net income of $16.5 million or $0.38 per basic share; Core Earnings(1) of $17.4 million or $0.40 FINANCIAL per basic share SUMMARY . Taxable income of $18.4 million or $0.42 per basic share; dividend of $0.42 per common share; and book value of $19.00 pe
Slide 5: Third Quarter 2018 Portfolio Activity
Third Quarter 2018 Portfolio Activity • Total funding activity of $249.5 million: ORIGINATIONSPROPERTY BY PROPERTY TYPE TYPE – Closed 6 newly originated loans with total commitments of $297.9 million and initial fundings of $214.4 million Office, • Weighted average stabilized LTV of 59% 17.8% • Weig
Slide 6: Investment Portfolio as of September 30, 2018
Investment Portfolio as of September 30, 2018 KEY PORTFOLIO STATISTICS PROPERTY TYPE GEOGRAPHY Industrial, Midwest, Outstanding Retail(2), 8.0% 5.0% $2.8b Southeast, Principal Balance 11.0% 11.8% Northeast, Total Loan Office, 37.6% $3.2b Hotel, Commitments 50.9% Southwest, 14.5% 21.8% Number of Mult
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 $0.17 NET INTEREST INCOME PER SHARE SENSIVITY TO PORTFOLIO FLOATING VS FIXED CHANGES IN US LIBOR(1) $0.20 Fixed, 1.9% $0.18 $0.16 $0.14 $0.12 $0.10 $0.08 $0.0
Slide 8: Third Quarter 2018 Earnings Summary
Third Quarter 2018 Earnings Summary SUMMARY INCOME STATEMENT GAAP NET INCOME TO CORE EARNINGS ($ IN MILLIONS, EXCEPT PER SHARE DATA) RECONCILIATION(1) ($ IN MILLIONS, EXCEPT PER SHARE DATA) Net Interest Income $24.2 GAAP Net Income $16.5 Other Income $- Operating Expenses ($7.7) Adjustments: GAAP Ne
Slide 9: Financing & Liquidity as of September 30, 2018
Financing & Liquidity as of September 30, 2018 SUMMARY BALANCE SHEET FINANCING SUMMARY ($ IN MILLIONS, EXCEPT PER SHARE DATA) ($ IN MILLIONS) Cash $148.2 Total Outstanding Wtd. Avg Capacity Balance Coupon Investment Portfolio $2,751.7 Repurchase Agreements $2,325.0(2) $1,281.3 L+2.20%(1) Repurchase
Slide 10: Appendix
Appendix 2A ee ee ala Eee Gene
Slide 11: Summary of Investment Portfolio
Summary of Investment Portfolio(1) Original Maximum Loan Principal Carrying Cash All-in Maturity ($ in millions) Commitment Balance Value Coupon(2) Yield(3) (Years) Initial LTV(4) Stabilized LTV Senior Loans $3,125.8 $2,684.3 $2,661.7 L + 4.13% L + 4.91% 3.3 67.2% 62.7% Subordinated Loans $46.7 $46.
Slide 12: Investment Portfolio Detail
Investment Portfolio Detail(1) Maximum Original Origination Loan Principal Carrying Cash All-in Maturity Property ($ in millions) Type Date Commitment Balance Value Coupon(2) Yield(3) (Years) State Type Initial LTV Stabilized LTV Asset 1 Senior 07/18 144.3 110.3 108.7 L + 3.34% L + 4.27% 2.0 CA Reta
Slide 13: Average Balances and Yields/Cost of Funds
Average Balances and Yields/Cost of Funds Quarter Ended September 30, 2018 ($ in thousands) Average Balance(1) Interest Income/Expense Net Yield/Cost of Funds Interest-earning assets Loans held-for-investment Senior loans $2,578,633 $45,215 7.0% Subordinated loans 46,800 1,209 10.3% CMBS 44,522 1,05
Slide 14: Consolidated Balance Sheets
Consolidated Balance Sheets GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, December 31, (in thousands, except share data) 2018 2017 ASSETS (unaudited) Loans held-for-investment $ 2,708,338 $ 2,304,266 Available-for-sale securities, at fair value 12,830 12,798 H
Slide 15: Consolidated Statements of Comprehensive Income
Consolidated Statements of Comprehensive Income GRANITE POINT MORTGAGE TRUST INC. Three Months Ended Nine Months Ended CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME September 30, September 30, (in thousands, except share data) 2018 2017 2018 2017 Interest income: (unaudited) (unaudited)
Slide 16: Granite Point Mortgage Trust
GRANITE POINT. MORTGAGE TRUST
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