Granite Point Mortgage Trust Inc. · NYSE:GPMT

Granite Point Mortgage Trust — Q1 2019 Earnings Presentation

16 slides from Granite Point Mortgage Trust's earnings presentation, May 6, 2019

  1. Slide 1: First Quarter 2019 Earnings Presentation

    First Quarter 2019 Earnings Presentation May 07, 2019

  2. 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

  3. 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

  4. Slide 4: First Quarter 2019 Highlights

    First Quarter 2019 Highlights . FINANCIAL GAAP EPS of $0.35 and Core Earnings(1) of $0.37 per basic share SUMMARY . Book value of $18.81 per common share; declared and paid a dividend of $0.42 per common share . PORTFOLIO Closed on $276.1 million of senior floating rate loan commitments and funded $

  5. Slide 5: First Quarter 2019 Portfolio Activity

    First Quarter 2019 Portfolio Activity • Total funding activity of $279.7 million: ORIGINATIONSPROPERTY BY PROPERTY TYPE TYPE(1) – Closed 9 newly originated loans with total commitments of $276.1 million and initial fundings of $235.0 million • Weighted average stabilized LTV of 65% Hotel, 27.4% • We

  6. Slide 6: Investment Portfolio as of March 31, 2019

    Investment Portfolio as of March 31, 2019 KEY PORTFOLIO STATISTICS PROPERTY TYPE(1) GEOGRAPHY Industrial, Midwest, Outstanding 7.9% 11.7% $3.4b Principal Balance Retail, 9.9% Southeast, 10.8% Northeast, Total Loan Office, 34.4% $4.0b Hotel, 47.6% Commitments 14.5% West, 21.3% Southwest, Number of Mu

  7. 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 $0.20 NET INTEREST INCOME PER SHARE SENSIVITY TO PORTFOLIO FLOATING VS FIXED CHANGES IN US LIBOR(1) $0.20 $0.15 $0.10 $0.05 Floating, 98.4% -$0.05 -$0.10 -$0.

  8. Slide 8: First Quarter 2019 Earnings Summary

    First 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 $26.1 GAAP Net Income $16.9 Other Income $0.9 Adjustments: Operating Expenses ($10.1) Non-

  9. Slide 9: Financing & Liquidity as of March 31, 2019

    Financing & Liquidity as of March 31, 2019 SUMMARY BALANCE SHEET FINANCING SUMMARY ($ IN MILLIONS, EXCEPT PER SHARE DATA) ($ IN MILLIONS) Total Outstanding Wtd. Avg Cash $65.4 Capacity Balance Coupon (2) (1) Investment Portfolio $3,331.6 Repurchase Agreements $2,325.0 $993.6 L+2.21% Revolving Facili

  10. Slide 10: Appendix

    Appendix 7 HA He ee EI Eb 111

  11. Slide 11: Summary of Investment Portfolio

    Summary of Investment Portfolio(1) All-in Yield Original Maximum Loan Principal Carrying Cash at Maturity Stabilized ($ in millions) Commitment Balance Value Coupon(2) Origination(3) (Years) Initial LTV(5) LTV(6) Senior Loans $3,913.3 $3,289.0 $3,264.0 L + 3.92% L + 4.66% 3.2 66.6% 63.4% Subordinate

  12. 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 07/18 144.3 113.7 112.6 L + 3.34%

  13. Slide 13: Average Balances and Yields/Cost of Funds

    Average Balances and Yields/Cost of Funds Quarter Ended March 31, 2019 ($ in thousands) Average Balance(1) Interest Income/Expense Net Yield/Cost of Funds Interest-earning assets Loans held-for-investment Senior loans $3,163,419 $55,743 7.0% Subordinated loans 35,735 922 10.3% CMBS 39,328 969 9.9% T

  14. Slide 14: Consolidated Balance Sheets

    Consolidated Balance Sheets GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, (in thousands, except share data) 2019 2018 ASSETS (unaudited) Loans held-for-investment $ 3,292,989 $ 3,167,913 Available-for-sale securities, at fair value 12,798 12,606 Held-

  15. Slide 15: Consolidated Statements of Comprehensive Income

    Consolidated Statements of Comprehensive Income GRANITE POINT MORTGAGE TRUST INC. Three Months Ended CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME March 31, (in thousands, except share data) 2019 2018 Interest income: (unaudited) Loans held-for-investment $ 56,665 $ 38,793 Available-for-

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