Granite Point Mortgage Trust Inc. · NYSE:GPMT
Granite Point Mortgage Trust — Q4 2019 Earnings Presentation
17 slides from Granite Point Mortgage Trust's earnings presentation, Mar 2, 2020
Slide 1: Fourth Quarter 2019 Earnings Presentation
Fourth Quarter 2019 Earnings Presentation March 3, 2020
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: Fourth Quarter and Full Year 2019 Highlights
Fourth Quarter and Full Year 2019 Highlights . Q4 GAAP EPS of $0.32 per basic share and $1.32 per basic share for full year 2019 FINANCIAL . Q4 Core Earnings(1) of $0.34 per basic share and $1.40 per basic share, for full year 2019 SUMMARY . Book value of $18.58 per common share; declared and paid a
Slide 5: Fourth Quarter 2019 Portfolio Activity
Fourth Quarter 2019 Portfolio Activity • Total funding activity of $602.6 million: ORIGINATIONS BY PROPERTY TYPE(1) – Closed 11 newly originated loans with total commitments of $670.9 million and initial fundings Hotel, 7.3% of $516.3 million Retail, 7.3% • Weighted average stabilized LTV of 67% Ind
Slide 6: 2019 and Historical Portfolio Growth
2019 and Historical Portfolio Growth • 2019 originated 45 new loans with total commitments of over $2.0 billion and funded over $1.8 billion of gross loan balances(1) 2019 PORTFOLIO ACTIVITY(2) PORTFOLIO GROWTH OVER TIME(3) $5,000 $5,000 $5,037 Total maximum commitments ($778) $749 $4,288 Future fun
Slide 7: Investment Portfolio as of December 31, 2019
Investment Portfolio as of December 31, 2019 KEY PORTFOLIO STATISTICS PROPERTY TYPE(1) GEOGRAPHY Industrial, Other, Outstanding 7.3% 0.9% $4,288.0m Retail, Principal Balance 9.4% Southeast, 15.7% Northeast, 28.5% Total Loan $5,036.9m Hotel, Office, Midwest, Commitments 15.0% 42.5% 16.8% Southwest, M
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) 3.0% 37.9% 40.0% 35.0% 2.5% 29.0% 30.0% $0.35 25.0% $0.23 2.0% 21.8% $0.19 20.0% $0.13 $0.14 $0.10 1.5% $0.05 $0.05 15.0% % Portfolio of
Slide 9: Fourth Quarter 2019 Earnings Summary
Fourth Quarter 2019 Earnings Summary SUMMARY INCOME STATEMENT GAAP NET INCOME TO CORE EARNINGS ($ IN MILLIONS, EXCEPT PER SHARE DATA) RECONCILIATION(1) ($ IN MILLIONS, EXCEPT PER SHARE DATA) Net Interest Income $28.4 GAAP Net Income $17.7 Other Income $0.1 Adjustments: Operating Expenses ($10.8) Non
Slide 10: Financing & Liquidity as of December 31, 2019
Financing & Liquidity as of December 31, 2019 SUMMARY BALANCE SHEET FINANCING SUMMARY ($ IN MILLIONS, EXCEPT PER SHARE DATA) ($ IN MILLIONS) Total Outstanding Wtd. Avg Cash $80.3 Capacity Balance Coupon(4) Repurchase Investment Portfolio $4,257.1 $2,419.3(2) $1,924.0 L+1.99% Agreements(1) Repurchase
Slide 11: Appendix
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Slide 12: Summary of Investment Portfolio
Summary of Investment Portfolio Original Maximum Loan Principal Carrying Cash All-in Yield at Maturity Stabilized ($ in millions) Commitment Balance Value Coupon(1) Origination(2) (Years) Initial LTV(4) LTV(5) Senior Loans $4,978.1 $4,229.2 $4,198.3 L + 3.54% L + 4.22% 3.1 66.7% 64.2% Subordinated L
Slide 13: Investment Portfolio Detail
Investment Portfolio Detail Maximum All-in Original Origination Loan Principal Carrying Cash Yield at Maturity Property Stabilized ($ in millions) Type Date Commitment Balance Value Coupon(1) Origination(2) (Years) State Type Initial LTV(4) LTV(5) Asset 1 Senior 07/18 $144.3 $113.7 $113.2 L + 3.34%
Slide 14: Average Balances and Yields/Cost of Funds
Average Balances and Yields/Cost of Funds Quarter Ended December 31, 2019 ($ in thousands) Average Balance(1) Interest Income/Expense Net Yield/Cost of Funds Interest-earning assets Loans held-for-investment Senior loans $4,091,889 $62,723 6.1% Subordinated loans 28,090 705 10.0% Available-for-sale
Slide 15: Consolidated Balance Sheets
Consolidated Balance Sheets GRANITE POINT MORTGAGE TRUST INC. CONSOLIDATED BALANCE SHEETS December 31, December 31, (in thousands, except share data) 2019 2018 ASSETS Loans held-for-investment $ 4,226,212 $ 3,167,913 Available-for-sale securities, at fair value 12,830 12,606 Held-to-maturity securit
Slide 16: Consolidated Statements of Comprehensive Income
Consolidated Statements of Comprehensive Income Three Months Ended Year Ended GRANITE POINT MORTGAGE TRUST INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME December 31, December 31, (in thousands, except share data) 2019 2018 2019 2018 Interest income: Loans held-for-investment $ 63,428 $ 51,708
Slide 17: Granite Point Mortgage Trust
GRANITE POINT. *' MORTGAGE TRUST
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