Granite Point Mortgage Trust Inc. · NYSE:GPMT
Granite Point Mortgage Trust — Q4 2018 Earnings Presentation
16 slides from Granite Point Mortgage Trust's earnings presentation, Feb 5, 2019
Slide 1: Fourth Quarter 2018 Earnings Presentation
Fourth Quarter 2018 Earnings Presentation February 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 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: Fourth Quarter and Full Year 2018 Highlights
Fourth Quarter and Full Year 2018 Highlights . GAAP EPS of $0.38 and Core Earnings(1) of $0.40 per basic share for the quarter ($1.45 and $1.53 per FINANCIAL share, respectively for full year 2018) SUMMARY . Taxable income of $0.41 per basic share and dividend of $0.42 per common share for the quart
Slide 5: Fourth Quarter 2018 Portfolio Activity
Fourth Quarter 2018 Portfolio Activity • Total funding activity of $486.6 million: ORIGINATIONSPROPERTY BY PROPERTY TYPE TYPE(1) – Closed 18 newly originated loans with total Hotel, Retail, commitments of $669.3 million and initial fundings 6.5% 3.7% of $443.8 million • Weighted average stabilized L
Slide 6: Investment Portfolio as of December 31, 2018
Investment Portfolio as of December 31, 2018 KEY PORTFOLIO STATISTICS PROPERTY TYPE(1) GEOGRAPHY Industrial, Midwest, Outstanding 11.0% 8.4% $3.2b Southeast, Principal Balance 11.5% Retail, 10.1% Northeast, Total Loan Office, 37.1% $3.9b 47.9% Commitments Hotel, Southwest, 13.3% 21.2% 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 $0.21 NET INTEREST INCOME PER SHARE SENSIVITY TO PORTFOLIO FLOATING VS FIXED CHANGES IN US LIBOR(1) $0.25 $0.20 $0.15 Floating, 98.3% $0.10 Net Interest Incom
Slide 8: Fourth Quarter 2018 Earnings Summary
Fourth Quarter 2018 Earnings Summary SUMMARY INCOME STATEMENT GAAP NET INCOME TO CORE EARNINGS ($ IN MILLIONS, EXCEPT PER SHARE DATA) RECONCILIATION(1) ($ IN MILLIONS, EXCEPT PER SHARE DATA) Net Interest Income $24.3 GAAP Net Income $16.7 Other Income $- Operating Expenses ($7.6) Adjustments: GAAP N
Slide 9: Financing & Liquidity as of December 31, 2018
Financing & Liquidity as of December 31, 2018 SUMMARY BALANCE SHEET FINANCING SUMMARY ($ IN MILLIONS, EXCEPT PER SHARE DATA) ($ IN MILLIONS) Cash $91.7 Total Outstanding Wtd. Avg Capacity Balance Coupon Investment Portfolio $3,207.2 Repurchase Agreements $2,325.0(2) $1,500.5 L+2.12%(1) Repurchase Ag
Slide 10: Appendix
Appendix 2A ee ee ala Eee Gene
Slide 11: Summary of Investment Portfolio
Summary of Investment Portfolio(1) All-in Yield Original Maximum Loan Principal Carrying Cash at Maturity Stabilized ($ in millions) Commitment Balance Value Coupon(2) Origination(3) (Years) Initial LTV(5) LTV(6) Senior Loans $3,773.5 $3,147.3 $3,121.6 L + 3.98% L + 4.75% 3.3 67.1% 63.0% Subordinate
Slide 12: Investment Portfolio Detail
Investment Portfolio Detail(1) Maximum All-in Original Origination Loan Principal Carrying Cash Yield at Maturity Property Stabilized ($ in millions) Type Date Commitment Balance Value Coupon(2) Origination(3) (Years) State Type Initial LTV(5) LTV(6) Asset 1 Senior 07/18 144.3 112.9 111.5 L + 3.34%
Slide 13: Average Balances and Yields/Cost of Funds
Average Balances and Yields/Cost of Funds Quarter Ended December 31, 2018 ($ in thousands) Average Balance(1) Interest Income/Expense Net Yield/Cost of Funds Interest-earning assets Loans held-for-investment Senior loans $2,868,457 $50,495 7.0% Subordinated loans 46,474 1,213 10.4% CMBS 41,464 1,025
Slide 14: Consolidated Balance Sheets
Consolidated Balance Sheets GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED BALANCE SHEETS December 31, December 31, (in thousands, except share data) 2018 2017 ASSETS (unaudited) Loans held-for-investment $ 3,167,913 $ 2,304,266 Available-for-sale securities, at fair value 12,606 12,798 He
Slide 15: Consolidated Statements of Comprehensive Income
Consolidated Statements of Comprehensive Income GRANITE POINT MORTGAGE TRUST INC. Three Months Ended Twelve Months Ended CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME December 31, December 31, (in thousands, except share data) 2018 2017 2018 2017 Interest income: (unaudited) (unaudited)
Slide 16: Granite Point Mortgage Trust
GRANITE POINT. MORTGAGE TRUST
Granite Point Mortgage Trust — Q4 2018 Earnings Presentation on 6ix