In the near term, we will maintain our conservative stance actively managing our business, protecting our balance sheet, and maintaining lower leverage, while emphasizing liquidity and collaboratively working with our borrowers. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Our senior investment team has long-tenured experience in the commercial real estate debt market. These symbols will be available throughout the site during your session. 3 Bryant Park 24th Floor New York, NY 10036 $85 million in net proceeds to the Company. Granite Point Mortgage Trust Inc. is a commercial real estate finance company that focuses on directly originating, investing in, and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. 1 Includes maximum loan commitments. Our business delivered strong operating results in the first quarter, despite the challenging macro backdrop and negative sentiment around commercial real estate. Granite Point Mortgage Trust Inc. Our leadership team is comprised of professionals from multidisciplinary backgrounds who have successfully navigated many economic and marketing cycles. 770-829-8478 Investor.Relations@globalpay.com. ET). So Jade, let me address it. We continue to expand and diversify a high credit quality portfolio of $3.9 billion in commitments. But just any more clarity on as far as timing as to when you might be getting some of that that capital back that you could either then use for the new buyback authorization or for new loans? Thanks for joining us. April 26, 2023. Often, a smaller spread suggests higher liquidity, meaning more buyers and sellers in the market are willing to negotiate. Id appreciate, thanks. May 3, 2023 ACRES COMMERCIAL REALTY CORP. REPORTS RESULTS FOR FIRST QUARTER MARCH 31, 2023 Why Invest? So weve so the five loans that are rated 5. That does conclude todays teleconference and webcast. Some of those conversations that you can imagine involve getting a new cap. In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), this press release and the accompanying earnings presentation present non-GAAP financial measures, such as Distributable Earnings and Distributable Earnings per basic common share, that exclude certain items. Good morning. Its owned by a well-regarded institutional sponsor who invested significant cash equity to purchase and then renovate the property. Great. Should I buy Granite Point Mortgage Trust (GPMT) - Zacks amount that a seller is currently willing to sell. Sign up today and receive company updates straight to your inbox. Thank you for joining us. GPMT - Granite Point Mortgage Trust Inc. - Yahoo Finance Type a symbol or company name. Sure. Although it can be daily at certain points, but were very much in touch with all these borrowers. We really appreciate your time and attention. You may disconnect your line at this time and have a wonderful day. New York, NY 10154. But these are obviously three plus one plus one, and in good markets they might pay off in two or three years. ET) and the After Hours Market (4:00-8:00 p.m. Appreciate the nice words on the buybacks. As stabilized value may be based on certain assumptions, such as future construction completion, projected re-tenanting, payment of tenant improvement or leasing commissions allowances or free or abated rent periods, or increased tenant occupancy. Type a symbol or company name. The amount of touch were having is pretty significant. We ended the first quarter with an aggregate committed balance of $3.5 billion and an outstanding principle balance of about $3.3 billion, with only $205 million of future funding commitments, accounting for less than 6% of our total commitments. And thank you all for joining our call this morning. For which we established specific CECL reserves of about $67.5 million, which implies an average estimated loss rate on those loans of about 25%. Were certainly seeing rent flowing. Blackstone. You can use the bid-ask spread to determine whether to place a market orderorlimit orderwhen trading, helping you to optimize your price and have a successful order execution. Event. Since our IPO in 2017, we have significantly grown our portfolio and provided fundamental value to our investors while weathering multiple economic, interest rate, and real estate cycles. Our executive team consists of seasoned professionals who possess broad investment management expertise, extensive industry relationships, and on average over 20 years of experience in the commercial real estate debt markets much of that time working together. And is there a I assume theres a specific reserve on this loan. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Granite Point management believes that these non-GAAP measures enable it to perform meaningful comparisons of past, present and future results of the Companys core business operations, and uses these measures to gain a comparative understanding of the Companys operating performance and business trends. This data feed is available via Nasdaq Data Link APIs; to learn more about subscribing, visitNasdaq Data Link's products page. I would like to remind you that remarks made by management during this call and the supporting slides may include forward-looking statements which are uncertain and outside of the companys control. As a result and to provide us with more flexibility to actively manage our capital over time our Board has increased our buyback authorization by an additional five million common shares or almost 10% of our outstanding shares. April 11, 2023. delay times for all exchanges). And the middle market loan our property say that $50 million with a $30 million loan, they are really stepping up to the plate. As the ongoing market disruptions, especially for certain properties located in some of the more challenging cities are likely to continue to create uncertainty. Find the latest Granite Point Mortgage Trust Inc. (GPMT-PA) stock quote, history, news and other vital information to help you with your stock trading and investing. The average price target represents an . Thank you. So we are still seeing as rent rolls turn monthly, quarterly, we are still seeing borrowers getting those underwritten rent bumps. And we are watching it very closely and in deep discussion with our borrowers on a daily or weekly basis. Featuring $3.6 billion1 in total commitments, our 100% loan investment portfolio consists of 99% senior first mortgages and over 98% floating rate loans and is broadly diversified across several property types, geographies, and sponsors. $133.0 million, or 3.8% of total portfolio commitments, inclusive of $67.5 million of specific CECL reserves allocated to five collateral-dependent loans. Apollo Commercial Real Estate Finance Principal balance of $3.4 billion. I thought I heard you, Im sorry if I misheard you. However, there have been a few problem areas. We ended the quarter with over $220 million in cash and continue to actively manage our liquidity, focusing on protecting the balance sheet and our investors capital given the market environment. Reach Document Services, Transfer Agent, Shareholder Relations, Investor Relations and Fixed Income Investor Relations. Computershare 250 Royall Street Canton, MA 02021 United States T: 800-568-3476. delay times for all exchanges). 05/22/2023. Got it. Pursuant to our existing policy for reporting Distributable Earnings referenced above. Declared and paid a cash dividend of $0.20 per common share and a cash dividend of $0.4375 per share of its Series A preferred stock. Yield includes net origination fees and exit fees, but does not include future fundings, and is expressed as a monthly equivalent yield. The illustrative examples herein are forward-looking statements. We are keenly aware of the headwinds in the office market. Apollo Commercial Real Estate Finance, Inc. Reports First Quarter 2023 Results. Accretively repurchased 1.0 million common shares for a total of $5.1 million, resulting in book value accretion of approx. 345 Park Avenue. Thank you again for joining us today, and now we would like to open the call for questions. Were seeing it actually bifurcate a bit. Beyond the risk five rated bucket of office, how is everything else going? Weve had other assets in the Dallas market. It remains unclear when the market environment stabilizes the commercial real estate markets improve and for how long the Fed keeps short-term interest rates elevated. And on the multi-family side, I know everyones focus is on office. Granite Point Mortgage Trust Inc. Thanks for your question. Okay, great. The numbers next to the bid/ask are the size. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical facts or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Okay. And in fact the borrower was under contract to a buyer who planned to convert the property to a hotel, but it fell out of contract shortly after the failure of Silicon Valley Bank. About Granite Point Mortgage Trust Inc. Were looking at all the typical options here. Apollo Commercial Real Estate Finance, Inc. Declares Quarterly Common Stock Dividend. GRANITE POINT MORTGAGE TRUST INC. Both what youve done and the increase that you plan. Granite Point Mortgage Trust Inc. (GPMT) Q1 2023 Earnings Call Compared to the prior period, our GAAP net loss widened due to an increase in our CECL reserves driven by the unsettled market conditions. I will now turn the call over to Marcin for a more detailed review of our financial results. GPMT Stock Price | Granite Point Mortgage Trust Inc - MarketWatch This press release contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The demand affects that. Refinancing of a recently renovated, well-located office building with opportunity to increase rents and occupancy to market levels. There are some that we have our eyes on and are having more significant conversations. Entering text into the input field will update the search result below, that remarks made by management during this call and the supporting slides may include forward-looking statements which are uncertain and outside of the companys control. Were trying to be thoughtful about it, but certainly the objective is over the next couple of quarters to start resolving as many of these as we can. We thank you for your participation today. But I would say the level of dialogue both with us and our borrowers, us and our lenders is kind of daily, weekly, ongoing and constructive. Market Data copyright 2023 QuoteMedia. Please note todays call is being recorded. Chris Petta - Investor Relations Jack Taylor - President and Chief Executive Officer Steve Alpart - Chief Investment Officer and Co-Head-Originations Marcin Urbaszek - Chief Financial Officer. Overview Key Ratios Trading Information Last Close 5.32 Sector Real Estate Industry REIT - Mortgage Investment Style Small Value Day Range 5.21 - 5.40 Year Range 3.97 - 10.83 Market Cap 274.1185. NEW YORK--(BUSINESS WIRE)-- Announces Second Quarter 2023 Common and Preferred Stock Dividends, Granite Point Mortgage Trust Inc. Reports First Quarter 2023 Financial Results and Post Quarter-End Update, Granite Point Mortgage Trust Inc. And thank you for joining us today. Conversion of condominium complex to rental apartments; opportunistic acquisition with ability to increase rents through unit upgrades. So theres a real kind of soup to nuts approach here. 04/17/23. Despite some signs of following and recently emerging signs of some more liquidity in the real estate capital markets, we continue to main our conservative approach to new loan originations. Recent News. Maybe some need an extra year. Announces Dates for First Quarter 2023 Earnings Release and Conference Call Mar 22, 2023 Forward-looking statements are not historical in nature and can be identified by words such as anticipate, estimate, will, should, expect, target, believe, outlook, potential, continue, intend, seek, plan, goals, future, likely, may and similar expressions or their negative forms, or by references to strategy, plans or intentions. OPEN. We did some but not a ton of business, I think, when the say late 2021 into early 2022. And so, it is something where we think that plan of working with them, extending out, renegotiating for higher rates, et cetera, has proven fruitful for us. Thebid&askrefers to the price that an investor is willing to buy or sell a stock. Announces 2023 Annual Meeting of Stockholders, Granite Point Mortgage Trust Inc. Reports Fourth Quarter and Full Year 2022 Financial Results and Post Quarter-End Update, Granite Point Mortgage Trust Inc. The manner, price, number and timing of share repurchases will be subject to a variety of factors, including market conditions and applicable U.S. Securities and Exchange Commission rules. These repurchases have largely used up our prior stock buyback authorization as from time to time we have been an active market participant over the last couple of years, accretively repurchasing almost four million of our common shares. Whats your level of dialogue? You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. The $46 million increase in our CECL reserve quarter-over-quarter was mainly related to a higher allowance on our collateral dependent loans and more recessionary assumptions used in our analysis reflecting the uncertain market environment. So thank you thank you very much for the comments. GPMT-PA - Granite Point Mortgage Trust Inc. - Yahoo Finance Investors may trade in the Pre-Market (4:00-9:30 a.m. We directly source a broad array of potential investment opportunities from which we select the best investments for our portfolio. We repurchased about one million common shares generating attractive returns and meaningful book value accretion for our shareholders, while maintaining our strong liquidity position. Please see our filings. Were looking at leases, were reviewing leases, there is site tours, theres business plans, reviewing business plans, budgets theres still draws going on for CapEx, some leasing. So certainly in some cases, if a borrower wants to put money into a reserve account debt service reserve account thats something that we would consider. Yesterday afternoon, we reported our first quarter GAAP net loss of $37.5 million or $0.72 per basic share, which includes a provision for credit losses of $46.4 million or $0.89 per basic share. The following are select case studies1 that exemplify the breadth of our diverse, high-quality portfolio. Good morning. Investor Materials. Investor Relations - Quarterly and Annual Results - Claros Mortgage But sticking with this, were in intense touch with these borrowers on the office side. Why the differences between Dallas and those other two office loans in your watch list? Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that primarily originates and invests in senior mortgages, mezzanine loans and other commercial real estate-related debt investments collateralized by properties throughout the United States and Europe. Weve bought back our common stock capitalizing on a deep value opportunity created by what we believe to be an unwarranted market discount versus our book value. Thank you. But as we said, our portfolio is supported by borrowers that are looking at the embedded value over time in their assets and are putting money in to support it. The propertys configuration lays out quite well for a conversion to residential use for which there is demand in the market. Given the highly uncertain market environment, our balance sheet remains defensively positioned, benefiting from a well-diversified funding mix leverage that is meaningfully below our target range and a strong liquidity position. We believe providing Distributable Earnings on a supplemental basis to our net income (loss) and cash flow from operating activities, as determined in accordance with GAAP, is helpful to stockholders in assessing the overall performance of our business. June 13, 2023. Receive updates straight into your inbox. And so were seeing that its kind of a funny dynamic in that you might think that the bigger fund operators would be those that would stand behind their properties more. The diversity of our funding and the strength of our lender relationships support the execution of our objectives. I would like to thank everybody for joining us for today. PRESS RELEASE. Data is subject to change. GM Announces 2023 Q2 Earnings Conference Call Details. 2022 Annual Report 942.4 KB. Data Link's cloud-based technology platform allows you to search, discover and access data and analytics for seamless integration via cloud APIs. GPMT | Complete Granite Point Mortgage Trust Inc. stock news by MarketWatch. So weve gone through our risk rankings and our CECL reserves. We anticipate the property will be lifted soon and are hopeful for a resolution this year although the exact timing is hard to predict. Announces $269 million Refinancing of Legacy CRE CLO, View Granite Point Mortgage Trust (GPMT) Declares $0.20 Dividend June 27, 2023 02:06 pm EDT -> Granite Point Mortgage Trust said on June 22, 2023 that its board of directors declared a regular. Kind of can you maybe talk about that a little bit? Appreciate the comments this morning. This one kind of falls in the same general category. GM Releases 2023 Sustainable Finance Report. And I would like to thank our team for all the hard work that youve been putting in to maintain our portfolio and the quality of it. The non-GAAP financial measures presented by the Company represent supplemental information to assist investors in analyzing the results of its operations. Those business plans typically involve renovation, CapEx plan, pushing rent, not so much growing rent as far as market rent growth, but more looking at the property next door and saying, if we do this amount of renovation work, we can get the rent to guys are getting next door. Great. Announces Dates for First Quarter 2023 Earnings Release and . We construct our portfolio on a loan-by-loan basis, emphasizing rigorous credit underwriting, selectivity, and diversification by property type, market, and sponsor. Latest Press. The Broader Ares Firm. Portfolio of $3.5 billion in total commitments comprised of over 99% senior loans and 98% floating rate with a weighted average stabilized LTV of 62.9%. We use Distributable Earnings to evaluate our performance, excluding the effects of certain transactions and GAAP adjustments we believe are not necessarily indicative of our current loan portfolio and operations. Our investors appreciate our comprehensive and rigorous investment selection approach. Featured Press Releases. To participate in the teleconference, please call toll-free (877) 407-8031, (or (201) 689-8031 for international callers), approximately 10 minutes prior to the above start time, and ask to be joined into the Granite Point Mortgage Trust Inc. call. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2022, under the caption Risk Factors, and any subsequent Form 10-Q or other filings made with the SEC. We focus on originating transactions that involve investing in and managing properties of various types across a wide range of locations. Our investment portfolio is comprised of 99% senior first mortgages and over 98% floating rate loans, with $3.5 billion1in total commitments, and is broadly diversified across several property types, geographies, and sponsors. Yes, the headwinds are pretty intense in office nowadays. 31, 2023 10-Q Q1 2023For complete information regarding our financials, see our periodic filings. Investor inquiries. Investor Relations. Please. 1Includes maximum loan commitments. Quick links. Yes. As we have done in the past, we will remain opportunistic with respect to our repurchases, taking into consideration multiple factors as we manage our business. In the near term, we believe that the recent developments in the regional banking sector are likely to further delay market recovery and impact liquidity for commercial real estate assets, given the regional banks significant historical presence in this market. But a couple of things pop up. Granite Point Mortgage Trust Inc. will host a conference call on May 10, 2023, at 11:00 a.m. We have noticed in this earnings call a couple of commercial mortgage reads have had some opportunities and bought back some debt. So, thats helping the multifamily market. And so, I do agree with you that rates are affecting all of commercial real estate. Granite Point Mortgage Trust Inc. During the first quarter, we successfully delivered our FL2 CLO and released a substantial amount of capital, further strengthening our liquidity position. BlackstoneShareholderRelations@Blackstone.com Granite Point Mortgage Trust Inc. Common Stock (GPMT) And we talked about resolution strategies on few of the assets. The majority of our portfolio has either an active cap in place or other structure around the cap. Principal balance of $3.3 billion. Realized $59.5 million of total UPB in loan repayments, principal paydowns and amortization. Investor Relations FACT SHEET. So far in Q2 2023, funded $4.7 million on existing loan commitments and received $75.3 million in loan payoffs. Ended the quarter with over $220 million in cash on hand and a total leverage ratio of 2.5x. Investor Relations | Arbor Realty Trust, Inc. Im not saying everything is going to look like that, but I would say, in general we saw the headlines, in general we feel good about the multifamily. The portfolio is fairly diverse. ET to discuss first quarter 2023 financial results and related information. I mean, right now there is four loans within the office portfolio. OPEN. We target primary and secondary markets through a unique origination platform that provides exceptional sourcing capabilities. Just given the market the timing is hard to predict, but high level, look we certainly dont want to be, and were not going to be a forced seller. Investor FAQs And I think the best, most renovated buildings are seeing demand, which is also somewhat surprising, given your comments about the two conversions, those are freshly renovated projects. RT=Real-Time, EOD=End of Day, Book value of $14.08 per common share, inclusive of $(2.54) per common share total CECL reserve. I was reflecting what our borrowers are reflecting back to us about where their main stresses are. I think that the Fed is affecting the other property sectors, multifamily, industrial, et cetera, where weve seen cap rates widen, but not the level of distress playing out in office. Raymond James Maintains Granite Point Mortgage Trust (GPMT - Nasdaq Weighted average portfolio risk rating of 2.6 at March 31, 2023. Data reflects weightings calculated at the beginning of each month. The buildings physical and locational attributes lend itself well to conversion. So which I believe is the main driver for stress in real estate, commercial estate and in office. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found in our earnings release and slides which are available on our website. Investor Relations Latest News View All May 9, 2023 Granite Point Mortgage Trust Inc. Reports First Quarter 2023 Financial Results and Post Quarter-End Update View Press Release Apr 26, 2023 Granite Point Mortgage Trust Inc. The data displayed in the quote bar updates every 3 seconds; allowing you to monitor prices in real-time. Is this happening to you frequently? Its really path dependent, I believe, largely on the Fed. And I especially want to thank our investors for the support you have showing to us. STOCK INFORMATION GTN (NYSE) Gray Television, Inc. 7.88 Well, Steve, maybe you can address that. My name is Kevin, and I will be your conference facilitator. You have a substantial amount of office loans, some of which are probably slated for maturity this year, given the origination date.
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