Granite Point Mortgage Trust Inc. reported a GAAP net loss attributable to common stockholders of $10.615 million, or $0.22 per basic common share, for the first quarter ended March 31, 2025. The distributable loss for the quarter was $27.676 million, or $0.57 per basic common share.
The company made significant progress in resolving problematic assets, with three risk-rated 5 loans resolved year-to-date, totaling approximately $230 million, leaving three remaining. Additionally, GPMT received $107 million from four full loan repayments and partial paydowns, including three full paydowns secured by office properties. The weighted average loan portfolio risk rating improved to 3.0.
Granite Point repurchased approximately 0.9 million common shares during the first quarter, resulting in book value accretion of $0.10 per share. Post-quarter end, in April, the company extended the maturities of all its repurchase facilities by approximately one year. It also announced the expected resolution of a $52.2 million Minneapolis hotel loan and a $79.9 million Baton Rouge mixed-use loan, both risk-rated 5 and on nonaccrual status, with expected write-offs of $15.4 million and $21.5 million, respectively.
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