Granite Point Mortgage Trust Inc. reported a GAAP net loss attributable to common stockholders of $34.6 million, or $0.69 per basic common share, for the third quarter ended September 30, 2024. The company also posted a distributable loss of $37.995 million, or $0.75 per basic common share, reflecting ongoing challenges in its loan portfolio.
The financial results included a provision for credit losses of $27.911 million. Despite the losses, GPMT realized $284.7 million in total unpaid principal balance from loan repayments, paydowns, amortization, and resolutions during the quarter. This included a $33.3 million multifamily loan resolution with a $3.3 million loss, a $51.0 million mixed-use loan resolution where a mezzanine note was written-off, and a $37.1 million mixed-use loan resolution with a $22.3 million loss.
In efforts to enhance shareholder value, Granite Point repurchased 0.7 million shares of its common stock for $2.0 million at an average price of $2.73 per share, resulting in book value accretion of approximately $0.10 per share. The Board of Directors also authorized the repurchase of an additional 3 million shares, increasing the total available for repurchase to 5.9 million shares. The company maintained its common stock dividend at $0.05 per share and its preferred stock dividend at $0.4375 per share.
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