Granite Point Mortgage Trust Inc. reported a GAAP net loss attributable to common stockholders of $42.437 million, or $0.86 per basic common share, for the fourth quarter ended December 31, 2024. For the full year 2024, the company recorded a GAAP net loss of $221.452 million, or $4.39 per basic common share.
The company's distributable loss for Q4 2024 was $98.156 million, or $1.98 per basic common share, and for the full year 2024, it was $143.908 million, or $2.85 per basic common share. These losses were significantly impacted by a provision for credit losses of $37.193 million in the fourth quarter and $201.412 million for the full year.
Despite the losses, Granite Point made substantial progress in portfolio management during 2024, resolving over $340 million in nonperforming loans and receiving approximately $415 million from twelve loan repayments. The company also repurchased 2.4 million common shares throughout 2024, reflecting management's belief that its stock was undervalued. The common stock dividend was maintained at $0.05 per share for the quarter.
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