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Granite Point Mortgage Trust Inc. (GPMT) is an internally managed commercial real estate finance company that primarily focuses on originating, investing in, and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. The company aims to preserve stockholders' capital while generating attractive risk-adjusted returns over the long term, primarily through dividends derived from its investment portfolio. GPMT operates as a single business segment and does not break down its revenue by product lines or segments.
- Senior Floating-Rate Commercial Mortgage Loans - Originates and manages loans that are secured by commercial real estate properties, focusing on floating-rate structures to mitigate interest rate risks.
- Debt and Debt-Like Commercial Real Estate Investments - Invests in various forms of debt instruments related to commercial real estate, aiming to diversify its portfolio and enhance returns.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
John ("Jack") A. Taylor ExecutiveBoard | President, CEO, and Director | Chairman of the Board, Innocence Project | CEO since GPMT's inception in 2017; previously Global Head of Real Estate Finance at Prudential Real Estate Investors; led GPMT's IPO and growth as a leading CRE lender. | View Report → |
Blake Johnson Executive | Chief Financial Officer (CFO) | None | Rejoined GPMT in 2024; previously served as Controller; extensive experience in finance and accounting, including roles at Two Harbors and Wells Fargo. | |
Ethan Lebowitz Executive | Deputy COO (to become COO by May 2025) | None | Deputy COO; significant contributions to loan originations; previously VP at Prudential Real Estate Investors and Associate Director at Five Mile Capital Partners. | |
Stephen Alpart Executive | Chief Investment Officer (CIO) | None | CIO since GPMT's inception; over 25 years of experience in real estate finance; previously Managing Director at Pine River Capital Management and Prudential Real Estate Investors. | |
Hope B. Woodhouse Board | Independent Director | Trustee, Acadia Realty Trust; Director, Monro, Inc.; Director, Two Harbors Investment Corp. | Independent Director since 2017; Chair of GPMT's Compensation Committee; former COO of Bridgewater Associates and Soros Fund Management. | |
Lazar Nikolic Board | Independent Director | Co-Founder and Managing Member, JPL Advisors | Appointed to the Board in 2025; significant shareholder of GPMT; co-founder of JPL Advisors, focusing on mortgage REITs and specialty finance. | |
Patrick Halter Board | Independent Director | None | Appointed to the Board in 2025; former CEO of Principal Asset Management, overseeing $650 billion in assets; extensive experience in real estate investment management. | |
Sheila K. McGrath Board | Independent Director | Trustee, Alexandria Real Estate Equities; Advisory Board Member, REIAC | Independent Director since 2023; over 25 years of experience in REITs; previously Senior Managing Director at Evercore and Managing Director at Keefe, Bruyette & Woods. | |
Stephen G. Kasnet Board | Chair of the Board | Chair of the Board, Two Harbors Investment Corp.; Trustee, The Governor’s Academy | Chair of GPMT's Board since 2017; extensive experience in governance and finance; previously CEO of Harbor Global Company and Chair of multiple public and private boards. | |
Tanuja M. Dehne Board | Independent Director | Trustee, Lafayette College; Trustee, New York Public Radio; Chair, Gupta Governance Institute | Independent Director since 2017; Chair of the Nominating and Corporate Governance Committee; former CEO of Geraldine R. Dodge Foundation; extensive experience in governance and ESG. | |
W. Reid Sanders Board | Independent Director | Director, Two Harbors Investment Corp.; Director, Mid-America Apartment Communities | Independent Director since 2017; extensive experience in real estate and finance; President of Sanders Properties and member of multiple investment committees. |
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Your progress in resolving nonaccrual loans has been offset by others migrating to nonaccrual status. Can you elaborate on the current state of your 3-rated and 4-rated loans, and how confident are you that we won't see further downgrades to 5-rated loans?
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Given that you have significant office loan exposure maturing over the next 1.4 years, how do you plan to manage the risks associated with these assets, especially considering the challenges in leasing non-Class A office properties?
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With your stock trading at a significant discount to book value, should we expect a continued steady utilization of your share repurchase authorization, or are there factors that might limit further buybacks despite the undervaluation?
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Considering the potential for attractive investment opportunities, are you willing to restart new loan originations before all nonperforming loans are resolved, or is it a prerequisite to fully address existing issues before resuming lending?
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How do recent increases in treasury rates affect your portfolio performance and the timing of nonperforming loan resolutions, particularly those reliant on fixed-rate takeouts?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Morgan Stanley Bank | Repurchase facility counterparty | Financing | $193.165 million outstanding , 14% of equity |
JPMorgan Chase Bank | Repurchase facility counterparty | Financing | $445.713 million outstanding , 7% of equity |
Goldman Sachs Bank USA | Repurchase facility counterparty | Financing | $53.745 million outstanding , 9% of equity |
Citibank | Repurchase facility counterparty | Financing | $176.606 million outstanding , 9% of equity |
Centennial Bank | Repurchase facility counterparty | Financing | $6.213 million outstanding , 2% of equity |
Recent press releases and 8-K filings for GPMT.
- Reported a GAAP net loss of $10.6 million (or $(0.22) per share) and a distributable loss of $27.7 million; declared a dividend of $0.05 per share.
- Achieved a book value of $8.24 per share and a $21 million reduction in the CECL reserve.
- Maintained a robust portfolio with $2B in total commitments (with $1.9B outstanding across 50 investments) and recorded net loan portfolio activity of $(161.4) million reflecting repayments, partial repayments, and resolutions.
- Enhanced liquidity with approximately $86 million in unrestricted cash and executed share repurchases of about 900,000 common shares, contributing to a $0.10 per share book value accretion.
- Improved portfolio quality by reducing high-risk nonaccrual loans from 5 to 3 and maintained a balanced leverage ratio of 2.2x.
- The company reported a GAAP net loss of $(10.6) million and Distributable Earnings (Loss) of $(27.7) million in Q1 2025, with a book value per common share of $8.24.
- It progressed in its loan portfolio activity by resolving risk-rated loans totaling approximately $230 million, repurchasing about 0.9 million common shares at an average price of $2.84, and ending the quarter with $85.7 million in unrestricted cash.
- Earnings release for Q1 2025 will be announced after market close on May 6, 2025, with a conference call scheduled for May 7, 2025 at 11:00 a.m. ET.
- The company reported approximately $74 million in unrestricted cash and noted year-to-date principal repayments exceeding $70 million, with an anticipated additional $90 million in repayments.
- Preliminary financial estimates include a GAAP net loss of $(10.6) million (or $(0.22) per share) and an estimated book value of $8.24 per share.