Granite Point Mortgage reports Q2 EPS GAAP (35c) with items, consensus (79c)

Q2 GAAP EPS includes a provision for credit losses of ($11.0M), or (23c) per basic common share. Reports Q2 Book value per common share was $7.99, inclusive of ($3.27) per common share of total CECL reserve. “We continued our progress in resolving nonperforming loans and reducing higher-cost debt,” said Jack Taylor, President and CEO of GPMT. “Year-to-date, five risk-rated 5 loans have been resolved, inclusive of another resolution after quarter end, leaving two remaining. We also sold an REO office property during the second quarter. Additionally, we repurchased 1.25M of our common shares during the quarter, given our belief that the stock is significantly undervalued. We are pleased with this progress and look forward to returning to our core business of originating loans over the coming quarters.”