EarningsGranite Point reported a GAAP loss of $0.86 per share and a distributable loss of $1.98 per share, which was below consensus and analyst estimates.
Loan Loss ReservesGAAP earnings were negatively impacted by a $27.9M, or $0.55 per share, increase to CECL loan loss reserves.
Loan Write-OffsDistributable earnings were negatively impacted by $95.2M in write-offs related to the resolution of four 5-rated loans.
Problematic LoansLoans assigned a 5-rating at December 31 total 21.5% of the portfolio, remaining essentially flat from September 30.