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Granite Point Mortgage Trust NYSE:GPMT Stock Report

Last Price


Market Cap







28 Sep, 2022


Company Financials +
GPMT fundamental analysis
Snowflake Score
Future Growth3/6
Past Performance0/6
Financial Health2/6

GPMT Stock Overview

Granite Point Mortgage Trust Inc., a real estate investment trust, originates, invests in, and manages senior floating-rate commercial mortgage loans, and other debt and debt-like commercial real estate investments in the United States.

Granite Point Mortgage Trust Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Granite Point Mortgage Trust
Historical stock prices
Current Share PriceUS$7.43
52 Week HighUS$14.10
52 Week LowUS$7.37
1 Month Change-24.80%
3 Month Change-22.36%
1 Year Change-45.25%
3 Year Change-59.27%
5 Year Change-61.04%
Change since IPO-60.90%

Recent News & Updates

Aug 18

Granite Point Mortgage's Preferred Shares Offer A 10% Yield To Call

GPMT owns a portfolio of senior floating-rate commercial real estate mortgage debt. The underlying result for Q2 was okay, but the dividend on the common shares isn't fully covered. The preferred shares offer a 7.9% yield and a 10.3% yield to call. In 2027, the preferred dividend will be reset if the securities haven't been called. I prefer the safety of the preferred dividends over exposure to the common units at this time. Introduction I have been following Granite Point Mortgage (GPMT) for a while now. I’m not too interested in the common shares but the preferred shares have dropped to a level that I think is now very appealing. An additional interesting feature of the preferred issue, which is trading with (GPMT.PA) as ticker symbol is the fix-to-float: in a few years the preferred dividend will be reset to the 3 month SOFR plus a mark-up. And as interest rates have been increasing, the reset could be more advantageous than I originally had thought. GPMT data by YCharts Granite Point’s Q2 results were improving While the headline result in the second quarter was very uninspiring (a net loss of 32 cents per share), the income statement of Granite Point shows the net loss was caused by a loan loss provision in combination with the loss on extinguishment of debt. GPMT Investor Relations As you can see in the image above, the net interest income was just under $22M and after deducting the $9.5M in other net operating expenses, the normalized net income would have been approximately $13.5M compared to the loss of $13.7M. And even after making the payments on the preferred shares (costing about $3.6M per quarter), Granite Point would still have posted a net income of approximately $10M or approximately 19 cents per share attributable to its shareholders. And if we would look at GPMT from a distributable earnings perspective (which also adds back the non-cash equity compensation to the equation), these earnings would have come in at $11.7M for a result of $0.22/share. GPMT Investor Relations This means it is important to understand why exactly GPMT posted a net loss in the second quarter. The loss on the extinguishment of debt is easy to explain. The company repaid the $100M owed under the senior secured term loan and the total payment included a prepayment penalty as well as a charge-off related to the unamortized discount used for this loan. This term loan had a total cost of around 8%, which means that going forward, Granite Point will save millions of dollars in interest expenses. The increased amount set aside to cover loan losses also makes sense. As of the end of June, the company had almost $3.9B in loans yet its total allowance for loan losses was just over $34M. As some more loans became riskier, Granite Point added an additional $13M to the provisions to make sure it was taking the appropriate measures to deal with some of the more questionable loans. GPMT Investor Relations This does not mean Granite Point is suddenly facing massive portfolio losses. Keep in mind the average LTV ratio is in the mid-60s range while GPMT usually also is the most senior creditor of a borrower entering the default stage. One of the assets where an additional provision was recorded is an office building in the San Diego market. And on the Q2 conference call, Granite Point’s management did a good job in explaining the situation. The soft leasing market in San Diego resulted in an impairment charge but GPMT also emphasized the sponsor has sunk a lot of equity in the project and is thus very incentivized to make it work rather than handing the keys to Granite Point. So as I mentioned in the prepared remarks, we placed the loan on non-accrual status took the asset-specific reserve that we mentioned of $4.5 million. We've been in ongoing call it constructive conversations with the sponsor. They have a significant amount of equity in the property. The CapEx portion of the business plan is complete, but leasing has been for the reasons that I mentioned. I also mentioned that the borrower is currently in the process of marketing the property […]. While it’s too bad seeing Granite Point moving some of the loans into a higher risk category, let’s not forget the total amount of loans with a risk rating of 4 and 5 have actually decreased compared to the end of last year. GPMT Investor Relations This also means the third quarter should be much better and the reported earnings should be getting closer to the distributable earnings as I expect to see a lower loan loss provision while there should be no additional losses on the early extinguishment of debt. Why does this matter for the preferred shareholders? As a reminder, the preferred shares were issued in November last year and the underwriters confirmed the issue price would be $25 and the preferred dividend would be $1.75 per year for a preferred dividend yield of 7%. As mentioned in the introduction, the preferred dividend will be reset in 2027 (if Granite Point doesn’t call the preferred securities). The call date is November 30th 2026, and from the next preferred dividend payment on, in 2027, the preferred dividend gets updated to the 3 month SOFR rate plus a mark-up of 583 base points. A second interesting feature is that there is a floor: the minimum preferred dividend will be 7%, even if the 3 month SOFR would be zero. With the 3 month SOFR currently at approximately 2.77%, this means that if the interest rate remains at the current level, the preferred dividend will reset to 8.6%. That’s 8.6% on the principal amount of $25 indicating an annual preferred dividend of $2.15 will be payable. We already know the distributable earnings were $11.3M during the quarter and this already includes the $3.6M in preferred dividend payments. This means the normalized distributable earnings before taking the preferred dividends into consideration was already $15M, resulting in a preferred dividend coverage ratio of in excess of 400%.

Aug 02

9.3%-Yielding Granite Point Mortgage Is Flying Under The Radar

GPMT is a high-yielding commercial real estate lender that's reasonably leveraged, with a strong investment pipeline and favorable outlook. It maintains a safe investment portfolio comprised primarily of senior first mortgages with a healthy weighted average loan to value ratio. Meanwhile, the stock trades at a material discount to book value and offers an attractive dividend yield. Commercial mortgage REITs remain an attractive asset class with high dividend yields, even when they are supposed to benefit from the impact of rising rates. This was seen in Blackstone Mortgage Trust's (BXMT) strong Q2 results, with strong originations and bottom line growth. This brings me to Granite Point Mortgage Trust (GPMT), which hasn't yet reported its second-quarter results, but may see a similar benefit. GPMT hasn't seen the same uptick in its share price that BXMT has, and in this article, I highlight why this may present a high yield buying opportunity. Why GPMT? Granite Point Mortgage Trust is a relative newcomer to the commercial mREIT space. It went public in 2017, and last year, made the shareholder-friendly move of internalizing its management. This helps to align the interests of shareholders and management, since external managers receive a part of their compensation based on the size of AUM. GPMT maintains a broadly diversified portfolio of commercial real estate loans that are backed by 99% senior first mortgages. Its portfolio also carries a safe 63% weighted average loan to value ratio. At present, the loan portfolio carries a $3.8 billion balance spread across 103 investments. As shown below, the portfolio is diversified by geography and asset type, with office, multifamily, and hotels comprising 85% of the total balance. GPMT Portfolio Mix (Investor Presentation) GPMT is making good headway, as it resolved three of four loans on nonaccrual status during its first quarter, reducing its nonaccruals ratio to 2.7% of the total loan portfolio. It's also seeing strong interest collections, with 100% of borrowers making their contractual payments in accordance with loan agreements. Moreover, GPMT is reasonably leveraged at 2.5x debt to equity. Moreover, GPMT fully repaid $225 million of borrowings under its higher-cost senior secured term loan facilities while releasing approximately $180 million of capital through refinancing 2 de-levered legacy funding vehicles, resulting in lower cost of funds. Distributable earnings came in at $0.24 per share, and management expects these actions to improve its quarterly run-rate net interest income by $0.05 to $0.06 per share. Looking forward, GPMT maintains a strong investment pipeline worth $200 million, and management plans on taking leverage up to 3.0-3.5x to help with funding. It's also well-positioned for a rising rate environment with 98% of its portfolio being floating rate. Risks to the growth thesis include potential for market volatility in the near term, and higher interest rates may affect borrowers' finances. However, given peer BXMT's strong Q2 results, I don't see this as being much of a factor for GPMT's second-quarter results. This is also supported by management's favorable outlook in the last conference call: We continue to see a healthy flow of attractive lending opportunities and are focused on properties with favorable fundamentals. Given the ongoing uncertainties with respect to global events, the pandemic, supply chain disruptions, inflation, rising interest rates and credit spreads, we remain disciplined in our approach to investing, underwriting and loan structure. Given our liquidity and leverage, we are well positioned to take advantage of wider loan spreads and remain opportunistic in further improving our capitalization. With the amount of volatility global markets are experiencing, we believe that U.S. commercial real estate will continue to be viewed as a safe haven asset class by long-term fundamental investors. And our strategy of lending on a senior floating rate basis against institutional quality real estate should generate attractive risk adjusted returns over time. While GPMT's quarterly dividend of $0.25 per share is slightly under-covered by the $0.24 in distributable EPS last quarter, I see potential for coverage to improve due to the aforementioned management actions, which could benefit quarterly EPS by $0.05 to $0.06.

Shareholder Returns

GPMTUS Mortgage REITsUS Market

Return vs Industry: GPMT underperformed the US Mortgage REITs industry which returned -38.5% over the past year.

Return vs Market: GPMT underperformed the US Market which returned -22.1% over the past year.

Price Volatility

Is GPMT's price volatile compared to industry and market?
GPMT volatility
GPMT Average Weekly Movement4.9%
Mortgage REITs Industry Average Movement4.8%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: GPMT is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: GPMT's weekly volatility (5%) has been stable over the past year.

About the Company

201533Jack Taylor

Granite Point Mortgage Trust Inc., a real estate investment trust, originates, invests in, and manages senior floating-rate commercial mortgage loans, and other debt and debt-like commercial real estate investments in the United States. The company provides intermediate-term bridge or transitional financing for various purposes, including acquisitions, recapitalizations, and refinancing, as well as a range of business plans, including lease-up, renovation, repositioning, and repurposing of the commercial property. As of December 31, 2021, its investment portfolio includes 105 commercial real estate loan investments.

Granite Point Mortgage Trust Fundamentals Summary

How do Granite Point Mortgage Trust's earnings and revenue compare to its market cap?
GPMT fundamental statistics
Market CapUS$388.97m
Earnings (TTM)US$9.01m
Revenue (TTM)US$81.96m


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
GPMT income statement (TTM)
Cost of RevenueUS$5.69m
Gross ProfitUS$76.26m
Other ExpensesUS$67.26m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)0.17
Gross Margin93.05%
Net Profit Margin10.99%
Debt/Equity Ratio288.5%

How did GPMT perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio

Does GPMT pay a reliable dividends?

See GPMT dividend history and benchmarks
When do you need to buy GPMT by to receive an upcoming dividend?
Granite Point Mortgage Trust dividend dates
Ex Dividend DateSep 30 2022
Dividend Pay DateOct 17 2022
Days until Ex dividend0 days
Days until Dividend pay date17 days

Does GPMT pay a reliable dividends?

See GPMT dividend history and benchmarks
We’ve recently updated our valuation analysis.


Is GPMT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GPMT?

Other financial metrics that can be useful for relative valuation.

GPMT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio0.8x

Price to Earnings Ratio vs Peers

How does GPMT's PE Ratio compare to its peers?

GPMT PE Ratio vs Peers
The above table shows the PE ratio for GPMT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average10.8x
NREF NexPoint Real Estate Finance
TRTX TPG RE Finance Trust
REFI Chicago Atlantic Real Estate Finance
GPMT Granite Point Mortgage Trust

Price-To-Earnings vs Peers: GPMT is expensive based on its Price-To-Earnings Ratio (43.2x) compared to the peer average (10.8x).

Price to Earnings Ratio vs Industry

How does GPMT's PE Ratio compare vs other companies in the US Mortgage REITs Industry?

Price-To-Earnings vs Industry: GPMT is expensive based on its Price-To-Earnings Ratio (43.2x) compared to the US Mortgage REITs industry average (10.2x)

Price to Earnings Ratio vs Fair Ratio

What is GPMT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GPMT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio43.2x
Fair PE Ratio22.7x

Price-To-Earnings vs Fair Ratio: GPMT is expensive based on its Price-To-Earnings Ratio (43.2x) compared to the estimated Fair Price-To-Earnings Ratio (22.7x).

Share Price vs Fair Value

What is the Fair Price of GPMT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GPMT ($7.43) is trading above our estimate of fair value ($4.19)

Significantly Below Fair Value: GPMT is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is Granite Point Mortgage Trust forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score


Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: GPMT's forecast earnings growth (52.4% per year) is above the savings rate (1.9%).

Earnings vs Market: GPMT's earnings (52.4% per year) are forecast to grow faster than the US market (14.8% per year).

High Growth Earnings: GPMT's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: GPMT's revenue (6.5% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: GPMT's revenue (6.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: GPMT's Return on Equity is forecast to be low in 3 years time (5.8%).

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Past Performance

How has Granite Point Mortgage Trust performed over the past 5 years?

Past Performance Score


Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: GPMT has a large one-off loss of $27.7M impacting its June 30 2022 financial results.

Growing Profit Margin: GPMT's current net profit margins (11%) are lower than last year (30%).

Past Earnings Growth Analysis

Earnings Trend: GPMT's earnings have declined by 6.4% per year over the past 5 years.

Accelerating Growth: GPMT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: GPMT had negative earnings growth (-77.8%) over the past year, making it difficult to compare to the Mortgage REITs industry average (-1.6%).

Return on Equity

High ROE: GPMT's Return on Equity (1.6%) is considered low.

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Financial Health

How is Granite Point Mortgage Trust's financial position?

Financial Health Score


Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: GPMT's short term assets ($4.1B) exceed its short term liabilities ($60.6M).

Long Term Liabilities: GPMT's short term assets ($4.1B) exceed its long term liabilities ($3.0B).

Debt to Equity History and Analysis

Debt Level: GPMT's net debt to equity ratio (274.2%) is considered high.

Reducing Debt: GPMT's debt to equity ratio has increased from 148.2% to 288.5% over the past 5 years.

Debt Coverage: GPMT's debt is not well covered by operating cash flow (1.7%).

Interest Coverage: Insufficient data to determine if GPMT's interest payments on its debt are well covered by EBIT.

Balance Sheet

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What is Granite Point Mortgage Trust current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Granite Point Mortgage Trust Dividend Yield vs Market
How does Granite Point Mortgage Trust dividend yield compare to the market?
SegmentDividend Yield
Company (Granite Point Mortgage Trust)13.5%
Market Bottom 25% (US)1.6%
Market Top 25% (US)4.6%
Industry Average (Mortgage REITs)13.6%
Analyst forecast in 3 Years (Granite Point Mortgage Trust)13.5%

Notable Dividend: GPMT's dividend (13.46%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: GPMT's dividend (13.46%) is in the top 25% of dividend payers in the US market (4.69%)

Stability and Growth of Payments

Stable Dividend: GPMT has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: GPMT has only been paying a dividend for 5 years, and since then payments have fallen.

Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (598.5%), GPMT's dividend payments are not well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (100%), GPMT's dividend payments are not well covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Jack Taylor (66 yo)





Mr. John A. Taylor, also known as Jack, J.D., is Chief Executive Officer of Granite Point Mortgage Trust Inc. since April 7, 2017 and is its President. Mr. Taylor is a Chief Investment Officer at Pine Rive...

CEO Compensation Analysis

Jack Taylor's Compensation vs Granite Point Mortgage Trust Earnings
How has Jack Taylor's remuneration changed compared to Granite Point Mortgage Trust's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a


Mar 31 2022n/an/a


Dec 31 2021US$5mUS$1m


Sep 30 2021n/an/a


Jun 30 2021n/an/a


Mar 31 2021n/an/a


Dec 31 2020US$3mn/a


Sep 30 2020n/an/a


Jun 30 2020n/an/a


Mar 31 2020n/an/a


Dec 31 2019US$1mn/a


Sep 30 2019n/an/a


Jun 30 2019n/an/a


Mar 31 2019n/an/a


Dec 31 2018US$1mn/a


Sep 30 2018n/an/a


Jun 30 2018n/an/a


Mar 31 2018n/an/a


Dec 31 2017US$2mn/a


Compensation vs Market: Jack's total compensation ($USD4.73M) is above average for companies of similar size in the US market ($USD2.92M).

Compensation vs Earnings: Jack's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.

Leadership Team

Experienced Management: GPMT's management team is seasoned and experienced (5.4 years average tenure).

Board Members

Experienced Board: GPMT's board of directors are considered experienced (5.7 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of GPMT?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders920,7401.8%
General Public18,560,81435.5%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 51.96% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
BlackRock, Inc.
9,611,302$71.4m-0.68%no data
The Vanguard Group, Inc.
4,742,311$35.2m0.83%no data
State Street Global Advisors, Inc.
2,411,283$17.9m1.34%no data
Thornburg Investment Management, Inc.
Geode Capital Management, LLC
966,475$7.2m2.95%no data
Invesco Capital Management LLC
Relative Value Partners Group, LLC
Northern Trust Global Investments
589,359$4.4m1.86%no data
BNY Mellon Asset Management
497,993$3.7m1.48%no data
Barclays PLC Private Banking & Investment Banking Investment
Beach Point Capital Management LP
Mirae Asset Global Investments Co., Ltd
Morgan Stanley, Investment Banking and Brokerage Investments
419,987$3.1m-18.84%no data
Charles Schwab Investment Management, Inc.
382,378$2.8m-1.71%no data
Wells Fargo & Company, Securities and Brokerage Investments
349,576$2.6m42.81%no data
Alyeska Investment Group, L.P.
Principal Global Investors, LLC
333,426$2.5m-6.37%no data
EPIQ Partners, LLC
Eaton Vance Management
300,820$2.2m-4.29%no data
Columbia Management Investment Advisers, LLC
276,777$2.1m-5.92%no data
Two Sigma Advisers, LP
Citadel Advisors LLC
259,771$1.9m516.75%no data
Axonic Capital LLC
PGIM, Inc.
243,778$1.8m-9.16%no data
John Taylor
240,118$1.8m0%no data

Company Information

Granite Point Mortgage Trust Inc.'s employee growth, exchange listings and data sources

Key Information

  • Name: Granite Point Mortgage Trust Inc.
  • Ticker: GPMT
  • Exchange: NYSE
  • Founded: 2015
  • Industry: Mortgage REITs
  • Sector: Diversified Financials
  • Implied Market Cap: US$388.968m
  • Shares outstanding: 52.35m
  • Website:

Number of Employees


  • Granite Point Mortgage Trust Inc.
  • 3 Bryant Park
  • 24th Floor, Suite 2400A
  • New York
  • New York
  • 10036
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GPMTNYSE (New York Stock Exchange)YesNew Common StockUSUSDJun 2017
G18DB (Deutsche Boerse AG)YesNew Common StockDEEURJun 2017
GPMT.PRANYSE (New York Stock Exchange)7% FLTG PFD SR AUSUSDNov 2021

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/28 00:00
End of Day Share Price2022/09/28 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.