Granite Point Mortgage Q2 results mixed on modest portfolio growth, rising yields

Kwarkot/iStock via Getty Images Granite Point Mortgage (NYSE:GPMT) Q2 results came in mixed Monday as it experienced moderate portfolio amid sharp increases in short-term interest rates. Shares of the mortgage REIT rose 1.2% in after-hours trading. "After growing our portfolio modestly in the second quarter, primarily in the multifamily sector, we are now reinforcing our balance sheet by increasing cash liquidity and being measured in adding new loans until there is more market stability,” said CEO and President Jack Taylor. Distributable EPS of $0.22 exceeded the average analyst estimate of $0.16 but fell from $0.29 in the year-ago quarter. Q2 net interest income of $21.9M, though, missed the consensus of $23.4M and declined from $22.8M at June 30, 2021. Total expenses were $9.5M at the end of June, up from $8.7M in Q2 of last year. Book value of $16.01 per share at June 30 slid from $16.70 at December 31, 2021. Portfolio of $4.2B in total commitments consisted of more than 99% senior loans with a weighted average stabilized loan-to-value ratio of 63.1%. Conference call on August 9 at 11:00 a.m. ET. In mid-June, Granite Point Mortgage declared a quarterly dividend of $0.25 per share.