GPMT - Granite Point Mortgage Trust: Write-Offs Are Accelerating
2024-03-15 11:04:21 ET
Summary
- Granite Point Mortgage Trust is a small mortgage REIT with a $3 billion loan book invested in floating rate loans.
- GPMT has experienced significant office loan defaults in Q2-Q4 2023, resulting in write-offs and under-earning its dividend.
- While a 67% discount to book value is massive, I discuss why I'm staying away from this one.
Dear readers,
Granite Point Mortgage Trust ( GPMT ) is a relatively small mortgage REIT (mREIT) with a nearly $3 Billion loan book invested in 100% floating rate loans. Its business is very similar to that of a better knows Blackstone Mortgage Trust ( BXMT ). Its loans are primarily backed by office projects (43%), followed by multifamily (32%) and retail (10%)....
Granite Point Mortgage Trust: Write-Offs Are Accelerating