Overview

* Granite Point Mortgage Trust ( GPMT ) Q2 GAAP net loss of $17 mln, driven by credit losses

* Company repurchased 1.25 mln shares, citing undervaluation

* Sold REO property for gain; resolved student housing loan post-quarter

Outlook

* Company plans to return to loan origination in coming quarters

* Extended secured credit facility maturity to December 2026

Result Drivers

* NONPERFORMING LOANS - Resolved five risk-rated 5 loans year-to-date, with two remaining

* SHARE REPURCHASE - Repurchased 1.25 mln shares, citing stock undervaluation

* REO SALE - Sold an REO office property for a net gain

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Net -$13.36

Income mln

Q2 Net $8.04

Interest mln

Income

Q2 Loan -$10.98

Loss mln

Provisio

n

Q2 -$13.36

Pretax mln

Profit

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the specialized reits peer group is "buy."

* Wall Street's median 12-month price target for Granite Point Mortgage Trust Inc ( GPMT ) is $3.00, about 15% above its August 5 closing price of $2.55

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)