Granite Point Mortgage Trust Inc
For the period ended Dec 31, 2023. Filed Mar 1, 2024.
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FY2023 · Filed Mar 1, 2024
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Consolidated Balance Sheets at December 31, and December 31,
| December 31,2023 | December 31,2022 | |
|---|---|---|
| ASSETS | ||
| Loans held-for-investment | $2,718,486 | $3,350,150 |
| Allowance for credit losses | (134,661) | (82,335) |
| Loans held-for-investment, net | 2,583,825 | 3,267,815 |
| Cash and cash equivalents | 188,370 | 133,132 |
| Restricted cash | 10,846 | 7,033 |
| Real estate owned, net | 16,939 | — |
| Accrued interest receivable | 12,380 | 13,413 |
| Other assets | 34,572 | 32,708 |
| Total Assets (1) | $2,846,932 | $3,454,101 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Liabilities | ||
| Repurchase facilities | $875,442 | $1,015,566 |
| Securitized debt obligations | 991,698 | 1,138,749 |
| Asset-specific financings | — | 44,913 |
| Secured credit facility | 84,000 | 100,000 |
| Convertible senior notes | — | 130,918 |
| Dividends payable | 14,136 | 14,318 |
| Other liabilities | 22,633 | 24,967 |
| Total Liabilities (1) | 1,987,909 | 2,469,431 |
| Commitments and Contingencies (see Note 10) | ||
| 10.00% cumulative redeemable preferred stock, par value $0.01 per share; 50,000,000 shares authorized | — | 1,000 |
| Stockholders’ Equity | ||
| 7.00% Series A cumulative redeemable preferred stock, par value $0.01 per share; 11,500,000 shares authorized, and 8,229,500 and 8,229,500 shares issued and outstanding, respectively; liquidation preference $25.00 per share | 82 | 82 |
| Common stock, par value $0.01 per share; 450,000,000 shares authorized, and 50,577,841 shares and 52,350,989 issued and outstanding, respectively | 506 | 524 |
| Additional paid-in capital | 1,198,048 | 1,202,315 |
| Cumulative earnings | 67,495 | 130,693 |
| Cumulative distributions to stockholders | (407,233) | (350,069) |
| Total Granite Point Mortgage Trust Inc. Stockholders’ Equity | 858,898 | 983,545 |
| Non-controlling interests | 125 | 125 |
| Total Equity | 859,023 | 983,670 |
| Total Liabilities and Stockholders’ Equity | $2,846,932 | $3,454,101 |
(1)The consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At December 31, 2023, and December 31, 2022, assets of the VIEs totaled $1,233,821 and $1,551,936, respectively, and liabilities of the VIEs totaled $994,081 and $1,141,028, respectively. See Note 5 -Variable Interest Entities and Securitized Debt Obligations, for further detail.
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