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Granite Point Mortgage Trust (GPMT) reported a GAAP net loss of $(29.1) million or $(0.56) per share for Q3 2022, with a significant provision for credit losses of $(35.4) million. However, distributable earnings reached $8.7 million, or $0.17 per share. The book value per share stands at $15.24, including a $(1.63) per share reserve. GPMT also declared a cash dividend of $0.25 per share. The company managed a portfolio worth $3.9 billion, mostly consisting of senior loans, and ended Q3 with over $165 million in cash. Subsequent to Q3, GPMT successfully resolved a $114.1 million non-accrual loan.
