Earnings PerformanceGranite Point reported a GAAP loss of $0.86 per share and a distributable loss of $1.98 per share, both below consensus and analyst estimates.
Loan Loss ReservesGAAP earnings were negatively impacted by a $27.9 million, or $0.55 per share, increase to CECL loan loss reserves.
Loan Write-offsDistributable earnings were negatively impacted by $95.2 million in write-offs related to the resolution of four 5-rated loans.