Granite Point Mortgage appoints Blake Johnson as new CFO

NEW YORK - Granite Point Mortgage Trust Inc . (NYSE: NYSE:GPMT) announced today that Blake Johnson will succeed Marcin Urbaszek as Chief Financial Officer starting December 1, 2024. Urbaszek is set to leave the company to pursue a new opportunity, and Johnson will assume the role of Deputy CFO no later than October 28, 2024, to ensure a seamless transition.

Johnson, who previously served as Granite Point's Controller, returns to the company with nearly two decades of experience in finance, accounting, tax, and compliance. His professional background includes roles at Two Harbors (NYSE:TWO) Investment Corp., Wells Fargo Bank, Deloitte, Opus Corporation, and Ernst & Young.

President and CEO Jack Taylor expressed confidence in Johnson's capabilities, citing his financial expertise and familiarity with the company's operations. Taylor also acknowledged Urbaszek's contributions to Granite Point since its inception and his role in building a strong financial foundation for the company.

Urbaszek, who has worked closely with Johnson in the past, expressed his belief that Johnson's leadership will position Granite Point well for future growth. He emphasized that his departure is not due to any financial or operational disagreements or issues with the company.

Granite Point Mortgage Trust Inc. specializes in originating, investing in, and managing commercial mortgage loans and other commercial real estate debt investments. The company is based in New York, NY.

The information in this article is based on a press release statement from Granite Point Mortgage Trust Inc.

In other recent news, Granite Point Mortgage Trust has reported its Q2 2024 results, with a GAAP net loss of $66.7 million, primarily due to credit loss provisions. Despite the loss, the company anticipates increased loan resolutions and repayments in the latter part of 2024. The company's loan portfolio is robust, with $2.7 billion in commitments and a $2.6 billion outstanding principal balance.

Granite Point's recent decision to terminate its Goldman Sachs funding facility reflects limited use in the near term. However, the company expects over $100 million in write-offs in the coming quarters, which should reduce the overall CECL reserve balance. Despite the challenges, Granite Point ended the quarter with about $86 million of unrestricted cash.

These are recent developments and the company remains optimistic about resolving non-accrual loans and improving run rate profitability. Confidence in the company's progress is also echoed by representatives Marcin Urbaszek and Jack Taylor, who see potential for improved liquidity and increased transaction activity in the real estate market. These expectations are buoyed by consensus on potential Federal Reserve interest rate reductions, which have improved market confidence.

InvestingPro Insights

As Granite Point Mortgage Trust Inc. (NYSE: GPMT) welcomes Blake Johnson as the new Chief Financial Officer, investors are closely examining the company's financial health and market performance. According to InvestingPro data, Granite Point currently has a market capitalization of approximately $130.77 million. Despite a challenging market environment, the company is trading at a low Price / Book multiple of 0.19 as of the last twelve months leading up to Q2 2024, which could signal a potential undervaluation relative to its book value.

InvestingPro Tips indicate that management's aggressive share buyback strategy and the anticipation of sales growth in the current year could be positive signs for the company's future. However, analysts remain cautious, as they do not expect Granite Point to be profitable this year. The company's significant dividend yield of 7.75% stands out as a notable aspect for income-focused investors, even though the dividend growth has seen a sharp decline of 75% during the same period.

For investors seeking more in-depth analysis, there are additional InvestingPro Tips available, providing a comprehensive view of Granite Point's financial metrics and market position. Visit https://www.investing.com/pro/GPMT for further insights into the company's performance and investment potential.

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