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This data feed is available via Nasdaq Data Link APIs; to learn more about subscribing, visitNasdaq Data Link's products page. In addition, our team is responsible for reviewing operating and capital budgets, approving leases and maintaining an on-going dialogue with our borrowers. I think, yes, you are seeing some leasing activity. One second. Conference Call 04/17/23. Please see page 5 for Distributable Earnings definition and a reconciliation of GAAP to non-GAAP financial information. GPMT - Granite Point Mortgage Trust Inc. - Yahoo Finance Forward-looking statements reflect our views regarding future events and are subject to uncertainties that could cause actual results to differ materially from expectations. Investor Day Learn more 2023 Investor Day Agenda Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that primarily originates and invests in senior mortgages, mezzanine loans and other commercial real estate-related debt investments collateralized by properties throughout the United States and Europe. View real-time stock prices and stock quotes for a full financial overview. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Can you also talk about the magnitude; the dollar amount of office maturities you will be facing in the next three quarters? Announces Second Quarter 2023 Common and Preferred Stock Dividends, Granite Point Mortgage Trust Inc. Reports First Quarter 2023 Financial Results and Post Quarter-End Update, Granite Point Mortgage Trust Inc. And on the multi-family side, I know everyones focus is on office. Theres a little bit more on the other two, but this is the majority of the leverage against them. Our repayments and loan pay downs totaled approximately $60 million in the first quarter, which out-pays loan fundings and resulted in a slight decline in our portfolio balance over the quarter. Granite Point Mortgage Trust Inc. This is our second refinancing of this type, following a similar transaction in the second quarter of last year related to our legacy 2018 FL1 CLO and our term financing facility. Yes. BlackstoneShareholderRelations@Blackstone.com Our largest concentrations are in the southeast and southwest. STOCK INFORMATION GTN (NYSE) Gray Television, Inc. 7.88 Source: Granite Point Mortgage Trust Inc. https://www.businesswire.com/news/home/20230509006255/en/. Thank you, Steve. And we had pushed up exit debt yields. Refinancing of a recently renovated, well-located office building with opportunity to increase rents and occupancy to market levels. But just given the market environment we thought it as prudent to maybe movement one notch, but it was more along those lines, nothing that were at this moment concerned about. The Company reported GAAP net (loss) income of ($22.7 million) and $112.1 million, or ($0.17) and $0.79 per basic and diluted share of common stock, for . General Motors Acquires Battery Software Startup ALGOLiON. Our distributor earnings covered our common dividend in the first quarter, despite us carrying over $200 million in cash, which represents over 20% of our equity. Thank you. Franklin BSP Realty Trust, Inc. (FBRT), formerly known as Benefit Street Partners Realty Trust, Inc., is a real estate investment trust ("REIT") that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As the ongoing market disruptions, especially for certain properties located in some of the more challenging cities are likely to continue to create uncertainty. Register for your free account today atdata.nasdaq.com. Market Data powered by ET to discuss first quarter 2023 financial results and related information. As we have mentioned in the past we are in active discussions with all five of these borrowers and are evaluating a variety of potential resolution alternatives and will provide more information as these situations develop over the course of the year. We would like to welcome you all to our first quarter 2023 earnings call. Well, look for starters we really applaud the share buyback. But just any more clarity on as far as timing as to when you might be getting some of that that capital back that you could either then use for the new buyback authorization or for new loans? Investors may trade in the Pre-Market (4:00-9:30 a.m. Thanks for joining us. As the environment stabilizes and likely increased regulations for banks occur, once we are on the other side of the current disruptions, this will allow us to take advantage as a non-bank lender of attractive investment opportunities. Following the onset of Covid-19 in Q1 2020, Six healthcare REIT peers reduced their dividends by a weighted average of -31%.2. Apollo Commercial Real Estate Finance, Inc. Thank you. * Stabilized loan-to-value ratio (LTV) is calculated as the fully funded loan amount (plus any financing that is pari passu with or senior to such loan), including all contractually provided for future fundings, divided by the as stabilized value (as determined in conformance with USPAP) set forth in the original appraisal. [Operator Instructions] Our first question today is coming from Steve DeLaney from JMP Securities. Good morning, Doug. In general, our borrowers continue to support their properties and protect their investments as they recognize the embedded value in those assets and wait for the markets to stabilize and transaction volumes to begin returning to more normalized levels. T: 770-829-8478 Investor.Relations@globalpay.com. With a veteran and highly flexible team, we can quickly adjust our investment strategy to target opportunities. We continue to strengthen a substantial capital base that can support an attractive return profile. 345 Park Avenue. Appreciate the comments this morning. We execute a differentiated origination strategy and invest in the most attractive opportunities to continue to expand and diversify our durable portfolio. Participation from Market Makers and ECNs is strictly voluntary and as a result, these sessions may offer less liquidity and inferior prices. Chris, please go ahead. We repurchased about one million common shares generating attractive returns and meaningful book value accretion for our shareholders, while maintaining our strong liquidity position. And its something that were actively working on, but I cant think anything is imminent as of this call. So thank you thank you very much for the comments. While not all office properties are amenable to such outcomes we would like to point out that the Phoenix and San Diego office loans are two where the highest and best use could be other than an office building. As of March 31st our portfolio weighted average risk rating was 2.6, which was largely unchanged from the prior quarter of 2.5. And we have one right now, by the way, that we did kind of near the peak of the market that they ended up putting in less CapEx, got higher rent bumps, and they are taking it down on an agency deal. The loans underlying the legacy CLO were refinanced on one of our large bank credit facilities, highlighting our good standing with lenders and our ability to refinance our assets even during periods of major market dislocations. Yes, the headwinds are pretty intense in office nowadays. And so, I do agree with you that rates are affecting all of commercial real estate. During the first quarter, we successfully delivered our FL2 CLO and released a substantial amount of capital, further strengthening our liquidity position. Granite Point Mortgage Trust Inc. Market Data copyright 2023 QuoteMedia. Blackstone Mortgage Trust Inc. - Investor Relations Our senior investment team has long-tenured experience in the commercial real estate debt market. Your line is now live. The playback can be accessed by calling (877) 660-6853 (or (201) 612-7415 for international callers) and providing the Access Code 13738058. We do not undertake any obligations to update any forward-looking statement. Weighted average portfolio risk rating of 2.6 at March 31, 2023. ET). Investor Relations Download the investor presentation - earnings call slides. My name is Kevin, and I will be your conference facilitator. Reach Document Services, Transfer Agent, Shareholder Relations, Investor Relations and Fixed Income Investor Relations. And the middle market loan our property say that $50 million with a $30 million loan, they are really stepping up to the plate. The amount of touch were having is pretty significant. Portfolio yield includes nonaccrual loans. Weighted average number of shares of common stock outstanding: GRANITE POINT MORTGAGE TRUST INC. ET). Investors :: Granite Point Mortgage Trust Inc. (GPMT) So we are still seeing as rent rolls turn monthly, quarterly, we are still seeing borrowers getting those underwritten rent bumps. 15 minutes unless otherwise indicated (view Represents Net Income Attributable to Common Stockholders. Event. Since our founding in 2015, our team has evaluated and sourced tens of billions of dollars of potential opportunities and selectively closed on over $6 billion. I want to say though, that this is not Im not guaranteeing that were not going to see any more credit migration downward. Investor Relations Quarterly Earnings Press Releases Events & Presentations Investor Day SEC Filings & Other Disclosures Annual Report & Proxy Fixed Income Shareholder Info ESG Info For Contact Information, Stock Trade Information and to Sign Up for Document Delivery and Alerts, please see below. Although it can be daily at certain points, but were very much in touch with all these borrowers. MPT | Investor Relations - Medical Properties Trust We remain focused on the macro trends in the office market and the individual performance of our office loans. And so, it is something where we think that plan of working with them, extending out, renegotiating for higher rates, et cetera, has proven fruitful for us. I mean, theres many loans that were originated years ago. Granite Point Mortgage Trust Inc. Our CECL reserve at quarter ends stood at about $33 million or $2.54 per share, representing about 3.8% of our portfolio commitments. Good morning everyone, and thanks for taking my question. 12/31/22. Non-GAAP Financial Measures Can you talk about how much of the or how much debt you have against the current non-accrual loans and/or risk rated 5 loans? Great. These repurchases have largely used up our prior stock buyback authorization as from time to time we have been an active market participant over the last couple of years, accretively repurchasing almost four million of our common shares. 05/22/2023. And I appreciate the update on the properties that Steve gave. We have reached the end of our question-and-answer session. And in fact the borrower was under contract to a buyer who planned to convert the property to a hotel, but it fell out of contract shortly after the failure of Silicon Valley Bank. April 11, 2023. Id appreciate, thanks. Were not just in the southeast and southwest. With me on the call this morning are Jack Taylor, our President and Chief Executive Officer; Marcin Urbaszek, our Chief Financial Officer; Steve Alpart, our Chief Investment Officer and Co-Head of Originations; Peter Morral, our Chief Development Officer and Co-Head of Originations; and Steve Plust, our Chief Operating Officer. Press Releases - Apollo Commercial Real Estate Finance Im wondering if youve also considered trying to buy back some of your convertible notes through reverse inquiry or other method. Were trying to be thoughtful about it, but certainly the objective is over the next couple of quarters to start resolving as many of these as we can. See All Investors News. June 13, 2023. The diversity of our funding and the strength of our lender relationships support the execution of our objectives. Principal balance of $3.3 billion. Beginning with our Annual Report on Form 10-K for the year ended December 31, 2022, and for all subsequent reporting periods ending on or after December 31, 2021, we have elected to present Distributable Earnings, a measure that is not prepared in accordance with GAAP, as a supplemental method of evaluating our operating performance. We're internally managed and focus on floating-rate, senior first mortgage loans secured by institutional quality, value-add properties. Portfolio of $3.5 billion in total commitments comprised of over 99% senior loans and 98% floating rate with a weighted average stabilized LTV of 62.9%. We ended the first quarter with an aggregate committed balance of $3.5 billion and an outstanding principle balance of about $3.3 billion, with only $205 million of future funding commitments, accounting for less than 6% of our total commitments. Some of those conversations that you can imagine involve getting a new cap. At Granite Point Mortgage Trust, our objective is to preserve capital while generating highly attractive risk-adjusted returns over the long term. Proud to be a carbon neutral firm Starwood Property Trust 2023; Privacy Policy; California Notice & Privacy Policy See the GAAP to non-GAAP reconciliation table on page 6 of this release. Computershare 250 Royall Street Canton, MA 02021 United States T: 800-568-3476. In contrast, a larger spread suggests lower liquidity, as there are fewer investors willing to negotiate. Can you share with me what that amount would be? (dollars in thousands, except share data). Summary Toggle Arbor Realty Trust Declares Preferred Stock Dividends. But Ill point out another thing too which is what weve observed is in the more middle market with substantial institutional owners, but not so much the mega funds, if you will, they scramble a lot more to support their properties because its more meaningful to them as opposed to some of the larger fund operators who view it as an opportunity maybe just to move on to the next fund that they have already raised. Maybe you want to talk about performance and Ill make another comment. PRESS RELEASE. Terms of Use. Extended the maturity of the Morgan Stanley financing facility to June 2024 and adjusted the borrowing capacity to $475 million. Thank you again for joining us today, and now we would like to open the call for questions. The Companys GAAP financial results and the reconciliations from these results should be carefully evaluated.

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