Company Quick10K Filing
Granite Point Mortgage Trust
Price18.70 EPS1
Shares55 P/E15
MCap1,026 P/FCF19
Net Debt-37 EBIT198
TEV989 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-16
10-Q 2017-09-30 Filed 2017-11-14
10-Q 2017-06-30 Filed 2017-08-14
8-K 2020-11-12
8-K 2020-11-09
8-K 2020-10-26
8-K 2020-10-10
8-K 2020-10-04
8-K 2020-09-25
8-K 2020-08-14
8-K 2020-08-10
8-K 2020-07-06
8-K 2020-06-03
8-K 2020-05-11
8-K 2020-05-05
8-K 2020-04-15
8-K 2020-03-02
8-K 2020-01-10
8-K 2019-12-18
8-K 2019-11-13
8-K 2019-11-05
8-K 2019-10-02
8-K 2019-09-26
8-K 2019-09-24
8-K 2019-08-26
8-K 2019-08-06
8-K 2019-08-05
8-K 2019-07-19
8-K 2019-07-03
8-K 2019-07-03
8-K 2019-05-14
8-K 2019-05-14
8-K 2019-05-06
8-K 2019-03-29
8-K 2019-03-01
8-K 2019-02-28
8-K 2019-02-05
8-K 2019-01-31
8-K 2019-01-31
8-K 2018-12-28
8-K 2018-12-20
8-K 2018-12-14
8-K 2018-11-21
8-K 2018-11-09
8-K 2018-11-05
8-K 2018-10-09
8-K 2018-10-01
8-K 2018-09-17
8-K 2018-08-06
8-K 2018-06-28
8-K 2018-05-23
8-K 2018-05-15
8-K 2018-05-15
8-K 2018-05-15
8-K 2018-05-09
8-K 2018-04-17
8-K 2018-02-20
8-K 2018-02-09
8-K 2018-02-07

GPMT 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Note 1. Organization and Operations
Note 2. Basis of Presentation and Significant Accounting Policies
Note 3. Variable Interest Entities
Note 4. Loans Held - for - Investment, Net of Allowance for Credit Losses
Note 5. Available - for - Sale Securities
Note 6. Held - To - Maturity Securities
Note 7. Cash, Cash Equivalents and Restricted Cash
Note 8. Fair Value
Note 9. Collateralized Borrowings
Note 10. Securitized Debt Obligations
Note 11. Convertible Senior Notes
Note 12. Senior Secured Term Loan Facilities and Warrants To Purchase Shares of Common Stock
Note 13. Commitments and Contingencies
Note 14. Preferred Stock
Note 15. Stockholders' Equity
Note 16. Equity Incentive Plan
Note 17. Restructuring Charges
Note 18. Income Taxes
Note 19. Earnings per Share
Note 20. Related Party Transactions
Note 21. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 gpmtexh93020311.htm
EX-31.2 gpmtexh93020312.htm
EX-32.1 gpmtexh93020321.htm
EX-32.2 gpmtexh93020322.htm

Granite Point Mortgage Trust Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-38124
GRANITE POINT MORTGAGE TRUST INC.
(Exact name of registrant as specified in its charter)
Maryland 61-1843143
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
3 Bryant Park, Suite 2400A 
New York,New York10036
(Address of principal executive offices) (Zip Code)
(646) 540-7940
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareGPMTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of November 6, 2020, there were 55,205,082 shares of outstanding common stock, par value $0.01 per share, issued and outstanding.


Table of Contents


GRANITE POINT MORTGAGE TRUST INC.
INDEX
Page
PART I - FINANCIAL INFORMATION
Item 1.
Financial Statements (unaudited)
PART II - OTHER INFORMATION

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

GRANITE POINT MORTGAGE TRUST INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
September 30,
2020
December 31,
2019
ASSETS
Loans held-for-investment$4,052,201 $4,226,212 
Allowance for credit losses(73,339)— 
Loans held-for-investment, net3,978,862 4,226,212 
Available-for-sale securities, at fair value 12,830 
Held-to-maturity securities 18,076 
Cash and cash equivalents353,679 80,281 
Restricted cash5,326 79,483 
Accrued interest receivable11,933 11,323 
Other assets53,052 32,657 
Total Assets (1)
$4,402,852 $4,460,862 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Repurchase agreements$1,850,845 $1,924,021 
Securitized debt obligations928,623 1,041,044 
Asset-specific financings123,091 116,465 
Revolving credit facilities 42,008 
Convertible senior notes270,847 269,634 
Senior secured term loan facilities205,647  
Dividends payable11,065 23,063 
Other liabilities77,272 24,491 
Total Liabilities (1)
3,467,390 3,440,726 
10% cumulative redeemable preferred stock, par value $0.01 per share; 50,000,000 shares authorized and 1,000 and 1,000 shares issued and outstanding, respectively
1,000 1,000 
Stockholders’ Equity
Common stock, par value $0.01 per share; 450,000,000 shares authorized and 55,205,082 and 54,853,205 shares issued and outstanding, respectively
552 549 
Additional paid-in capital1,057,016 1,048,484 
Accumulated other comprehensive income 32 
Cumulative earnings80,014 162,076 
Cumulative distributions to stockholders(203,120)(192,005)
Total Stockholders’ Equity934,462 1,019,136 
Total Liabilities and Stockholders’ Equity$4,402,852 $4,460,862 
____________________
(1)The condensed 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 September 30, 2020 and December 31, 2019, assets of the VIEs totaled $1,252,969 and $1,387,148, respectively, and liabilities of the VIEs totaled $930,066 and $1,042,122, respectively. See Note 3 - Variable Interest Entities for additional information.
The accompanying notes are an integral part of these condensed consolidated financial statements.
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GRANITE POINT MORTGAGE TRUST INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(in thousands, except share data)
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Interest income:
Loans held-for-investment$56,783 $61,796 $180,341 $176,594 
Loans held-for-sale
774  895  
Available-for-sale securities
119 308 646 927 
Held-to-maturity securities
113 530 659 1,804 
Cash and cash equivalents57 810 424 2,228 
Total interest income57,846 63,444 182,965 181,553 
Interest expense:
Repurchase agreements12,791 17,951 46,742 48,469 
Securitized debt obligations5,431 12,467 21,367 35,880 
Convertible senior notes4,529 4,503 13,570 13,459 
Asset-specific financings901 1,119 2,962 1,717 
Revolving credit facilities217 322 779 1,182 
Senior secured term loan facilities145  145  
Total interest expense24,014 36,362 85,565 100,707 
Net interest income33,832 27,082 97,400 80,846 
Other (loss) income:
Provision for credit losses5,300  (62,241) 
Realized losses on sales(10,019) (16,913) 
Fee income595  1,117 1,115 
Total other (loss) income(4,124) (78,037)1,115 
Expenses:
Management fees3,974 3,801 11,840 11,013 
Incentive fees   244 
Servicing expenses914 1,013 3,025 2,671 
General and administrative expenses5,808 4,877 24,421 15,499 
Restructuring charges43,682  43,682  
Total expenses54,378 9,691 82,968 29,427 
(Loss) income before income taxes(24,670)17,391 (63,605)52,534 
Benefit from income taxes(4)(1)(15)(4)
Net (loss) income(24,666)17,392 (63,590)52,538 
Dividends on preferred stock
25 25 75 75 
Net (loss) income attributable to common stockholders$(24,691)$17,367 $(63,665)$52,463 
Basic (loss) earnings per weighted average common share
$(0.45)$0.32 $(1.15)$1.00 
Diluted (loss) earnings per weighted average common share
$(0.45)$0.32 $(1.15)$1.00 
Dividends declared per common share$0.20 $0.42 $0.20 $1.26 
Weighted average number of shares of common stock outstanding:
Basic
55,205,082 54,853,205 55,140,163 52,492,324 
Diluted
55,205,082 54,853,205 55,140,163 52,492,324 
Comprehensive (loss) income:
Net (loss) income attributable to common stockholders$(24,691)$17,367 $(63,665)$52,463 
Other comprehensive income, net of tax:
Unrealized gain on available-for-sale securities   224 
Other comprehensive income   224 
Comprehensive (loss) income$(24,691)$17,367 $(63,665)$52,687 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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GRANITE POINT MORTGAGE TRUST INC
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
Common Stock
SharesAmountAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Cumulative EarningsCumulative Distributions to StockholdersTotal Stockholders’ Equity
Balance, December 31, 201843,621,174 $436 $836,288 $(192)$91,875 $(100,876)$827,531 
Cumulative effect of adoption of new accounting principle
— — 13 — (13)—  
Adjusted balance, January 1, 201943,621,174 436 836,301 (192)91,862 (100,876)827,531 
Net income— — — — 16,969 — 16,969 
Other comprehensive income before reclassifications— — — 192 — — 192 
Amounts reclassified from accumulated other comprehensive income
— — —  — —  
Net other comprehensive income— — — 192 — — 192 
Issuance of common stock, net of offering costs
8,291,829 83 157,145 — — — 157,228 
Common dividends declared
— — — — — (21,913)(21,913)
Preferred dividends declared
— — — — — (25)(25)
Non-cash equity award compensation
258,918 3 1,146 — — — 1,149 
Balance, March 31, 201952,171,921 522 994,592  108,831 (122,814)981,131 
Net income— — — — 18,177 — 18,177 
Other comprehensive income before reclassifications— — — 32 — — 32 
Amounts reclassified from accumulated other comprehensive income
— — —  — —  
Net other comprehensive income— — — 32 — — 32 
Issuance of common stock, net of offering costs
2,663,095 27 50,150 — — — 50,177 
Common dividends declared
— — — — — (23,039)(23,039)
Preferred dividends declared
— — — — — (25)(25)
Non-cash equity award compensation
18,189  1,283 — — — 1,283 
Balance, June 30, 201954,853,205 549 1,046,025 32 127,008 (145,878)1,027,736 
Net income— — — — 17,392 — 17,392 
Other comprehensive income before reclassifications— — —  — —  
Amounts reclassified from accumulated other comprehensive income
— — —  — —  
Net other comprehensive income— — —  — —  
Issuance of common stock, net of offering costs
   — — —  
Common dividends declared
— — — — — (23,038)(23,038)
Preferred dividends declared
— — — — — (25)(25)
Non-cash equity award compensation
  1,175 — — — 1,175 
Balance, September 30, 201954,853,205 $549 $1,047,200 $32 $144,400 $(168,941)$1,023,240 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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GRANITE POINT MORTGAGE TRUST INC
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data) (Continued)
Common Stock
SharesAmountAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Cumulative EarningsCumulative Distributions to StockholdersTotal Stockholders’ Equity
Balance, December 31, 201954,853,205 $549 $1,048,484 $32 $162,076 $(192,005)$1,019,136 
Cumulative effect of adoption of new accounting principle
— — — — (18,472)— (18,472)
Adjusted balance, January 1, 202054,853,205 549 1,048,484 32 143,604 (192,005)1,000,664 
Net loss— — — — (37,191)— (37,191)
Other comprehensive income before reclassifications— — — (4,511)— — (4,511)
Amounts reclassified from accumulated other comprehensive income— — — 767 — — 767 
Net other comprehensive income— — — (3,744)— — (3,744)
Preferred dividends declared— — — — — (25)(25)
Non-cash equity award compensation283,680 3 1,352 — — — 1,355 
Balance, March 31, 202055,136,885 552 1,049,836 (3,712)106,413 (192,030)961,059 
Net loss— — — — (1,733)— (1,733)
Other comprehensive income before reclassifications— — — 4,223 — — 4,223 
Amounts reclassified from accumulated other comprehensive income
— — — (511)— — (511)
Net other comprehensive income— — — 3,712 — — 3,712 
Preferred dividends declared
— — — — — (25)(25)
Non-cash equity award compensation
68,197  1,323 — — — 1,323 
Balance, June 30, 202055,205,082 552 1,051,159  104,680 (192,055)964,336 
Net loss— — — — (24,666)— (24,666)
Other comprehensive income before reclassifications— — —  — —  
Amounts reclassified from accumulated other comprehensive income
— — —  — —  
Net other comprehensive income— — —  — —  
Issuance of common stock, net of offering costs
   — — —  
Issuance of warrants to purchase common stock
— — 4,541 — — — 4,541 
Common dividends declared
— — — — — (11,040)(11,040)
Preferred dividends declared
— — — — — (25)(25)
Non-cash equity award compensation
  1,316 — — — 1,316 
Balance, September 30, 202055,205,082 $552 $1,057,016 $ $80,014 $(203,120)$934,462 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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GRANITE POINT MORTGAGE TRUST INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Nine Months Ended
September 30,
20202019
Cash Flows From Operating Activities:
Net (loss) income$(63,590)$52,538 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Accretion of discounts and net deferred fees on loans held-for-investment
(12,557)(11,038)
Amortization of deferred debt issuance costs on convertible senior notes, securitized debt obligations and term loan facilities
4,646 5,792 
Provision for credit losses62,241  
Realized losses on sales
16,913  
Equity based compensation3,994 3,607 
Net change in assets and liabilities:
Increase in accrued interest receivable(610)(530)
Increase in other assets(19,899)(10,157)
Increase in other liabilities44,911 10,197 
Net cash provided by operating activities36,049 50,409 
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees
(314,722)(1,216,679)
Proceeds from repayment of loans held-for-investment290,838 468,534 
Principal payments on available-for-sale securities12,798  
Principal payments on held-to-maturity securities18,076 7,102 
Proceeds from sales of loans held-for-sale193,538  
Net cash provided by (used in) investing activities200,528 (741,043)
Cash Flows From Financing Activities:
Proceeds from repurchase agreements397,004 1,014,802 
Principal payments on repurchase agreements(470,180)(790,433)
Proceeds from issuance of securitized debt obligations 646,868 
Principal payments on securitized debt obligations(115,853)(181,000)
Proceeds from asset-specific financings6,626 114,080 
Proceeds from revolving credit facilities38,361 164,598 
Repayment of revolving credit facilities(80,369)(239,598)
Proceeds from senior secured term loan facilities205,647  
Proceeds from issuance of warrants to purchase common stock4,541  
Proceeds from issuance of common stock, net of offering costs 207,405 
Dividends paid on preferred stock(75)(75)
Dividends paid on common stock(23,038)(63,273)
Net cash (used in) provided by financing activities(37,336)873,374 
Net increase in cash, cash equivalents and restricted cash199,241 182,740 
Cash, cash equivalents and restricted cash at beginning of period159,764 123,423 
Cash, cash equivalents and restricted cash at end of period$359,005 $306,163 
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest$83,366 $95,847 
Noncash Activities:
Transfers of loans held-for-investment to loans held-for-sale
$210,452 $ 
Dividends declared but not paid at end of period$11,065 $23,063 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements (unaudited)
Note 1. Organization and Operations
Granite Point Mortgage Trust Inc., or the Company, is a Maryland corporation that focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. The Company’s common stock is listed on the New York Stock Exchange, or NYSE, under the symbol “GPMT.”
Although the Company is currently externally managed by Pine River Capital Management L.P., or the Manager, subsequent to September 30, 2020, the Company entered into an internalization agreement with the Manager pursuant to which the Company will become an internally managed real estate investment trust, or REIT, as of 11:59 p.m. on December 31, 2020. See Note 21 – Subsequent Events for additional discussion of the Company’s internalization.
The Company has elected to be treated as a REIT, as defined under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated one of its subsidiaries as a taxable REIT subsidiary, or TRS, as defined in the Code, to engage in such activities.
Note 2. Basis of Presentation and Significant Accounting Policies
Consolidation and Basis of Presentation
The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying interim unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2020 and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2020 should not be construed as indicative of the results to be expected for future periods or the full year.
The interim unaudited condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation.
All entities in which the Company holds investments that are considered VIEs for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of an entity that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the entity.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes to the underlying collateral of loans due to changes in market capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic and capital markets conditions, the broader commercial real estate market, local geographic sub-markets or other factors) will occur in the near term. As of September 30, 2020, the COVID-19 pandemic remains ongoing, and as a result, numerous countries, including the United States, have declared national emergencies. Such actions have resulted in significant macroeconomic disruptions and have adversely impacted many industries. The ongoing pandemic may continue to adversely impact macroeconomic and market conditions, resulting in a period of global economic slowdown. The rapidly evolving and fluid nature of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying its interim unaudited condensed consolidated financial statements are reasonable and supportable based on the information available as of September 30, 2020. However, the significant degree of uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of September 30, 2020 inherently less certain than they would be absent the current and potential impacts of
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GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements (unaudited)
COVID-19. The Company’s actual results could ultimately differ from its estimates and such differences may be material.
Significant Accounting Policies
Included in Note 2 to the consolidated financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 is a summary of the Company’s significant accounting policies. Provided below is a summary of additional accounting policies that are significant to the Company’s consolidated financial condition and results of operations for the three and nine months ended September 30, 2020.