Granite Point Mortgage Trust Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported GAAP net loss attributable to common stockholders of $(60.3) million, or $(12.50) per basic weighted average common share, compared to a net loss of $(565) thousand, or $(0.12) per share, in the same period of 2025.
• Reported Distributable Earnings (Loss) of $(33.7) million, or $(6.99) per basic weighted average common share, compared to a loss of $(1.0) million, or $(0.21) per share, in the same period of 2025.
• Reported Distributable Earnings (Loss) Before Realized Gains and Losses of $(8.4) million, or $(1.74) per basic weighted average common share.
• Book value per common share was $44.54, inclusive of a $38.58 per share total CECL reserve.
• Total CECL reserve was $185.9 million, representing 13.7% of total loan portfolio commitments.
• Net loan portfolio activity resulted in a net decrease of $(81.7) million in unpaid principal balance.
• Loan repayments, paydowns, resolutions, and amortization totaled $89.5 million, while new fundings were $7.9 million.
• Net interest income was $416 thousand for the quarter, compared to $10.296 million in the prior year period.
• Total interest expense was $17.973 million for the quarter, compared to $23.424 million in the prior year period.
• Provision for credit losses was $(45.4) million for the quarter, compared to a benefit of $1.643 million in the prior year period.
• Total expenses were $14.675 million for the quarter, compared to $12.462 million in the prior year period.
• Ended the quarter with $44.7 million in unrestricted cash.
• Total Leverage Ratio was 1.9x.

Guidance and Future Outlook:

• Management stated the Board is conducting a review of alternatives to enhance stockholder value.
• The Company remains focused on prudently managing its portfolio by pursuing further repayments, resolutions, and REO sales.
• No specific forward-looking financial guidance or revenue targets were provided in the release.

Business Segments and Product Lines:

• The portfolio consists of 100% senior loans with a 97% floating rate composition.
• Total loan commitments were $1.4 billion with a portfolio weighted average stabilized LTV at origination of 66.0%.
• Realized loan portfolio yield was 5.3%.
• Weighted average loan portfolio risk-rating was 3.3.
• Resolved two risk-rated '5' loans and collected full repayments on two loans secured by office properties during the quarter.
• Specific resolutions included a $52.4 million multifamily loan in Stockbridge, GA, and a $14.7 million hotel loan in New Haven, CT.
• Specific full repayments included a $13.7 million office loan in Cincinnati, OH, and a $5.8 million office loan in Valencia, CA.
• Held two REO assets with an aggregate carrying value of $88.5 million.
• Revenue from real estate owned operations was $3.475 million for the quarter.
• Impairment loss on real estate owned was $2.645 million for the quarter.

Market and Competitive Landscape:

• No specific market share data, competitor names, or broader market trend analysis was included in the press release.

Risks and Challenges:

• The release notes that actual results may differ from forward-looking statements due to risks and uncertainties, including those described in the Form 10-K for the year ended December 31, 2025.
• The Company recorded a significant provision for credit losses of $45.4 million, reflecting potential credit risks in the portfolio.
• The Company holds REO assets with a carrying value of $88.5 million, which carry associated liabilities and potential impairment risks.

Management Commentary and Tone:

• Jack Taylor, President and CEO, stated the Company made "significant progress" by resolving risk-rated loans and collecting full repayments.
• Management highlighted the completion of financing initiatives to reduce the cost of funds and enhance financial flexibility.
• The tone emphasized a focus on "prudently managing" the portfolio while the Board reviews alternatives to enhance stockholder value.

Other Key Points:

• Declared a common stock dividend of $0.10 per share and a cash dividend of $0.4375 per share of Series A preferred stock.
• On October 5, 2026, effected a one-for-ten reverse stock split of outstanding common shares; all share and per-share data in the release are retroactively adjusted for this split.
• Extended the maturity date of the JPMorgan financing facility to July 2028 with three 1-year term extension options and upsized the facility.
• Refinanced two legacy CLOs (GPMT 2021-FL3 and GPMT 2021-FL4) to lower the cost of funding.
• Transferred all assets from Citibank and Morgan Stanley repurchase facilities to the JPMorgan repurchase facility to reduce the cost of funds.
• As of November 2, 2026, the Company held approximately $38.8 million in unrestricted cash.
• In Q4 2026, the Company funded approximately $2.4 million and received a partial paydown of $11.5 million on an office property in California.