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Granite Point Mortgage Trust Inc., a commercial mortgage REIT, reported a sharp downturn for the quarter ended June 30, 2026. Net loss attributable to common stockholders was $62.0 million, or $(1.29) per share, compared with a loss of $17.0 million a year earlier. Results were driven by a $47.0 million provision for credit losses and a $6.1 million impairment on a Miami Beach office property reclassified as held-for-sale.
Loans held-for-investment fell to $1.23 billion from $1.54 billion at year-end as repayments outpaced modest originations. Nonaccrual loans reached $333.5 million of amortized cost, and the total allowance for credit losses increased to $165.8 million, including seven collateral-dependent loans with $321.3 million of principal and five loans rated “5 – Loss Likely” totaling $252.9 million.
Total assets were $1.46 billion and equity $480.4 million. Cash, cash equivalents and restricted cash were $107.5 million. The company remained in compliance with leverage, net worth and interest-coverage covenants, with tangible net worth of $646.1 million, but management notes that unrestricted cash could temporarily fall below minimum covenant levels in late 2026 without mitigating actions such as an asset sale under contract or potential temporary reductions or suspension of common and preferred dividends.
Granite Point Mortgage Trust reported Q2 2026 GAAP net (loss) attributable to common stockholders of $(62.0) million, or $(1.29) per basic share, driven by a $47.0 million provision for credit losses and a $6.1 million impairment on real estate owned. Distributable Earnings (Loss) were $(37.7) million, or $(0.79) per share, while Distributable Earnings (Loss) Before Realized Gains and Losses were $(4.9) million, or $(0.10) per share.
Book value per common share was $5.70 at June 30, 2026, down from $7.05 at March 31, including $3.44 per share of CECL reserves; the total CECL reserve was $165.8 million, or 11.4% of $1.5 billion of loan commitments, with five risk‑rated “5” loans totaling $252.9 million UPB. The floating‑rate senior loan portfolio had a realized yield of 6.0% and a 1.9x total leverage ratio, supported by $58.5 million of unrestricted cash. Subsequent to quarter‑end, Granite Point refinanced $521 million of legacy CLO assets via a $651 million JPMorgan facility, reducing funding costs by 38 basis points and extending term options.
Granite Point Mortgage Trust Inc., through its wholly owned subsidiary GP Commercial JPM LLC, amended and restated its repurchase financing with JPMorgan Chase Bank. The Facility Amendments increase the maximum size of the uncommitted master repurchase facility to $651 million, extend its stated maturity to July 28, 2028, and provide three 364-day options to further extend the final maturity date. The amendments also adjust principal payment waterfall mechanics and modify the financial covenants related to "Unrestricted Cash" and "Minimum Tangible Net Worth". Granite Point Mortgage Trust entered into a second amended and restated guaranty in favor of JPMorgan, continuing to guarantee obligations under this facility.
Granite Point Mortgage Trust Inc. amended two of its repurchase financing arrangements with major bank counterparties. With Morgan Stanley Bank, N.A., the company extended the termination date of its Master Repurchase and Securities Contract Agreement to June 28, 2027, adjusted principal payment waterfall mechanics, and revised the "Unrestricted Cash" and "Minimum Tangible Net Worth" financial covenants.
Separately, Granite Point amended its Amended and Restated Guaranty and related documents for the Citibank repurchase facility to modify the same "Unrestricted Cash" and "Minimum Tangible Net Worth" covenants. These changes affect how the company’s liquidity and capital levels are measured under its secured financing arrangements but do not create a new facility; they update and extend existing long-term funding relationships.
Granite Point Mortgage Trust director Lazar Nikolic reported an equity award vesting and option-style exercise. On June 5, 2026, he exercised 40,846 restricted stock units, converting them into the same number of common shares at $0.00 per share. The filing notes these RSUs were granted on June 5, 2025 and vested in full on the first anniversary of the grant date under the Amended and Restated Granite Point Mortgage Trust Inc. 2022 Omnibus Incentive Plan.
Following the transaction, Nikolic holds 93,648 shares of common stock directly. He also reports indirect ownership of additional Granite Point shares held through related entities and family relationships, including JPL Opportunity Fund LP, Giordano Family Trusts, Soaring Eagle LLC, and his spouse.
Granite Point Mortgage Trust director Patrick Gregory Halter increased his direct common stock holdings through an RSU vesting. On June 5, 2026, he exercised 40,846 restricted stock units, which converted into 40,846 shares of common stock on a one-for-one basis.
These restricted stock units were originally granted on June 5, 2025 under the Amended and Restated Granite Point Mortgage Trust Inc. 2022 Omnibus Incentive Plan and vested in full on the first anniversary of the grant date. Following the conversion, Halter directly holds 135,209 shares of Granite Point Mortgage Trust common stock, and this RSU award has been fully settled.
Granite Point Mortgage Trust Inc. director Sheila K. McGrath exercised previously granted equity awards, converting 42,814 restricted stock units into the same number of shares of common stock. The exercise price was reported as $0.00 per share, reflecting a stock-based compensation award rather than an open-market purchase.
The restricted stock units were granted on June 5, 2025 under the Amended and Restated Granite Point Mortgage Trust Inc. 2022 Omnibus Incentive Plan and vested in full on the first anniversary of the grant date. Following this conversion, McGrath directly holds 107,416 shares of Granite Point common stock, and no restricted stock units remain from this grant.
Granite Point Mortgage Trust Inc. director Hope B. Woodhouse exercised previously granted restricted stock units that converted into common stock on a one-for-one basis. The transaction involved 43,799 shares of common stock, increasing her direct holdings to 138,222 shares after the transaction. According to the footnotes, the 43,799 restricted stock units were granted on June 5, 2025 under the Amended and Restated Granite Point Mortgage Trust Inc. 2022 Omnibus Incentive Plan and vested in full on the first anniversary of the grant date.
Granite Point Mortgage Trust Inc. director Stephen G. Kasnet exercised 66,929 restricted stock units into common stock and then sold 26,772 shares of common stock at a weighted average price of $1.48 per share. The sale was executed under pre-set Rule 10b5-1 trading instructions, with proceeds intended to cover income tax liabilities related to the June 5, 2026 vesting of the RSU award. After these transactions, Kasnet holds 178,723 common shares directly and 312 shares indirectly through the Kasnet Family Foundation.
Granite Point Mortgage Trust Inc. director Tanuja M. Dehne reported a combination of equity vesting and share sales. On June 5, 2026, she exercised 43,307 restricted stock units, converting them into the same number of common shares at a price of $0.00 per share as part of a prior equity award that vested in full on the first anniversary of its grant.
On June 8, 2026, she then executed an open-market sale of 10,827 common shares at a weighted average price of $1.48 per share, with individual trade prices ranging from $1.43 to $1.55. According to the disclosure, this sale was carried out under pre-arranged trading instructions given on August 13, 2025 in accordance with Rule 10b5-1(c), and she intends to use the proceeds to satisfy income tax liabilities related to the June 5, 2026 vesting of her restricted stock unit award. After these transactions, she directly owns 109,632 common shares of Granite Point Mortgage Trust Inc.