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Granite Point Mortgage Trust (NYSE: GPMT) posts $62M Q2 loss as book value falls

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

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.

Positive

  • Refinanced $521 million of legacy CLO assets, lowering their weighted average cost from S+2.38% to S+2.00% and securing a $651 million JPMorgan facility at S+2.17% with a two‑year term plus three one‑year extensions.
  • Extended key financing facilities to 2027, including Citibank, Morgan Stanley and the secured credit facility, while reducing the secured facility spread by 25 bps and planning to pay down $12.0 million of borrowings.

Negative

  • GAAP net (loss) of $(62.0) million in Q2 2026, or $(1.29) per share, reflecting a $47.0 million provision for credit losses and a $6.1 million impairment on real estate owned.
  • Book value per common share declined from $7.05 at March 31, 2026 to $5.70 at June 30, 2026, including $3.44 per share of CECL reserves.
  • CECL reserves increased to $165.8 million, or 11.4% of total loan portfolio commitments, with five risk‑rated “5” loans totaling $252.9 million UPB and specific reserves of about 47.4% on those loans.

Filing Explained

As of August 3, unrestricted cash was $35.7 million, while five risk-rated loans remained in an active, unresolved process.

Form 8-K reports specified material events; here, the company furnished an Item 2.02 report covering second-quarter results and a post-quarter update. The refinancing was completed, while the five risk-rated “5” loan resolutions remain under active pursuit.

The company lists repayment, sale, foreclosure or deed-in-lieu, and restructuring as possible resolution paths. Those alternatives could reduce or change the loan exposure, but the disclosure does not commit to one particular path.

Unrestricted cash was approximately $35.7 million as of August 3, 2026, compared with $58.5 million at June 30, showing a lower reported cash balance after quarter-end.

The main follow-up is a future update on the five risk-rated “5” loans and whether one of the listed resolution paths is completed.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
GAAP net (loss) attributable to common stockholders $(62.0) million For the quarter ended June 30, 2026; $(1.29) per basic share
Distributable Earnings (Loss) $(37.7) million Q2 2026 non-GAAP measure; $(0.79) per basic share
Distributable Earnings (Loss) Before Realized Gains and Losses $(4.9) million Q2 2026 run-rate metric; $(0.10) per basic share
Book value per common share $5.70 As of June 30, 2026, including $3.44 per share of CECL reserve
Total CECL reserve $165.8 million Equal to 11.4% of total loan portfolio commitments at June 30, 2026
Total loan portfolio commitments $1.5 billion 38 senior, primarily floating-rate commercial mortgage loans
Total Leverage Ratio 1.9x Borrowings net of cash divided by total stockholders’ equity at quarter-end
Unrestricted cash balance $58.5 million Cash and cash equivalents available at June 30, 2026
CECL reserve financial
"Total CECL reserve of $165.8 million, or 11.4% of total loan portfolio commitments."
CECL reserve is the amount a lender or financial firm sets aside under the Current Expected Credit Loss accounting rule to cover estimated lifetime losses on loans and other financial assets. It matters to investors because the size and changes of this reserve directly affect reported profits, capital strength and a lender’s cushion against bad loans — think of it as a rainy‑day fund that reflects how much future trouble the firm expects from its loans.
Distributable Earnings (Loss) financial
"Reconciliation of GAAP net (loss) income to Distributable Earnings (Loss)."
Distributable earnings (loss) is the portion of a company's profit or shortfall that, after accounting for accounting adjustments, reserves and legal or contractual limits, is available to be paid out to owners as dividends or distributions. Investors care because it shows how much cash the business can realistically return to shareholders—like the usable portion of a household paycheck after taxes, bills and savings set‑aside—so it signals the sustainability and size of potential payouts.
Real Estate Owned financial
"Real estate owned, held-for-investment, net and held-for-sale balances are disclosed."
Real estate owned (REO) describes properties that a lender has taken ownership of after a borrower failed to keep up mortgage payments and the bank completed the repossession process. It matters to investors because REO shows up on a lender’s books as unsold inventory—affecting the lender’s financial health, cash flow and future profits—and presents buying opportunities or risks for real estate investors due to repair, holding, and resale costs.
Total Leverage Ratio financial
"Ended the quarter with $58.5 million in unrestricted cash and Total Leverage Ratio of 1.9x."
risk-rated “5” loans financial
"Five loans risk rated “5” with an aggregate unpaid principal balance of $252.9 million."
non-GAAP financial measures financial
"This press release and the accompanying earnings presentation present non-GAAP financial measures."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
GAAP net (loss) attributable to common stockholders $(62.0) million wider than $(17.0) million loss in Q2 2025
Diluted (loss) earnings per common share $(1.29) vs $(0.35) in Q2 2025
Distributable Earnings (Loss) $(37.7) million vs $(45.3) million in Q2 2025
Book value per common share $5.70 down from $7.05 at March 31, 2026

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FAQ

How did Granite Point Mortgage Trust (GPMT) perform in Q2 2026?
Granite Point reported a GAAP net (loss) of $(62.0) million, or $(1.29) per share, for Q2 2026. Distributable Earnings (Loss) were $(37.7) million, or $(0.79) per share, and Distributable Earnings (Loss) Before Realized Gains and Losses were $(4.9) million, or $(0.10) per share.

What happened to GPMT’s book value per share in Q2 2026?
Book value per common share was $5.70 as of June 30, 2026, down from $7.05 at March 31, 2026. This figure includes $3.44 per share of CECL reserves, reflecting elevated expected credit losses in the loan portfolio.

How large are Granite Point’s CECL reserves and loan portfolio?
Granite Point carried a total CECL reserve of $165.8 million, equal to 11.4% of total loan portfolio commitments. The company’s floating‑rate, senior loan portfolio totaled $1.5 billion in commitments across 38 loans with a realized yield of 6.0%.

What is Granite Point Mortgage Trust’s leverage and liquidity position?
Granite Point ended Q2 2026 with a Total Leverage Ratio of 1.9x and unrestricted cash of $58.5 million. Recourse leverage was 0.7x, supported by multiple financing facilities and CLO debt backed by its commercial mortgage portfolio.

Did GPMT declare dividends for Q2 2026?
Yes. Granite Point declared a $0.05 dividend per common share and a $0.4375 cash dividend per Series A preferred share for Q2 2026. The common dividend equated to a 13.3% annualized yield based on a $1.50 share price on June 30, 2026.

How is Granite Point addressing credit risk in its portfolio?
The company recorded a $47.0 million provision for credit losses in Q2 2026 and maintained $165.8 million of CECL reserves. Five risk‑rated “5” loans totaled $252.9 million UPB with specific reserves of about 47.4% of their balances.

What financing actions did GPMT take after Q2 2026?
In July, Granite Point refinanced assets from two legacy CLOs, which had $521 million outstanding, into a $651 million JPMorgan facility, reducing the CLO assets’ cost to S+2.00% and setting facility pricing at S+2.17% with multiple extension options.
0001703644false00017036442026-08-052026-08-050001703644us-gaap:CommonStockMemberexch:XNYS2026-08-052026-08-050001703644us-gaap:SeriesAPreferredStockMemberexch:XNYS2026-08-052026-08-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K

Current Report
     
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 

Date of Report (Date of Earliest Event Reported): August 5, 2026

Granite Point Mortgage Trust Inc.
(Exact name of registrant as specified in its charter)
 
Maryland001-3812461-1843143
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
 
1114 Avenue of the Americas, Suite 3020
New York,NY10036
(Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code: (212) 364-5500

Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act  (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading Symbol(s)Name of each exchange on which registered:
Common Stock, par value $0.01 per shareGPMTNYSE
7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share
GPMTPrANYSE
 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐


Item 2.02 Results of Operations and Financial Condition.

On August 5, 2026, Granite Point Mortgage Trust Inc. issued a press release announcing its financial results for the fiscal quarter ended June 30, 2026. A copy of the press release and 2026 Second Quarter Earnings Call Supplemental are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

The information in this Current Report, including Exhibits 99.1 and 99.2 attached hereto, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for any other purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, shall not be deemed incorporated by reference into any filing of the registrant under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filings (unless the registrant specifically states that the information or exhibits in this Item 2.02 are incorporated by reference).

















































Item 9.01Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
99.1
Press Release of Granite Point Mortgage Trust Inc., dated August 5, 2026.
99.2
2026 Second Quarter Earnings Call Supplemental.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 


 
 
 
 
 




 
 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GRANITE POINT MORTGAGE TRUST INC.
By:/s/ MICHAEL J. KARBER
Michael J. Karber
General Counsel and Secretary
Date: August 5, 2026


gpmtlogo.jpg

Granite Point Mortgage Trust Inc. Reports
Second Quarter 2026 Financial Results
and Post Quarter-End Update

NEW YORK, August 5, 2026 – Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced its financial results for the quarter ended June 30, 2026, and provided an update on its activities subsequent to quarter-end. An earnings supplemental containing second quarter 2026 financial results can be viewed at www.gpmtreit.com.

“We continued to execute on our strategic priorities," said Jack Taylor, President, Chief Executive Officer, and Director of Granite Point. "The refinancing of our two legacy CLOs with JPMorgan lowered our cost of funds on these assets by 38 basis points. These assets represent a large part of our portfolio and we believe the refinancing further substantiates their underlying value. We also continue to realize and pursue loan repayments and resolutions to better position the Company for future growth."

Second Quarter 2026 Activity
•Recognized GAAP net (loss) attributable to common stockholders of $(62.0) million, or $(1.29) per basic weighted average common share.
•Distributable Earnings (Loss)(1) of $(37.7) million, or $(0.79) per basic weighted average common share.
•Distributable Earnings (Loss) Before Realized Gains and Losses(1) of $(4.9) million, or $(0.10) per basic weighted average common share.
•Book value per common share was $5.70, inclusive of $(3.44) per common share of total CECL reserve.
•Declared common stock dividend of $0.05 per common share and a cash dividend of $0.4375 per share of its Series A preferred stock.
•Net loan portfolio activity of $(121.8) million in unpaid principal balance.
◦$(129.8) million in loan repayments, paydowns, resolutions and amortization, including one resolution of a $(76.0) million loan secured by a retail property with a previous office component located in Chicago, IL, one full repayment of a $(37.5) million loan secured by an office property in Richmond, VA, and one partial repayment of $(11.7) million of a loan secured by an office property in Los Angeles, CA.
◦$8.0 million in fundings.
•Carried at quarter-end a 97% floating rate loan portfolio with $1.5 billion in total loan commitments comprised of 100% senior loans, with a portfolio weighted average stabilized LTV at origination(2) of 66.1% and a realized loan portfolio yield(3) of 6.0%.
•Total CECL reserve of $165.8 million, or 11.4% of total loan portfolio commitments.
•Weighted average loan portfolio risk-rating was 3.2.
•Held two REO(4) assets with an aggregate carrying value of $90.7 million(5).
•Ended the quarter with $58.5 million in unrestricted cash and Total Leverage Ratio(6) of 1.9x.

Post Quarter-End Update
•So far in Q3’26, funded about $1.6 million on existing loan commitments.
•In July, the Company refinanced the assets in our two legacy CLOs, GPMT 2021-FL3 and GPMT 2021-FL4, by extending and upsizing the JPMorgan financing facility. As of June 30, the two CLOs had a total outstanding balance of $521 million with a weighted average cost of S+2.38%, and the refinance resulted in lowering the weighted average cost by 38 basis points to S+2.00%. The JPMorgan financing facility has a total outstanding balance of approximately $651 million, a weighted average cost of S+2.17%, and a 2-year term with three 1-year term extension options.
•As of August 3, 2026, carried approximately $35.7 million in unrestricted cash.
(1)Please see page 6 for Distributable Earnings (Loss) and Distributable Earnings (Loss) Before Realized Gains and Losses definitions and a reconciliation of GAAP to non-GAAP financial information.
(2)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. As stabilized value may be based on certain assumptions, such as future construction completion, projected re-tenanting, payment of tenant improvement or leasing commissions allowances or free or abated rent periods, or increased tenant occupancies.
(3)Provided for illustrative purposes only. Calculations of realized loan portfolio yield are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Portfolio yield includes nonaccrual loans.
(4)REO represents "Real Estate Owned".
(5)Includes $5.8 million in other assets, net of other liabilities related to leases and $7.3 million in real estate owned liabilities, held-for-sale.
(6)Borrowings outstanding on repurchase facilities, secured credit facility, mortgage loan payable, loan participations sold and CLOs, less cash, divided by total stockholders’ equity.

1

Conference Call
Granite Point Mortgage Trust Inc. will host a conference call on August 6, 2026, at 11:00 a.m. ET to discuss second quarter 2026 financial results and related information. To participate in the teleconference, please call toll-free (877) 407-8031, (or (201) 689-8031 for international callers), approximately 10 minutes prior to the above start time, and ask to be joined into the Granite Point Mortgage Trust Inc. call. You may also listen to the teleconference live via the Internet at www.gpmtreit.com, in the Investor section under the News & Events link. For those unable to attend, a telephone playback will be available beginning August 6, 2026, at 1:00 p.m. ET through August 20, 2026, at 12:00 a.m. ET. The playback can be accessed by calling (877) 660-6853 (or (201) 612-7415 for international callers) and providing the Access Code 13761731. The call will also be archived on the Company’s website in the Investor section under the News & Events link.

About Granite Point Mortgage Trust Inc.
Granite Point Mortgage Trust Inc. is a Maryland corporation focused on directly originating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point is headquartered in New York, NY.  Additional information is available at www.gpmtreit.com.

Forward-Looking Statements
This press release contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, projections and illustrations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “target,” “believe,” “outlook,” “potential,” “continue,” “intend,” “seek,” “plan,” “goals,” “future,” “likely,” “may” and similar expressions or their negative forms, or by references to strategy, plans or intentions. The illustrative examples herein are forward-looking statements. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical facts or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and estimates are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and estimates will prove to be correct or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.

These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2025, under the caption “Risk Factors,” and any subsequent Form 10-Q or other filings made with the SEC. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

This press release is for informational purposes only and shall not constitute, or form a part of, an offer to sell or buy or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.

Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), this press release and the accompanying earnings presentation present non-GAAP financial measures, such as Distributable Earnings (Loss), Distributable Earnings (Loss) Before Realized Gains and Losses, Distributable Earnings (Loss) per basic common share and Distributable Earnings (Loss) Before Realized Gains and Losses per basic common share, that exclude certain items. Granite Point management believes that these non-GAAP measures enable it to perform meaningful comparisons of past, present and future results of the Company’s core business operations, and uses these measures to gain a comparative understanding of the Company’s operating performance and business trends. The non-GAAP financial measures presented by the Company represent supplemental information to assist investors in analyzing the results of its operations. However, because these measures are not calculated in accordance with GAAP, they should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. The Company’s GAAP financial results and the reconciliations from these results should be carefully evaluated. See the GAAP to non-GAAP reconciliation table on page 6 of this release.




2

Additional Information
Stockholders of Granite Point and other interested persons may find additional information regarding the Company at the Securities and Exchange Commission’s Internet site at www.sec.gov or by directing requests to: Granite Point Mortgage Trust Inc., 1114 Avenue of the Americas, Suite 3020, New York, NY 10036, telephone (212) 364-5500.

Contact
Investors: Chris Petta, Head of Investor Relations, Granite Point Mortgage Trust Inc., (212) 364-5500, investors@gpmtreit.com.
3

GRANITE POINT MORTGAGE TRUST INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
June 30,
2026		December 31,
2025
ASSETS(unaudited)
Loans held-for-investment$1,389,380 $1,683,644 
Allowance for credit losses(163,484)(145,912)
Loans held-for-investment, net1,225,896 1,537,732 
Cash and cash equivalents58,478 65,958 
Restricted cash48,994 14,108 
Real estate owned, held-for-investment, net29,984 92,039 
Real estate owned assets, held-for-sale62,151 — 
Accrued interest receivable5,465 7,594 
Other assets31,786 37,793 
Total Assets
$1,462,754 $1,755,224 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Repurchase facilities$313,721 $439,173 
Securitized debt obligations521,646 643,528 
Secured credit facility71,774 71,774 
Mortgage loan payable17,594 17,546 
Loan participations sold28,301 — 
Dividends payable6,172 6,164 
Real estate owned liabilities, held-for-sale7,251 — 
Other liabilities15,898 24,227 
Total Liabilities982,357 1,202,412 
Stockholders’ Equity
7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share; 11,500,000 shares authorized, and 8,229,500 and 8,229,500 shares issued and outstanding, respectively; liquidation preference $25.00 per share82 82 
Common Stock, par value $0.01 per share; 450,000,000 shares authorized, and 48,198,166 shares and 47,563,643 issued and outstanding, respectively
482 476 
Additional paid-in capital1,196,075 1,195,279 
Cumulative earnings(241,543)(180,708)
Cumulative distributions to stockholders(474,824)(462,442)
Total Granite Point Mortgage Trust Inc. Stockholders’ Equity480,272 552,687 
Non-controlling interests125 125 
Total Equity480,397 552,812 
Total Liabilities and Stockholders’ Equity$1,462,754 $1,755,224 
4

GRANITE POINT MORTGAGE TRUST INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(in thousands, except share data) (unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Interest Income:
Loans held-for-investment$21,413 $33,024 $47,034 $67,351 
Cash and cash equivalents415 779 837 1,596 
Total interest income21,828 33,803 47,871 68,947 
Interest expense:
Repurchase facilities5,330 10,590 12,127 22,475 
Securitized debt obligations8,173 12,604 17,285 25,284 
Secured credit facility1,802 2,564 3,591 5,103 
Mortgage loan payable329 — 656 — 
Loan participations sold1,412 — 1,412 — 
Total interest expense17,046 25,758 35,071 52,862 
Net interest income4,782 8,045 12,800 16,085 
Other income (loss):
Revenue from real estate owned operations3,487 3,753 6,707 6,847 
Provision for credit losses(46,981)(10,984)(46,765)(14,754)
Gain (loss) on real estate owned— 301 — 301 
Realized loss on loan sales
— — (18)— 
Total other (loss)(43,494)(6,930)(40,076)(7,606)
Expenses:
Compensation and benefits4,315 5,718 8,760 11,489 
Servicing expenses756 817 1,499 1,848 
Impairment loss on real estate owned6,079 — 6,079 — 
Expenses from real estate owned operations5,273 5,227 11,033 9,731 
Other operating expenses3,183 2,717 6,098 5,720 
Total expenses19,606 14,479 33,469 28,788 
(Loss) income before income taxes(58,318)(13,364)(60,745)(20,309)
Provision for (benefit from) income taxes91 (1)90 69 
Net (loss) income
(58,409)(13,363)(60,835)(20,378)
Dividends on preferred stock
3,600 3,601 7,201 7,201 
Net (loss) income attributable to common stockholders$(62,009)$(16,964)$(68,036)$(27,579)
Basic (loss) earnings per weighted average common share
$(1.29)$(0.35)$(1.42)$(0.57)
Diluted (loss) earnings per weighted average common share
$(1.29)$(0.35)$(1.42)$(0.57)
Dividends declared per common share$0.05 $0.05 $0.10 $0.10 
Weighted average number of shares of common stock outstanding:
Basic
47,999,208 48,030,130 47,837,359 48,347,634 
Diluted
47,999,208 48,030,130 47,837,359 48,347,634 
​
Net (loss) income attributable to common stockholders$(62,009)$(16,964)$(68,036)$(27,579)
Comprehensive (loss) income$(62,009)$(16,964)$(68,036)$(27,579)
5

GRANITE POINT MORTGAGE TRUST INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(dollars in thousands, except share data) (unaudited)
Three Months Ended
June 30,
2026
Reconciliation of GAAP net (loss) income to Distributable Earnings (Loss)(1):
GAAP net (loss) income attributable to common stockholders$(62,009)
Adjustments:
Provision for credit losses46,981 
Depreciation and amortization expense on real estate owned1,987 
Impairment loss on real estate owned6,079 
Amortization of discount on loan participations sold932 
Non-cash equity compensation1,110 
Distributable Earnings (Loss) Before Realized Gains and Losses$(4,920)
Write-offs(29,660)
Discount on loan participations sold(3,139)
Distributable Earnings (Loss)$(37,719)
Distributable Earnings (Loss) Before Realized Gains and Losses per basic weighted average common share$(0.10)
Distributable Earnings (Loss) Before Realized Gains and Losses per diluted weighted average common share$(0.10)
Distributable Earnings (Loss) per basic weighted average common share$(0.79)
Distributable Earnings (Loss) per diluted weighted average common share$(0.79)
Basic weighted average common shares47,999,208 
Diluted weighted average common shares47,999,208 
(1) Beginning with our Annual Report on Form 10-K for the year ended December 31, 2025, and for all subsequent reporting periods ending on or after December 31, 2025, we have elected to present Distributable Earnings (Loss), a non-GAAP measure, as a supplemental method of evaluating our operating performance. In order to maintain our status as a REIT, we are required to distribute at least 90% of our taxable income to stockholders, subject to certain distribution requirements. Distributable Earnings (Loss) is intended to over time serve as a general, though imperfect, proxy for our taxable income. As such, Distributable Earnings (Loss) is considered a key indicator of our ability to generate sufficient income to pay dividends on our common stock, which is the primary focus of income-oriented investors who comprise a meaningful segment of our stockholder base. We believe providing Distributable Earnings (Loss) on a supplemental basis to our net income (loss) and cash flow from operating activities, as determined in accordance with GAAP, is helpful to stockholders in assessing the overall operating performance of our business.
For reporting purposes, we define Distributable Earnings (Loss) as net income (loss) attributable to our stockholders, computed in accordance with GAAP, excluding: (i) non-cash equity compensation expenses; (ii) depreciation and amortization; (iii) any unrealized gains (losses) or other similar non-cash items that are included in net income (loss) for the applicable reporting period (regardless of whether such items are included in other comprehensive income or in net income (loss) for such period); and (iv) certain non-cash items and one-time expenses. Distributable Earnings (Loss) may also be adjusted from time to time for reporting purposes to exclude one-time events pursuant to changes in GAAP and certain other material non-cash income or expense items approved by a majority of our independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings (Loss) only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments.
While Distributable Earnings (Loss) excludes the impact of the unrealized non-cash current provision for credit losses, we expect to only recognize such potential credit losses in Distributable Earnings (Loss) if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The realized loss amount reflected in Distributable Earnings (Loss) will equal the difference between the cash received, or expected to be received, and the carrying value of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan. During the quarter ended June 30, 2026, we recorded a provision for credit losses of $(47.0) million, which has been excluded from Distributable Earnings (Loss), consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable Earnings (Loss) referenced above. During the quarter ended June 30, 2026, we recorded $2.0 million, in depreciation and amortization on REO and related intangibles, which has been excluded from Distributable Earnings (Loss) consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable Earnings (Loss) referenced above.
Distributable Earnings (Loss) does not represent Net (loss) income attributable to common stockholders or cash flow from operating activities and should not be considered as an alternative to GAAP Net (loss) income attributable to common stockholders, or an indication of our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings (Loss) may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and, accordingly, our reported Distributable Earnings (Loss) may not be comparable to the Distributable Earnings (loss) reported by other companies.
We believe it is useful to our stockholders to present Distributable Earnings (Loss) Before Realized Gains and Losses, a non-GAAP measure, to reflect our run-rate operating results as (i) our operating results are mainly comprised of net interest income earned on our loan investments net of our operating expenses, which comprise our ongoing operations, (ii) it helps our stockholders in assessing the overall run-rate operating performance of our business, and (iii) it has been a useful reference related to our common dividend as it is one of the factors we and our Board of Directors consider when declaring the dividend. We believe that our stockholders use Distributable Earnings (Loss) and Distributable Earnings (Loss) Before Realized Gains and Losses, or a comparable supplemental performance measure, to evaluate and compare the performance of our company and our peers.
6
Second Quarter 2026 Earnings Supplemental August 6, 2026

 

Legal Disclosures This presentation contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, projections and illustrations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “target,” “believe,” “outlook,” “potential,” “continue,” “intend,” “seek,” “plan,” “goals,” “future,” “likely,” “may” and similar expressions or their negative forms, or by references to strategy, plans or intentions. The illustrative examples herein are forward-looking statements. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical facts or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and estimates are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and estimates will prove to be correct or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2025, under the caption “Risk Factors,” and any subsequent Form 10-Q or other filings made with the SEC. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. This presentation is for informational purposes only and shall not constitute, or form a part of, an offer to sell or buy or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. Financial data throughout this presentation is as of or for the quarter ended June 30, 2026, unless otherwise noted. Readers are advised that the financial information in this presentation is based on company data available at the time of this presentation and, in certain circumstances, may not have been audited by the company’s independent auditors. Due to rounding, figures in this presentation may not result in the totals presented. This presentation also includes non-GAAP financial measures, which should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please refer to the Appendix of this presentation financial measures prepared in accordance with GAAP to the most directly comparable non-GAAP financial measures. Please refer to Other Definitions in the Appendix of this presentation for definitions of capitalized terms not otherwise defined in this presentation.

 

$(0.10) Distributable Earnings (Loss)(3) Before Realized Gains and Losses per Basic Wtd. Avg. Common Share Q2'26 SUMMARY RESULTSINVESTMENT PORTFOL IO 3 $1.5 billion(1) Total Loan Portfolio Commitments Across 38 Loan Investments 100% Loans 100% Senior Loans 97% Floating Rate 66.1% Weighted Average Stabilized LTV at Origination ~67% Non-Mark-to- Market Borrowings 1.9x Total Leverage Ratio $1.6 billion Total Financing Capacity with $1.0 billion Outstanding $58.5 million Unrestricted Cash Balance; Held $90.7 million in REO(4)(5) $36.7 million Average Unpaid Principal Balance Company Overview CAP ITAL IZAT ION $(0.79) Distributable Earnings (Loss)(3) per Basic Wtd. Avg. Common Share 13.3% Annualized Dividend Yield(6) $0.05 Dividend per Share $(1.29) GAAP Net (Loss)(2) per Basic Wtd. Avg. Common Share $165.8 million allowance for credit losses, or 11.4% of portfolio commitments, of which 78%, or $130.2 million, is allocated to specific CECL reserves $1.6 billion financing capacity with $1.0 billion outstanding, including $0.4 billion across four facilities and $0.5 billion in non-recourse and non-mark-to- market borrowings from two CLOs $5.70 Book Value per Common Share An internally managed commercial real estate finance company operating as a REIT, focused on originating and investing in floating-rate, first mortgage loans secured by institutional-quality transitional properties. Conservatively managed balance sheet with a granular investment portfolio and a well-balanced funding profile

 

FINANCIAL SUMMARY ▪ GAAP Net (Loss) attributable to common stockholders of $(62.0) million, or $(1.29) per basic weighted average common share ▪ Distributable Earnings (Loss)(3) of $(37.7) million, or $(0.79) per basic weighted average common share ▪ Distributable Earnings (Loss) Before Realized Gains and Losses(3) of $(4.9) million, or $(0.10) per basic weighted average common share PORTFOLIO ACTIVITY ▪ Net loan portfolio activity of $(121.8) million in unpaid principal balance ◦ $(129.8) million in loan repayments, paydowns, resolutions and amortization, including one resolution of a $(76.0) million loan secured by a retail property with a previous office component located in Chicago, IL, one full repayment of a $(37.5) million loan secured by an office property in Richmond, VA, and one partial repayment of $(11.7) million of a loan secured by an office property in Los Angeles, CA ◦ $8.0 million in fundings PORTFOLIO OVERVIEW ▪ Loan portfolio of $1.5 billion(1) in total loan commitments across 38 loans ▪ Total CECL reserve of $165.8 million, or 11.4% of total loan portfolio commitments ▪ Weighted average loan portfolio risk rating of 3.2 ▪ Held two REO assets with an aggregate carrying value of $90.7 million(4)(5) CAPITALIZATION & LIQUIDITY ▪ Extended the maturity date of the Citibank and Morgan Stanley financing facilities to April 2027 and June 2027, respectively ▪ Extended the maturity date of the secured credit facility to December 2027 ◦ Reduced financing spread by 25 bps and will further reduce borrowings by $12.0 million over the next few quarters ▪ Unrestricted cash of $58.5 million and Total Leverage Ratio of 1.9x Q2 2026 Summary Results 4

 

SUBSEQUENT EVENTS ▪ So far in Q3’26, funded about $1.6 million on existing loan commitments ▪ In July, the Company refinanced the assets in our two legacy CLOs, GPMT 2021-FL3 and GPMT 2021-FL4, by extending and upsizing the JPMorgan financing facility. As of June 30, the two CLOs had a total outstanding balance of $521 million with a weighted average cost of S+2.38%, and the refinance resulted in lowering the weighted average cost by 38 basis points to S+2.00%. The JPMorgan financing facility has a total outstanding balance of approximately $651 million, a weighted average cost of S+2.17%, and a 2-year term with three 1-year term extension options ▪ As of August 3, 2026, carried approximately $35.7 million in unrestricted cash Post-Q2 2026 Business Update 5

 

Summary Income Statement ($ in millions, except per share data) (Unaudited) Net Interest Income $4.8 Provision for Credit Losses $(47.0) Revenue / (Expenses) from REO Operations, net $(1.8) Impairment Loss on Real Estate Owned $(6.1) Operating Expenses $(8.3) Dividends on Preferred Stock $(3.6) GAAP Net (loss) attributable to common stockholders $(62.0) Net (loss) Per Basic Wtd. Avg. Common Share $(1.29) Net (loss) Per Diluted Wtd. Avg. Common Share $(1.29) Common Dividend Per Share $0.05 Series A Preferred Dividend Per Share $0.4375 Basic Wtd. Avg. Common Shares 47,999,208 Diluted Wtd. Avg. Common Shares 47,999,208 Q2 2026 Financial Summary 6 Summary Balance Sheet ($ in millions, except per share data, reflects carrying values) (Unaudited) Cash $58.5 Restricted Cash $49.0 Loans Held-for-Investment, net $1,225.9 Real Estate Owned, Held-for-Investment, net(4) $35.8 Real Estate Owned, Held-for-Sale, net(5) $54.9 Repurchase Facilities $313.7 Securitized (CLO) Debt $521.6 Secured Credit Facility $71.8 Participations Sold $28.3 Mortgage Loan Payable $17.6 Preferred Equity $205.7 Common Equity(7) $274.5 Total Stockholders’ Equity $480.3 Common Shares Outstanding 48,198,166 Book Value Per Common Share $5.70

 

$5.83 $5.76 $5.71 $5.70 $7.05 $5.70 3/31/2026 GAAP Net (Loss) Series A Preferred Dividend Declaration Common Stock Dividend Declaration Equity Compensation, Net 6/30/2026 Q2 2026 Earnings and Book Value Per Share ▪ GAAP Net (Loss) attributable to common stockholders of $(62.0) million, or $(1.29) per basic weighted average common share ▪ Book value per share of common stock at June 30, 2026, was $5.70, inclusive of $(3.44) per basic common share of total CECL reserve 7 BOOK VALUE PER COMMON SHARE OUTSTANDING ROLLFORWARD Represents $(1.29) GAAP Net (Loss) per basic common share $(1.22) $(0.07) $(0.05) $(0.01)

 

Loan Investment Portfolio Credit Overview 8 CECL RESERVE BY QUARTER ($ in mi l l i ons ) CECL RESERVE AS % OF COMMITMENTS BY QUARTER STABILIZED LTV AT ORIGINATION RISK RATINGS Weighted average portfolio risk rating of 3.2 $155.1 $133.6 $148.4 $148.5 $165.8 $57.5 $47.2 $44.0 $28.9 $35.7 $97.5 $86.5 $104.5 $119.6 $130.2 General Specific 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 8.1% 7.4% 8.4% 9.4% 11.4% 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 19.6% 25.3% 26.2% 21.0% 7.9% <60% 60-65% 65-70% 70-75% 75-80% 7.6% 15.0% 43.5% 15.7% 18.2% 1 2 3 4 5

 

3/31/2026 6/30/2026 Q2 2026 Loan Investment Portfolio Activity ▪ Net loan portfolio activity of $(121.8) million in unpaid principal balance, attributed to loan repayments, sales and amortization, of $(129.8) million, partially offset by increases of $8.0 million from fundings 9 UNPAID PR INCIPAL BALANCE ROLLFORWARD (8) ($ in mi l l i ons ) Unpaid Principal Balance $1,514.9 40 loans Repayments $(53.8) Fundings $8.0 Unpaid Principal Balance $1,393.1 38 loans Unfunded Commitments $68.0 Unfunded Commitments $57.2 Resolutions $(76.0)

 

Loan Investment Portfolio Overview 10 Well-diversified and granular portfolio comprised of senior loans with a weighted average stabilized LTV at origination of 66.1% Total Loan Commitments $1.5 billion Unpaid Principal Balance $1.4 billion Number of Loans 38 Average UPB ~ $36.7 million Realized Loan Portfolio Yield(9) 6.0% Weighted Average Stabilized LTV at Origination 66.1% Weighted Average Fully-Extended Remaining Term(10) 0.7 years KEY LOAN PORTFOLIO STATISTICS PROPERTY TYPE(11)(12) REGION(12) Office, 48.6% Multifamily, 30.6% Industrial, 9.3% Hotel, 6.9% Retail, 1.2% Other, 3.4% Northeast, 28.0% Southwest, 26.9% Southeast, 26.7% West, 9.6% Midwest, 8.8%

 

▪ Five loans risk rated “5” with an aggregate unpaid principal balance of $252.9 million ▪ Actively pursuing resolution options, which may include a property sale by the borrower, a note sale, a foreclosure/deed-in- lieu and/or a loan restructuring ▪ Specific CECL reserves on loans risk rated “5” of approximately 47.4% of unpaid principal balance Overview of Risk-Rated “5” Loans 11 Minneapolis, MN Office(13) Tempe, AZ Hotel(14) Stockbridge, GA Multifamily(15) New Haven, CT Hotel(16) San Diego, CA Office(17) Loan Structure Senior floating-rate Senior floating-rate Senior floating-rate Senior floating-rate Senior floating-rate Origination Date August 2019 January 2018 July 2022 October 2018 December 2023 Collateral Property 409,000 sq. ft. office 186-key hotel with retail 284 unit multifamily 72-key hotel 384,397 sq. ft. office Total Commitment $93 million $30 million $53 million $15 million $65 million Current UPB $93 million $27 million $52 million $15 million $65 million Cash Coupon* S+2.8% S+5.2% S+2.8% S+6.2% S+5.5% * Cash coupon does not include origination or exit fees. Weighted average cash coupon excludes fixed rate loans

 

$1,723 $1,404 $1,195 $1,004 $748 $711 2021 2022 2023 2024 2025 Q2’26 Office Loan Portfolio Overview 12 ▪ Since 2021, reduced the office exposure by $(1.0) billion, or about 59%, primarily through repayments, paydowns and proactive loan resolutions ▪ Granular office portfolio across 13 MSAs and 11 States ▪ 53% CBD locations, 47% suburban locations ▪ 34% Top 5 markets, 66% secondary markets ▪ Average unpaid principal balance $37.4 million ▪ Weighted average Stabilized LTV at Origination of 67.0% ▪ 5-rated office exposure in Minneapolis and San Diego ▪ No office exposure in Washington DC, Downtown LA, San Francisco Bay Area, Chicago, Portland or Seattle OFFICE PORTFOLIO BY REGION(11)(12) REDUCTION IN OFFICE EXPOSURE(11) ($ in millions, reflects UPB) 59% Southeast, 32.5% Northeast, 29.7% West, 15.8% Southwest, 12.3% Midwest, 9.7%

 

▪ Property: 140,000 square foot, Class “A” office building with ground floor retail space and a 499-space parking garage ▪ Carrying Value(5): $54.9 million ▪ Strategy: Improve operating performance and expected sale in late 2026 Real Estate Owned 13 Miami Beach, FL Maynard, MA ▪ Property: 1,050,000 square foot, “brick and beam” office campus with 130 self storage units, 13 buildings, situated on 53 acres ▪ Carrying Value(4): $35.8 million ▪ Strategy: Improve operating performance and evaluate for eventual sale

 

FINANCING SUMMARY ($ in millions) ($ in millions) Total Capacity Outstanding Balance Weighted Average Cost Advance Rate Repurchase Facilities $ 925 $ 314 S+2.42% 53.8 % Secured Credit Facility $ 100 $ 72 S+5.50% 48.8 % Mortgage Loan Payable $ 18 S+3.05% 51.8 % Loan Participations Sold $ 31 S+5.67% n/m(18) CLO-3 (GPMT 2021-FL3) $ 203 S+2.98% 72.7 % CLO-4 (GPMT 2021-FL4) $ 318 S+1.99% 76.5 % Total Borrowings $ 956 Preferred Equity $ 206 Common Equity(7) $ 275 Total Stockholders’ Equity $ 480 Funding Mix and Capitalization Highlights 14 FUNDING MIX WELL-BALANCED CAPITAL STRUCTURE WITH MODERATE LEVERAGE LEVERAGE RATIOS 0.7 1.9 Recourse Leverage Total Leverage 6/30/2026 CLOsRepurchase Facilities Secured Credit Facility Mortgage Payable Participations Sold ▪ Generally, seek to match fund assets and liabilities to minimize interest-rate risk and duration ▪ Proven access to diverse sources of public and private equity and debt capital at the corporate and asset level ▪ Aim to maintain ample liquidity across market cycles; $58.5 million of unrestricted cash

 

Endnotes

 

Endnotes 16 1) Includes maximum loan commitments. Unpaid loan principal balance of $1.4 billion 2) Represents Net (loss) attributable to common stockholders 3) Non-GAAP measure. See slide 23 in the Appendix for a reconciliation to financial results prepared in accordance with GAAP 4) Includes $5.8 million in other assets, net of other liabilities related to leases 5) Includes $7.3 million in real estate owned liabilities, held-for-sale 6) Represents an annualized dividend yield based on a closing price of $1.50 on June 30, 2026 7) See slide 23 in the Appendix for reconciliation of Common Stockholders’ Equity 8) Does not include unamortized premiums, unamortized net deferred origination fees and allowance for credit losses which, when included with the unpaid principal balances, represents the GAAP carrying value of the loans held-for-investment in the balance sheet. The GAAP carrying value as of March 31, 2026, was $1.4 billion and as of June 30, 2026, was $1.2 billion. The GAAP carrying value does not include accrued interest receivables, exit fee receivables and other receivables, which are reflected separately in the balance sheet. Unfunded commitments are not included in the unpaid principal balance or GAAP carrying value 9) Includes nonaccrual loans and other investments 10) Assumes all extension options are exercised and excludes three loans that have passed their maturity date and are not eligible for extension, if applicable 11) Mixed-use properties represented based on allocated loan amounts 12) Percentages are based off of carrying value 13) Loan was placed on nonaccrual status in Q3 2022 14) Loan was placed on nonaccrual status in Q3 2025 15) Loan was placed on nonaccrual status in Q4 2025 16) Loan was placed on nonaccrual status in Q1 2026 17) Loan was placed on nonaccrual status in Q2 2026 18) Not meaningful due to 100% loan participations outside of CLO were sold

 

Appendix

 

* Cash coupon does not include origination or exit fees. Weighted average cash coupon excludes fixed rate loans ** All-in yield at origination includes net origination fees and exit fees, but does not include future fundings, and is expressed as a monthly equivalent. Weighted average yield excludes fixed rate loans *** Includes maximum commitments and outstanding balances related to other investments of $20.4 million and $12.7 million, respectively Summary of Investment Portfolio 18 ($ in millions) Maximum Loan Commitment Principal Balance Carrying Value Cash Coupon* All-in Yield at Origination** Original Term (Years) Initial LTV at Origination Stabilized LTV at Origination Senior Loans*** $1,450.3 $1,393.1 $1,225.9 S+3.59% S+3.91% 3.0 69.5% 66.1% Total Weighted/Average $1,450.3 $1,393.1 $1,225.9 S+3.59% S+3.91% 3.0 69.5% 66.1%

 

Loan Investment Portfolio 19 ($ in millions) Type Origination Date Maximum Loan Commitment Principal Balance Carrying Value Cash Coupon* All-in Yield at Origination** Original Term (Years) State Property Type Initial LTV at Origination Stabilized LTV at Origination Asset 1 Senior 10/19 $95.1 $91.7 $91.7 S+2.60% S+3.05% 3.0 TN Office 70.2 % 74.2 % Asset 2 Senior 08/19 93.1 93.1 93.2 S+2.80% S+3.26% 3.0 MN Office 73.1 % 71.2 % Asset 3 Senior 12/19 79.0 74.7 74.7 S+3.24% S+3.28% 3.0 NY Office 68.8 % 59.3 % Asset 4 Senior 12/18 78.1 73.1 73.0 S+4.70% S+3.44% 3.0 TX Office 68.5 % 66.7 % Asset 5 Senior 06/19 76.7 76.5 76.3 S+3.29% S+3.05% 3.0 TX Mixed-Use 71.7 % 72.2 % Asset 6 Senior 12/23 64.8 64.8 64.7 S+5.50% S+5.65% 2.0 CA Office 80.0 % 79.2 % Asset 7 Senior 07/22 52.7 52.4 51.9 S+2.78% S+4.25% 3.0 GA Multifamily 74.5 % 68.2 % Asset 8 Senior 06/21 52.2 47.0 46.9 S+4.38% S+4.75% 3.0 GA Office 68.0 % 69.4 % Asset 9 Senior 09/21 51.6 45.6 45.5 S+3.23% S+3.72% 3.0 CA Office 62.4 % 66.1 % Asset 10 Senior 04/22 48.7 46.9 46.5 S+3.23% S+3.78% 3.0 TX Multifamily 74.4 % 64.0 % Asset 11 Senior 03/22 46.9 46.9 46.7 S+3.25% S+3.64% 3.0 MA Industrial 67.3 % 60.8 % Asset 12 Senior 07/21 46.4 46.4 46.3 S+3.72% S+4.19% 3.0 CT Office 68.3 % 63.5 % Asset 13 Senior 08/21 45.8 45.4 45.4 S+3.21% S+3.53% 3.0 TX Multifamily 77.8 % 75.2 % Asset 14 Senior 02/22 42.4 42.4 42.2 S+3.05% S+3.40% 3.0 NJ Industrial 75.0 % 59.5 % Asset 15 Senior 09/21 40.2 40.2 40.2 S+5.00% S+5.12% 3.0 MN Hotel 68.4 % 57.8 % Assets 16-38 Various Various $536.6 $506.0 $504.2 S+3.68% S+4.17% 3.1 Various Various 66.3 % 62.9 % Allowance for Credit Losses $ (163.5) Total/Weighted Average*** $1,450.3 $1,393.1 $1,225.9 S+3.59% S+3.91% 3.0     69.5 % 66.1 % * Cash coupon does not include origination or exit fees. Weighted average cash coupon excludes fixed rate loans ** All-in yield at origination includes net origination fees and exit fees, but does not include future fundings, and is expressed as a monthly equivalent. Weighted average yield excludes fixed rate loans *** Includes maximum commitments and outstanding balances related to other investments of $20.4 million and $12.7 million, respectively

 

Average Balances and Yields/Cost of Funds 20 Quarter Ended June 30, 2026 ($ in thousands) Average Balance* Interest Income/Expense Net Yield/Cost of Funds Interest-earning assets Loans held-for-investment Senior loans** $1,436,872 $21,413 6.0 % Total loan interest income/net asset yield $1,436,872 $21,413 6.0 % Other - Interest on cash and cash equivalents $415 Total interest income $21,828 Interest-bearing liabilities Borrowings collateralized by: Loans held-for-investment Senior loans $909,687 $16,349 7.2 % Real estate owned 37,377 697 7.5 % Total interest expense/cost of funds $947,064 $17,046 7.2 % Net interest income/spread $4,782 (1.2) % * Average balance represents average amortized cost on loans held-for-investment ** Average balance includes outstanding balances related to other investments of $12.7 million

 

Condensed Consolidated Balance Sheets 21 GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) June 30, 2026 December 31, 2025 ASSETS (unaudited) Loans held-for-investment $ 1,389,380 $ 1,683,644 Allowance for credit losses (163,484) (145,912) Loans held-for-investment, net 1,225,896 1,537,732 Cash and cash equivalents 58,478 65,958 Restricted cash 48,994 14,108 Real estate owned, held-for-investment, net 29,984 92,039 Real estate owned assets, held-for-sale 62,151 — Accrued interest receivable 5,465 7,594 Other assets 31,786 37,793 Total Assets $ 1,462,754 $ 1,755,224 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Repurchase facilities $ 313,721 439,173 Securitized debt obligations 521,646 643,528 Secured credit facility 71,774 71,774 Mortgage loan payable 17,594 17,546 Loan participations sold 28,301 — Dividends payable 6,172 6,164 Real estate owned liabilities, held-for-sale 7,251 — Other liabilities 15,898 24,227 Total Liabilities $ 982,357 $ 1,202,412 Stockholders’ Equity 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share; 11,500,000 shares authorized, and 8,229,500 and 8,229,500 shares issued and outstanding, respectively; liquidation preference $25.00 per share 82 82 Common Stock, par value $0.01 per share; 450,000,000 shares authorized, and 48,198,166 shares and 47,563,643 issued and outstanding, respectively 482 476 Additional paid-in capital 1,196,075 1,195,279 Cumulative earnings (241,543) (180,708) Cumulative distributions to stockholders (474,824) (462,442) Total Granite Point Mortgage Trust Inc. Stockholders’ Equity 480,272 552,687 Non-controlling interests 125 125 Total Equity 480,397 552,812 Total Liabilities and Stockholders’ Equity $ 1,462,754 $ 1,755,224

 

Condensed Consolidated Statements of Comprehensive (Loss) Income 22  GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands, except share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Interest income: Loans held-for-investment $ 21,413 $ 33,024 $ 47,034 $ 67,351 Cash and cash equivalents 415 779 837 1,596 Total interest income 21,828 33,803 47,871 68,947 Interest expense: Repurchase facilities 5,330 10,590 12,127 22,475 Securitized debt obligations 8,173 12,604 17,285 25,284 Secured credit facility 1,802 2,564 3,591 5,103 Mortgage loan payable 329 — 656 — Loan participations sold 1,412 — 1,412 — Total interest expense 17,046 25,758 35,071 52,862 Net interest income 4,782 8,045 12,800 16,085 Other income (loss): Revenue from real estate owned operations 3,487 3,753 6,707 6,847 Provision for credit losses (46,981) (10,984) (46,765) (14,754) Gain (loss) on sale of real estate owned — 301 — 301 Realized (loss) gain on sale — — (18) — Total other (loss) (43,494) (6,930) (40,076) (7,606) Expenses: Compensation and benefits 4,315 5,718 8,760 11,489 Servicing expenses 756 817 1,499 1,848 Impairment loss on real estate owned 6,079 — 6,079 — Expenses from real estate owned operations 5,273 5,227 11,033 9,731 Other operating expenses 3,183 2,717 6,098 5,720 Total expenses 19,606 14,479 33,469 28,788 (Loss) income before income taxes (58,318) (13,364) (60,745) (20,309) Provision for (benefit from) income taxes 91 (1) 90 69 Net (loss) income (58,409) (13,363) (60,835) (20,378) Dividends on preferred stock 3,600 3,601 7,201 7,201 Net (loss) income attributable to common stockholders $ (62,009) $ (16,964) $ (68,036) $ (27,579) Basic (loss) earnings per weighted average common share $ (1.29) $ (0.35) $ (1.42) $ (0.57) Diluted (loss) earnings per weighted average common share $ (1.29) $ (0.35) $ (1.42) $ (0.57) Dividends declared per common share $ 0.05 $ 0.05 $ 0.10 $ 0.10 Weighted average number of shares of common stock outstanding: Basic 47,999,208 48,030,130 47,837,359 48,347,634 Diluted 47,999,208 48,030,130 47,837,359 48,347,634 Net (loss) income attributable to common stockholders $ (62,009) $ (16,964) $ (68,036) $ (27,579) Comprehensive (loss) income $ (62,009) $ (16,964) $ (68,036) $ (27,579)

 

Quarterly Per Share Calculations 23 ($ in millions, except per share data) (unaudited) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 GAAP Net (loss) income Attributable to Common Stockholders $ (17.0) $ (0.6) $ (27.4) $ (6.0) $ (62.0) Adjustments: Provision for (Benefit from) Credit Losses $ 11.0 $ (1.6) $ 14.4 $ (0.2) $ 47.0 Non-Cash Equity Compensation $ 2.2 $ 0.9 $ 1.0 $ 0.9 $ 1.1 Depreciation and Amortization Expense on Real Estate Owned $ 2.1 $ 2.2 $ 2.1 $ 2.0 $ 2.0 Impairment Loss on Real Estate Owned $ — $ — $ 6.8 $ — $ 6.1 (Gain) Loss on Real Estate Owned $ (0.3) $ — $ — $ — $ — Amortization of Deferred Debt Issuance Costs on Participations Sold $ — $ — $ — $ — $ 0.9 Distributable Earnings (Loss) Before Realized Gains and Losses* $ (2.0) $ 0.9 $ (3.0) $ (3.3) $ (4.9) Write-offs $ (36.1) $ (19.8) $ — $ — $ (29.7) Recoveries of Previous Write-offs $ — $ — $ 0.4 $ 0.3 $ — Gain (Loss) on Sale of Real Estate Owned $ 0.3 $ — $ — $ — $ — Accumulated Depreciation and Amortization on REO Sale $ (7.6) $ — $ — $ — $ — Discount on Participations Sold $ — $ — $ — $ — $ (3.1) Distributable Earnings (Loss)* $ (45.3) $ (18.9) $ (2.7) $ (3.0) $ (37.7) Basic Wtd. Avg. Common Shares 48,030,130 47,394,519 47,406,719 47,673,711 47,999,208 Distributable Earnings (Loss) Before Realized Gains and Losses* per Basic Wtd. Avg. Common Share $ (0.04) $ 0.02 $ (0.06) $ (0.07) $ (0.10) Distributable Earnings (Loss)* per Basic Wtd. Avg. Common Share $ (0.94) $ (0.40) $ (0.06) $ (0.06) $ (0.79) * Distributable Earnings (Loss) Before Realized Gains and Losses and Distributable Earnings (Loss) are non-GAAP measures. See definitions in this appendix Due to rounding, figures may not result in the totals presented GAAP BOOK VALUE PER SHARE ($ in millions, except per share data) (unaudited) 06/30/2025 09/30/2025 12/31/2025 03/31/2026 06/30/2026 Total Equity $ 584.3 $ 582.1 $ 552.8 $ 543.9 $ 480.4 Series A Preferred Stock (Liquidation Preference $25.00 per Share) $ 205.7 $ 205.7 $ 205.7 $ 205.7 $ 205.7 Non-controlling Interest $ 0.1 $ 0.1 $ 0.1 $ 0.1 $ 0.1 Common Stockholders’ Equity $ 378.5 $ 376.3 $ 347.0 $ 338.0 $ 274.6 Common Shares Outstanding 47,394,519 47,394,519 47,563,643 47,919,625 48,198,166 Book Value per Common Share Outstanding $ 7.99 $ 7.94 $ 7.29 $ 7.05 $ 5.70 RECONCILIATION OF GAAP TO NON-GAAP MEASURES

 

($ in thousands) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 ASSETS Loans Held-for-Investment $ 1,823,279 $ 1,713,583 $ 1,683,644 $ 1,510,097 $ 1,389,380 Allowance for credit losses (151,968) (130,908) (145,912) (147,298) (163,484) Carrying Value $ 1,671,311 $ 1,582,675 $ 1,537,732 $ 1,362,799 $ 1,225,896 LIABILITIES Other liabilities impact* $ 3,104 $ 2,735 $ 2,517 $ 1,215 $ 2,350 Total allowance for credit losses $ (155,072) $ (133,643) $ (148,429) $ (148,513) $ (165,834) Financial Statements Impact of CECL Reserves 24 ▪ Total allowance for credit losses of $(165.8) million, of which $2.4 million is related to future funding obligations and recorded in other liabilities ▪ Loans reported on the balance sheet are net of the allowance for credit losses ($ in thousands) Q2 2026 Change in allowance for credit losses: Loans held-for-investments $ (16,186) Other liabilities* $ (1,135) Total change in allowance for credit losses $ (17,321) * Represents estimated allowance for credit losses on unfunded loan commitments

 

▪ Beginning with our Annual Report on Form 10-K for the year ended December 31, 2025, and for all subsequent reporting periods ending on or after December 31, 2025, we have elected to present Distributable Earnings (Loss), a non-GAAP measure, as a supplemental method of evaluating our operating performance. In order to maintain our status as a REIT, we are required to distribute at least 90% of our taxable income to stockholders, subject to certain distribution requirements. Distributable Earnings (Loss) is intended to over time serve as a general, though imperfect, proxy for our taxable income. As such, Distributable Earnings (Loss) is considered a key indicator of our ability to generate sufficient income to pay dividends on our common stock, which is the primary focus of income-oriented investors who comprise a meaningful segment of our stockholder base. We believe providing Distributable Earnings (Loss) on a supplemental basis to our net income (loss) and cash flow from operating activities, as determined in accordance with GAAP, is helpful to stockholders in assessing the overall operating performance of our business. ▪ For reporting purposes, we define Distributable Earnings (Loss) as net income (loss) attributable to our stockholders, computed in accordance with GAAP, excluding: (i) non-cash equity compensation expenses; (ii) depreciation and amortization; (iii) any unrealized gains (losses) or other similar non-cash items that are included in net income (loss) for the applicable reporting period (regardless of whether such items are included in other comprehensive income or in net income (loss) for such period); and (iv) certain non-cash items and one- time expenses. Distributable Earnings (Loss) may also be adjusted from time to time for reporting purposes to exclude one-time events pursuant to changes in GAAP and certain other material non-cash income or expense items approved by a majority of our independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings (Loss) only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments. ▪ While Distributable Earnings (Loss) excludes the impact of the unrealized non-cash current provision for credit losses, we expect to only recognize such potential credit losses in Distributable Earnings (Loss) if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The realized loss amount reflected in Distributable Earnings (Loss) will equal the difference between the cash received, or expected to be received, and the carrying value of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan. Distributable Earnings (Loss) 25

 

▪ During the quarter ended June 30, 2026, we recorded a provision for credit losses of $(47.0) million, which has been excluded from Distributable Earnings (Loss), consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable Earnings (Loss) referenced on the previous slide. During the quarter ended June  30, 2026, we recorded $2.0 million, in depreciation and amortization on REO and related intangibles, which has been excluded from Distributable Earnings (Loss) consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable Earnings (Loss) referenced above. ▪ Distributable Earnings (Loss) does not represent Net (loss) income attributable to common stockholders or cash flow from operating activities and should not be considered as an alternative to GAAP Net (loss) income attributable to common stockholders, or an indication of our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings (Loss) may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and, accordingly, our reported Distributable Earnings (Loss) may not be comparable to the Distributable Earnings (Loss) reported by other companies. ▪ We believe it is useful to our stockholders to present Distributable Earnings (Loss) Before Realized Gains and Losses, a non-GAAP measure, to reflect our run-rate operating results as (i) our operating results are mainly comprised of net interest income earned on our loan investments net of our operating expenses, which comprise our ongoing operations, (ii) it helps our stockholders in assessing the overall run-rate operating performance of our business, and (iii) it has been a useful reference related to our common dividend as it is one of the factors we and our Board of Directors consider when declaring the dividend. We believe that our stockholders use Distributable Earnings (Loss) and Distributable Earnings (Loss) Before Realized Gains and Losses, or a comparable supplemental performance measure, to evaluate and compare the performance of our company and our peers. Distributable Earnings (Loss) (cont’d) 26

 

Other Definitions 27 Realized Loan Portfolio Yield ▪ Provided for illustrative purposes only. Calculations of realized loan portfolio yield are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications Fundings ▪ Increases in a loan’s principal balance, including new originations, fundings on loan commitments, upsizings, capitalized deferred interest, paid-in-kind (PIK) interest and short-sales with loan assumptions Net (loss) Attributable to Common Stockholders ▪ GAAP net (loss) attributable to our common stockholders after deducting dividends attributable to our cumulative redeemable preferred stock Initial LTV at Origination ▪ The initial loan amount (plus any financing that is pari passu with or senior to such loan) divided by the as is appraised value (as determined in conformance with USPAP) as of the date the loan was originated set forth in the original appraisal Stabilized LTV at Origination ▪ 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. As stabilized value may be based on certain assumptions, such as future construction completion, projected re-tenanting, payment of tenant improvement or leasing commissions allowances or free or abated rent periods, or increased tenant occupancies Non-MTM ▪ Non-mark-to-market Original Term (Years) ▪ The term of the loan through the initial maturity date at origination. Does not include any extension options and has not been updated to reflect any subsequent extensions or modifications, if applicable Recourse Leverage Ratio ▪ Borrowings outstanding on repurchase facilities and secured credit facility, less cash, divided by total stockholders’ equity REO ▪ Real estate owned Repayments ▪ Reductions in a loan’s principal balance, including full loan repayments, partial loan repayments, principal amortization, cost- recovery for non-accrual loans and capitalized deferred interest repayments

 

Other Definitions (cont’d) 28 Resolutions ▪ Reductions in a loan’s principal balance, including discounted payoffs, loan sales related to collateral dependent loans, REO conversions and write-offs Senior Loans ▪ A loan primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans Total Leverage Ratio ▪ Borrowings outstanding on repurchase facilities, secured credit facility, mortgage loan payable, loan participations sold and CLOs, less cash, divided by total stockholders’ equity Write-offs ▪ The portion of the unpaid principal balance of a loan that the Company charges off. Write-offs typical occur with loan resolutions but may occur should a loan that is not collateral dependent be modified with an agreed on unpaid principal balance reduction

 

Company Information 29 Granite Point Mortgage Trust Inc. is an internally-managed real estate finance company 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. Granite Point was incorporated in Maryland on April 7, 2017, and has elected to be treated as a real estate investment trust for U.S. federal income tax purposes. For more information regarding Granite Point, visit www.gpmtreit.com Contact Information: Corporate Headquarters: 1114 Avenue of the Americas, Suite 3020 New York, NY 10036 212-364-5500 New York Stock Exchange: Symbol: GPMT Investor Relations: Chris Petta Head of Investor Relations 212-364-5500 Investors@gpmtreit.com Transfer Agent: Equiniti Trust Company P.0. Box 64856 St. Paul, MN 55164-0856 800-468-9716 www.shareowneronline.com Citizens Chris Muller (212) 906-3559 Keefe, Bruyette & Woods Jade Rahmani (212) 887-3882 Raymond James Gabe Poggi (571) 227-9641 UBS Marissa Lobo (212) 713-3922 Analyst Coverage:* *No report of any analyst is incorporated by reference herein and any such report represents the sole views of such analyst

 

 

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