Granite Point Mortgage Q3 2026 loss widens to $60.3M
Five risk-rated 5 loans had $260.4 million in aggregate unpaid principal balance, with specific CECL reserves of approximately 45.6%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Granite Point Mortgage Trust Inc. reported a $(60.3) million GAAP net loss attributable to common stockholders for Q3 2026, versus $(0.565) million in Q3 2025; basic loss per share was $(12.50), versus $(0.12). Distributable Earnings (Loss), a non-GAAP measure, was $(33.7) million, and Distributable Earnings (Loss) Before Realized Gains and Losses was $(8.4) million. It declared a $0.10 common dividend and a $0.4375 Series A preferred dividend per share.
At September 30, 2026, $1.4 billion in loan commitments covered 34 investments; the $185.9 million CECL reserve was 13.7% of commitments. Unpaid principal balance declined net $81.7 million: $89.5 million in repayments, paydowns, resolutions and amortization was partly offset by $7.9 million in fundings. The company held two real estate-owned assets with an aggregate carrying value of $88.5 million. JPMorgan financing was extended and upsized to July 2028, with three one-year extension options.
After quarter-end, the company effected a one-for-ten reverse split on October 5, 2026; common-share and per-share figures are retroactively adjusted for the split. Q4 fundings were about $2.4 million, with an $11.5 million partial paydown on a California office property. Unrestricted cash was approximately $38.8 million as of November 2, 2026.
0 points · 0 major1 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Major pointGAAP common-stockholder loss reached $(60.3) million, versus $(0.565) million in Q3 2025.
- Moderate pointCommon dividend: $0.10 per share versus $0.50 in Q3 2025.
Filing Explained
The earnings supplemental identifies five risk-rated “5” loans with
8-K Event Classification
2 items: 2.02, 9.01
2 items
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, or exhibit attachments filed with this report.
Key Figures
GAAP net loss attributable to common stockholders: $(60.3) million
Basic loss per weighted average common share: $(12.50)
Distributable Earnings (Loss): $(33.7) million
+5 more
8 metrics
GAAP net loss attributable to common stockholders
$(60.3) million
Quarter ended September 30, 2026; $(0.565) million in Q3 2025
Basic loss per weighted average common share
$(12.50)
Q3 2026; $(0.12) in Q3 2025
Distributable Earnings (Loss)
$(33.7) million
Q3 2026; non-GAAP measure
Distributable Earnings (Loss) Before Realized Gains and Losses
$(8.4) million
Q3 2026; non-GAAP measure
Loan portfolio commitments
$1.4 billion
Across 34 investments at September 30, 2026
CECL reserve
$185.9 million
13.7% of total loan portfolio commitments
Unrestricted cash
Approximately $38.8 million
As of November 2, 2026
Common dividend per share
$0.10
Q3 2026
Key Terms
Distributable Earnings (Loss), CECL reserve, Stabilized LTV at Origination, Real Estate Owned, +1 more
5 terms
Distributable Earnings (Loss) financial
"Distributable Earnings (Loss) of $(33.7) million"
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.
CECL reserve financial
"Total CECL reserve of $185.9 million"
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.
Stabilized LTV at Origination financial
"Weighted average Stabilized LTV at Origination of 66.0%"
Real Estate Owned financial
"REO represents "Real Estate Owned""
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
"Total Leverage Ratio of 1.9x"
Earnings Snapshot
Net loss attributable to common stockholders: $(60.3) million
Quarter ended September 30, 2026
Net loss attributable to common stockholders
$(60.3) million
Versus $(0.565) million in Q3 2025
Basic loss per weighted average common share
$(12.50)
Versus $(0.12) in Q3 2025
Distributable Earnings (Loss)
$(33.7) million
Versus $(18.9) million in Q3 2025
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 4, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (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: | ||||||||||||
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 November 4, 2026, Granite Point Mortgage Trust Inc. issued a press release announcing its financial results for the fiscal quarter ended September 30, 2026. A copy of the press release and 2026 Third 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 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press Release of Granite Point Mortgage Trust Inc., dated November 4, 2026. | |||||||
| 99.2 | 2026 Third 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: November 4, 2026 | ||||||||
Granite Point Mortgage Trust Inc. Reports
Third Quarter 2026 Financial Results
and Post Quarter-End Update
NEW YORK, November 4, 2026 – Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced its financial results for the quarter ended September 30, 2026, and provided an update on its activities subsequent to quarter-end. An earnings supplemental containing third quarter 2026 financial results can be viewed at www.gpmtreit.com.
“During the third quarter, we made significant progress with our loan portfolio by resolving two risk rated ‘5’ loans and collecting full repayments on two loans secured by office properties. In addition, we completed several important financing initiatives to reduce our cost of funds and enhance asset management and financial flexibility,” said Jack Taylor, President and Chief Executive Officer of Granite Point. “As our Board continues its previously announced review of alternatives to enhance stockholder value, we remain focused on prudently managing our portfolio by pursuing further repayments, resolutions and REO sales.”
Third Quarter 2026 Activity
•Recognized GAAP net (loss) attributable to common stockholders of $(60.3) million, or $(12.50) per basic weighted average common share.
•Distributable Earnings (Loss)(1) of $(33.7) million, or $(6.99) per basic weighted average common share.
•Distributable Earnings (Loss) Before Realized Gains and Losses(1) of $(8.4) million, or $(1.74) per basic weighted average common share.
•Book value per common share was $44.54, inclusive of $(38.58) per common share of total CECL reserve.
•Declared common stock dividend of $0.10 per common share and a cash dividend of $0.4375 per share of its Series A preferred stock.
•Net loan portfolio activity of $(81.7) million in unpaid principal balance.
◦$(89.5) million in loan repayments, paydowns, resolutions and amortization, including one resolution of a $(52.4) million loan secured by a multifamily property located in Stockbridge, GA, one resolution of a $(14.7) million loan secured by a hotel property located in New Haven, CT, one full repayment of a $(13.7) million loan secured by an office property in Cincinnati, OH, and one full repayment of $(5.8) million loan secured by an office property in Valencia, CA.
◦$7.9 million in fundings.
•Carried at quarter-end a 97% floating rate loan portfolio with $1.4 billion in total loan commitments comprised of 100% senior loans, with a portfolio weighted average stabilized LTV at origination(2) of 66.0% and a realized loan portfolio yield(3) of 5.3%.
•Total CECL reserve of $185.9 million, or 13.7% of total loan portfolio commitments.
•Weighted average loan portfolio risk-rating was 3.3.
•Held two REO(4) assets with an aggregate carrying value of $88.5 million(5).
•Extended the maturity date and upsized the JPMorgan financing facility to July 2028, with three 1-year term extension options.
◦Refinanced two remaining legacy CLOs, GPMT 2021-FL3 and GPMT 2021-FL4, lowering cost of fundings.
◦Transferred all assets from Citibank and Morgan Stanley repurchase facilities to JPMorgan repurchase facility, reducing the cost of funds for those assets.
•Ended the quarter with $44.7 million in unrestricted cash and Total Leverage Ratio(6) of 1.9x.
Post Quarter-End Update
•On October 5th, effected the previously announced one-for-ten reverse stock split of outstanding shares of common stock.
•So far in Q4’26, funded about $2.4 million in fundings and received one partial paydown of $(11.5) million on an office property located in California.
•As of November 2, 2026, carried approximately $38.8 million in unrestricted cash.
Note: In accordance with generally accepted accounting principles, all common share and per common share amounts presented herein have been adjusted on a retroactive basis to reflect the one-for-ten reverse stock split completed on October 5, 2026.
1
(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 $5.3 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 and loan participations sold, less cash, divided by total stockholders’ equity.
Conference Call
Granite Point Mortgage Trust Inc. will host a conference call on November 5, 2026, at 11:00 a.m. ET to discuss third 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 November 5, 2026, at 1:00 p.m. ET through November 19, 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 13763274. 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
2
reconciliations from these results should be carefully evaluated. See the GAAP to non-GAAP reconciliation table on page 6 of this release.
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)
| September 30, 2026 | December 31, 2025 | ||||||||||
| ASSETS | (unaudited) | ||||||||||
| Loans held-for-investment | $ | 1,308,672 | $ | 1,683,644 | |||||||
| Allowance for credit losses | (185,152) | (145,912) | |||||||||
| Loans held-for-investment, net | 1,123,520 | 1,537,732 | |||||||||
| Cash and cash equivalents | 44,681 | 65,958 | |||||||||
| Restricted cash | 1,118 | 14,108 | |||||||||
| Real estate owned, held-for-investment, net | 30,807 | 92,039 | |||||||||
| Real estate owned assets, held-for-sale | 59,651 | — | |||||||||
| Accrued interest receivable | 4,490 | 7,594 | |||||||||
| Other assets | 27,373 | 37,793 | |||||||||
Total Assets | $ | 1,291,640 | $ | 1,755,224 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Liabilities | |||||||||||
| Repurchase facilities | $ | 726,730 | $ | 439,173 | |||||||
| Securitized debt obligations | — | 643,528 | |||||||||
| Secured credit facility | 67,159 | 71,774 | |||||||||
| Mortgage loan payable | 17,619 | 17,546 | |||||||||
| Loan participations sold | 33,385 | — | |||||||||
| Dividends payable | 4,114 | 6,164 | |||||||||
| Real estate owned liabilities, held-for-sale | 7,251 | — | |||||||||
| Other liabilities | 14,845 | 24,227 | |||||||||
| Total Liabilities | 871,103 | 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 4,819,710 shares and 4,756,258 issued and outstanding, respectively | 48 | 48 | |||||||||
| Additional paid-in capital | 1,197,415 | 1,195,707 | |||||||||
| Cumulative earnings | (298,195) | (180,708) | |||||||||
| Cumulative distributions to stockholders | (478,938) | (462,442) | |||||||||
| Total Granite Point Mortgage Trust Inc. Stockholders’ Equity | 420,412 | 552,687 | |||||||||
| Non-controlling interests | 125 | 125 | |||||||||
| Total Equity | 420,537 | 552,812 | |||||||||
| Total Liabilities and Stockholders’ Equity | $ | 1,291,640 | $ | 1,755,224 | |||||||
4
GRANITE POINT MORTGAGE TRUST INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(in thousands, except share data) (unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Interest Income: | |||||||||||||||||||||||
| Loans held-for-investment | $ | 18,070 | $ | 33,006 | $ | 65,104 | $ | 100,357 | |||||||||||||||
| Cash and cash equivalents | 319 | 714 | 1,156 | 2,310 | |||||||||||||||||||
| Total interest income | 18,389 | 33,720 | 66,260 | 102,667 | |||||||||||||||||||
| Interest expense: | |||||||||||||||||||||||
| Repurchase facilities | 9,566 | 8,852 | 21,693 | 31,327 | |||||||||||||||||||
| Securitized debt obligations | 4,000 | 12,178 | 21,285 | 37,462 | |||||||||||||||||||
| Secured credit facility | 1,764 | 2,394 | 5,355 | 7,497 | |||||||||||||||||||
| Mortgage loan payable | 334 | — | 990 | — | |||||||||||||||||||
| Loan participations sold | 2,309 | — | 3,721 | — | |||||||||||||||||||
| Total interest expense | 17,973 | 23,424 | 53,044 | 76,286 | |||||||||||||||||||
| Net interest income | 416 | 10,296 | 13,216 | 26,381 | |||||||||||||||||||
| Other income (loss): | |||||||||||||||||||||||
| Revenue from real estate owned operations | 3,475 | 3,620 | 10,182 | 10,467 | |||||||||||||||||||
| (Provision for) benefit from credit losses | (45,404) | 1,643 | (92,169) | (13,111) | |||||||||||||||||||
| Gain on real estate owned | — | — | — | 301 | |||||||||||||||||||
| (Loss) on extinguishment of debt | (401) | — | (401) | — | |||||||||||||||||||
Realized loss on loan sales | — | — | (18) | — | |||||||||||||||||||
| Total other (loss) | (42,330) | 5,263 | (82,406) | (2,343) | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Compensation and benefits | 3,980 | 4,067 | 12,740 | 15,556 | |||||||||||||||||||
| Servicing expenses | 721 | 862 | 2,220 | 2,710 | |||||||||||||||||||
| Impairment loss on real estate owned | 2,645 | — | 8,724 | — | |||||||||||||||||||
| Expenses from real estate owned operations | 4,601 | 5,776 | 15,634 | 15,507 | |||||||||||||||||||
| Other operating expenses | 2,728 | 1,757 | 8,826 | 7,477 | |||||||||||||||||||
| Total expenses | 14,675 | 12,462 | 48,144 | 41,250 | |||||||||||||||||||
| (Loss) income before income taxes | (56,589) | 3,097 | (117,334) | (17,212) | |||||||||||||||||||
| Provision for income taxes | 63 | 62 | 153 | 131 | |||||||||||||||||||
Net (loss) income | (56,652) | 3,035 | (117,487) | (17,343) | |||||||||||||||||||
Dividends on preferred stock | 3,600 | 3,600 | 10,801 | 10,801 | |||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (60,252) | $ | (565) | $ | (128,288) | $ | (28,144) | |||||||||||||||
Basic (loss) earnings per weighted average common share | $ | (12.50) | $ | (0.12) | $ | (26.75) | $ | (5.86) | |||||||||||||||
Diluted (loss) earnings per weighted average common share | $ | (12.50) | $ | (0.12) | $ | (26.75) | $ | (5.86) | |||||||||||||||
| Dividends declared per common share | $ | 0.10 | $ | 0.50 | $ | 1.10 | $ | 1.50 | |||||||||||||||
Weighted average number of shares of common stock outstanding: | |||||||||||||||||||||||
Basic | 4,819,710 | 4,739,345 | 4,795,788 | 4,802,537 | |||||||||||||||||||
Diluted | 4,819,710 | 4,739,345 | 4,795,788 | 4,802,537 | |||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (60,252) | $ | (565) | $ | (128,288) | $ | (28,144) | |||||||||||||||
| Comprehensive (loss) income | $ | (60,252) | $ | (565) | $ | (128,288) | $ | (28,144) | |||||||||||||||
5
GRANITE POINT MORTGAGE TRUST INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(dollars in thousands, except share data) (unaudited)
| Three Months Ended | |||||
| September 30, | |||||
| 2026 | |||||
Reconciliation of GAAP net (loss) income to Distributable Earnings (Loss)(1): | |||||
| GAAP net (loss) income attributable to common stockholders | $ | (60,252) | |||
| Adjustments: | |||||
| Provision for credit losses | 45,404 | ||||
| Depreciation and amortization expense on real estate owned | 973 | ||||
| Impairment loss on real estate owned | 2,645 | ||||
| Loss (gain) on extinguishment of debt | 401 | ||||
| Amortization of discount on loan participations sold | 1,533 | ||||
| Non-cash equity compensation | 906 | ||||
| Distributable Earnings (Loss) Before Realized Gains and Losses | $ | (8,390) | |||
| Write-offs | (25,313) | ||||
| Distributable Earnings (Loss) | $ | (33,703) | |||
| Distributable Earnings (Loss) Before Realized Gains and Losses per basic weighted average common share | $ | (1.74) | |||
| Distributable Earnings (Loss) Before Realized Gains and Losses per diluted weighted average common share | $ | (1.74) | |||
| Distributable Earnings (Loss) per basic weighted average common share | $ | (6.99) | |||
| Distributable Earnings (Loss) per diluted weighted average common share | $ | (6.99) | |||
| Basic weighted average common shares | 4,819,710 | ||||
| Diluted weighted average common shares | 4,819,710 | ||||
(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 September 30, 2026, we recorded a provision for credit losses of $(45.4) 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 September 30, 2026, we recorded $1.0 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. During the quarter ended September 30, 2026, we recorded $2.6 million, impairment in REO, 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
Third Quarter 2026 Earnings Supplemental November 5, 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 September 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.
$(1.74) Distributable Earnings (Loss)(3) Before Realized Gains and Losses per Basic Wtd. Avg. Common Share Q3'26 SUMMARY RESULTSINVESTMENT PORTFOL IO 3 $1.4 billion(1) Total Loan Portfolio Commitments Across 34 Loan Investments 100% Loans 100% Senior Loans 97% Floating Rate 66.0% Weighted Average Stabilized LTV at Origination 1.9x Total Leverage Ratio $44.7 million Unrestricted Cash Balance $1.4 billion Total Financing Capacity $88.5 million in REO(4)(5) $38.6 million Average Unpaid Principal Balance Company Overview CAP ITAL IZAT ION $(6.99) Distributable Earnings (Loss)(3) per Basic Wtd. Avg. Common Share 4.7% Annualized Dividend Yield(6) $0.10 Dividend per Share $(12.50) GAAP Net (Loss)(2) per Basic Wtd. Avg. Common Share $185.9 million allowance for credit losses, or 13.7% of portfolio commitments, of which 95%, or $175.8 million, is allocated to specific CECL reserves $1.4 billion financing capacity with $0.8 billion outstanding $44.54 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 Note: In accordance with generally accepted accounting principles, all common share and per common share amounts presented herein have been adjusted on a retroactive basis to reflect the one-for-ten reverse stock split completed on October 5, 2026
FINANCIAL SUMMARY ▪ GAAP Net (Loss) attributable to common stockholders of $(60.3) million, or $(12.50) per basic weighted average common share ▪ Distributable Earnings (Loss)(3) of $(33.7) million, or $(6.99) per basic weighted average common share ▪ Distributable Earnings (Loss) Before Realized Gains and Losses(3) of $(8.4) million, or $(1.74) per basic weighted average common share PORTFOLIO ACTIVITY ▪ Net loan portfolio activity of $(81.7) million in unpaid principal balance ◦ $(89.5) million in loan repayments, paydowns, resolutions and amortization, including one resolution of a $(52.4) million loan secured by a multifamily property located in Stockbridge, GA, one resolution of a $(14.7) million loan secured by a hotel property located in New Haven, CT, one full repayment of a $(13.7) million loan secured by an office property in Cincinnati, OH, and one full repayment of $(5.8) million loan secured by an office property in Valencia, CA ◦ $7.9 million in fundings PORTFOLIO OVERVIEW ▪ Loan portfolio of $1.4 billion(1) in total loan commitments across 34 loans ▪ Total CECL reserve of $185.9 million, or 13.7% of total loan portfolio commitments ▪ Weighted average loan portfolio risk rating of 3.3 ▪ Held two REO assets with an aggregate carrying value of $88.5 million(4)(5) CAPITALIZATION & LIQUIDITY ▪ Extended the maturity date and upsized the JPMorgan financing facility to July 2028, with three 1-year term extension options ◦ Refinanced two remaining legacy CLOs, GPMT 2021-FL3 and GPMT 2021-FL4, lowering cost of fundings ◦ Transferred all assets from Citibank and Morgan Stanley repurchase facilities to JPMorgan repurchase facility, reducing the cost of funds for those assets ▪ Unrestricted cash of $44.7 million and Total Leverage Ratio of 1.9x Q3 2026 Summary Results 4
SUBSEQUENT EVENTS ▪ On October 5th, effected the previously announced one-for-ten reverse stock split of outstanding shares of common stock ▪ So far in Q4’26, funded about $2.4 million in fundings and received one partial paydown of $(11.5) million on an office property located in California ▪ As of November 2, 2026, carried approximately $38.8 million in unrestricted cash Post-Q3 2026 Business Update 5
Summary Income Statement ($ in millions, except per share data) (Unaudited) Net Interest Income $0.4 Provision for Credit Losses $(45.4) Revenue / (Expenses) from REO Operations, net $(1.1) Impairment Loss on Real Estate Owned $(2.6) Operating Expenses $(7.4) Dividends on Preferred Stock $(3.6) GAAP Net (loss) attributable to common stockholders $(60.3) Net (loss) Per Basic Wtd. Avg. Common Share $(12.50) Net (loss) Per Diluted Wtd. Avg. Common Share $(12.50) Common Dividend Per Share $0.10 Series A Preferred Dividend Per Share $0.4375 Basic Wtd. Avg. Common Shares 4,819,710 Diluted Wtd. Avg. Common Shares 4,819,710 Q3 2026 Financial Summary 6 Summary Balance Sheet ($ in millions, except per share data, reflects carrying values) (Unaudited) Cash $44.7 Restricted Cash $1.1 Loans Held-for-Investment, net $1,123.5 Real Estate Owned, Held-for-Investment, net(4) $36.1 Real Estate Owned, Held-for-Sale, net(5) $52.4 Repurchase Facilities $726.7 Secured Credit Facility $67.2 Participations Sold $33.4 Mortgage Loan Payable $17.6 Preferred Equity $205.7 Common Equity(7) $214.7 Total Stockholders’ Equity $420.4 Common Shares Outstanding 4,819,710 Book Value Per Common Share $44.54
$45.21 $44.46 $44.36 $44.54 $56.96 $0.18 $44.54 $56.96 6/30/2026 GAAP Net (Loss) Series A Preferred Dividend Declaration Common Stock Dividend Declaration Equity Compensation, Net 9/30/2026 Q3 2026 Earnings and Book Value Per Share ▪ GAAP Net (Loss) attributable to common stockholders of $(60.3) million, or $(12.50) per basic weighted average common share ▪ Book value per share of common stock at September 30, 2026, was $44.54, inclusive of $(38.58) per basic common share of total CECL reserve 7 BOOK VALUE PER COMMON SHARE OUTSTANDING ROLLFORWARD Represents $(12.50) GAAP Net (Loss) per basic common share $(11.75) $(0.75) $(0.10) .
Loan Investment Portfolio Credit Overview 8 CECL RESERVE BY QUARTER ($ 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 3.3 $133.6 $148.4 $148.5 $165.8 $185.9 $47.2 $44.0 $28.9 $35.7 $10.1 $86.5 $104.5 $119.6 $130.2 $175.8 General Specific 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 7.4% 8.4% 9.4% 11.4% 13.7% 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 20.8% 26.9% 21.5% 22.4% 8.4% <60% 60-65% 65-70% 70-75% 75-80% 8.0% 12.1% 37.2% 22.8% 19.9% 1 2 3 4 5
6/30/2026 9/30/2026 Q3 2026 Loan Investment Portfolio Activity ▪ Net loan portfolio activity of $(81.7) million in unpaid principal balance, attributed to loan repayments, sales and amortization, of $(89.5) million, partially offset by increases of $7.9 million from fundings 9 UNPAID PR INCIPAL BALANCE ROLLFORWARD (8) ($ in mi l l i ons ) Unpaid Principal Balance $1,393.1 38 loans Repayments $(22.4) Fundings $7.9 Unpaid Principal Balance $1,311.5 34 loans Unfunded Commitments $57.2 Unfunded Commitments $40.9 Resolutions $(67.1)
Loan Investment Portfolio Overview 10 Well-diversified and granular portfolio comprised of senior loans with a weighted average stabilized LTV at origination of 66.0% Total Loan Commitments $1.4 billion Unpaid Principal Balance $1.3 billion Number of Loans 34 Average UPB ~ $38.6 million Realized Loan Portfolio Yield(9) 5.3% Weighted Average Stabilized LTV at Origination 66.0% Weighted Average Fully-Extended Remaining Term(10) 0.5 years KEY LOAN PORTFOLIO STATISTICS PROPERTY TYPE(11)(12) REGION(12) Office, 50.8% Multifamily, 28.4% Industrial, 10.2% Hotel, 5.7% Other, 3.7% Retail, 1.2% Northeast, 29.1% Southwest, 27.8% Southeast, 25.2% West, 10.0% Midwest, 7.9%
▪ Five loans risk rated “5” with an aggregate unpaid principal balance of $260.4 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 45.6% of unpaid principal balance Overview of Risk-Rated “5” Loans 11 Minneapolis, MN Office(13) Tempe, AZ Hotel(14) San Diego, CA Office(15) Atlanta, GA Office(16) Atlanta, GA 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 December 2023 June 2021 March 2020 Collateral Property 409,000 sq. ft. office 186-key hotel with retail 384,397 sq. ft. office 446,187 sq. ft. office 269,001 sq. ft. office Total Commitment $93 million $30 million $64 million $51 million $35 million Current UPB $93 million $29 million $64 million $46 million $28 million Cash Coupon* S+2.8% S+5.2% S+5.5% S+4.4% S+5.0% * 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 $695 2021 2022 2023 2024 2025 Q3’26 Office Loan Portfolio Overview 12 ▪ Since 2021, reduced the office exposure by over $(1.0) billion, or about (60%), primarily through repayments, paydowns and proactive loan resolutions ▪ Granular office portfolio across 12 MSAs and 10 States ▪ 53% CBD locations, 47% suburban locations ▪ 35% Top 5 markets, 65% secondary markets ▪ Average unpaid principal balance $40.9 million ▪ Weighted average Stabilized LTV at Origination of 67.0% ▪ 5-rated office exposure in Minneapolis, San Diego and Atlanta ▪ No office exposure in Washington DC, Downtown LA, San Francisco Bay Area, Chicago, Portland or Seattle OFFICE PORTFOLIO BY REGION(11)(12) REDUCTION IN OFFICE EXPOSURE(11) ($ in millions, reflects UPB) Southeast, 33.1% Northeast, 30.2% West, 15.6% Southwest, 13.4% Midwest, 7.7% (60%)
▪ Property: 140,000 square foot, Class “A” office building with ground floor retail space and a 499-space parking garage ▪ Carrying Value(5): $52.4 million ▪ Strategy: Improve operating performance and expected sale in Q4 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): $36.1 million ▪ Strategy: Improve operating performance and evaluate for eventual sale
FINANCING SUMMARY ($ in millions) ($ in millions) Total Capacity Outstanding Balance Weighted Average Cost Advance Rate Repurchase Facilities $ 1,227 $ 727 S+2.13% 61.4 % Secured Credit Facility $ 100 $ 67 S+5.50% 45.6 % Loan Participations Sold $ 34 S+5.56% n/m(18) Mortgage Loan Payable $ 18 S+3.05% 51.8 % Total Borrowings $ 846 Preferred Equity $ 206 Common Equity(7) $ 215 Total Stockholders’ Equity $ 421 Funding Mix and Capitalization Highlights 14 FUNDING MIX WELL-BALANCED CAPITAL STRUCTURE WITH MODERATE LEVERAGE LEVERAGE RATIOS 1.8 1.9 Recourse Leverage Total Leverage 9/30/2026 Repurchase Facilities Secured Credit Facility Participations Sold Mortgage Payable ▪ 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; $44.7 million of unrestricted cash
Endnotes
Endnotes 16 1) Includes maximum loan commitments. Unpaid loan principal balance of $1.3 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 $5.3 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 post-reverse split adjusted closing price of $8.60 on September 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 June 30, 2026, was $1.2 billion and as of September 30, 2026, was $1.1 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 Q2 2026 16) Loan was placed on nonaccrual status in Q1 2026 17) Loan was placed on nonaccrual status in Q3 2026 18) Not meaningful due to 100% loan participations 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 $13.0 million, respectively Summary of Investment Portfolio 18 ($ 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*** $1,352.4 $1,311.5 $1,123.5 S+3.6% S+3.89% 3.0 69.3% 66.0% Total Weighted/Average $1,352.4 $1,311.5 $1,123.5 S+3.6% S+3.89% 3.0 69.3% 66.0%
Loan Investment Portfolio 19 ($ 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 $92.4 $92.4 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 76.7 76.6 S+4.70% S+3.44% 3.0 TX Office 68.5 % 66.7 % Asset 5 Senior 06/19 76.8 76.5 76.2 S+3.29% S+3.05% 3.0 TX Mixed-Use 71.7 % 72.2 % Asset 6 Senior 12/23 64.2 64.2 64.1 S+5.50% S+5.65% 2.0 CA Office 80.0 % 79.2 % Asset 7 Senior 06/21 51.3 46.1 46.0 S+4.38% S+4.75% 3.0 GA Office 68.0 % 69.4 % Asset 8 Senior 09/21 51.6 45.9 45.8 S+3.22% S+3.72% 3.0 CA Office 62.4 % 66.1 % Asset 9 Senior 04/22 48.7 46.9 46.5 S+3.23% S+3.78% 3.0 TX Multifamily 74.4 % 64.0 % Asset 10 Senior 03/22 46.8 46.8 46.8 S+3.25% S+3.64% 3.0 MA Industrial 67.3 % 60.8 % Asset 11 Senior 07/21 45.9 45.9 45.8 S+3.72% S+4.19% 3.0 CT Office 68.3 % 63.5 % Asset 12 Senior 08/21 45.4 45.4 45.3 S+3.21% S+3.53% 3.0 TX Multifamily 77.8 % 75.2 % Asset 13 Senior 02/22 42.4 42.4 42.2 S+3.05% S+3.40% 3.0 NJ Industrial 75.0 % 59.5 % Asset 14 Senior 09/21 40.5 40.5 40.5 S+5.00% S+5.12% 3.0 MN Hotel 68.4 % 57.8 % Asset 15 Senior 11/21 39.0 36.9 36.5 5.75% 3.82% 3.0 PA Mixed-Use 62.0 % 63.5 % Assets 16-34 Various Various $454.5 $437.1 $436.1 S+3.62% S+4.17% 3.1 Various Various 66.4 % 62.6 % Allowance for Credit Losses $ (185.2) Total/Weighted Average*** $1,352.4 $1,311.5 $1,123.5 S+3.6% S+3.89% 3.0 69.3 % 66.0 % * 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 $13.0 million, respectively
Average Balances and Yields/Cost of Funds 20 Quarter Ended September 30, 2026 ($ in thousands) Average Balance* Interest Income/Expense Net Yield/Cost of Funds Interest-earning assets Loans held-for-investment Senior loans** $1,376,466 $18,070 5.3 % Total loan interest income/net asset yield $1,376,466 $18,070 5.3 % Other - Interest on cash and cash equivalents $319 Total interest income $18,389 Interest-bearing liabilities Borrowings collateralized by: Loans held-for-investment Senior loans $955,498 $17,263 7.2 % Real estate owned 37,509 710 7.6 % Total interest expense/cost of funds $993,007 $17,973 7.2 % Net interest income/spread $416 (1.9) % * Average balance represents average amortized cost on loans held-for-investment ** Average balance includes outstanding balances related to other investments of $13.0 million
Condensed Consolidated Balance Sheets 21 GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) September 30, 2026 December 31, 2025 ASSETS (unaudited) Loans held-for-investment $ 1,308,672 $ 1,683,644 Allowance for credit losses (185,152) (145,912) Loans held-for-investment, net 1,123,520 1,537,732 Cash and cash equivalents 44,681 65,958 Restricted cash 1,118 14,108 Real estate owned, held-for-investment, net 30,807 92,039 Real estate owned assets, held-for-sale 59,651 — Accrued interest receivable 4,490 7,594 Other assets 27,373 37,793 Total Assets $ 1,291,640 $ 1,755,224 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Repurchase facilities $ 726,730 439,173 Securitized debt obligations — 643,528 Secured credit facility 67,159 71,774 Mortgage loan payable 17,619 17,546 Loan participations sold 33,385 — Dividends payable 4,114 6,164 Real estate owned liabilities, held-for-sale 7,251 — Other liabilities 14,845 24,227 Total Liabilities $ 871,103 $ 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 4,819,710 shares and 4,756,258 issued and outstanding, respectively 48 48 Additional paid-in capital 1,197,415 1,195,707 Cumulative earnings (298,195) (180,708) Cumulative distributions to stockholders (478,938) (462,442) Total Granite Point Mortgage Trust Inc. Stockholders’ Equity 420,412 552,687 Non-controlling interests 125 125 Total Equity 420,537 552,812 Total Liabilities and Stockholders’ Equity $ 1,291,640 $ 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 September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Interest income: Loans held-for-investment $ 18,070 $ 33,006 $ 65,104 $ 100,357 Cash and cash equivalents 319 714 1,156 2,310 Total interest income 18,389 33,720 66,260 102,667 Interest expense: Repurchase facilities 9,566 8,852 21,693 31,327 Securitized debt obligations 4,000 12,178 21,285 37,462 Secured credit facility 1,764 2,394 5,355 7,497 Mortgage loan payable 334 — 990 — Loan participations sold 2,309 — 3,721 — Total interest expense 17,973 23,424 53,044 76,286 Net interest income 416 10,296 13,216 26,381 Other income (loss): Revenue from real estate owned operations 3,475 3,620 10,182 10,467 (Provision for) benefit from credit losses (45,404) 1,643 (92,169) (13,111) Gain on sale of real estate owned — — — 301 (Loss) on extinguishment of debt (401) — (401) — Realized (loss) gain on sale — — (18) — Total other (loss) (42,330) 5,263 (82,406) (2,343) Expenses: Compensation and benefits 3,980 4,067 12,740 15,556 Servicing expenses 721 862 2,220 2,710 Impairment loss on real estate owned 2,645 — 8,724 — Expenses from real estate owned operations 4,601 5,776 15,634 15,507 Other operating expenses 2,728 1,757 8,826 7,477 Total expenses 14,675 12,462 48,144 41,250 (Loss) income before income taxes (56,589) 3,097 (117,334) (17,212) Provision for income taxes 63 62 153 131 Net (loss) income (56,652) 3,035 (117,487) (17,343) Dividends on preferred stock 3,600 3,600 10,801 10,801 Net (loss) income attributable to common stockholders $ (60,252) $ (565) $ (128,288) $ (28,144) Basic (loss) earnings per weighted average common share $ (12.50) $ (0.12) $ (26.75) $ (5.86) Diluted (loss) earnings per weighted average common share $ (12.50) $ (0.12) $ (26.75) $ (5.86) Dividends declared per common share $ 0.10 $ 0.50 $ 1.10 $ 1.50 Weighted average number of shares of common stock outstanding: Basic 4,819,710 4,739,345 4,795,788 4,802,537 Diluted 4,819,710 4,739,345 4,795,788 4,802,537 Net (loss) income attributable to common stockholders $ (60,252) $ (565) $ (128,288) $ (28,144) Comprehensive (loss) income $ (60,252) $ (565) $ (128,288) $ (28,144)
Quarterly Per Share Calculations 23 ($ in millions, except per share data) (unaudited) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 GAAP Net (loss) income Attributable to Common Stockholders $ (0.6) $ (27.4) $ (6.0) $ (62.0) $ (60.3) Adjustments: Provision for (Benefit from) Credit Losses $ (1.6) $ 14.4 $ (0.2) $ 47.0 $ 45.4 Non-Cash Equity Compensation $ 0.9 $ 1.0 $ 0.9 $ 1.1 $ 0.9 Depreciation and Amortization Expense on Real Estate Owned $ 2.2 $ 2.1 $ 2.0 $ 2.0 $ 1.0 Impairment Loss on Real Estate Owned $ — $ 6.8 $ — $ 6.1 $ 2.6 Amortization of Deferred Debt Issuance Costs on Participations Sold $ — $ — $ — $ 0.9 $ 1.5 Loss on Extinguishment of Debt $ — $ — $ — $ — $ 0.4 Distributable Earnings (Loss) Before Realized Gains and Losses* $ 0.9 $ (3.0) $ (3.3) $ (4.9) $ (8.4) Write-offs $ (19.8) $ — $ — $ (29.7) $ (25.3) Recoveries of Previous Write-offs $ — $ 0.4 $ 0.3 $ — $ — Discount on Participations Sold $ — $ — $ — $ (3.1) $ — Distributable Earnings (Loss)* $ (18.9) $ (2.7) $ (3.0) $ (37.7) $ (33.7) Basic Wtd. Avg. Common Shares 4,739,345 4,756,258 4,791,856 4,819,710 4,819,710 Distributable Earnings (Loss) Before Realized Gains and Losses* per Basic Wtd. Avg. Common Share $ 0.18 $ (0.64) $ (0.69) $ (1.02) $ (1.74) Distributable Earnings (Loss)* per Basic Wtd. Avg. Common Share $ (4.00) $ (0.56) $ (0.63) $ (7.83) $ (6.99) * 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) 09/30/2025 12/31/2025 03/31/2026 06/30/2026 09/30/2026 Total Equity $ 582.1 $ 552.8 $ 543.9 $ 480.4 $ 420.5 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 $ 376.2 $ 347.0 $ 338.0 $ 274.6 $ 214.7 Common Shares Outstanding 4,739,345 4,756,258 4,791,856 4,819,710 4,819,710 Book Value per Common Share Outstanding $ 79.39 $ 72.95 $ 70.55 $ 56.96 $ 44.54 RECONCILIATION OF GAAP TO NON-GAAP MEASURES
($ in thousands) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 ASSETS Loans Held-for-Investment $ 1,713,583 $ 1,683,644 $ 1,510,097 $ 1,389,380 $ 1,308,672 Allowance for credit losses (130,908) (145,912) (147,298) (163,484) (185,152) Carrying Value $ 1,582,675 $ 1,537,732 $ 1,362,799 $ 1,225,896 $ 1,123,520 LIABILITIES Other liabilities impact* $ 2,735 $ 2,517 $ 1,215 $ 2,350 $ 773 Total allowance for credit losses $ (133,643) $ (148,429) $ (148,513) $ (165,834) $ (185,925) Financial Statements Impact of CECL Reserves 24 ▪ Total allowance for credit losses of $(185.9) million, of which $0.8 million is related to future funding obligations and recorded in other liabilities ▪ Loans reported on the balance sheet are net of the allowance for credit losses ($ in thousands) Q3 2026 Change in allowance for credit losses: Loans held-for-investments $ (21,668) Other liabilities* $ 1,577 Total change in allowance for credit losses $ (20,091) * 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 September 30, 2026, we recorded a provision for credit losses of $(45.4) 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 September 30, 2026, we recorded $1.0 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 on the previous slide. During the quarter ended September 30, 2026, we recorded $2.6 million, impairment in REO, 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. ▪ 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 and loan participations, 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
