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Granite Point Mortgage Trust Inc. Reports Second Quarter 2025 Financial Results and Post Quarter-End Update

NEW YORK--(BUSINESS WIRE)-- Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced its financial results for the quarter ended June 30, 2025, and provided an update on its activities subsequent to quarter-end. An earnings supplemental containing second quarter 2025 financial results can be viewed at .

"We continued our progress in resolving nonperforming loans and reducing higher-cost debt,鈥� said Jack Taylor, President and Chief Executive Office of GPMT. 鈥淵ear-to-date, five risk-rated 5 loans have been resolved, inclusive of another resolution after quarter end, leaving two remaining. We also sold an REO office property during the second quarter. Additionally, we repurchased 1.25 million of our common shares during the quarter, given our belief that the stock is significantly undervalued. We are pleased with this progress and look forward to returning to our core business of originating loans over the coming quarters."

Second Quarter 2025 Activity

• Recognized GAAP net (loss) attributable to common stockholders of $(17.0) million, or $(0.35) per basic common share, inclusive of provision for credit losses of $(11.0) million, or $(0.23) per basic common share.
• Distributable Earnings (Loss)⁽¹⁾ of $(45.3) million or $(0.94) per basic common share.
• Distributable Earnings (Loss) Before AG真人官方ized Gains and Losses⁽¹⁾ of $(2.0) million, or $(0.04) per basic common share.
• Book value per common share was $7.99, inclusive of $(3.27) 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 $(115.1) million in unpaid principal balance.
  • $(32.1) million full loan repayments and partial repayments of $(2.4) million.
  • Two resolutions of $(94.1) million, inclusive of write-offs $(36.1) million.
  • Fundings of $13.5 million.
• Sold an REO⁽²⁾ property located in Phoenix, AZ, for a net sales price of $16.7 million, which resulted in a gain on sale of $0.3 million, or $0.01 per basic share.
• Carried at quarter-end a 98% floating rate loan portfolio with $1.9 billion in total loan commitments comprised of over 99% senior loans, with a portfolio weighted average stabilized LTV at origination⁽³⁾ 64.7% and a realized loan portfolio yield⁽⁴⁾ of 7.1%.
• Total CECL reserve of $155.1 million, or 8.1% of total loan portfolio commitments.
• Weighted average loan portfolio risk-rating was 2.8.
• Held two REO⁽²⁾ properties with an aggregate carrying value of $107.0 million⁽⁵⁾.
• Q2 2025 common stock repurchases.
  • 1.25 million shares at average price of $2.48 per share for total of $3.1 million.
  • Book value accretion of $0.15 per share.
• Ended the quarter with $85.1 million in unrestricted cash and Total Leverage Ratio⁽⁶⁾ of 2.1x.
• No corporate debt maturities remaining.

Post Quarter-End Update

• In July, resolved a loan secured by a student housing property located in Louisville, KY.
  • As of June 30, 2025, the loan was on nonaccrual status with an unpaid principal balance of $50.0 million and risk rating of 鈥�5鈥�. As a result of the property sale, the Company expects to recognize a write-off of approximately $(19.3) million, which had been reserved for through a previously recorded $(22.6) million allowance for credit losses, and expects to recognize a GAAP benefit from provision for credit losses of approximately $3.3 million.
• So far in Q3鈥�25, funded about $5.4 million on existing loan commitments.
• Extended the maturity of the secured credit facility to December 2026.
  • Reduced the financing spread by 75 basis points and reduced borrowings by $7.5 million.
• As of August 4, 2025, carried approximately $73.3 million in unrestricted cash.

Conference Call
Granite Point Mortgage Trust Inc. will host a conference call on August 6, 2025, at 11:00 a.m. ET to discuss second quarter 2025 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 , in the Investor section under the News & Events link. For those unable to attend, a telephone playback will be available beginning August 6, 2025, at 12:00 p.m. ET through August 20, 2025, 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 13754470. The call will also be archived on the Company鈥檚 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 .

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 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渆xpect,鈥� 鈥渢arget,鈥� 鈥渂elieve,鈥� 鈥渙utlook,鈥� 鈥減otential,鈥� 鈥渃ontinue,鈥� 鈥渋ntend,鈥� 鈥渟eek,鈥� 鈥減lan,鈥� 鈥済oals,鈥� 鈥渇uture,鈥� 鈥渓ikely,鈥� 鈥渕ay鈥� 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, 2024, under the caption 鈥淩isk Factors,鈥� 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 AG真人官方ized Gains and Losses, Distributable Earnings (Loss) per basic common share and Distributable Earnings (Loss) Before AG真人官方ized 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鈥檚 core business operations, and uses these measures to gain a comparative understanding of the Company鈥檚 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鈥檚 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.

Additional Information
Stockholders of Granite Point and other interested persons may find additional information regarding the Company at the Securities and Exchange Commission鈥檚 Internet site at or by directing requests to: Granite Point Mortgage Trust Inc., 3 Bryant Park, 24^th Floor, New York, NY 10036, telephone (212) 364-5500.

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View source version on businesswire.com:

Investors: Chris Petta Investor Relations, Granite Point Mortgage Trust Inc., (212) 364-5500, [email protected].

Source: Granite Point Mortgage Trust Inc.