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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 6, 2024

Granite Point Mortgage Trust Inc.
(Exact name of registrant as specified in its charter)
 
Maryland 001-38124 61-1843143
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
 
3 Bryant Park, Suite 2400A
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 share GPMT NYSE
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 November 6, 2024, Granite Point Mortgage Trust Inc. issued a press release announcing its financial results for the fiscal quarter ended September 30, 2024. A copy of the press release and 2024 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 9.01Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
99.1
99.2
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 6, 2024  


gpmtlogo.jpg

Granite Point Mortgage Trust Inc. Reports
Third Quarter 2024 Financial Results
and Post Quarter-End Update

NEW YORK, November 6, 2024 – Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced its financial results for the quarter ending September 30, 2024, and provided an update on its activities subsequent to quarter-end. An earnings supplemental containing third quarter 2024 financial results can be viewed at www.gpmtreit.com.

“Our third quarter results are highlighted by multiple nonaccrual loan resolutions, produced by our active portfolio management strategy, and accretive share buybacks,” said Jack Taylor, President and Chief Executive Officer of Granite Point. “This forward momentum has continued with over $280 million of nonaccrual loans that already have been or are expected to be resolved in the coming months. We will continue to reposition the business so as to return to our core lending strategy next year and benefit from the attractive investment opportunities that are beginning to emerge with the improving market conditions.”

Third Quarter 2024 Activity
•Recognized GAAP Net (Loss)(1) of $(34.6) million, or $(0.69) per basic share, inclusive of a $(27.9) million, or $(0.55) per basic share, provision for credit losses.
•Distributable (Loss)(2) of $(38.0) million, or $(0.75) per basic share, inclusive of loan write-offs of $(44.6) million, or $(0.88) per basic share and recoveries of $8.8 million, or $0.17 per basic share. Distributable (Loss)(2) excluding write-offs and recoveries of $(2.2) million, or $(0.04) per basic share.
•Book value per common share was $9.25 as of September 30, 2024, inclusive of $(5.18) per common share of total CECL reserve.
•Declared and paid a cash dividend of $0.05 per common share and a cash dividend of $0.4375 per share of its Series A preferred stock.
•Funded $9.8 million in prior loan commitments and upsizes.
•Realized $284.7 million of total UPB in loan repayments, paydowns, amortization, and resolutions.
◦Resolved a $33.3 million loan secured by a multifamily property located in Chicago, IL, realizing a loss of approximately $(3.3) million.
◦Resolved a $51.0 million loan secured by a mixed-use multifamily, event space and office property located in Pittsburgh, PA through a loan modification. The resulting $19.0 million mezzanine note was deemed uncollectible and written-off.
◦Resolved a $37.1 million loan secured by a mixed-use office and retail property located in Los Angeles, CA, realizing a loss of approximately $(22.3) million.
•Carried at quarter-end a 97% floating rate loan portfolio with $2.5 billion in total loan commitments comprised of over 99% senior loans. As of September 30, 2024, portfolio weighted average stabilized LTV at origination was 63.9%(3) and a stated and realized loan portfolio yield(4) of 9.1% and 7.0%, respectively.
•Weighted average loan portfolio risk rating was 3.1 at September 30, 2024.
•Total CECL reserve at quarter-end was $259.0 million, or 10.5% of total loan portfolio commitments.
•Held two unlevered REO(5) properties with an aggregate carrying value of $53.6 million, as of September 30, 2024.
•Repurchased 0.7 million shares of its common stock at an average price of $2.73 per share for a total of $2.0 million, resulting in book value accretion of approximately $0.10 per share.
•Ended the quarter with $113 million in unrestricted cash and a total leverage ratio(6) of 2.2x, with no corporate debt maturities remaining.

Post Quarter-End Update
•In October, the Company resolved a $32.9 million loan secured by an office property located in Fort Lee, NJ. As of September 30, 2024, the loan had a risk-rating of “5” and was on nonaccrual status. As a result of this transaction, the Company expects to realize a write-off of approximately $(16.6) million, which had been reserved for through a previously recorded allowance for credit losses.
•Over the next few months, the Company anticipates resolving five additional nonaccrual loans totaling over $250 million in principal balance.
•So far in Q4 2024, funded about $4 million on existing loan commitments.
•As of November 5, 2024, carried approximately $94 million in unrestricted cash.

1

(1)Represents Net (Loss) Income Attributable to Common Stockholders.
(2)Please see page 5 for Distributable (Loss) Earnings and Distributable (Loss) Earnings before realized losses definition and a reconciliation of GAAP to non-GAAP financial information.
(3)Stabilized loan-to-value ratio (LTV) is calculated as 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 occupancy.
(4)Yield includes net origination fees and exit fees, but does not include future fundings, and is expressed as a monthly equivalent yield. Portfolio yield includes nonaccrual loans.
(5)REO represents "Real Estate Owned".
(6)Borrowings outstanding on repurchase facilities, secured credit facility and CLO’s, less cash, divided by total stockholders’ equity.

Conference Call
Granite Point Mortgage Trust Inc. will host a conference call on November 7, 2024, at 11:00 a.m. ET to discuss third quarter 2024 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 7, 2024, at 12:00 p.m. ET through November 21, 2024, 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 13749367. 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, 2023, 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 (Loss) Earnings and Distributable (Loss) Earnings 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 5 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., 3 Bryant Park, 24th Floor, New York, NY 10036, telephone (212) 364-5500.

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



2

GRANITE POINT MORTGAGE TRUST INC.
CONDENSED AND CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
June 30,
2024		December 31,
2023
ASSETS(unaudited)
Loans held-for-investment$2,340,332 $2,718,486 
Allowance for credit losses(256,770)(134,661)
Loans held-for-investment, net2,083,562 2,583,825 
Cash and cash equivalents113,461 188,370 
Restricted cash11,243 10,846 
Real estate owned, net42,736 16,939 
Accrued interest receivable9,168 12,380 
Other assets41,214 34,572 
Total Assets
$2,301,384 $2,846,932 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Repurchase facilities$705,590 $875,442 
Securitized debt obligations816,103 991,698 
Secured credit facility85,192 84,000 
Dividends payable6,296 14,136 
Other liabilities20,291 22,633 
Total Liabilities1,633,472 1,987,909 
Stockholders’ Equity
7.00% Series A 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 49,957,557 shares and 50,577,841 issued and outstanding, respectively
500 506 
Additional paid-in capital1,199,432 1,198,048 
Cumulative earnings(100,720)67,495 
Cumulative distributions to stockholders(431,507)(407,233)
Total Granite Point Mortgage Trust Inc. Stockholders’ Equity667,787 858,898 
Non-controlling interests125 125 
Total Equity667,912 859,023 
Total Liabilities and Stockholders’ Equity$2,301,384 $2,846,932 
3

GRANITE POINT MORTGAGE TRUST INC.
CONDENSED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(in thousands, except share data) (unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Interest Income:
Loans held-for-investment$43,031 $63,848 $141,878 $195,356 
Cash and cash equivalents1,266 2,839 4,953 6,876 
Total interest income44,297 66,687 146,831 202,232 
Interest expense:
Repurchase facilities17,365 21,986 57,424 64,630 
Secured credit facility2,753 3,178 8,156 9,182 
Securitized debt obligations16,521 18,414 52,939 54,353 
Convertible senior notes— 2,332 — 6,975 
Asset-specific financings— 862 — 2,424 
Total interest expense36,639 46,772 118,519 137,564 
Net interest income7,658 19,915 28,312 64,668 
Other income (loss):
Revenue from real estate owned operations3,792 1,056 6,045 1,518 
Provision for credit losses(27,911)(31,008)(164,219)(83,236)
Gain (loss) on extinguishment of debt— — (786)238 
Fee income— 81 — 81 
Total other (loss)(24,119)(29,871)(158,960)(81,399)
Expenses:
Compensation and benefits5,375 5,044 16,083 17,165 
Servicing expenses1,197 1,331 3,971 4,029 
Expenses from real estate owned operations4,827 2,233 8,822 3,897 
Other operating expenses3,166 2,358 8,695 7,809 
Total expenses14,565 10,966 37,571 32,900 
(Loss) income before income taxes(31,026)(20,922)(168,219)(49,631)
(Benefit from) provision for income taxes(2)15 (4)94 
Net (loss) income
(31,024)(20,937)(168,215)(49,725)
Dividends on preferred stock
3,600 3,600 10,800 10,850 
Net (loss) income attributable to common stockholders$(34,624)$(24,537)$(179,015)$(60,575)
Basic (loss) earnings per weighted average common share
$(0.69)$(0.48)$(3.53)$(1.17)
Diluted (loss) earnings per weighted average common share
$(0.69)$(0.48)$(3.53)$(1.17)
Dividends declared per common share$0.05 $0.20 $0.25 $0.60 
Weighted average number of shares of common stock outstanding:
Basic
50,526,492 51,577,143 50,736,066 51,805,265 
Diluted
50,526,492 51,577,143 50,736,066 51,805,265 
Net (loss) income attributable to common stockholders$(34,624)$(24,537)$(179,015)$(60,575)
4

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,
2024
Reconciliation of GAAP Net (Loss) Income to Distributable (Loss)(1):
GAAP Net (Loss) income attributable to common stockholders$(34,624)
Adjustments:
Provision for credit losses27,911 
Depreciation and amortization on real estate owned1,945 
Non-cash equity compensation2,534 
Distributable (Loss) Earnings before realized losses and recoveries$(2,234)
Realized losses on write-offs, loan sales and REO conversions(44,580)
Recoveries of previous write-offs$8,819 
Distributable (Loss) Earnings$(37,995)
Distributable (Loss) Earnings per basic share of common stock$(0.75)
Distributable (Loss) Earnings per diluted share of common stock$(0.75)
Distributable (Loss) Earnings before realized losses per basic share of common stock$(0.04)
Distributable (Loss) Earnings before realized losses per diluted share of common stock$(0.04)
Basic weighted average common shares50,526,492 
Diluted weighted average common shares50,526,492 
(1) Beginning with our Annual Report on Form 10-K for the year ended December 31, 2023, and for all subsequent reporting periods ending on or after December 31, 2023, we have elected to present Distributable (Loss) Earnings, a measure that is not prepared in accordance with GAAP, as a supplemental method of evaluating our operating performance. Distributable (Loss) Earnings replaces our prior presentation of Core Earnings with no changes to the definition. In order to maintain our status as a REIT, we are required to distribute at least 90% of our taxable income as dividends. Distributable (Loss) Earnings is intended to overtime serve as a general, though imperfect, proxy for our taxable income. As such, Distributable (Loss) Earnings is considered a key indicator of our ability to generate sufficient income to pay our common dividends, which is the primary focus of income-oriented investors who comprise a meaningful segment of our stockholder base. We believe providing Distributable (Loss) Earnings on a supplemental basis to our Net (Loss) Income 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 (Loss) Earnings as Net (Loss) Income 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 (Loss) Income for the applicable reporting period (regardless of whether such items are included in other comprehensive income or in Net (Loss) Income for such period); and (iv) certain non-cash items and one-time expenses. Distributable (Loss) Earnings 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 (Loss) Earnings 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 (Loss) Earnings excludes the impact of the unrealized non-cash current provision for credit losses, we expect to only recognize such potential credit losses in Distributable (Loss) Earnings 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 nonrecoverability 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 (Loss) Earnings 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 three months ended September 30, 2024, we recorded provision for credit losses of $(27.9) million, which has been excluded from Distributable (Loss) Earnings, consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable (Loss) Earnings referenced above. During the three months ended September 30, 2024, we recorded $(1.9) million, in depreciation and amortization on REO and related intangibles, which has been excluded from Distributable (Loss) Earnings consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable (Loss) Earnings referenced above.


Distributable (Loss) Earnings does not represent Net (Loss) Income or cash flow from operating activities and should not be considered as an alternative to GAAP Net (Loss) Income, 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 (Loss) Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and, accordingly, our reported Distributable (Loss) Earnings may not be comparable to the Distributable (Loss) Earnings reported by other companies.

We believe it is useful to our stockholders to present Distributable (Loss) Earnings before realized losses 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 (Loss) Earnings and Distributable (Loss) Earnings before realized losses, or a comparable supplemental performance measure, to evaluate and compare the performance of our company and our peers.
5
Third Quarter 2024 Earnings Supplemental November 7, 2024

 
Safe Harbor Statement 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, 2023, 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. 2

 
S UM M ARY R E S ULT SI NV E ST M E NT P O RT FO L I O * All information pertaining to this supplemental presentation is as of September 30, 2024, unless otherwise noted. ** Includes maximum loan commitments. Outstanding loan principal balance of $2.3 billion. *** See definition in the appendix. † Represents Net (Loss) Income Attributable to Common Stockholders; see definition in the appendix. †† See definition and reconciliation to GAAP Net (Loss) Income in the appendix. 3 $2.5 billion** Total Loan Portfolio Commitments Across 62 loan Investments 100% Loans 99% Senior Loans 97% Floating Rate 63.9% Weighted Average LTV at Origination*** ~56% Non-Mark-to- Market Borrowings 2.2x Total Debt-to- Equity Leverage*** $2.2 billion Total Financing Capacity with $1.6 billion Outstanding $113 million Unrestricted Cash Balance; $54 million in unlevered REO*** assets $37.9 million Average UPB Company Overview* C AP I TAL IZAT I O N $(0.75) Q3’24 Distributable (Loss)†† per basic share 6.3% Annualized Dividend Yield(1) $0.05 Common Dividend per Share $(0.69) Q3’24 GAAP Net† (Loss) per basic share $(0.04) Q3’24 Distributable (Loss)†† per basic share Excl. loan write-offs and recoveries $259 million allowance for credit losses, or 10.5% of portfolio commitments, of which 77%, or $200 million, is allocated to specific CECL reserves. $2.2bn financing capacity; $1.6bn outstanding including $0.8bn across four facilities and $0.8bn in non-recourse and non-mark-to-market borrowings from two CRE CLOs. No remaining corporate debt maturities. $9.25 Book Value per Common Share at September 30, 2024 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)* of $(34.6) million, or $(0.69) per basic share, inclusive of a $(27.9) million, or $(0.55) per basic share, provision for credit losses. ▪ Distributable (Loss)** of $(38.0) million, or $(0.75) per basic share, inclusive of loan write-offs of $(44.6) million, or $(0.88) per basic share and recoveries of $8.8 million, or $0.17 per basic share. Distributable (Loss)** excluding write- offs and recoveries of $(2.2) million, or $(0.04) per basic share. ▪ Common stock quarterly dividend per share of $0.05; Series A preferred dividend per share of $0.4375. ▪ Book value per common share of $9.25, inclusive of $(5.18) per common share of total CECL reserve. PORTFOLIO ACTIVITY ▪ Funded $9.8 million on existing loan commitments and upsizes. ▪ Realized $284.7 million of total UPB in loan repayments, paydowns, amortization, and resolutions. o Resolved a $33.3 million loan secured by a multifamily property located in Chicago, IL, realizing a loss of approximately $(3.3) million. o Resolved a $51.0 million loan secured by a mixed-use multifamily, event space and office property located in Pittsburgh, PA through a loan modification. The resulting $19.0 million mezzanine note was deemed uncollectible and written-off. o Resolved a $37.1 million loan secured by a mixed-use office and retail property located in Los Angeles, CA, realizing a loss of approximately $(22.3) million. PORTFOLIO OVERVIEW ▪ Loan portfolio of $2.5 billion in total commitments across 62 loan investments with a weighted average stabilized LTV at origination of 63.9%† and a stated and realized loan portfolio yield† of 9.1% and 7.0%, respectively. Loan portfolio is over 97% floating rate and comprised of over 99% senior loans. ▪ Total CECL reserve of $259 million, or 10.5% of total loan portfolio commitments. ▪ Weighted average loan portfolio risk rating of 3.1. ▪ Held two unlevered REO†† properties with an aggregate carrying value of $53.6 million. Q3 2024 Summary Results 4 * Represents Net (Loss) Income Attributable to Common Stockholders; see definition in the appendix. ** See definition and reconciliation to GAAP Net (Loss) Income in the appendix. † See definition in the appendix. Includes nonaccrual loans. †† See definition in the appendix.

 
CAPITALIZATION & LIQUIDITY ▪ Repurchased 0.7 million shares of its common stock at an average price of $2.73 per share for a total of $2.0 million, resulting in book value accretion of approximately $0.10 per share. ▪ During the quarter, Granite Point’s Board of Directors has authorized the Company to repurchase up to an additional 3 million shares of its common stock, which increased the number of shares available for repurchase to 5.9 million, including the shares remaining under the prior authorization. ▪ Ended Q3 with $113 million in unrestricted cash and total leverage ratio† of 2.2x with no corporate debt maturities remaining. SUBSEQUENT EVENTS ▪ In October, the Company resolved a $32.9 million loan secured by an office property located in Fort Lee, NJ. As of September 30, 2024, the loan had a risk-rating of “5” and was on nonaccrual status. As a result of this transaction, the Company expects to realize a write-off of approximately $(16.6) million, which had been reserved for through a previously recorded allowance for credit losses. ▪ Over the next few months, the Company anticipates resolving five additional nonaccrual loans totaling over $250 million in principal balance. ▪ So far in Q4’24, the Company funded about $4 million on existing loan commitments and realized a $32.9 million loan resolution, as referenced above. ▪ As of November 5, 2024, carried approximately $94 million in unrestricted cash. Q3 2024 Summary Results (cont’d) 5† See definition in the appendix.

 
SUMMARY INCOME STATEMENT ($ IN MILLIONS, EXCEPT PER SHARE DATA) (UNAUDITED) Net Interest Income $7.7 (Provision) for Credit Losses $(27.9) Revenue / (Expenses) from REO* Operations, net $(1.0) Operating Expenses $(9.7) Dividends on Preferred Stock $(3.6) GAAP Net (Loss)* $(34.6) Net (Loss) Per Basic Share** $(0.69) Net (Loss) Per Diluted Share** $(0.69) Common Dividend Per Share $0.05 Series A Preferred Dividend Per Share $0.4375 Basic Wtd. Avg. Common Shares 50,526,492 Diluted Wtd. Avg. Common Shares 50,526,492 Q3 2024 Financial Summary 6* See definition in the appendix. Due to rounding, figures may not result in the totals presented. ** See definition and reconciliation to GAAP Net (Loss) Income in the appendix. *** Due to rounding, figures may not result in the totals presented. SUMMARY BALANCE SHEET ($ IN MILLIONS, EXCEPT PER SHARE DATA, REFLECTS CARRYING VALUES) (UNAUDITED) Cash $113.5 Restricted Cash $11.2 Loans Held-for-Investment, net $2,083.6 Real Estate Owned, net(2) $53.6 Repurchase Facilities $705.6 Securitized (CLO) Debt $816.1 Secured Credit Facility $85.2 Preferred Equity $205.7 Common Equity $462.0 Total Stockholders’ Equity*** $667.8 Common Shares Outstanding 49,957,557 Book Value Per Common Share $9.25

 
$9.84 $9.25 $(0.07) $(0.55) $(0.07) $(0.05) $0.10 $0.05 $7.00 $8.00 $9.00 $10.00 $11.00 6/30/2024 Pre-Provision Net (Loss) (Provision for) Credit Losses Series A Preferred Dividend Declaration Common Stock Dividend Declaration Share Repurchase Equity Compensation 9/30/2024 Key Drivers of Q3 2024 Earnings and Book Value Per Share • GAAP Net (Loss)* of $(34.6) million, or $(0.69) per basic share, inclusive of a $(27.9) million, or $(0.55) per basic share, provision for credit losses. • Distributable (Loss)** of $(38.0) million, or $(0.75) per basic share, inclusive of loan write-offs of $(44.6) million, or $(0.88) per basic share and recoveries of $8.8 million, or $0.17 per basic. Distributable (Loss)** excluding write-offs and recoveries of $(2.2) million, or $(0.04) per basic share. • Q3 2024 book value per common share of $9.25, inclusive of $(5.18) per common share total CECL reserve. 7 BO O K VA LU E WA L K P E R S H A R E * Represents Net (Loss) Income Attributable to Common Stockholders; see definition in the appendix. ** See definition and reconciliation to GAAP Net (Loss) Income in the appendix.

 
5.1% 34.5% 28.6% 10.2% 21.6% 1 2 3 4 5 Loan Portfolio Credit Overview 8 GENERAL AND SPECIFIC CECL RESERVE BY QTR.* CECL RESERVE AS % OF COMMITMENTS BY QTR. STABILIZED LTV at Origination** RISK RATINGS * $ in millions. Due to rounding, figures may not result in the totals presented. ** See definition in the appendix. Weighted average portfolio risk rating of 3.1 $45.7 $57.4 $71.9 $58.8 $91.4 $155.3 $195.0 $200.3 $137.1 $212.7 $266.9 $259.0 12/31/2023 3/31/2024 6/30/2024 9/30/2024 General Specific 4.7% 7.5% 9.7% 10.5% 12/31/2023 3/31/2024 6/30/2024 9/30/2024 24.9% 31.0% 16.9% 23.0% 4.2% 0 - 60% 60 - 65% 65 - 70% 70 - 75% 75 - 80%

 
Office, 45.0% Multifamily, 29.8% Retail, 10.4% Hotel, 6.2% Industrial, 5.5% Other, 3.1% Loan Portfolio Overview 9 PROPERTY TYPE(3) REGION(3) * See definition in the appendix. ** See definition in the appendix. Includes nonaccrual loans. KEY LOAN PORTFOLIO STATISTICS Outstanding Principal Balance $2.3 billion Total Loan Commitments $2.5 billion Number of Investments 62 Average UPB ~$37.9 mil Realized Loan Portfolio Yield** 7.0% Weighted Average Stabilized LTV at Origination* 63.9% Weighted Average Fully- Extended Remaining Term(4) 1.4 years Well-diversified and granular portfolio comprised of over 99% senior loans with a weighted average stabilized LTV at origination of 63.9%*. Northeast, 23.9% Southeast, 23.4% Southwest, 22.3% Midwest, 16.1% West, 14.3%

 
Minneapolis, MN Hotel(6) Minneapolis, MN Hotel(9) Boston, MA Office(5) Denver, CO Office(10) Loan Structure Senior fixed-rate Senior floating-rate Senior floating-rate Senior floating-rate Origination Date September 2021 December 2018 January 2019 February 2022 Collateral Property 281 key full-service hotel 154 key full-service hotel 80,000 sq. ft. office 194,575 sq. ft. office Total Commitment $54 million $29 million $26 million $23 million Current UPB $53 million $29 million $26 million $20 million Cash Coupon* S + 5.0% S + 3.9% S + 3.4% S + 3.9% Overview of Risk-Rated “5” Loans 10 * See definition in the appendix. • As of September 30, 2024, the Company held nine loans that were risk-rated “5” with an aggregate principal balance of $508.5 million. The Company is actively pursuing resolution options with respect to these loans, which may include a foreclosure, a deed-in-lieu, a loan restructuring, a sale of the loan, or a sale of the collateral property. Risk-rated “5” loans have specific CECL reserves of approximately 39% of UPB. ✓ Recently resolved Fort Lee, NJ Office(6) New York, NY Mixed-Use(5) Minneapolis, MN Office(7) Baton Rouge, LA Mixed-Use(8) Chicago, IL Office(8) Loan Structure Senior fixed-rate Senior floating-rate Senior floating-rate Senior floating-rate Senior floating-rate Origination Date March 2016 December 2018 August 2019 December 2015 July 2019 Collateral Property 216,867 sq. ft. office 152,574 sq. ft. office/retail 409,000 sq. ft. office 504,482 sq. ft. retail/office 346,545 sq. ft. office/retail Total Commitment $33 million $94 million $93 million $82 million $80 million Current UPB $33 million $94 million $93 million $81 million $80 million Cash Coupon* 5.1% S + 3.8% S + 2.8% S + 4.2% S + 3.7%

 
$1,723 $1,404 $1,195 $1,095 2021 2022 2023 YTD 2024 Office Loan Portfolio Overview 11 • Since 2021, reduced the office exposure by over $625 million, or over 35%, primarily through repayments and paydowns, and proactive loan resolutions. • Granular office portfolio across 20 MSAs and 17 States. • 59% CBD locations, 41% suburban locations. • 37% Top 5 markets, 63% secondary markets. • Average principal balance $35.3 million. • Weighted average stabilized LTV at origination* of 65.2%. • 5-rated office exposure in Boston, Chicago, Minneapolis, New York and Denver. • No office exposure in Washington DC, San Francisco Bay Area, Portland or Seattle. * Includes mixed-use properties. ** As of Q3 2024. OFFICE PORTFOLIO BY REGION(3) REDUCTION IN OFFICE EXPOSURE* ($ IN MILLIONS) ** Northeast, 30.8% Southeast, 28.3% West, 19.8% Midwest, 13.0% Southwest, 8.1%

 
FINANCING SUMMARY ($ IN MILLIONS) Total Capacity Outstanding Balance(11) Wtd. Avg Coupon* Advance Rate Non- MTM* Repurchase Facilities $1,253 $706 S + 3.36% 64.6% Secured Credit Facility $100 $85 S + 6.50% 58.0% CLO-3 (GPMT 2021-FL3) $398 S + 1.89% 75.6% CLO-4 (GPMT 2021-FL4) $419 S + 1.98% 77.0% Total Borrowings $1,608 Stockholders’ Equity $668 CLOs Repurchase Facilities Other Non-MTM Funding Mix and Capitalization Highlights 12* See definition in the appendix. FUNDING MIX(12) WELL-BALANCED CAPITAL STRUCTURE WITH MODERATE LEVERAGE LEVERAGE* 1.0x 2.2x 0.0x 1.0x 2.0x 3.0x 9/30/2024 Recourse Leverage Total Leverage ~56% Non–MTM*

 
Endnotes

 
Endnotes 14 1) Dividend yield is based on annualized Q3 2024 dividend of $0.05 and a closing price of $3.17 on September 30, 2024. 2) As of September 30, 2024, real estate owned, net included $10.8 million in other assets and liabilities related to leases. 3) Mixed-use properties represented based on allocated loan amounts. Percentages are based off of carrying value. 4) Max remaining term assumes all extension options are exercised and excludes five loans that have passed their maturity date and are not eligible for extension, if applicable. 5) Loan was placed on nonaccrual status as of March 2024. 6) Loan was place on nonaccrual status as of September 2024. 7) Loan was placed on nonaccrual status as of September 2022. 8) Loan was placed on nonaccrual status as of December 2023. 9) Loan was placed on nonaccrual status as of March 2023. 10) Loan was placed on nonaccrual status as of June 2024. 11) Outstanding principal balance, excludes deferred debt issuance costs. 12) Other non-MTM includes non-mark-to-market repurchase facility and secured credit facility.

 
Appendix

 
Summary of Investment Portfolio 16 ($ 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* $2,445.2 $2,335.7 $2,070.5 S + 3.77% S + 4.06% 3.1 67.1% 64.1% Subordinated Loans $13.3 $13.3 $13.1 8.00% 8.11% 10.0 41.4% 36.2% Total Weighted/Average** $2,458.5 $2,349.1 $2,083.6 S + 3.77% S + 4.06% 3.2 67.0% 63.9% * See definition in this appendix. ** Due to rounding, figures may not result in the totals presented.

 
Investment Portfolio 17 ($ 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 12/19 $111.1 $109.2 $109.0 S + 2.80% S + 3.23% 3.0 IL Multifamily 76.5% 73.0% Asset 2 Senior 12/18 93.7 93.7 93.5 S + 3.75% S + 5.21% 3.0 NY Mixed-Use 26.2% 47.6% Asset 3 Senior 08/19 93.1 93.1 93.2 S + 2.80% S + 3.26% 3.0 MN Office 73.1% 71.2% Asset 4 Senior 10/19 87.4 87.4 87.1 S + 2.60% S + 3.05% 3.0 TN Office 70.2% 74.2% Asset 5 Senior 12/15 81.8 80.9 80.9 S + 4.15% S + 4.43% 4.0 LA Mixed-Use 65.5% 60.0% Asset 6 Senior 07/19 79.7 79.7 79.5 S + 3.74% S + 4.32% 3.0 IL Office 70.0% 64.4% Asset 7 Senior 06/19 78.8 78.4 78.0 S + 3.29% S + 3.05% 3.0 TX Mixed-Use 71.7% 72.2% Asset 8 Senior 12/18 78.0 62.1 62.4 S + 3.40% S + 3.44% 3.0 TX Office 68.5% 66.7% Asset 9 Senior 10/22 77.3 77.3 77.3 S + 4.50% S + 4.61% 2.0 CA Retail 47.7% 36.6% Asset 10 Senior 12/16 70.5 70.5 70.5 S + 5.15% S + 4.87% 4.0 FL Office 73.3% 63.2% Asset 11 Senior 12/19 69.2 64.7 64.6 S + 3.50% S + 3.28% 3.0 NY Office 68.8% 59.3% Asset 12 Senior 12/23 61.8 53.9 53.9 S + 5.50% S + 5.65% 2.0 CA Office 80.0% 79.2% Asset 13 Senior 05/22 55.4 48.9 48.8 S + 3.29% S + 3.70% 3.0 TX Multifamily 59.3% 62.9% Asset 14 Senior 09/21 53.6 53.2 53.1 S + 5.00% S + 5.12% 3.0 MN Hotel 68.4% 57.8% Asset 15 Senior 06/21 52.8 47.6 47.5 S + 4.38% S + 4.75% 3.0 GA Office 68.0% 69.4% Assets 16-62 Various Various $1,314.3 $1,248.5 $1,241.1 S + 3.80% S + 4.07% 3.3 Various Various 68.5% 64.1% Allowance for Credit Losses $(256.8) Total/Weighted Average** $2,458.5 $2,349.1 $2,083.6 S + 3.77% S + 4.06% 3.2 67.0% 63.9% * See definition in this appendix. ** Due to rounding, figures may not result in the totals presented.

 
Average Balances and Yields/Cost of Funds 18 Quarter Ended September 30, 2024 ($ IN THOUSANDS) Average Balance* Interest Income/Expense Net Yield/Cost of Funds Interest-earning assets Loans held-for-investment Senior loans $2,449,251 $42,758 7.0% Subordinated loans 13,330 273 8.2% Total loan interest income/net asset yield $2,462,581 $43,031 7.0% Other - Interest on cash and cash equivalents $1,266 Total interest income $44,297 Interest-bearing liabilities Borrowings collateralized by: Loans held-for-investment Senior loans $1,687,347 $36,341 8.6% Subordinated loans 11,358 298 10.5% Total interest expense/cost of funds $1,698,705 $36,639 8.6% Net interest income/spread $7,658 (1.6)% * Average balance represents average amortized cost on loans held-for-investment.

 
Condensed Consolidated Balance Sheets 19 GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) September 30, 2024 December 31, 2023 ASSETS (unaudited) Loans held-for-investment $ 2,340,332 $ 2,718,486 Allowance for credit losses (256,770) (134,661) Loans held-for-investment, net 2,083,562 2,583,825 Cash and cash equivalents 113,461 188,370 Restricted cash 11,243 10,846 Real estate owned, net 42,736 16,939 Accrued interest receivable 9,168 12,380 Other assets 41,214 34,572 Total Assets $ 2,301,384 $ 2,846,932 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities Repurchase facilities $ 705,590 $ 875,442 Securitized debt obligations 816,103 991,698 Secured credit facility 85,192 84,000 Dividends payable 6,296 14,136 Other liabilities 20,291 22,633 Total Liabilities 1,633,472 1,987,909 Stockholders’ Equity 7.00% Series A 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 49,957,557 and 50,577,841 shares issued and outstanding, respectively 500 506 Additional paid-in capital 1,199,432 1,198,048 Cumulative earnings (100,720) 67,495 Cumulative distributions to stockholders (431,507) (407,233) Total Granite Point Mortgage Trust Inc. Stockholders’ Equity 667,787 858,898 Non-controlling interests 125 125 Total Equity 667,912 859,023 Total Liabilities and Stockholders’ Equity $ 2,301,384 $ 2,846,932

 
Condensed Consolidated Statements of Comprehensive (Loss) Income 20 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, 2024 2023 2024 2023 Interest income: Loans held-for-investment $ 43,031 $ 63,848 $ 141,878 $ 195,356 Cash and cash equivalents 1,266 2,839 4,953 6,876 Total interest income 44,297 66,687 146,831 202,232 Interest expense: Repurchase facilities 17,365 21,986 57,424 64,630 Secured credit facility 2,753 3,178 8,156 9,182 Securitized debt obligations 16,521 18,414 52,939 54,353 Convertible senior notes — 2,332 — 6,975 Asset-specific financings — 862 — 2,424 Total Interest Expense 36,639 46,772 118,519 137,564 Net interest income 7,658 19,915 28,312 64,668 Other income (loss): Revenue from real estate owned operations 3,792 1,056 6,045 1,518 (Provision for) Benefit from credit losses (27,911) (31,008) (164,219) (83,236) Gain (loss) on extinguishment of debt — — (786) 238 Fee income — 81 — 81 Total other (loss) (24,119) (29,871) (158,960) (81,399) Expenses: Compensation and benefits 5,375 5,044 16,083 17,165 Servicing expenses 1,197 1,331 3,971 4,029 Expenses from real estate owned operations 4,827 2,233 8,822 3,897 Other operating expenses 3,166 2,358 8,695 7,809 Total expenses 14,565 10,966 37,571 32,900 (Loss) income before income taxes (31,026) (20,922) (168,219) (49,631) (Benefit from) provision for income taxes (2) 15 (4) 94 Net (loss) income (31,024) (20,937) (168,215) (49,725) Dividends on preferred stock 3,600 3,600 10,800 10,850 Net (loss) income attributable to common stockholders $ (34,624) $ (24,537) $ (179,015) $ (60,575) Basic (loss) earnings per weighted average common share $ (0.69) $ (0.48) $ (3.53) $ (1.17) Diluted (loss) earnings per weighted average common share $ (0.69) $ (0.48) $ (3.53) $ (1.117) Dividends declared per common share $ 0.05 $ 0.20 $ 0.25 $ 0.60 Weighted average number of shares of common stock outstanding: Basic 50,526,492 51,577,143 50,736,066 51,805,265 Diluted 50,526,492 51,577,143 50,736,066 51,805,265 Net (loss) income attributable to common stockholders $ (34,624) $ (24,537) $ (179,015) $ (60,575) Comprehensive (loss) income $ (34,624) $ (24,537) $ (179,015) $ (60,575)

 
Reconciliation of GAAP Net (Loss) Income to Distributable (Loss) Earnings* 21 ($ IN MILLIONS, EXCEPT PER SHARE DATA) (UNAUDITED) Q4 2023 Q1 2024 Q2 2024 Q3 2024 GAAP Net (Loss) Income* $(17.1) $(77.7) $(66.7) $(34.6) Adjustments: Provision (Benefit from) for Credit Losses $21.6 $75.6 $60.8 $27.9 Non-Cash Equity Compensation $1.1 $2.2 $1.5 $2.5 Depreciation and Amortization on Real Estate Owned $1.4 $1.3 $1.2 $1.9 Loss on Extinguishment of Debt $— $— $0.8 $— Distributable (Loss) Earnings* before loan write-offs, sales, REO conversions and recoveries $7.0 $1.3 $(2.5) $(2.2) Loan Write-offs, Sales and REO Conversions $(33.3) $— $(6.6) $(44.6) Recoveries of Previous Write-offs $— $— $— $8.8 Distributable (Loss) Earnings* $(26.4) $1.3 $(9.1) $(38.0) Basic Wtd. Avg. Common Shares 51,156,015 50,744,532 50,939,476 50,526,492 Diluted Wtd. Avg. Common Shares 51,156,015 50,744,532 50,939,476 50,526,492 Distributable Earnings (Loss)* Per basic share before loan write-offs, sales and REO conversions $0.14 $0.03 $(0.05) $(0.04) Distributable (Loss) Earnings* Per basic share $(0.52) $0.03 $(0.18) $(0.75) * See definition in this appendix. Due to rounding, figures may not result in the totals presented.

 
($ in thousands) At 12/31/23 At 3/31/24 At 6/30/24 At 9/30/24 ASSETS Loans Held-for-Investment $2,718,486 $2,702,684 $2,616,884 $2,340,332 Allowance for credit losses $(134,661) $(210,145) $(264,140) $(256,770) Carrying Value $2,583,825 $2,492,539 $2,352,744 $2,083,562 LIABILITIES Other liabilities impact* $2,456 $2,524 $2,719 $2,239 STOCKHOLDERS’ EQUITY Cumulative earnings impact $(137,117) $(212,669) $(266,859) $(259,009) Financial Statements Impact of CECL Reserves 22 • Total allowance for credit losses of $259.0 million, of which $2.2 million is related to future funding obligations and recorded in other liabilities. • Loans reported on the balance sheet are net of the allowance for credit losses. ($ in thousands) Q3 2024 Change in allowance for credit losses: Loans held-for-investments $7,370 Other liabilities* $480 Total change in allowance for credit losses $7,850 * 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, 2023, and for all subsequent reporting periods ending on or after December 31, 2023, we have elected to present Distributable (Loss) Earnings, a measure that is not prepared in accordance with GAAP, 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 as dividends. Distributable (Loss) Earnings is intended to over time serve as a general, though imperfect, proxy for our taxable income. As such, Distributable (Loss) Earnings 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 (Loss) Earnings on a supplemental basis to our Net (Loss) Income 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 (Loss) Earnings as Net (Loss) income 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 (Loss) Income for the applicable reporting period (regardless of whether such items are included in other comprehensive income or in Net (Loss) Income for such period); and (iv) certain non-cash items and one-time expenses. Distributable (Loss) Earnings 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 (Loss) Earnings only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments. Distributable (Loss) Earnings 23

 
▪ While Distributable (Loss) Earnings excludes the impact of the unrealized non-cash current provision for credit losses, we expect to only recognize such potential credit losses in Distributable (Loss) Earnings 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 nonrecoverability 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 (Loss) Earnings 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 three months ended September 30, 2024, we recorded provision for credit losses of $(27.9) million, which has been excluded from Distributable (Loss) Earnings, consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable (Loss) Earnings referenced on slide 21. During the three months ended September 30, 2024, we recorded $(1.9) million, in depreciation and amortization on REO and related intangibles, which has been excluded from Distributable (Loss) Earnings consistent with other unrealized gains (losses) and other non- cash items pursuant to our existing policy for reporting Distributable (Loss) Earnings referenced on slide 21. ▪ Distributable (Loss) Earnings does not represent Net (Loss) Income or cash flow from operating activities and should not be considered as an alternative to GAAP Net (Loss) Income, 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 (Loss) Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and, accordingly, our reported Distributable (Loss) Earnings may not be comparable to the Distributable (Loss) Earnings reported by other companies. ▪ We believe it is useful to our stockholders to present Distributable (Loss) Earnings before realized losses 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 (Loss) Earnings and Distributable (Loss) Earnings before realized losses, or a comparable supplemental performance measure, to evaluate and compare the performance of our company and our peers. Distributable (Loss) Earnings (cont’d) 24

 
Other Definitions 25 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. Cash Coupon ▪ Cash coupon does not include origination or exit fees. Future Fundings ▪ Fundings to borrowers of loan principal balances under existing commitments on our loan portfolio. Net (Loss) Income Attributable to Common Stockholders ▪ GAAP Net (Loss) Income 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 initial maturity date at origination and does not include any extension options and has not been updated to reflect any subsequent extensions or modifications, if applicable. Pre-Provision Earnings ▪ Net interest income, less operating expenses and provision for income taxes. Recourse Leverage ▪ Borrowings outstanding on repurchase facilities and secured credit facility, less cash, divided by total stockholders’ equity.

 
Other Definitions (cont’d) 26 REO ▪ Real estate owned. Senior Loans ▪ “Senior” means 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 ▪ Borrowings outstanding on repurchase facilities, secured credit facility and CLO’s, less cash, divided by total stockholders’ equity. Wtd. Avg Coupon ▪ Does not include fees and other transaction related expenses.

 
Company Information 27 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: 3 Bryant Park, 24th Floor New York, NY 10036 212-364-5500 New York Stock Exchange: Symbol: GPMT Investor Relations: Chris Petta 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 JMP Securities Steven DeLaney (212) 906-3517 Keefe, Bruyette & Woods Jade Rahmani (212) 887-3882 Raymond James Stephen Laws (901) 579-4868 UBS Doug Harter (212) 882-0080 Analyst Coverage:* *No report of any analyst is incorporated by reference herein and any such report represents the sole views of such analyst.

 

 
v3.24.3
Document and Entity Information Document
Nov. 06, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Nov. 06, 2024
Entity Registrant Name Granite Point Mortgage Trust Inc.
Entity Central Index Key 0001703644
Amendment Flag false
Entity Incorporation, State or Country Code MD
Entity File Number 001-38124
Entity Tax Identification Number 61-1843143
Entity Address, Address Line One 3 Bryant Park, Suite 2400A
Entity Address, City or Town New York,
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10036
City Area Code 212
Local Phone Number 364-5500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
NEW YORK STOCK EXCHANGE, INC. [Member] | Series A Preferred Stock  
Entity Information [Line Items]  
Title of 12(b) Security 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol GPMTPrA
Security Exchange Name NYSE
NEW YORK STOCK EXCHANGE, INC. [Member] | Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol GPMT
Security Exchange Name NYSE
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