Granite Point Mortgage Trust Inc. · NYSE:GPMT
Granite Point Mortgage Trust — Q1 2026 Earnings Presentation
30 slides from Granite Point Mortgage Trust's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Earnings Supplemental
First Quarter 2026 Earnings Supplemental May 6, 2026
Slide 2: Legal Disclosures
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
Slide 3: Company Overview
Company Overview 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 por
Slide 4: Q1 2026 Summary Results
Q1 2026 Summary Results ▪ GAAP Net (Loss) attributable to common stockholders of $(6.0) million, or $(0.13) per basic weighted average common share FINANCIAL ▪ Distributable Earnings (Loss)(3) of $(3.0) million, or $(0.06) per basic weighted average common share SUMMARY ▪ Distributable Earnings (Los
Slide 5: Post-Q1 2026 Business Update
Post-Q1 2026 Business Update ▪ So far in Q2’26, funded about $2.1 million on existing loan commitments ▪ In April, the Company resolved a $76.0 million loan secured by a Chicago, IL, retail property, which previously included an office component. The loan had been risk-rated “5” and was on nonaccrua
Slide 6: Q1 2026 Financial Summary
Q1 2026 Financial Summary Summary Income Statement Summary Balance Sheet ($ in millions, except per share data) ($ in millions, except per share data, reflects carrying values) (Unaudited) (Unaudited) Net Interest Income $8.0 Cash $43.6 Benefit from Credit Losses $0.2 Restricted Cash $0.6 Revenue /
Slide 7: Q1 2026 Earnings and Book Value Per Share
Q1 2026 Earnings and Book Value Per Share ▪ GAAP Net (Loss) attributable to common stockholders of $(6.0) million, or $(0.13) per basic weighted average common share ▪ Book value per share of common stock at March 31, 2026, was $7.05, inclusive of $(3.10) per basic common share of total CECL reserve
Slide 8: Loan Investment Portfolio Credit Overview
Loan Investment Portfolio Credit Overview CECL RESERVE BY QUARTER ( $ i n m i l l i o n s ) CECL RESERVE AS % OF COMMITMENTS BY QUARTER General Specific 8.8% 9.4% 8.1% 8.4% 7.4% $180.2 $155.1 $148.4 $148.5 $133.6 $134.3 $97.5 $104.5 $119.6 $86.5 $45.9 $57.5 $47.2 $44.0 $28.9 3/31/2025 6/30/2025 9/30
Slide 9: Q1 2026 Loan Investment Portfolio Activity
Q1 2026 Loan Investment Portfolio Activity ▪ Net loan portfolio activity of $(175.1) million in unpaid principal balance, attributed to loan repayments, sales and amortization, of $(189.4) million, partially offset by increases of $14.3 million from fundings(6) U N P A I D P R I N C I P A L B A L A
Slide 10: Loan Investment Portfolio Overview
Loan Investment Portfolio Overview Well-diversified and granular portfolio comprised of senior loans with a weighted average stabilized LTV at origination of 66.0% KEY LOAN PORTFOLIO STATISTICS PROPERTY TYPE(11)(12) Retail, 4.5% Other, 3.0% Total Loan Commitments $1.6 billion Hotel, 6.6% Industrial,
Slide 11: Overview of Risk-Rated "5" Loans
Overview of Risk-Rated “5” Loans ▪ Five loans risk rated “5” with an aggregate unpaid principal balance of $264.7 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 re
Slide 12: Office Loan Portfolio Overview
Office Loan Portfolio Overview ▪ Since 2021, reduced the office exposure by $(966) million, REDUCTION IN OFFICE EXPOSURE(11) ($ in millions, reflects UPB) or about 56%, primarily through repayments, paydowns and proactive loan resolutions ▪ Granular office portfolio across 14 MSAs and 12 States $1,7
Slide 13: Real Estate Owned
Real Estate Owned Miami Beach, FL Maynard, MA ▪ Property: 140,000 square foot, Class “A” office building ▪ Property: 1,050,000 square foot, “brick and beam” with ground floor retail space and a 499-space parking office campus with 130 self storage units, 13 buildings, garage situated on 53 acres ▪ C
Slide 14: Funding Mix and Capitalization Highlights
Funding Mix and Capitalization Highlights WELL-BALANCED CAPITAL STRUCTURE WITH MODERATE LEVERAGE FINANCING SUMMARY ($ in millions) LEVERAGE RATIOS Total Outstanding Weighted Advance Non- 1.7 Capacity Balance Average Cost Rate MTM ($ in millions) Repurchase Facilities $ 925 $ 347 S+2.47% 54.5 % 0.7 S
Slide 15: Endnotes
Endnotes
Slide 16: Endnotes
Endnotes 1) Includes maximum loan commitments. Unpaid loan principal balance of $1.5 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 $5.0 mill
Slide 17: Appendix
Appendix
Slide 18: Summary of Investment Portfolio
Summary of Investment Portfolio Maximum Original Stabilized Loan Principal Carrying Cash All-in Yield at Term Initial LTV at LTV at ($ in millions) Commitment Balance Value Coupon* Origination** (Years) Origination Origination Senior Loans*** $1,582.9 $1,514.9 $1,362.8 S+3.64% S+3.96% 3.0 69.4% 66.0
Slide 19: Loan Investment Portfolio
Loan Investment Portfolio Maximum All-in Original Stabilized Origination Loan Principal Carrying Cash Yield at Term Initial LTV at LTV at ($ in millions) Type Date Commitment Balance Value Coupon* Origination** (Years) State Property Type Origination Origination Asset 1 Senior 10/19 $95.1 $91.1 $91.
Slide 20: Average Balances and Yields/Cost of Funds
Average Balances and Yields/Cost of Funds Quarter Ended March 31, 2026 ($ in thousands) Average Balance* Interest Income/Expense Net Yield/Cost of Funds Interest-earning assets Loans held-for-investment Senior loans** $1,563,116 $25,400 6.5 % Subordinated loans 11,041 221 8.0 % Total loan interest i
Slide 21: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets GRANITE POINT MORTGAGE TRUST INC. March 31, December 31, CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) 2026 2025 ASSETS (unaudited) Loans held-for-investment $ 1,510,097 $ 1,683,644 Allowance for credit losses (147,298) (145,912) Loans
Slide 22: Condensed Consolidated Statements of Comprehensive (Loss) Income
Condensed Consolidated Statements of Comprehensive (Loss) Income GRANITE POINT MORTGAGE TRUST INC. Three Months Ended March CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) 31, (in thousands, except share data) (unaudited) 2026 2025 Interest income: Loans held-for-investment $ 25,621
Slide 23: Quarterly Per Share Calculations
Quarterly Per Share Calculations RECONCILIATION OF GAAP TO NON-GAAP MEASURES ($ in millions, except per share data) (unaudited) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 GAAP Net (loss) income Attributable to Common Stockholders $ (10.6) $ (17.0) $ (0.6) $ (27.4) $ (6.0) Adjustments: Provision for (Be
Slide 24: Financial Statements Impact of CECL Reserves
Financial Statements Impact of CECL Reserves ▪ Total allowance for credit losses of $(148.5) million, of which $1.2 million is related to future funding obligations and recorded in other liabilities ▪ Loans reported on the balance sheet are net of the allowance for credit losses ($ in thousands) Q1
Slide 25: Distributable Earnings (Loss)
Distributable Earnings (Loss) ▪ 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
Slide 26: Distributable Earnings (Loss) (cont'd)
Distributable Earnings (Loss) (cont’d) ▪ During the quarter ended March 31, 2026, we recorded a benefit from credit losses of $0.2 million, which has been excluded from Distributable Earnings (Loss), consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing po
Slide 27: Other Definitions
Other Definitions ▪ Provided for illustrative purposes only. Calculations of realized loan portfolio yield are based on a number of assumptions Realized Loan (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit Portfolio Yield
Slide 28: Other Definitions (cont'd)
Other Definitions (cont’d) 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 p
Slide 29: Company Information
Company Information 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
Slide 30: GRANIT
GRANIT _ MORTG
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