GPMT

NEW YORK, September 15, 2026--(BUSINESS WIRE)--Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced that the Company’s Board of Directors declared a quarterly cash dividend of $0.01 per share of common stock for the third quarter of 2026. This dividend is payable on October 15, 2026, to holders of record of common stock at the close of business on October 1, 2026. The Company’s Board of Directors also declared a quarterly cash dividend of $0.4375 per share of the 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock for the third quarter of 2026. This dividend is payable on October 15, 2026, to the holders of record of the Series A Preferred Stock at the close of business on October 1, 2026. "In order to preserve capital and enhance financial flexibility for capital allocation decisions, this quarter the Board of Directors has elected to reduce the quarterly dividend to $0.01 per share," said Jack Taylor, Chief Executive Officer, President and Director of Granite Point. "In addition, we resolved a risk-rated 5 loan at our carrying value and realized two office loan repayments at par." Third Quarter Business Update In September, the Company resolved a $52.4 million loan secured by a Stockbridge, GA, multifamily property. The loan had been risk-rated "5" and was on nonaccrual status. As a result of this transaction, the Company expects to realize a write-off of approximately $(19.9) million, which had been reserved for through a previously recorded allowance for credit losses. During the quarter, the Company realized two full loan repayments of about $(19.5) million secured by office properties located in Ohio and California and has funded approximately $7.1 million in unpaid principal balance on existing loans. In July, the Company refinanced the assets in its two legacy CLOs, GPMT 2021-FL3 and GPMT 2021-FL4, by extending and upsizing the JPMorgan financing facility. As of June 30, the two CLOs had a total outstanding balance of $521 million with a weighted average cost of S+2.38%, and the refinance resulted in lowering the weighted average cost by 38 basis points to S+2.00%. The JPMorgan financing facility has a total outstanding balance of approximately $651 million, a weighted average cost of S+2.17%, and a 2-year term with three 1-year term extension options. As of September 14, 2026, the Company carried approximately $32.4 million in unrestricted cash. 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 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. 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 our subsequent 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. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260915507433/en/ Contacts Investors: Chris Petta, Head of Investor Relations, Granite Point Mortgage Trust Inc., (212) 364-5500, [email protected]

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 11 a.m. ET Head of Investor Relations - Chris Petta President and Chief Executive Officer - Jack Taylor Chief Investment Officer and Co-Head of Originations - Stephen Alpart Chief Financial Officer - Blake Johnson Chief Development Officer and Co-Head of Originations - Peter Morral Chief Operating Officer - Ethan Lebowitz Operator: Good morning. My name is Alicia, and I'll be your conference facilitator. At this time, I'd like to welcome everyone to Granite Point Mortgage Trust Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] Please note today's call is being recorded. I would now like to turn the call over to Chris Petta, Head of Investor Relations for Granite Point. Chris Petta: Thank you, and good morning, everyone. Thank you for joining our call to discuss Granite Point's second quarter 2026 financial results. With me on the call this morning are Jack Taylor, our President and Chief Executive Officer; Steve Alpart, our Chief Investment Officer and Co-Head of Originations; Blake Johnson, our Chief Financial Officer; Peter Morral, our Chief Development Officer and Co-Head of Originations; and Ethan Lebowitz, our Chief Operating Officer. After my introductory comments, Jack will provide a brief recap of market conditions and review our current business activities. Steve will discuss our portfolio, and Blake will highlight key items from our financial results. The press release, financial tables, and earnings supplemental associated with today's call were filed yesterday with the SEC, along with our Form 10-Q, and are available in the Investor Relations section of our website. I would like to remind you that remarks made by management during this call and the supporting slides may include forward-looking statements, which are uncertain and out of the company's control. Forward-looking statements reflect our views regarding future events and are subject to uncertainties that could cause actual results to differ materially from expectations. Please see our filings with the SEC for a discussion of some of the risks that could affect results. We do not undertake any obligation to update any forward-looking statements. We will also refer to certain non-GAAP measures on this call. This information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. The reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found in our earnings release and slides, which are available on our website. Now I'll turn the call over to Jack. Jack Taylor: Thank you, Chris, and good morning, everyone. We would like to welcome you, and thank you for joining Granite Point's Second Quarter 2026 Earnings Call. U.S. commercial real estate credit continued to benefit from improving fundamentals and extended its positive trajectory during the second quarter. Geopolitical developments tied to the Iran conflict are influencing the U.S. capital markets, as energy prices, along with tariffs, have sharpened investors' focus on inflation and contributed to greater uncertainty about the direction of interest rates. As a result, property values are facing potential headwinds as expectations are shifting from pricing near-term interest rate cuts to rate hikes. Nevertheless, capital continues to flow into commercial real estate assets. Debt markets have remained competitive, and lending spreads have continued a trend of tightening, helping to mitigate a potential rise in short-term rates that could impact refinancings. During the quarter, loan demand generally broadened due to a pickup in acquisitions. Banks have been reporting net increases in commercial real estate loan demand for the first time since 2022. The CMBS market continues to be strong, with issuance on pace to surpass last year's post-GFC record volumes. The increase in acquisition volumes was driven by portfolio and entity-level mega-deals, while the Iran war and other contributors to volatility in some instances paused and delayed individual asset sales, reducing volumes. Nevertheless, fundamentals and liquidity continue to improve in many office markets, which is a constructive sign for resolving legacy office loans. Our reserves increased during the quarter, due to an increase in our general reserve caused in part by a more negative macroeconomic forecast utilized in our general reserve model, increases in the specific reserves in some situations involving a change of circumstances at the collateral or borrower level, and in others where it was a result of more particular price discovery as processes proceeded. While we'll go into greater detail on these items, we do expect our nearer-term resolutions to offset much of these increases. Granite Point remains focused on our primary objective of resolving our legacy loans. Following on the activities of the first quarter, which included two large loan repayments and the sale of a B-note secured by a hotel at a price somewhat above par, during the second quarter, we completed the resolution of the Chicago retail loan above our carrying value, realized an office loan repayment, and successfully sold two participation interests in debt secured by an office property in Dallas, Texas, for a price in the low 90s. These participation interests included a larger subordinated interest and an accompanying much smaller senior interest. These actions also furthered our goals of reducing higher-cost debt. With respect to our two REO assets, we continue to make progress on maximizing value with the goal of exiting these properties opportunistically. As we continue to focus on our objectives, one of which is to lower our cost of funds, more recently, as announced in a recent press release, we refinanced the assets that were in our two legacy CLOs by extending and upsizing the JPMorgan financing facility, which reduced the cost of funds on these assets from SOFR plus 238 to SOFR plus 200. We are pleased to achieve this refinancing with one of our key lending partners at a favorable cost of funds, which also substantiates underlying value in these loan assets which constitute a large subset of our portfolio. Taken together, we believe our initiatives are strengthening Granite Point's financial position and enhancing our ability to create long-term shareholder value. The Board and management believe that the company's current market valuation does not fully reflect the underlying value of Granite Point and its assets, and we remain actively focused on narrowing that gap. We intend to do so in a variety of ways, including disciplined execution, resolving our legacy assets in a value-maximizing manner, reducing our cost of capital, maintaining balance sheet flexibility, and positioning the company to redeploy capital into attractive new investments. I would now like to turn the call over to Steve to discuss our portfolio activities in more detail. Stephen Alpart: Thank you, Jack, and thank you all for joining our second quarter earnings call. We ended the quarter with $1.5 billion in total loan portfolio commitments, inclusive of $1.4 billion in outstanding principal balance and about $57 million of future fundings, which accounts for only about 4% of total commitments. Our loan portfolio remains diversified across regions and property types and includes 38 investments with an average UPB of about $37 million and a weighted average stabilized LTV of 66% (sic) [ 66.1% ] at origination. As of June 30th, our portfolio weighted average risk rating remained stable at 3.2, quarter-over-quarter. The realized loan portfolio yield for the second quarter was 6%, which excluding non-accrual loans would be 7.4%, or 1.4% higher. We had an active quarter of loan repayments, resolutions, paydowns, amortization, and loan participation sales totaling about $160 million. During the second quarter, we had a repayment of a $37 million loan secured by an office property in Richmond, Virginia. This property has been a strong performing property in a solid office market. However, until recently we had not seen much liquidity in this market for either debt or equity. As Jack mentioned earlier, we are now seeing expanded capital available for office assets. In addition, we sold two interests in debt secured by a strong performing, well-occupied office property in Dallas, Texas, totaling $31 million. We achieved the final resolution on the $76 million Chicago retail loan via a property sale. We had about $8 million of future fundings and other investments, resulting in a net loan portfolio reduction of about $122 million for the second quarter. We'll now provide some color on the remaining risk-rated 5 loans. At June 30th, we had five such loans with a total UPB of about $253 million. Three of the five are in active sales processes that we anticipate may be completed over the coming quarters. At quarter end, we downgraded a $65 million loan collateralized by a 384,000-square-foot office property in the San Diego CBD from a risk rating of 4 to a rating of 5. The office property was purchased by a West Coast institutional owner for a major hotel redevelopment strategy. This owner made a major equity investment in the property, as did the major hotel brand separately. However, more recently, as a result of rising construction costs and elevated financing costs, the sponsor believes that the original business plan may be difficult to achieve at this time, and as a result, we downgraded this loan from a 4 rating to a 5 rating. We are in discussions with the borrower and pursuing several potential resolution alternatives. Regarding the $27 million Tempe hotel and retail loan, which we've discussed in prior quarters, we've been in active dialogue with the borrower and are reviewing resolution alternatives, which we expect will involve a sale of the property. The property securing the Atlanta multifamily loan, which we've also discussed in prior quarters, is now under contract with a hard deposit with a targeted close in the near term. We are in discussions with the borrower on the $15 million New Haven hotel loan, and as we mentioned last quarter, we expect to resolve this loan via a property sale by the borrower over the next couple of quarters. The last 5-rated loan is the $93 million Minneapolis office loan, where we are working collaboratively with current ownership to take the property back as REO in the nearer term. Solving these remaining 5-rated loans remains a top priority. At quarter end, we had two loans with a combined UPB of $68 million, which have risk ratings of 4 that are on non-accrual status. We are reviewing resolution alternatives for each of these loans and will provide additional information as the situations progress. Regarding the REO assets, we continue to have positive leasing momentum at the suburban Boston property and remain actively engaged with our partner and other third parties on several value-enhancing repositioning opportunities. The Miami Beach office property is a Class A asset located in a strong market. We are having positive leasing discussions with a variety of existing and new tenants, will prudently invest in the property, and continue to review alternatives targeting a sale of the property during the second half of 2026. As we shared in prior quarters, our plan is to remain focused on repayments and resolutions. Along with resolving the 5-rated and other non-accrual loans, the REO assets provide additional capital that can be unlocked and redeployed into higher-earning investments. In the interim, we expect our portfolio balance will trend lower until the end of the year, when we restart our origination efforts to take advantage of attractive investment opportunities and begin to regrow our portfolio. I will now turn the call over to Blake to discuss our financial results. Blake Johnson: Thank you, Steve. Good morning, everyone, and thank you for joining us today. Turning to our financial results. For the second quarter, we reported a GAAP net loss attributable to common stockholders of $62 million, or negative $1.29 per basic common share, which includes a provision for credit losses of $47 million and an impairment loss on REO of $6.1 million, and a distributable loss of $37.7 million, or negative $0.79 per basic common share. Our book value as of June 30th was $5.70, a decline of $1.35 from Q1. Our aggregate CECL reserve at June 30th was about $166 million, which is approximately $17 million higher than last quarter. The $10 million increase in our specific reserve is largely due to one new risk-rated 5 loan, partially offset by the write-off associated with one loan resolution during the quarter. The $7 million increase in general reserve was driven by downgraded macroeconomic forecasts in our CECL model and changes in loan attributes in our investment portfolio. Approximately 78% of our total allowance was allocated to individually assessed loans. As of quarter end, we had about $253 million of principal balance on risk-rated 5 loans with specific CECL reserves of about $120 million, representing 47.4% of the unpaid principal balance. We believe we are appropriately reserved and further resolutions should meaningfully reduce our total CECL reserve balance. Regarding liquidity and capitalization, we ended the quarter with about $58 million of unrestricted cash and total leverage of 1.9x. During the quarter, we extended the Citibank and Morgan Stanley repurchase facilities by approximately one year and extended the secured credit facility to December 2027, including reducing its cost of funds by 25 basis points. After quarter end, we refinanced our legacy CLOs by upsizing and extending the JPMorgan repurchase facility. As of a few days ago, we carried about $35.7 million in cash. Our funding mix remains well diversified and stable, and we continue to have very constructive relationships with our financing counterparties, who know our assets very well, as evidenced by their recent extensions. We expect to expand our financing capacity once we return to originating new loans. Lastly, as Jack mentioned earlier, the refinance of our legacy CLO assets and upsize of the JPMorgan repurchase facility will reduce our cost of funds and interest expense. We expect the weighted average cost of funds for those refinanced assets to decrease to SOFR plus 200 from SOFR plus 238 as of 6/30. The 38-basis-point improvement in the cost of funds will decrease our interest expense by approximately $2 million on an annualized basis using the 6/30 CLO outstanding balance of $521 million. As we look forward, we continue to believe the best use of our capital is to continue paying down our higher-cost debt, resolving our remaining non-accrual loans and REO, and regrowing our investment portfolio. I will now ask the operator to open the line for questions. Operator: [Operator Instructions] Our first question comes from the line of Chris Muller with Citizens Capital Markets. Christopher Muller: Sorry if I missed some of this, but I was jumping around calls this morning. But I guess on the San Diego loan that was downgraded, can you guys just give a little more detail on that? What's occupancy? And it sounds like it might be a redevelopment, so maybe it's not occupied as we sit today, and just any timelines on redevelopment resolution there you could share would be helpful. Stephen Alpart: Hey, Chris. Good morning. It's Steve Alpart. Thanks for joining the call. So you mentioned that you may have joined a little bit late. So what we just mentioned on the earlier call is that, look, we downgraded this loan. It's a $65 million loan. It's a 384,000-square-foot office property in the San Diego CBD. The property was purchased by a West Coast institutional owner. Original business plan was a major hotel redevelopment strategy. They partnered with a prominent hotel brand, and the development also was, you know, potentially including residential and retail components. We mentioned earlier also that the borrower and the brand each made pretty significant equity investments in the property. But more recently, they said that because of the impact of rising construction costs, also elevated financing costs, they feel that the original business plan is more difficult. So it was really kind of the cumulative effect of those factors that led them to say that at least even though they were putting in equity until very recently, that they're not going to put more equity into the property behind our loan. So that was really the catalyst for the movement of the loan from a 4 to a 5 rating during the quarter. You asked about the occupancy. This was originally designed as an office building. The occupancy is, I'll just say, very low intentionally because the current strategy is to reposition as hotel or hotel with mixed-use. It was originally a low-occupied office building for redevelopment. So that's, I guess that's the answer to your question on occupancy. As far as timing and next steps, look, we're in discussions with the borrower. They are engaged, they are cooperative, and we're looking at a number of resolution alternatives, but I would say it's early days to get into timelines. Christopher Muller: Got it. And then maybe changing gears a little bit to the Miami REO, I see that was moved to held for sale. Are you guys getting any interest from buyers on that asset? And could a sale on that one be done by the end of the year? Stephen Alpart: Yes, we have been looking at alternatives. The focus has been on leasing. We have gotten good leasing traction. This happens to be in a very strong and robust market. We are now under contract on that property sale, and we are targeting a sale during the second half of this year. Christopher Muller: Got it. And maybe just changing gears a little bit. So maybe just touching on the dividend, you guys made some comments about the portfolio is probably going to continue to trend a little bit lower until you can restart the origination engine. So how are you guys thinking about the dividend versus just preserving as much capital as you can through that period? Jack Taylor: I'll address that. This is Jack. Nice to speak with you, Chris. We do evaluate quarter-to-quarter all our uses of capital, including the dividend, and it is a Board decision with recommendation from management. And as we move forward, we will, as we always do, look at the competing uses of capital, including the dividend. We've not made that determination as of this moment. Christopher Muller: Got it. I appreciate that and I figured that was the answer I was going to get, but figured I'd ask anyway. I appreciate you guys taking the questions today. Jack Taylor: Thank you, Chris. Operator: Thank you. Our next question comes from the line of Marissa Lobo with UBS. Please proceed. Marissa Lobo: Just was hoping you could review the liquidity position post the CLO refi, just looking at cash of $35 million on August 3rd. Can you just talk through that with funding commitments and active sale processes and your minimum liquidity buffer? Blake Johnson: Marissa, this is Blake. Thank you for the question. I'll take a first pass at answering this, and then I can pass it to Jack to provide some more color. But yes, so as of quarter end, we held around $58.5 million of cash. And then as of the other day, we held around $35.7 million, so roughly around a $23 million change. As far as the CLO refi goes, we did actually reduce our borrowings there. So part of this change from that $23 million is largely from $12 million of reduced borrowings. We also had some fees associated with the refinance as well, in addition to the upsize. And then we also had fees associated with other facilities, which resulted in a total of around $4 million. So the combination of those two is around $16 million for the month. The rest of the change is largely attributed to things that we see on a recurring basis. So spending money in our REO, for example, future fundings, that sum to around $2.8 million. And depending on the quarter, we see around $3 million to $4 million a month. The other one that was unique in the month of July was we had the dividend payment go out the door to common and preferred. That was around $6 million. Marissa Lobo: Got it. Thank you. Jack Taylor: Are you done, Blake? Blake Johnson: I am, Jack. Jack Taylor: I'll just add, we added disclosure in our 10-Q in a footnote relating to the secured financing agreements, which basically does two things. Just right below our statement of how we are in compliance with four financial covenants, the disclosure sets out two things. First, a favorable change to our most restrictive minimum tangible net worth covenant from $600 million to $500 million. And a favorable change to the minimum unrestricted cash covenant from $30 million to $20 million. It also outlines a plan to mitigate the possibility of temporarily falling below $20 million of unrestricted cash that could occur later this year between the third and fourth quarters. It's a footnote per prescriptive GAAP rules. And so it does not include all the other items that could release capital, which we're working on, because it doesn't fit in with the prescriptive rules, such as repayments of certain assets that we believe are likely to occur in the coming months or other mitigants or levers available to us, such as, say, like a loan sale. We do not believe that we will have a temporary fall below our minimum cash of $20 million, and we will remain in compliance with the covenant. Marissa Lobo: Okay, great. I appreciate that detail. And just thinking about peer commentary on resolutions and some non-performing loans facing volatile bids with rising return expectations from buyers, can you give us color on what you're seeing and how your marks reflect that? If it's appraisal, or should we expect more mark-to-market deterioration? Jack Taylor: Steve, do you want to address that and then I can follow up? Stephen Alpart: Sure, I think I heard a couple of questions in there. Part of it I think was on the marks and was part of it what we're seeing in the market? I just want to make sure I understand the question. Marissa Lobo: Yes, correct. Yes, just to understand whether the marks are more appraisal-based or just reflecting some of the realities of buyers' return expectations. Stephen Alpart: Okay, understood. Thank you for the clarification. Yes, so I would say earlier in the year, so, earlier in the process, it's typically going to be appraisal-based. And then, to the extent there's an active resolution process, which particularly for the 5s, some of the 4-rated loans, as we get more information, it's a very prescriptive process. So I would say earlier with appraisal-based, if you're in the market on a sale or other process and you're taking in more information, for example, if you're taking in bids, at some point that'll become more relevant. And I think you heard a lot of commentary this quarter. There's a lot of capital in the market, particularly debt capital. Equity capital is very selective in many cases, I would say, particularly for office and some of these more complicated situations. So we've seen processes where you get 20 or more real bidders showing up, and there'll be some outliers, but there's a really well-defined market. And then there's other cases where you start a process and at the end there's only a handful of bidders. So depending what happens with those bidders, it can really move around a lot. And with the movement in rates and some of the interest rate volatility, that is impacting pricing in some cases. You've seen return requirements drift off. That has an impact on values. So basically, as we go through a process, then that will become more impactful to our reserves than the appraisal. Operator: Thank you. There are no further questions at this time. I'd like to turn the floor back over to Jack Taylor for any closing remarks. Jack Taylor: Thank you, Operator, for assisting us today. I want to thank everybody on the team for all the hard work that you've been doing to get the refinancing done and other activities that we've been engaged in. We are all working very hard to pursue the repayments. We have good visibility on repayments coming through, and we are actively working on the resolutions that we've discussed and are optimistic that many of those are going to come through as we set out in our prepared remarks and commentary. Thank you, everybody, for joining us, and we wish you a good day. Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation. 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Interested in Granite Point Mortgage Trust Inc.? Here are five stocks we like better. Granite Point reported a $62 million GAAP net loss in Q2, or $1.29 per share, driven by a $47 million credit-loss provision and a $6.1 million impairment on real estate owned assets. Book value fell $1.35 to $5.70 per share. The company increased its CECL reserve to approximately $166 million and is prioritizing legacy-loan resolutions. About $160 million of repayments, resolutions and asset sales reduced the loan portfolio by roughly $122 million, while three of five risk-rated five loans were placed in active sale processes. Granite Point strengthened its financing position by extending key facilities and refinancing legacy CLO assets, lowering funding costs from SOFR plus 238 basis points to SOFR plus 200 basis points. Management expects the move to reduce annualized interest expense by about $2 million and plans to keep shrinking the portfolio before resuming originations. Granite Point Mortgage Trust (NYSE:GPMT) reported a second-quarter GAAP net loss attributable to common stockholders of $62 million, or $1.29 per basic common share, as the commercial real estate lender increased credit-loss reserves and recorded an impairment on real estate owned assets. The company said the quarterly loss included a $47 million provision for credit losses, a $6.1 million impairment loss on REO, and a distributable loss of $37.7 million, or $0.79 per basic common share. Book value declined to $5.70 per share as of June 30, down $1.35 from the prior quarter. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling President and Chief Executive Officer Jack Taylor said commercial real estate credit conditions continued to improve during the quarter, though geopolitical developments tied to the Iran war, energy prices and tariffs increased uncertainty around inflation and interest-rate expectations. While potential rate hikes could pressure property values, Taylor said capital has continued flowing into commercial real estate and lending spreads have tightened. Granite Point’s aggregate current expected credit loss, or CECL, reserve totaled approximately $166 million at quarter-end, up about $17 million from the first quarter. Chief Financial Officer Blake Johnson said the increase included a $10 million rise in specific reserves, largely related to one newly risk-rated five loan, partially offset by a write-off tied to a loan resolution. General reserves increased $7 million because of downgraded macroeconomic forecasts in the company’s CECL model and changes in loan attributes. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High About 78% of the company’s allowance was allocated to individually assessed loans. Granite Point had approximately $253 million of principal balances on risk-rated five loans at June 30, with specific CECL reserves of about $120 million, or 47.4% of those loans’ unpaid principal balance. “We believe we are appropriately reserved and further resolutions should meaningfully reduce our total CECL reserve balance,” Johnson said. → No Hangover: Revisiting Microsoft One Week After Earnings The company completed roughly $160 million of loan repayments, resolutions, paydowns, amortization and participation-interest sales during the quarter. Activities included repayment of a $37 million office loan in Richmond, Virginia; the sale of $31 million in debt interests secured by a Dallas office property; and final resolution of a $76 million Chicago retail loan through a property sale. Those transactions, partially offset by about $8 million in future fundings and other investments, resulted in a net loan portfolio reduction of about $122 million during the quarter. Granite Point ended the quarter with $1.5 billion in total loan portfolio commitments, including $1.4 billion of outstanding principal balance and approximately $57 million of future fundings. The portfolio contained 38 investments, with an average unpaid principal balance of about $37 million and a weighted-average stabilized loan-to-value ratio at origination of 66%. The portfolio’s weighted-average risk rating remained 3.2 from the previous quarter. Realized portfolio yield was 6% in the second quarter, or 7.4% excluding non-accrual loans, according to Chief Investment Officer and Co-Head of Originations Stephen Alpart. Granite Point had five risk-rated five loans totaling about $253 million at quarter-end, three of which were in active sale processes that the company expects could be completed in coming quarters. During the quarter, it downgraded a $65 million loan secured by a 384,000-square-foot office property in San Diego’s central business district from a four to a five rating. Alpart said the property had been acquired for a hotel redevelopment strategy, potentially including residential and retail components. The borrower and hotel brand had made significant equity investments, but the sponsor indicated that rising construction and financing costs could make the original plan difficult to complete. Granite Point is discussing potential resolution alternatives with the borrower. The company also said an Atlanta multifamily property securing one of its loans was under contract with a hard deposit and a targeted near-term closing. It expects a $15 million New Haven hotel loan to be resolved through a borrower-led property sale over the next couple of quarters. Granite Point is working with ownership of a $93 million Minneapolis office loan to take the property back as REO in the nearer term. At quarter-end, Granite Point also had two non-accrual loans with a combined unpaid principal balance of $68 million that were risk-rated four. The company said it continued to see leasing momentum at its suburban Boston REO property. Its Miami Beach office property, a Class A asset, was moved to held-for-sale status and is now under contract for sale, according to Alpart. Granite Point is targeting a sale during the second half of 2026. Liquidity totaled approximately $58 million of unrestricted cash at June 30, while total leverage was 1.9 times. Johnson said cash was approximately $35.7 million a few days before the earnings call, reflecting reduced borrowings under the company’s CLO refinancing, facility fees, REO spending, future fundings and dividend payments. During the quarter, Granite Point extended its Citibank and Morgan Stanley repurchase facilities by about one year and extended a secured credit facility through December 2027, while reducing that facility’s cost of funds by 25 basis points. After quarter-end, Granite Point refinanced assets from its two legacy CLOs through an expanded and extended JPMorgan repurchase facility. The transaction reduced the cost of funds on those assets to SOFR plus 200 basis points from SOFR plus 238 basis points. The company expects the 38-basis-point reduction to lower annualized interest expense by about $2 million, based on the June 30 CLO outstanding balance of $521 million. Taylor said management and the board believe the company’s market valuation does not fully reflect the underlying value of its assets. Granite Point plans to prioritize legacy-loan resolutions, reduction of higher-cost debt, balance-sheet flexibility and eventual redeployment of capital into new investments. The company expects its portfolio balance to trend lower until it resumes originations. Granite Point Mortgage Trust, Inc is a specialty finance company that invests directly in commercial real estate debt. The company focuses on originating, acquiring and managing senior preferred and mezzanine loans secured by income-producing real estate across diverse property types, including multifamily, office, industrial and retail assets. Granite Point Mortgage Trust operates as a real estate investment trust (REIT), providing investors with exposure to floating-rate commercial mortgage loan investments. Granite Point's investment strategy centers on structuring loans to deliver attractive risk-adjusted returns, with portfolio allocations spanning senior loans, B-notes and mezzanine financings. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Granite Point Mortgage Trust Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is focused on resolving legacy office and retail loans to unlock capital, successfully completing a Chicago retail resolution above carrying value and selling Dallas office participation interests in the low 90s. The company is actively reducing its cost of funds by transitioning assets from legacy CLOs to an upsized JPMorgan financing facility, lowering the rate from SOFR plus 238 to SOFR plus 200. U.S. commercial real estate fundamentals are improving, but geopolitical tensions and inflation concerns have shifted market expectations from near-term rate cuts to potential hikes, creating property value headwinds. Loan demand is broadening due to a pickup in acquisition activity and the first net increase in bank demand since 2022, though volatility has delayed some individual asset sales. Reserves increased this quarter due to a more negative macroeconomic forecast in the general reserve model and specific price discovery during active loan resolution processes. Management believes the current market valuation does not reflect the underlying asset value and intends to narrow this gap through disciplined execution and opportunistic REO exits. The total loan portfolio balance is expected to trend lower until the end of 2026, at which point the company intends to restart origination efforts and begin regrowing the portfolio. Management plans to restart origination efforts toward the end of the year to take advantage of attractive investment opportunities and begin regrowing the portfolio. The company targets the sale of its Miami Beach REO office property during the second half of 2026, following positive leasing momentum in a robust market. Future interest expense is projected to decrease by approximately $2 million annually following the refinancing of legacy CLO assets at more favorable terms. Capital allocation remains focused on paying down higher-cost debt and resolving non-accrual loans before redeploying capital into higher-earning new investments. A $65 million San Diego office loan was downgraded to risk rating 5 after the borrower abandoned a hotel redevelopment plan due to rising construction and financing costs. The company updated its financial covenants, reducing the minimum tangible net worth requirement from $600 million to $500 million and the minimum unrestricted cash covenant from $30 million to $20 million. Management acknowledged a potential risk of temporarily falling below the $20 million cash covenant later this year but outlined mitigation plans including anticipated loan repayments and sales. Specific CECL reserves now represent 47.4% of the unpaid principal balance for risk-rated 5 loans, which management believes appropriately reflects current market realities. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. The loan was downgraded because the institutional owner and hotel brand partner decided not to commit further equity as rising costs made the original redevelopment plan difficult. Occupancy is intentionally low as the property was being held for a hotel and mixed-use conversion rather than traditional office use. The Miami Beach office property is currently under contract for sale following strong leasing traction in a robust local market. Management expects to finalize the sale during the second half of 2026. Management deflected a specific commitment on the dividend, stating that the Board evaluates all competing uses of capital quarter-to-quarter. No final determination has been made regarding future dividend levels as the portfolio balance trends lower. The decline in cash from $58.5 million to $35.7 million was driven by reduced borrowings in the CLO refi, facility fees, and dividend payments. Management expressed confidence in remaining above the new $20 million minimum cash covenant, citing visibility into upcoming asset repayments not captured by prescriptive GAAP disclosures.

NEW YORK, August 05, 2026--(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, 2026, and provided an update on its activities subsequent to quarter-end. An earnings supplemental containing second quarter 2026 financial results can be viewed at www.gpmtreit.com. "We continued to execute on our strategic priorities," said Jack Taylor, President, Chief Executive Officer, and Director of Granite Point. "The refinancing of our two legacy CLOs with JPMorgan lowered our cost of funds on these assets by 38 basis points. These assets represent a large part of our portfolio and we believe the refinancing further substantiates their underlying value. We also continue to realize and pursue loan repayments and resolutions to better position the Company for future growth." Second Quarter 2026 Activity Recognized GAAP net (loss) attributable to common stockholders of $(62.0) million, or $(1.29) per basic weighted average common share. Distributable Earnings (Loss)(1) of $(37.7) million, or $(0.79) per basic weighted average common share. Distributable Earnings (Loss) Before Realized Gains and Losses(1) of $(4.9) million, or $(0.10) per basic weighted average common share. Book value per common share was $5.70, inclusive of $(3.44) per common share of total CECL reserve. Declared common stock dividend of $0.05 per common share and a cash dividend of $0.4375 per share of its Series A preferred stock. Net loan portfolio activity of $(121.8) million in unpaid principal balance. Carried at quarter-end a 97% floating rate loan portfolio with $1.5 billion in total loan commitments comprised of 100% senior loans, with a portfolio weighted average stabilized LTV at origination(2) of 66.1% and a realized loan portfolio yield(3) of 6.0%. Total CECL reserve of $165.8 million, or 11.4% of total loan portfolio commitments. Weighted average loan portfolio risk-rating was 3.2. Held two REO(4) assets with an aggregate carrying value of $90.7 million(5). Ended the quarter with $58.5 million in unrestricted cash and Total Leverage Ratio(6) of 1.9x. Post Quarter-End Update So far in Q3’26, funded about $1.6 million on existing loan commitments. In July, the Company refinanced the assets in our two legacy CLOs, GPMT 2021-FL3 and GPMT 2021-FL4, by extending and upsizing the JPMorgan financing facility. As of June 30, the two CLOs had a total outstanding balance of $521 million with a weighted average cost of S+2.38%, and the refinance resulted in lowering the weighted average cost by 38 basis points to S+2.00%. The JPMorgan financing facility has a total outstanding balance of approximately $651 million, a weighted average cost of S+2.17%, and a 2-year term with three 1-year term extension options. As of August 3, 2026, carried approximately $35.7 million in unrestricted cash. Conference Call Granite Point Mortgage Trust Inc. will host a conference call on August 6, 2026, at 11:00 a.m. ET to discuss second quarter 2026 financial results and related information. To participate in the teleconference, please call toll-free (877) 407-8031, (or (201) 689-8031 for international callers), approximately 10 minutes prior to the above start time, and ask to be joined into the Granite Point Mortgage Trust Inc. call. You may also listen to the teleconference live via the Internet at www.gpmtreit.com, in the Investor section under the News & Events link. For those unable to attend, a telephone playback will be available beginning August 6, 2026, at 1:00 p.m. ET through August 20, 2026, at 12:00 a.m. ET. The playback can be accessed by calling (877) 660-6853 (or (201) 612-7415 for international callers) and providing the Access Code 13761731. The call will also be archived on the Company’s website in the Investor section under the News & Events link. About Granite Point Mortgage Trust Inc. Granite Point Mortgage Trust Inc. is a Maryland corporation focused on directly originating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point is headquartered in New York, NY. Additional information is available at www.gpmtreit.com. Forward-Looking Statements This press release contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, projections and illustrations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "expect," "target," "believe," "outlook," "potential," "continue," "intend," "seek," "plan," "goals," "future," "likely," "may" and similar expressions or their negative forms, or by references to strategy, plans or intentions. The illustrative examples herein are forward-looking statements. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical facts or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and estimates are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and estimates will prove to be correct or be achieved, and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2025, under the caption "Risk Factors," and any subsequent Form 10-Q or other filings made with the SEC. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. This press release is for informational purposes only and shall not constitute, or form a part of, an offer to sell or buy or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. Non-GAAP Financial Measures In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), this press release and the accompanying earnings presentation present non-GAAP financial measures, such as Distributable Earnings (Loss), Distributable Earnings (Loss) Before Realized Gains and Losses, Distributable Earnings (Loss) per basic common share and Distributable Earnings (Loss) Before Realized Gains and Losses per basic common share, that exclude certain items. Granite Point management believes that these non-GAAP measures enable it to perform meaningful comparisons of past, present and future results of the Company’s core business operations, and uses these measures to gain a comparative understanding of the Company’s operating performance and business trends. The non-GAAP financial measures presented by the Company represent supplemental information to assist investors in analyzing the results of its operations. However, because these measures are not calculated in accordance with GAAP, they should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. The Company’s GAAP financial results and the reconciliations from these results should be carefully evaluated. See the GAAP to non-GAAP reconciliation table on page 6 of this release. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805304694/en/ Contacts Investors: Chris Petta, Head of Investor Relations, Granite Point Mortgage Trust Inc., (212) 364-5500, [email protected].

Angel Oak Mortgage (AOMR) came out with quarterly earnings of $0.37 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +2.78%. A quarter ago, it was expected that this real estate finance company would post earnings of $0.3 per share when it actually produced earnings of $0.18, delivering a surprise of -40%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Angel Oak, which belongs to the Zacks REIT and Equity Trust industry, posted revenues of $41.4 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.9%. This compares to year-ago revenues of $35.09 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Angel Oak shares have added about 2% since the beginning of the year versus the S&P 500's gain of 11%. While Angel Oak has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Angel Oak was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.39 on $43.2 million in revenues for the coming quarter and $1.25 on $169.8 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Granite Point Mortgage Trust (GPMT), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This real estate investment trust is expected to post quarterly loss of $0.18 per share in its upcoming report, which represents a year-over-year change of +80.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Granite Point Mortgage Trust's revenues are expected to be $8.2 million, up 1.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Angel Oak Mortgage REIT Inc. (AOMR) : Free Stock Analysis Report Granite Point Mortgage Trust Inc. (GPMT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Arbor Realty Trust (ABR) came out with quarterly earnings of $0.1 per share, beating the Zacks Consensus Estimate of $0.07 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +42.86%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.16 per share when it actually produced earnings of $0.07, delivering a surprise of -56.25%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Arbor Realty Trust, which belongs to the Zacks REIT and Equity Trust industry, posted revenues of $230.86 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.07%. This compares to year-ago revenues of $240.3 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Arbor Realty Trust shares have lost about 38.3% since the beginning of the year versus the S&P 500's gain of 8.7%. While Arbor Realty Trust has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Arbor Realty Trust was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.11 on $228.42 million in revenues for the coming quarter and $0.34 on $921.65 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust is currently in the bottom 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Granite Point Mortgage Trust (GPMT), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This real estate investment trust is expected to post quarterly loss of $0.18 per share in its upcoming report, which represents a year-over-year change of +80.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Granite Point Mortgage Trust's revenues are expected to be $8.2 million, up 1.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Arbor Realty Trust (ABR) : Free Stock Analysis Report Granite Point Mortgage Trust Inc. (GPMT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

NEW YORK, June 16, 2026--(BUSINESS WIRE)--Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced that the Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share of common stock for the second quarter of 2026. This dividend is payable on July 15, 2026, to holders of record of common stock at the close of business on July 1, 2026. The Company’s Board of Directors also declared a quarterly cash dividend of $0.4375 per share of the 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock for the second quarter of 2026. This dividend is payable on July 15, 2026, to the holders of record of the Series A Preferred Stock at the close of business on July 1, 2026. Second Quarter Business Update During the quarter, the Company has funded approximately $6.8 million in unpaid principal balance on existing loans. 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 nonaccrual status. As a result of this transaction and the prior resolution on the office component, the Company expects to realize a write-off of approximately $(30.2) million, which had been reserved for through a previously recorded allowance for credit losses. During the quarter, the Company sold two interests in debt secured by a Dallas, TX, office property. In April, the Company extended the maturity of the Citibank financing facility to April 2027. As of June 12, 2026, the Company carried approximately $58.3 million in unrestricted cash. 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 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. 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 our subsequent 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. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260616751490/en/ Contacts Investors: Chris Petta, Head of Investor Relations, Granite Point Mortgage Trust Inc., (212) 364-5500, [email protected].