$GPMT-PA

Granite Point Mortgage Trust Inc.

CIK:0001703644|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans held-for-investment	$ 21,413	$ 33,024	$ 47,034	$ 67,351
Cash and cash equivalents	415	779	837	1,596
Total interest income	21,828	33,803	47,871	68,947
Interest expense:
Repurchase facilities	5,330	10,590	12,127	22,475
Securitized debt obligations	8,173	12,604	17,285	25,284
Secured credit facility	1,802	2,564	3,591	5,103
Mortgage loan payable	329	0	656	0
Loan participations sold	1,412	0	1,412	0
Total interest expense	17,046	25,758	35,071	52,862
Net interest income	4,782	8,045	12,800	16,085
Other income (loss):
Revenue from real estate owned operations	3,487	3,753	6,707	6,847
Provision for credit losses	(46,981)	(10,984)	(46,765)	(14,754)
Gain (loss) on sale of real estate owned	0	301	0	301
Realized loss on loan sales	0	0	(18)	0
Total other income (loss)	(43,494)	(6,930)	(40,076)	(7,606)
Expenses:
Compensation and benefits	4,315	5,718	8,760	11,489
Servicing expenses	756	817	1,499	1,848
Expenses from real estate owned operations	5,273	5,227	11,033	9,731
Other operating expenses	3,183	2,717	6,098	5,720
Total expenses	19,606	14,479	33,469	28,788
Income (loss) before income taxes	(58,318)	(13,364)	(60,745)	(20,309)
Provision for (benefit from) income taxes	91	(1)	90	69
Net income (loss)	(58,409)	(13,363)	(60,835)	(20,378)
Dividends on preferred stock	3,600	3,601	7,201	7,201
Net (loss) income attributable to common stockholders - basic	(62,009)	(16,964)	(68,036)	(27,579)
Net (loss) income attributable to common stockholders - diluted	$ (62,009)	$ (16,964)	$ (68,036)	$ (27,579)
Basic (loss) earnings per weighted average common share (in usd per share)	$ (1.29)	$ (0.35)	$ (1.42)	$ (0.57)
Diluted (loss) earnings per weighted average common share (in usd per share)	$ (1.29)	$ (0.35)	$ (1.42)	$ (0.57)
Weighted average number of shares of common stock outstanding:
Basic (in shares)	47,999,208	48,030,130	47,837,359	48,347,634
Diluted (in shares)	47,999,208	48,030,130	47,837,359	48,347,634
Net (loss) income attributable to common stockholders - basic	$ (62,009)	$ (16,964)	$ (68,036)	$ (27,579)
Net (loss) income attributable to common stockholders - diluted	(62,009)	(16,964)	(68,036)	(27,579)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(62,009)	(16,964)	(68,036)	(27,579)
Impairment on real estate owned	$ 6,079	$ 0	$ 6,079	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net loss	$ (60,835)	$ (20,378)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Accretion of discounts and net deferred fees on loans held-for-investment and deferred interest capitalized to loans held-for-investment	(2,902)	(3,222)
Amortization of deferred debt issuance costs and discounts	2,502	2,463
Provision for credit losses	46,765	14,754
Impairment loss on real estate owned	6,079	0
Realized losses on loan sales	18	0
Amortization of equity-based compensation	2,020	4,638
Depreciation and amortization on real estate owned, held-for-investment	4,077	3,613
Straight-line rental income	(104)	0
Gain on sale of real estate owned	0	(301)
Net change in assets and liabilities:
Decrease (increase) in accrued interest receivable	2,129	(253)
Decrease (increase) in other assets	72	(3,311)
Increase (decrease) in other liabilities	(1,720)	(2,977)
Net cash provided by (used in) operating	(1,899)	(4,974)
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	(21,679)	(23,133)
Proceeds from loan sales	12,855	0
Proceeds from repayment of loans held-for-investment	275,652	188,385
Capital expenditures related to real estate owned	(2,953)	(2,030)
Acquisition costs on real estate owned	0	(1,587)
Proceeds from sale of real estate owned	0	16,655
Purchases of other investments	0	(2,588)
Net cash provided by investing activities	263,875	175,702
Cash Flows From Financing Activities:
Proceeds from repurchase facilities	0	13,700
Principal payments on repurchase facilities	(125,452)	(137,174)
Principal payments on securitized debt obligations	(122,276)	(45,184)
Proceeds from loan participations sold	27,240	0
Payment of debt issuance costs	(491)	(1,446)
Tax withholding on vestings	(912)	(1,102)
Repurchase of common stock	(306)	(5,662)
Dividends paid on preferred stock	(7,201)	(7,201)
Dividends paid on common stock	(5,172)	(5,228)
Net cash used in financing activities	(234,570)	(189,297)
Net increase (decrease) in cash, cash equivalents and restricted cash	27,406	(18,569)
Cash, cash equivalents, and restricted cash at beginning of period	80,066	114,470
Cash, cash equivalents, and restricted cash at end of period	107,472	95,901
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	33,099	51,192
Cash paid for federal taxes	0	60
Non-cash Activities:
Transfers of loans held-for-investment to loans held-for-sale	12,873	0
Dividends declared but not paid at end of period	6,172	6,193
Transfers from loans held-for investment and receivables to real estate owned	0	71,000
Acquisition of working capital related to real estate owned	0	63
Right-of-use lease asset and operating lease liability	835	7,239
Principal repayments of loans held-for-investment held by servicer	1,174	48
Transfer of other receivables to loans held-for-investment	0	567
Fundings of loans held-for-investment and loan participations sold by participants	129	0
Transfer of assets to real estate owned assets, held-for-sale	62,151	0
Transfer of liabilities to real estate owned liabilities, held-for-sale	$ 7,251	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

ASSETS

Loans held-for-investment

$ 1,389,380

$ 1,683,644

Allowance for credit losses

(163,484)

(145,912)

Loans held-for-investment, net

1,225,896

1,537,732

Cash and cash equivalents

58,478

65,958

Restricted cash

48,994

14,108

Real estate owned, held-for-investment, net

29,984

92,039

Real estate owned assets, held-for-sale

62,151

Accrued interest receivable

5,465

7,594

Other assets

31,786

37,793

Total Assets

^[1]

1,462,754

1,755,224

Liabilities

Repurchase facilities

313,721

439,173

Securitized debt obligations

521,646

643,528

Secured credit facility

71,774

Dividends payable

6,172

6,164

Real estate owned liabilities, held-for-sale

7,251

Other liabilities

15,898

24,227

Total Liabilities

^[1]

982,357

1,202,412

Commitments and Contingencies (see Note 9)

Stockholders’ Equity

7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share; 11,500,000 shares authorized, and 8,229,500 and 8,229,500 shares issued and outstanding, respectively; liquidation preference $25.00 per share

Common Stock, par value $0.01 per share; 450,000,000 shares authorized, and 48,198,166 shares and 47,563,643 issued and outstanding, respectively

482

476

Additional paid-in capital

1,196,075

1,195,279

Cumulative earnings

(241,543)

(180,708)

Cumulative distributions to stockholders

(474,824)

(462,442)

Total Granite Point Mortgage Trust Inc. Stockholders’ Equity

480,272

552,687

Non-controlling interests

125

Total Equity

480,397

552,812

Total Liabilities and Stockholders’ Equity

1,462,754

1,755,224

Mortgage loan payable

Liabilities

Secured credit facility

18,000

Secured debt

17,594

17,546

Loan participations sold

Liabilities

Secured debt

$ 28,301

$ 0

[1]

The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At June 30, 2026, and December 31, 2025, assets of the VIEs totaled $677,641 and $807,051, respectively, and liabilities of the VIEs totaled $522,530 and $644,801, respectively. See Note 5 - Variable Interest Entities and Securitized Debt Obligations, for further detail.