Core Viewpoint - The equity market serves as a significant mechanism for wealth creation or destruction over the long term, with Pacifica Yield focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1] Group 1 - Pacifica Yield aims to pursue long-term wealth creation [1] - The strategy includes a focus on undervalued yet high-growth companies [1] - High-dividend tickers, REITs, and green energy firms are also key areas of interest [1]

Core Viewpoint - The equity market serves as a significant mechanism for wealth creation or destruction over the long term, with Pacifica Yield focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1] Group 1 - Pacifica Yield aims to pursue long-term wealth creation [1] - The strategy includes a focus on undervalued yet high-growth companies [1] - High-dividend tickers, REITs, and green energy firms are also key areas of interest [1]

Core Viewpoint - Granite Point Mortgage Trust is discussing its third quarter 2020 financial results, highlighting key market conditions and business activities [2]. Group 1: Financial Results Overview - The financial results for the third quarter 2020 were filed with the SEC and are available on the company's Investor Relations website [3]. - Management will provide insights into the portfolio and key financial highlights during the call [2]. Group 2: Management Team - The call features key executives including the President and CEO, Chief Investment Officer, Chief Financial Officer, Chief Development Officer, and Chief Operating Officer [2].

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article emphasizes that users may be blocked from proceeding if an ad-blocker is enabled [1]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss attributed to common stockholders of $0.6 million or negative $0.01 per basic common share, which includes a benefit from credit losses of $1.6 million or $0.03 per basic common share [17] - Distributable loss for the quarter was $18.9 million or negative $0.40 per basic common share, including write-offs of $19.8 million or $0.42 per basic common share [17] - The book value as of September 30th was $7.94 per common share, a decline of $0.05 per share from Q2 [18] - The aggregate CECL reserve at September 30th was about $134 million, down from $155 million last quarter [18] - Total leverage decreased slightly from 2.1 times to 1.9 times [19] Business Line Data and Key Metrics Changes - The total loan portfolio commitments ended the third quarter at $1.8 billion, with an outstanding principal balance of $1.7 billion [11] - The realized loan portfolio yield for the third quarter was 7.5%, up from 7.1% in the prior quarter [11][12] - The weighted average risk rating of the portfolio held steady at 2.8 [11] Market Data and Key Metrics Changes - Investor sentiment improved through the third quarter, with increased confidence in deploying capital into the recovering commercial real estate market [5] - The commercial real estate market remains uneven, with the middle market loan segment being compelling for certain property types like multifamily and industrial [6] Company Strategy and Development Direction - The company plans to focus on loan repayments and asset resolutions while maintaining higher levels of liquidity, expecting to return to core lending and origination efforts in mid-2026 [9][16] - The company is actively repositioning REO assets and investing capital to maximize outcomes [7][16] Management's Comments on Operating Environment and Future Outlook - Management noted that while the re-liquidation of the commercial real estate market is underway, it remains uneven and bifurcated [6] - The company anticipates a longer resolution timeline for certain loans due to persistent local market challenges, but sees positive trends in the return to office mandates [15] Other Important Information - The company reduced the balance of its higher-cost secured credit facility by $7.5 million and extended the maturity to December 2026 [10] - The company had about $63 million of unrestricted cash at the end of the quarter [19] Q&A Session Summary Question: What are the company's plans for asset resolutions and growth? - Management emphasized the ongoing efforts to resolve assets and position for regrowth in 2026, highlighting the team's dedication to these plans [21]

Financial Performance - The company reported a GAAP Net Loss attributable to common stockholders of $0.6 million, or $(0.01) per basic weighted average common share[8, 13] - Distributable Earnings (Loss) was $(18.9) million, or $(0.40) per basic weighted average common share[7, 8] - Distributable Earnings (Loss) Before Realized Gains and Losses was $0.9 million, or $0.02 per basic weighted average common share[8] Portfolio Overview - The total loan portfolio commitments reached $1.8 billion across 44 loan investments[7, 8] - The unpaid principal balance (UPB) of the loan portfolio was $1.7 billion[7, 25] - The weighted average stabilized Loan-to-Value (LTV) at origination was 65.0%[7, 24, 25] - The company held two Real Estate Owned (REO) assets with an aggregate carrying value of $105.5 million[7, 8] - The total CECL reserve was $133.6 million, representing 7.4% of total loan portfolio commitments[7, 8] Capitalization and Liquidity - The company had $62.7 million in unrestricted cash[7, 8, 10] - The Total Leverage Ratio was 1.9x[7, 8]

Core Insights - Granite Point Mortgage Trust Inc. reported a GAAP net loss attributable to common stockholders of $(0.6) million, or $(0.01) per basic weighted average common share, which included a benefit from credit losses of $1.6 million [4] - The company declared a common stock dividend of $0.05 per share and a cash dividend of $0.4375 per share for its Series A preferred stock [4] - The total loan portfolio experienced a net activity of $(109.7) million in unpaid principal balance, with $(72.4) million in loan repayments [4] Financial Performance - Distributable Earnings (Loss) for the quarter was $(18.9) million, or $(0.40) per basic weighted average common share [4] - Distributable Earnings (Loss) Before Realized Gains and Losses was $0.9 million, or $0.02 per basic weighted average common share [4] - The book value per common share was $7.94, which included $(2.82) per common share of total CECL reserve [4] Loan Portfolio and Risk Management - The company carried a 97% floating rate loan portfolio with total loan commitments of $1.8 billion, comprised of over 99% senior loans [4] - The weighted average stabilized loan-to-value (LTV) at origination was 65.0%, with a realized loan portfolio yield of 7.5% [4] - The total CECL reserve stood at $133.6 million, representing 7.4% of total loan portfolio commitments [4] Post Quarter-End Update - In Q4 2025, the company funded approximately $2.3 million on existing loan commitments and received a full loan repayment of $32.7 million [4] - The maturity of the secured credit facility was extended to December 2026, and the financing spread was reduced by 75 basis points [4] - As of November 3, 2025, the company held approximately $80.1 million in unrestricted cash [4]

Financial Performance - For the three months ended September 30, 2025, the company recorded a GAAP net loss per basic common share of $(0.01) and a Distributable Loss of $(0.40) per basic common share[156]. - The company recognized a GAAP net loss attributable to common stockholders of $(0.6) million for the quarter[158]. - For the three months ended September 30, 2025, the GAAP net loss attributable to common stockholders was $(565,000), compared to a loss of $(34,624,000) in the same period of 2024[165]. - Distributable Earnings (Loss) for the nine months ended September 30, 2025, was $(91,916,000), compared to $(45,752,000) for the same period in 2024[165]. - The company’s GAAP net loss attributable to common stockholders was $(0.6) million for Q3 2025, an improvement from $(17.0) million in Q2 2025[244]. Book Value and Capitalization - The book value per share of common stock as of September 30, 2025, was $7.94, which includes $(2.82) per share of total CECL reserves[156]. - The book value per share of common stock as of September 30, 2025, was $7.94, down from $8.47 as of December 31, 2024[166]. - The company's tangible net worth was reported at $0.7 billion, exceeding the required minimum of $0.6 billion[214]. - As of September 30, 2025, the company's capitalization included $1.2 billion of loan-level financing[250]. Loan Portfolio and Credit Losses - The total allowance for credit losses was $133.6 million, approximately 7.4% of total loan commitments of $1.8 billion as of September 30, 2025[158]. - The company ended the quarter with a portfolio of 44 loan investments with an aggregate unpaid principal balance of $1.7 billion and total commitments of $1.8 billion[158]. - The weighted average risk rating of the loan portfolio improved to 2.8 as of September 30, 2025, from 3.1 at December 31, 2024[169]. - The company recorded a benefit from credit losses of $1.6 million in Q3 2025, compared to a provision for credit losses of $(11.0) million in Q2 2025[242]. - The provision for credit losses for the nine months ended September 30, 2025, was $(13.1) million, significantly lower than $(164.2) million in the same period of 2024[248]. Interest Income and Expenses - For the three months ended September 30, 2025, the total interest income was $33.72 million, with a net interest income of $10.296 million[221]. - The average net asset yield for loans held-for-investment was 7.5% for the three months ended September 30, 2025[221]. - Total interest income for the nine months ended September 30, 2025, decreased to $102.7 million, down by $44.2 million from $146.8 million in the same period of 2024[246]. - Total interest expense for the nine months ended September 30, 2025, decreased to $76.3 million, down by $42.2 million from $118.5 million in the same period of 2024[247]. Operating Expenses - Total operating expenses for Q3 2025 were $12.5 million, down from $14.5 million in Q2 2025[243]. - Total operating expenses for the nine months ended September 30, 2025, increased to $41,250,000 from $37,571,000 in 2024, representing an increase of approximately 4.5%[249]. - Compensation and benefits expenses decreased to $4.1 million in Q3 2025 from $5.7 million in Q2 2025[243]. - Compensation and benefits expenses decreased to $15,556,000 in 2025 from $16,083,000 in 2024, a reduction of about 3.3%[249]. Liquidity and Financing - The company carried unrestricted cash of $62.7 million as of September 30, 2025[155]. - The company has $75.6 million in unfunded loan commitments as part of its liquidity needs[258]. - As of September 30, 2025, the company had immediate liquidity sources totaling $62,690,000[254]. - The company is actively exploring additional funding facilities to diversify its financing sources amid market volatility and elevated interest rates[226]. Market Conditions and Risks - The Federal Reserve's interest rate hikes in 2022 and 2023 have influenced the company's performance, with rates remaining elevated despite reductions in late 2024 and 2025[263]. - The company’s loan originations are affected by market demand, with significant disruptions noted due to inflation concerns and geopolitical uncertainty[225]. - The company is subject to counterparty risk and is focused on diversifying lending partners to mitigate this risk[259]. Dividend Practices - The company intends to distribute substantially all taxable income to stockholders to comply with REIT provisions, with distributions dependent on actual results and liquidity[261]. - The board of directors will evaluate dividend practices based on market conditions and distribution requirements to maintain REIT status[258].

Financial Performance - Recognized GAAP net loss attributable to common stockholders of $(0.6) million, or $(0.01) per basic weighted average common share, including a benefit from credit losses of $1.6 million, or $0.03 per basic weighted average common share[5] - Distributable Earnings (Loss) of $(18.9) million or $(0.40) per basic weighted average common share, with Distributable Earnings (Loss) Before Realized Gains and Losses of $0.9 million, or $0.02 per basic weighted average common share[5] - The company reported a net loss attributable to common stockholders of $565,000 in Q3 2025, compared to a net loss of $34.62 million in Q3 2024[15] - Distributable Earnings (Loss) for Q3 2025 was $(18.93) million, reflecting a significant decline from the previous period[16] Loan Portfolio and Credit Losses - Total CECL reserve of $133.6 million, representing 7.4% of total loan portfolio commitments[5] - Carried a 97% floating rate loan portfolio with total loan commitments of $1.8 billion, comprised of over 99% senior loans, and a realized loan portfolio yield of 7.5%[5] - Net loan portfolio activity showed a decrease of $(109.7) million in unpaid principal balance, including $(72.4) million in loan repayments and one loan resolution of $(50.0) million[5] - The provision for credit losses was $(1.64) million in Q3 2025, compared to a benefit of $(27.91) million in Q3 2024[15] Cash and Leverage - Ended the quarter with $62.7 million in unrestricted cash and a Total Leverage Ratio of 1.9x[5] - As of November 3, 2025, carried approximately $80.1 million in unrestricted cash[5] - Extended the maturity of the secured credit facility to December 2026, reducing the financing spread by 75 basis points and decreasing borrowings by $7.5 million[5] Income and Expenses - Total interest income for Q3 2025 was $33.72 million, a decrease of 24% from $44.30 million in Q3 2024[15] - Net interest income increased to $10.30 million in Q3 2025, up from $7.66 million in Q3 2024, representing a 34% increase[15] - Total expenses decreased to $12.46 million in Q3 2025, down from $14.57 million in Q3 2024, a reduction of 14%[15] Dividends and Shareholder Returns - 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[5] - The company declared dividends of $0.05 per common share for Q3 2025, consistent with the previous year[15] - The company aims to maintain its status as a REIT by distributing at least 90% of its taxable income to stockholders[16] Shareholder Metrics - Book value per common share was $7.94, inclusive of $(2.82) per common share of total CECL reserve[5] - Weighted average shares outstanding decreased to 47,394,519 in Q3 2025 from 50,526,492 in Q3 2024[15] Real Estate Operations - The company recorded revenue from real estate owned operations of $3.62 million in Q3 2025, slightly down from $3.79 million in Q3 2024[15]

Core Insights - Granite Point Mortgage Trust (NYSE: GPMT) and Sachem Capital (NYSE: SACH) are currently out of favor with investors, with public preferreds trading at discounts to their $25 per share liquidation value [1] Group 1: Market Dynamics - The equity market serves as a powerful mechanism where daily price fluctuations can lead to significant wealth creation or destruction over the long term [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued yet high-growth companies, high-dividend stocks, REITs, and green energy firms [1]