Financial Performance - For the year ended December 31, 2023, the company recorded a GAAP net loss attributable to common stockholders of $(77.6) million, or $(1.50) per basic share[265]. - GAAP net loss attributable to common stockholders for 2023 was $(77,649) thousand, compared to $(55,327) thousand in 2022[276]. - The company reported a net loss attributable to common stockholders of $77,649,000 for 2023, compared to a loss of $55,327,000 in 2022[437]. - The total comprehensive loss for 2023 was $77,649,000, compared to a comprehensive loss of $55,327,000 in 2022[437]. - The net loss for the year ended December 31, 2023, was $63.198 million, compared to a net loss of $40.825 million in 2022[442]. - Basic loss per share for 2023 was $1.50, worsening from a loss of $1.04 per share in 2022[437]. - Total operating expenses increased to $43.3 million in 2023 from $36.7 million in 2022, mainly due to the acquisition of REO[355]. Dividends - The company declared a cash dividend of $0.80 per share of common stock, totaling $42.7 million, compared to $0.95 per share in 2022[268]. - Total cash dividends declared for 2023 amounted to $0.80 per share, a decrease from $0.95 per share in 2022[363][364]. - Dividends declared for the year ended December 31, 2023, totaled $0.80 per share, in compliance with REIT distribution requirements[361]. Loan Portfolio - The company maintained a portfolio of 73 loan investments with an aggregate unpaid principal balance of $2.7 billion and total commitments of $2.9 billion[265]. - The number of loans in the portfolio as of December 31, 2023, was 73[284]. - The company has a total of 73 loans in its portfolio, with an unpaid principal balance of $2,727.2 million as of December 31, 2023[296]. - The company’s multifamily loans accounted for 80.0% of the total portfolio, indicating a strong focus on this sector[286]. - The company holds a diversified loan portfolio across multiple states, including Illinois, New York, and California, with property types such as multifamily, office, and mixed-use[285]. Credit Losses - The allowance for credit losses increased by $50.5 million, totaling $137.1 million, which is approximately 4.7% of total loan commitments of $2.9 billion[265]. - The provision for credit losses was $(104.8) million in 2023, up from $(69.3) million in 2022, attributed to a deteriorating macroeconomic outlook affecting collateral-dependent loans[352]. - The allowance for credit losses (ACL) increased to $134.7 million in 2023 from $82.3 million in 2022, representing a rise of approximately 64%[424]. - As of December 31, 2023, the company had five loans with a risk rating of "5" totaling an aggregate principal balance of $323.9 million, with an allowance for credit losses of $89.6 million[297]. Interest Income and Expense - The total interest income for the year ended December 31, 2023, was $263.7 million, with a net interest income of $82.0 million, reflecting a net interest rate spread of 0.3%[330]. - Total interest income increased to $263.7 million in 2023 from $210.9 million in 2022, primarily due to rising short-term interest rates[350]. - Total interest expense rose to $181.7 million in 2023 from $126.1 million in 2022, driven by higher short-term interest rates and increased costs from secured credit facilities[351]. - The cash paid for interest was $182.569 million in 2023, an increase from $123.371 million in 2022[442]. Liquidity and Capitalization - The company maintained unrestricted cash liquidity of $188.4 million, exceeding the required minimum of $30.0 million and 5.0% of recourse indebtedness[325]. - As of December 31, 2023, the company had immediate liquidity sources totaling $188.37 million[370]. - The tangible net worth was reported at $1.0 billion, surpassing the required minimum of $816.9 million[325]. - The debt-to-equity ratio as of December 31, 2023, was 2.1:1.0[359]. - The debt-to-equity ratio improved from 2.3:1.0 in 2022 to 2.1:1.0 in 2023, primarily due to a reduction in outstanding debt[367]. Market Conditions and Risks - The company faced significant disruptions in the commercial real estate sector due to investor concerns over inflation, rising interest rates, and geopolitical uncertainty, impacting loan repayments and originations[335]. - Rising interest rates and inflation have led to increased costs and decreased availability of capital, affecting borrowers' ability to service debt obligations[408]. - Credit risk remains a concern, with potential unanticipated losses due to market fluctuations and economic conditions affecting the performance of collateral properties[338]. - The current macroeconomic environment has resulted in decreased prepayment rates and increased loan extension options, potentially impacting operational results[412]. Asset Management and Strategy - The company actively manages loan investments, assessing credit risk quarterly and maintaining strong relationships with borrowers to maximize portfolio performance[294]. - The company aims to construct a well-diversified investment portfolio across property types, geographies, and sponsors[394]. - The company has implemented a strategy of loan modifications to adapt to changing market conditions and borrower needs[291]. - The company actively explores additional funding facilities to diversify its financing sources amid market volatility and uncertainty[336]. Financial Position - Total assets decreased to $2.85 billion in 2023 from $3.45 billion in 2022, marking a decline of about 17%[433]. - Total liabilities decreased to $1.99 billion in 2023 from $2.47 billion in 2022, a reduction of approximately 20%[433]. - The total stockholders' equity decreased to $859 million in 2023 from $983.7 million in 2022, a decline of approximately 13%[433]. - The company had $1.0 billion in securitized debt obligations with a weighted average borrowing rate of 7.2% as of December 31, 2023[358].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission File Number: 001-38124 GRANITE POINT MORTGAGE TRUST INC. (Exact name of registrant as specified in its charter) Maryland 61-1843143 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 3 Bryant Park, Suite 2400A ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR New York, New Yor ...

Second Quarter 2023 Earnings Supplemental August 09, 2023 Safe Harbor Statement This presentation contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, projections and illustrations and, consequently, you should not rely on these forward-l ...

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Q2 2023 Earnings Conference Call August 9, 2023 11:00 AM ET Company Participants Chris Petta - Investor Relations Jack Taylor - President and Chief Executive Officer Steve Alpart - Chief Investment Officer and Co-Head-Originations Marcin Urbaszek - Chief Financial Officer Steve Plust - Chief Operating Officer Peter Morral - Chief Development Officer and Co-Head of Originations Conference Call Participants Steve DeLaney - JMP Securities Stephen Laws - Raymond Jam ...

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited condensed consolidated financial statements for June 30, 2023, including balance sheets, income, equity, and cash flow statements, which show total assets decreased to **$3.31 billion**, net income for common stockholders was **$1.4 million** in Q2 2023, and cash increased by **$136.7 million** in the first six months due to loan repayments Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 (in thousands) | December 31, 2022 (in thousands) | | :--- | :--- | :--- | | Loans held-for-investment, net | $2,966,088 | $3,267,815 | | Cash and cash equivalents | $235,840 | $133,132 | | Total Assets | $3,310,856 | $3,454,101 | | Total Liabilities | $2,386,409 | $2,469,431 | | Total Equity | $924,447 | $983,670 | Condensed Consolidated Statements of Comprehensive Income (Loss) Highlights (in thousands) | Account | Three Months Ended June 30, 2023 (in thousands) | Three Months Ended June 30, 2022 (in thousands) | Six Months Ended June 30, 2023 (in thousands) | Six Months Ended June 30, 2022 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Net interest income | $21,840 | $21,935 | $44,753 | $45,447 | | Provision for credit losses | $(5,818) | $(13,627) | $(52,228) | $(17,315) | | Net income (loss) | $5,041 | $(13,731) | $(28,788) | $(9,095) | | Net income (loss) attributable to common stockholders | $1,416 | $(17,356) | $(36,038) | $(16,345) | | Basic earnings (loss) per share | $0.03 | $(0.32) | $(0.69) | $(0.30) | Condensed Consolidated Statements of Cash Flows Highlights (Six Months Ended, in thousands) | Cash Flow Activity | June 30, 2023 (in thousands) | June 30, 2022 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $26,391 | $22,780 | | Net cash provided by (used in) investing activities | $231,305 | $(99,874) | | Net cash (used in) provided by financing activities | $(121,011) | $92,485 | | Net increase (decrease) in cash | $136,685 | $15,391 | [Note 3. Loans Held-for-Investment, Net of Allowance for Credit Losses](index=11&type=section&id=Note%203.%20Loans%20Held-for-Investment%2C%20Net%20of%20Allowance%20for%20Credit%20Losses) This note details the company's loan portfolio, with a carrying value of **$2.97 billion** as of June 30, 2023, a significantly increased allowance for credit losses of **$130.4 million** due to a **$52.3 million** provision, and a slightly increased weighted average risk rating from **2.5 to 2.7** Loan Portfolio by Property Type (Carrying Value) | Property Type | June 30, 2023 (in thousands) | % of Portfolio | | :--- | :--- | :--- | | Office | $1,240,544 | 41.8% | | Multifamily | $917,566 | 30.9% | | Hotel | $258,638 | 8.7% | | Retail | $275,440 | 9.3% | | Industrial | $187,072 | 6.4% | | Other | $86,828 | 2.9% | | **Total** | **$2,966,088** | **100.0%** | - The allowance for credit losses on loans held-for-investment increased to **$130.4 million** as of June 30, 2023, from **$82.3 million** at year-end 2022. The provision for credit losses for the first six months of 2023 was **$52.3 million**[50](index=50&type=chunk)[55](index=55&type=chunk) - As of June 30, 2023, there were four senior loans with a total unpaid principal balance of **$245.6 million** on nonaccrual status[55](index=55&type=chunk) Loan Portfolio by Risk Rating (Unpaid Principal Balance) | Risk Rating | June 30, 2023 (in thousands) | December 31, 2022 (in thousands) | | :--- | :--- | :--- | | 1 - Lower Risk | $158,427 | $291,236 | | 2 - Average Risk | $1,541,383 | $1,857,744 | | 3 - Acceptable Risk | $797,189 | $697,532 | | 4 - Higher Risk | $362,744 | $268,236 | | 5 - Loss Likely | $245,619 | $247,258 | | **Total** | **$3,105,362** | **$3,362,006** | [Note 4. Real Estate Owned, Net](index=17&type=section&id=Note%204.%20Real%20Estate%20Owned%2C%20Net) On May 16, 2023, the company acquired an office property in Phoenix, AZ, via deed-in-lieu of foreclosure, recognizing it as REO with a **$24.0 million** carrying value, generating **$0.46 million** in revenue and incurring **$1.66 million** in expenses for the quarter - On May 16, 2023, the company acquired legal title to an office property in Phoenix, AZ, via a negotiated deed-in-lieu of foreclosure. The property was recognized as REO with a carrying value of **$24.0 million**[67](index=67&type=chunk) REO Operations (in thousands) | Account | Three Months Ended June 30, 2023 (in thousands) | | :--- | :--- | | Revenue from real estate owned operations | $462 | | Expenses from real estate owned operations | $(1,664) | | **Total** | **$(1,202)** | [Note 6. Secured Financing Agreements](index=20&type=section&id=Note%206.%20Secured%20Financing%20Agreements) This note details the company's secured financing, totaling **$1.22 billion** in outstanding borrowings as of June 30, 2023, confirming compliance with all financial covenants, including a tangible net worth of **$1.1 billion** against a **$931.7 million** requirement and a **1.5:1.0** interest coverage ratio Outstanding Secured Financing as of June 30, 2023 (in thousands) | Facility Type | Amount Outstanding (in thousands) | | :--- | :--- | | Repurchase facilities | $1,072,132 | | Asset-specific financings | $45,823 | | Secured credit facility | $100,000 | | **Total** | **$1,217,955** | - The company was in compliance with all financial covenants as of June 30, 2023. Key covenants include a minimum tangible net worth of **$931.7 million** (actual **$1.1 billion**) and a minimum interest coverage ratio of **1.5:1.0** (actual **1.5:1.0**)[94](index=94&type=chunk)[95](index=95&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the challenging macroeconomic environment impacting commercial real estate, reporting Q2 2023 GAAP net income of **$0.03 per share** and Distributable Earnings of **$0.12 per share**, with a slight decline in loan portfolio credit quality to a **2.7** weighted average risk rating, while maintaining **$235.8 million** in unrestricted cash and a **2.3:1.0** total debt-to-equity ratio [Second Quarter 2023 Activity](index=32&type=section&id=Second%20Quarter%202023%20Activity) In Q2 2023, the company generated **$1.4 million** GAAP net income (**$0.03/share**) and **$6.0 million** Distributable Earnings (**$0.12/share**), declared a **$0.20 per share** dividend, and saw **$206.2 million** in loan repayments and a **$24.0 million** office property acquisition, with book value per share at **$13.93** Q2 2023 Key Operating Results | Metric | Value | | :--- | :--- | | GAAP net income (to common) | $1.4 million | | GAAP EPS (basic) | $0.03 | | Distributable Earnings (to common) | $6.0 million | | Distributable EPS (basic) | $0.12 | | Common Dividend Declared | $0.20 per share | | Book Value per Share | $13.93 | - Portfolio activity included **$206.2 million** in loan repayments and the acquisition of an office property valued at **$24.0 million** through a deed-in-lieu of foreclosure[160](index=160&type=chunk) [Loan Portfolio Overview and Management](index=35&type=section&id=Loan%20Portfolio%20Overview%20and%20Management) As of June 30, 2023, the loan portfolio comprised **82 investments** with a **$3.1 billion** unpaid principal balance, primarily senior first mortgage loans, and saw its weighted average risk rating increase from **2.5 to 2.7** due to office sector downgrades, with four loans on nonaccrual status Loan Portfolio Summary as of June 30, 2023 | Metric | Value | | :--- | :--- | | Number of loans | 82 | | Unpaid principal balance | $3.1 billion | | Carrying value | $2.97 billion | | Weighted-average all-in yield | S+4.03% | | Stabilized LTV at origination | 62.9% | - The weighted average risk rating of the loan portfolio increased to **2.7** as of June 30, 2023, compared to **2.5** as of December 31, 2022, mainly due to downgrades of office-related loans[190](index=190&type=chunk) - During Q2 2023, two loans were downgraded from a risk rating of '**3**' to '**4**', including a **$79.8 million** office loan in Chicago and a **$37.1 million** mixed-use property in Los Angeles[65](index=65&type=chunk)[191](index=191&type=chunk) [Portfolio Financing and Liquidity](index=40&type=section&id=Portfolio%20Financing%20and%20Liquidity) The company's financing structure includes repurchase agreements and CRE CLOs, with non-mark-to-market sources accounting for **52%** of its **$2.2 billion** loan-level financing, while maintaining **$235.8 million** in unrestricted cash and a **2.3:1.0** total debt-to-equity ratio, in compliance with all financial covenants - As of June 30, 2023, non-mark-to-market financing sources (CRE CLOs, asset-specific financing, etc.) accounted for approximately **52.0%** of the total **$2.2 billion** in portfolio loan-level financing[194](index=194&type=chunk)[195](index=195&type=chunk) - The company maintained unrestricted cash of **$235.8 million** as of June 30, 2023[162](index=162&type=chunk)[254](index=254&type=chunk) Leverage Ratios | Ratio | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Recourse leverage ratio | 1.2:1.0 | 1.2:1.0 | | Total leverage ratio | 2.3:1.0 | 2.3:1.0 | [Results of Operations](index=49&type=section&id=Results%20of%20Operations) Comparing Q2 2023 to Q1 2023, net interest income slightly decreased to **$21.8 million** due to rising interest expenses, while the provision for credit losses was significantly lower at **$5.8 million** in Q2, though the first half of 2023 saw a larger net loss due to a substantially higher **$52.2 million** provision compared to H1 2022 Quarterly Net Interest Income Comparison (in thousands) | Period | Total Interest Income (in thousands) | Total Interest Expense (in thousands) | Net Interest Income (in thousands) | | :--- | :--- | :--- | :--- | | Q2 2023 | $68,826 | $46,986 | $21,840 | | Q1 2023 | $66,719 | $43,806 | $22,913 | Six-Month Provision for Credit Losses Comparison (in thousands) | Period | Provision for Credit Losses (in thousands) | | :--- | :--- | | H1 2023 | $(52,228) | | H1 2022 | $(17,315) | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section outlines the company's primary market risks—credit, interest rate, liquidity, and real estate—all magnified by current macroeconomic conditions, with a strategy to mitigate interest rate risk by matching floating-rate assets and liabilities, and an analysis showing a **100 basis point** rate increase would boost annualized net interest income by **$5.7 million**, while also facing extension risk - The company's primary risks are **credit risk**, **interest rate risk**, **liquidity risk**, and **real estate risk**[263](index=263&type=chunk)[265](index=265&type=chunk)[281](index=281&type=chunk)[283](index=283&type=chunk) Interest Rate Sensitivity Analysis (in thousands) | Change in Interest Rates | Change in Annualized Net Interest Income (in thousands) | | :--- | :--- | | +100 bps | $5,682 | | +50 bps | $2,841 | | -50 bps | $(2,841) | | -100 bps | $(5,682) | - The company faces **extension risk**, as rising interest rates and market disruptions may cause borrowers to exercise extension options, potentially creating a maturity mismatch with the company's financing facilities[284](index=284&type=chunk) [Item 4. Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2023, with **no material changes** to internal control over financial reporting during the second quarter - Management concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[286](index=286&type=chunk) - There were **no changes** in internal control over financial reporting during the quarter ended June 30, 2023, that materially affected, or are reasonably likely to materially affect, internal controls[287](index=287&type=chunk) [PART II - OTHER INFORMATION](index=59&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) The company is **not currently involved** in any legal proceedings expected to have a material adverse effect on its financial condition or results of operations - As of the filing date, the company is **not party** to any litigation or legal proceedings that would have a material adverse effect on its results of operations or financial condition[289](index=289&type=chunk) [Item 1A. Risk Factors](index=59&type=section&id=Item%201A.%20Risk%20Factors) This section refers readers to the Annual Report on Form 10-K for the year ended December 31, 2022, for a comprehensive discussion of risk factors - The report refers to Part I, Item 1A. 'Risk Factors' in the Annual Report on Form 10-K for the year ended December 31, 2022, for information on risk factors[290](index=290&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported **no unregistered sales** of equity securities or use of proceeds from such sales during the period - **None reported**[291](index=291&type=chunk) [Item 3. Defaults Upon Senior Securities](index=59&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported **no defaults** upon its senior securities - **None reported**[292](index=292&type=chunk) [Item 5. Other Information](index=59&type=section&id=Item%205.%20Other%20Information) The company disclosed that **no director or officer adopted or terminated** a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the second quarter of 2023 - During the three months ended June 30, 2023, **no director or officer adopted or terminated** a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement'[294](index=294&type=chunk)

Safe Harbor Statement First Quarter 2023 Results * See definition in the appendix. 4 First Quarter 2023 Earnings Supplemental This presentation is for informational purposes only and shall not constitute, or form a part of, an offer to sell or buy or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. First Quarter 2023 Financial Summary • GAAP Net (Loss)* of $(37.5) million, or $(0.72) per basic share, inclusive of a $(46.4) million, or $(0.89) per basic share, of pr ...

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Q1 2023 Earnings Conference Call May 10, 2023 11:00 AM ET Company Participants Chris Petta – Investor Relations Jack Taylor – President and Chief Executive Officer Steve Alpart – Chief Investment Officer and Co-Head-Originations Marcin Urbaszek – Chief Financial Officer Steve Plust – Chief Operating Officer Conference Call Participants Steve DeLaney – JMP Securities Stephen Laws – Raymond James Douglas Harter – Credit Suisse Jade Rahmani – KBW Operator Good morn ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38124 GRANITE POINT MORTGAGE TRUST INC. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Maryland 61-1843143 (State or other jurisdi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 GRANITE POINT MORTGAGE TRUST INC. For the transition period from to (Exact Name of Registrant as Specified in Its Charter) Commission file number 001-38124 Securities registered pursuant to Section 12(b) of ...

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Q4 2022 Earnings Conference Call February 24, 2023 11:00 AM ET Company Participants Chris Petta - IR Jack Taylor - President and CEO Steve Alpart - Chief Investment Officer and Co-Head of Originations Marcin Urbaszek - CFO Peter Morral - Chief Development Officer and Co-Head of Originations Steve Plust - Chief Operating Officer Conference Call Participants Doug Harter - Credit Suisse Steve Delaney - JMP Securities Jade Rahmani - Keefe, Bruyette, & Woods Operat ...