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 ...

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Q3 2022 Earnings Conference Call November 9, 2022 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 Conference Call Participants Doug Harter - Credit Suisse Steve Delaney - JMP Securities Operator Good morning. My name is Jason. I will be your conference facilitator. At this time, I would like to welcome everyone to Granite Point Mortgage Tru ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 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) (State or other jurisdiction of incorpo ...

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $17.4 million or $0.32 per basic share for Q2 2022, compared to a GAAP net income of $1 million or $0.02 per basic share in Q1 2022 [28] - Distributable earnings for Q2 were $11.7 million or $0.22 per basic share, excluding provisions for credit losses and losses on debt extinguishment [28] - The book value as of June 30 was $16.01 per share, down from $16.39 per share in the previous quarter [29] Business Line Data and Key Metrics Changes - The company funded over $380 million in loans in the first half of 2022, exceeding $290 million in repayments, resulting in modest portfolio growth [8] - In Q2, the company closed five new loans totaling about $202 million in commitments, with over $165 million in initial fundings [18] - The portfolio ended Q2 with an aggregate committed balance of $4.2 billion, including $360 million of future funding commitments [21] Market Data and Key Metrics Changes - The company noted a slowdown in real estate transaction activity due to elevated macroeconomic uncertainty and capital markets volatility, primarily driven by rising interest rates [8][9] - The repayment pace has moderated, with year-to-date repayments totaling approximately $450 million across various property types, including over $185 million in office loans [26] Company Strategy and Development Direction - The company has focused on refinancing inefficient legacy funding vehicles and repaying high-cost term loan borrowings to improve earnings and balance sheet flexibility [7][12] - The strategy includes a measured approach to loan origination, with a focus on building liquidity in light of uncertain market conditions [9][25] - The company plans to remain opportunistic in rationalizing funding and capitalization to position itself for future growth as markets stabilize [15] Management's Comments on Operating Environment and Future Outlook - Management expressed that the current macroeconomic landscape is uncertain, leading to a reduction in loan origination activities and an increase in reserves for credit losses [10][31] - The company anticipates that the balance of its portfolio may modestly decline over the remainder of the year due to a measured approach to capital deployment [11] - Management believes that markets may stabilize in the coming months, which could provide clarity on macroeconomic trends and the Fed's monetary policy [9] Other Important Information - The company repurchased over 1.5 million common shares totaling over $15 million during Q2, benefiting its book value by about $0.17 per share [14] - The CECL reserve increased to about $50 million or 118 basis points of total portfolio commitments, driven by conservative macroeconomic forecasts [31] Q&A Session Summary Question: Expectations on loan origination volume and share repurchase - Management indicated that while they cannot comment specifically on buybacks, they will consider the discount to book valuation when assessing liquidity uses [36] Question: Update on initiatives to drive ROE higher - Management confirmed that significant progress has been made, including repayment of the term loan and refinancing legacy funding vehicles, but further progress depends on resolving non-accrual assets [37][38] Question: Details on the San Diego office loan situation - Management noted that the office property is well-located and recently renovated, but has been impacted by a slow leasing market, and they are in constructive discussions with the borrower [41][45] Question: Clarification on refinancing legacy financing vehicles - Management confirmed that they refinanced two legacy facilities earlier in the quarter and are looking to potentially refinance another legacy facility [48][49] Question: Considerations for liquidity and future drawdowns - Management stated that liquidity uses will depend on market conditions and the resolution of loans, with expectations for drawdowns to trend lower over the next several quarters [58][60]

Second Quarter 2022 Earnings Presentation August 9, 2022 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-lo ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) Granite Point Mortgage Trust Inc.'s unaudited condensed consolidated financial statements and detailed notes for Q2 2022 and FY 2021 [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Unaudited condensed consolidated financial statements and explanatory notes for Granite Point Mortgage Trust Inc. for Q2 2022 and FY 2021 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Presents the company's financial position, including assets, liabilities, and equity, as of June 30, 2022, and December 31, 2021 Balance Sheet Summary | ASSETS (in thousands) | June 30, 2022 | December 31, 2021 | | :---------------------- | :------------ | :---------------- | | Loans held-for-investment, net | $3,830,014 | $3,741,308 | | Cash and cash equivalents | $150,192 | $191,931 | | Restricted cash | $69,492 | $12,362 | | Total Assets | $4,097,046 | $3,988,518 | | LIABILITIES (in thousands) | June 30, 2022 | December 31, 2021 | | :----------------------- | :------------ | :---------------- | | Repurchase facilities | $1,271,659 | $677,285 | | Securitized debt obligations | $1,425,556 | $1,677,619 | | Convertible senior notes | $273,822 | $272,942 | | Senior secured term loan facilities | $— | $139,880 | | Total Liabilities | $3,052,212 | $2,974,335 | | Total Equity | $1,043,834 | $1,013,183 | [Condensed Consolidated Statements of Comprehensive (Loss) Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20(Loss)%20Income) Details the company's revenues, expenses, and net income or loss for the three and six months ended June 30, 2022 and 2021 Comprehensive (Loss) Income Summary | (in thousands, except share data) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total interest income | $49,279 | $49,453 | $96,600 | $103,592 | | Total interest expense | $27,344 | $26,674 | $51,153 | $53,039 | | Net interest income | $21,935 | $22,779 | $45,447 | $50,553 | | (Provision for) benefit from credit losses | $(13,627) | $193 | $(17,315) | $9,312 | | Loss on extinguishment of debt | $(13,032) | $— | $(18,823) | $— | | Net (loss) income attributable to common stockholders | $(17,356) | $14,244 | $(16,345) | $42,210 | | Basic (loss) earnings per weighted average common share | $(0.32) | $0.26 | $(0.30) | $0.77 | | Diluted (loss) earnings per weighted average common share | $(0.32) | $0.24 | $(0.30) | $0.71 | [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Outlines changes in stockholders' equity, including net income, stock issuance, repurchases, and dividends, for the period Stockholders' Equity Summary | (in thousands, except share data) | Balance, December 31, 2021 | Net (loss) income | Issuance of preferred stock, net | Repurchase of common stock | Dividends declared | Non-cash equity award compensation | Balance, June 30, 2022 | | :-------------------------------- | :------------------------- | :---------------- | :------------------------------- | :------------------------- | :----------------- | :--------------------------------- | :--------------------- | | Total Stockholders' Equity | $1,013,058 | $(13,731) | $87,521 | $(15,714) | $(27,007) | $1,906 | $1,043,709 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2022 and 2021 Cash Flow Summary | (in thousands) | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $22,780 | $30,722 | | Net cash (used in) provided by investing activities | $(99,874) | $295,807 | | Net cash provided by (used in) financing activities | $92,485 | $(416,692) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $15,391 | $(90,163) | | Cash, cash equivalents, and restricted cash at end of period | $219,684 | $239,030 | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures supporting the condensed consolidated financial statements [Note 1. Organization and Operations](index=8&type=section&id=Note%201.%20Organization%20and%20Operations) Describes Granite Point Mortgage Trust Inc.'s business, focus, and status as a Real Estate Investment Trust (REIT) - Granite Point Mortgage Trust Inc. is an internally managed real estate finance company focused on originating, investing in, and managing senior floating-rate commercial mortgage loans and other debt-like commercial real estate investments[19](index=19&type=chunk) - The company operates as a Real Estate Investment Trust (REIT) for U.S. federal income tax purposes, aiming to preserve stockholder capital and generate attractive risk-adjusted returns primarily through dividends from current income[19](index=19&type=chunk)[20](index=20&type=chunk) [Note 2. Basis of Presentation and Significant Accounting Policies](index=8&type=section&id=Note%202.%20Basis%20of%20Presentation%20and%20Significant%20Accounting%20Policies) Outlines the financial statement preparation basis and key accounting policies, including management estimates and uncertainties - The interim unaudited condensed consolidated financial statements are prepared in accordance with SEC rules and GAAP, with certain information condensed or omitted[21](index=21&type=chunk) - Management's estimates, particularly for credit losses and fair value, are subject to uncertainty due to the ongoing COVID-19 pandemic, Federal Reserve interest rate actions, and geopolitical instability[24](index=24&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [Note 3. Loans Held-for-Investment, Net of Allowance for Credit Losses](index=10&type=section&id=Note%203.%20Loans%20Held-for-Investment%2C%20Net%20of%20Allowance%20for%20Credit%20Losses) Details the company's loan portfolio, including carrying values, credit loss allowance, and activity for the periods Loans Held-for-Investment Details | (dollars in thousands) | June 30, 2022 | December 31, 2021 | | :--------------------- | :------------ | :---------------- | | Unpaid principal balance | $3,889,479 | $3,796,825 | | Allowance for credit losses | $(47,280) | $(40,897) | | Carrying value | $3,830,014 | $3,741,308 | | Unfunded commitments | $358,705 | $403,584 | | Number of loans | 104 | 105 | | Weighted average coupon | 4.6% | 4.5% | Loans Held-for-Investment Details | (dollars in thousands) | June 30, 2022 Carrying Value | % of Loan Portfolio | December 31, 2021 Carrying Value | % of Loan Portfolio | | :--------------------- | :----------------------------- | :------------------ | :------------------------------- | :------------------ | | Office | $1,663,577 | 43.4% | $1,703,951 | 45.5% | | Multifamily | $1,090,106 | 28.5% | $1,061,434 | 28.4% | | Hotel | $460,432 | 12.0% | $464,816 | 12.4% | | Retail | $347,287 | 9.1% | $341,834 | 9.1% | | Industrial | $181,871 | 4.7% | $118,564 | 3.2% | | Other | $86,741 | 2.3% | $50,709 | 1.4% | | Total | $3,830,014 | 100.0% | $3,741,308 | 100.0% | Loans Held-for-Investment Details | (in thousands) | June 30, 2022 Carrying Value | % of Loan Portfolio | December 31, 2021 Carrying Value | % of Loan Portfolio | | :--------------- | :----------------------------- | :------------------ | :------------------------------- | :------------------ | | Northeast | $976,965 | 25.5% | $917,029 | 24.5% | | Southwest | $869,316 | 22.7% | $836,955 | 22.4% | | West | $660,173 | 17.2% | $658,429 | 17.6% | | Midwest | $649,233 | 17.0% | $637,784 | 17.0% | | Southeast | $674,327 | 17.6% | $691,111 | 18.5% | | Total | $3,830,014 | 100.0% | $3,741,308 | 100.0% | - The Company pledged loans held-for-investment with a carrying value of **$3.6 billion** at June 30, 2022, and **$3.7 billion** at December 31, 2021, as collateral for various financing facilities[37](index=37&type=chunk) Loans Held-for-Investment Details | (in thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Originations, additional fundings, upsizing of loans and capitalized deferred interest | $212,245 | $197,838 | $385,110 | $239,615 | | Repayments | $(120,107) | $(422,969) | $(238,490) | $(524,557) | | Loan sales | $— | $— | $(43,714) | $— | | (Provision for) benefit from credit losses | $(13,126) | $1,762 | $(16,490) | $8,995 | | Balance at end of period | $3,830,014 | $3,577,644 | $3,830,014 | $3,577,644 | [Allowance for Credit Losses](index=11&type=section&id=Allowance%20for%20Credit%20Losses) Explains the methodology for estimating credit losses and changes in the allowance for loans held-for-investment - The Company uses a probability-weighted analytical model with quarterly updated macroeconomic forecasts to estimate allowance for credit losses, considering factors like DSCR, LTV, and property type[39](index=39&type=chunk)[41](index=41&type=chunk) - As of June 30, 2022, the allowance for credit losses on loans held-for-investment increased by **$13.1 million** to **$47.3 million**, primarily due to a more conservative macroeconomic forecast and a **$4.0 million** increase for an office loan downgraded to **risk rating '5'**[42](index=42&type=chunk) Allowance for Credit Losses Movement | (in thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Balance at beginning of period | $34,154 | $59,433 | $40,897 | $66,666 | | Provision for (benefit from) credit losses | $13,638 | $(1,762) | $17,002 | $(8,995) | | Write-off | $— | $— | $(10,107) | $— | | Recoveries of amounts previously written off | $(512) | $— | $(512) | $— | | Balance at end of period | $47,280 | $57,671 | $47,280 | $57,671 | - **Two senior loans** with a total unpaid principal balance of **$207.9 million** and carrying value of **$188.8 million** were on nonaccrual status as of June 30, 2022[46](index=46&type=chunk) [Loan Risk Ratings](index=13&type=section&id=Loan%20Risk%20Ratings) Describes the quarterly evaluation of loan credit quality and the distribution of loans across risk rating categories - The Company evaluates the credit quality of each loan quarterly, assigning a **risk rating from '1'** (lower risk) to **'5'** (loss likely) based on various factors including property type, cash flow, LTV, and sponsorship[49](index=49&type=chunk)[50](index=50&type=chunk) Loan Portfolio Risk Ratings | (dollars in thousands) | June 30, 2022 Number of Loans | June 30, 2022 Unpaid Principal Balance | June 30, 2022 Carrying Value | December 31, 2021 Number of Loans | December 31, 2021 Unpaid Principal Balance | December 31, 2021 Carrying Value | | :--------------------- | :------------------------------ | :------------------------------------- | :----------------------------- | :-------------------------------- | :------------------------------------- | :----------------------------- | | Risk Rating 1 | 8 | $292,285 | $291,458 | 9 | $245,939 | $245,042 | | Risk Rating 2 | 59 | $2,083,389 | $2,060,713 | 58 | $2,002,008 | $1,983,615 | | Risk Rating 3 | 27 | $869,253 | $861,050 | 25 | $747,631 | $739,343 | | Risk Rating 4 | 8 | $436,641 | $427,954 | 11 | $633,153 | $627,938 | | Risk Rating

Granite Point Mortgage Trust Inc. (NYSE:GPMT) Q1 2022 Earnings Conference Call May 11, 2022 11:00 AM ET Company Participants Chris Petta - IR Jack Taylor - President & CEO Stephen Alpart - Chief Investment Officer and Co-Head of Originations Marcin Urbaszek - CFO Conference Call Participants Steve DeLaney - JMP Securities Douglas Harter - Credit Suisse Jade Rahmani - KBW Stephen Laws - Raymond James Operator Good morning. My name is Vaishnavi and I will be your conference facilitator. At this time, I would ...