☒ 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 ...

Financial Performance - For the year ended December 31, 2022, Granite Point Mortgage Trust Inc. reported a GAAP net loss attributable to common stockholders of $(55.3) million, or $(1.04) per basic share, primarily due to an increase in CECL reserves of $(69.3) million and an $(18.8) million loss on early extinguishment of debt [256]. - Distributable Earnings for the same period were $14.7 million, or $0.28 per basic share, excluding the $(69.3) million increase in CECL reserve and other non-recurring expenses [256]. - GAAP net loss attributable to common stockholders for 2022 was $(55,327) thousand, compared to a profit of $67,560 thousand in 2021 [266]. - Distributable Earnings for 2022 were $14,692 thousand, down from $54,303 thousand in 2021, with Distributable Earnings per basic and diluted share at $0.28, compared to $0.99 in 2021 [266]. - The company reported a net loss attributable to common stockholders of $55,327,000 for 2022, compared to a net income of $67,560,000 in 2021 [419]. - Basic loss per share for 2022 was $1.04, down from earnings of $1.24 per share in 2021 [419]. - The company reported a provision for credit losses of $69.265 million, a significant increase from a benefit of $20.027 million in the previous year [424]. Dividends and Stockholder Returns - The company declared aggregate common stock dividends of $51.3 million, or $0.95 per share, and preferred dividends of $14.5 million, or $1.75 per share of Series A Preferred Stock [256]. - For the year ended December 31, 2022, the company declared total dividends of $0.95 per share, with a requirement to distribute at least 90% of taxable income to stockholders [346]. - The company declared dividends on preferred stock amounting to $14,502,000 in 2022, compared to $793,000 in 2021 [419]. - The company's cumulative distributions to stockholders increased from $284.3 million in 2021 to $350.1 million in 2022, an increase of about 23.1% [417]. Loan Portfolio and Investments - As of December 31, 2022, the company maintained a portfolio of 90 loan investments with an aggregate unpaid principal balance of $3.4 billion and total commitments of $3.6 billion, with a weighted average stabilized LTV at origination of 62.9% [256]. - The company originated 11 loans with total commitments of $466.8 million and a total principal balance of $421.0 million during the year [256]. - The investment portfolio consisted of 90 loans with total loan commitments of $3,591,613 thousand and an unpaid principal balance of $3,362,006 thousand [272]. - The company has a diversified portfolio with loans in multiple states, including Illinois, New York, and California, with varying property types such as office, retail, and industrial [274]. - The company has a total of 43 loans listed, with varying LTV ratios, indicating a balanced risk profile [274]. - The company has maintained a consistent origination strategy with loans primarily focused on senior debt [274]. - The company originated and acquired loans held-for-investment totaling $557.468 million, a decrease from $814.515 million in 2021 [424]. Financial Position and Liquidity - The company had unrestricted cash of $133.1 million and $5.7 million of restricted cash related to balances in CRE CLOs as of December 31, 2022 [257]. - The company maintained unrestricted cash liquidity of $133.1 million, exceeding the required minimum [306]. - The tangible net worth was reported at $1.1 billion, surpassing the calculated requirement of $931.7 million [306]. - The company had outstanding borrowings of $1.0 billion under repurchase facilities with a weighted average borrowing rate of 6.8% as of December 31, 2022 [291]. - The company had $2.4 billion of outstanding borrowings under various financing arrangements, including repurchase facilities and convertible senior notes [357]. - The company reported a decrease in cash and cash equivalents by approximately $64.1 million, ending with a balance of $140.2 million as of December 31, 2022 [360]. Credit Losses and Risk Management - The provision for credit losses increased to $(69.3) million in 2022, compared to a decrease of $20.0 million in 2021, significantly impacting the company's financial results [329]. - The allowance for credit losses increased significantly, driven by a general reserve increase of $24.3 million and a provision for collateral-dependent loans of $42.7 million [336]. - The company aims to manage credit risk through deep fundamental credit analysis and ongoing monitoring of its investment portfolio [376]. - The company implemented loan loss forecasting models to estimate expected lifetime credit losses at the individual loan level for its commercial mortgage loan portfolio [364]. - The company estimates its CECL allowance for its loan portfolio based on key loan-specific inputs, macroeconomic forecasts, and qualitative factors [365]. Interest Income and Expense - The company reported interest income of $210.9 million and interest expense of $126.1 million for 2022, resulting in net interest income of $84.7 million [270]. - The total interest income for the year ended December 31, 2022, was $210,854,000, an increase of 6.4% from $198,288,000 in 2021 [419]. - Total interest expense increased to $126,129,000 in 2022, up from $105,580,000 in 2021, marking a rise of 19.4% [419]. - The company reported a net interest income of $84.725 million for the year ended December 31, 2022, with a net interest rate spread of 1.2%, down from $92.708 million and 1.8% in 2021 [312]. Market Conditions and Economic Factors - The company is actively exploring additional funding facilities to diversify its financing sources amid disruptions in financial markets due to inflation and rising interest rates [317]. - Rising interest rates may increase interest expense and slow loan repayments, impacting the overall business performance [380]. - The company is exposed to risks related to capital markets, which may affect its ability to raise capital and finance its business [389]. - Macroeconomic factors such as unemployment rates and interest rates are considered in estimating the allowance for credit losses, with significant judgment required in selecting forecasts [443].

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 ...

May 11, 2022 First Quarter 2022 Earnings Presentation 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-looki ...