Granite Point Mortgage Trust(GPMT) - 2025 Q3 - Quarterly Results

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]