Granite Point Mortgage Trust(US:GPMT)2026-02-11 22:02Financial Performance - Granite Point Mortgage Trust Inc. reported a GAAP net loss attributable to common stockholders of $(27.4) million, or $(0.58) per basic weighted average common share for Q4 2025[6]. - The company recognized Distributable Earnings (Loss) of $(2.7) million, or $(0.06) per basic weighted average common share for Q4 2025[6]. - The company reported a net loss attributable to common stockholders of $27,409 thousand for the three months ended December 31, 2025, compared to a net loss of $42,437 thousand in the same period of 2024, reflecting an improvement of approximately 35.5%[23]. - Distributable Earnings (Loss) for the three months ended December 31, 2025, was $(2,680) thousand, compared to $(94,596) thousand for the twelve months ended December 31, 2025, indicating a significant reduction in losses[24]. - Total expenses for the three months ended December 31, 2025, were $19,917 thousand, an increase from $12,502 thousand in the same period of 2024, representing a rise of approximately 59.7%[23]. Loan Portfolio - Total loan portfolio commitments amounted to $1.8 billion, with a total CECL reserve of $148.4 million, representing 8.4% of total loan commitments[6]. - The weighted average loan portfolio risk-rating was 2.9, and the portfolio had a weighted average stabilized LTV at origination of 65.0%[6]. - Granite Point's net loan portfolio activity for the full year 2025 showed a decrease of $(30.2) million in unpaid principal balance[6]. - The company carried a 97% floating rate loan portfolio with a realized loan portfolio yield of 6.7%[6]. Dividends and Shareholder Returns - The company declared a common stock dividend of $0.05 per common share and a cash dividend of $0.4375 per share of its Series A preferred stock[6]. - The company declared dividends of $0.05 per common share for the three months ended December 31, 2025, unchanged from the same period in 2024[23]. Financing and Capital Management - Granite Point's total leverage ratio decreased from 2.0x to 1.7x, and the weighted average cost of financing was reduced by approximately 60 basis points[3]. - As of February 9, 2026, Granite Point had approximately $55.1 million in unrestricted cash and funded about $5.9 million on existing loan commitments in Q1 2026[16]. - The company repurchased 2,128,784 shares of common stock at a weighted average purchase price of $2.63 for an aggregate purchase amount of $5.7 million[6]. Interest Income - For the three months ended December 31, 2025, total interest income was $29,063 thousand, a decrease from $38,720 thousand for the same period in 2024, representing a decline of approximately 25%[23]. - Net interest income for the same period was $7,467 thousand, slightly down from $7,571 thousand in 2024, indicating a decrease of about 1.4%[23]. Credit Losses - The provision for credit losses for the quarter was $(14,428) thousand, which has been excluded from Distributable Earnings (Loss), consistent with the company's reporting policy[26]. - The impairment loss on real estate owned for the quarter was $6,753 thousand, which has been included in total expenses[23]. REIT Compliance - The company aims to maintain its status as a REIT by distributing at least 90% of its taxable income to stockholders, which is reflected in the focus on Distributable Earnings (Loss) as a key performance indicator[24].