## Granite Point Mortgage Trust Navigates Shifting Landscape with Focus on Portfolio Reshaping
**New York, NY – February 11, 2026** – Granite Point Mortgage Trust Inc. (NYSE: GPMT), a prominent player in the commercial real estate debt market, today reported its fourth quarter and full-year financial results for 2025, alongside a strategic outlook for the current year. The company highlighted a year marked by active loan resolutions and a renewed emphasis on optimizing its portfolio and capital allocation.
“2025 was a pivotal year for Granite Point, characterized by significant progress in resolving existing loan positions,” stated Jack Taylor, President and CEO of Granite Point Mortgage Trust. “We successfully navigated five loan resolutions and achieved seven full loan repayments, alongside the sale of one real estate-owned asset. This momentum has carried into 2026 with two significant loan repayments totaling $174 million, a reduction in our repurchase facilities’ weighted average cost of financing by approximately 60 basis points, and a decrease in our total leverage ratio from 2.0x to 1.7x. These strategic actions are crucial for re-positioning our portfolio and paving the way for new originations later this year.”
**Fourth Quarter 2025 Performance Snapshot:**
The fourth quarter of 2025 presented a nuanced financial picture for Granite Point. The company reported a GAAP net loss attributable to common stockholders of $27.4 million, or $0.58 per diluted common share. This included a provision for credit losses amounting to $14.4 million, or $0.30 per diluted common share, reflecting an ongoing assessment of economic conditions and potential borrower stress.
Distributable Earnings, a non-GAAP measure closely watched by investors for its insight into the company’s dividend-paying capacity, registered a loss of $2.7 million, or $0.06 per diluted common share. Distributable Earnings before realized gains and losses also showed a loss of $3.0 million, or $0.06 per diluted common share, underscoring the impact of credit provisions on immediate profitability.
Book value per common share stood at $7.29, a figure that incorporates the CECL (Current Expected Credit Losses) reserve of $3.12 per common share. This substantial reserve highlights the company’s conservative approach to accounting for potential future credit defaults.
The company declared a common stock dividend of $0.05 per share, alongside a preferred stock dividend of $0.4375 per share.
**Portfolio Activity and Financial Health:**
During the fourth quarter, Granite Point saw a net decrease in its loan portfolio by $30.2 million in unpaid principal balance. This was driven by loan repayments totaling $45.0 million, including a substantial $32.7 million repayment on a loan secured by a multifamily property in North Carolina. Fundings for new commitments and existing loans added $14.7 million to the portfolio.
At the close of the quarter, the company maintained a predominantly floating-rate loan portfolio, with 97% of its $1.8 billion in total loan commitments being floating rate. Over 99% of these commitments were senior loans, indicating a lower-risk position within the capital stack. The portfolio’s weighted average stabilized loan-to-value (LTV) at origination was 65.0%, with a realized yield of 6.7%.
The total CECL reserve stood at $148.4 million, representing 8.4% of total loan portfolio commitments, signifying a robust provision for potential credit events. The weighted average loan portfolio risk rating was 2.9, suggesting a moderate risk profile across its holdings.
Granite Point held two real estate-owned (REO) properties with an aggregate carrying value of $98.0 million, which included an impairment loss of $6.8 million. The company also continued to deleverage, reducing its secured credit facility by $7.5 million.
The company ended the quarter with $66.0 million in unrestricted cash and a total leverage ratio of 2.0x, reflecting a prudent approach to its capital structure.
**Full Year 2025 Review:**
For the full year 2025, Granite Point reported a GAAP net loss attributable to common stockholders of $55.6 million, or $1.16 per diluted common share. The Distributable Earnings (Loss) for the year was $94.6 million, or $1.98 per diluted common share, and Distributable Earnings (Loss) Before Realized Gains and Losses was $7.2 million, or $0.15 per diluted common share.
A notable adjustment during the year was a decrease to the allowance for credit losses of $52.6 million, resulting in a total allowance of $148.4 million, or 8.4% of total loan commitments. The company also saw significant loan repayments and resolutions totaling $468.7 million in UPB (Unpaid Principal Balance). Fundings for prior commitments, upsizes, and other investments amounted to $50.7 million. In a move to enhance shareholder value, Granite Point repurchased approximately 2.1 million shares of its common stock for $5.7 million.
**Post Quarter-End Developments and Strategic Outlook:**
The first quarter of 2026 has seen continued positive momentum. Granite Point has funded $5.9 million in existing loan commitments and, importantly, received two full loan repayments totaling $174.3 million. Furthermore, the company has reduced its repurchase facilities’ weighted average cost of funds from S+3.08% to approximately S+2.49%, and its Total Leverage Ratio has decreased to around 1.7x. As of February 9, 2026, unrestricted cash stood at approximately $55.1 million.
These developments signal a strategic pivot towards portfolio optimization and capital redeployment, positioning Granite Point to capitalize on emerging opportunities in the commercial real estate debt market. The company’s focus on senior, floating-rate loans, coupled with a conservative approach to credit risk management, provides a solid foundation for navigating the evolving economic landscape.
**About Granite Point Mortgage Trust Inc.:**
Granite Point Mortgage Trust Inc. is a Maryland corporation that originates, invests in, and manages senior floating-rate commercial mortgage loans and other debt-like commercial real estate investments. Headquartered in New York, NY, the company is dedicated to generating attractive risk-adjusted returns for its shareholders.
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**Note on Forward-Looking Statements:** This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Investors should refer to the company’s SEC filings for a more detailed discussion of these risks.
**Note on Non-GAAP Financial Measures:** The company presents non-GAAP financial measures such as Distributable Earnings (Loss) to provide additional insights into its operating performance. These measures should be considered in conjunction with, and not as a substitute for, GAAP financial results. Reconciliations to GAAP are provided in the financial tables.
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