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"text": "This presentation contains, or incorporates by reference, not only historical information, but also forward-looking statements within the\nmeaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our\nactual results may differ from our beliefs, expectations, estimates, projections and illustrations and, consequently, you should not rely on\nthese forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be\nidentified by words such as \u201canticipate,\u201d \u201cestimate,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cexpect,\u201d \u201ctarget,\u201d \u201cbelieve,\u201d \u201coutlook,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d\n\u201cintend,\u201d \u201cseek,\u201d \u201cplan,\u201d \u201cgoals,\u201d \u201cfuture,\u201d \u201clikely,\u201d \u201cmay\u201d and similar expressions or their negative forms, or by references to strategy,\nplans or intentions. The illustrative examples herein are forward-looking statements. By their nature, forward-looking statements speak only\nas of the date they are made, are not statements of historical facts or guarantees of future performance and are subject to risks,\nuncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and estimates\nare expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's\nexpectations, beliefs and estimates will prove to be correct or be achieved, and actual results may vary materially from what is expressed\nin or indicated by the forward-looking statements.\n",
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"text": "These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual\nReport on Form 10-K for the year ended December 31, 2025, under the caption \u201cRisk Factors,\u201d and any subsequent Form 10-Q or other\nfilings made with the SEC. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update\nor revise any such forward-looking statements, whether as a result of new information, future events or otherwise.\n",
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"text": "This presentation is for informational purposes only and shall not constitute, or form a part of, an offer to sell or buy or the solicitation of\nan offer to sell or the solicitation of an offer to buy any securities.\n",
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"text": "Financial data throughout this presentation is as of or for the quarter ended March 31, 2026, unless otherwise noted. Readers are\nadvised that the financial information in this presentation is based on company data available at the time of this presentation and, in\ncertain circumstances, may not have been audited by the company\u2019s independent auditors. Due to rounding, figures in this presentation\nmay not result in the totals presented.\n",
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"text": "This presentation also includes non-GAAP financial measures, which should be considered only as supplemental to, and not as superior to,\nfinancial measures prepared in accordance with GAAP. Please refer to the Appendix of this presentation financial measures prepared in\naccordance with GAAP to the most directly comparable non-GAAP financial measures.\n",
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"INVESTMENT PORTFOLIO",
"",
"CAPITALIZATION",
"",
"Q1'26 SUMMARY RESULTS",
""
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"$1.6 billion(1)
Total Loan
Portfolio
Commitments
Across 40 Loan
Investments",
"100% Loans
100% Senior
Loans
98% Floating Rate",
"$1.6 billion
Total Financing
Capacity with
$1.0 billion
Outstanding",
"~64%
Non-Mark-to-
Market Borrowings",
"$(0.13)
GAAP Net (Loss)(2)
per Basic Wtd.
Avg. Common
Share",
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Earnings (Loss)(3)
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Avg. Common
Share"
],
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Weighted
Average Stabilized
LTV at Origination",
"$37.9 million
Average Unpaid
Principal Balance",
"1.7x
Total Leverage
Ratio",
"$43.6 million
Unrestricted Cash
Balance;
Held $98.2 million
in REO(4)",
"13.8%
Annualized
Dividend Yield(5)
$0.05
Dividend per
Share",
"$(0.07)
Distributable
Earnings (Loss)(3)
Before Realized
Gains and Losses
per Basic Wtd. Avg.
Common
Share"
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"$148.5 million allowance for credit
losses, or 9.4% of portfolio
commitments, of which 80.6%, or $119.6
million, is allocated to specific CECL
reserves",
"",
"$1.6 billion financing capacity with $1.0
billion outstanding, including $0.4 billion
across four facilities, $0.5 billion in non-
recourse and non-mark-to-market
borrowings from two CLOs",
"",
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"text": "An internally managed commercial real estate finance company operating as a REIT, focused on originating and\ninvesting in floating-rate, first mortgage loans secured by institutional-quality transitional properties.\nConservatively managed balance sheet with a granular investment portfolio and a well-balanced funding profile\n",
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"FINANCIAL SUMMARY",
"\u2022 GAAP Net (Loss) attributable to common stockholders of $(6.0) million, or $(0.13) per basic weighted average common share
\u2022 Distributable Earnings (Loss)(3) of $(3.0) million, or $(0.06) per basic weighted average common share
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"PORTFOLIO ACTIVITY",
"\u2022 Net loan portfolio activity of $(175.1) million in unpaid principal balance
\u25cb $(189.4) million in loan repayments, sales and amortization, including repayments of a $(107.3) million loan secured by a multifamily property located in Illinois, a $(67.0) million loan secured by a retail property in California, and a sale of a $(12.9) million loan secured by a hotel property located in Kailua-Kona, HI
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"\u2022 Loan portfolio of $1.6 billion(1) in total loan commitments across 40 loans
\u2022 Total CECL reserve of $148.5 million, or 9.4% of total loan portfolio commitments
\u2022 Weighted average loan portfolio risk rating of 3.2
\u2022 Held two REO assets with an aggregate carrying value of $98.2 million(4)"
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"CAPITALIZATION & LIQUIDITY",
"\u2022 Reduced repurchase facilities weighed average cost of funds to S+2.47% at March 31, 2026, down 61 basis points from S+3.08% at December 31, 2025
\u2022 Repurchased 0.2 million shares of its common stock at an average price of $1.74 per share, for a total of approximately $0.3 million
\u2022 Unrestricted cash of $43.6 million and Total Leverage Ratio of 1.7x"
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"text": "SUBSEQUENT\nEVENTS\n- So far in Q2\u201926, funded about $2.1 million on existing loan commitments\n- In April, the Company resolved a $76.0 million loan secured by a Chicago, IL, retail property, which\npreviously included an office component. The loan had been risk-rated \u201c5\u201d and was on nonaccrual status.\nAs a result of this transaction and the prior resolution on the office component, the Company expects to\nrealize a write-off of approximately $(30.2) million, which had been reserved for through a prior $(31.3)\nmillion allowance for credit losses as of December 31, 2025, and recognized a GAAP benefit from credit\nlosses of approximately $1.1 million during the first quarter of 2026\n- \u25cb As a result of this resolution, the CECL reserve as a percentage of total loan commitments\ndecreased from 9.4% at March 31st to approximately 7.9%\n- In April, the Company sold a subordinate interest in debt secured by a Dallas, TX, office property\n- In April, extended the maturity of the Citibank financing facility to April 2027\n- As of May 4, 2026, carried approximately $55.6 million in unrestricted cash\n\n",
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"Summary Balance Sheet
($ in millions, except per share data, reflects carrying values)
(Unaudited)",
""
],
[
"Cash",
"$43.6"
],
[
"Restricted Cash",
"$0.6"
],
[
"Loans Held-for-Investment, net",
"$1,362.8"
],
[
"Real Estate Owned, net(4)",
"$98.2"
],
[
"Repurchase Facilities",
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],
[
"Securitized (CLO) Debt",
"$535.7"
],
[
"Secured Credit Facility",
"$71.8"
],
[
"Mortgage Loan Payable",
"$17.6"
],
[
"Preferred Equity",
"$205.7"
],
[
"Common Equity(7)",
"$338.0"
],
[
"Total Stockholders' Equity",
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[
"Common Shares Outstanding",
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"text": "- GAAP Net (Loss) attributable to common stockholders of $(6.0) million, or $(0.13) per basic weighted average common share\n- Book value per share of common stock at March 31, 2026, was $7.05, inclusive of $(3.10) per basic common share of total\nCECL reserve\n",
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{
"text": "3/31/2025",
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}
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}
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},
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"text": "Unpaid Principal Balance: $1,514.9; 40 loans; Unfunded Commitments: $68.0",
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Office(14)",
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Hotel(15)",
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"text": "- Five loans risk rated \u201c5\u201d with an aggregate unpaid principal balance of $264.7 million\n- Actively pursuing resolution options, which may include a property sale by the borrower, a note sale, a foreclosure/deed-in-\nlieu and/or a loan restructuring\n- Specific CECL reserves of approximately 41% of unpaid principal balance\n",
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}
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}
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}
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},
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"text": "- Since 2021, reduced the office exposure by $(966) million,\nor about 56%, primarily through repayments, paydowns and\nproactive loan resolutions\n- Granular office portfolio across 14 MSAs and 12 States\n- 50% CBD locations, 50% suburban locations\n- 33% Top 5 markets, 67% secondary markets\n- Average unpaid principal balance $37.8 million\n- Weighted average Stabilized LTV at Origination of 66.8%\n- 5-rated office exposure in Minneapolis\n- No office exposure in Washington DC, Downtown LA, San\nFrancisco Bay Area, Chicago, Portland or Seattle\n",
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"text": "- Generally, seek to match fund assets and liabilities to minimize interest-rate risk and\nduration\n- Proven access to diverse sources of public and private equity and debt capital at the\ncorporate and asset level\n- Emphasis on liability management with meaningful proportion of non-recourse and\nnon-mark-to-market borrowings\n- Aim to maintain ample liquidity across market cycles; approximately $43.6 million of\ncash\n",
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"text": "1) Includes maximum loan commitments. Unpaid loan principal balance of $1.5 billion\n2) Represents Net (loss) attributable to common stockholders\n3) Non-GAAP measure. See slide 23 in the Appendix for a reconciliation to financial results prepared in accordance with GAAP\n4) Includes $5.0 million in other assets and liabilities related to leases\n5) Represents an annualized dividend yield based on a closing price of $1.45 on March 31, 2026\n6) Includes $12.5 million fundings on existing loans, aggregate fundings and transfers in from other assets of $1.4 million of\nother investments, and capitalized interest of $0.4 million\n7) See slide 23 in the Appendix for reconciliation of Common Stockholders' Equity\n8) Does not include unamortized premiums, unamortized net deferred origination fees and allowance for credit losses which,\nwhen included with the unpaid principal balances, represents the GAAP carrying value of the loans held-for-investment in the\nbalance sheet. The GAAP carrying value as of December 31, 2025, was $1,537.7 million and as of March 31, 2026, was\n$1,362.8 million. The GAAP carrying value does not include accrued interest receivables, exit fee receivables and other\nreceivables, which are reflected separately in the balance sheet. Unfunded commitments are not included in the unpaid\nprincipal balance or GAAP carrying value\n9) Includes nonaccrual loans and other investments\n10) Assumes all extension options are exercised and excludes three loans that have passed their maturity date and are not\neligible for extension, if applicable\n11) Mixed-use properties represented based on allocated loan amounts\n12) Percentages are based off of carrying value\n13) Loan was placed on nonaccrual status in Q4 2023\n14) Loan was placed on nonaccrual status in Q3 2022\n15) Loan was placed on nonaccrual status in Q3 2025\n16) Loan was placed on nonaccrual status in Q4 2025\n17) Loan was placed on nonaccrual status in Q1 2026\n",
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"text": "* Cash coupon does not include origination or exit fees. Weighted average cash coupon excludes fixed rate loans\n** All-in yield at origination includes net origination fees and exit fees, but does not include future fundings, and is expressed as a monthly equivalent. Weighted average yield excludes fixed rate loans\n*** Includes maximum commitments and outstanding balances related to other investments of $18.8 million and $10.4 million, respectively\n",
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"Type",
"Origination Date",
"Maximum Loan Commitment",
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"Carrying Value",
"Cash Coupon*",
"All-in Yield at Origination**",
"Original Term (Years)",
"State",
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"10/19",
"$95.1",
"$91.1",
"$91.1",
"S+2.60%",
"S+3.05%",
"3.0",
"TN",
"Office",
"70.2 %",
"74.2 %"
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"08/19",
"93.1",
"93.1",
"93.2",
"S+2.80%",
"S+3.26%",
"3.0",
"MN",
"Office",
"73.1 %",
"71.2 %"
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"12/19",
"79.0",
"73.4",
"73.4",
"S+3.30%",
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"12/18",
"78.1",
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"72.2 %"
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"S+4.32%",
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"$594.3",
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"S+3.87%",
"S+4.28%",
"3.1",
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"66.4 %",
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Credit Losses",
"",
"",
"",
"",
"$ (147.3)",
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"",
"",
"",
"",
"",
""
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"text": "* Cash coupon does not include origination or exit fees. Weighted average cash coupon excludes fixed rate loans\n** All-in yield at origination includes net origination fees and exit fees, but does not include future fundings, and is expressed as a monthly equivalent. Weighted average yield excludes fixed rate loans\n*** Includes maximum commitments and outstanding balances related to other investments of $18.8 million and $10.4 million, respectively\n",
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""
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"6.5 %"
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"221",
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"text": "- Average balance represents average amortized cost on loans held-for-investment\n- ** Average balance includes outstanding balances related to other investments of $10.4 million, respectively\n",
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[
"GRANITE POINT MORTGAGE TRUST INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)",
"March 31,
2026",
"December 31,
2025"
],
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"ASSETS (unaudited)",
"",
""
],
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"Loans held-for-investment",
"$ 1,510,097",
"$ 1,683,644"
],
[
"Allowance for credit losses",
"(147,298)",
"(145,912)"
],
[
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"1,362,799",
"1,537,732"
],
[
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"43,555",
"65,958"
],
[
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"599",
"14,108"
],
[
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"93,239",
"92,039"
],
[
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"6,978",
"7,594"
],
[
"Other assets",
"35,307",
"37,793"
],
[
"Total Assets",
"$ 1,542,477",
"$ 1,755,224"
],
[
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"",
""
],
[
"Liabilities",
"",
""
],
[
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"$ 347,491",
"439,173"
],
[
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"535,716",
"643,528"
],
[
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"71,774",
"71,774"
],
[
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"17,570",
"17,546"
],
[
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"6,160",
"6,164"
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[
"Other liabilities",
"19,898",
"24,227"
],
[
"Total Liabilities",
"998,609",
"$ 1,202,412"
],
[
"Stockholders\u2019 Equity",
"",
""
],
[
"7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share; 11,500,000 shares authorized, and 8,229,500 and 8,229,500 shares issued and outstanding, respectively; liquidation preference $25.00 per share",
"82",
"82"
],
[
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"479",
"476"
],
[
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"1,194,968",
"1,195,279"
],
[
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"(183,134)",
"(180,708)"
],
[
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"(468,652)",
"(462,442)"
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[
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"543,743",
"552,687"
],
[
"Non-controlling interests",
"125",
"125"
],
[
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"543,868",
"552,812"
],
[
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"$ 1,542,477",
"$ 1,755,224"
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"($ in millions, except per share data) (unaudited)",
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"$ 584.3",
"$ 582.1",
"$ 552.8",
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"$ 205.7",
"$ 205.7",
"$ 205.7",
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"text": "* Distributable Earnings (Loss) Before Realized Gains and Losses and Distributable Earnings (Loss) are non-GAAP measures. See definitions in this appendix\nDue to rounding, figures may not result in the totals presented\n",
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"",
"",
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""
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"text": "- Total allowance for credit losses of $(148.5) million, of which $1.2 million is related to future funding obligations and\nrecorded in other liabilities\n- Loans reported on the balance sheet are net of the allowance for credit losses\n",
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"text": "Beginning with our Annual Report on Form 10-K for the year ended December 31, 2025, and for all subsequent reporting periods ending on\nor after December 31, 2025, we have elected to present Distributable Earnings (Loss), a non-GAAP measure, as a supplemental method of\nevaluating our operating performance. In order to maintain our status as a REIT, we are required to distribute at least 90% of our taxable\nincome to stockholders, subject to certain distribution requirements. Distributable Earnings (Loss) is intended to over time serve as a\ngeneral, though imperfect, proxy for our taxable income. As such, Distributable Earnings (Loss) is considered a key indicator of our ability\nto generate sufficient income to pay dividends on our common stock, which is the primary focus of income-oriented investors who comprise\na meaningful segment of our stockholder base. We believe providing Distributable Earnings (Loss) on a supplemental basis to our net\nincome (loss) and cash flow from operating activities, as determined in accordance with GAAP, is helpful to stockholders in assessing the\noverall operating performance of our business.\nFor reporting purposes, we define Distributable Earnings (Loss) as net income (loss) attributable to our stockholders, computed in\naccordance with GAAP, excluding: (i) non-cash equity compensation expenses; (ii) depreciation and amortization; (iii) any unrealized gains\n(losses) or other similar non-cash items that are included in net income (loss) for the applicable reporting period (regardless of whether\nsuch items are included in other comprehensive income or in net income (loss) for such period); and (iv) certain non-cash items and one-\ntime expenses. Distributable Earnings (Loss) may also be adjusted from time to time for reporting purposes to exclude one-time events\npursuant to changes in GAAP and certain other material non-cash income or expense items approved by a majority of our independent\ndirectors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings (Loss) only applies to debt\ninvestments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments.\nWhile Distributable Earnings (Loss) excludes the impact of the unrealized non-cash current provision for credit losses, we expect to only\nrecognize such potential credit losses in Distributable Earnings (Loss) if and when such amounts are deemed non-recoverable. This is\ngenerally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but non-recoverability may also be\nconcluded if, in our determination, it is nearly certain that all amounts due will not be collected. The realized loss amount reflected in\nDistributable Earnings (Loss) will equal the difference between the cash received, or expected to be received, and the carrying value of the\nasset, and is reflective of our economic experience as it relates to the ultimate realization of the loan.\n",
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"text": "During the quarter ended March 31, 2026, we recorded a benefit from credit losses of $0.2 million, which has been excluded from\nDistributable Earnings (Loss), consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for\nreporting Distributable Earnings (Loss) referenced on the previous slide. During the quarter ended March 31, 2026, we recorded $2.0\nmillion, in depreciation and amortization on REO and related intangibles, which has been excluded from Distributable Earnings (Loss)\nconsistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable Earnings\n(Loss) referenced above.\nDistributable Earnings (Loss) does not represent Net (loss) income attributable to common stockholders or cash flow from operating\nactivities and should not be considered as an alternative to GAAP Net (loss) income attributable to common stockholders, or an indication\nof our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our\nmethodology for calculating Distributable Earnings (Loss) may differ from the methodologies employed by other companies to calculate the\nsame or similar supplemental performance measures, and, accordingly, our reported Distributable Earnings (Loss) may not be comparable\nto the Distributable Earnings (Loss) reported by other companies.\nWe believe it is useful to our stockholders to present Distributable Earnings (Loss) Before Realized Gains and Losses, a non-GAAP\nmeasure, to reflect our run-rate operating results as (i) our operating results are mainly comprised of net interest income earned on our\nloan investments net of our operating expenses, which comprise our ongoing operations, (ii) it helps our stockholders in assessing the\noverall run-rate operating performance of our business, and (iii) it has been a useful reference related to our common dividend as it is one\nof the factors we and our Board of Directors consider when declaring the dividend. We believe that our stockholders use Distributable\nEarnings (Loss) and Distributable Earnings (Loss) Before Realized Gains and Losses, or a comparable supplemental performance\nmeasure, to evaluate and compare the performance of our company and our peers.\n",
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"text": "Granite Point Mortgage Trust Inc. is an internally-managed real estate finance company that focuses primarily on directly\noriginating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial\nreal estate investments. Granite Point was incorporated in Maryland on April 7, 2017, and has elected to be treated as a real\nestate investment trust for U.S. federal income tax purposes.\n",
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