GPMT · Granite Point Mortgage Trust Inc.

Granite Point Mortgage Trust Inc. reported a first quarter 2026 GAAP net loss attributable to common stockholders of $(6.0) million, or $(0.13) per basic share, an improvement from the $(10.6) million loss in the prior year period. The results were driven by net interest income of $8.0 million and a benefit from credit losses of $0.2 million, partially offset by operating expenses of $13.9 million and preferred dividends. The company continued to actively reduce its legacy loan exposure, with net loan portfolio activity decreasing by $(175.1) million in unpaid principal balance, primarily due to $(189.4) million in repayments and sales. This included the resolution of a large multifamily loan in Illinois and a retail loan in California. The portfolio remains conservatively structured with 100% senior loans and 98% floating rate exposure. Book value per common share ended the quarter at $7.05, heavily impacted by a $(3.10) per share CECL reserve. Post-quarter end, the company resolved a $76.0 million Chicago retail loan, which had been risk-rated '5' and on nonaccrual. This resolution is expected to result in a write-off of approximately $(30.2) million, utilizing prior reserves, and subsequently reduced the CECL reserve percentage to approximately 7.9%. Management highlighted progress in reducing higher-cost debt, lowering the repo financing spread by 61 basis points since year-end. Liquidity remains stable with $43.6 million in unrestricted cash at quarter-end, growing to approximately $55.6 million by early May. The company also extended the maturity of its Citibank financing facility to April 2027.