Granite Point Mortgage Trust (GPMT) investor relations material

Executive summary

• Reported a Q4 2025 GAAP net loss attributable to common stockholders of $27.4 million, or $(0.58) per share, driven by a $14.4 million provision for credit losses and a $6.8 million REO impairment.

• Achieved five loan resolutions, seven full loan repayments, one REO sale, and reduced cost of debt, with positive momentum into early 2026.

• Distributable earnings (non-GAAP) for Q4 were $(2.7) million, or $(0.06) per share.

• Book value per common share at year-end was $7.29, reflecting credit loss reserves.

• Portfolio expected to shrink through mid-2026, with regrowth and new originations targeted for the latter half of 2026.

Financial highlights

• Q4 provision for credit losses was $14.4 million; full year 2025 GAAP net loss was $(55.6) million, or $(1.16) per share.

• Book value at year-end was $7.29 per share, down $0.65 from Q3, mainly due to credit loss provision and REO impairment.

• Aggregate CECL reserve at year-end was $148.4 million, or 8.4% of portfolio commitments.

• Q4 realized loan portfolio yield was 6.7%; annualized dividend yield was 8.3% with a $0.05 dividend per share declared.

• Held $98.0 million in REO assets at year-end, including a $6.8 million impairment.

Outlook and guidance

• Market momentum from 2025 has continued into early 2026, with expectations for increased transaction activity and liquidity.

• Plans to reallocate capital to new loan originations later in 2026, leveraging improved cost structure and lower leverage.

• Focus remains on reducing higher cost debt and progressing asset resolutions to improve net interest spread.

• Unrestricted cash as of February 9, 2026, was approximately $55.1 million.

• Management remains focused on portfolio repositioning and risk management.