10-Q 1 gpmt-20240331.htm 10-Q gpmt-20240331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-38124
GPMT Logo.jpg
GRANITE POINT MORTGAGE TRUST INC.
(Exact name of registrant as specified in its charter)
Maryland 61-1843143
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
3 Bryant Park, Suite 2400A
 
New York,New York10036
(Address of principal executive offices) (Zip Code)
(212) 364-5500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareGPMTNYSE
7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per shareGPMTPrANYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of May 2, 2024, there were 51,034,800 shares of outstanding common stock, par value $0.01 per share, issued and outstanding.



GRANITE POINT MORTGAGE TRUST INC.
INDEX
Page
PART I - FINANCIAL INFORMATION
Item 1.
Financial Statements (unaudited)
PART II - OTHER INFORMATION

i


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and that are subject to the safe harbors created by such sections. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate,” “estimate,” “will,” “should,” “expect,” “target,” “believe,” “outlook,” “potential,” “continue,” “intend,” “seek,” “plan,” “goals,” “future,” “likely,” “may” and similar expressions or their negative forms, or by references to strategy, plans or intentions. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical facts or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and estimates are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and estimates will prove to be correct or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements.
These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in our Annual Report on Form 10-K for the year ended December 31, 2023, under the caption “Risk Factors.” Other risks, uncertainties and factors that could cause actual results to differ materially from those projected are described below and may be described from time to time in reports we file with the Securities and Exchange Commission, or the SEC, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
Important factors that may affect our actual results include, among others:
the general political, economic and competitive conditions in the markets in which we invest and their impact on our investment portfolio, financial condition and business operations;
inflationary trends which have led to higher interest rates and increased market volatility;
the economic and geopolitical impacts of the Russia-Ukraine conflict and the conflict and rising tensions in the Middle East, including the adoption or expansion of economic sanctions or trade restrictions;
reduced demand for office, multifamily or retail space, including as a result of increased hybrid work schedules which allow work from remote locations other than the employer's office premises;
defaults by borrowers in paying debt service on outstanding indebtedness and borrowers' abilities to manage and stabilize properties;
our ability to obtain or maintain financing arrangements on terms favorable to us or at all;
the level and volatility of prevailing interest rates and credit spreads;
reductions in the yield on our investments and increases in the cost of our financing;
general volatility of the securities markets in which we participate and the potential need to post additional collateral on our financing arrangements;
the return or impact of current or future investments;
changes in our business, investment strategies or target investments;
increased competition from entities investing in our target investments;
effects of hedging instruments on our target investments;
changes in governmental regulations, tax law and rates and similar matters;
our ability to maintain our qualification as a real estate investment trust, or REIT, for U.S. federal income tax purposes and our exclusion from registration under the Investment Company Act of 1940, as amended, or the Investment Company Act;
availability of desirable investment opportunities;
threats to information security, including by way of cyber-attacks;
availability of qualified personnel;
operational failures by third-parties on whom we rely in the conduct of our business;
estimates relating to our ability to make distributions to our stockholders in the future;
natural disasters, such as hurricanes, earthquakes, wildfires and floods, including climate change-related risks; acts of war and/or terrorism; pandemics or outbreaks of infectious disease; and other events that may cause unanticipated and
ii


uninsured performance declines and/or losses to us or the owners and operators of the real estate securing our investments;
deterioration in the performance of the properties securing our investments that may cause deterioration in the performance of our investments, risks in collection of contractual interest payments and, potentially, principal losses to us, including the risk of credit loss charges and any impact on our ability to satisfy the covenants and conditions in our debt agreements; and
difficulty or delays in redeploying the proceeds from repayments of our existing investments.
This Quarterly Report on Form 10-Q may contain statistics and other data that, in some cases, have been obtained or compiled from information made available by loan servicers and other third-party service providers.
iii


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)
GRANITE POINT MORTGAGE TRUST INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
March 31,
2024
December 31,
2023
ASSETS
Loans held-for-investment$2,702,684 $2,718,486 
Allowance for credit losses(210,145)(134,661)
Loans held-for-investment, net2,492,539 2,583,825 
Cash and cash equivalents155,216 188,370 
Restricted cash12,809 10,846 
Real estate owned, net16,365 16,939 
Accrued interest receivable11,366 12,380 
Other assets31,950 34,572 
Total Assets (1)
$2,720,245 $2,846,932 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Repurchase facilities$842,496 $875,442 
Securitized debt obligations990,617 991,698 
Secured credit facility84,000 84,000 
Dividends payable11,643 14,136 
Other liabilities17,246 22,633 
Total Liabilities (1)
1,946,002 1,987,909 
Commitments and Contingencies (see Note 10)
Stockholders’ Equity
7.00% Series A 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 
Common stock, par value $0.01 per share; 450,000,000 shares authorized, and 51,034,800 shares and 50,577,841 issued and outstanding, respectively
510 506 
Additional paid-in capital1,199,030 1,198,048 
Cumulative earnings(6,628)67,495 
Cumulative distributions to stockholders(418,876)(407,233)
Total Granite Point Mortgage Trust Inc. Stockholders’ Equity774,118 858,898 
Non-controlling interests125 125 
Total Equity774,243 859,023 
Total Liabilities and Stockholders’ Equity$2,720,245 $2,846,932 
______________________
(1)The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At March 31, 2024, and December 31, 2023, assets of the VIEs totaled $1,177,850 and $1,233,821, respectively, and liabilities of the VIEs totaled $992,789 and $994,081, respectively. See Note 5 - Variable Interest Entities and Securitized Debt Obligations, for further detail.
The accompanying notes are an integral part of these condensed consolidated financial statements.
1


GRANITE POINT MORTGAGE TRUST INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(in thousands, except share data)
Three Months Ended
March 31,
20242023
Interest income:
Loans held-for-investment$51,965 $65,291 
Cash and cash equivalents2,090 1,428 
Total interest income54,055 66,719 
Interest expense:
Repurchase facilities20,728 19,772 
Secured credit facility2,689 2,929 
Securitized debt obligations18,115 18,051 
Convertible senior notes 2,311 
Asset-specific financings 743 
Total interest expense41,532 43,806 
Net interest income12,523 22,913 
Other income (loss):
Revenue from real estate owned operations1,142  
Provision for credit losses(75,552)(46,410)
Gain (loss) on extinguishment of debt 238 
Total other loss(74,410)(46,172)
Expenses:
Compensation and benefits5,987 5,912 
Servicing expenses1,376 1,378 
Expenses from real estate owned operations2,045  
Other operating expenses2,829 3,271 
Total expenses12,237 10,561 
(Loss) income before income taxes(74,124)(33,820)
(Benefit from) provision for income taxes(1)9 
Net (loss) income
(74,123)(33,829)
Dividends on preferred stock
3,600 3,625 
Net (loss) income attributable to common stockholders$(77,723)$(37,454)
Basic (loss) earnings per weighted average common share
$(1.53)$(0.72)
Diluted (loss) earnings per weighted average common share
$(1.53)$(0.72)
Weighted average number of shares of common stock outstanding:
Basic
50,744,532 52,308,380 
Diluted
50,744,532 52,308,380 
Net (loss) income attributable to common stockholders$(77,723)$(37,454)
Comprehensive (loss) income $(77,723)$(37,454)
The accompanying notes are an integral part of these condensed consolidated financial statements.
2


GRANITE POINT MORTGAGE TRUST INC
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)
Common StockPreferred Stock
SharesAmountSharesAmountAdditional Paid-in CapitalCumulative EarningsCumulative Distributions to StockholdersTotal Stockholders’ EquityNon-controlling InterestsTotal Equity
Balance, December 31, 202252,350.989 $524 8,229,500 $82 $1,202,315 $130,693 $(350,069)$983,545 $125 $983,670 
Net (loss) income— — — — — (33,829)— (33,829)— (33,829)
Repurchase of common stock(1,001,338)(10)— — (5,108)— — (5,118)— (5,118)
Restricted stock forfeiture(36,916)(1)— — (236)— — (237)— (237)
Restricted Stock Unit (RSU) forfeiture— — — — (652)— — (652)— (652)
Preferred dividends declared, $25.00 per share
— — — — — — (25)(25)— (25)
Preferred dividends declared, $0.4375 per share
— — — — — — (3,600)(3,600)— (3,600)
Common dividends declared, $0.20 per share
— — — — — — (10,706)(10,706)— (10,706)
Non-cash equity award compensation213,304 2 — — 1,953 — — 1,955 — 1,955 
Balance, March 31, 202351,526,039 $515 8,229,500 $82 $1,198,272 $96,864 $(364,400)$931,333 $125 $931,458 
Balance, December 31, 202350,577,841 $506 8,229,500 $82 $1,198,048 $67,495 $(407,233)$858,898 $125 $859,023 
Net (loss) income— — — — — (74,123)— (74,123)— (74,123)
Restricted Stock Unit (RSU) forfeiture— — — — (1,185)— — (1,185)— (1,185)
Preferred dividends declared, $0.4375 per share
— — — — — — (3,600)(3,600)— (3,600)
Common dividends declared, $0.15 per share
— — — — — — (8,043)(8,043)— (8,043)
Non-cash equity award compensation456,959 4 — — 2,167 — — 2,171 — 2,171 
Balance, March 31, 202451,034,800 $510 8,229,500 $82 $1,199,030 $(6,628)$(418,876)$774,118 $125 $774,243 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3


GRANITE POINT MORTGAGE TRUST INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
Three Months Ended March 31,
20242023
Cash Flows From Operating Activities:
Net loss$(74,123)$(33,829)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Accretion of discounts and net deferred fees on loans held-for-investment and deferred interest capitalized to loans held-for-investment
(2,166)(3,425)
Amortization of deferred debt issuance costs
1,897 2,155 
Provision for credit losses75,552 46,410 
(Gain) loss on extinguishment of debt (274)
Amortization of equity-based compensation2,171 1,955 
Depreciation and amortization on real estate owned1,348  
Net change in assets and liabilities:
Decrease (increase) in accrued interest receivable1,014 (456)
Decrease (increase) in other assets1,277 2,276 
Increase (decrease) in other liabilities(5,319)(4,348)
Net cash provided by operating activities1,651 10,464 
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees
(17,510)(16,706)
Proceeds from repayment of loans held-for-investment35,478 59,450 
Increase in other assets, due from servicer on repayments of loans held-for-investment (877)(23,236)
Net cash provided by (used in) investing activities17,091 19,508 
Cash Flows From Financing Activities:
Proceeds from repurchase facilities73,725 370,419 
Principal payments on repurchase facilities(106,829)(194,414)
Principal payments on securitized debt obligations(1,373)(99,300)
Proceeds from asset-specific financings 911 
Payment of debt issuance costs(135)(627)
Tax withholding on restricted stock and RSUs(1,185)(889)
Repurchase of common stock (5,118)
Dividends paid on preferred stock(3,601)(3,625)
Dividends paid on common stock(10,535)(10,718)
Net cash (used in) provided by financing activities(49,933)56,639 
Net (decrease) increase in cash, cash equivalents and restricted cash(31,191)86,611 
Cash, cash equivalents, and restricted cash at beginning of period199,216 140,165 
Cash, cash equivalents, and restricted cash at end of period$168,025 $226,776 
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest$41,753 $44,689 
Cash paid for taxes$ $5 
Noncash Activities:
Dividends declared but not paid at end of period$11,643 $14,307 
Deferred financing costs, not yet paid$24 $30 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4



GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements


Note 1. Organization and Operations
Granite Point Mortgage Trust Inc., or the Company, is an internally managed commercial real estate finance company that focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. These investments are capitalized by accessing a variety of funding sources, including borrowing under the Company’s bank credit facilities or other asset financings, issuing commercial real estate collateralized loan obligations, or CRE CLOs, and issuing other forms of secured and unsecured debt and equity securities, depending on market conditions and the Company’s view of the most appropriate funding option available for the Company’s investments. The Company is not in the business of buying or trading securities, and the only securities it owns are the retained interests from its CRE CLOs. The Company’s investment objective is to preserve the Company’s stockholders’ capital while generating attractive risk-adjusted returns over the long term, primarily through dividends derived from current income produced by the Company’s investment portfolio. The Company’s common stock is listed on the NYSE under the symbol “GPMT”. The Company operates its business in a manner that is intended to permit it to maintain its exclusion from registration under the Investment Company Act of 1940. The Company operates its business as one segment. The Company was incorporated in Maryland on April 7, 2017, and commenced operations as a publicly traded company on June 28, 2017.
The Company has elected to be treated as a REIT, as defined under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated one of its subsidiaries as a taxable REIT subsidiary, or TRS, as defined in the Code, to engage in such activities.
Note 2. Basis of Presentation and Significant Accounting Policies
Consolidation and Basis of Presentation
The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at March 31, 2024 and results of operations for all periods presented have been made. The results of operations for the three months ended March 31, 2024 should not be construed as indicative of the results to be expected for future periods or the full year.
The unaudited condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated.
All entities in which the Company holds investments that are considered variable interest entities, or VIEs, for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of an entity that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the entity. See Note 5 - Variable Interest Entities and Securitized Debt Obligations to the Company’s Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional details regarding consolidation of VIEs.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes to the underlying collateral of loans due to changes in market interest and capitalization rates, leasing, credit worthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic and capital markets conditions, the broader commercial real estate market, local geographic sub-markets or other factors) will occur in the near term.
5


GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements
The Company believes the estimates and assumptions underlying its condensed consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2024. However, the Company’s actual results could ultimately differ from its estimates and such differences may be material.
Significant Accounting Policies
Included in Note 2 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, is a summary of the Company’s significant accounting policies.
Recently Issued and/or Adopted Accounting Standards
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, or ASU 2023-07. The new guidance requires a public entity with a single reportable segment to provide new disclosures surrounding segment expenses and other segment items on an annual and interim basis, with the intention of improving reportable segment disclosure requirements as well as enhancing interim disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024, with the guidance to be adopted retrospectively to all prior periods presented. The Company is currently evaluating the impact ASU 2023-07 will have on the Company’s condensed consolidated financial statements.
Income Taxes (Topic 740): Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU 2023-09. The new guidance requires entities to disclose the amount of income taxes paid, net of refunds received, disaggregated by federal, state and foreign jurisdiction, with the intention of improving the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently evaluating the impact of this guidance but does not anticipate it will have a material impact on the Company’s condensed consolidated financial statements.
Note 3. Loans Held-for-Investment, Net of Allowance for Credit Losses
The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of March 31, 2024, and December 31, 2023:
March 31, 2024
(dollars in thousands)
Senior
Loans(1)
B-NotesTotal
Unpaid principal balance$2,696,262 $13,440 $2,709,702 
Unamortized (discount) premium
(11) (11)
Unamortized net deferred origination fees
(7,007) (7,007)
Allowance for credit losses(209,830)(315)(210,145)
Carrying value$2,479,414 $13,125 $2,492,539 
Unfunded commitments$134,387 $ $134,387 
Number of loans70 1 71 
Weighted average coupon(2)
7.0 %8.0 %7.0 %
Weighted average years to maturity(3)
0.52.80.6
6


GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements
December 31, 2023
(dollars in thousands)
Senior
Loans(1)
B-NotesTotal
Unpaid principal balance$2,713,672 $13,507 $2,727,179 
Unamortized (discount) premium
(19) (19)
Unamortized net deferred origination fees
(8,674) (8,674)
Allowance for credit losses(134,302)(359)(134,661)
Carrying value$2,570,677 $13,148 $2,583,825 
Unfunded commitments$160,698 $ $160,698 
Number of loans72 1 73 
Weighted average coupon(2)
8.2 %8.0 %8.2 %
Weighted average years to maturity(3)
0.73.10.7
______________________
(1)Loans primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans.
(2)Weighted average coupon inclusive of the impact of nonaccrual loans.
(3)Based on contractual maturity date. Certain loans are subject to contractual extension options with such conditions stipulated in the applicable loan documents. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment fee. The Company may also extend contractual maturities in connection with certain loan modifications.
(dollars in thousands)March 31, 2024December 31, 2023
Property TypeCarrying Value% of Loan PortfolioCarrying Value% of Loan Portfolio
Office$1,075,190 43.1 %$1,116,551 43.2 %
Multifamily791,663 31.8 %826,125 32.0 %
Hotel180,561 7.2 %180,891 7.0 %
Retail243,677 9.8 %257,945 10.0 %
Industrial113,926 4.6 %113,972 4.4 %
Other87,522 3.5 %88,341 3.4 %
Total$2,492,539 100.0 %$2,583,825 100.0 %
(dollars in thousands)March 31, 2024December 31, 2023
Geographic LocationCarrying Value% of Loan PortfolioCarrying Value% of Loan Portfolio
Northeast$632,706 25.4 %$709,838 27.5 %
Southwest490,734 19.7 %495,133 19.2 %
West323,887 13.0 %328,547 12.7 %
Midwest416,083 16.7 %421,881 16.3 %
Southeast629,129 25.2 %628,426 24.3 %
Total$2,492,539 100.0 %$2,583,825 100.0 %
At both March 31, 2024, and December 31, 2023, loans held-for-investment with a carrying value, net of allowance for credit losses, of $2.5 billion collateralized the Company’s secured financing agreements and CRE CLOs. See Note 5 - Variable Interest Entities and Securitized Debt Obligations, and Note 6 - Secured Financing Agreements, for further detail.

7


GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements
Loan Portfolio Activity
The following table summarizes activity related to loans held-for-investment, net of allowance for credit losses, for the three months ended March 31, 2024, and 2023:
Three Months Ended March 31,
(in thousands)20242023
Balance at beginning of period$2,583,825 $3,267,815 
Originations, additional fundings, upsizing of loans and capitalized deferred interest18,001 18,205 
Repayments(35,478)(59,450)
Net discount accretion (premium amortization)8 13 
Increase (decrease) from net deferred origination fees59 (619)
Amortization of net deferred origination fees1,608 2,531 
Provision for credit losses(75,484)(46,116)
Balance at end of period$2,492,539 $3,182,379 
During the three months ended March 31, 2024, the Company funded $17.5 million of prior commitments and upsizings. Additionally, the Company received $28.1 million of full loan repayments, and partial paydowns and amortization of $7.4 million, for total loan repayments, paydowns and amortization of $35.5 million.
Allowance for Credit Losses
The following table presents the changes for the three months ended March 31, 2024, and 2023 in the allowance for credit losses on loans held-for-investment:
Three Months Ended March 31,
(in thousands)20242023
Balance at beginning of period $134,661 $82,335 
Provision for (benefit from) credit losses75,484 46,116 
Balance at end of period$210,145 $128,451 
During the three months ended March 31, 2024, the Company recorded an increase of $75.5 million in its allowance for credit losses on loans held-for-investment. The increase was primarily due to: (i) $62.8 million related to four loans (one multifamily loan, one office loan and two mixed-use loans) that were assessed individually and considered collateral-dependent for the first time during the three months ended March 31, 2024; and (ii) $11.6 million due to the ongoing challenges in the commercial real estate market and expectations for further pressure on property values and other loan specific assumptions employed in estimating the general Current Expected Credit Loss, or CECL, reserve.
As of March 31, 2024, the Company recognized $2.5 million in other liabilities related to the allowance for credit losses on unfunded commitments, resulting in a total allowance for credit losses of $212.7 million, and recorded a provision for credit losses of $0.1 million for the three months ended March 31, 2024, partially offset by a decrease in unfunded commitments, resulting in a total provision for credit losses of $(75.6) million for the three months ended March 31, 2024.
As of March 31, 2024, the Company had ten collateral-dependent loans with an aggregate principal balance of $539.7 million, for which the Company recorded an allowance for credit losses of $155.3 million. These loans were individually assessed in accordance with the CECL framework and the allowance for credit losses was determined based on the estimates of the collateral properties’ fair value. The performance of the collateral properties securing these loans has been impacted by an uncertain commercial real estate market and macroeconomic outlook, which includes weakening in credit fundamentals, capital markets volatility and significantly reduced real estate transaction activity, especially for certain property types, such as office assets located in underperforming markets, and a meaningfully higher cost of capital driven by high interest rates. These macroeconomic and market factors have resulted in the slowing of business plan execution and reduced market liquidity, thereby impacting the borrowers’ ability to either sell or refinance their properties to repay the Company’s loans. See Note 9 - Fair Value, for further detail on the fair value measurement of these loans.
Additionally, as of March 31, 2024, the Company had two collateral-dependent loans with an aggregate principal balance of $102.2 million secured by office properties, for which the Company recorded no allowance for credit losses as the collateral’s
8


GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements
estimated fair value exceeded the loan balances. See Note 9 - Fair Value, for further detail on the fair value measurement of these loans.
Nonaccrual Loans
The following table presents the carrying value of loans held-for-investment on nonaccrual status for the three months ended March 31, 2024, and 2023:
Three Months Ended March 31,
(in thousands)20242023
Nonaccrual loan carrying value at beginning of period $343,683 $207,958 
Addition of nonaccrual loan carrying value178,527 23,270 
Reduction of nonaccrual loan carrying value(4,703)(23,994)
Nonaccrual loan carrying value at end of period$517,507 $207,234 
As of March 31, 2024, the Company had thirteen senior loans with a total unpaid principal balance of $691.3 million and carrying value of $517.5 million that were held on nonaccrual status, compared to five senior loans with a total unpaid principal balance of $274.8 million and carrying value of $207.2 million that were held on nonaccrual status as of March 31, 2023. All other loans were considered current with respect to principal and interest payments due as of March 31, 2024, and March 31, 2023.
Loan Modifications
The Company may amend or modify a loan depending on the loan’s specific facts and circumstances. These loan modifications typically include additional time for the borrower to refinance or sell the collateral property, adjustment or waiver of performance tests that are prerequisite to the extension of a loan’s maturity, and/or deferral of scheduled principal payments. In exchange for a modification, the Company may receive a partial repayment of principal, a short-term accrual of capitalized interest for a portion of interest due, a cash infusion to replenish interest or capital improvement reserves, termination of all or a portion of the remaining unfunded loan commitment, additional call protection, and/or an increase in the loan coupon or fees.
During the twelve months ended March 31, 2024, the Company entered into one loan modification that requires disclosure pursuant to ASC 326.
During the year ended December 31, 2023, the Company completed the modification of a first mortgage loan secured by a multifamily student housing property in Louisville, KY. As of March 31, 2024, and December 31, 2023, the loan had a principal balance of $49.5 million and $48.5 million and an amortized cost of $49.3 million and $48.3 million, respectively. The terms of the modification included, among other things, a 12-month extension of the fully-extended maturity date to November 9, 2024, the full deferral of debt service payments with interest capitalized and compounding, the deferral of the extension fee and the Company’s agreement to pay for approved expenses, in its sole discretion. Due to the uncertainty with respect to the collection of future interest accruals, the loan was placed on nonaccrual status.
Loan Risk Ratings
The Company’s primary credit quality indicators are its risk ratings. The Company evaluates the credit quality of each loan at least quarterly by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Risk factors considered in the assessment include, but are not limited to, property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, collateral performance, loan structure and exit plan, origination loan-to-value, or LTV, project sponsorship and other factors deemed necessary. The Company evaluates these factors with respect to each loan investment on a case-by-case basis taking into consideration such loan’s facts and circumstances at the time. The risk factors may be given different weightings and consideration depending on each loan’s situation. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined as follows:
1 –Lower Risk
2 –Average Risk
3 –Acceptable Risk
4 –Higher Risk: A loan that has exhibited material deterioration in cash flows and/or other credit factors, which, if negative trends continue, could be indicative of probability of principal loss.
5 –Loss Likely: A loan that has a significantly increased probability of principal loss.

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GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements
The following table presents the number of loans, unpaid principal balance and carrying value by risk rating for loans held-for-investment as of March 31, 2024, and December 31, 2023:
(dollars in thousands)March 31, 2024December 31, 2023
Risk RatingNumber of LoansUnpaid Principal BalanceCarrying ValueNumber of LoansUnpaid Principal BalanceCarrying Value
16 $147,883 $146,993 4 $71,597 $71,211 
228 1,019,966 1,001,412 36 1,277,491 1,262,126 
322 839,411 820,766 24 862,102 842,175 
45 162,784 139,811 4 192,104 174,313 
510 539,658 383,557 5 323,885 234,000 
Total71 $2,709,702 $2,492,539 73 $2,727,179 $2,583,825 
As of March 31, 2024, the weighted average risk rating of the Company’s loan portfolio was 3.0, versus 2.8 as of December 31, 2023, weighted by unpaid principal balance. The change in portfolio risk rating as of March 31, 2024, versus December 31, 2023, is mainly a result of select loan rating downgrades, partially offset by certain loan rating upgrades.
During the three months ended March 31, 2024, as part of its quarterly risk rating process, the Company downgraded five loans with an aggregate outstanding principal balance of $217.2 million to a risk rating of “5”. These five loans were downgraded due to the challenging leasing environment including local market fundamentals, uncertain and volatile capital market conditions resulting in limited liquidity for real estate transactions, further pressure on property values and other factors related to property specific operating performance.
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GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements
The following table presents the carrying value of loans held-for-investment as of March 31, 2024, and December 31, 2023, by risk rating and year of origination:
March 31, 2024
(dollars in thousands)Origination Year
Risk Rating20242023202220212020PriorTotal
1$ $ $30,183 $23,403 $21,722 $71,685 $146,993 
2  280,142 285,541 22,194 413,535 1,001,412 
3 49,233 106,754 138,190 22,495 504,094 820,766 
4  19,627   120,184 139,811 
5   43,803  339,754 383,557 
Total$ $49,233 $436,706 $490,937 $66,411 $1,449,252 $2,492,539 
Gross write-offs$ $ $ $ $ $ $ 
December 31, 2023
(dollars in thousands)Origination Year
Risk Rating20232022202120202019PriorTotal
1$ $ $ $21,744 $49,467 $ $71,211 
2 328,576 349,210 21,966 474,669 87,705 1,262,126 
347,760 105,934 146,538 22,599 189,259 330,085 842,175 
4    25,807 148,506 174,313 
5    121,940 112,060 234,000 
Total$47,760 $434,510 $495,748 $66,309 $861,142 $678,356 $2,583,825 
Gross write-offs$ $ $ $ $(33,324)$(20,950)$(54,274)
Note 4. Real Estate Owned, Net
On May 16, 2023, the Company acquired legal title to an office property located in Phoenix, AZ pursuant to a negotiated deed-in-lieu of foreclosure. The property previously served as collateral for a first mortgage loan held for investment, which had been originated in May 2017. As of March 31, 2023, the loan had a risk rating of “5”, was on nonaccrual status and was accounted for under cost-recovery. At the time of acquisition, the loan had an amortized cost and carrying value of $28.2 million and $24.0 million, respectively. The Company recognized the property as real estate owned with a carrying value of $24.0 million based on the estimated fair value of the property. This acquisition was accounted for as an asset acquisition under ASC 805.
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GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements
The Company allocated the fair value of the assumed assets and liabilities on the acquisition date as follows:
(in thousands)Fair Value Allocation
Land$9,123 
Building5,638 
Tenant improvements3,596 
In-place lease intangibles(1)
5,280 
Above-market lease intangibles(1)
401 
Below-market lease intangibles(2)
(38)
Total$24,000 
______________________
(1)Included in “Other assets” on the condensed consolidated balance sheets.
(2)Included in “Other liabilities” on the condensed consolidated balance sheets.
The Company assumed certain legacy lease arrangements upon the acquisition of the REO. These arrangements entitle the Company to receive contractual rent payments during the lease periods and tenant reimbursements for certain property operating expenses, including common area costs, insurance, utilities and real estate taxes.
The following table presents the identified intangible assets and liabilities related to REO as of March 31, 2024, and 2023:
(in thousands)March 31,
2024
March 31,
2023
Intangible Assets
Gross amount$5,681 $ 
Accumulated amortization(2,858) 
Total, net$2,823 $ 
Intangible Liabilities
Gross amount$(38)$ 
Accumulated amortization10  
Total, net$(28)$ 
The following table presents the REO operations and related income (loss) included in the Company’s condensed consolidated statements of comprehensive income for the years ended March 31, 2024, and 2023:
(in thousands)Three Months Ended March 31,
Real Estate Owned, Net20242023
Rental income$1,063 $ 
Other operating income79  
Revenue from real estate owned operations1,142  
Expenses from real estate owned operations (1)
(2,045) 
Total$(903)$ 
______________________
(1)Includes $(1.3) million of depreciation and amortization for the three months ended March 31, 2024.
12


GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements
The following table presents the amortization of lease intangibles included in the Company’s condensed consolidated statements of income for the three months ended March 31, 2024, and 2023:
(in thousands)Three Months Ended March 31,
Income Statement Location20242023
Asset
In-place lease intangiblesExpenses from real estate owned operations$728 $ 
Above-market lease intangiblesRevenue from real estate owned operations(48) 
Liability
Below-market lease intangiblesRevenue from real estate owned operations2  
The following table presents the amortization of lease intangibles for each of the succeeding fiscal years:
(in thousands)In-place Lease Intangible AssetsAbove-market Lease intangible AssetsBelow-market Lease Intangible Liabilities
2024$1,250 $75 $(5)
2025589 24 (6)
2026498 20 (6)
202758 17 (6)
202853 17 (5)
Thereafter147 75  
Future Minimum Lease Payments
The following table presents the future minimum lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses as of March 31, 2024:
(in thousands)Contractual Lease Payments
2024