Granite Point Mortgage Trust Inc.

Listed Company

GPMTCIK 0001703644NYSEAcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-41.15M

Total Assets

$1.76B

Equity

$552.69M

Shares Out

47.56M

Op. Cash Flow

$2.67M

Business

Granite Point Mortgage Trust Inc. is an internally-managed real estate finance company that originates, invests in and manages commercial real estate debt and debt-like investments, with a primary focus on senior floating-rate commercial mortgage loans. It offers intermediate-term bridge and transitional financing, mezzanine loans, subordinated mortgage interests, retained securitization interests and preferred equity investments, and manages loan portfolios and related asset-backed securities. The company operates through various subsidiaries in a single reporting segment that originates, acquires and finances target investments. It targets institutional-quality properties across the United States and funds its activities through public and private equity and debt offerings, securitizations, asset-backed financings and CRE CLOs.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans held-for-investment	129	180	255	209	198
Cash and cash equivalents	3	6	9	2	346,000
Total interest income	132	186	264	211	198
Repurchase facilities	40	72	87	49	26
Secured credit facility	10	11	12	383,000	—
Securitized debt obligations	48	67	73	52	30
Mortgage loan payable	340,000	0	0	—	—
Convertible senior notes	0	0	7	18	18
Asset-specific financings	0	0	3	2	2
Total interest expense	98	150	182	126	106
Net interest income	34	36	82	85	—
Revenue from real estate owned operations	14	9	3	0	0
Provision for credit losses	−28	−201	−105	−69	20
Gain (loss) on sale of real estate owned	301,000	0	0	—	—
Gain (loss) on extinguishment of debt	0	−786,000	238,000	−19	−9
Fee income	0	0	134,000	954,000	0
Total other (loss) income	−14	−193	−102	−89	11
Compensation and benefits	20	19	22	20	21
Servicing expenses	4	5	5	6	5
Impairment on real estate owned	7	0	0	—	—
Expenses from real estate owned operations	21	13	6	0	0
Other operating expenses	10	12	10	11	9
Total expenses	61	50	43	37	35
(Loss) income before income taxes	−41	−207	−63	−41	69
(Benefit from) provision for income taxes	149,000	−10,000	95,000	17,000	192,000
Net income (loss)	−41	−207	−63	−41	68
Dividends on preferred stock	14	14	14	15	793,000
Net (loss) income attributable to common stockholders - basic	−56	−221	−78	−55	68
Net (loss) income attributable to common stockholders - diluted	−56	−221	−78	−55	68
Basic (loss) earnings per weighted average common share (in usd per share)	−1.16	−4.39	−1.5	−1.04	1.24
Diluted (loss) earnings per weighted average common share (in usd per share)	−1.16	−4.39	−1.5	−1.04	1.23
Basic (in shares)	48	50	52	53	55
Diluted (in shares)	48	50	52	53	55
Comprehensive (loss) income	−56	−221	−78	−55	68

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans held-for-investment	1,684	2,097	2,718	3,350	3,782
Allowance for credit losses	−146	−200	−135	−82	−41
Loans held-for-investment, net	1,538	1,898	2,584	3,268	3,741
Cash and cash equivalents	66	88	188	133	192
Restricted cash	14	27	11	—	—
Real estate owned, net	92	43	17	0	—
Accrued interest receivable	8	9	12	13	11
Other assets	38	52	35	33	32
Total Assets	1,755	2,115	2,847	3,454	3,989
Repurchase facilities	439	598	875	1,016	677
Securitized debt obligations	644	788	992	1,139	1,678
Secured credit facility	72	87	84	100	0
Mortgage loan payable	18	0	—	—	—
Dividends payable	6	6	14	14	14
Other liabilities	24	17	23	25	21
Total Liabilities	1,202	1,496	1,988	2,469	2,974
Commitments and Contingencies (see Note 9)	—	—	—	—	—
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	82,000	82,000	82,000	82,000	46,000
Common Stock, par value $0.01 per share; 450,000,000 shares authorized, and 47,563,643 shares and 48,801,690 issued and outstanding, respectively	476,000	488,000	506,000	524,000	538,000
Additional paid-in capital	1,195	1,196	1,198	1,202	1,125
Cumulative earnings	−181	−140	67	131	172
Cumulative distributions to stockholders	−462	−438	−407	−350	−284
Total Granite Point Mortgage Trust Inc. Stockholders Equity	553	619	859	984	1,013
Non-controlling interests	125,000	125,000	125,000	125,000	125,000
Total Equity	553	619	859	984	1,013
Total Liabilities and Stockholders Equity	1,755	2,115	2,847	3,454	3,989

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Accretion of discounts and net deferred fees on loans held-for-investment and deferred interest capitalized to loans held-for-investment	−6	−5	−8	−12	−23
Amortization of deferred debt issuance costs	4	5	8	12	17
(Gain) loss on extinguishment of debt	0	423,000	−274,000	11	0
Amortization of equity-based compensation	7	7	7	7	8
Proceeds received from deferred interest capitalized on loans held-for-investment	0	3	359,000	8	2
Depreciation and amortization on real estate owned	8	7	3	0	0
Straight-line rental income	−1	0	0	—	—
(Increase) decrease in accrued interest receivable	−318,000	4	1	−3	2
(Increase) decrease in other assets	−827,000	−2	−771,000	6	−171,000
Increase (decrease) in other liabilities	−980,000	−4	−202,000	−957,000	3
Net cash provided by (used in) operating	3	9	52	59	60
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees	−48	−101	−118	−557	−815
Proceeds from loan sales	0	16	15	64	0
Proceeds from repayment of loans held-for-investment	336	535	665	903	958
Increase in other assets, due from servicer on repayments of loans held-for-investment	0	−11	0	−689,000	−4
Capital expenditures related to real estate owned	−4	−3	0	0	—
Payment For Acquisition Costs, Real Estate, Held-for-Investment	−2	0	0	—	—
Proceeds from sale of real estate owned	17	0	0	—	—
Purchases of other investments	0	−730,000	0	0	—
Net cash provided by investing activities	299	435	561	409	140
Proceeds from repurchase facilities	39	146	559	829	600
Principal payments on repurchase facilities	−198	−423	−700	−491	−1,631
Principal payments on securitized debt obligations	−146	−204	−148	−543	−434
Proceeds from asset-specific financings	0	0	910,000	1	3
Repayment of asset-specific financings	0	0	−46	0	−83
Proceeds from secured credit facility	0	3	0	100	0
Repayment of secured credit facility	−15	0	−16	0	0
Repayment of convertible senior notes	0	0	−132	−144	0
Proceeds from mortgage loan	18	0	0	—	—
Payment of debt issuance costs	−3	−3	−4	−10	−16
Tax withholding on restricted stock and RSUs	−1	−1	−966,000	−2	−1
Repurchase of common stock	−6	−8	−10	−16	−18
Redemption of cumulative redeemable preferred stock	0	0	−1	0	0
Dividends paid on preferred stock	−14	−14	−14	−12	−100,000
Dividends paid on common stock	−10	−24	−43	−54	−67
Net cash used in financing activities	−336	−529	−554	−532	−325
Net (decrease) increase in cash, cash equivalents and restricted cash	−34	−85	59	−64	−125
Cash paid for interest	95	147	183	123	106
Cash paid (received) for federal taxes	115,000	−477,000	875,000	—	—
Cash paid for state taxes	90,000	0	89,000	—	—
Transfers of loans held-for-investment to loans held-for-sale	0	16	15	22	0
Transfers from loan held-for investment and receivables to real estate owned	71	36	24	—	—
Acquisition of working capital related to real estate owned	63,000	0	0	—	—
Right-of-use lease asset and operating lease liability assumed	7	0	0	—	—
Transfer of other receivables to loans held-for-investment	980,000	0	0	—	—
Transfer of other investments to loans held-for-investment	730,000	0	0	—	—
Principal repayments of loans held-for-investment held by servicer	86,000	0	0	—	—
Deferred financing costs, not yet paid	0	0	1	2	0

Filings

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