Granite Point Mortgage Trust Inc.GPMT
Granite Point Mortgage Trust Inc. Debt Disclosure
Secured Financing Agreements
To finance its loans held-for-investment, loans held-for-sale and REO, the Company has a variety of secured financing arrangements with several counterparties, including repurchase facilities, a secured credit facility and a mortgage loan payable.
The Company’s repurchase facilities are typically collateralized by loans held-for-investment, loans held-for-sale, REO assets and certain cash balances. Although the transactions under the Company’s existing repurchase facilities represent committed borrowings until maturity of each facility, the facility lenders retain the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets due to collateral-specific credit events, or, with respect to a limited number of the Company’s repurchase facilities, capital market events, would require the Company to fund margin calls. The Company does not typically retain similar rights for the Company to make margin calls on its underlying borrowers as a result of a determination by the Company and/or its financing counterparty that there has been a decrease in the market value of the underlying pledged collateral.
The Company’s secured credit facility is typically collateralized by loans held-for-investment, loans held-for-sale, REO assets and certain cash balances and is non-mark-to-market.
The Company’s mortgage loan payable is typically collateralized by REO assets and certain cash balances and is non-mark-to-market.
The following tables summarize details of the Company’s borrowings outstanding on its secured financing arrangements as of December 31, 2025, and December 31, 2024:
| December 31, 2025 | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Maturity Date(1) | Amount Outstanding | Unused Capacity(2) | Total Capacity | Carrying Value of Collateral | Weighted Average Borrowing Rate | |||||||||||||||||||||||||||||
| Repurchase facilities: | |||||||||||||||||||||||||||||||||||
Morgan Stanley Bank(3) | June 28, 2026 | $ | 52,444 | $ | 197,556 | $ | 250,000 | $ | 119,715 | 6.5 | % | ||||||||||||||||||||||||
JPMorgan Chase Bank | July 28, 2026 | 314,242 | 147,574 | 461,816 | 446,849 | 7.2 | % | ||||||||||||||||||||||||||||
| Citibank | April 27, 2026 | 72,487 | 177,513 | 250,000 | 102,471 | 5.4 | % | ||||||||||||||||||||||||||||
| Total | $ | 439,173 | $ | 522,643 | $ | 961,816 | $ | 669,035 | |||||||||||||||||||||||||||
| Secured credit facility | December 21, 2026 | $ | 71,774 | $ | 28,226 | $ | 100,000 | $ | 98,772 | 9.5 | % | ||||||||||||||||||||||||
Mortgage loan payable(4) | October 3, 2030 | $ | 18,000 | $ | — | $ | 18,000 | $ | 35,060 | 6.8 | % | ||||||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Maturity Date(1) | Amount Outstanding | Unused Capacity(2) | Total Capacity | Carrying Value of Collateral | Weighted Average Borrowing Rate | |||||||||||||||||||||||||||||
| Repurchase facilities: | |||||||||||||||||||||||||||||||||||
| Morgan Stanley Bank | June 28, 2025 | $ | 76,195 | $ | 173,805 | $ | 250,000 | $ | 156,037 | 7.1 | % | ||||||||||||||||||||||||
| JPMorgan Chase Bank | July 28, 2025 | 449,192 | 37,322 | 486,514 | 561,627 | 8.2 | % | ||||||||||||||||||||||||||||
| Citibank | May 25, 2025 | 72,487 | 427,513 | 500,000 | 104,416 | 6.1 | % | ||||||||||||||||||||||||||||
| Total | $ | 597,874 | $ | 638,640 | $ | 1,236,514 | $ | 822,080 | |||||||||||||||||||||||||||
| Secured credit facility | December 21, 2025 | $ | 86,774 | $ | 13,226 | $ | 100,000 | $ | 98,015 | 10.9 | % | ||||||||||||||||||||||||
______________________
(1)The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms.
(2)Unused capacity is not committed as of December 31, 2025, and December 31, 2024.
(3)Collateral value includes real estate owned with a carrying value of $62.9 million.
(4)Mortgage loan payable balance net of unamortized debt issuance costs is $17.5 million as of December 31, 2025.
The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at December 31, 2025, and December 31, 2024:
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Amount Outstanding | Net Counterparty Exposure(1) | Percent of Equity | Weighted Average Years to Maturity | Amount Outstanding | Net Counterparty Exposure(1) | Percent of Equity | Weighted Average Years to Maturity | |||||||||||||||||||||||||||||||||||||||
| Morgan Stanley Bank | $ | 52,444 | $ | 69,097 | 12 | % | 0.49 | $ | 76,195 | $ | 93,077 | 15 | % | 0.49 | |||||||||||||||||||||||||||||||||
| JPMorgan Chase Bank | 314,242 | 149,946 | 27 | % | 0.57 | 449,192 | 149,643 | 24 | % | 0.57 | |||||||||||||||||||||||||||||||||||||
| Citibank | 72,487 | 32,657 | 6 | % | 0.32 | 72,487 | 35,650 | 6 | % | 0.40 | |||||||||||||||||||||||||||||||||||||
| Total | $ | 439,173 | $ | 251,700 | $ | 597,874 | $ | 278,370 | |||||||||||||||||||||||||||||||||||||||
______________________
(1)Represents the excess of the carrying amount or market value of the loans held-for-investment pledged as collateral for repurchase facilities, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.
The Company does not anticipate any defaults by its financing counterparties, although there can be no assurance that one or more defaults will not occur.
Mortgage Loan Payable
In October 2025, the Company refinanced the REO property located in Maynard, MA, with an interest-only first mortgage loan payable of $18.0 million and initial deferred debt issuance costs of $(0.5) million, resulting in an initial carrying value of $17.5 million. Prior to being refinanced, the REO property was financed with a repurchase facility. The mortgage loan payable matures on October 3, 2030.
Financial Covenants
The Company is subject to a variety of financial covenants under its secured financing arrangements. The following represent the most restrictive financial covenants to which the Company is subject across its secured financing arrangements:
•Unrestricted cash cannot be less than the greater of $30.0 million and 5.0% of recourse indebtedness. As of December 31, 2025, the Company’s unrestricted cash was $66.0 million, while 5.0% of the Company’s recourse indebtedness was $7.7 million.
•Tangible net worth must be greater than the sum of (i) $600.0 million and (ii) 75.0% of net cash proceeds of the Company’s equity issuances after September 30, 2024. As the Company has not had any equity issuances after September 30, 2024, tangible net worth must be greater than $600.0 million. As of December 31, 2025, the Company’s tangible net worth was $701.1 million.
•Target asset leverage ratio cannot exceed 77.5% and total leverage ratio cannot exceed 80.0%. As of December 31, 2025, the Company’s target asset leverage ratio was 68.6% and the Company’s total leverage ratio was 63.1%.
•Minimum interest coverage of no less than 1.20:1.0 until and including December 31, 2025. As of December 31, 2025, the Company’s interest coverage ratio was 1.35:1.0.
As of December 31, 2025, and December 31, 2024, the Company was in compliance with its financial covenants.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Mar 1, 2024 | |
| 2022 | Mar 2, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Mar 5, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 27, 2019 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.