US Market News
4月前
Granite Point Mortgage Trust Inc. Reports Q4 and Full Year 2025 Financial Results and Post Quarter-End UpdateFebruary 11, 2026 5:05 PM
Business Wire
Granite Point Mortgage Trust Inc. (NYSE: GPMT) ("GPMT," "Granite Point" or the "Company") today announced its financial results for the quarter and full year ended December 31, 2025, and provided an update on its activities subsequent to quarter-end. An earnings supplemental containing fourth quarter and full year 2025 financial results can be viewed at www.gpmtreit.com.
"2025 was an impactful year for Granite Point with five loan resolutions, seven full loan repayments and one REO asset sale," said Jack Taylor, President Chief Executive Officer of GPMT. "We've continued this positive momentum in 2026, as we've received two full loan repayments of $174 million and meaningfully decreased our repurchase facilities weighted average cost of financing by about 60bps and our total leverage ratio from 2.0x to 1.7x. These actions and other 2026 key objectives will help re-position our portfolio and allow us to reallocate capital in new originations later in the year."
Fourth Quarter 2025 Activity
Recognized GAAP net (loss) attributable to common stockholders of $(27.4) million, or $(0.58) per basic weighted average common share, inclusive of a provision for credit losses of $(14.4) million, or $(0.30) per basic weighted average common share.
Distributable Earnings (Loss)(1) of $(2.7) million, or $(0.06) per basic weighted average common share.
Distributable Earnings (Loss) Before Realized Gains and Losses(1) of $(3.0) million, or $(0.06) per basic weighted average common share.
Book value per common share was $7.29, inclusive of $(3.12) per common share of total CECL reserve.
Declared common stock dividend of $0.05 per common share and a cash dividend of $0.4375 per share of its Series A preferred stock.
Net loan portfolio activity of $(30.2) million in unpaid principal balance.
$(45.0) million in loan repayments, including a full repayment of a $(32.7) million loan secured by a multifamily property located North Carolina.
$14.7 million in fundings(2).
Carried at quarter-end a 97% floating rate loan portfolio with $1.8 billion in total loan commitments comprised of over 99% senior loans, with a portfolio weighted average stabilized LTV at origination(3) of 65.0% and a realized loan portfolio yield(4) of 6.7%.
Total CECL reserve of $148.4 million, or 8.4% of total loan portfolio commitments.
Weighted average loan portfolio risk-rating was 2.9.
Held two REO(5) properties with an aggregate carrying value of $98.0 million(6).
Carrying value inclusive of an impairment loss of $(6.8) million.
Further reduced the secured credit facility by $7.5 million.
Refinanced Maynard, MA, REO with a first mortgage loan payable of $18.0 million and a financing spread of S+3.05%.
Ended the quarter with $66.0 million in unrestricted cash and Total Leverage Ratio(7) of 2.0x.
Full Year 2025 Activity
Recognized GAAP net (loss) attributable to common stockholders of $(55.6) million, or $(1.16) per basic common share.
Distributable Earnings (Loss)(1) of $(94.6) million, or $(1.98) per basic weighted average common share.
Distributable Earnings (Loss) Before Realized Gains and Losses(1) of $(7.2) million, or $(0.15) per basic weighted average common share.
Recorded a decrease to the allowance for credit losses of $(52.6) million, for a total allowance of credit losses of $148.4 million, or approximately 8.4% of total loan commitments of $1.8 billion.
Realized $(468.7) million of total UPB in loan repayments and resolutions.
Funded $50.7 million of prior loan commitments, upsizes and other investments in loans held-for-investment.
Repurchased 2,128,784 shares of common stock at a weighted average purchase price of $2.63 for an aggregate purchase amount of $5.7 million.
Post Quarter-End Update
So far in Q1’26, funded about $5.9 million on existing loan commitments and received two full loan repayments of $(174.3) million.
Reduced repurchase facilities weighed average cost of funds from S+3.08% at December 31, 2025, to approx. S+2.49%. Decreasing our Total Leverage Ratio(7) from 2.0x at December 31, 2025, to approx. 1.7x.
As of February 9, 2026, carried approximately $55.1 million in unrestricted cash.
(1)
Please see page 6 for Distributable Earnings (Loss) and Distributable Earnings (Loss) Before Realized Gains and Losses definitions and a reconciliation of GAAP to non-GAAP financial information.
(2)
Includes $7.1 million fundings on existing loans, aggregate fundings and transfers in from other assets of $7.2 million of other investments, and capitalized interest of $0.4 million.
(3)
The fully funded loan amount (plus any financing that is pari passu with or senior to such loan), including all contractually provided for future fundings, divided by the as stabilized value (as determined in conformance with USPAP) set forth in the original appraisal. As stabilized value may be based on certain assumptions, such as future construction completion, projected re-tenanting, payment of tenant improvement or leasing commissions allowances or free or abated rent periods, or increased tenant occupancies.
(4)
Provided for illustrative purposes only. Calculations of realized loan portfolio yield are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Portfolio yield includes nonaccrual loans.
(5)
REO represents "Real Estate Owned".
(6)
Includes $8.9 million in other assets and liabilities related to leases.
(7)
Borrowings outstanding on repurchase facilities, secured credit facility, mortgage loan payable and CLO’s, less cash, divided by total stockholders’ equity.
Conference Call
Granite Point Mortgage Trust Inc. will host a conference call on February 12, 2026, at 11:00 a.m. ET to discuss fourth quarter and full year 2025 financial results and related information. To participate in the teleconference, please call toll-free (877) 407-8031, (or (201) 689-8031 for international callers), approximately 10 minutes prior to the above start time, and ask to be joined into the Granite Point Mortgage Trust Inc. call. You may also listen to the teleconference live via the Internet at www.gpmtreit.com, in the Investor section under the News & Events link. For those unable to attend, a telephone playback will be available beginning February 12, 2026, at 12:00 p.m. ET through February 26, 2026, at 12:00 a.m. ET. The playback can be accessed by calling (877) 660-6853 (or (201) 612-7415 for international callers) and providing the Access Code 13758005. The call will also be archived on the Company’s website in the Investor section under the News & Events link.
About Granite Point Mortgage Trust Inc.
Granite Point Mortgage Trust Inc. is a Maryland corporation focused on directly originating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point is headquartered in New York, NY. Additional information is available at www.gpmtreit.com.
Forward-Looking Statements
This press release contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, projections and illustrations 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. The illustrative examples herein are forward-looking statements. 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, 2024, under the caption “Risk Factors,” and any subsequent Form 10-Q or other filings made with the SEC. 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.
This press release is for informational purposes only and shall not constitute, or form a part of, an offer to sell or buy or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), this press release and the accompanying earnings presentation present non-GAAP financial measures, such as Distributable Earnings (Loss), Distributable Earnings (Loss) Before Realized Gains and Losses, Distributable Earnings (Loss) per basic common share and Distributable Earnings (Loss) Before Realized Gains and Losses per basic common share, that exclude certain items. Granite Point management believes that these non-GAAP measures enable it to perform meaningful comparisons of past, present and future results of the Company’s core business operations, and uses these measures to gain a comparative understanding of the Company’s operating performance and business trends. The non-GAAP financial measures presented by the Company represent supplemental information to assist investors in analyzing the results of its operations. However, because these measures are not calculated in accordance with GAAP, they should not be considered a substitute for, or superior to, the financial measures calculated in accordance with GAAP. The Company’s GAAP financial results and the reconciliations from these results should be carefully evaluated. See the GAAP to non-GAAP reconciliation table on page 6 of this release.
Additional Information
Stockholders of Granite Point and other interested persons may find additional information regarding the Company at the Securities and Exchange Commission’s Internet site at www.sec.gov or by directing requests to: Granite Point Mortgage Trust Inc., 1114 Avenue of the Americas, Suite 3020, New York, NY 10036, telephone (212) 364-5500.
GRANITE POINT MORTGAGE TRUST INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
December 31,
2025
December 31,
2024
ASSETS
(unaudited)
Loans held-for-investment
$
1,683,644
$
2,097,375
Allowance for credit losses
(145,912
)
(199,727
)
Loans held-for-investment, net
1,537,732
1,897,648
Cash and cash equivalents
65,958
87,788
Restricted cash
14,108
26,682
Real estate owned, net
92,039
42,815
Accrued interest receivable
7,594
8,668
Other assets
37,793
51,514
Total Assets
$
1,755,224
$
2,115,115
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Repurchase facilities
$
439,173
$
597,874
Securitized debt obligations
643,528
788,313
Secured credit facility
71,774
86,774
Mortgage loan payable
17,546
—
Dividends payable
6,164
6,238
Other liabilities
24,227
16,699
Total Liabilities
1,202,412
1,495,898
Stockholders’ Equity
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
82
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
488
Additional paid-in capital
1,195,279
1,195,823
Cumulative earnings
(180,708
)
(139,556
)
Cumulative distributions to stockholders
(462,442
)
(437,745
)
Total Granite Point Mortgage Trust Inc. Stockholders’ Equity
552,687
619,092
Non-controlling interests
125
125
Total Equity
552,812
619,217
Total Liabilities and Stockholders’ Equity
$
1,755,224
$
2,115,115
GRANITE POINT MORTGAGE TRUST INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(in thousands, except share data)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Interest Income:
(unaudited)
(unaudited)
Loans held-for-investment
$
28,430
$
37,723
$
128,787
$
179,601
Cash and cash equivalents
633
997
2,943
5,950
Total interest income
29,063
38,720
131,730
185,551
Interest expense:
Repurchase facilities
8,472
14,417
39,799
71,841
Securitized debt obligations
10,728
14,065
48,190
67,004
Secured credit facility
2,056
2,667
9,553
10,823
Mortgage loan payable
340
—
340
—
Total interest expense
21,596
31,149
97,882
149,668
Net interest income
7,467
7,571
33,848
35,883
Other income (loss):
Revenue from real estate owned operations
3,087
3,282
13,554
9,327
(Provision for) Benefit from credit losses
(14,428
)
(37,193
)
(27,539
)
(201,412
)
Gain (loss) on real estate owned
—
—
301
—
Gain (loss) on extinguishment of debt
—
—
—
(786
)
Total other (loss)
(11,341
)
(33,911
)
(13,684
)
(192,871
)
Expenses:
Compensation and benefits
4,304
3,378
19,860
19,461
Servicing expenses
894
1,380
3,604
5,351
Impairment loss on real estate owned
6,753
—
6,753
—
Expenses from real estate owned operations
5,551
4,364
21,058
13,186
Other operating expenses
2,415
3,380
9,892
12,075
Total expenses
19,917
12,502
61,167
50,073
(Loss) income before income taxes
(23,791
)
(38,842
)
(41,003
)
(207,061
)
(Benefit from) provision for income taxes
18
(6
)
149
(10
)
Net (loss) income
(23,809
)
(38,836
)
(41,152
)
(207,051
)
Dividends on preferred stock
3,600
3,601
14,401
14,401
Net (loss) income attributable to common stockholders
$
(27,409
)
$
(42,437
)
$
(55,553
)
$
(221,452
)
Basic (loss) earnings per weighted average common share
$
(0.58
)
$
(0.86
)
$
(1.16
)
$
(4.39
)
Diluted (loss) earnings per weighted average common share
$
(0.58
)
$
(0.86
)
$
(1.16
)
$
(4.39
)
Dividends declared per common share
$
0.05
$
0.05
$
0.20
$
0.30
Weighted average number of shares of common stock outstanding:
Basic
47,406,719
49,492,595
47,870,235
50,423,243
Diluted
47,406,719
49,492,595
47,870,235
50,423,243
Net (loss) income attributable to common stockholders
$
(27,409
)
$
(42,437
)
$
(55,553
)
$
(221,452
)
Comprehensive (loss) income
$
(27,409
)
$
(42,437
)
$
(55,553
)
$
(221,452
)
GRANITE POINT MORTGAGE TRUST INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(dollars in thousands, except share data) (unaudited)
Three Months
Ended
Twelve Months
Ended
December 31,
December 31,
2025
2025
Reconciliation of GAAP net (loss) income to Distributable Earnings (Loss)(1):
GAAP net (loss) income attributable to common stockholders
$
(27,409
)
$
(55,553
)
Adjustments:
Provision for (Benefit from) Credit Losses
14,428
27,539
Depreciation and amortization expense on real estate owned
2,142
7,792
Impairment loss on real estate owned
6,753
6,753
Non-cash equity compensation
1,048
6,582
(Gain) loss on sale of real estate owned
—
(301
)
Distributable Earnings (Loss) Before Realized Gains and Losses
$
(3,038
)
$
(7,188
)
Write-offs
—
(80,498
)
Gain/(Loss) on Real Estate Owned
—
301
Accumulated depreciation and amortization on REO sale
—
(7,569
)
Recoveries of previous write-offs
358
358
Distributable Earnings (Loss)
$
(2,680
)
$
(94,596
)
Distributable Earnings (Loss) Before Realized Gains and Losses per basic weighted average common share
$
(0.06
)
$
(0.15
)
Distributable Earnings (Loss) Before Realized Gains and Losses per diluted weighted average common share
$
(0.06
)
$
(0.15
)
Distributable Earnings (Loss) per basic weighted average common share
$
(0.06
)
$
(1.98
)
Distributable Earnings (Loss) per diluted weighted average common share
$
(0.06
)
$
(1.98
)
Basic weighted average common shares
47,406,719
47,870,235
Diluted weighted average common shares
47,406,719
47,870,235
(1) Beginning with our Annual Report on Form 10-K for the year ended December 31, 2024, and for all subsequent reporting periods ending on or after December 31, 2024, we have elected to present Distributable Earnings (Loss), a non-GAAP measure, as a supplemental method of evaluating our operating performance. In order to maintain our status as a REIT, we are required to distribute at least 90% of our taxable income to stockholders, subject to certain distribution requirements. Distributable Earnings (Loss) is intended to over time serve as a general, though imperfect, proxy for our taxable income. As such, Distributable Earnings (Loss) is considered a key indicator of our ability to generate sufficient income to pay dividends on our common stock, which is the primary focus of income-oriented investors who comprise a meaningful segment of our stockholder base. We believe providing Distributable Earnings (Loss) on a supplemental basis to our net income (loss) and cash flow from operating activities, as determined in accordance with GAAP, is helpful to stockholders in assessing the overall operating performance of our business.
For reporting purposes, we define Distributable Earnings (Loss) as net income (loss) attributable to our stockholders, computed in accordance with GAAP, excluding: (i) non-cash equity compensation expenses; (ii) depreciation and amortization; (iii) any unrealized gains (losses) or other similar non-cash items that are included in net income (loss) for the applicable reporting period (regardless of whether such items are included in other comprehensive income or in net income (loss) for such period); and (iv) certain non-cash items and one-time expenses. Distributable Earnings (Loss) may also be adjusted from time to time for reporting purposes to exclude one-time events pursuant to changes in GAAP and certain other material non-cash income or expense items approved by a majority of our independent directors. The exclusion of depreciation and amortization from the calculation of Distributable Earnings (Loss) only applies to debt investments related to real estate to the extent we foreclose upon the property or properties underlying such debt investments.
While Distributable Earnings (Loss) excludes the impact of the unrealized non-cash current provision for credit losses, we expect to only recognize such potential credit losses in Distributable Earnings (Loss) if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The realized loss amount reflected in Distributable Earnings (Loss) will equal the difference between the cash received, or expected to be received, and the carrying value of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan. During the quarter and year ended December 31, 2025, we recorded a provision for credit losses of $(14.4) million and $(27.5) million, respectively, which has been excluded from Distributable Earnings (Loss), consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable Earnings (Loss) referenced above. During the quarter and years ended December 31, 2025, we recorded $(2.1) million and $(7.8) million, respectively, in depreciation and amortization on REO and related intangibles, which has been excluded from Distributable Earnings (Loss) consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable Earnings (Loss) referenced above. During the quarter and year ended December 31, 2025, we recorded an impairment loss on real estate owned of $(6.8) million, which has been excluded from Distributable Earnings (Loss) consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributable Earnings (Loss) referenced above.
Distributable Earnings (Loss) does not represent Net (loss) income attributable to common stockholders or cash flow from operating activities and should not be considered as an alternative to GAAP Net (loss) income attributable to common stockholders, or an indication of our GAAP cash flows from operations, a measure of our liquidity, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings (Loss) may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and, accordingly, our reported Distributable Earnings (Loss) may not be comparable to the Distributable Earnings (loss) reported by other companies.
We believe it is useful to our stockholders to present Distributable Earnings (Loss) Before Realized Gains and Losses, a non-GAAP measure, to reflect our run-rate operating results as (i) our operating results are mainly comprised of net interest income earned on our loan investments net of our operating expenses, which comprise our ongoing operations, (ii) it helps our stockholders in assessing the overall run-rate operating performance of our business, and (iii) it has been a useful reference related to our common dividend as it is one of the factors we and our Board of Directors consider when declaring the dividend. We believe that our stockholders use Distributable Earnings (Loss) and Distributable Earnings (Loss) Before Realized Gains and Losses, or a comparable supplemental performance measure, to evaluate and compare the performance of our company and our peers.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211015821/en/
Investors: Chris Petta Investor Relations, Granite Point Mortgage Trust Inc., (212) 364-5500, investors@gpmtreit.com
Original: Granite Point Mortgage Trust Inc. Reports Q4 and Full Year 2025 Financial Results and Post Quarter-End Update
Hot Features
プレミアム
登録してリアルタイムのアラート、カスタムポートフォリオ、市場の動きを入手してください。
ClayTrader
6年前
TheFinalCD
6年前
crudeoil24
6年前
ncj167
6年前
メールアドレスで登録
