A venture capitalist for commercial real estate projects.

Bank of America's commercial real estate loan department, specializing in short-term financing for property upgrades and repositioning.

• Senior Floating-Rate Commercial Mortgage Loans: The company originates, invests in, and manages commercial mortgage loans with variable interest rates.
• Other Commercial Real Estate Debt Investments: Granite Point Mortgage Trust also invests in and manages a variety of other debt and debt-like instruments related to commercial real estate.
• Intermediate-Term Bridge or Transitional Financing: They provide financing for short to medium-term needs such as property acquisitions, recapitalizations, refinancing, renovation, and repositioning of commercial properties.

Granite Point Mortgage Trust Inc. (GPMT) operates as a commercial real estate finance company, primarily originating and managing senior floating-rate commercial mortgage loans and other debt investments. Therefore, its "major customers" are the entities that borrow these funds.

Due to the proprietary and confidential nature of commercial real estate lending, GPMT, like most lenders in this sector, does not publicly disclose the specific names of its individual customer companies (borrowers). These borrowers are typically private real estate developers, investors, or operating companies, rather than publicly traded corporations with symbols.

However, based on the company's described activities of providing intermediate-term bridge or transitional financing for purposes such as acquisitions, recapitalizations, refinancing, lease-up, renovation, repositioning, and repurposing of commercial property, its customer base can be broadly categorized into the following types of commercial entities:

• Commercial Real Estate Developers: Companies or investment groups undertaking the development of new commercial properties or significant redevelopment projects, requiring financing during the construction, renovation, and initial lease-up phases.
• Commercial Property Owners and Investors: Entities, including private equity real estate funds, family offices, or other investment vehicles, that acquire existing commercial properties (e.g., office, retail, industrial, multifamily, hospitality) and seek bridge financing for acquisitions, recapitalizations, or to execute a business plan involving the renovation, repositioning, or repurposing of the asset.
• Real Estate Operating Companies: Businesses that specialize in owning and operating specific types of commercial properties and require flexible financing for strategic acquisitions, property improvements, or to bridge to more permanent financing.

John ("Jack") A. Taylor President & Chief Executive Officer

Mr. Taylor has served as President and Chief Executive Officer of Granite Point Mortgage Trust since April 2017. He was the Global Head of Commercial Real Estate at Pine River Capital Management from 2014 to 2020, which was Granite Point's former manager. Prior to that, he was a Managing Director and Head of Global Real Estate Finance, as well as a member of the Global Management Committee and Chair of the Global Investment Committee for debt and equity, at Prudential Real Estate Investors (now PGIM Real Estate Company) from 2009 to 2014. His experience also includes serving as a Partner at Five Mile Capital Partners from 2003 to 2007, Co-Head of Real Estate Investment Banking for the Americas and Europe at UBS, and Head of the Real Estate Group and a Member of the Operating Committee at PaineWebber.

Blake Johnson Vice President, Chief Financial Officer and Treasurer

Mr. Johnson was appointed Chief Financial Officer of Granite Point Mortgage Trust effective December 1, 2024, joining as Deputy CFO in October 2024. He has nearly two decades of experience in finance, accounting, tax, and compliance. From the Company's inception in 2017 through 2020, Mr. Johnson served in various roles at Granite Point, including Controller, while an employee of its former manager. Before rejoining Granite Point, he held various positions at Two Harbors Investment Corp. (NYSE: TWO), a hybrid mortgage real estate investment trust, most recently serving as its Acting Chief Accounting Officer for a portion of 2024 and previously as its Controller since 2020. His prior experience includes roles at Wells Fargo Bank, N.A., Deloitte, LLP, Opus Corporation, and Ernst & Young, LLP. Mr. Johnson is a Certified Public Accountant and holds the Chartered Financial Analyst designation.

Stephen F. Alpart Vice President and Chief Investment Officer

Mr. Alpart serves as Vice President and Chief Investment Officer and Co-Head of Originations for Granite Point Mortgage Trust, a role he has held since the Company's inception. He is also a Senior Managing Director with Pine River Capital Management L.P., Granite Point's former manager, where he is a founding member of the Commercial Real Estate Group and a member of its Investment Committee. Mr. Alpart possesses over 25 years of experience in real estate finance and debt investing across various functions, including third-party funds management, proprietary on-balance sheet lending, transaction advisory, loan syndications and sales, and workouts/restructurings. His extensive background includes roles as Executive Director at UBS Securities LLC, Managing Director at Prudential Financial, Inc. (now PGIM Real Estate), Managing Director at GMAC Commercial Mortgage Corp., and Managing Director at Capmark Investments LP.

Ethan Lebowitz Vice President and Chief Operating Officer

Mr. Lebowitz is the Vice President and Chief Operating Officer of Granite Point Mortgage Trust, a position he is scheduled to assume no later than May 1, 2025, succeeding Steven Plust. He has been with the Company since its inception, previously serving as a Director from 2015 to 2019 and then as a Managing Director from 2019 until 2025, focusing on sourcing, originating, and overseeing commercial real estate investments. Mr. Lebowitz has more than two decades of investment and originations experience in commercial real estate.

Michael J. Karber Vice President, General Counsel, Secretary and Chief Compliance Officer

Mr. Karber serves as Vice President, General Counsel, Secretary, and Chief Compliance Officer of Granite Point Mortgage Trust, having been with the Company since its inception. Prior to joining Granite Point, he was Lead Counsel – Business Operations at Two Harbors Investment Corp. (NYSE: TWO), a hybrid mortgage real estate investment trust, beginning in 2014.

1. Credit Risk and Potential Loan Losses: Granite Point Mortgage Trust faces significant credit risk within its loan portfolio, which is evidenced by ongoing credit migration, increased Current Expected Credit Loss (CECL) reserves, and uncertainty surrounding asset resolutions. Management has indicated that challenges related to loan workouts and delinquencies are not yet over for the company or the industry. A substantial portion of the portfolio includes loans rated as higher risk, indicating potential for further losses and impacting the company's financial stability, earnings, and book value.
2. Deterioration of the Commercial Real Estate (CRE) Market, particularly Office and Multifamily Sectors: The company operates within a challenging commercial real estate market, and its financial performance is highly susceptible to market volatility and economic downturns affecting CRE. GPMT has significant exposure to office properties (43.7% of its portfolio) and has noted underperformance in specific markets, such as the Atlanta multifamily market. A continued decline in the values of these underlying properties could lead to further loan defaults and realized losses.
3. Interest Rate Risk: While a large portion of Granite Point's loan portfolio consists of floating-rate commercial mortgage loans, protecting against some aspects of rising rates, the company remains exposed to interest rate risk. Rapidly rising interest rates can increase the cost of the company's own financing facilities and may impair borrowers' ability to service their debt, leading to higher default rates. Fluctuations in financial conditions tied to interest rates can also slow loan resolutions and pressure earnings.

Granite Point Mortgage Trust (GPMT) is expected to drive future revenue growth over the next 2-3 years through several key strategies and improving market conditions:

1. Increased New Loan Originations: The company explicitly plans to re-enter and accelerate new loan origination activity, particularly in the latter half of 2026. This initiative is a high priority for management as capital becomes available.
2. Strategic Capital Reallocation from Loan Repayments and Asset Resolutions: GPMT is focused on resolving legacy assets, including non-performing loans and Real Estate Owned (REO) properties, and collecting full loan repayments. The capital released through these resolutions and repayments will be recycled into new, higher-yielding loan originations, thereby growing the investment portfolio.
3. Optimization of Funding Costs: Recent actions by GPMT have led to a meaningful decrease in the weighted average cost of its repurchase facilities, resulting in estimated annual savings. A lower cost of debt enhances net interest margins and improves overall profitability, supporting the company's ability to finance new investments and generate revenue.
4. Improving Commercial Real Estate (CRE) Market Conditions: Management has noted improving fundamentals across various commercial real estate markets and property types, coupled with increased capital availability. A growing consensus suggests that real estate prices have bottomed out in most sectors, creating a more favorable environment for new lending opportunities.
5. Expansion of Non-Bank Lender Market Share: With traditional banks anticipated to remain less active in direct lending compared to previous cycles, GPMT, as a non-bank lender, is well-positioned to capitalize on this trend and expand its market share in the commercial mortgage loan sector over the long term.

Share Repurchases

• Granite Point Mortgage Trust repurchased 1.0 million common shares for $5.1 million in the first quarter of 2023, resulting in approximately $0.19 per share book value accretion.
• Since the second quarter of 2024, the company has spent $13.2 million to buy back 4.55 million shares at a weighted average price of $2.91 per share, which lifted book value by $0.52 per share.
• No additional share repurchases were disclosed during the third quarter of 2025, suggesting a pause in the buyback program.

Share Issuance

• In 2021, Granite Point Mortgage Trust expanded its permanent capital base through an inaugural offering of approximately $115 million of preferred stock.
• The number of common shares outstanding has seen a general decrease, from 55,107,657 as of May 3, 2021, to 53,855,577 as of February 18, 2022, 51,526,039 as of May 4, 2023, and 47,563,643 as of December 31, 2025.

Outbound Investments

• In the full year 2021, the company originated 22 senior first mortgage loans and funded $824.3 million in total loan principal balance.
• The loan portfolio experienced a shrinkage as repayments outpaced new fundings, decreasing from $1.90 billion at year-end 2024 to $1.58 billion net of loans held-for-investment by Q3 2025.
• Management anticipates commencing regrowth of the portfolio in the latter half of 2026, with new origination activity prioritized once capital becomes available through loan repayments and asset resolutions.

Capital Expenditures

• Granite Point Mortgage Trust's capital expenditures have been minimal, with a trailing twelve months (TTM) average of approximately $972.05 thousand over the last five years.
• Over the past five years, the average capital expenditure was $275.82 thousand, with the lowest recorded at $0.