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Here are 1-2 brief analogies for Granite Point Mortgage Trust (GPMT):

• Like Rocket Mortgage, but focused exclusively on originating and investing in loans for large commercial properties like office towers and hotels, rather than residential homes.
• Imagine the commercial real estate lending division of a major bank like JPMorgan Chase or Wells Fargo, but operating as an independent, publicly traded company.

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• Commercial Real Estate (CRE) Senior Mortgage Loans: GPMT provides financing, primarily in the form of first-lien mortgage loans, for the acquisition, refinancing, and development of income-producing commercial properties across various sectors.

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Granite Point Mortgage Trust (GPMT) is a real estate investment trust (REIT) that focuses on originating and acquiring senior floating-rate commercial mortgage loans. Due to the nature of its business as a commercial real estate lender, GPMT primarily provides financing to other companies and institutional entities rather than directly to individuals.

The "customers" of GPMT are the commercial real estate owners, developers, and investors who borrow funds to acquire, develop, or refinance their commercial properties. These borrowers are typically:

• Commercial real estate companies
• Real estate developers and operators
• Institutional real estate investors (e.g., private equity funds, pension funds)
• Property holding companies

It is important to note that GPMT does not publicly disclose the names of its specific borrowers (customer companies) due to the confidential nature of loan agreements and its diversified portfolio of debt investments across numerous properties and entities. Therefore, individual customer company names and their public symbols cannot be provided.

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• Granite Point Advisors LLC
• Deloitte & Touche LLP
• Skadden, Arps, Slate, Meagher & Flom LLP
• Computershare Trust Company, N.A. (Parent: Computershare Ltd., ASX: CPU)
• Barclays Bank PLC (NYSE: BCS)
• Bank of America, N.A. (Parent: Bank of America Corp., NYSE: BAC)
• JPMorgan Chase Bank, N.A. (Parent: JPMorgan Chase & Co., NYSE: JPM)

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John ("Jack") A. Taylor, President & CEO

Mr. Taylor was appointed CEO of Granite Point Mortgage Trust in April 2017. He previously served as Global Head of Commercial Real Estate at Pine River Capital Management L.P., which was Granite Point's former manager, from 2014 to 2020. Prior to that, he was a Managing Director and Head of Global Real Estate Finance for Prudential Real Estate Investors (now PGIM Real Estate Company) from 2009 to 2014, where he was also a member of the Global Management Committee and chaired the Global Investment Committee for debt and equity. From 2003 to 2007, he was a Partner at Five Mile Capital Partners LLC, an alternative investment and asset management company. Mr. Taylor also served as Co-Head of Real Estate Investment Banking for the Americas and Europe at UBS Group AG, and Head of the Real Estate Group at PaineWebber & Co., where he focused on originating large structured commercial real estate loans for private equity firms.

Blake Johnson, Vice President, Chief Financial Officer and Treasurer

Mr. Johnson is set to become the Chief Financial Officer of Granite Point Mortgage Trust, effective December 1, 2024, having joined as Deputy CFO no later than October 28, 2024. He previously held various positions at Two Harbors Investment Corp. (NYSE: TWO), a hybrid mortgage real estate investment trust, from 2012 to 2024, most recently as Acting Chief Accounting Officer and previously as Controller since 2020. From Granite Point's inception in 2017 until Two Harbors internalized in 2020, Mr. Johnson also served in several roles at Granite Point, including Head of Tax and Controller, as an employee of the company's former manager. His professional background includes positions at Wells Fargo Bank, N.A., Deloitte, LLP, Opus Corporation, and Ernst & Young, LLP.

Stephen Alpart, Vice President, Chief Investment Officer and Co-Head of Originations

Mr. Alpart has served as Vice President and Chief Investment Officer since Granite Point's inception. He was a Managing Director at Pine River Capital Management L.P., Granite Point's former manager, from 2014 to 2020. Prior to joining Pine River, he was a Managing Director in the Global Real Estate Finance Group at Prudential Real Estate Investment (now PGIM Real Estate) from 2009 to 2014, where he was responsible for managing a series of closed-end debt funds in the United States.

Ethan Lebowitz, Vice President and Chief Operating Officer

Mr. Lebowitz will succeed Steven Plust as Chief Operating Officer no later than May 1, 2025, and is currently serving as Deputy Chief Operating Officer. He has been with Granite Point Mortgage Trust since its inception, having served as a Director from 2015 to 2019 and a Managing Director from 2019 until 2025, focusing on sourcing, originating, and overseeing commercial real estate investments. From 2010 to 2015, Mr. Lebowitz was a Vice President in Prudential Real Estate Investors' Global Real Estate Finance Group, and from 2005 to 2010, he was an Associate Director at Five Mile Capital Partners.

Peter Morral, Vice President, Chief Development Officer and Co-Head of Originations

Mr. Morral has been with Granite Point Mortgage Trust since its inception. From 2014 to 2020, he was a Managing Director at Pine River Capital Management L.P., Granite Point's former manager. Before joining Pine River, Mr. Morral served as a Managing Director in Annaly Capital's Commercial Real Estate Group. He was also a Managing Director and a member of the Investment Committee at UBS Securities, LLC, where his responsibilities included institutional client and large loan originations, investment banking coverage, subordinate debt pricing and distribution, and loan syndications.

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The key risks to Granite Point Mortgage Trust (GPMT) are primarily concentrated in its exposure to the struggling office real estate sector, challenges stemming from the high interest rate environment affecting commercial real estate valuations and credit quality, and the broader impact of U.S. government fiscal policy.

1. Distress in the Office Real Estate Sector: Granite Point Mortgage Trust faces significant risk due to its substantial exposure to office properties, which constitute approximately 41.9% to 43.7% of its total loan commitments. The permanent shift towards remote and hybrid work models has led to reduced demand for office space, increased national office vacancy rates (reaching 18.6% in October 2025), and downward pressure on rental income and property valuations. This trend creates difficulties for GPMT's borrowers in maintaining cash flows to service their loans, potentially resulting in higher delinquencies, defaults, and the need for increased loan loss provisions.
2. High Interest Rate Environment and Credit Quality Deterioration: The Federal Reserve's sustained high interest rate policy is identified as a major headwind for GPMT. This environment increases the cost of capital, drives commercial real estate (CRE) valuation risk, and heightens refinancing pressure for borrowers. Consequently, GPMT has experienced challenges with credit quality, including a notable increase in non-performing loans (risk-rated 5 loans increased from 11.9% to 19.9% of its portfolio in Q1 2024). The company anticipates continued realized losses on legacy credit issues and expects near-term loan loss reserves to remain elevated, which directly impacts its earnings and book value.
3. Impact of U.S. Government Debt and Fiscal Policy: The substantial scale of U.S. government debt and shifts in fiscal policy represent a primary political risk affecting GPMT's core business. The government's considerable borrowing competes for capital in the market, pushing up benchmark interest rates. This macroeconomic factor contributes to the persistently high interest rate environment, which, in turn, compresses commercial real estate valuations and affects the collateral value backing GPMT's loan portfolio.

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The clear emerging threat for Granite Point Mortgage Trust (GPMT) is the ongoing and potentially structural shift in demand for certain segments of commercial real estate, particularly office properties, driven by the prevalence of remote and hybrid work models. This trend is leading to persistently high vacancy rates, declining property valuations, and reduced rental income for office buildings. As GPMT originates and invests in senior floating-rate first mortgage loans secured by income-producing commercial real estate, a sustained decline in the value and cash flow of these underlying assets directly threatens the credit quality of its loan portfolio, increases the risk of loan defaults, and could lead to significant impairments and losses.

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Granite Point Mortgage Trust (GPMT) operates within the U.S. commercial real estate (CRE) debt market, where it primarily originates, invests in, and manages senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. These investments typically involve intermediate-term bridge or transitional financing for various commercial property purposes, including acquisitions, recapitalizations, and refinancing, across major U.S. metropolitan areas.

The addressable market for Granite Point Mortgage Trust's main products and services is the U.S. commercial and multifamily mortgage debt market.

As of the fourth quarter of 2024, the total commercial and multifamily mortgage debt outstanding in the U.S. was approximately $4.79 trillion. Other estimates for the U.S. commercial real estate debt market include $5.9 trillion as of the second quarter of 2024, or $5.9 trillion as of the fourth quarter of 2023.

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Here are the expected drivers of future revenue growth for Granite Point Mortgage Trust (GPMT) over the next 2-3 years:

1. Resumption of Portfolio Growth through New Originations: Granite Point Mortgage Trust expects to begin regrowing its loan portfolio in mid-2026. This shift from focusing on asset resolutions to originating new senior floating-rate commercial mortgage loans will be a primary driver of increased interest income and, consequently, revenue.
2. Improved Net Interest Spread: The company has been actively reducing its higher-cost debt, which is expected to enhance its net interest spread. A wider net interest spread means a greater profit margin on its loan portfolio, directly contributing to higher revenue even with stable portfolio size.
3. Favorable Commercial Real Estate Market Conditions: Management has noted ongoing improvements in investor sentiment and liquidity within the commercial real estate market, including increased lending activity from larger commercial banks and life insurance companies, and a robust CMBS market. These broader market improvements are anticipated to create a more conducive environment for GPMT to originate new, high-quality loans and to resolve existing assets efficiently.
4. Reduction in Non-Accrual Loans and Improved Portfolio Health: GPMT has made significant progress in resolving non-accrual loans and improving the overall weighted-average risk rating of its portfolio. A healthier loan portfolio with fewer non-accruals will lead to more consistent interest income realization and fewer credit loss provisions, positively impacting net interest income and overall revenue.

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Share Repurchases

• A share repurchase authorization for 12,000,000 shares of common stock was in place as of June 30, 2025, with no expiration date.
• In the second quarter of 2025, Granite Point Mortgage Trust repurchased 1.25 million common shares at an average price of $2.48 per share, totaling approximately $3.1 million.
• During the first quarter of 2025, the company repurchased approximately 0.9 million common shares at an average price of $2.84 per share, for a total of $2.5 million.

Share Issuance

• Between November 2020 and October 2025, the number of outstanding common shares decreased from 55,205,082 to 47,405,734, indicating a net reduction in shares rather than significant net issuance.

Outbound Investments

• Granite Point Mortgage Trust's primary focus is on originating, investing in, and managing a portfolio of senior floating-rate commercial mortgage loans.
• As of November 5, 2025, the company's investment portfolio comprised $1.8 billion in total loan commitments, consisting of 99% senior first mortgages and over 97% floating-rate loans.
• The loan portfolio has seen a contraction, with net loans held-for-investment decreasing to $1.58 billion in Q3 2025 from $1.90 billion at year-end 2024, as loan repayments exceeded new fundings.