Granite Point Mortgage Trust Stock Earnings Reports

Granite Point reported Q1 2026 results with continued portfolio de-risking and a plan to begin regrowing the portfolio later in 2026. Management highlighted ongoing repayments, paydowns and loan/asset sales (including two sizable full loan repayments, a B-note sale above par, and the post-quarter retail loan resolution) that reduced portfolio balances roughly $175M in the quarter and lowered higher-cost borrowings. Total loan commitments were $1.6B (1.5B UPB) and the company remains geographically and property-type diversified. Credit reserves (CECL) were $149M at quarter-end, with ~81% allocated to individually assessed loans; subsequent resolutions reduced specific reserves materially. GAAP net loss was $6M (-$0.13/share) and distributable loss was $3M (-$0.06/share); book value fell to $7.05. Liquidity improved modestly (cash ~$44M at quarter-end, ~$56M a few days later) and leverage declined from 2.0x to 1.7x. Management reiterated a disciplined approach: pushing borrowers for timely resolutions (sales, refinancings, recapitalizations), investing selectively in two REO assets to maximize outcomes, and prioritizing paydown of high-cost debt before restarting originations. They plan to resume originations in 2026 to capture attractive spreads and expect meaningful earnings improvement as legacy nonaccruals and REO burn off. Management also discussed pursuing capital-light fee and JV opportunities to generate incremental income and offset operating expenses. Dividend policy remains under Board review and will be revisited as earnings recover.