GPMT

This section of this Annual Report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024.
Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K can be found in “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Our common stock is listed on the New York Stock Exchange, or NYSE, under the symbol “GPMT.” Our investment objective is to preserve our stockholders’ capital while generating attractive risk-adjusted returns over the long term, primarily through dividends derived from current income produced by our investment portfolio.
Recent Developments Macroeconomic Environment The year ended December 31, 2025, was characterized by continued volatility in the global securities markets.
Volatility was likely driven by investor concerns over tariffs, inflation, interest rates, escalating trade tensions, slowing economic growth, political and regulatory uncertainty and geopolitical conditions.
During the year, financial institutions were affected by certain events which also contributed to global markets volatility, diminished liquidity and credit availability.
During 2025, the Federal Reserve reduced interest rates three times by 25 basis points, although the timing, direction and extent of any future interest rate changes remain uncertain and interest rates remained at an elevated level.
Absent other factors, our business model is such that higher interest rates should generally correlate to higher net interest income.
However, interest rates have remained elevated for an extended period of time, adversely affecting our existing borrowers and the cost of financing their properties.
Continued higher interest rates may further impact our borrowers and lead to non-performance, as well as dampen consumer spending and slow corporate profit growth, which may negatively impact the collateral underlying certain of our loans.
It remains difficult to predict the full impact of recent events, interest rate fluctuation, and inflation on macroeconomic conditions and our business.
During the past year, the U.S. presidential administration initiated significant changes to U.S. tariff policy, with the specific policies changing multiple times.
The announcements of these changes had and continue to have global repercussions, causing capital market uncertainty worldwide.
The impact from these changes to U.S. trade policy on commercial real estate remains uncertain, and it is challenging to predict the impact on our business.
Tariffs have had and could continue to have an inflationary effect, slow economic growth, result in rising interest rates, and increase unemployment, all of which could decrease demand for commercial space, and the attractiveness of commercial real estate to investors.
Office Property Market The office property market has experienced higher vacancies, slower leasing activity, and tenant reevaluation of space needs since early 2020, largely due to remote and hybrid work arrangements.
These factors coupled with tariffs, inflation, elevated interest rates and limited market liquidity have created a high level of uncertainty with respect to property values.
These dynamics have stressed certain borrowers’ ability and willingness to support their properties and perform in accordance with their loan terms.
Given this uncertainty, it remains difficult to predict the effect these challenging conditions may have on the office property market, our borrowers, their performance under the terms of our loans secured by office properties and our financial results. 2025 Activity Operating Results: • Recognized GAAP net (loss) attributable to common stockholders of $(55.6) million, or $(1.16) per basic common share. • Generated Distributable Earnings (Loss) to common stockholders of $(94.6) million, or $(1.98) per basic common share, which includes $(80.5) million in write-offs, $0.4 million in recoveries of amounts previously written off and $(7.6) million of accumulated depreciation and amortization related to an REO sale, and excludes the $(27.5) million in provision for credit losses, $(6.6) million of non-cash equity compensation expense, $(7.8) million of non-cash depreciation and amortization on REO and $(6.8) million of impairment loss on REO. • Generated Distributable Earnings (Loss) Before Realized Gains and Losses to common stockholders of $(7.2) million, or $(0.15) per basic 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 at December 31, 2025. • Book value per share of common stock at December 31, 2025, was $7.29, inclusive of $(3.12) per basic common share of total CECL reserve. • Declared common stock dividends of $10.4 million, or $0.20 per basic common share, and preferred dividends of $14.4 million, or $1.75 per share of Series A Preferred Stock.
Investment Portfolio Activity: • Realized $(468.7) million in aggregate reductions in unpaid principal balance from loan repayments, principal paydowns, principal amortization, cost recoveries and resolutions including write-offs. • Funded $50.7 million of prior loan commitments, upsizes, deferred capitalized interest and other investments in loans held-for-investment. • Resolved a senior loan secured by an office property located in Boston, MA, with a $26.1 million unpaid principal balance via short sale of collateral property to a third party and discounted loan payoff. • Resolved a senior loan secured by a mixed-use office and retail property located in Baton Rouge, LA, with a $79.3 million unpaid principal balance via property sale. • Resolved through modification a senior loan secured by a hotel property located in Minneapolis, MN, restructuring the loan into an accruing $37.0 million senior note and a subordinate note that was immediately charged off. • Resolved a senior loan secured by a student housing property located in Louisville, KY, with a $50.0 million unpaid principal balance via property sale. • Acquired through a negotiated deed-in-lieu of foreclosure the title to an office property located in Miami Beach, FL, with a carrying value at closing of $72.5 million. • Sold one office property located in Phoenix, AZ, for a net sales price of $16.7 million, which resulted in a gain on sale of $0.3 million, or $0.01 per basic share. • Maintained a portfolio of 43 loan investments with an aggregate unpaid principal balance of $1.7 billion and total commitments of $1.8 billion, a weighted average stabilized LTV at origination of 65.0%, and a weighted average all-in yield at origination of Standard Overnight Financing Rate, or SOFR, of S+3.93%.
Corporate Financing Activity: • 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. • Extended the Citibank financing facility to April 27, 2026, and adjusted the facility’s maximum capacity to $250.0 million. • Extended the Morgan Stanley financing facility to June 28, 2026. • Extended the JPMorgan financing facility to July 28, 2026. • Extended the secured credit facility to December 21, 2026, and reduced the financing spread by 75 basis points and borrowings by $15.0 million. • Refinanced an REO asset with a first mortgage loan payable of $18.0 million.
Liquidity: • At December 31, 2025, carried unrestricted cash of $66.0 million, a portion of which is subject to certain liquidity covenants, and restricted cash of $14.1 million.
For the year ended December 31, 2025, we recorded a GAAP net (loss) per basic common share of $(1.16), declared cash dividends of $0.20 per share of common stock and reported Distributable (Loss) of $(1.98) per basic common share.
Our book value as of December 31, 2025, was $7.29 per share of common stock, inclusive of $(3.12) per share of total CECL reserves.
(Loss) Earnings Per Share and Dividends Declared Per Common Share The following table sets forth the calculation of basic and diluted earnings (loss) per share and dividends declared per share for the years ended December 31, 2025 and 2024: Year Ended December 31, (in thousands, except share data) 2025 2024 Net (loss) attributable to common stockholders $ (55,553) $ (221,452) Basic and diluted weighted average common shares outstanding 47,870,235 50,423,243 Basic (loss) per weighted average common share $ (1.16) $ (4.39) Diluted (loss) per weighted average common share $ (1.16) $ (4.39) Dividend declared per common share $ 0.20 $ 0.30 Distributable Earnings (Loss) 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.
During the years ended December 31, 2025, and 2024, we recorded a provision for credit losses of $(27.5) million and $(201.4) 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 years ended December 31, 2025 and 2024, we recorded $(7.8) million and $(6.3) 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 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.
No impairment loss on real estate owned was recorded during the year ended December 31, 2024.
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 management and our board of directors consider when the board declares dividends.
The following table provides a reconciliation of GAAP net (loss) attributable to common stockholders to Distributable Earnings (Loss) Before Realized Gains and Losses and Distributable Earnings (Loss) for the years ended December 31, 2025, and 2024: Year Ended December 31, (in thousands, except share data) 2025 2024 Reconciliation of GAAP net (loss) income to Distributable Earnings (Loss): GAAP net (loss) income attributable to common stockholders $ (55,553) $ (221,452) Adjustments: Provision for credit losses 27,539 201,412 Depreciation and amortization on real estate owned 7,792 6,280 Impairment loss on real estate owned 6,753 — (Gain) loss on sale of real estate owned (301) — Loss (gain) on extinguishment of debt — 786 Non-cash equity compensation 6,582 6,565 Distributable Earnings (Loss) Before Realized Gains and Losses $ (7,188) $ (6,409) Realized losses on write-offs, loan sales and REO conversions (80,498) (146,318) Realized gain on REO sale 301 — Accumulated depreciation and amortization on REO sale (7,569) — Recoveries of previous write-offs 358 8,819 Distributable Earnings (Loss) $ (94,596) $ (143,908) Distributable Earnings (Loss) per basic weighted average common share $ (1.98) $ (2.85) Distributable Earnings (Loss) per diluted weighted average common share $ (1.98) $ (2.85) Distributable Earnings (Loss) Before Realized Gains and Losses per basic weighted average common share $ (0.15) $ (0.13) Distributable Earnings (Loss) Before Realized Gains and Losses per diluted weighted average common share $ (0.15) $ (0.13) Basic weighted average common shares 47,870,235 50,423,243 Diluted weighted average common shares 47,870,235 50,423,243 Book Value Per Common Share The following table provides the calculation of our book value per share of common stock as of December 31, 2025, and December 31, 2024: (in thousands, except share data) December 31, 2025 December 31, 2024 Total Granite Point Mortgage Trust Inc.
Stockholders’ Equity $ 552,687 $ 619,092 Series A cumulative redeemable preferred stock liquidation preference (205,738) (205,738) Common stockholders’ equity $ 346,949 $ 413,354 Shares: Common shares outstanding 47,563,643 48,801,690 Book value per share of common stock $ 7.29 $ 8.47 Book value per share as of December 31, 2025, includes the impact of an estimated allowance for credit losses of $148.4 million, or $(3.12) per common share.
At December 31, 2025, our loan portfolio was comprised of 43 investments, of which 42 were senior first mortgage loans totaling $1.8 billion of commitments with an unpaid principal balance of $1.7 billion, and one subordinate loan totaling $13.0 million in commitments and unpaid principal balance.
At December 31, 2025, the weighted average risk rating of our loan portfolio was 2.9 as compared to 3.1 at December 31, 2024, weighted by total unpaid principal balance.
As of December 31, 2025, we held two REO office properties with an aggregate carrying value of $98.0 million, inclusive of $13.3 of intangible and other assets included in other assets and $(7.4) million of unfavorable and other lease liabilities in our Consolidated Balance Sheets.
During the year ended December 31, 2025, we funded 50.7 million under existing loan commitments, loan upsizes, deferred capitalized interest and other investments.
We realized $(468.7) million in aggregate reductions in portfolio unpaid principal balance from loan repayments, principal paydowns, principal amortization, cost recoveries and resolutions including write-offs.
The following table details our loan activity by unpaid principal balance for the years ended December 31, 2025 and 2024: Year Ended December 31, (in thousands) 2025 2024 Loan originations $ — $ 48,018 Other loan fundings (1) 49,577 57,124 Deferred interest capitalized 1,090 1,114 Transfers to real estate owned (63,353) (35,714) Transfers in from loan related receivables 980 — Transfers in from loan related other assets 730 — Loan repayments (324,893) (528,746) Loan write-offs (80,498) (146,318) Loan sales — (16,323) Total loan activity, net $ (416,367) $ (620,845) ______________________ (1) Includes $8.2 million of other investments classified as loans held-for-investment during the year ended December 31, 2025.
The following table details overall statistics for our loan portfolio as of December 31, 2025: (dollars in thousands) Loan Portfolio Summary Number of loans Total loan commitments $ 1,767,366 Unpaid principal balance $ 1,689,967 Unfunded loan commitments $ 77,399 Carrying value $ 1,537,732 Weighted-average cash coupon (1) S+3.62% Weighted-average all-in yield (2) S+3.93% Stabilized LTV (3) 65.0 % ______________________ (1) Cash coupon does not include origination or exit fees.
The following table provides detail of our loan held-for-investment portfolio as of December 31, 2025: (dollars in millions) Type (1) Origination/ Acquisition Date Maximum Loan Commitment Principal Balance Carrying Value Cash Coupon (2) All-in Yield at Origination (3) Original Term (Years) (4) State Property Type Initial LTV (5) Stabilized LTV (6) Loans Held-For-Investment Senior 12/19 $109.3 $107.4 $107.2 S+2.80% S+3.23% 3.0 IL Multifamily 76.5% 73.0% Senior 10/19 95.1 89.8 89.6 S+2.60% S+3.05% 3.0 TN Office 70.2% 74.2% Senior (7)(9) 08/19 93.1 93.1 93.2 S+2.80% S+3.26% 3.0 MN Office 73.1% 71.2% Senior 12/18 78.1 71.7 71.6 S+4.70% S+3.44% 3.0 TX Office 68.5% 66.7% Senior 06/19 76.7 76.4 76.1 S+3.29% S+3.05% 3.0 TX Mixed-Use 71.7% 72.2% Senior (7)(9) 07/19 76.2 76.2 76.0 S+3.74% S+4.32% 3.0 IL Retail 70.0% 64.4% Senior (10) 12/19 74.2 72.1 72.0 S+3.36% S+3.28% 3.0 NY Office 68.8% 59.3% Senior 10/22 67.0 67.0 67.0 S+4.50% S+4.61% 2.0 CA Retail 47.7% 36.6% Senior 12/23 66.3 63.0 62.9 S+5.50% S+5.65% 2.0 CA Office 80.0% 79.2% Senior (7) 07/22 54.1 52.5 52.0 S+2.78% S+4.25% 3.0 GA Multifamily 74.5% 68.2% Senior 06/21 53.1 47.9 47.7 S+4.38% S+4.75% 3.0 GA Office 68.0% 69.4% Senior (13) 09/21 51.6 45.0 44.8 S+3.24% S+3.72% 3.0 CA Office 62.4% 66.1% Senior 04/22 48.7 46.9 46.3 S+3.41% S+3.78% 3.0 TX Multifamily 74.4% 64.0% Senior 03/22 46.9 46.9 46.8 S+3.25% S+3.64% 3.0 MA Industrial 67.3% 60.8% Senior 07/21 46.4 46.4 46.2 S+3.72% S+4.19% 3.0 CT Office 68.3% 63.5% Senior 08/21 45.7 45.4 45.2 S+3.21% S+3.53% 3.0 TX Multifamily 77.8% 75.2% Senior 02/22 42.4 42.4 42.3 S+3.05% S+3.40% 3.0 NJ Industrial 75.0% 59.5% Senior (8) 11/21 39.0 34.3 33.2 5.75% S+3.82% 3.0 PA Mixed-Use 62.0% 63.5% Senior 07/16 38.5 37.8 37.8 S+5.05% S+4.99% 4.0 VA Office 62.8% 61.5% Senior 09/21 38.0 38.0 38.0 S+5.00% S+5.12% 3.0 MN Hotel 68.4% 57.8% Senior 04/22 36.3 35.1 34.1 S+3.00% S+4.87% 3.0 NY Other 66.7% 61.8% Senior (12) 11/21 35.5 35.0 35.0 S+2.93% S+3.52% 3.0 AL Multifamily 77.9% 68.1% Senior 03/20 34.9 24.4 24.4 S+5.04% S+4.66% 3.0 GA Office 63.2% 64.6% Senior 08/19 32.9 31.3 31.2 S+2.96% S+3.38% 3.0 TX Multifamily 79.3% 72.5% Senior (11) 03/19 32.7 31.6 31.6 S+2.77% S+3.42% 3.0 NY Office 53.8% 48.5% Senior 04/22 29.1 27.6 27.5 S+3.22% S+3.55% 3.0 TX Multifamily 73.3% 63.9% Senior (7) 01/18 28.5 26.9 26.9 S+5.18% S+5.58% 3.0 AZ Hotel 65.8% 61.3% Senior 03/22 27.2 26.6 26.6 S+4.14% S+4.89% 3.0 NC Office 47.4% 53.5% Senior 10/21 25.7 25.7 25.6 S+3.20% S+3.43% 4.0 GA Industrial 67.5% 64.5% Senior 12/21 24.7 17.1 17.0 S+3.36% S+3.59% 3.0 CA Office 72.9% 68.3% Senior 09/21 24.4 23.6 23.4 S+3.23% S+3.61% 3.0 CA Multifamily 71.9% 57.8% Senior (7)(9) 05/21 23.3 20.5 20.5 S+3.55% S+4.09% 3.0 LA Multifamily 68.0% 69.6% Senior 02/20 21.9 21.9 21.8 S+4.00% S+3.75% 3.0 TN Hotel 69.1% 54.2% Senior 06/19 21.0 20.4 20.4 S+3.25% S+4.24% 3.0 GA Mixed-Use 60.6% 67.4% Senior 05/21 18.4 18.4 18.2 S+4.05% S+4.41% 3.0 FL Multifamily 69.8% 62.8% Senior 06/21 16.7 14.2 14.2 S+3.41% S+3.82% 4.0 IN Multifamily 67.0% 66.4% Senior 07/19 15.6 13.5 13.5 S+3.07% S+3.60% 3.0 OH Office 63.1% 66.1% Senior 10/18 15.4 15.4 15.5 S+6.21% S+5.16% 3.0 CT Hotel 75.4% 66.9% Senior 08/17 15.4 15.4 15.3 S+5.25% S+5.49% 3.0 PA Office 66.7% 67.3% Senior 08/21 14.5 14.2 14.1 S+3.70% S+3.88% 3.0 CO Office 72.0% 63.7% Mezzanine 01/17 13.0 13.0 12.9 8.00% 8.11% 10.0 HI Hotel 41.4% 36.2% Senior 06/19 11.5 11.1 11.1 S+2.75% S+4.69% 3.0 NY Office 40.7% 60.0% Senior 01/18 8.4 6.9 6.9 S+5.25% S+5.50% 3.0 PA Office 66.8% 67.3% Allowance for credit losses $(145.9) Total/Weighted Average Loans $1,767.4 $1,690.0 $1,537.7 S+3.62% S+3.93% 3.0 68.8% 65.0% ______________________ (1) “Senior” means a loan primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans and other investments.

and 423 more.

Gone since FY2024

This section of this Annual Report on Form 10-K generally discusses 2024 and 2023 items and year-to-year comparisons between 2024 and 2023.
Discussions of 2022 items and year-to-year comparisons between 2023 and 2022 that are not included in this Annual Report on Form 10-K can be found in “ Management’s Discussion and Analysis of Financial Condition and Results of Operations ” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Our common stock is listed on the New York Stock Exchange, or NYSE, under the symbol “GPMT”.
Our investment objective is to preserve our stockholders’ capital while generating attractive risk-adjusted returns over the long term, primarily through dividends derived from current income produced by our investment portfolio.
Recent Developments Macroeconomic Environment The year ended December 31, 2024, was characterized by continued volatility in the global securities markets, driven by investor concerns over inflation, elevated interest rates, escalating trade tensions, slowing economic growth, political and regulatory uncertainty and geopolitical conditions.
Events affecting financial institutions during the year also contributed to volatility in global markets and diminished liquidity and credit availability.
Interest rates remain at an elevated level and the timing, direction and extent of any future interest rate changes remain uncertain.
Although our business model is such that higher interest rates should, all else being equal, generally correlate to higher net income, interest rates having remained elevated for an extended period of time have adversely affected, and may continue to adversely affect, our existing borrowers and the cost of financing their properties and lead to non-performance.
Additionally, higher interest rates and increasing costs may dampen consumer spending and slow corporate profit growth, which may negatively impact the collateral underlying certain of our loans.
It remains difficult to predict the full impact on macroeconomic conditions and our business of recent events and any future changes in interest rates or inflation.
Office Property Market The office property market has been experiencing higher vacancies, slower leasing activity and various tenants re-evaluating their need for space due in large part to remote and hybrid work arrangements.
These factors coupled with inflation, elevated interest rates and limited market liquidity have created a high level of uncertainty with respect to property values.
These dynamics have stressed certain borrowers’ ability and willingness to support their properties and perform in accordance with the terms of their loans.
Given this uncertainty, it remains difficult to predict the effect these challenging conditions may have on the office property market, our borrowers, their performance under the terms of our loans secured by office properties and our financial results. 2024 Activity Operating Results: • Recognized GAAP net (loss) attributable to common stockholders of $(221.5) million, or $(4.39) per basic common share. • Generated Distributable Earnings (Loss) to common stockholders of $(143.9) million, or $(2.85) per basic common share, which includes $(146.3) million in write-offs and $8.8 million in recoveries of amounts previously written off, and excludes the $(201.4) million in provision for credit losses, $(6.6) million of non-cash equity compensation expense and $(6.3) million of non-cash depreciation and amortization on REO. • Generated Distributable Earnings (Loss) Before Realized Gains and Losses to common stockholders of $(6.4) million, or $(0.13) per basic common share. • Recorded an increase to the allowance for credit losses of $63.9 million, for a total allowance of credit losses of $201.0 million, or approximately 9.2% of total loan commitments of $2.2 billion at December 31, 2024. • Book value per share of common stock at December 31, 2024, was $8.47, inclusive of $(4.12) per basic common share of total CECL reserve. • Declared common stock dividends of $16.1 million, or $0.30 per basic common share, and preferred dividends of $14.4 million, or $1.75 per share of Series A Preferred Stock.
Investment Portfolio Activity: • Funded $57.1 million of prior loan commitments and upsizes. • Resolved a nonaccrual $93.7 million loan secured by a mixed-use office and retail property located in New York, NY, through a loan assumption to a third-party borrower, resulting in a new loan for GAAP purposes with an unpaid principal balance, or UPB, of $48.0 million. • Realized $(727.1) million of total UPB in loan repayments, principal paydowns, principal amortization, cost recovery, sales, resolutions and write-offs. • Acquired as REO through a negotiated transaction an office property with a carrying value at closing of $35.7 million. • Maintained a portfolio of 54 loan investments with an aggregate unpaid principal balance of $2.1 billion and total commitments of $2.2 billion, a weighted average stabilized LTV at origination of 64.4%, and a weighted average all-in yield at origination of Standard Overnight Financing Rate, or SOFR, of S+4.01%.
Portfolio Financing Activity: • Extended the Morgan Stanley financing facility to June 28, 2025, and adjusted the facility’s maximum borrowing capacity to $250 million. • Elected to not renew the Goldman Sachs financing facility on its scheduled maturity. • Terminated the Centennial Bank financing facility. • Extended the Additional Advance Termination Date of the JPMorgan financing facility to October 12, 2025 (with a Company-held option to extend the Additional Advance Termination Date to April 12, 2026).
Corporate Financing Activity: • Repurchased 2,392,671 shares of common stock at a weighted average purchase price of $3.16 for an aggregate purchase amount of $7.6 million.
Liquidity: • At December 31, 2024, carried unrestricted cash of $87.8 million, a portion of which is subject to certain liquidity covenants, and restricted cash of $26.7 million.
For the year ended December 31, 2024, we recorded a GAAP net (loss) per basic common share of $(4.39), declared a cash dividend of $0.30 per share of common stock and reported Distributable (loss) of $(2.85) per basic common share.
Our book value as of December 31, 2024, was $8.47 per share of common stock, inclusive of $(4.12) per share of total CECL reserves.
(Loss) Earnings Per Share and Dividends Declared Per Common Share The following table sets forth the calculation of basic and diluted earnings (loss) per share and dividends declared per share for the years ended December 31, 2024, and 2023: Year Ended December 31, (in thousands, except share data) 2024 2023 Net (loss) attributable to common stockholders $ (221,452) $ (77,649) Basic weighted average common shares outstanding 50,423,243 51,641,619 Diluted weighted average common shares outstanding 50,423,243 51,641,619 Basic (loss) per weighted average common share $ (4.39) $ (1.50) Diluted (loss) per weighted average common share $ (4.39) $ (1.50) Dividend declared per common share $ 0.30 $ 0.80 Distributable Earnings (Loss) 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.
During the years ended December 31, 2024, and 2023, we recorded a provision for credit losses of $(201.4) million and $(104.8) 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 years ended December 31, 2024, and 2023, we recorded $(6.3) million and $(3.4) 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.
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.
The following table provides a reconciliation of GAAP net (loss) attributable to common stockholders to Distributable Earnings (Loss) Before Realized Gains and Losses and Distributable Earnings (Loss) for the years ended December 31, 2024, and 2023: Year Ended December 31, (in thousands, except share data) 2024 2023 Reconciliation of GAAP net (loss) income to Distributable Earnings (Loss): GAAP net (loss) income attributable to common stockholders $ (221,452) $ (77,649) Adjustments: Provision for credit losses 201,412 104,807 Realized losses on sales — — Depreciation and amortization on real estate owned 6,280 3,375 Loss (gain) on extinguishment of debt 786 (238) Non-cash equity compensation 6,565 6,979 Distributable Earnings (Loss) Before Realized Gains and Losses $ (6,409) $ 37,274 Realized losses on write-offs, loan sales and REO conversions (146,318) (54,274) Recoveries of previous write-offs 8,819 — Distributable Earnings (Loss) $ (143,908) $ (17,000) Distributable Earnings (Loss) per basic share of common stock $ (2.85) $ (0.33) Distributable Earnings (Loss) per diluted share of common stock $ (2.85) $ (0.33) Distributable Earnings (Loss) Before Realized Gains and Losses per basic share of common stock $ (0.13) $ 0.72 Distributable Earnings (Loss) Before Realized Gains and Losses per diluted share of common stock $ (0.13) $ 0.72 Basic weighted average common shares 50,423,243 51,641,619 Diluted weighted average common shares 50,423,243 51,641,619 Book Value Per Common Share The following table provides the calculation of our book value per share of common stock as of December 31, 2024, and December 31, 2023: (in thousands, except share data) December 31, 2024 December 31, 2023 Total Granite Point Mortgage Trust Inc.
Stockholders’ Equity $ 619,092 $ 858,898 Series A cumulative redeemable preferred stock liquidation preference (205,738) (205,738) Common stockholders’ equity $ 413,354 $ 653,160 Shares: Common shares outstanding 48,801,690 50,577,841 Book value per share of common stock $ 8.47 $ 12.91 Book value per share as of December 31, 2024, includes the impact of an estimated allowance for credit losses of $201.0 million, or $(4.12) per common share.
At December 31, 2024, our loan portfolio was comprised of 54 investments, of which 53 were senior first mortgage loans totaling $2.2 billion of commitments with an unpaid principal balance of $2.1 billion, and one subordinated loan totaling $13.2 million in commitments and unpaid principal balance.
At December 31, 2024, the weighted average risk rating of our loan portfolio was 3.1 as compared to 2.8 at December 31, 2023, weighted by total unpaid principal balance.
As of December 31, 2024, we owned two office properties with an aggregate carrying value of $52.4 million, inclusive of $9.8 million of intangible assets included in other assets and $(0.2) million of other liabilities in our Consolidated Balance Sheets.
During the year ended December 31, 2024, we funded $57.1 million under existing loan commitments and loan upsizes.
We realized $727.1 million in aggregate reductions in portfolio unpaid principal balance from loan repayments, paydowns, amortization and resolutions.
The following table details our loan activity by unpaid principal balance for the years ended December 31, 2024, and 2023: Year Ended December 31, (in thousands) 2024 2023 Loan originations (1) $ 48,018 $ 48,800 Other loan fundings (2) $ 57,124 $ 71,266 Deferred interest capitalized 1,114 3,466 Transfers to real estate owned (35,714) (24,000) Loan repayments (1) (528,746) (664,985) Loan write-offs (146,318) (54,274) Loan sales (16,323) (15,100) Total loan activity, net $ (620,845) $ (634,827) ______________________ (1) Includes the $48.0 million loan assumption accounted for as a new loan under GAAP.
(2) Additional fundings made under existing loan commitments and upsizing of loans.
The following table details overall statistics for our loan portfolio as of December 31, 2024: (dollars in thousands) Loan Portfolio Summary Number of loans Total loan commitments $ 2,196,975 Unpaid principal balance $ 2,106,334 Unfunded loan commitments $ 90,641 Carrying value $ 1,897,648 Weighted-average cash coupon (1) S+3.77% Weighted-average all-in yield (2) S+4.01% Stabilized LTV (3) 64.4 % ______________________ (1) Cash coupon does not include origination or exit fees.
The following table provides detail of our loan portfolio as of December 31, 2024: (dollars in millions) Type (1) Origination/ Acquisition Date Maximum Loan Commitment Principal Balance Carrying Value Cash Coupon (2) All-in Yield at Origination (3) Original Term (Years) (4) State Property Type Initial LTV (5) Stabilized LTV (6) Loans Held-For-Investment Senior 12/19 $111.1 $109.2 $108.8 S+2.80% S+3.23% 3.0 IL Multifamily 76.5% 73.0% Senior (7) 08/19 93.1 93.1 93.2 S+2.80% S+3.26% 3.0 MN Office 73.1% 71.2% Senior 10/19 87.5 87.4 87.2 S+2.60% S+3.05% 3.0 TN Office 70.2% 74.2% Senior (7) 12/15 82.3 80.5 80.5 S+4.15% S+4.43% 4.0 LA Mixed-Use 65.5% 60.0% Senior (7) 07/19 79.7 79.7 79.5 S+3.74% S+4.32% 3.0 IL Office 70.0% 64.4% Senior 06/19 78.7 78.5 78.0 S+3.29% S+3.05% 3.0 TX Mixed-Use 71.7% 72.2% Senior 12/18 78.1 63.8 63.9 S+3.90% S+3.44% 3.0 TX Office 68.5% 66.7% Senior 10/22 77.3 77.3 77.1 S+4.50% S+4.61% 2.0 CA Retail 47.7% 36.6% Senior (7) 12/16 71.3 71.3 71.3 S+5.15% S+4.87% 4.0 FL Office 73.3% 63.2% Senior (9) 12/19 69.2 67.3 67.2 S+3.50% S+3.28% 3.0 NY Office 68.8% 59.3% Senior 12/23 61.8 55.5 55.5 S+5.50% S+5.65% 2.0 CA Office 80.0% 79.2% Senior (7) 09/21 52.9 52.6 52.7 S+5.00% S+5.12% 3.0 MN Hotel 68.4% 57.8% Senior 06/21 52.8 47.6 47.5 S+4.38% S+4.75% 3.0 GA Office 68.0% 69.4% Senior (7) 08/17 50.0 50.0 49.8 S+4.35% S+4.40% 3.0 KY Multifamily 79.8% 73.1% Senior 07/22 48.6 48.2 47.6 S+2.78% S+4.25% 3.0 GA Multifamily 74.5% 68.2% Senior (10) 11/24 48.0 48.0 47.6 S+3.75% S+3.87% 3.0 NY Mixed-Use 100.0% 55.8% Senior 03/22 46.9 46.9 46.8 S+3.25% S+3.64% 3.0 MA Industrial 67.3% 60.8% Senior 07/21 46.4 45.4 45.2 S+3.72% S+4.19% 3.0 CT Office 68.3% 63.5% Senior 04/22 46.2 44.4 44.2 S+3.41% S+3.78% 3.0 TX Multifamily 74.4% 64.0% Senior 08/21 45.8 45.4 45.3 S+3.21% S+3.53% 3.0 TX Multifamily 77.8% 75.2% Senior 09/21 44.3 42.4 42.2 S+3.36% S+3.72% 3.0 CA Office 62.4% 66.1% Senior 02/22 42.4 42.4 42.3 S+3.05% S+3.40% 3.0 NJ Industrial 75.0% 59.5% Senior 07/16 39.3 38.5 38.5 S+5.05% S+4.99% 4.0 VA Office 62.8% 61.5% Senior (8) 11/21 39.0 32.0 30.3 5.75% 3.82% 3.0 PA Mixed-Use 62.0% 63.5% Senior 12/17 38.9 38.7 38.4 S+5.25% S+5.26% 3.0 MA Mixed-Use 72.9% 62.0% Senior 04/22 36.3 34.3 32.8 S+3.00% S+4.87% 3.0 NY Other 66.7% 61.8% Senior 03/20 34.9 24.4 24.3 S+5.04% S+4.66% 3.0 GA Office 63.2% 64.6% Senior 11/21 33.4 32.9 32.9 S+3.13% S+3.52% 3.0 AL Multifamily 77.9% 68.1% Senior 08/19 33.2 31.6 31.5 S+2.96% S+3.38% 3.0 TX Multifamily 79.3% 72.5% Senior 11/19 32.9 32.7 32.6 S+3.73% S+3.14% 3.0 NC Multifamily 80.0% 72.8% Senior 03/19 30.2 29.1 29.0 S+2.97% S+3.42% 3.0 NY Office 53.8% 48.5% Senior 04/22 28.6 27.0 26.9 S+3.22% S+3.55% 3.0 TX Multifamily 73.3% 63.9% Senior 03/22 27.2 24.5 24.3 S+4.14% S+4.89% 3.0 NC Office 47.4% 53.5% Senior 01/19 26.9 26.9 26.9 S+4.45% S+3.38% 3.0 TX Multifamily 64.9% 64.9% Senior (7) 01/19 26.1 26.1 26.1 S+3.40% S+3.44% 3.0 MA Office 71.2% 70.1% Senior 10/21 25.7 25.7 25.6 S+3.20% S+3.43% 4.0 GA Industrial 67.5% 64.5% Senior 01/18 25.2 25.2 25.1 S+5.18% S+5.58% 3.0 AZ Hotel 65.8% 61.3% Senior 12/21 24.7 17.0 16.9 S+3.36% S+3.59% 3.0 CA Office 72.9% 68.3% Senior 03/20 24.7 22.6 22.5 S+4.25% S+3.27% 3.0 CA Office 63.6% 66.7% Senior 09/21 24.4 23.6 23.5 S+3.23% S+3.61% 3.0 CA Multifamily 71.9% 57.8% Senior 05/21 23.3 20.4 20.3 S+3.55% S+4.09% 3.0 LA Multifamily 68.0% 69.6% Senior 02/20 21.9 21.9 21.7 S+4.00% S+3.75% 3.0 TN Hotel 69.1% 54.2% Senior 06/19 21.5 21.5 21.4 S+4.55% S+5.05% 3.0 NY Other 39.6% 39.6% Senior 06/19 21.0 20.4 20.4 S+3.25% S+4.24% 3.0 GA Mixed-Use 60.6% 67.4% Senior 05/21 20.0 20.0 19.7 S+4.05% S+4.41% 3.0 FL Multifamily 69.8% 62.8% Senior 06/21 16.7 14.2 14.2 S+3.41% S+3.82% 4.0 IN Multifamily 67.0% 66.4% Senior 10/18 15.8 15.8 16.0 S+5.21% S+5.16% 3.0 CT Hotel 75.4% 66.9% Senior 07/19 15.6 13.5 13.5 S+3.07% S+3.60% 3.0 OH Office 63.1% 66.1% Senior 08/17 15.4 14.4 14.3 S+5.25% S+5.49% 3.0 PA Office 66.7% 67.3% Senior 08/21 14.5 13.9 13.9 S+3.70% S+3.88% 3.0 CO Office 72.0% 63.7% Mezzanine 01/17 13.2 13.2 13.2 8.00% 8.11% 10.0 HI Hotel 41.4% 36.2% Senior 07/18 12.4 10.0 9.9 S+4.86% S+4.35% 3.0 CA Office 77.1% 63.5% Senior 06/19 11.4 10.7 10.7 S+2.75% S+4.69% 3.0 NY Office 40.7% 60.0% Senior 01/18 8.3 6.7 6.6 S+5.25% S+5.50% 3.0 PA Office 66.8% 67.3% Allowance for credit losses (199.7) Total/Weighted Average Loans $2,197.0 $2,106.3 $1,897.6 S+3.77% S+4.01 % 3.1 69.6% 64.4% ______________________ (1) “Senior” means a loan primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans.
(7) Loan was held on nonaccrual status as of December 31, 2024.
(8) During the year ended December 31, 2024, we completed a modification that included an adjustment in rate to a fixed rate coupon rate of 5.75%, adjusted from a floating rate coupon of S+3.40%.
(9) As of December 31, 2024, the loan was in maturity default with a maturity date of December 9, 2024.
Subsequent to December 31, 2024, the loan extended from December 9, 2024 to December 9, 2025.
(10) Appraisal value was equal to the unpaid principal balance at the time of the loan assumption in November 2024, resulting in an initial LTV of 100%.

and 409 more.

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