Granite Point Mortgage Trust Inc. Announces Second Quarter 2025 Common and Preferred Stock Dividends and Business Update

Granite Point Mortgage Trust Inc. (NYSE: GPMT) (“GPMT,” “Granite Point” or the “Company”) today announced that the Company’s Board of Directors declared a quarterly cash dividend of $0.05 per share of common stock for the second quarter of 2025. This dividend is payable on July 15, 2025, to holders of record of common stock at the close of business on July 1, 2025.

The Company’s Board of Directors also declared a quarterly cash dividend of $0.4375 per share of the 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock for the second quarter of 2025. This dividend is payable on July 15, 2025, to the holders of record of the Series A Preferred Stock at the close of business on July 1, 2025.

“We have maintained strong momentum repositioning our portfolio with the completion of two more loan resolutions in the second quarter and the anticipated near-term sale of an REO office property,” said Jack Taylor, President and Chief Executive Officer of Granite Point. “We continue to believe that our stock presents a compelling total return opportunity for investors. As such, and consistent with our goal of supporting long-term shareholder value, we repurchased 1.25 million of our common shares during the quarter, generating book value accretion.”

Second Quarter Business Update

• In May, resolved a loan secured by a mixed-use office and retail property located in Baton Rouge, LA.
  • As of March 31, 2025, the loan was on nonaccrual status with an unpaid principal balance of $79.9 million and risk rating of “5”. As previously announced, as a result of the property sale, the Company expects to realize a write-off of approximately $(20.8) million, which had been reserved for through a previously recorded allowance for credit losses.
• In May, resolved a loan secured by a hotel property located in Minneapolis, MN.
  • As of March 31, 2025, the loan was on nonaccrual status with an unpaid principal balance of $52.2 million and risk rating of “5”. The loan was bifurcated into a senior and subordinate note structure and, as previously announced, the Company expects to realize a write-off of approximately $(15.4) million, which had been reserved for through a previously recorded allowance for credit losses.

• Anticipate selling an REO office property located in Phoenix, AZ, in the near-term near the GAAP carrying value.
• In April, extended the maturities of all repurchase facilities by approximately one year.
• During the quarter, repurchased 1.25 million shares of its common stock at an average price of $2.48 per share, for a total of approximately $3.1 million.
• During the quarter, the Company has funded approximately $10.7 million in unpaid principal balance on existing loans and has realized about $32.4 million in full and partial principal repayments, excluding the nonaccrual loan resolutions referenced above.
• As of June 16, the Company carried approximately $70.0 million in unrestricted cash.

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 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. 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 our subsequent 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.

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., 3 Bryant Park, 24^th floor, New York, NY 10036, telephone (212) 364-5500.

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