Granite Point Mortgage Trust Inc. reported a GAAP net loss attributable to common stockholders of $16.964 million, or $0.35 per basic common share, for the second quarter ended June 30, 2025. The distributable loss for the quarter was $45.306 million, or $0.94 per basic common share, including $36.1 million in write-offs related to two nonaccrual loan resolutions.
The company made substantial progress in de-risking its portfolio, resolving five risk-rated 5 loans year-to-date, inclusive of one resolution after quarter-end, leaving only two remaining. The weighted average risk rating of the loan portfolio improved to 2.8 as of June 30, 2025, from 3.1 at December 31, 2024, with no negative credit migration during the quarter. The overall loan portfolio yield improved by approximately 30 basis points in Q2 2025, reaching 7.1%, or 8.2% excluding nonaccrual loans.
Granite Point strengthened its balance sheet by extending all three repurchase facilities during Q2 2025 and its secured credit facility in July 2025, which included a 75 basis point reduction in the financing spread and a $7.5 million reduction in outstanding borrowings. The company also repurchased 1.25 million common shares during the quarter. Management anticipates a return to core lending and new originations by the end of 2025 or early 2026, targeting $750 million to $1 billion in originations through the end of 2026.
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