Granite Point Mortgage Trust : Q1 2024 Earnings Supplemental

First Quarter 2024 Earnings Supplemental

May 8, 2024

Safe Harbor Statement

This presentation 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 involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, projections and illustrations and, consequently, you should not rely on these forward-looking statements as predictions of future events. 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. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical facts or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. 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, 2023, under the caption "Risk Factors," and any subsequent Form 10-Q or other 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.

This presentation is for informational purposes only and shall not constitute, or form a part of, an offer to sell or buy or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.

2

Company Overview*

An internally-managed commercial real estate finance company operating as a REIT, focused on originating and investing in floating-rate, first mortgage loans secured by institutional-quality transitional properties.

Conservatively managed balance sheet with a granular investment portfolio and a well-balanced funding profile.

I N V E ST M E N T P O R T F O L I O

C A P I TA L I Z AT I O N

S U M M A RY R E S U LT S

$2.8 billion**

Total Portfolio

Commitments

Across 71 Loan

Investments

100% Loans

99% Senior Loans

98% Floating Rate

$3.1 billion

Total Financing

Capacity with

$1.9 billion

Outstanding

~57%

Non-Mark-to-

Market Borrowings

$(1.53)

Q1'24 GAAP Net†

(loss) per basic

share

$0.03

Q1'24

Distributable Earnings†† per basic share

63.5%		$38.2 million		2.3x		$155 million
Weighted		Average UPB		Total Debt-to-		Unrestricted Cash
Average LTV***				Equity Leverage***		Balance

12.6%		$0.15
Annualized		Common Dividend
Dividend Yield		per Share

$212.7 million allowance for credit losses, or 7.5% of portfolio commitments, of which 73%, or $155.3 million, is allocated to specific CECL reserves.

$3.1bn financing capacity; $1.9bn

outstanding including $0.9bn across six facilities and $1.0bn in non-recourse and non-mark-to-market borrowings from two CRE CLOs. No remaining corporate debt maturities.

$11.14

Book Value per Common Share

at March 31, 2024

• All information pertaining to this slide is as of March 31, 2024, unless otherwise noted.
• Includes maximum loan commitments. Outstanding principal balance of $2.7 billion.
• See definition in the appendix.

• Represents Net (Loss) Income Attributable to Common Stockholders; see definition in the appendix. †† See definition and reconciliation to GAAP net income in the appendix.

3

Q1 2024 Summary Results

FINANCIAL SUMMARY

• GAAP Net (Loss)* of $(77.7) million, or $(1.53) per basic share, inclusive of a $(75.6) million, or $(1.49) per basic share, provision for credit losses.
• Distributable Earnings** of $1.3 million, or $0.03 per basic share.
• Common stock quarterly dividend per share of $0.15; Series A preferred dividend per share of $0.4375.
• Book value per common share of $11.14, inclusive of $(4.17) per common share of total CECL reserve.

PORTFOLIO	▪	Funded $17.5 million on existing loan commitments and upsizes.
ACTIVITY	▪	Realized $35.5 million of total UPB in loan repayments, principal paydowns, and amortization.
	▪ Portfolio with $2.8 billion in total commitments across 71 loan investments comprised of over 99% senior loans with a
PORTFOLIO		weighted average stabilized LTV of 63.5%† and a realized loan portfolio yield of 7.7%† ; over 98% floating rate.
OVERVIEW	▪	Total CECL reserve of $212.7 million, or 7.5% of total portfolio commitments as of March 31, 2024.
	▪ Weighted average portfolio risk rating of 3.0 as of March 31, 2024.
CAPITALIZATION	▪	Ended Q1 with over $155 million in unrestricted cash and total leverage ratio†† of 2.3x with no corporate debt
& LIQUIDITY		maturities remaining.
SUBSEQUENT	▪ So far in Q2'24, the Company funded about $3 million on existing loan commitments and realized about $13 million in
	loan paydowns.
EVENTS
▪	As of May 3rd, carried approx. $130 million in unrestricted cash.

* Represents Net (Loss) Income Attributable to Common Stockholders; see definition in the appendix.
** See definition and reconciliation to GAAP net income in the appendix.	4
† See definition in the appendix. Includes nonaccrual loans.
†† See definition in the appendix.

Q1 2024 Financial Summary

SUMMARY INCOME STATEMENT

($ IN MILLIONS, EXCEPT PER SHARE DATA)

(UNAUDITED)

Net Interest Income	$12.5
(Provision) for Credit Losses	$(75.6)
Revenue / (Expenses) from REO Operations, net	$(0.9)
Operating Expenses	$(10.2)
Dividends on Preferred Stock	$(3.6)
GAAP Net (Loss)*	$(77.7)
Basic Wtd. Avg. Common Shares	50,744,532
Diluted Wtd. Avg. Common Shares	50,744,532
Net (Loss) Per Basic Share	$(1.53)
Net (Loss) Per Diluted Share	$(1.53)
Common Dividend Per Share	$0.15
Series A Preferred Dividend Per Share	$0.4375

SUMMARY BALANCE SHEET

($ IN MILLIONS, EXCEPT PER SHARE DATA, REFLECTS CARRYING VALUES)

(UNAUDITED)

Cash	$155.2
Restricted Cash	$12.8
Loans Held-for-Investment, net	$2,492.5
Real Estate Owned, net(1)	$19.2
Repurchase Facilities	$842.5
Securitized (CLO) Debt	$990.6
Secured Credit Facility	$84.0
Preferred Equity	$205.7
Common Equity	$568.4
Total Stockholders' Equity	$774.2
Common Shares Outstanding	51,034,800
Book Value Per Common Share	$11.14

* See definition in the appendix. Due to rounding figures may not result in the totals presented.

5

Key Drivers of Q1 2024 Earnings and Book Value Per Share

• GAAP Net (Loss)* of $(77.7) million, or $(1.53) per basic share, inclusive of a $(75.6) million, or $(1.49) per basic share, provision for credit losses.
• Distributable Earnings** of $1.3 million, or $0.03 per basic share.
• Q1 2024 book value per common share of $11.14, inclusive of $(4.17) per common share total CECL reserve.

B O O K VA L U E WA L K P E R S H A R E

$15.00
$14.00		$12.91	$0.03
$13.00
				$(1.49)				$(0.15)
$12.00						$(0.07)		$(0.13)		$0.04		$11.14
$11.00
$10.00
$9.00
$8.00
$7.00
$6.00
$5.00
	12/31/2023		Pre-Provision	(Provision for)	Series A Preferred	Common Stock	Stock Forfeiture	Equity	3/31/2024
				Net Income	Credit Losses		Dividend	Dividend				Compensation
								Declaration	Declaration

* Represents Net (Loss) Income Attributable to Common Stockholders; see definition in the appendix.	6
** See definition and reconciliation to GAAP net income in the appendix.

Loan Portfolio Credit Overview

• Weighted average portfolio risk rating of 3.0 as of March 31, 2024.

GENERAL AND SPECIFIC CECL RESERVE BY QTR.*

			General		Specific	$212.7
$134.6	$148.9	$137.1
			$155.3
$62.3	$85.1	$91.4
$72.3	$63.8	$45.7	$57.4
6/30/2023	9/30/2023	12/31/2023	3/31/2024

STABILIZED LTV**

32.4%

25.9%

21.3%

16.9%

3.5%

0 - 60%

60 - 65%

65 - 70%

70 - 75%

75 - 80%

CECL RESERVE AS % OF COMMITMENTS BY QTR.

7.5%

4.9%	4.7%
4.1%

6/30/2023

9/30/2023

12/31/2023

3/31/2024

RISK RATINGS

37.6%

		31.0%
				19.9%
5.5%			6.0%
1	2	3	4	5	7

• $ in millions.
• See definition in the appendix.

Loan Portfolio Overview as of March 31, 2024

Well-diversified and granular portfolio comprised of over 99% senior loans with a weighted average stabilized LTV at origination of 63.5%*.

KEY PORTFOLIO STATISTICS

Outstanding Principal Balance	$2.7 billion
Total Loan Commitments	$2.8 billion
Number of Investments	71
Average UPB	~$38.2 mil
Realized Loan Portfolio Yield**	7.7%
Weighted	63.5%
Average Stabilized LTV*
Weighted Average Fully-	1.5 years
Extended Remaining Term(3)

PROPERTY TYPE(2)

Industrial, 4.6%

Other, 3.5%

Hotel, 7.2%

Retail, 9.8%

Office, 43.1%

Multifamily,

31.8%

REGION(2)

West,

13.0% Northeast,

25.4%

Midwest,

16.7%

Southwest, Southeast,

19.7% 25.2%

* See definition in the appendix.	8
** See definition in the appendix. Includes nonaccrual loans.

Overview of Risk-Rated "5" Loans

• As of March 31, 2024, the Company held ten loans that were risk-rated "5" with an aggregate principal balance of $539.7 million. The Company is actively pursuing resolution options with respect to these loans, which may include a foreclosure, a deed-in-lieu, a loan restructuring, a sale of the loan, or a sale of the collateral property.

	Minneapolis, MN	Chicago, IL	Baton Rouge, LA	Los Angeles, CA	Minneapolis, MN
	Office(4)	Office(5)	Mixed-Use(5)	Mixed-use(6)	Hotel(7)
Loan Structure	Senior floating-rate	Senior floating-rate	Senior floating-rate	Senior floating-rate	Senior floating-rate
Origination Date	August 2019	July 2019	December 2015	November 2018	December 2018
Collateral Property	409,000 sq. ft.	346,545 sq. ft.	504,482 sq. ft.	83,100 sq. ft.	154 key full-service
office building	office/retail building	retail/office building	office/retail building	hotel
Total Commitment	$93 million	$88 million	$86 million	$37 million	$28 million
Current UPB	$93 million	$81 million	$84 million	$37 million	$28 million
Cash Coupon*	S + 2.8%	S + 3.7%	S + 4.2%	S + 3.6%	S + 3.9%

	New York, NY	Pittsburgh, PA	Chicago, IL	Boston, MA	Milwaukee, WI
	Mixed-Use(8)	Mixed-Use(8)	Multifamily(8)	Office(8)	Multifamily(5)
Loan Structure	Senior floating-rate	Senior floating-rate	Senior floating-rate	Senior floating-rate	Senior floating-rate
Origination Date	December 2018	November 2021	December 2018	January 2019	September 2019
	152,574 sq. ft.	258,385 sq. ft.	250-unit multifamily	80,000 sq. ft.	55-unit multifamily
Collateral Property	MF/other/office
office/retail building	building	office building	building
	building
Total Commitment	$96 million	$53 million	$34 million	$26 million	$12 million
Current UPB	$94 million	$51 million	$34 million	$26 million	$12 million
Cash Coupon*	S + 3.8%	S + 3.4%	S + 4.1%	S + 3.4%	S + 3.0%

* See definition in the appendix.	9

Office Loan Portfolio Overview

•	Since 2021, reduced the office exposure by over
	$525 million, or over 30%, primarily through
	repayments and paydowns, and also through other
	proactive loan resolutions.
• Granular	office	portfolio across	20 MSAs	and 17
	States.
•	55% CBD locations, 45% suburban locations.
•	35% Top 5 markets, 65% secondary markets.
• Average principal balance $34.2 million.
• Weighted average stabilized LTV** of 63.8%.
• 5-rated	office	exposure in	Boston,	Chicago,
	Minneapolis, New York and Downtown LA.
•	No office exposure in Washington DC, San Francisco
	Bay Area, Portland or Seattle.

REDUCTION IN OFFICE EXPOSURE* ($ IN MILLIONS)

$2,000

$1,750	$1,723
$1,500	$1,404

$1,250			$1,195
$1,000
2021	2022	2023

OFFICE PORTFOLIO BY REGION(2)

Southwest, 7.0%

Midwest,

12.6%

Northeast,

37.2%

West, 18.7%

Southeast,

24.5%

* Includes mixed-use properties.	10
** See definition in the appendix.