Granite Point Mortgage Trust Inc.

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Pay Versus Performance

As required by the Dodd-Frank Act, we are providing the following information about the relationship between “compensation actually paid” to our NEOs and certain corporate performance metrics, in accordance with SEC regulations, during the years ended December 31, 2021, 2022, 2023, 2024, and 2025. Please note that “compensation actually paid,” as presented in the Pay Versus Performance Table below, is different from the compensation amounts reported in the Summary Compensation Table largely due to the different methodologies applied to calculate equity award information.

PAY VERSUS PERFORMANCE TABLE

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(1)

Summary Compensation Table Total for Principal Executive Officer, or PEO –The amounts in this column are the amounts of compensation reported in the “Total” column of the Summary Compensation Table for Mr. Taylor, our President and Chief Executive Officer, for the covered years.

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(2)

Compensation Actually Paid to PEO and Non-PEO NEOs –The amounts in the following table represent deductions from and additions to the Summary Compensation Table total amounts in 2025 for Mr. Taylor and for our NEOs other than Mr. Taylor (Messrs. Johnson, Alpart, Karber and Morral), on an average basis, to calculate the compensation actually paid appearing in these columns of the Pay Versus Performance Table for 2025:

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(a)

Equity fair value calculations reported in the Pay Versus Performance Table were made using the closing market price of our common stock on the NYSE on the relevant date (or, if the NYSE was closed on such date, the closing market price of our common stock on the most recent NYSE trading date prior to the relevant date).

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(b)

Performance estimates were updated for outstanding PSUs granted in 2024 and 2025, and actual performance results were used for the PSUs granted in 2023 (as reported in “Compensation Discussion and Analysis”).

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(3)

Average Summary Compensation Table Total for Non-PEO NEOs –The amounts in this column are the average amounts of compensation reported in the “Total” column of the Summary Compensation Table for our NEOs other than Mr. Taylor for the covered years. For 2021-2023, our NEOs other than Mr. Taylor were Marcin Urbaszek, Mr. Alpart, Mr. Morral and Steven Plust. For 2024, our NEOs other than Mr. Taylor were Messrs. Urbaszek, Johnson, Alpart, Morral and Plust. For 2025, our NEOs other than Mr. Taylor were Messrs. Johnson, Alpart, Karber and Morral.

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(4)

Total Shareholder Return (TSR) –The amounts in this column represent cumulative total return on our Company’s common stock at the end of each covered year, assuming $100 invested on December 31, 2020, with quarterly investment of dividends before consideration of income taxes and without the payment of any commissions.

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(5)

Peer Group TSR –The amounts in this column represent cumulative total return on the stocks included in the FTSE NAREIT Mortgage REITs Index (which is the index we reference in the “Performance Graph” appearing in Part II of our Annual Report on Form 10-K for the year ended December 31, 2025) at the end of each covered year, assuming $100 invested on December 31, 2020, with quarterly investment of dividends before consideration of income taxes and without the payment of any commissions.

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(6)

Net Income (Loss) –The amounts in this column reflect the amount of net income (loss) reported in our Company’s audited financial statements for the covered years.

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(7)

“Run-Rate” ROAE –The amounts in this column represent “Run-Rate” ROAE for the covered years, which is calculated as the ratio of (i) our Company’s Distributable Earnings Before Realized Gains and Losses generated during the performance period, as reported in our Company’s publicly filed financial reports, to (ii) our Company’s average common stockholders’ equity during the performance period, as measured on each of the first and last day of the period. For additional information, see Appendix A – Definitions and Calculation of Non-GAAP Measures.

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ANALYSIS OF THE PAY VERSUS PERFORMANCE INFORMATION

We are providing the following information depicting the relationship among items reported in the Pay Versus Performance Table in accordance with Item 402(v) of Regulation S-K. Please read “Compensation Discussion and Analysis” for more information about our Compensation Committee’s pay-for-performance philosophy and the ways in which the committee structures our NEOs’ compensation opportunities to align with corporate performance.

FINANCIAL PERFORMANCE MEASURES

The following measures were the most important financial performance measures used by our Company during the most recently completed fiscal year to link (i) compensation actually paid to our NEOs to (ii) corporate performance:

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Absolute “Run-Rate” ROAE

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Absolute Change in Book Value per Share

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Relative “Run-Rate” ROAE

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Relative Change in Book Value per Share

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Please read “Compensation Discussion and Analysis” for detailed information about the role of these performance metrics in our 2025 executive compensation program.