Granite Point Mortgage Trust Inc.

Previous wording

The past several quarters have been characterized by continued volatility in the global securities markets. Volatility was likely driven by investor concerns over the conflicts in the Middle East, tariffs, inflation, interest rates, escalating trade tensions, slowing economic growth, political and regulatory uncertainty and geopolitical conditions. During the quarter, financial institutions were affected by certain events which also contributed to global markets volatility, diminished liquidity and credit availability.

Current wording

The past several quarters have been characterized by continued volatility in the global securities markets. Volatility was likely driven by investor concerns over the ongoing military conflicts in the Middle East, tariffs, inflation, interest rates, escalating trade tensions, slowing economic growth, political and regulatory uncertainty and geopolitical conditions. During the quarter, financial institutions were affected by certain events which also contributed to global markets volatility, diminished liquidity and credit availability.

Previous wording

•Generated Distributable (Loss) to common stockholders of $(3.0) million, or $(0.06) per basic share, which excludes $0.2 million in benefit from credit losses, $(0.9) million of equity compensation expense and $(2.0) million of depreciation and amortization on REO.

Current wording

•Generated Distributable (Loss) to common stockholders of $(37.7) million, or $(0.79) per basic share, which includes $(29.7) million in write-offs and $(3.1) million in discounts on participations sold and excludes $(47.0) million in provision for credit losses, $(6.1) million of impairment loss on REO, $(2.0) million of depreciation and amortization on REO, $(1.1) million of equity compensation expense and $(0.9) million of amortization of deferred debt issuance costs on participations sold.

Previous wording

•Generated Distributable (Loss) Before Realized Gains and Losses to common stockholders of $(3.3) million, or $(0.07) per basic share.

Current wording

•Generated Distributable (Loss) Before Realized Gains and Losses to common stockholders of $(4.9) million, or $(0.10) per basic share.

Previous wording

•Recorded an increase to the allowance for credit losses of $0.1 million, for a total allowance of credit losses of $148.5 million, or approximately 9.4% of total loan commitments of $1.6 billion at March 31, 2026.

Current wording

•Recorded an increase to the allowance for credit losses of $17.3 million, for a total allowance of credit losses of $165.8 million, or approximately 11.4% of total loan commitments of $1.5 billion at June 30, 2026.

Previous wording

•Book value per share of common stock at March 31, 2026, was $7.05, inclusive of $(3.10) per basic common share of total CECL reserve.

Current wording

•Book value per share of common stock at June 30, 2026, was $5.70, inclusive of $(3.44) per basic common share of total CECL reserve.

Previous wording

•Realized $(189.4) million of total unpaid principal balance in loan repayments, loan sales, principal paydowns, principal amortization and cost recovery.

Current wording

•Realized $(129.8) million of total unpaid principal balance reduction from loan repayments, resolutions, principal paydowns, principal amortization and cost recovery.

Previous wording

•Funded $14.3 million of prior loan commitments and upsizes, including $0.4 million of capitalized deferred interest.

Current wording

•Funded $8.0 million of prior loan commitments and upsizes, including $0.3 million of capitalized deferred interest.

Previous wording

•Ended the quarter with a portfolio of 40 loan investments with an aggregate unpaid principal balance of $1.5 billion and total commitments of $1.6 billion, a weighted average stabilized LTV at origination of 66.0%, and a weighted average all-in yield at origination of S+3.96%.

Current wording

•Ended the quarter with a portfolio of 38 loan investments with an aggregate unpaid principal balance of $1.4 billion and total commitments of $1.5 billion, a weighted average stabilized LTV at origination of 66.1%, and a weighted average all-in yield at origination of S+3.91%.

Previous wording

•At March 31, 2026, carried unrestricted cash of $43.6 million, a portion of which is subject to certain liquidity covenants.

Current wording

•At June 30, 2026, carried unrestricted cash of $58.5 million, a portion of which is subject to certain liquidity covenants.

Previous wording

As a commercial real estate finance company, we believe the key financial measures and indicators for our business are earnings per share presented on a GAAP basis, dividends declared on common stock, Distributable Earnings and book value per share of common stock. For the three months ended March 31, 2026, we recorded a GAAP net (loss) per basic common share of $(0.13), declared cash dividends of $0.05 per share of common stock and reported Distributable (Loss) of $(0.06) per basic common share. Our book value as of March 31, 2026, was $7.05 per share of common stock, inclusive of $(3.10) per share of total CECL reserves.

Current wording

As a commercial real estate finance company, we believe the key financial measures and indicators for our business are earnings per share presented on a GAAP basis, dividends declared on common stock, Distributable Earnings and book value per share of common stock. During the three months ended June 30, 2026, we recorded a GAAP net (loss) per basic common share of $(1.29), declared cash dividends of 0.05 per share of common stock and reported Distributable (Loss) of $(0.79) per basic common share. Our book value as of June 30, 2026, was $5.70 per share of common stock, inclusive of $(3.44) per share of total CECL reserves.

Previous wording

As further described below, Distributable Earnings is a “non-GAAP financial measure.” We use Distributable Earnings to evaluate our performance, excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations. In addition, Distributable Earnings is a performance metric we consider, along with other measures, when declaring our common stock dividends.

Current wording

As further described below, Distributable Earnings is a “non-GAAP financial measure.” We use Distributable Earnings to evaluate our performance, excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations. In addition, Distributable Earnings is a performance metric management and our board of directors consider, along with other measures, when the board declares our common stock dividends.

Previous wording

The following table sets forth the calculation of basic and diluted earnings (loss) per share and dividends declared per share for the three months ended March 31, 2026, and 2025:

Current wording

The following table sets forth the calculation of basic and diluted earnings (loss) per share and dividends declared per share for the three and six months ended June 30, 2026, and 2025:

Previous wording

While Distributable Earnings (Loss) excludes the impact of the unrealized non-cash current provision for credit losses, we expect to only recognize such potential credit losses in Distributable Earnings (Loss) if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The realized loss amount reflected in Distributable Earnings (Loss) will equal the difference between the cash received, or expected to be received, and the carrying value of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan. During the three months ended March 31, 2026, and 2025, we recorded a (benefit from) provision for credit losses of $(0.2) million and $3.8 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 three months ended March 31, 2026, and 2025, we recorded $(2.0) million and $(1.4) 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.

Current wording

While Distributable Earnings (Loss) excludes the impact of the unrealized non-cash current provision for credit losses, we expect to only recognize such potential credit losses in Distributable Earnings (Loss) if and when such amounts are deemed non-recoverable. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due will not be collected. The realized loss amount reflected in Distributable Earnings (Loss) will equal the difference between the cash received, or expected to be received, and the carrying value of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the loan.

Previous wording

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 three months ended March 31, 2026, and 2025:

Current wording

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 three and six months ended June 30, 2026, and 2025:

Previous wording

Book value per share as of March 31, 2026, includes the impact of an estimated allowance for credit losses of $148.5 million, or $(3.10) per common share. See Note 3 –Loans Held-for-Investment, Net of Allowance for Credit Losses to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for a detailed discussion of allowance for credit losses.

Current wording

Book value per share as of June 30, 2026, includes the impact of an estimated allowance for credit losses of $165.8 million, or $(3.44) per common share. See Note 3 –Loans Held-for-Investment, Net of Allowance for Credit Losses to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for a detailed discussion of allowance for credit losses.

Previous wording

Interest-earning assets include our 100% loan investment portfolio. At March 31, 2026, our loan portfolio was comprised of 40 investments, all of which were senior first mortgage loans totaling $1.6 billion of commitments with an unpaid principal balance of $1.5 billion. At March 31, 2026, the weighted average risk rating of our loan portfolio was 3.2 as compared to 2.9 at December 31, 2025, weighted by total unpaid principal balance.

Current wording

Interest-earning assets include our 100% loan investment portfolio. At June 30, 2026, our loan portfolio was comprised of 38 investments, all of which were senior first mortgage loans totaling $1.5 billion of commitments with an unpaid principal balance of $1.4 billion. At June 30, 2026, the weighted average risk rating of our loan portfolio was 3.2 as compared to 2.9 at December 31, 2025, weighted by total unpaid principal balance.

Previous wording

We may hold REO as a result of taking title to a loan’s collateral. As of March 31, 2026, we held two REO office properties with an aggregate carrying value of $98.2 million, inclusive of $12.3 million of intangible and other assets included in other assets and $(7.4) million of unfavorable and other lease liabilities in our Condensed Consolidated Balance Sheets.

Current wording

We may hold REO as a result of taking title to a loan’s collateral. As of June 30, 2026, we held two REO office properties, one REO, held-for-investment with an aggregate carrying value of $35.8 million, inclusive of $5.9 million of intangible and other assets included in other assets and $(0.1) million of unfavorable and other lease liabilities in our condensed consolidated balance sheets and one REO held-for-sale with an aggregate carrying value of $54.9 million, inclusive of $7.3 million of REO liabilities, held-for-sale in our condensed consolidated balance sheets.

Previous wording

During the three months ended March 31, 2026, we funded $14.3 million under existing loan commitments, loan upsizes, deferred capitalized interest and other investments. We realized $(189.4) million in aggregate reductions in portfolio unpaid principal balance from loan repayments, loan sales, principal paydowns, principal amortization and cost recoveries. See Note 3 —Loans Held-for-Investment, Net of Allowance for Credit Losses to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for further detail.

Current wording

During the three months ended June 30, 2026, we funded $8.0 million under existing loan commitments, loan upsizes, deferred capitalized interest and other investments. We realized $(129.8) million in aggregate reductions in portfolio unpaid principal balance from loan repayments and resolutions, principal paydowns, principal amortization and cost recoveries. See Note 3 —Loans Held-for-Investment, Net of Allowance for Credit Losses to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for further detail.

Previous wording

(1)Includes $1.4 million in fundings of other investments classified as loans held-for-investment during the three months ended March 31, 2026.

Current wording

(1)Includes $2.3 million in fundings of other investments classified as loans held-for-investment during the three months ended June 30, 2026.

Previous wording

The following table provides detail of our loan held-for-investment portfolio as of March 31, 2026:

Current wording

The following table provides detail of our loans held-for-investment portfolio as of June 30, 2026:

Previous wording

(10)Includes total other investments of $4.2 million, inclusive of a $3.6 million unsecured loan with a fixed rate of 11% deferred until maturity, and $0.6 million of equity interest with a 35% residual return, in the borrower entity of the senior loan. The other investment balance is on nonaccrual status as of March 31, 2026. As of March 31, 2026, the maturity date is December 9, 2026, which is determined by the maturity date of the associated senior loan.

Current wording

(10)Includes total other investments of $5.5 million, inclusive of a $4.9 million unsecured loan with a fixed rate of 11% deferred until maturity, and $0.6 million of equity interest with a 35% residual return, in the borrower entity of the senior loan. The other investment balance is on nonaccrual status as of June 30, 2026. As of June 30, 2026, the maturity date is December 9, 2026, which is determined by the maturity date of the associated senior loan.

Previous wording

(11)Includes a preferred equity investment of $2.3 million with a fixed rate of 11% deferred until maturity and a 30% residual return in the borrower entity of the senior loan. The preferred equity balance is on nonaccrual status as of March 31, 2026. As of March 31, 2026, the maturity date is April 9, 2026, which is determined by the maturity date of the associated senior loan.

Current wording

(11)Includes a preferred equity investment of $2.8 million with a fixed rate of 11% deferred until maturity and a 35% residual return in the borrower entity of the senior loan. The preferred equity balance is on nonaccrual status as of June 30, 2026. As of June 30, 2026, the maturity date is October 9, 2026, which is determined by the maturity date of the associated senior loan.

Previous wording

(12)Includes a preferred equity investment of $2.3 million with a fixed rate of 10% deferred until maturity and a 10% residual return in the borrower entity of the senior loan. The preferred equity balance is on nonaccrual status as of March 31, 2026. As of March 31, 2026, the maturity date is November 9, 2026, which is determined by the maturity date of the associated senior loan.

Current wording

(12)Includes a preferred equity investment of $2.6 million with a fixed rate of 10% deferred until maturity and a 10% residual return in the borrower entity of the senior loan. The preferred equity balance is on nonaccrual status as of June 30, 2026. As of June 30, 2026, the maturity date is November 9, 2026, which is determined by the maturity date of the associated senior loan.

Previous wording

(13)Includes a preferred equity investment of $1.7 million with a fixed rate of 12% deferred until maturity and a 40% residual return in the borrower entity of the senior loan. The preferred equity balance is on nonaccrual status as of March 31, 2026. As of March 31, 2026, the maturity date is October 9, 2026, which is determined by the maturity date of the associated senior loan.

Current wording

(13)Includes a preferred equity investment of $1.8 million with a fixed rate of 12% deferred until maturity and a 40% residual return in the borrower entity of the senior loan. The preferred equity balance is on nonaccrual status as of June 30, 2026. As of June 30, 2026, the maturity date is October 9, 2026, which is determined by the maturity date of the associated senior loan.

Previous wording

As of March 31, 2026, the weighted average risk rating of our loan portfolio was 3.2, versus 2.9 as of December 31, 2025, weighted by unpaid principal balance. The change in the weighted average portfolio risk rating versus December 31, 2025, is mainly a result of select loan downgrades, two loan repayments with a risk rating of “1” and one loan sale with a risk rating of “1” during the three months ended March 31, 2026.

Current wording

As of June 30, 2026, the weighted average risk rating of our loan portfolio was 3.2, versus 2.9 as of December 31, 2025, weighted by unpaid principal balance. The change in the weighted average portfolio risk rating versus December 31, 2025, is mainly a result of select loan downgrades, two loan repayments with a risk rating of “1” and one loan sale with a risk rating of “1” during the three and six months ended June 30, 2026.

Previous wording

As of March 31, 2026, we had five loans that had a risk rating of “5” with an aggregate principal balance of $264.7 million, including one loan downgraded to a risk rating of “5” during the three months ended March 31, 2026. These five loans were on nonaccrual status as of March 31, 2026. The performance of these assets, which include one office building, one retail property, two hotel properties and one multifamily property, has been adversely affected to varying degrees by many factors, such as slower pace in leasing activity for office properties and other submarket dynamics, combined with a significant rise in interest rates, contributing to a meaningful reduction in real estate transaction activity, capital markets volatility and limited market liquidity affecting property values and these borrowers’ ability to either sell or refinance their loans, and other property-specific factors.

Current wording

As of June 30, 2026, we had five loans that had a risk rating of “5” with an aggregate principal balance of $252.9 million, including one loan downgraded to a risk rating of “5” during the three months ended June 30, 2026. These five loans were on nonaccrual status as of June 30, 2026. The performance of these assets, which include two office buildings, two hotel properties and one multifamily property, has been adversely affected to varying degrees by many factors, such as slower pace in leasing activity for office properties and other submarket dynamics, combined with a significant rise in interest rates, contributing to a meaningful reduction in real estate transaction activity, capital markets volatility and limited market liquidity affecting property values and these borrowers’ ability to either sell or refinance their loans, and other property-specific factors.

Previous wording

During the three months ended September 30, 2025, we completed the modification of a senior loan secured by a hotel property located in Tempe, AZ. As of March 31, 2026, and December 31, 2025, the loan had a principal balance of $27.3 million and $26.9 million, respectively, and an amortized cost of $27.3 million and $26.9 million, respectively. The terms of the modification included, among other things, (i) an extension of the fully extended maturity date to May 9, 2026; and (ii) a $2.5 million upsizing of the total commitment of the loan, resulting in an aggregate $3.7 million upsizing of the total commitment when considering other modifications occurring during the 12 months ended March 31, 2026. Due to the uncertainty with respect to the collection of future principal and interest, the loan was deemed collateral dependent, assigned a risk rating of “5” and was placed on nonaccrual status. The senior loan was performing pursuant to its modified contractual terms as of March 31, 2026.

Current wording

During the three months ended June 30, 2026, we completed the modification of a senior loan secured by a hotel property located in Tempe, AZ. As of June 30, 2026, and December 31, 2025, the loan had a principal balance of $27.5 million and $26.9 million, respectively, and an amortized cost of $27.6 million and $26.9 million, respectively. The terms of the modification included, among other things: (i) an extension of the fully extended maturity date to November 9, 2026, with one three-month option to extend to February 9, 2027, and (ii) a $2.1 million upsizing of the total commitment of the loan, resulting in an aggregate $4.6 million upsizing of the total commitment when considering other modifications occurring during the 12 months ended June 30, 2026. Due to the uncertainty with respect to the collection of principal and interest, the loan was previously deemed collateral dependent, assigned a risk rating of “5” and was placed on nonaccrual status. The senior loan was performing pursuant to its modified contractual terms as of June 30, 2026.

Previous wording

During the three months ended March 31, 2026, we completed the modification of a senior loan secured by an office property located in New York, NY, and the related unsecured note and equity interest classified as loans held-for-investment. As of March 31, 2026 and December 31, 2025, the senior loan had a principal balance and amortized cost of $69.2 million and $69.1 million, respectively. The terms of the senior loan modification included, among other things, a 1-year extension of the fully-extended maturity date to December 9, 2026, with one 12-month option to extend to December 9, 2027. The modification of the unsecured note and equity interest included, among other things, (i) a 1-year extension of the fully-extended maturity date to December 9, 2026, with one 12-month option to extend to December 9, 2027, (ii) a $4.8 million upsizing of the total commitment of the unsecured note, and (iii) a $0.1 million investment in exchange for an additional equity interest of 5%. The unsecured note earns deferred interest, which carries an accrual rate of 11%. Due to the uncertainty of collection of any unsecured note interest, we are not accruing any income on the unsecured note. As of March 31, 2026, the senior loan, unsecured note and equity interest had an aggregate principal balance and amortized cost of $73.4 million. The senior loan was performing pursuant to its modified contractual terms and accruing interest income on the consolidated statements of income as of March 31, 2026.

Current wording

During the three months ended March 31, 2026, we completed the modification of a senior loan secured by an office property located in New York, NY, and the related unsecured note and equity interest classified as loans held-for-investment. As of June 30, 2026, and December 31, 2025, the senior loan had a principal balance and amortized cost of $69.2 million and $69.1 million, respectively. The terms of the senior loan modification included, among other things, a one-year extension of the fully extended maturity date to December 9, 2026, with one 12-month option to extend to December 9, 2027. The modification of the unsecured note and equity interest included, among other things, (i) a one-year extension of the fully extended maturity date to December 9, 2026, with one 12-month option to extend to December 9, 2027, (ii) a $4.8 million upsizing of the total commitment of the unsecured note, and (iii) a $0.1 million investment in exchange for an additional equity interest of 5%. The unsecured note earns deferred interest, which carries an accrual rate of 11%. Due to the uncertainty of collection of any unsecured note interest, we are not accruing any income on the unsecured note. As of June 30, 2026, the senior loan, unsecured note and equity interest had an aggregate principal balance and amortized cost of $74.7 million. The senior loan was performing pursuant to its modified contractual terms and accruing interest income on the consolidated statements of income as of June 30, 2026.

Previous wording

During the three months ended December 31, 2025, we completed the modification of a senior loan secured by an office property located in Encino, CA. As of March 31, 2026, and December 31, 2025, the senior loan had a principal balance of $43.5 million and $43.4 million, respectively, and an amortized cost of $43.4 million and $43.2 million, respectively. The terms of the modification included, among other things, (i) a two-year extension of the fully extended maturity date to October 9, 2028; and (ii) a $3.8 million upsizing of the total commitment of the loan. Additionally, we made a $1.6 million non-controlling preferred equity investment in a limited liability company, or LLC, that is the borrower of the senior loan with an initial redemption date of October 9, 2026, which is determined by the maturity date of the associated senior loan. We may invest up to an additional $2.0 million in the preferred equity investment. The preferred equity investment will earn a deferred preferred return, which carries an accrual rate of 12%. Due to the uncertainty of collection of any preferred equity investment accrued amounts, we are not accruing any income on the preferred equity investment. The preferred equity investment is included in our consolidated balance sheets within loans held-for-investment. As of March 31, 2026, the senior loan and preferred equity investment had an aggregate principal balance of $45.2 million and an aggregate amortized cost of $45.0 million. The senior loan was performing pursuant to its modified contractual terms and accruing interest income on the consolidated statements of income as of March 31, 2026.

Current wording

During the three months ended December 31, 2025, we completed the modification of a senior loan secured by an office property located in Encino, CA. As of June 30, 2026, and December 31, 2025, the senior loan had a principal balance of $43.8 million and $43.4 million, respectively, and an amortized cost of $43.7 million and $43.2 million, respectively. The terms of the modification included, among other things, (i) a two-year extension of the fully extended maturity date to October 9, 2028, and (ii) a $3.8 million upsizing of the total commitment of the loan. Additionally, we made a $1.6 million non-controlling preferred equity investment in a limited liability company, or LLC, that is the borrower of the senior loan with an initial redemption date of October 9, 2026, which is determined by the maturity date of the associated senior loan. We may invest up to an additional $2.0 million in the preferred equity investment. The preferred equity investment will earn a deferred preferred return, which carries an accrual rate of 12%. Due to the uncertainty of collection of any preferred equity investment accrued amounts, we are not accruing any income on the preferred equity investment. The preferred equity investment is included in our consolidated balance sheets within loans held-for-investment. As of June 30, 2026, the senior loan and preferred equity investment had an aggregate principal balance of $45.6 million and an aggregate amortized cost of $45.5 million. The senior loan was performing pursuant to its modified contractual terms and accruing interest income on the consolidated statements of income as of June 30, 2026.

Previous wording

As of March 31, 2026, our portfolio financing consisted of repurchase facilities, secured credit facilities and a mortgage loan payable collateralized by loans held-for-investment and REO, and securitized debt obligations collateralized by pools of loans held-for-investment issued in CRE CLOs. Our non-mark-to-market financing sources accounted for approximately 64.3% of portfolio loan-level financing as of March 31, 2026.

Current wording

As of June 30, 2026, our portfolio financing consisted of repurchase facilities, secured credit facilities, a mortgage loan payable collateralized by REO, held-for-investment, loan participations sold and securitized debt obligations collateralized by pools of loans held-for-investment issued in CRE CLOs. Our non-mark-to-market financing sources accounted for approximately 67.2% of portfolio-level financing by principal balance as of June 30, 2026.

Previous wording

The following table summarizes assets at carrying values that served as collateral for the future payment obligations of the repurchase facilities, the secured credit facility, the mortgage loan payable and the CRE CLOs as of March 31, 2026, and December 31, 2025:

Current wording

The following table summarizes assets at carrying values that served as collateral for the future payment obligations of the repurchase facilities, the secured credit facility, the mortgage loan payable, loan participations sold and the CRE CLOs as of June 30, 2026, and December 31, 2025:

Previous wording

(1)As of March 31, 2026, real estate owned, net included $5.0 million in other assets and liabilities.

Current wording

(1)As of June 30, 2026, real estate owned, held-for-investment, net included $5.8 million in other assets, net of other liabilities.

Previous wording

As of March 31, 2026, we had repurchase facilities in place with three counterparties with aggregate outstanding borrowings of $0.3 billion, which financed a portion of our loans held-for-investment and real estate owned. As of March 31, 2026, the weighted average borrowing rate on our repurchase facilities was 6.1%, the weighted average advance rate was 54.5%, and the term to maturity ranged from approximately 0.07 years to approximately 0.33 years, with a weighted average remaining maturity of 0.3 years.

Current wording

As of June 30, 2026, we had repurchase facilities in place with three counterparties with aggregate outstanding borrowings of $0.3 billion, which financed a portion of our loans held-for-investment and real estate owned, held-for-sale. As of June 30, 2026, the weighted average borrowing rate on our repurchase facilities was 6.0%, the weighted average advance rate was 53.8%, and the term to maturity ranged from approximately 0.1 years to approximately 1.0 years, with a weighted average remaining maturity of 0.4 years.

Previous wording

(3)Collateral value includes real estate owned with a carrying value of $61.9 million.

Current wording

(3)Collateral value includes real estate owned, held-for-sale with a carrying value of $54.9 million.

Previous wording

(4)Subsequent to March 31, 2026, we exercised an option to extend the maturity date to April 26, 2027.

Current wording

(4)Subsequent to June 30, 2026, we entered into modifications of the facility to extend the maturity date to July 28, 2028 and increase the maximum facility capacity to $651.0 million.

Previous wording

We have financed certain pools of our loans through the issuance of CRE CLOs. At March 31, 2026, we held two outstanding CRE CLOs: GPMT 2021-FL4 and GPMT 2021-FL3, totaling $0.5 billion of outstanding borrowings, financing 24 of our existing senior loan investments with an aggregate principal balance, inclusive of restricted cash, totaling $0.7 billion. As of March 31, 2026, our CRE CLOs financed 47.4% of our total loan portfolio principal balance on a term-matched, non-recourse and non-mark-to-market basis with attractive cost of funds.

Current wording

We have financed certain pools of our loans through the issuance of CRE CLOs. At June 30, 2026, we held two outstanding CRE CLOs: GPMT 2021-FL4 and GPMT 2021-FL3, totaling $0.5 billion of outstanding borrowings, financing 22 of our existing senior loan investments with an aggregate principal balance, inclusive of restricted cash, totaling $0.7 billion. As of June 30, 2026, our CRE CLOs financed 46.4% of our total loan portfolio principal balance on a term-matched, non-recourse and non-mark-to-market basis with attractive cost of funds.

Previous wording

As of March 31, 2026, the total debt-to-equity ratio with respect to our loans held-for-investment was 1.7:1.0, and our recourse leverage ratio was 0.7:1.0. The following table represents our recourse leverage ratio and total leverage ratio as of March 31, 2026, and December 31, 2025. The period-over-period decrease in our leverage ratios was mainly related to lower borrowings due to loan repayments and paydowns.

Current wording

As of June 30, 2026, the total debt-to-equity ratio with respect to our loans held-for-investment was 1.9:1.0, and our recourse leverage ratio was 0.7:1.0. The following table represents our recourse leverage ratio and total leverage ratio as of June 30, 2026, and December 31, 2025. The period-over-period decrease in our leverage ratios was mainly related to lower borrowings due to loan repayments and paydowns.

Previous wording

Our business strategy seeks to minimize our exposure to changes in interest rates by matching benchmark indices on our assets with those on our asset-level borrowings. Accordingly, our business model is such that, in general, rising interest rates will increase our net interest income, while declining interest rates will decrease our net interest income, subject to the impact of interest rate floors on our floating rate assets and certain liabilities. As of March 31, 2026, 97.6% of our loan investments by principal balance earned a floating rate of interest and were financed with liabilities that pay interest on a floating-rate basis, which resulted in an amount of net floating-rate exposure, subject to the impact of interest rate floors on certain of our floating-rate loan investments, of $0.5 billion. As of March 31, 2026, 2.4% of our loan investments by principal balance earned a fixed rate of interest and were financed with liabilities that pay interest on a floating-rate basis, which resulted in a negative correlation to elevated interest rates on that amount of our financing.

Current wording

Our business strategy seeks to minimize our exposure to changes in interest rates by matching benchmark indices on our assets with those on our asset-level borrowings. Accordingly, our business model is such that, in general, rising interest rates will increase our net interest income, while declining interest rates will decrease our net interest income, subject to the impact of interest rate floors on our floating rate assets and certain liabilities. As of June 30, 2026, 97.4% of our loan investments by principal balance earned a floating rate of interest and were financed with liabilities that pay interest on a floating-rate basis, which resulted in an amount of net floating-rate exposure, subject to the impact of interest rate floors on certain of our floating-rate loan investments, of $0.4 billion. As of June 30, 2026, 2.6% of our loan investments by principal balance earned a fixed rate of interest and were financed with liabilities that pay interest on a floating-rate basis, which resulted in a negative correlation to elevated interest rates on that amount of our financing.

Previous wording

(3)Floating-rate liabilities include our outstanding repurchase facilities, secured credit facility, CRE CLOs and mortgage loan payable.

Current wording

(3)Floating-rate liabilities include our outstanding repurchase facilities, secured credit facility, CRE CLOs, mortgage loan payable and loan participations sold.

Previous wording

The following tables present the components of interest income and average annualized net asset yield earned by asset type, the components of interest expense and average annualized cost of funds on borrowings incurred by collateral type and net interest income and average annualized net interest rate spread for the three months ended March 31, 2026, and 2025. The net asset yield reflects the impact of loans held on nonaccrual status.

Current wording

The following tables present the components of interest income and average annualized net asset yield earned by asset type, the components of interest expense and average annualized cost of funds on borrowings incurred by collateral type and net interest income and average annualized net interest rate spread for the three and six months ended June 30, 2026, and 2025. The net asset yield reflects the impact of loans held on nonaccrual status.