Granite Point Mortgage Trust Inc.

Note 1. Organization and Operations

Granite Point Mortgage Trust Inc., or the Company, is an internally managed commercial real estate finance company that focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. These investments are typically capitalized by accessing a variety of funding sources, including borrowing under the Company’s bank credit facilities or other asset financings, issuing commercial real estate collateralized loan obligations, or CRE CLOs, and issuing other forms of secured and unsecured debt and equity securities, depending on market conditions and the Company’s view of the most appropriate funding option available for the Company’s investments. The Company is not in the business of buying or trading securities, and the only securities it has owned are the retained interests from its CRE CLOs. The Company’s investment objective is to preserve the Company’s stockholders’ capital while generating attractive risk-adjusted returns over the long term, primarily through dividends derived from current income produced by the Company’s investment portfolio. The Company’s common stock is listed on the NYSE under the symbol “GPMT.” The Company operates its business in a manner that is intended to permit it to maintain its exclusion from registration under the Investment Company Act. The Company operates its business asone segment. The Company was incorporated in Maryland on April 7, 2017, and commenced operations as a publicly traded company on June 28, 2017.

The Company has elected to be treated as a REIT, as defined under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated one of its subsidiaries as a taxable REIT subsidiary, or TRS, as defined in the Code, to engage in such activities.

Note 2. Basis of Presentation and Significant Accounting Policies

Consolidation and Basis of Presentation

The interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the rules and regulations of the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles, or GAAP, have been condensed or omitted according to such SEC rules and regulations. However, management believes that the disclosures included in these interim condensed consolidated financial statements are adequate to make the information presented not misleading. All per share amounts, common shares outstanding and common equity-based awards for the three and nine months ended September 30, 2026, and all prior periods reflect the Company’s one-for-ten reverse stock split effected on October 5, 2026, at 5:00 p.m. Eastern Time (refer Note 11 -Stockholders’ Equity for additional information). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2026, and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2026, should not be construed as indicative of the results to be expected for future periods or the full year.

The unaudited condensed consolidated financial statements of the Company include the accounts of all subsidiaries; inter-company accounts and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation.

All entities in which the Company holds investments that are considered VIEs for financial reporting purposes were reviewed for consolidation under the applicable consolidation guidance. Whenever the Company has both the power to direct the activities of an entity that most significantly impact the entity’s performance, and the obligation to absorb losses or the right to receive benefits of the entity that could be significant, the Company consolidates the entity. See Note 5 -Variable Interest Entities and Securitized Debt Obligationsto the Company’s Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for additional details regarding consolidation of VIEs.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates. These include estimates of amount and timing of allowances for credit losses, fair value of certain assets and liabilities, including real estate owned and associated purchase price allocation of fair value, and other estimates that affect the reported amounts of certain assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of certain revenues and expenses during the reported period. It is likely that changes in these estimates (e.g., valuation changes to the underlying collateral of loans due to changes in market interest and capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, loan sponsorship, actions of other lenders, overall economic and capital markets conditions, the broader commercial real estate market, local geographic sub-markets or other factors) will occur in the near term.

The Company believes the estimates and assumptions underlying its condensed consolidated financial statements are reasonable and supportable based on the information available as of September 30, 2026. However, the Company’s actual results could ultimately differ from its estimates and such differences may be material.

Significant Accounting Policies

Included in Note 2 to the Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, is a summary of the Company’s significant accounting policies. Provided below is a summary of additional accounting policies that are significant to the Company’s condensed consolidated financial condition and results of operations for the three and nine months ended September 30, 2026.

Real Estate Owned, Held-for-Investment, Net and Real Estate Owned, Held-for-Sale

If the Company intends to hold, operate or develop the property, the asset is classified as real estate owned, held-for-investment, net on its consolidated balance sheets. If the held-for-sale criteria prescribed by ASC 360, Property, Plant and Equipment, are met, the asset is classified as real estate owned, held-for-sale and reflected at the lower of amortized cost and fair value less estimated transaction costs to sell on the consolidated balance sheets. Once classified as real estate owned, held-for-sale, the Company ceases recognition of the related depreciation and amortization.

When a transfer or sale of a loan participation does not meet the requirements for sale accounting, including circumstances in which the transferred portion does not qualify as a participating interest, the transaction is accounted for as a secured borrowing. In such cases, the Company continues to recognize the entire loan as an asset and records a corresponding loan participations sold liability on the consolidated balance sheet for the proceeds received; however, this gross presentation does not impact stockholders’ equity or net income.

Interest paid to participation holders is recognized as interest expense, while interest income continues to be recognized on the entire loan. The difference between the participation’s contractual principal balance and proceeds received is recorded as a discount and amortized to interest expense over the remaining term of the loan.

See Note 6 -Secured Financing Agreements for further details regarding the Loan Participations Sold.

Equity Incentive Plans

On June 5, 2025, the Company’s stockholders approved an amendment to the Granite Point Mortgage Trust Inc. 2022 Omnibus Incentive Plan, resulting in the Granite Point Mortgage Trust Inc. Amended and Restated 2022 Omnibus Incentive Plan, or the A&R 2022 Plan. The A&R 2022 Plan permits the granting of stock options, stock appreciation rights, restricted stock, restricted stock units (both non-performance-based units, or RSUs, and performance-based units, or PSUs), dividend equivalent rights, other stock-based awards and other cash-based awards to employees, certain consultants of the Company and members of the board of directors.

See Note 12 -Equity Incentive Plans for further details regarding the Equity Incentive Plans.

The cost of equity-based compensation is measured at its fair value at the grant date. Valuation methods used and subsequent expense recognition is dependent upon each award’s service and performance conditions. The Company accounts for forfeitures as they occur. Amortization expense is included within compensation and benefits expense on the consolidated statements of comprehensive (loss) income. Compensation costs for equity-based awards subject only to service conditions are measured at the closing stock price on the grant date and are recognized as expense on a straight-line basis over the requisite service periods for the awards, adjusted for any forfeitures. Compensation costs for equity-based awards subject to market-based performance metrics are measured at the grant date using Monte Carlo simulations, which incorporate assumptions for stock return volatility, dividend yield and risk-free interest rates. These initial valuation amounts are recognized as expense over the requisite performance periods, subject to adjustments only for actual forfeitures. Amortization of equity-based awards (non-cash equity compensation expense) is included within compensation and benefits on the consolidated statements of comprehensive (loss) income.

Recently Issued and/or Adopted Accounting Standards

Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, or ASU 2024-03. The new guidance requires a public business entity to provide disaggregated disclosures in the notes to the financial statements of certain categories of expenses that are included in expense line items on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026. The guidance is applied prospectively and may be applied retrospectively. The Company is evaluating the impact of ASU 2024-03.

Interim Reporting (Topic 270): Narrow Scope Improvements

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow Scope Improvements, or ASU 2025-11. The new guidance clarifies the information that must be presented in quarterly periods, including improved reporting dates. ASU 2025-11 also aligns certain interim reporting requirements more closely with annual disclosure objectives to promote consistency and comparability. The amendments are effective for interim periods beginning after December 31, 2027, and early adoption is permitted. The Company does not expect a material impact from ASU 2025-11.

Note 3. Loans Held-for-Investment, Net of Allowance for Credit Losses

The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of September 30, 2026, and December 31, 2025:

(1)Loans primarily secured by a first priority lien on commercial real property and related personal property and also includes, when applicable, any companion subordinate loans or other investments.

(2)Weighted average coupon inclusive of the impact of nonaccrual loans.

(3)Based on contractual maturity date, including maturity defaulted loans with no remaining term. Certain loans are subject to contractual extension options with such conditions stipulated in the applicable loan documents. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment fee. The Company may also extend contractual maturities in connection with certain loan modifications.

(4)A subordinate loan secured by the same mortgage as the senior loan.

Loan Portfolio Activity

The following tables summarize activity related to loans held-for-investment, net of allowance for credit losses, for the three and nine months ended September 30, 2026, and 2025:

(1)Total transfers to real estate owned of $71.0 million comprised of $63.4 million of loans held-for-investment and $7.6 million in related receivables.

Allowance for Credit Losses

The following table presents the changes for the three and nine months ended September 30, 2026, and 2025 in the allowance for credit losses on loans held-for-investment:

(1)The current expected credit loss, or CECL, reserve for unfunded commitments is included in “Other liabilities” on the condensed consolidated balance sheets.

As of September 30, 2026, the Company hadnine collateral-dependent loans with an aggregate principal balance of $413.3 million, for which the Company recorded an allowance for credit losses of $148.4 million. The performance of the collateral properties securing these loans, which includessix office buildings, two hotel properties andone multifamily property, has been impacted by an uncertain commercial real estate market and macroeconomic outlook, which includes weakening in credit fundamentals, capital markets volatility, reduced real estate transaction activity, and a higher cost of capital driven by elevated interest rates. These macroeconomic and market factors have resulted in the slowing of business plan execution and reduced market liquidity, thereby impacting the borrowers’ ability to either sell or refinance their properties to repay the Company’s loans. See Note 8 -Fair Value, for further detail on the fair value measurement of these loans.

As of September 30, 2026, the Company hadfour individually assessed loans with an aggregate principal balance of $190.2 million, for which the Company recorded an allowance for credit losses of $27.5 million. These loans did not meet the criteria to be considered collateral-dependent, but no longer share similar risk characteristics with the rest of the collective pool for the general reserve and therefore were individually assessed. The specific reserves were determined by using the expected cash flows from either a discounted payoff or note sale below par with the borrower or unrelated third-party. Three of these loans are secured by multifamily properties andone by a mixed-use multifamily and retail property.

During the three months ended September 30, 2026, the Company recorded a net increase of $20.1 million in its total allowance for credit losses, bringing the balance to $185.9 million as of September 30, 2026. The increase was primarily the result of an increase of $71.0 million in specific reserves. The increase was partially offset by a $(25.6) million net decrease in the general reserve, primarily due to favorable changes in loan attributes and credit migration to the specific reserve and $(25.3) million in write-offs upon resolution of loans previously considered collateral-dependent. The increase in the allowance was primarily related to a provision for credit losses of $45.4 million as a result ofeight loans that were individually assessed for the first time during the three months ended September 30, 2026.

During the nine months ended September 30, 2026, the Company recorded a net increase of $37.5 million in its total allowance for credit losses primarily due to an increase of $126.0 million in specific reserves, partially offset by a decrease of $(33.9) million in the general reserve primarily from credit migration to the specific reserve and $(54.7) million in write-offs upon resolution of loans previously considered collateral-dependent. The increase in the allowance was primarily related to provision for credit losses of $92.2 million as a result ofeleven loans that were individually assessed for the first time and incremental specific reserves on previously existing collateral-dependent loans, partially offset by a decrease in the general reserve due to negative credit migration to specific reserves during the nine months ended September 30, 2026.

Nonaccrual Loans

The following table presents the changes in the amortized cost of loans held-for-investment on nonaccrual status for the three and nine months ended September 30, 2026, and 2025:

As of September 30, 2026, the Company hadthirteen senior loans andfour other investments classified as loans held-for-investment, with a total unpaid principal balance of $608.3 million and an amortized cost of $607.7 million that were held on nonaccrual status, compared tothree senior loans with a total unpaid principal balance of $196.3 million and an amortized cost of $196.2 million that were held on nonaccrual status as of September 30, 2025. All other loans were considered current with respect to principal and interest payments due as of September 30, 2026, and 2025.

Loan Modifications

As part of its asset and portfolio management strategy, the Company may amend or modify a loan depending on the loan’s specific facts and circumstances. These loan modifications typically include additional time for the borrower to refinance or sell the collateral property, adjustment or waiver of performance tests that are prerequisite to the extension of a loan’s maturity, and/or deferral of scheduled principal payments. In exchange for a modification, the Company may receive a partial repayment of principal, a short-term accrual of capitalized interest for a portion of interest due, a cash infusion to replenish interest or capital improvement reserves, termination of all or a portion of the remaining unfunded loan commitment, additional call protection and/or an increase in the loan coupon or fees, among other items.

During the 12 months ended September 30, 2026, the Company entered into the followingsix loan modifications that met the disclosure requirements pursuant to ASC 326.

During the three months ended September 30, 2026, the Company completed the modification of a senior loan secured by an office property located in Atlanta, GA. As of September 30, 2026, and December 31, 2025, the loan had a principal balance of $28.2 million and $24.4 million, respectively, and an amortized cost of $28.3 million and $24.4 million, respectively. The terms of the modification included, among other things: athree-month extension of the maturity date to December 9, 2026, with options to further extend the loan to a fully extended maturity date of March 9, 2027. Due to the uncertainty with respect to the collection of principal and interest, the loan was deemed collateral-dependent, assigned a risk rating of “5” and placed on nonaccrual status. The senior loan was performing pursuant to its modified contractual terms as of September 30, 2026.

During the three months ended September 30, 2026, the Company completed the modification of a senior loan secured by an office property located in Atlanta, GA. As of September 30, 2026, and December 31, 2025, the loan had a principal balance of $46.1 million and $47.9 million, respectively, and an amortized cost of $46.0 million and $47.7 million, respectively. The terms of the modification included, among other things: athree-month extension of the maturity date to October 9, 2026, with an option to further extend the loan to a fully extended maturity date of January 9, 2027. Due to the uncertainty with respect to the collection of principal and interest, the loan was deemed collateral-dependent, assigned a risk rating of “5” and placed on nonaccrual status. The senior loan was performing pursuant to its modified contractual terms as of September 30, 2026.

During the three months ended June 30, 2026, the Company completed the modification of a senior loan secured by an office property located in New York, NY, and the related preferred equity interest classified as loans held-for-investment. As of September 30, 2026, and December 31, 2025, the senior loan had a principal balance and amortized cost of $29.2 million and $29.5 million, respectively. The terms of the senior loan modification included, among other things, asix-month extension of the maturity date to October 9, 2026, with options to further extend the loan to a fully extended maturity date of April 9, 2027. The modification of the preferred equity interest included, among other things, (i) a $1.6 million upsizing of the total commitment, and (ii) an increase in the residual return from 30% to 35%. The preferred equity earns an 11% deferred preferred return and a 35% residual return. Due to the uncertainty of collection of any preferred return, the Company is not accruing any income on the preferred equity interest. As of September 30, 2026, the senior loan and preferred equity interest had an aggregate principal balance and amortized cost of $32.3 million and $32.2 million, respectively. The senior loan was performing pursuant to its modified contractual terms and accruing interest income on the consolidated statements of income as of September 30, 2026.

During the three months ended June 30, 2026, the Company completed the modification of a senior loan secured by a hotel property located in Tempe, AZ. As of September 30, 2026, and December 31, 2025, the loan had a principal balance of $28.7 million and $26.9 million, respectively, and an amortized cost of $28.8 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, withone three-month option to extend to February 9, 2027, (ii) the deferral of all interest-only payments, and (iii) 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 September 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 placed on nonaccrual status. The senior loan was performing pursuant to its modified contractual terms as of September 30, 2026.

During the three months ended March 31, 2026, the Company 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 September 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, aone-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) aone-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, the Company is not accruing any income on the unsecured note. As of September 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, unsecured note and equity interest were deemed collateral-dependent and placed on nonaccrual status during the three months ended September 30, 2026. The senior loan was performing pursuant to its modified contractual terms as of September 30, 2026.

During the three months ended December 31, 2025, the Company completed the modification of a senior loan secured by an office property located in Encino, CA. As of September 30, 2026, and December 31, 2025, the senior loan had a principal balance of $44.0 million and $43.4 million, respectively, and an amortized cost of $43.9 million and $43.2 million, respectively. The terms of the modification included, among other things, (i) atwo-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, the Company 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. The Company 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, the Company is not accruing any income on the preferred equity investment. The preferred equity investment is included in the Company's consolidated balance sheets within loans held-for-investment. As of September 30, 2026, the senior loan and preferred equity investment had an aggregate principal balance of $45.9 million and an aggregate amortized cost of $45.8 million. The senior loan was performing pursuant to its modified contractual terms and accruing interest income on the consolidated statements of income as of September 30, 2026.

Loan Risk Ratings

The Company’s primary credit quality indicators are its risk ratings. The Company evaluates the credit quality of each loan at least quarterly by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Risk factors that are considered in the assessment include, but are not limited to, property type, geographic and local market dynamics, physical condition, leasing and tenant profile, projected cash flow, collateral performance, loan structure and exit plan, origination loan-to-value, or LTV, project sponsorship and other factors deemed necessary. The Company evaluates these factors with respect to each loan investment on a case-by-case basis, taking into consideration such loan’s facts and circumstances at the time. The risk factors may be given different weightings and consideration depending on each loan’s situation. Loans are rated “1” (less risk) through “5” (greater risk), which ratings are defined as follows:

1 –Lower Risk

2 –Average Risk

3 –Acceptable Risk

4 –Higher Risk: A loan that has exhibited material deterioration in cash flows and/or other credit factors, which, if negative trends continue, could be indicative of probability of principal loss.

5 –Loss Likely: A loan that has a significantly increased probability of principal loss.

The following table presents the number of loans, unpaid principal balance and carrying value by risk rating for loans held-for-investment as of September 30, 2026, and December 31, 2025:

As of September 30, 2026, the weighted average risk rating of the Company’s loans held-for-investment portfolio was 3.3, versus 2.9 as of December 31, 2025, weighted by unpaid principal balance. The change in portfolio risk rating as of September 30, 2026, versus December 31, 2025, is mainly a result of select loan downgrades, the repayment of two loan with a risk rating of “1” and the sale of one loan with a risk rating of “1” during the nine months ended September 30, 2026.

As of September 30, 2026, the Company assigned a risk rating of “5” tofive senior loans with an aggregate outstanding principal balance of $260.4 million. These loans were assigned a risk rating of “5” due to a variety of factors, including the challenging office leasing environment, local market fundamentals, uncertain and volatile capital market conditions resulting in limited liquidity for real estate transactions, further pressure on property values and other factors related to property-specific operating performance and the borrowers’ unwillingness to make further capital commitments to support the collateral properties.

The following tables present the carrying value of loans held-for-investment as of September 30, 2026, and December 31, 2025, by risk rating and year of origination:

Note 4. Real Estate Owned

As of September 30, 2026, the Company held assets and liabilities related totwo real estate owned, or REO, office properties: one property classified as REO, held-for-sale located in Miami Beach, FL, andone property classified as REO, held-for-investment, net located in Maynard, MA.

The following table presents the REO held-for-investment assets and liabilities included in our condensed consolidated balance sheets:

(1)Included in “Other assets” on the condensed consolidated balance sheets.

(2)Included in “Other liabilities” on the condensed consolidated balance sheets.

During the nine months ended September 30, 2026, the Company determined the Miami Beach, FL, office REO asset met the held-for-sale criteria. As of June 30, 2026, and September 30, 2026, the Company estimated a fair value of $54.9 million and $52.4 million, respectively, for the asset and recorded a $2.6 million and $8.7 million impairment loss on REO during the three and nine months ended September 30, 2026, respectively. The estimated fair value of the collateral was determined by the estimated proceeds from the sale of the property, less costs to sell. The corresponding assets and liabilities have been reclassified to real estate owned assets, held-for-sale and real estate owned liabilities, held-for-sale on the Company’s condensed consolidated balance sheets. The anticipated sale does not reflect a strategic shift and therefore does not qualify for presentation as a discontinued operation.

The following table presents the REO operations and related income (loss) included in the Company’s condensed consolidated statements of comprehensive (loss) income for the three and nine months ended September 30, 2026, and 2025:

(1) Includes $(1.0) million and $(5.0) million and $(2.2) million and $(5.7) million of depreciation and amortization for the three and nine months ended September 30, 2026, and 2025, respectively.

The following table presents the amortization of REO, held-for-investment, net lease intangibles included in the Company’s condensed consolidated statements of comprehensive (loss) income for the three and nine months ended September 30, 2026, and 2025:

The following table presents the amortization of lease intangibles related to REO, held-for-investment, net for each of the succeeding fiscal years:

The weighted average remaining amortization period for the in-place lease intangibles, above-market lease intangibles, leasing commissions and below-market lease intangibles related to REO, held-for-investment, net as of September 30, 2026, were 4.2 years,2.6 years,5.5 years and 3.3 years, respectively.

Future Minimum Lease Payments

The following table presents the future minimum lease payments to be collected under non-cancelable operating leases, excluding tenant reimbursements of expenses, as of September 30, 2026:

The table above includes future minimum lease payments of $4.2 million related to REO, held-for-sale as of September 30, 2026.

The weighted average minimum remaining term of the non-cancelable leases was approximately 4.3 years as of September 30, 2026.

Note 5. Variable Interest Entities and Securitized Debt Obligations

CRE CLOs

From time to time, the Company finances pools of its commercial real estate loans through CRE CLOs, which are considered VIEs for financial reporting purposes, and, thus, are reviewed for consolidation under the applicable consolidation guidance. The Company typically has both the power to direct the activities of the CRE CLOs that most significantly impact the entities’ performance and the obligation to absorb losses or the right to receive benefits of the entities that could be significant; therefore, the Company consolidates the CRE CLOs.

The following table presents a summary of the assets and liabilities of all VIEs consolidated on the Company’s condensed consolidated balance sheets as of September 30, 2026, and December 31, 2025. The Company no longer has any active CRE CLOs. During the three months ended September 30, 2026, the Company refinanced the assets that had been financed in its two remaining CRE CLOs on its JPMorgan Chase Bank, N.A. repurchase facility and redeemed both CRE CLOs. As a result of the refinancing, the Company recorded a loss on extinguishment of debt of $(0.4) million during the three months ended September 30, 2026 on its condensed consolidated statements of income.

The securitized debt obligations issued by the CRE CLOs are recorded at outstanding principal, net of any unamortized deferred debt issuance costs, on the Company’s condensed consolidated balance sheets.

The following table details the Company’s CRE CLO securitized debt obligations as of September 30, 2026, and December 31, 2025:

(1)Calculations of all-in yield on collateral assets at origination are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and exit fees and exclude future fundings and any potential or completed loan amendments or modifications. Calculation of cost of funds is the weighted average coupon of the CRE CLO, exclusive of any CRE CLO issuance costs.

(2)During the three months ended September 30, 2026, the Company redeemed the GPMT 2021-FL4 CRE CLO. Includes zero and $31.0 thousand in restricted cash as of September 30, 2026, and December 31, 2025, respectively.

(3)During the three months ended September 30, 2026, the Company redeemed the GPMT 2021-FL3 CRE CLO. Includes zero restricted cash as of September 30, 2026 and December 31, 2025, respectively.

(4)Includes zero and $31.0 thousand in restricted cash as of September 30, 2026, and December 31, 2025, respectively.

Other Investments

As of September 30, 2026, the Company held $13.0 million in non-controlling other investments in limited partnerships, or LPs, and LLCs with the borrower entities offour loans held-for-investment by the Company. The Company may invest up to an additional aggregate $7.4 million in the form of other investments in these entities and is included within total unfunded commitments of loans held-for-investment as disclosed in Note 9 -Commitments and Contingencies.

The other investments in LPs and LLCs are considered VIEs, and the Company’s investments and loans are considered variable interests in the VIEs. The Company is not the primary beneficiary of the VIEs because it does not have the power to direct the activities of the entity that most significantly impact the entity’s performance as all decisions are directed by the unaffiliated general partner of the LPs and LLCs and, thus, does not consolidate the investee LPs and LLCs. The other investments are included in the Company's condensed consolidated balance sheets within loans held-for-investment with a maturity date corresponding to the associated senior loan.

Note 6. Secured Financing Agreements

To finance its loans held-for-investment, loans held-for-sale and REO, the Company has a variety of secured financing arrangements with several counterparties, including repurchase facilities, a secured credit facility and a mortgage loan payable.

The Company’s repurchase facilities are typically collateralized by loans held-for-investment, loans held-for-sale, REO assets and certain cash balances. Although the transactions under the Company’s existing repurchase facilities represent committed borrowings until maturity of each facility, the facility lenders retain the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets due to collateral-specific credit events, or, with respect to a limited number of the Company’s repurchase facilities, capital market events, would require the Company to fund margin calls. The Company does not typically retain similar rights for the Company to make margin calls on its underlying borrowers as a result of a determination by the Company and/or its financing counterparty that there has been a decrease in the market value of the underlying pledged collateral.

The Company’s secured credit facility is typically collateralized by loans held-for-investment, loans held-for-sale, REO assets and certain cash balances and is non-mark-to-market.

The Company’s mortgage loan payable is typically collateralized by REO assets and certain cash balances and is non-mark-to-market.

The following tables summarize details of the Company’s borrowings outstanding on its secured financing arrangements as of September 30, 2026, and December 31, 2025:

(1)The facilities are set to mature on the stated maturity date, unless extended pursuant to their terms.

(2)Unused capacity is not committed as of September 30, 2026, and December 31, 2025.

(3)Collateral value includes REO, held-for-sale with a carrying value of $52.4 million as of September 30, 2026, and REO held-for-investment, net with a carrying value of $62.9 million as of December 31, 2025.

(4)Subsequent to September 30, 2026, the Company terminated the facility.

(5)Mortgage loan payable balance net of unamortized debt issuance costs is $17.6 million as of September 30, 2026, and $17.5 million as of December 31, 2025.

The following table summarizes certain characteristics of the Company’s repurchase facilities and counterparty concentration at September 30, 2026, and December 31, 2025:

(1)Represents the excess of the carrying amount or market value of the loans held-for-investment pledged as collateral for repurchase facilities, including accrued interest plus any cash on deposit to secure the repurchase obligation, less the amount of the repurchase liability, including accrued interest.

The Company does not anticipate any defaults by its financing counterparties, although there can be no assurance that one or more defaults will not occur.

During the nine months ended September 30, 2026, the Company soldtwo participation interests with an aggregate principal balance of $34.1 million in a loan with a total outstanding principal balance of $76.7 million to an unaffiliated third party for net proceeds of $27.2 million. Because the transfer did not qualify for sale accounting under ASC 860, the Company continues to recognize the underlying loan in its entirety and records a corresponding loan participations sold liability.

Financial Covenants

The Company is subject to a variety of financial covenants under its secured financing arrangements. The following represent the most restrictive financial covenants to which the Company is subject across its secured financing arrangements:

•Unrestricted cash cannot be less than the greater of $20.0 million and 5.0% of recourse indebtedness. As of September 30, 2026, the Company’s unrestricted cash was $44.7 million, while 5.0% of the Company’s recourse indebtedness was $9.6 million.

•Tangible net worth must be greater than the sum of (i) $500.0 million and (ii)75.0% of net cash proceeds of the Company’s equity issuances after July 26, 2026. As the Company has not had any equity issuances after July 26, 2026, tangible net worth must be greater than $500.0 million. As of September 30, 2026, the Company’s tangible net worth was $606.3 million.

•Target asset leverage ratio cannot exceed 77.5% and total leverage ratio cannot exceed 80.0%. As of September 30, 2026, the Company’s target asset leverage ratio was 63.2% and the Company’s total leverage ratio was 58.9%.

•Minimum interest coverage of no less than 1.2:1.0 through December 31, 2026, and 1.3:1.0 thereafter. As of September 30, 2026, the Company’s interest coverage ratio was 1.3:1.0.

As of September 30, 2026, and December 31, 2025, the Company was in compliance with its financial covenants. During the three months ended September 30, 2026, the Company extended and amended certain financing arrangements that reduced the most restrictive minimum unrestricted cash covenant from the greater of $30.0 million and 5.0% of recourse indebtedness to the greater of $20.0 million and 5.0% of recourse indebtedness, and reduced the tangible net worth covenant from the greater of the sum of (i) $600.0 million and (ii)75.0% of net cash proceeds of the Company’s equity issuances to the greater of the sum of (i) $500.0 million and (ii)75.0% of net cash proceeds of the Company’s equity issuances.

During the three months ended September 30, 2026, the Company undertook two actions to increase and preserve its unrestricted cash. First, during September 2026, the Company increased its borrowings on certain assets under one of its repurchase facilities to increase unrestricted cash. Second, the Company reduced the quarterly common dividend paid on October 15, 2026, relative to the previous quarterly common dividend paid on July 15, 2026, to preserve unrestricted cash. Management believes these two actions will allow it to meet the Company’s financial obligations and comply with its unrestricted cash financial covenant under its secured financing arrangements. As of September 30, 2026, management concluded that the Company should avoid temporarily falling below its minimum unrestricted cash covenant in the fourth quarter of 2026.

Note 7. Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include cash held in bank accounts and cash held in money market funds on an overnight basis.

The Company is required to maintain certain cash balances in restricted accounts as collateral for the Company’s repurchase facilities and with its lending counterparties to support investment activities. As of September 30, 2026, the Company held $1.1 million in restricted cash in connection with its non-CRE CLO financing activities, compared to $14.1 million as of December 31, 2025. From time to time, the Company also held restricted cash representing proceeds from principal repayments and paydowns of loans held in the CRE CLOs. As of September 30, 2026, because no CRE CLOs were outstanding at that time, the Company heldno restricted cash related to the CRE CLOs, compared to $31.0 thousand in restricted cash related to the CRE CLOs as of December 31, 2025.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s condensed consolidated balance sheets as of September 30, 2026, and December 31, 2025, that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:

Note 8. Fair Value

Fair Value Measurements

Accounting Standards Codification 820, Fair Value Measurements, or ASC 820, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 clarifies that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., market-based or observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs) resulting in the use of management assumptions. Additionally, ASC 820 requires an entity to consider all aspects of non-performance risk, including the entity’s own credit standing, when measuring fair value of a liability.

ASC 820 establishes a three-level hierarchy to be used when measuring and disclosing fair value. An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. Following is a description of the three levels:

The following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized.

Recurring Fair Value

As of September 30, 2026, and December 31, 2025, the carrying values and fair values of cash and cash equivalents and restricted cash are measured at fair value on a recurring basis. No other assets or liabilities held by the Company are measured at fair value on a recurring basis.

Nonrecurring Fair Value

The Company may be required to measure certain assets or liabilities at fair value from time to time. These periodic fair value measures typically result from establishing the allowance for credit losses for collateral-dependent assets under GAAP. These items would constitute nonrecurring fair value measures. For collateral-dependent loans that are identified as impaired, the Company measures allowance for credit losses by comparing its estimation of the fair value of the underlying collateral, less costs to sell, to the carrying value of the respective loan. To estimate the fair value of the underlying collateral, the Company may (i) use certain valuation techniques which, among others, may include a discounted cash flow model, or (ii) obtain a third-party independent assessment of value such as an appraisal or other opinion of value. These valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other lenders, and other factors deemed relevant.

As of September 30, 2026, the Company deemed nine of its loans held-for-investment with an aggregate outstanding principal balance of $413.3 million to be collateral-dependent in accordance with its policy. Therefore, the allowance for credit losses associated with these loans was based on the estimates of the fair value of the loans’ underlying property collateral, less costs to sell, if applicable, and the loans are measured at fair value on a nonrecurring basis using significant unobservable inputs and would be classified as Level 3 assets in the fair value hierarchy.

As of September 30, 2026, eight of these loans, with an aggregate outstanding principal balance of $384.6 million, were valued using a discounted cash flow model. The significant unobservable inputs used to estimate the fair value on these loans as of September 30, 2026, include the exit capitalization rate, which ranged from 6.75% to 10.50%, and the discount rate, which ranged from 9.00% to 13.50%. As of September 30, 2026, the weighted average exit capitalization rate by the estimated collateral fair value and weighted average discount rate by the estimated collateral fair value were 8.37% and 10.97%, respectively.

As of September 30, 2026, one loan with an outstanding principal balance of $28.7 million was valued using the estimated proceeds from the sale of the underlying collateral property.

During the nine months ended September 30, 2026, the Company determined the Miami Beach, FL, REO asset met the held-for-sale criteria. As of September 30, 2026, the Company estimated a fair value of $52.4 million. The estimated fair value of the collateral was determined by the estimated proceeds from the sale of the property, less costs to sell. The Company categorizes the fair value measurement of these assets and liabilities as Level 3. Refer to Note 4 -Real Estate Owned, Net for further detail.

Fair Value of Financial Instruments

In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the condensed consolidated balance sheets, for which fair value can be estimated.

The following describes the Company’s methods for estimating the fair value for financial instruments:

•Loans held-for-investment are carried at cost, net of any unamortized acquisition premiums or discounts, loan fees, origination costs and allowance for credit losses, as applicable. The Company estimates the fair value of its loans held-for-investment by assessing any changes in market interest rates, credit spreads for loans of comparable risk as corroborated by inquiry of other market participants, shifts in credit profiles and actual operating results, taking into consideration such factors as underlying property type, property competitive position within its market, market and submarket fundamentals, tenant mix, nature of business plan, sponsorship, extent of leverage and other loan terms. The Company categorizes the fair value measurement of these assets as Level 3.

•Cash and cash equivalents and restricted cash have a carrying value which approximates fair value because of the short maturities of these instruments. The Company categorizes the fair value measurement of these assets as Level 1.

•The carrying value of underlying loans in repurchase secured credit facilities and loan participations sold that mature in less than one year generally approximates fair value due to the short maturities. The Company’s long-term repurchase secured credit facilities and loan participations sold have, and the Company’s asset-specific facility had, floating rates based on an index plus a credit spread and the credit spread is typically consistent with those demanded in the market. Accordingly, the interest rates on these borrowings are at market and, thus, carrying value approximates fair value. The Company categorizes the fair value measurement of these liabilities as Level 2.

•Securitized debt obligations are recorded at outstanding principal, net of any unamortized deferred debt issuance costs. In determining the fair value of its securitized debt obligations, management’s judgment may be used to arrive at fair value that considers prices obtained from third-party pricing providers, broker quotes received and other applicable market data. If observable market prices are not available or insufficient to determine fair value due principally to illiquidity in the marketplace, then fair value is based upon internally developed models that are primarily based on observable market-based inputs but also include unobservable market data inputs (including prepayment speeds, delinquency levels and credit losses). The Company categorizes the fair value measurement of these liabilities as Level 2.

•The Company’s mortgage loan payable has a floating rate based on an index plus a credit spread consistent with market expectations. Accordingly, the interest rate on this borrowing is at market and, thus, carrying value approximates fair value. The Company categorizes the fair value measurement of this liability as Level 2.

The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at September 30, 2026, and December 31, 2025:

Note 9. Commitments and Contingencies

The following represent the material commitments and contingencies of the Company as of September 30, 2026:

Legal and Regulatory

From time to time, the Company may be subject to liability under laws and government regulations and various claims and legal actions arising in the ordinary course of business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s condensed consolidated financial statements and, therefore, no accrual is required as of September 30, 2026.

Unfunded Commitments on Loans Held-for-Investment

Certain of the Company’s commercial real estate loan agreements contain provisions and obligations to its borrowers through its unfunded loan commitments over the contractual period of its loans. As of September 30, 2026, and December 31, 2025, the Company had unfunded loan commitments of $40.9 million and $77.4 million, respectively, on loans held-for-investment, which it expects to fund, subject to the satisfaction of any conditions precedent to such commitments, over the tenure of these loans. These commitments generally provide funding for lease-related or capital improvement expenditures, as well as interest and carry costs, all of which will vary depending on the progress of capital improvement projects, leasing and cash flows at the properties that serve as collateral for the Company’s loans. Therefore, the exact timing and amounts of such loan balance future fundings are generally uncertain and will depend on the current and future performance of the collateral properties. The Company typically finances the funding of its loan commitments on terms generally consistent with its overall financing facilities; however, most of its financing facility counterparties are not obligated to fund their ratable portion of these loan commitments over time and have varying degrees of discretion over future loan funding obligations, including the advance rates on their fundings. The Company may be obligated to fund loan commitments with respect to a financed asset even if the applicable financing counterparty will not fund their ratable portion of the loan commitment and/or has made margin calls with respect to such financed asset.

As of September 30, 2026, the Company recognized $0.8 million in other liabilities related to the allowance for credit losses on unfunded loan commitments. See Note 3 -Loans Held-for-Investment, Net of Allowance for Credit Losses for further detail.

Note 10. Preferred Stock

Series A Preferred Stock

Holders of the Series A Preferred Stock are entitled to receive, when, as and if authorized and declared by the Company’s board of directors, cumulative cash dividends at a fixed rate of 7.00% per annum to, but excluding, January 15, 2027, and thereafter at a floating rate equal to the three-month Term of Standard Overnight Financing Rate, or SOFR, plus a spread of 5.83% per annum; provided, however, in no event will the floating rate be lower than 7.00% per annum. Dividends on the Series A Preferred Stock accumulate whether or not declared or paid, and generally must be paid in full before the Company may pay dividends on its common stock, subject to certain exceptions. During the three and nine months ended September 30,

2026, and 2025, the Company declared dividends on the Series A Preferred Stock of $3.6 million and $10.8 million, respectively.

On and after November 30, 2026, the Company, at its option, upon not fewer than 30 days’ nor more than 60 days’ written notice, may redeem the Series A Preferred Stock, in whole, at any time, or in part, from time to time, for cash, at a redemption price of $25.00 per share, plus any accrued and unpaid dividends thereon to, but excluding, the date fixed for redemption.

Upon the occurrence of a Change of Control event (as defined in the Articles Supplementary designating the Series A Preferred Stock, or the Articles Supplementary), the Company may, at its option, upon not less than 30 nor more than 60 days’ written notice, redeem the Series A Preferred Stock, in whole or in part, within 120 days on or after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but excluding, the redemption date, without interest.

Holders of Series A Preferred Stock do not have any voting rights except in limited circumstances as set forth in the Articles Supplementary.

Issuance of Sub-REIT Preferred Stock

In January 2021, a subsidiary of the Company issued 625 shares of preferred stock of which 500 shares were retained by the Company and 125 shares were sold to third-party investors for proceeds of $0.1 million. The 500 shares of preferred stock retained by the Company are eliminated in the Company’s condensed consolidated statements of changes in equity and the 125 shares sold to third-party investors are shown in the Company’s condensed consolidated statements of changes in equity as non-controlling interests.

Note 11. Stockholders’ Equity

Common Stock

Reverse Stock Split

On September 23, 2026, the Company’s board of directors approved a one-for-ten reverse stock split of shares of the Company’s common stock. The reverse stock split was effected on October 5, 2026, at 5:00 p.m. Eastern Time. At the effective time, every ten shares of the Company’s common stock were converted into one share of common stock. No fractional shares were issued in connection with the reverse stock split; instead, any fractional share of common stock that would otherwise have resulted from the reverse stock split was settled by cash payment, calculated on the basis of the closing price of the Company’s common stock on the NYSE on October 5, 2026. After giving effect to the reverse stock split, the number of authorized shares of the Company’s common stock remained unchanged at 450,000,000. The par value of each share of common stock also remained unchanged. All per share amounts, common shares outstanding and common equity-based awards for all periods presented have been adjusted on a retroactive basis to reflect the reverse stock split.

Distributions to Stockholders

The following table presents cash dividends declared by the Company’s board of directors on its common stock during the three and nine months ended September 30, 2026, and 2025:

Share Repurchases

On September 20, 2024, the Company announced that its board of directors had amended its share repurchase program to authorize the repurchase of an additional 300,000 shares of the Company’s common stock, for a total cumulative share repurchase authorization of 1,200,000 shares of common stock, inclusive of amounts previously authorized. The Company’s share repurchase program has no expiration date. The shares are expected to be repurchased from time to time through privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act or by any combination of such methods. The manner, price, number and timing of share repurchases will be subject to a variety of factors, including market conditions and applicable SEC rules. During the nine months ended September 30, 2026, under its share repurchase program, the Company repurchased 17,231 shares of its common stock for an aggregate cost, inclusive of commissions paid, of $0.3 million. No shares were repurchased during the three months ended September 30, 2026. As of September 30, 2026, there remained 246,415 shares authorized for repurchase under the Company’s share repurchase program.

Preferred Stock

Distributions to Stockholders

The following table presents cash dividends declared by the Company’s board of directors on its Series A Preferred Stock during the three and nine months ended September 30, 2026, and 2025:

Note 12. Equity Incentive Plans

All per share amounts, common shares outstanding and common equity-based awards for all periods presented have been adjusted on a retroactive basis to reflect the reverse stock split.

On June 2, 2022, the Company’s stockholders approved the adoption of the Granite Point Mortgage Trust Inc. 2022 Omnibus Incentive Plan, or the 2022 Plan. With the adoption of the 2022 Plan, no new equity awards could be granted under the Granite Point Mortgage Trust Inc. 2017 Equity Incentive Plan, or the 2017 Plan, but previously granted equity awards remained outstanding under the 2017 Plan until December 31, 2025, when the last of such awards vested in full.

On June 5, 2025, the Company’s stockholders approved an amendment to the 2022 Plan, resulting in the Granite Point Mortgage Trust Inc. Amended and Restated 2022 Omnibus Incentive Plan, or the A&R 2022 Plan. The amendment increased the number of shares of common stock that had been available for issuance under the 2022 Plan by 1,000,000. The A&R 2022 Plan permits the granting of stock options, stock appreciation rights, restricted stock, RSUs, PSUs, dividend equivalent rights, other stock-based awards and other cash-based awards to employees, certain consultants of the Company and members of the board of directors. As of September 30, 2026, the Company had 1,428,808 shares of common stock available for future issuance under the A&R 2022 Plan, including shares subject to outstanding equity awards.

The following table summarizes the grants, vesting and forfeitures of RSUs and PSUs for the three and nine months ended September 30, 2026:

Below is a summary of RSU and PSU vesting dates as of September 30, 2026:

(1)The PSUs’ vesting date is based on the performance criteria determination date and not the performance criteria service end date. The determination date will occur in the first quarter of the following year after the performance criteria service date has passed. The table above reflects the year of the determination date.

The Company’s RSUs are subject to time-based vesting schedules. For the three and nine months ended September 30, 2026, the Company recognized $0.6 million and $2.9 million, respectively, of compensation expense associated with these awards, compared to $1.1 million and $5.4 million, respectively, for the three and nine months ended September 30, 2025, within compensation and benefits expense on the condensed consolidated statements of income. As of September 30, 2026, $2.4 million of total unrecognized compensation cost for awards of RSUs is expected to be recognized over the grants’ remaining weighted average vesting period of 1.3 years.

During the three months ended March 31, 2026, the Company granted 99,992 target number of PSUs, or the 2026 PSUs, to certain eligible employees pursuant to the terms of the A&R 2022 Plan and the associated award agreements, of which 50% are based on the Company’s total shareholder return compared to an industry index and 50% are based on absolute share price performance. The estimated fair value of these awards was $14.80 and $12.40 per unit on grant date, respectively, which was determined using a Monte Carlo simulation. The 2026 PSUs will vest promptly following the completion of a three-year performance period, as long as such grantee complies with the terms and conditions of the applicable award agreement. The number of underlying shares of common stock that vest and that the grantee is entitled to receive at the time of vesting will be determined based on the level of achievement of the market-based performance goals during the performance period and will range from 0% to 200% of the target number of 2026 PSUs granted. The 2026 PSUs entitle the grantee to dividend equivalent rights during the performance period with respect to units earned through satisfaction of the performance goals, to be paid in cash upon vesting. In the event that a 2026 PSU is forfeited, the related accrued dividend equivalent rights shall be forfeited. There were 99,992 target number of 2026 PSUs awarded outstanding as of September 30, 2026. No 2026 PSU awards were outstanding as of December 31, 2025.

The number of PSUs granted in 2024 and 2025, or the Pre-2026 PSUs, that will vest depends on the Company’s performance over athree-year period with respect to metrics set in the applicable award agreements. Between 0% and 200% of the target number of Pre-2026 PSUs and outstanding as of September 30, 2026, may vest at the end of their respective performance periods based (i)25% against the predetermined internal Company performance goal “run-rate” ROAE, (ii)25% against the Company’s performance ranking for “run-rate” ROAE among a peer group of commercial mortgage REIT companies, (iii)25% against the predetermined internal Company performance goal for change in book value per share, and (iv)25% against the Company’s performance ranking for change in book value per share among a peer group of commercial mortgage REIT companies. The commercial mortgage REIT peer group used to measure relative “run-rate” ROAE and change in book value per share includes publicly traded commercial mortgage REITs that the Company believes derive the majority of their revenues from commercial real estate balance sheet lending activities and meet certain market capitalization criteria. The target number of Pre-2026 PSUs outstanding as of September 30, 2026, and December 31, 2025, were 162,431 and 226,227, respectively.

For the three and nine months ended September 30, 2026, the Company recognized $0.3 million and $45.0 thousand of compensation expense associated with PSUs, compared to $(0.2) million and $0.1 million, for the three and nine months ended September 30, 2025, within compensation and benefits expenses on the condensed consolidated statements of income. As of September 30, 2026, $1.7 million of total unrecognized compensation cost for awards of PSUs is expected to be recognized over the grants’ remaining weighted average vesting period of 1.9 years.

Note 13. Income Taxes

The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on that portion of its income that it distributes to its stockholders if it annually distributes at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and does not engage in prohibited transactions. The Company intends to distribute 100% of its REIT taxable income and to continue to comply with all requirements to qualify as a REIT. The majority of states also recognize the Company’s REIT status. The Company’s TRS files a separate federal tax return and is fully taxed as a standalone U.S. C-corporation. It is assumed that the Company will retain its REIT status and will incur no REIT-level taxation as it intends to comply with the REIT regulations and annual distribution requirements.

Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s condensed consolidated financial statements of a contingent tax liability for uncertain tax positions. Additionally, there were no amounts accrued for penalties or interest as of, or during, the periods presented in these condensed consolidated financial statements.

Note 14. Earnings (Loss) Per Share

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted earnings per share for the three and nine months ended September 30, 2026, and 2025. All per share amounts, common shares outstanding and common equity-based awards for all periods presented have been adjusted on a retroactive basis to reflect the reverse stock split.

Diluted earnings per share is calculated under both the two-class method and treasury stock method, and the more dilutive amount is reported. The computation of diluted earnings per share is also based on the incremental shares that would be outstanding assuming the settlement of RSUs. During the three and nine months ended September 30, 2026,32,073 and 60,616 weighted-average unvested RSUs, respectively, were excluded from the dilutive earnings per share denominator, as their inclusion would be antidilutive, compared to 127,061 and 88,142 of weighted-average unvested RSUs, respectively, for the three and nine months ended September 30, 2025. For the nine months ended September 30, 2026, and 2025, under both the two-class method and the treasury stock method, no shares were included in the dilutive earnings per share denominator, as their inclusion would have been antidilutive.

The computation of diluted earnings per share is also based on the incremental shares that would be outstanding assuming the settlement of PSUs. For the three and nine months ended September 30, 2026, and 2025, under both the two-class method and treasury stock method, no incremental shares of unvested PSUs were included in the dilutive earnings per share denominator.

Note 15. Segment Reporting

The Company generally derives its revenues from directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments, which largely includes interest income, net of premium amortization and discount accretion, from its investment portfolio of mortgage loans held-for-investment. The Company’s investment portfolio is subject to market risks, primarily credit risk and changes in interest rates. The Company mitigates these risks by seeking to originate or acquire assets of higher quality at appropriate rates of return given anticipated and unanticipated losses, by employing a comprehensive review and selection process and by proactively monitoring its investment portfolio.

The Company’s investment portfolio is managed as a whole, and resources are allocated, and financial performance is assessed by the Company’s Chief Executive Officer, its chief operating decision maker, or the CODM, based on total assets reported on the consolidated balance sheet and net (loss) income reported on the consolidated statement of comprehensive (loss) income. The Company’s CODM views consolidated expense information related to interest expense, provision for credit losses, compensation and benefits expense, servicing expenses and other operating expenses to be significant. Consolidated comprehensive (loss) income is also used by the CODM to monitor actual results and benchmarking to that of its peers. Investment decisions are assessed collectively by the CODM, based on the inputs discussed above. Accordingly, the Company consists of a single operating and reportable segment and the condensed consolidated financial statements and notes thereto are presented as a single reportable segment.

Note 16. Subsequent Events

On October 5, 2026, the Company effected a one-for-ten reverse stock split of its common stock. For additional information regarding the reverse stock split, see Note 11. Stockholders’ Equity.

Events subsequent to September 30, 2026, were evaluated through the date these condensed consolidated financial statements were issued and no additional events were identified requiring further disclosure in these condensed consolidated financial statements.