Granite Point Mortgage Trust Inc. reported a net loss attributable to common stockholders of $17.0 million, or $0.35 per share, for the second quarter of 2025, compared to a net loss of $66.7 million, or $1.31 per share, for the same period in 2024. The company generated distributable loss of $45.3 million, or $0.94 per share, which includes significant write-offs and depreciation related to real estate owned (REO) sales. The total allowance for credit losses decreased to $155.1 million, representing approximately 8.1% of total loan commitments of $1.9 billion as of June 30, 2025.
In terms of operational changes, Granite Point's loan portfolio saw a reduction in the unpaid principal balance to $1.8 billion from $2.1 billion at the end of 2024. The company resolved a senior loan secured by a mixed-use property in Baton Rouge, LA, resulting in a write-off of $20.7 million. Additionally, a senior loan secured by a hotel property in Minneapolis was modified, leading to a restructuring into a $37.0 million senior note and a subordinate note that was charged off. The company also sold an office property in Phoenix for $16.7 million, resulting in a gain of $0.3 million.
Granite Point's total assets decreased to $1.9 billion as of June 30, 2025, down from $2.1 billion at the end of 2024. The company’s liabilities also fell to $1.3 billion, primarily due to a reduction in repurchase facilities, which decreased from $597.9 million to $474.4 million. The company’s stockholders’ equity was reported at $584.2 million, down from $619.1 million at the end of the previous fiscal year. The number of shares outstanding decreased to 47.4 million from 48.8 million.
Looking ahead, Granite Point remains focused on managing its portfolio amid a challenging macroeconomic environment characterized by elevated interest rates and market volatility. The company continues to monitor its credit quality and has implemented measures to mitigate risks associated with borrower performance and market conditions. The outlook remains cautious, with expectations that ongoing economic uncertainties may impact the commercial real estate market and the company's financial performance in the near term.
About Granite Point Mortgage Trust Inc.
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