Granite Point Mortgage Trust (NYSE: GPMT) is the deepest workout in CRE lending: a mid-market office-heavy book that forced the dividend down to a token, followed by a genuinely improving 2025-2026 resolution streak, leverage down from 2.0x to 1.7x, reserves falling, financing costs cut, that has the company talking about new originations again.
| Granite Point Mortgage Trust (GPMT) Snapshot | |
|---|---|
| Share Price (delayed) | $1.38 +2.22% |
| Market Cap | $66M |
| Annualized Dividend | $0.20 (Quarterly) |
| Dividend Yield | 14.49% |
| Sector | Mortgage ยท Commercial Lending |
Market data updates automatically several times daily. Last price refresh: Jul 12, 2026.
The Workout, Honestly Tracked
The damage was office concentration meeting the rate shock: non-accruals, REO, and CECL reserves that peaked painfully. The repair is now measurable: 2025 delivered five resolutions, seven full repayments, and an REO sale; early 2026 added $174 million of repayments, a Chicago retail resolution above carrying value, reserves down over 150 basis points to 7.9%, and repo spreads cut 61 basis points. Management’s stated 2026 goal is repositioning for new lending.
Dividend Reality
The common dividend was cut to a nominal level to preserve capital through the workout; preferred dividends continue. Any restoration follows book stabilization and redeployment, in that order, and is a 2027 conversation at best. Our dividend-safety pillar scores what exists.
The Honest Risk Section
Remaining office resolutions at marks, a small equity base where each outcome moves book value percent-level, and the market’s justified show-me posture after the drawdown. The trend is real improvement; the grade is where the math still sits.
Frequently Asked Questions
Is Granite Point recovering?
Measurably: resolutions and repayments through 2025-2026, reserves down to 7.9%, leverage cut to 1.7x, and financing costs reduced, progress from a deep hole.
Will GPMT restore its dividend?
Only after the legacy book resolves and capital redeploys into earning loans; the current token payout reflects capital preservation, not earnings power.
Analysis based on Q4 2025 and Q1 2026 results (SEC filings). Live market data updates automatically. Independent research, not investment advice.
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