Granite Point Mortgage Trust is an internally managed REIT that originates and manages senior floating-rate commercial real estate loans. The core product is bridge or transitional financing — intermediate-term loans that help property owners finance acquisitions, refinancings, recapitalizations, and property repositioning such as lease-up and renovation. Granite Point lends directly to institutional-quality commercial property owners and sponsors across the U.S., without using third-party originators. As of year-end 2025, the portfolio consisted of 43 loans with $1.7B in outstanding principal, nearly all floating-rate and tied to SOFR. Granite Point earns net interest income — the spread between loan yields and the cost of debt used to fund them, primarily repurchase facilities and CRE collateralized loan obligations. As a REIT, Granite Point distributes substantially all taxable income to shareholders, making dividend sustainability closely tied to run-rate NII after credit costs. Since 2024, Granite Point has been actively de-risking its portfolio, which was stressed by a sharp rise in SOFR against a legacy book of pre-rate-hike loans originated between 2019 and 2022, with office properties as the primary source of credit problems. Current priorities include resolving non-performing loans, paying down higher-cost debt, and returning to new originations in 2026 as capital is freed up from repayments and resolutions. Management also has been repurchasing shares, as the stock trades at a discount to book value.