Granite Point Mortgage Trust Inc.

Good morning. My name is Alicia, and I'll be your conference facilitator. At this time, I'd like to welcome everyone to Granite Point Mortgage Trust's third quarter 2025 financial results conference call. All participants will be on a listen-only mode. After the speaker's remarks, there will be a question and answer period. Please note today's call is being recorded. I would now like to turn the call over to Chris Peta with Investor Relations for Granite Point. Please proceed.

Thank you, and good morning, everyone. Thank you for joining our call to discuss Granite Point's third quarter 2025 financial results. With me on the call this morning are Jack Taylor, our President and Chief Executive Officer, Steve Alport, our Chief Investment Officer and Co-Head of Originations, Blake Johnson, our Chief Financial Officer, Peter Murau, our Chief Development Officer and Co-Head of Originations, and Ethan Leibowitz, our Chief Operating Officer. After my introductory comments, Jack will provide a brief recap of market conditions, and review our current business activities. Steve will discuss our portfolio, and Blake will highlight key items from our financial results. The press release, financial tables, and earnings supplemental associated with today's call were filed yesterday with the SEC and are available in the investor relations section of our website, along with our foreign 10Q. I would like to remind you that remarks made by management during this call and the supporting slides may include forward-looking statements, which are uncertain and outside of the company's control. Forward-looking statements reflect our views regarding future events, and are subject to uncertainties that could cause actual results to differ materially from expectations. Please see our filings with the SEC for a discussion of some of the risks that could affect results. We do not undertake any obligation to update any forward-looking statements. We also refer to certain non-GAAP measures on this call. This information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance to GAAP. The reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found in our earnings release and slides, which are available on our website. I'll now turn the call over to Jack.

Thank you, Chris, and good morning, everyone. We would like to welcome you and thank you for joining us for Granite Point's third quarter 2025 earnings call. Investor sentiment continued to improve through the third quarter, with more participants gaining confidence to deploy debt and equity capital into the recovering commercial real estate market against the backdrop of improving fundamentals and a general decline in new supply. Lender activity has been mostly for refinancings, and there has also been a pickup in acquisition financings in line with the gradually increasing number of sales transactions. The greater liquidity in the market is reflected across multiple segments, including a robust CMBS market, in particular the single asset, single borrower segment, increased lending activity by larger commercial banks, both for their direct lending and notably for warehouse financing, and a growing appetite from life insurance companies. While the reliquification of the commercial real estate market is underway, it remains uneven and bifurcated. The middle market loan segment is compelling for certain in favor property types, such as multifamily and industrial properties, and more challenging for some other property sectors, with regional and smaller banks still not providing significant liquidity. Even though there is a large wall of maturities creating an attractive opportunity set going forward, there is not enough supply of actionable deals yet, which is a key factor contributing to the spread tightening we've seen this year. We have continued to make progress in 2025 with ongoing asset resolutions and reducing our higher cost debt, which has helped reduce the risk of our portfolio and improve our net interest spread. As previously reported, during the quarter, the Louisville student housing loan was resolved at over $3 million above our carrying value. The office portion of the risk-rated five office and retail property located in Chicago was sold, which resulted in a net $3.4 million partial pay down of our loan. As a result, that loan is now classified as 100% retail. With respect to our REO assets, we continue to reposition these two properties at our investing capital where we believe it will maximize our outcome, and we'll then seek to exit and extract capital. During the quarter, our risk ratings were stable, with the 1.5 loan resolution being partially offset by a hotel loan being downgraded from 4 to 5. And over the past year, we have improved our weighted average risk rating from 3.1 to 2.8. and meaningfully reduced the number of five-rated loans and the balance by some two-thirds. Turning to originations, as we said last quarter, we expect to begin to regrow our portfolio in 2026. As we sit here today, we expect to start that process in mid-2026. The estimated timing and pace of originations is being affected by a slower than anticipated set of repayments, resolutions, and REO repositionings. We continue to be focused on loan repayments and asset resolutions, and our origination activity will be partially fueled by the release of capital from our existing loan portfolio and REO. Also, we continuously evaluate the various paths for all assets in our portfolio in order to maximize outcomes. In certain situations, the best path may be investing additional capital or adjusting the timing of when we ultimately realize a resolution. Investing additional capital, for example, may be related to good news leasing and or capital improvements on the REO properties, or making subordinate capital investments such as preferred equity in the loan portfolio. While the timing and volume is uncertain and may change because of market conditions and idiosyncratic factors, repatriating this embedded capital in our portfolio and recycling it into high-earning assets remains one of our highest priorities. We will update as we have new information. Also during the quarter, we reduced the balance of our higher cost secured credit facility by $7.5 million and extended the maturity to December 2026 and reduced the financing spread by 75 basis points. During the fourth quarter, we expect to further reduce the secured credit facility by an additional $7.5 million for a total of $15 million for 2025, which would result and an improvement to earnings of $0.03 per common share on an annual basis. I would now like to turn the call over to Steve Alpart to discuss our portfolio activities in more detail.