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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-38124
GRANITE POINT MORTGAGE TRUST INC.
(Exact name of registrant as specified in its charter)
Maryland 61-1843143
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
3 Bryant Park, Suite 2400A 
New York,New York10036
(Address of principal executive offices) (Zip Code)
(212) 364-5500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareGPMTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of November 4, 2021, there were 53,789,465 shares of outstanding common stock, par value $0.01 per share, issued and outstanding.


Table of Contents


GRANITE POINT MORTGAGE TRUST INC.
INDEX
Page
PART I - FINANCIAL INFORMATION
Item 1.
Financial Statements (unaudited)
PART II - OTHER INFORMATION

i


Table of Contents


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)
GRANITE POINT MORTGAGE TRUST INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
September 30,
2021
December 31,
2020
ASSETS
Loans held-for-investment$3,659,691 $3,914,469 
Allowance for credit losses(45,480)(66,666)
Loans held-for-investment, net3,614,211 3,847,803 
Cash and cash equivalents154,916 261,419 
Restricted cash20,602 67,774 
Accrued interest receivable9,898 12,388 
Other assets99,563 30,264 
Total Assets (1)
$3,899,190 $4,219,648 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Repurchase facilities$916,758 $1,708,875 
Securitized debt obligations1,356,429 927,128 
Asset-specific financings44,752 123,091 
Term financing facility127,867  
Convertible senior notes272,512 271,250 
Senior secured term loan facilities208,785 206,448 
Dividends payable13,713 25,049 
Other liabilities25,140 22,961 
Total Liabilities (1)
2,965,956 3,284,802 
Commitments and Contingencies (see Note 10)
10% cumulative redeemable preferred stock, par value $0.01 per share; 50,000,000 shares authorized and 1,000 shares issued and outstanding ($1,000,000 liquidation preference)
1,000 1,000 
Stockholders’ Equity
Common stock, par value $0.01 per share; 450,000,000 shares authorized and 53,789,465 and 55,205,082 shares issued and outstanding, respectively
538 552 
Additional paid-in capital1,037,395 1,058,298 
Cumulative earnings164,055 103,165 
Cumulative distributions to stockholders(269,879)(228,169)
Total Granite Point Mortgage Trust, Inc. Stockholders’ Equity932,109 933,846 
Non-controlling interests125  
Total Equity$932,234 $933,846 
Total Liabilities and Stockholders’ Equity$3,899,190 $4,219,648 
____________________
(1)The condensed consolidated balance sheets include assets of consolidated variable interest entities, or VIEs, that can only be used to settle obligations of these VIEs, and liabilities of the consolidated VIEs for which creditors do not have recourse to Granite Point Mortgage Trust Inc. At September 30, 2021 and December 31, 2020, assets of the VIEs totaled $1,824,173 and $1,255,932, respectively, and liabilities of the VIEs totaled $1,357,675 and $928,220, respectively. See Note 4 - Variable Interest Entities and Securitized Debt Obligations for additional information.
The accompanying notes are an integral part of these condensed consolidated financial statements.
1


Table of Contents


GRANITE POINT MORTGAGE TRUST INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands, except share data)
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Interest income:
Loans held-for-investment$48,312 $56,783 $151,701 $180,341 
Loans held-for-sale
 774  895 
Available-for-sale securities
 119  646 
Held-to-maturity securities
 113  659 
Cash and cash equivalents95 57 298 424 
Total interest income48,407 57,846 151,999 182,965 
Interest expense:
Repurchase facilities5,451 12,791 20,449 46,742 
Securitized debt obligations8,777 5,431 20,523 21,367 
Convertible senior notes4,556 4,529 13,618 13,570 
Term financing facility1,453  6,208  
Asset-specific financings414 901 1,959 2,962 
Revolving credit facilities 217  779 
Senior secured term loan facilities5,654 145 16,587 145 
Total interest expense26,305 24,014 79,344 85,565 
Net interest income22,102 33,832 72,655 97,400 
Other income (loss):
Benefit from (provision for) credit losses5,760 5,300 15,072 (62,241)
Realized losses on sales of loans held-for-sale (10,019) (16,913)
Fee income 595  1,117 
Total other income (loss)5,760 (4,124)15,072 (78,037)
Expenses:
Base management fees 3,974  11,840 
Compensation and benefits5,634  16,111  
Servicing expenses1,323 914 3,763 3,025 
Other operating expenses2,276 5,808 6,967 24,421 
Restructuring charges 43,682  43,682 
Total expenses9,233 54,378 26,841 82,968 
Income (loss) before income taxes18,629 (24,670)60,886 (63,605)
Benefit from income taxes(1)(4)(4)(15)
Net income (loss)18,630 (24,666)60,890 (63,590)
Dividends on preferred stock
25 25 75 75 
Net income (loss) attributable to common stockholders$18,605 $(24,691)$60,815 $(63,665)
Basic earnings (loss) per weighted average common share
$0.34 $(0.45)$1.11 $(1.15)
Diluted earnings (loss) per weighted average common share
$0.33 $(0.45)$1.05 $(1.15)
Dividends declared per common share$0.25 $0.20 $0.75 $0.20 
Weighted average number of shares of common stock outstanding:
Basic
54,453,546 55,205,082 54,864,456 55,140,163 
Diluted
56,735,278 55,205,082 70,902,745 55,140,163 
Comprehensive income (loss):
Net income (loss) attributable to common stockholders$18,605 $(24,691)$60,815 $(63,665)
Other comprehensive income (loss), net of tax:
Comprehensive income (loss)$18,605 $(24,691)$60,815 $(63,665)
The accompanying notes are an integral part of these condensed consolidated financial statements.
2




GRANITE POINT MORTGAGE TRUST INC
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data)

Common Stock
SharesAmountAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Cumulative EarningsCumulative Distributions to StockholdersTotal Stockholders’ EquityNon-controlling InterestsTotal Equity
Balance, December 31, 201954,853,205 549 1,048,484 32 162,076 (192,005)1,019,136  1,019,136 
Cumulative effect of adoption of new accounting principle
— — — — (18,472)— (18,472)— (18,472)
Adjusted balance, January 1, 202054,853,205 549 1,048,484 32 143,604 (192,005)1,000,664 — 1,000,664 
Net loss— — — — (37,191)— (37,191)— (37,191)
Other comprehensive loss before reclassifications— — — (4,511)— — (4,511)— (4,511)
Amounts reclassified from accumulated other comprehensive income
— — — 767 — — 767 — 767 
Net other comprehensive loss— — — (3,744)— — (3,744)— (3,744)
Preferred dividends declared, $25.00 per share
— — — — — (25)(25)— (25)
Non-cash equity award compensation
283,680 3 1,352 — — — 1,355 — 1,355 
Balance, March 31, 202055,136,885 552 1,049,836 (3,712)106,413 (192,030)961,059  961,059 
Net loss— — — — (1,733)— (1,733)— (1,733)
Other comprehensive income before reclassifications— — — 4,223 — — 4,223 — 4,223 
Amounts reclassified from accumulated other comprehensive income
— — — (511)— — (511)— (511)
Net other comprehensive income— — — 3,712 — — 3,712 — 3,712 
Preferred dividends declared, $25.00 per share
— — — — — (25)(25)— (25)
Non-cash equity award compensation
68,197 — 1,323 — — — 1,323 — 1,323 
Balance, June 30, 202055,205,082 552 1,051,159  104,680 (192,055)964,336  964,336 
Net loss— — — — (24,666)— (24,666)— (24,666)
Issuance of warrants to purchase common stock— — 4,541 — — — 4,541 — 4,541 
Common dividends declared, $0.20 per share
— $— — — — (11,040)(11,040)— (11,040)
Preferred dividends declared, $25.00 per share
— $— — — — (25)(25)— (25)
Non-cash equity award compensation
— $— 1,316 — — — 1,316 — 1,316 
Balance, September 30, 202055,205,082 $552 $1,057,016 $ $80,014 $(203,120)$934,462  $934,462 
3


Table of Contents

GRANITE POINT MORTGAGE TRUST INC
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share data) (Continued)
Common Stock
SharesAmountAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Cumulative EarningsCumulative Distributions to StockholdersTotal Stockholders’ EquityNon-controlling InterestsTotal Equity
Balance, December 31, 202055,205,082 552 1,058,298  103,165 (228,169)933,846  933,846 
Net income— — — — 27,991 — 27,991 — 
Restricted stock forfeiture
(97,425)(1)(918)— — — (919)— (919)
Common dividends declared, $0.25 per share
— — — — — (14,008)(14,008)— (14,008)
Preferred dividends declared, $25.00 per share
— — — — — (25)(25)— (25)
Non-cash equity award compensation
— — 1,887 — — — 1,887 — 1,887 
Contributions from non-controlling interests
— — — — — — — 125 125 
Balance, March 31, 202155,107,657 551 1,059,267  131,156 (242,202)948,772 125 948,897 
Net income— — — — 14,269 — 14,269 — 14,269 
Restricted stock forfeiture
(17,628)(275)— — — (275)— (275)
Repurchase of common stock(300,891)(3)(4,267)— — — (4,270)— (4,270)
Common dividends declared, $0.25 per share
— — — — — (13,939)(13,939)— (13,939)
Preferred dividends declared, $25.00 per share
— — — — — (25)(25)— (25)
Non-cash equity award compensation1,048  1,639 — — — 1,639 — 1,639 
Balance, June 30, 202154,790,186 548 1,056,364  145,425 (256,166)946,171 125 946,296 
Net income— — — — 18,630 — 18,630 — 18,630 
Settlement of warrants to purchase common stock— — (7,478)— — — (7,478)— (7,478)
Repurchase of common stock(1,000,721)(10)(13,523)— — — (13,533)— (13,533)
Common dividends declared, $0.25 per share
— — — — — (13,688)(13,688)— (13,688)
Preferred dividends declared, $25.00 per share
— — — — — (25)(25)— (25)
Non-cash equity award compensation— — 2,032 — — — 2,032 — 2,032 
Balance, September 30, 202153,789,465 $538 $1,037,395 $ $164,055 $(269,879)$932,109 $125 $932,234 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4




GRANITE POINT MORTGAGE TRUST INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
Nine Months Ended
September 30,
20212020
Cash Flows From Operating Activities:
Net income (loss)$60,890 $(63,590)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Accretion of discounts and net deferred fees on loans held-for-investment and deferred interest capitalized to loans held-for-investment
(20,310)(12,557)
Amortization of deferred debt issuance costs on repurchase facilities, asset-specific financings, convertible senior notes, securitized debt obligations, senior secured term loan facilities and term financing facilities
9,692 4,646 
(Benefit from) provision for credit losses(15,072)62,241 
Realized losses on sales of loans held-for-sale
 16,913 
Amortization of equity-based compensation5,558 3,994 
Depreciation of fixed assets  
Net change in assets and liabilities:
Decrease (increase) in accrued interest receivable2,490 (610)
Increase in other assets(4,069)(19,899)
Increase in other liabilities5,846 44,911 
Net cash provided by operating activities45,025 36,049 
Cash Flows From Investing Activities:
Originations, acquisitions and additional fundings of loans held-for-investment, net of deferred fees
(549,705)(314,722)
Proceeds from repayment of loans held-for-investment815,054 290,838 
Increase in other assets, due from servicer/trustee on repayments of loans held-for-investment(66,944) 
Principal payments on available-for-sale securities 12,798 
Principal payments on held-to-maturity securities 18,076 
Proceeds from sales of loans held-for-sale 193,538 
Net cash provided by investing activities198,405 200,528 
Cash Flows From Financing Activities:
Proceeds from repurchase facilities347,261 397,004 
Principal payments on repurchase facilities(1,139,378)(470,180)
Proceeds from issuance of securitized debt obligations685,766  
Principal payments on securitized debt obligations(254,647)(115,853)
Proceeds from senior secured term loan facilities 205,647 
Proceeds from asset-specific financings2,785 6,626 
Repayment of asset-specific financings(81,123) 
Proceeds from revolving credit facilities 38,361 
Repayment of revolving credit facilities (80,369)
Proceeds from term financing facility349,291  
Repayment of term financing facility(219,311) 
Payment of debt issuance costs(8,353) 
Proceeds from issuance of warrants to purchase common stock 4,541 
Settlement of warrants to purchase common stock(7,478)
Contributions from non-controlling interests125  
Tax withholding on restricted stock(1,194) 
Repurchase of common stock(17,804) 
Dividends paid on preferred stock(75)(75)
Dividends paid on common stock(52,970)(23,038)
Net cash used in financing activities(397,105)(37,336)
Net (decrease) increase in cash, cash equivalents and restricted cash(153,675)199,241 
Cash, cash equivalents and restricted cash at beginning of period329,193 159,764 
Cash, cash equivalents and restricted cash at end of period$175,518 $359,005 
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest$75,818 $83,366 
Cash paid for taxes$607 $ 
Noncash Activities:
Transfers of loans held-for-investment to loans held-for-sale
$ $210,452 
Dividends declared but not paid at end of period$13,713 $11,065 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5




GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements (unaudited)

Note 1. Organization and Operations
Granite Point Mortgage Trust Inc. is an internally managed 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 capitalized by accessing a variety of funding options, including borrowing under our bank credit facilities or other asset-specific financings, issuing commercial real estate collateralized loan obligations, or CRE CLOs, entering into term financing agreements, and issuing other forms of secured and unsecured debt and equity securities, depending on market conditions and our view of the most appropriate funding option available for our investments. Our investment objective is to preserve our stockholders’ capital while generating attractive risk-adjusted returns over the long term, primarily through dividends derived from current income produced by our investment portfolio. Our common stock is listed on the New York Stock Exchange, or 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 of 1940, as amended, or the Investment Company Act. The Company operates its business as one 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 real estate investment trust, or 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.
The Company was externally managed by Pine River Capital Management L.P., or the Former Manager, through December 31, 2020, at which time the Company internalized its management function, or the Internalization.
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 Securities and Exchange Commission, or 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. 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, 2020. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at September 30, 2021 and results of operations for all periods presented have been made. The results of operations for the three and nine months ended September 30, 2021 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.
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, 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 capitalization rates, leasing, credit worthiness 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. As of September 30, 2021, the COVID-19
6



GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements (unaudited)
pandemic remains ongoing. Since the beginning of 2020, the pandemic has significantly impacted the global economy, created disruptions in the global supply chain, increased rates of unemployment and adversely impacted many industries, including those related to the real estate collateral underlying certain of our loans. So far in 2021, the global and U.S. economic activity has, to varying degrees, begun to improve, as wider distribution of the COVID-19 vaccines has continued. As a result, macroeconomic forecasts have improved over the last few quarters, including expectations for unemployment rates and overall economic output. Nonetheless, the ongoing pandemic may continue to adversely impact the macroeconomic recovery, particularly with respect to the emergence of new variants of the COVID-19 virus, the continued distribution and acceptance of vaccines and the effectiveness of such vaccines against new variants of the COVID-19 virus. Accordingly, given the ongoing nature of the outbreak, at this time the Company cannot reasonably estimate the magnitude of the long-term impact that COVID-19 may have on the economic activity and real estate market conditions, as well as the Company’s business, financial performance and operating results. 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, 2021. However, uncertainty over the ultimate impact the COVID-19 pandemic will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of September 30, 2021 inherently less certain than they would be absent the current and potential impacts of the COVID-19 pandemic. 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, 2020 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, 2021.
Term Financing Facility
The Company finances certain of its loans held-for-investment through the use of a term financing facility. Borrowings under the term financing facility bear an interest rate of a specified margin over the one-month London Interbank Offered Rate, or LIBOR. The term financing facility financings are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements.
Recently Issued and/or Adopted Accounting Standards
Facilitation of the Effects of Reference Rate Reform on Financial Reporting
In March 2020, the Financial Accounting Standards Board, or FASB, issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, or ASU No. 2020-04, which provides optional expedients and exceptions for applying GAAP to debt instruments, derivatives, and other contracts that reference LIBOR or other reference rates expected to be discontinued as a result of reference rate reform. This guidance is optional and may be elected through December 31, 2022 using a prospective application on all eligible contract modifications. The Company has loan agreements, and debt agreements that incorporate LIBOR as a referenced interest rate. It is difficult to predict what effect, if any, the phase-out of LIBOR and the use of alternative benchmarks may have on the Company’s business or on the overall financial markets. The Company has not adopted any of the optional expedients or exceptions through September 30, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions.
Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
In August 2020, FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in an Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, or ASU No. 2020-06. The intention of ASU No. 2020-06 is to address the complexities in accounting for certain financial instruments with a debt and equity component. Under ASU No. 2020-06, the number of accounting models for convertible notes will be reduced and entities that issue convertible debt will be required to use the if-converted method for the computation of diluted "Earnings per share" under ASC 260. ASC 2020-06 is effective for fiscal years beginning after December 15, 2021 and may be adopted through either a modified retrospective method of transition or a fully retrospective method of transition. The Company is currently assessing the impact this guidance will have on its condensed consolidated financial statements.
Note 3. Loans Held-for-Investment, Net of Allowance for Credit Losses
The Company originates and acquires commercial real estate debt and related instruments generally to be held as long-term investments. These assets are classified as “loans held-for-investment” on the condensed consolidated balance sheets. Loans held-for-investment are reported at cost, net of any unamortized acquisition premiums or discounts, loan fees, origination costs and allowance for credit losses, as applicable.
7



GRANITE POINT MORTGAGE TRUST INC.
Notes to the Condensed Consolidated Financial Statements (unaudited)
The following tables summarize the Company’s loans held-for-investment by asset type, property type and geographic location as of September 30, 2021 and December 31, 2020:
September 30,
2021
(dollars in thousands)
Senior
    Loans (1)
Mezzanine LoansB-NotesTotal
Unpaid principal balance$3,657,401 $1,387 $14,065 $3,672,853 
Unamortized (discount) premium
(67)  (67)
Unamortized net deferred origination fees
(13,095)  (13,095)
Allowance for credit losses(40,897)(1,387)(3,196)(45,480)
Carrying value$3,603,342 $ $10,869 $3,614,211 
Unfunded commitments$430,105 $ $ $430,105 
Number of loans98 1 1 100 
Weighted average coupon4.6 %13.0 %8.0 %