格拉尼特角抵押信托 2025年季度报告

Item 1.Financial Statements (unaudited)Condensed Consolidated Balance Sheets atMarch 31, 2025, andDecember 31, 2024Condensed Consolidated Statements of Comprehensive (Loss) Income for the ThreeMonths Notes to the Condensed Consolidated Financial StatementsItem 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and that are subject to the safe harbors created by suchsections. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, “will,” “should,” “expect,” “target,” “believe,” “outlook,” “potential,” “continue,” “intend,” “seek,” “plan,” “goals,” “future,” “likely,”“may” and similar expressions or their negative forms, or by references to strategy, plans or intentions. By their nature, forward- looking statements speak only as of the date they are made, are not statements of historical facts or guarantees of future performanceand are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Ourexpectations, beliefs and estimates are expressed in good faith and we believe there is a reasonable basis for them. However, there canbe no assurance that management's expectations, beliefs and estimates will prove to be correct or be achieved and actual results mayvary materially from what is expressed in or indicated by the forward-looking statements.These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in ourAnnual Report on Form 10-K for the year ended December 31, 2024, under the caption “Risk Factors.” Other risks, uncertainties andfactors that could cause actual results to differ materially from those projected are described below and may be described from time to •a prolonged economic slowdown, including as a result of current global trade tensions and/or tariffs, a lengthy or severerecession, severe public health events or declining real estate values, could impair our investments or harm our operations;•inflationary trends which have led to higher interest rates and increased market volatility;•reduced demand for office or retail space, including as a result of increased hybrid work schedules which allow work fromremote locations other than the employer's office premises; properties;•our ability to obtain or maintain financing arrangements on terms favorable to us or at all; •the level and volatility of prevailing interest rates and credit spreads; •reductions in the yield on our investments and increases in the cost of our financing;•general volatility of the securities markets in which we participate and the potential need to post additional collateral on ourfinancing arrangements; •the return or impact of current or future investments;•changes in our business, investment strategies or target investments; •increased competition from entities investing in our target investments; •effects of hedging instruments on our target investments;•changes in governmental regulations, tax law and rates and similar matters; •our ability to maintain our qualification as a real estate investment trust, or REIT, for U.S. federal income tax purposes and ourexclusion from registration under the Investment Company Act of 1940, as amended, or the Investment Company Act;•availability of desirable investment opportunities;•threats to information security, including by way of cyber-attacks;•availability of qualified personnel; •operational failures by third-parties on whom we rely in the conduct of our business;•estimates relating to our ability to make distributions to our stockholders in the future; •natural disasters, such as hurricanes, earthquakes, wildfires and floods, including climate change-related risks; acts of warand/or terrorism; pandemics or outbreaks of infectious disease; civil disturbances and other events that may cause •deterioration in the performance of the properties securing our investments that may cause deterioration in the performance ofour investments, risks in collection of contractual interest payments and, potentially, principal losses to us, including the risk ofcredit loss charges and any impact on our ability to satisfy the covenants and conditions in our debt agreements; and •difficulty or delays in redeploying the proceeds from repayments of our existing investments.This Quarterly Report on Form 10-Q may contain statistics and other data that, in some cases, have been obtained or compiledfrom information made available by loan servicers and other third-party service providers.iii However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REITpurposes. The Company has designated one of its subsidiaries as a taxable REIT subsidiary, or TRS, as defined in the Code, to engage Note 2.Basis of Presentation and Significant A