Granite Point Mo Stock Price, News & Analysis

Granite Point Mortgage Trust (NYSE: GPMT) reported its Q1 2025 financial results, posting a GAAP net loss of $(10.6) million, or $(0.22) per share. The company experienced a Distributable Loss of $(27.7) million or $(0.57) per share. GPMT made progress in resolving troubled assets, with three risk-rated 5 loans resolved and a fourth closing soon, totaling approximately $230 million. The company received $107 million from loan repayments, including three office property loans. The loan portfolio, valued at $2.0 billion, is 98% floating rate and comprises over 99% senior loans. GPMT maintained a book value per share of $8.24 and declared a common stock dividend of $0.05. The company repurchased 0.9 million shares at an average price of $2.84, resulting in book value accretion of $0.10 per share. Post-quarter, GPMT extended all repurchase facilities by approximately one year and expects to close additional loan resolutions.

Granite Point Mortgage Trust (NYSE: GPMT) has announced its Q1 2025 earnings release date for May 6, with a conference call scheduled for May 7. The company provided key business updates, including:

As of April 28, 2025, GPMT holds $74 million in unrestricted cash and has extended all repurchase facilities' maturities by approximately one year. The company has achieved $70 million in loan repayments year-to-date, including a full office loan repayment, and expects additional repayments up to $90 million, mainly from office loans.

Financial highlights include the resolution of two risk-rated "5" loans, with two more expected soon. The company projects a Q1 2025 GAAP net loss of $(10.6) million, or $(0.22) per basic share, including a $(3.8) million provision for credit losses. Estimated book value per common share stands at $8.24 as of March 31, 2025.

Granite Point Mortgage Trust (NYSE: GPMT) has declared quarterly dividends for Q1 2025, with $0.05 per common share and $0.4375 per Series A Preferred share, both payable on April 15, 2025. The company reported significant developments in Q1, including:

- Repurchased 0.8M common shares at $2.85/share ($2.3M total)
- Took REO of Miami Beach office property ($71M carrying value)
- Resolved Boston office loan through property sale ($26.1M principal)
- Funded $5.9M in existing loans
- Realized $72.6M in loan repayments
- Maintains $82.4M in unrestricted cash

The company expects write-offs of approximately $7.9M and $16.6M from the Miami and Boston properties respectively, both covered by existing credit loss allowances.

Granite Point Mortgage Trust (NYSE: GPMT) has announced its 2025 Annual Meeting of Stockholders, scheduled for June 5, 2025, at 10:00 a.m. Eastern Time. The meeting will be held virtually, accessible via www.virtualshareholdermeeting.com/GPMT2025.

Stockholders of record as of April 7, 2025 will be eligible to vote and submit questions during the virtual meeting using their 16-digit control number. The company recommends logging in fifteen minutes before the start time. A replay of the meeting will be available for one year at the same virtual address.

Granite Point Mortgage Trust (GPMT) reported its Q4 and full year 2024 financial results, highlighting significant progress in resolving nonperforming loans totaling over $340 million in 2024. The company experienced a GAAP net loss of $(42.4) million in Q4 and $(221.5) million for the full year.

Key Q4 metrics include a book value per common share of $8.47 and a declared dividend of $0.05 per common share. The company maintains a 98% floating rate loan portfolio with $2.2 billion in total loan commitments. During 2024, GPMT received twelve loan repayments of about $415 million and repurchased 2.4 million common shares at an average price of $3.16.

Post quarter-end activities include taking an office property in Miami Beach as REO with an expected net carrying value of approximately $71.0 million and resolving a Boston office property loan through a property sale.

Granite Point Mortgage Trust (NYSE: GPMT) has released its 2024 dividend tax information for common and preferred stock. For common stock, the total distribution per share for 2024 is $0.450000, consisting of quarterly payments: $0.200000 (January), $0.150000 (April), $0.050000 (July), and $0.050000 (October). For preferred Series A stock, the total distribution is $1.750000, with quarterly payments of $0.437500.

The January 2025 distributions ($0.050000 for common and $0.437500 for preferred) will be reported on 2025 Form 1099s. No portion of the 2024 dividend distributions consists of excess inclusion income, qualified dividends, capital gain distributions, or Section 199A dividends. All distributions are classified as nondividend distributions for tax purposes.

Granite Point Mortgage Trust (NYSE: GPMT) has announced it will release its financial results for Q4 and full year 2024 after market close on February 13, 2025. The company will host a conference call to discuss these results on February 14, 2025, at 11:00 a.m. ET.

Investors can participate in the teleconference by calling (877) 407-8031 (domestic) or (201) 689-8031 (international). The call will also be available via webcast on the company's website at www.gpmtreit.com. A playback option will be accessible from February 14, 2025, at 1:00 p.m. ET through February 28, 2025, via phone and the company's website.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) announced the passing of W. Reid Sanders, who served as a member of its Board of Directors since the company's inception in 2017. Stephen Kasnet, Chairman of the Granite Point Board of Directors, and Jack Taylor, CEO, both expressed their condolences and praised Sanders' contributions to the company. They highlighted his experience, wisdom, dedication, and business acumen, noting his significant impact on Granite Point since its founding.

Granite Point Mortgage Trust (NYSE: GPMT) has announced the appointment of two new independent directors to its Board: Patrick Halter and Lazar Nikolic, effective immediately. Halter will serve on the Compensation Committee, while Nikolic will join the Nominating and Corporate Governance Committee.

With these additions, GPMT's Board now consists of eight directors, with seven being independent. Board Chairman Stephen Kasnet highlighted Halter's experience in commercial real estate investment management and Nikolic's investment background in real estate asset classes, noting their potential contributions as the company navigates current market conditions and pursues growth opportunities.

Notably, Nikolic joins as a significant shareholder of the company, expressing confidence in the business's value and future opportunities. The appointments reflect GPMT's commitment to regular Board enhancement and refreshment to advance shareholder interests.