Granite Point Mo Stock Price, News & Analysis

Granite Point Mortgage Trust (NYSE: GPMT) released its Q1 2022 business updates, showcasing progress in strategic priorities and enhancing capital access. The company resolved three out of four nonaccrual loans, improving its credit profile. GPMT's forward pipeline includes over $330 million in senior floating-rate loans, with initial fundings exceeding $295 million. Notably, a $54 million office loan in Washington D.C. was resolved, resulting in a $10 million loss. As of March 18, 2022, GPMT reported $138.8 million in cash, bolstering its liquidity and investment potential.

Granite Point Mortgage Trust (NYSE: GPMT) has announced a quarterly cash dividend of $0.25 per share for Q1 2022, payable on April 15, 2022, to shareholders of record by April 1, 2022. Additionally, a dividend of $0.4375 per share will be paid to preferred stockholders of the 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock on the same date. This move reflects the company's ongoing commitment to returning value to its shareholders.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) will hold its 2022 Annual Meeting of Stockholders virtually on June 2, 2022, at 10:00 a.m. Eastern Time. This virtual format aims to enhance accessibility for all stockholders. Eligible stockholders can participate by logging in with a 16-digit control number provided in proxy materials. The meeting will allow stockholders to vote and submit questions. A replay will be available for one year post-meeting. Granite Point focuses on originating and managing senior floating rate commercial mortgage loans.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) reported a Q4 2021 GAAP net income of $6.7 million ($0.13 per share) and full-year net income of $67.6 million ($1.24 per share). Distributable earnings were $12.7 million in Q4 and $54.3 million for the year. The company reduced CECL reserves by $20 million, ended the year with a $4.2 billion loan portfolio primarily in senior loans, and paid down $75 million of debt. An inaugural preferred stock offering raised $115 million, enhancing balance sheet flexibility. A post-quarter pipeline includes approximately $285 million in new loan commitments.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) will release its financial results for Q4 and full year 2021 on February 24, 2022, after market close. A conference call to discuss these results is scheduled for February 25, 2022, at 11:00 a.m. ET. Investors can participate via phone or listen live on the company's website. Playback of the call will be available from February 25 to March 4, 2022. Granite Point specializes in originating, investing in, and managing senior floating rate commercial mortgage loans and real estate investments.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) has announced the tax treatment for its 2021 common and preferred stock dividends. The company stated that no portion of its 2021 dividends will be classified as excess inclusion income, simplifying tax reporting for investors. The total distributions for common stock amounted to $1.00 per share, with each cash dividend payable on four separate dates. Preferred stock dividends totaled $0.150690 per share. Stockholders are advised to consult their tax advisors regarding their specific tax obligations.

Granite Point Mortgage Trust (NYSE: GPMT) has announced a public offering of 3,200,000 shares of its 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, aiming to raise $80 million. The offering includes an option for underwriters to purchase an additional 480,000 shares. The proceeds will be utilized for general corporate purposes such as loan originations and debt repayment. The offering is expected to close on January 25, 2022, pending customary conditions.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) has announced a public offering of additional shares of its 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, priced at $25.00 per share. This offering includes 4,596,500 previously issued shares and will be treated as a single series. Proceeds from the offering are intended for general corporate purposes such as loan originations, debt repayment, and acquisitions. The Series A Preferred Stock is listed on the NYSE under the ticker symbol 'GPMT PrA.'

Granite Point Mortgage Trust (GPMT) announced a quarterly cash dividend of $0.25 per share for Q4 2021, payable on January 18, 2022. Additionally, a dividend of $0.15096 per Series A Preferred Stock share was declared, also payable on January 18, 2022. The company closed 7 commercial real estate loans totaling over $245 million and raised $114.9 million through preferred stock issuance. GPMT repaid $75 million of its senior secured term loan, incurring a charge of $(8.9 million). As of December 15, 2021, GPMT held a cash balance of $187 million.