Granite Point Mo Stock Price, News & Analysis

Granite Point Mortgage Trust (NYSE: GPMT) has launched a public offering of its Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, priced at $25.00 per share. The offering's net proceeds will be used mainly for repaying senior secured loans and potential asset acquisitions. GPMT plans to list the preferred stock on the NYSE under the ticker symbol 'GPMT PrA,' with trading expected to begin within 30 days of issuance. Raymond James & Associates is the sole book-running manager for the offering.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) has successfully closed GPMT 2021-FL4, a $621 million managed Commercial Real Estate Collateralized Loan Obligation (CRE CLO). This offering included $503 million in investment-grade securities, facilitating term-matched, non-mark-to-market, non-recourse financing. The CLO boasts an advance rate of 80.875% and a weighted-average interest rate of LIBOR + 1.68%. The issuance strengthens funding diversification and financing flexibility, with approximately 75% of loan-level financing now being non-mark-to-market.

Granite Point Mortgage Trust (NYSE: GPMT) reported Q3 2021 net income of $18.6 million ($0.34/share), aided by a release of $5.8 million in CECL reserves. Distributable Earnings were $5.1 million ($0.09/share), impacted by a $9.7 million write-off from a hotel loan resolution. The company declared a cash dividend of $0.25/share. As of September 30, 2021, GPMT's portfolio had a total commitment of $4.1 billion with a 63.3% weighted average stabilized loan-to-value ratio. GPMT also repurchased 1 million shares at an average price of $13.49. A conference call is scheduled for November 9, 2021.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) announced the pricing of its GPMT 2021-FL4, a $621 million managed Commercial Real Estate Collateralized Loan Obligation (CRE CLO). The CLO aims to place around $503 million in investment-grade securities with institutional investors, providing term-matched financing on a non-mark-to-market, non-recourse basis. The initial advance rate is set at 80.875% with a weighted-average interest rate of LIBOR + 1.68%. Closing is expected on or around November 16, 2021. This issuance will support GPMT's financing strategy while enhancing its funding mix.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) will release its financial results for the quarter ended September 30, 2021, after market close on November 8, 2021. A conference call to discuss the results is scheduled for November 9, 2021, at 10:00 a.m. ET. Interested participants can join by calling toll-free or via the company's website. The results will be archived for playback until November 16, 2021. Granite Point focuses on originating, investing in, and managing senior floating rate commercial mortgage loans and other debt-like commercial real estate investments.

Granite Point Mortgage Trust (NYSE: GPMT) announced the exercise of all outstanding warrants for approximately 4.55 million shares, settling in cash for about $32.1 million. This led to a decrease in book value per share by approximately $(0.60). The company previously settled 1.06 million shares for $7.5 million on September 30, 2021. Additionally, GPMT resolved the non-performing status of a $22 million loan and a $68 million loan, resulting in a loss of $(10.0) million. As of September 30, 2021, GPMT had approximately $155 million cash on hand.

Granite Point Mortgage Trust (NYSE: GPMT) has declared a quarterly cash dividend of $0.25 per share for Q3 2021, payable on October 19, 2021, to stockholders on record as of October 1, 2021. During the quarter, GPMT closed 5 senior floating-rate loans worth over $190 million and funded about $30 million for prior commitments. The company also reported loan repayments exceeding $215 million and repurchased approximately 1 million shares at an average price of $13.50.

Granite Point Mortgage Trust reported a GAAP net income of $14.2 million for Q2 2021, equating to $0.26 per share. Distributable Earnings reached $15.7 million or $0.29 per share. The company declared a cash dividend of $0.25 per share. As of June 30, 2021, the book value stood at $17.27 per share, with total loan commitments of $4.1 billion. Granite Point closed seven loans totaling $203.8 million during the quarter and secured $242 million in liquidity post-quarter-end.

Granite Point Mortgage Trust (NYSE: GPMT) will release its financial results for Q2 2021 on August 9, 2021, after market close. A conference call to discuss these results is scheduled for August 10, 2021, at 10:00 a.m. ET. Interested participants can join the call by calling 833-255-2835 or by listening online at www.gpmtreit.com. A playback of the call will be available from August 10 at noon ET until August 17.