Granite Point Mo Stock Price, News & Analysis

Granite Point Mortgage Trust (NYSE: GPMT) announced the completion of its internalization process on December 31, 2020, transitioning to an internally managed REIT. This involved a one-time cash payment of $44.5 million to its former external manager, Pine River Capital Management, and the termination of their management agreement. The internalization is expected to lower overall costs and enhance transparency. CEO Jack Taylor emphasized that this move aligns interests with shareholders and positions the company for growth amidst potential opportunities post-pandemic.

Granite Point Mortgage Trust (NYSE: GPMT) announced adjustments to the conversion rates for its 5.625% convertible senior notes due 2022 and 6.375% convertible senior notes due 2023. This change is prompted by a special cash dividend of $0.25 per share of common stock. As of December 31, 2020, the new conversion rate for the 2022 Notes increases to 51.9943 shares per $1,000 principal, up from 50.7073. For the 2023 Notes, the rate is revised to 50.0894 shares per $1,000 principal, from 48.8496. Notices were delivered to noteholders accordingly.

Granite Point Mortgage Trust (NYSE: GPMT) declared a quarterly cash dividend of $0.20 and a special cash dividend of $0.25 per share for Q4 2020. Both dividends are payable on January 22, 2021, to stockholders of record as of December 31, 2020. CEO Jack Taylor stated that the dividends reflect the company's commitment to providing stable income while balancing financial flexibility amid the ongoing COVID-19 pandemic and real estate market uncertainty.

Granite Point Mortgage Trust Inc. (GPMT) reported a net loss of $(24.7) million or $(0.45) per share for Q3 2020, primarily due to $(43.7) million in restructuring charges. However, core earnings stood at $15.0 million or $0.27 per share. The company declared a dividend of $0.20 and concluded the quarter with a cash balance exceeding $353 million. They have $4.1 billion in principal balance and secured a new financing commitment of $300 million. An internalization of management is set for December 31, 2020, enhancing operational efficiency.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) will release its financial results for Q3 2020 on November 9, 2020, after market close. A conference call to discuss these results is scheduled for November 10, 2020, at 10:00 a.m. ET. Investors can join the call by dialing (833) 255-2835 or listening live on the company’s website. Playback will be available from November 10, 2020, through November 17, 2020.

Granite Point specializes in originating, investing in, and managing senior floating-rate commercial mortgage loans.

Granite Point Mortgage Trust (NYSE: GPMT) has announced a definitive agreement to internalize its management, transitioning to an internally-managed structure effective December 31, 2020. The Company will make a one-time cash payment of $44.5 million to its external manager, Pine River Capital Management. This change aims to enhance operational transparency, reduce operating expenses to an estimated $30-$35 million in 2021, and potentially attract a broader base of institutional investors. The transition is expected to occur seamlessly, with retained key personnel ensuring continuity in management.

Granite Point Mortgage Trust (NYSE: GPMT) announced the internalization of its management function from Pine River Capital Management. An arbitration panel awarded $44.5 million to Pine River for terminating the management agreement. The Company plans to finalize the internalization by the fourth quarter of 2020, utilizing available funds for the payment. Following this transition, GPMT will be managed internally by its existing senior management team, enhancing its operational independence and potential for growth.

Granite Point Mortgage Trust Inc. (GPMT) has declared a quarterly dividend of $0.20 per share for Q3 2020, payable on October 19, 2020. The dividend distribution is based on the company's strong liquidity position, with over 99% of borrowers making loan payments for August and September. Additionally, GPMT secured $300 million in strategic financing and maintains a cash balance of approximately $357 million. The company continues to navigate challenges posed by the COVID-19 pandemic while ensuring robust performance within its portfolio.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) has successfully closed a strategic financing deal of up to $300 million in senior secured term loans and warrants from a leading global investment firm. The deal will enhance the company’s liquidity, diversify financing sources, and bolster its balance sheet management. GPMT will initially draw $225 million at an interest rate of 8% over five years. Additionally, the company has options for further financing and intends to use the proceeds for general corporate purposes.