Welcome to our dedicated page for Granite Point Mortgage Trust news (Ticker: GPMT), a resource for investors and traders seeking the latest updates and insights on Granite Point Mortgage Trust stock.
Granite Point Mortgage Trust Inc. (GPMT) is a publicly traded Maryland corporation specializing in the direct origination, investment, and management of senior floating-rate commercial mortgage loans and other debt-related commercial real estate investments. The company is known for its long-term, fundamental value-oriented investment strategy, focusing on building a diversified and rigorously underwritten investment portfolio.
Granite Point's core business revolves around providing intermediate-term bridge or transitional financing solutions for various purposes, including acquisitions, recapitalizations, refinancing, and property renovations. Typically, the firm targets floating-rate senior commercial real estate loans with terms ranging from three to five years and loan sizes between $25 million and $150 million.
The company's investment approach is meticulous, assessing each loan on a case-by-case basis to ensure it meets stringent credit standards and offers substantial value compared to other market opportunities. This selectivity and focus on individual loan assessment help Granite Point maintain a robust and balanced portfolio.
Recent achievements include strategic partnerships and successful completion of notable financing projects, underscoring Granite Point's commitment to fostering strong market relationships and sustaining growth. The company's financial performance is supported by its selective investment criteria and proactive management strategies, ensuring steady returns for investors.
For stakeholders and potential investors seeking current updates and in-depth information, Granite Point frequently provides news and insights related to its financial health, ongoing projects, and market activities. This transparency helps maintain investor trust and underscores the company's dedication to clear communication and responsible management.
Granite Point Mortgage Trust (NYSE: GPMT) has declared a quarterly cash dividend of $0.05 per common share and $0.4375 per Series A Preferred Stock share for Q4 2024, both payable on January 15, 2025. The company has resolved $146 million in nonaccrual loans and has an additional $135 million in the closing process.
During Q4, GPMT repurchased 1.2 million common shares at an average price of $3.45, totaling $4.0 million. The company resolved three nonaccrual loans: a $20.1 million Denver office property loan with a $(12.2) million write-off, a $93.7 million New York mixed-use property loan with a $(47.2) million write-off, and a $32.9 million Fort Lee office property loan with a $(16.7) million write-off. The company has funded $10.0 million in existing loan commitments and received $124.3 million in full principal repayments, maintaining $91.7 million in unrestricted cash.
Granite Point Mortgage Trust (NYSE: GPMT) reported a GAAP Net Loss of $(34.6) million, or $(0.69) per basic share, for Q3 2024, including a $(27.9) million provision for credit losses. The company's Distributable Loss was $(38.0) million, with book value per share at $9.25. The quarter saw $284.7 million in loan repayments and resolutions, with multiple nonaccrual loan resolutions. The company maintains a 97% floating rate loan portfolio with $2.5 billion in total loan commitments. Post-quarter, GPMT resolved a $32.9 million nonaccrual loan and expects to resolve five additional nonaccrual loans totaling over $250 million.
Granite Point Mortgage Trust (NYSE: GPMT) has announced it will release its third quarter 2024 financial results after market close on November 6, 2024. The company will host a conference call to discuss the results on November 7, 2024, at 11:00 a.m. ET. Investors can participate via phone or listen through the company's website. A playback option will be available from November 7 at 1:00 p.m. ET through November 21 at 12:00 a.m. ET.
Granite Point Mortgage Trust Inc. (NYSE: GPMT) has announced its third quarter 2024 dividends and provided a business update. The company declared a quarterly cash dividend of $0.05 per share of common stock and $0.4375 per share of Series A Preferred Stock, both payable on October 15, 2024. GPMT reported progress in resolving nonaccrual loans, with three such loans totaling over $120 million in principal balance addressed during the quarter.
The company also repurchased 0.7 million common shares at an average price of $2.73 per share, totaling approximately $2 million. GPMT's Board has increased the share buyback authorization by an additional 3 million common shares. As of September 20th, the company held about $110 million in unrestricted cash and $54 million in unlevered REO assets.
Granite Point Mortgage Trust Inc. (NYSE: GPMT) has announced a CFO transition. Blake Johnson will be appointed as the new Chief Financial Officer, effective December 1, 2024. Johnson will join the company as Deputy CFO by October 28, 2024, before assuming the full CFO role. This change comes as current CFO Marcin Urbaszek has submitted his resignation to pursue an opportunity with a global financial institution.
Urbaszek will remain with Granite Point until Johnson's official appointment to ensure a smooth transition. CEO Jack Taylor expressed confidence in Johnson's financial expertise and familiarity with the company, as he previously served as Granite Point's Controller. The transition is not related to any financial or operational issues within the company.
Granite Point Mortgage Trust Inc. (NYSE: GPMT) reported its Q2 2024 financial results, showing a GAAP Net Loss of $(66.7) million, or $(1.31) per basic share, including a $(60.8) million provision for credit losses. The company's book value per common share decreased to $9.84, with a total CECL reserve of $266.9 million. GPMT realized $103.7 million in loan repayments and resolved several non-performing loans. Post-quarter, the company resolved two significant loans and realized approximately $143 million in loan repayments. GPMT maintains a 98% floating rate loan portfolio with $2.7 billion in total loan commitments, primarily consisting of senior loans. The company also repurchased 0.5 million shares of its common stock during the quarter.
Granite Point Mortgage Trust Inc. (NYSE: GPMT) has announced the dates for its second quarter 2024 earnings release and conference call. The company will release its financial results for the quarter ended June 30, 2024, after market close on August 5, 2024. A conference call to review the results will be held on August 6, 2024, at 11:00 a.m. ET.
Investors can participate in the teleconference by calling (877) 407-8031 (or (201) 689-8031 for international callers) approximately 10 minutes before the start time. The call will also be available via live webcast on the company's website. For those unable to attend, a telephone playback will be available from August 6, 2024, at 1:00 p.m. ET through August 20, 2024, at 12:00 a.m. ET.
Granite Point Mortgage Trust Inc. (NYSE: GPMT) announced a quarterly cash dividend of $0.05 per share of common stock and $0.4375 per share of its 7% Series A Preferred Stock for Q2 2024, payable on July 15, 2024. The Board emphasized maintaining book value amid real estate challenges and highlighted strategic share repurchases, having bought back 0.5 million shares this quarter. A $11.6 million nonaccrual loan was resolved, resulting in a $2.5 million expected loss, and a $37.6 million nonaccrual loan is under contract for sale, expected to close in Q3 2024. The company funded $10 million on existing commitments and realized $45 million in repayments.
Granite Point Mortgage Trust Inc. (NYSE: GPMT) reported its financial results for Q1 2024, addressing challenges in the commercial real estate sector due to high interest rates and low liquidity. The company increased CECL reserves to manage uncertainties, maintained low leverage, and high liquidity. The quarter saw a GAAP Net Loss of $(77.7) million, Distributable Earnings of $1.3 million, book value per share of $11.14, and dividends declared. The company funded $17.5 million in loan commitments, realized $35.5 million in loan repayments, and ended the quarter with $155 million in unrestricted cash. Post-quarter, they funded $3 million in loans and received $13 million in paydowns.
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