Granite Point Mortgage Trust Inc. Announces Fourth Quarter 2020 Dividend and an Additional Special Common Stock Dividend

Rhea-AI Summary

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.

Positive

• Declared quarterly cash dividend of $0.20 per share.
• Announced a special cash dividend of $0.25 per share.
• Dividends aim to provide an attractive and stable income stream.

Negative

• Ongoing impacts of the COVID-19 pandemic may affect financial performance.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) (“GPMT”, “Granite Point” or the “Company”) today announced that on December 18, 2020, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share of common stock for the fourth quarter of 2020. The Board of Directors also declared an additional special cash dividend of $0.25 per share of common stock. Both, the regular and the special cash dividends, will be payable on January 22, 2021, to common stockholders of record as of December 31, 2020.

“In setting the common stock dividend, the Company’s management team and the Board of Directors do so to provide an attractive and stable dividend income stream and to protect book value over the long-term, while balancing REIT distribution requirements with maintaining overall financial flexibility,” said Jack Taylor, Granite Point’s Chief Executive Officer, President and Director. “Despite the ongoing impacts of the COVID-19 pandemic our portfolio has performed well and we believe that the level of our regular and special cash dividends declared by our Board is appropriate given the ongoing economic and real estate market uncertainty.”

About Granite Point Mortgage Trust Inc.

Granite Point Mortgage Trust Inc. is a Maryland corporation focused on directly originating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point is headquartered in New York, NY, and is externally managed by Pine River Capital Management L.P. Additional information is available at www.gpmtreit.com.

Additional Information

Stockholders of Granite Point and other interested persons may find additional information regarding the company at the Securities and Exchange Commission’s Internet site at www.sec.gov or by directing requests to: Granite Point Mortgage Trust Inc., 3 Bryant Park, 24^th floor, New York, NY 10036, telephone (646) 540-7940.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201221005179/en/

FAQ

What are the dividend amounts for Granite Point Mortgage Trust in Q4 2020?

Granite Point Mortgage Trust declared a quarterly cash dividend of $0.20 per share and a special cash dividend of $0.25 per share.

When will the dividends for GPMT be paid?

The dividends will be payable on January 22, 2021, to stockholders of record as of December 31, 2020.

How does GPMT's dividend reflect its financial strategy?

GPMT's dividends are intended to provide stable income while maintaining financial flexibility amidst market uncertainty.

What factors influenced GPMT's decision to declare dividends?

The decision was influenced by the company's performance during the COVID-19 pandemic and the need to balance REIT distribution requirements.