Granite Point Mortgage Trust Inc. Announces Second Quarter 2021 Common Stock Dividend and Business Update

Rhea-AI Summary

Granite Point Mortgage Trust (NYSE: GPMT) announced a quarterly cash dividend of $0.25 per share for Q2 2021, payable on July 19, 2021, to stockholders of record by July 1, 2021. The Company closed six senior floating-rate commercial loans with commitments exceeding $150 million and initial fundings over $115 million, alongside generating a pipeline of loan commitments worth approximately $200 million. Additionally, Granite Point received over $415 million in loan repayments.

Positive

• Declared a quarterly dividend of $0.25 per share.
• Closed six commercial real estate loans totaling over $150 million.
• Substantial loan repayments exceeding $415 million realized.

Negative

• None.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) (“GPMT,” “Granite Point” or the “Company”) today announced that the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share of common stock for the second quarter of 2021. This dividend will be payable on July 19, 2021 to common stockholders of record as of July 1, 2021.

Business Update through June 15, 2021

• Closed six senior floating-rate commercial real estate loans with total commitments of over $150 million and initial fundings of over $115 million. Funded an additional $25 million for prior loan commitments.
• Generated a forward pipeline of senior floating-rate loans with total commitments of approximately $200 million and initial fundings of approximately $185 million, which are expected to close over the next couple of months, subject to fallout.
• Realized over $415 million of loan repayments, including two hotel loans totaling approximately $135 million in principal balance.
• Repurchased approximately 0.3 million shares of common stock at a weighted average price of $14.16 per share. There remain 1.7 million shares authorized for repurchase under the current share repurchase program.

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. 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 (212) 364-5500.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210615006145/en/

FAQ

What is the dividend amount declared by Granite Point Mortgage Trust for Q2 2021?

Granite Point Mortgage Trust declared a quarterly cash dividend of $0.25 per share for Q2 2021.

When will the dividend be paid to shareholders?

The dividend will be payable on July 19, 2021, to stockholders of record as of July 1, 2021.

What is the total amount of loan commitments closed by Granite Point?

Granite Point closed six senior floating-rate commercial loans with total commitments exceeding $150 million.

How much has Granite Point realized in loan repayments?

Granite Point realized over $415 million in loan repayments.