Granite Point Mo - GPMT STOCK NEWS

Granite Point Mortgage Trust Inc. (NYSE: GPMT) will release its financial results for Q4 and full year 2021 on February 24, 2022, after market close. A conference call to discuss these results is scheduled for February 25, 2022, at 11:00 a.m. ET. Investors can participate via phone or listen live on the company's website. Playback of the call will be available from February 25 to March 4, 2022. Granite Point specializes in originating, investing in, and managing senior floating rate commercial mortgage loans and real estate investments.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) has announced the tax treatment for its 2021 common and preferred stock dividends. The company stated that no portion of its 2021 dividends will be classified as excess inclusion income, simplifying tax reporting for investors. The total distributions for common stock amounted to $1.00 per share, with each cash dividend payable on four separate dates. Preferred stock dividends totaled $0.150690 per share. Stockholders are advised to consult their tax advisors regarding their specific tax obligations.

Granite Point Mortgage Trust (NYSE: GPMT) has announced a public offering of 3,200,000 shares of its 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, aiming to raise $80 million. The offering includes an option for underwriters to purchase an additional 480,000 shares. The proceeds will be utilized for general corporate purposes such as loan originations and debt repayment. The offering is expected to close on January 25, 2022, pending customary conditions.

Granite Point Mortgage Trust Inc. (NYSE: GPMT) has announced a public offering of additional shares of its 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, priced at $25.00 per share. This offering includes 4,596,500 previously issued shares and will be treated as a single series. Proceeds from the offering are intended for general corporate purposes such as loan originations, debt repayment, and acquisitions. The Series A Preferred Stock is listed on the NYSE under the ticker symbol 'GPMT PrA.'

Granite Point Mortgage Trust (GPMT) announced a quarterly cash dividend of $0.25 per share for Q4 2021, payable on January 18, 2022. Additionally, a dividend of $0.15096 per Series A Preferred Stock share was declared, also payable on January 18, 2022. The company closed 7 commercial real estate loans totaling over $245 million and raised $114.9 million through preferred stock issuance. GPMT repaid $75 million of its senior secured term loan, incurring a charge of $(8.9 million). As of December 15, 2021, GPMT held a cash balance of $187 million.

Granite Point Mortgage Trust announced the pricing of a public offering of 4 million shares of its 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock at $25 per share, totaling $100 million in gross proceeds. The underwriters have a 30-day option to purchase an additional 600,000 shares. The offering is expected to close on November 30, 2021. Proceeds will be used for general corporate purposes, including the partial repayment of senior secured term loans and potential asset acquisitions.

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.