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 successfully closed GPMT 2021-FL3, an $824 million Commercial Real Estate Collateralized Loan Obligation (CRE CLO). This private offering yielded $686 million in investment-grade securities, enabling GPMT to secure term-matched financing on a non-mark-to-market and non-recourse basis. The CLO features an initial advance rate of 83.25% with a weighted-average interest rate of LIBOR + 1.62%. This transaction enhances GPMT's funding diversity and reduces borrowing costs, affirming its position as a repeat issuer in the CRE CLO market.
Granite Point Mortgage Trust (GPMT) reported a GAAP net income of $28.0 million, or $0.51 per share, for Q1 2021, including a release of prior reserves. Distributable Earnings stood at $20.7 million ($0.38 per share). Net interest income was $27.8 million, with a book value of $17.22 per share. The company declared a $0.25 dividend per common share and reported a total portfolio commitment of $4.3 billion. Post-quarter, GPMT closed a $349 million financing and a $824 million CRE CLO, enhancing liquidity and funding opportunities.
Granite Point Mortgage Trust Inc. (NYSE: GPMT) announced the pricing of its GPMT 2021-FL3, a $824 million Commercial Real Estate Collateralized Loan Obligation (CRE CLO). The offering is aimed at qualified institutional buyers under Rule 144A of the Securities Act. The Company anticipates placing approximately $686 million of investment-grade securities, which will provide term-matched, non-recourse financing. The CRE CLO is set to close around May 14, 2021, and will aid in repaying existing financing, enhancing GPMT's non-mark-to-market financing to about 70% of aggregate borrowings.
Granite Point Mortgage Trust (NYSE: GPMT) will release its financial results for Q1 2021 on May 6, 2021, after market close. A conference call to discuss these results is scheduled for May 7, 2021, at 10:00 a.m. ET. The call can be accessed by calling toll-free or via an online platform. Granite Point specializes in originating, investing in, and managing senior floating rate commercial mortgage loans. More details are available on their Investor Relations page.
Granite Point Mortgage Trust Inc. (GPMT) announced a quarterly cash dividend of $0.25 per share for Q1 2021, payable on April 19, 2021. This dividend follows a robust performance of its investment portfolio, which is entirely composed of loans. According to CEO Jack Taylor, the increase reflects the company's strong earnings potential and confidence in future profitability. Shareholders of record as of April 1, 2021 will benefit from this income stream, bolstering the company's commitment to enhancing dividends over time.
Granite Point Mortgage Trust (NYSE: GPMT) announced that CEO Jack Taylor will present at the Citi 2021 Global Property CEO Conference on March 11, 2021, at 9:45 am ET. A live webcast of the presentation and Q&A session will be accessible through the Investor Relations section of Granite Point's website. For those who miss the live event, a replay will be available shortly after. Granite Point focuses on originating, investing in, and managing senior floating rate commercial mortgage loans.
Granite Point Mortgage Trust (GPMT) reported Q4 2020 GAAP net income of $23.1 million ($0.42/share) and distributable earnings of $18.4 million ($0.33/share). Net interest income fell to $27.4 million from $33.8 million due to a reduced portfolio balance. The company declared a cash dividend of $0.20 and a special dividend of $0.25. Full-year 2020 showed a GAAP net loss of $40.5 million, impacted by restructuring charges and credit loss provisions. Post-quarter, GPMT closed a $349 million refinancing and maintained a strong liquidity position with $235.6 million cash on hand.
Granite Point Mortgage Trust Inc. (NYSE: GPMT) has announced its 2021 Annual Meeting of Stockholders will take place virtually on June 1, 2021, at 10:00 a.m. ET. This virtual meeting aims to enhance accessibility for stockholders. Eligible stockholders can attend and vote using a 16-digit control number provided in the notice of internet availability of proxy materials. The meeting will be accessible via this link, and a replay will be available for one year post-meeting.
Granite Point Mortgage Trust Inc. (NYSE: GPMT) will release its financial results for Q4 and full year 2020 after the market closes on March 4, 2021. A conference call to discuss these results is scheduled for March 5, 2021, at 10:00 a.m. ET. Participants can join the call by dialing (833) 255-2835 or through the company's website. For those unable to attend, a playback of the call will be available starting March 5, 2021, at 12:00 p.m. ET.
Granite Point Mortgage Trust (NYSE: GPMT) announced the tax treatment of its 2020 common stock dividends to assist stockholders with tax reporting. No portion of the 2020 dividends will be classified as excess inclusion income, thus avoiding unrelated business taxable income (UBTI) concerns for certain tax-exempt investors. The 2020 total distribution per share is reported at $0.650, with $0.7403 as ordinary dividends. Stockholders are advised to consult their tax advisors for individual tax consequences.
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