Granite Point Mortgage Trust Inc. Reports Q3 2024 Dividend Update

Granite Point Mortgage Trust Inc. Announces Q3 2024 Dividends

Granite Point Mortgage Trust Inc. (NYSE: GPMT) recently announced its cash dividend declarations for the third quarter of 2024. The Company’s Board of Directors has approved a quarterly cash dividend of $0.05 per share for its common stock. This dividend will be paid to stockholders of record as of a specified date, further contributing to the Company’s commitment to enhance shareholder value.

Preferred Stock Dividend Details

Alongside the common stock dividends, Granite Point also declared a preferred stock dividend. Holders of the Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock will receive a dividend of $0.4375 per share. This is indicative of Granite Point's strategy to maintain a strong capital management framework while fostering investor confidence and satisfaction.

Addressing Nonperforming Loans

Jack Taylor, President and Chief Executive Officer of Granite Point, expressed optimism regarding the Company’s progress in addressing nonperforming loans, noting the resolution of three significant nonaccrual loans during the last quarter, totaling over $120 million in principal. This effort is part of their ongoing strategy to navigate the complexities of the real estate market. Taylor stated, “We expect to resolve additional nonperforming loans in the coming months as market conditions continue to stabilize.”

Financial Highlights from Q3

In addition to the dividend announcements, the Company provided a business update for the third quarter:

• In September, Granite Point resolved a $33 million loan secured by a multifamily property, originally rated “5” and in nonaccrual status, anticipating a write-off which was previously reserved.
• A loan modification was completed in July for $51 million linked to a mixed-use property in Pittsburgh, PA, with expected write-off provisions reflecting prudent risk management.
• Another notable resolution involved a $37 million loan secured by a mixed-use property in Los Angeles, further enhancing the overall risk profile.
• During this quarter, the Company also funded approximately $10 million on existing loan commitments while achieving around $190 million in principal repayments.
• Furthermore, a major property in New York securing a $94 million senior loan is on track for sale, potentially marking a significant transaction by the fourth quarter.
• The Company repurchased approximately 0.7 million shares at an average price of $2.73, aligning with its long-term strategy of capital return to shareholders.
• Granite Point’s Board has authorized up to an additional 3 million shares for repurchase, totalizing available buybacks to 5.9 million shares, allowing flexibility in its capital management.
• As of late September, about $110 million in unrestricted cash was reported, alongside $54 million in unlevered REO assets further bolstering the Company’s liquidity position.

About Granite Point Mortgage Trust Inc.

Granite Point Mortgage Trust Inc. is strategically positioned in the commercial mortgage sector, specializing in originating, investing in, and managing senior floating-rate commercial mortgage loans and related investments. The Company is committed to maintaining robust financial health and delivering returns to its shareholders. More information can be found on their corporate website.

Frequently Asked Questions

What dividends did Granite Point Mortgage Trust Inc. declare for Q3 2024?

Granite Point declared a $0.05 per share dividend for common stock and a $0.4375 per share dividend for the Series A Preferred Stock for Q3 2024.

How much did Granite Point repurchase in common shares?

The Company repurchased approximately 0.7 million shares at an average price of $2.73 per share during the third quarter.

What progress has Granite Point made regarding nonperforming loans?

Granite Point successfully resolved three nonaccrual loans totaling over $120 million and expects to address more nonperforming loans in the future.

How is Granite Point managing its capital?

The Board has authorized additional share repurchases, allowing for up to 5.9 million shares to be bought back as part of its capital management strategy.

Where is Granite Point Mortgage Trust Inc. headquartered?

The Company is headquartered in New York, NY, focusing on the senior floating-rate commercial mortgage sector.

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