Granite Point Mortgage Trust Inc

NYSE:GPMTUnited States

Sep 20, 2024

Show headlines and story abstract

• Granite Point Mortgage Trust Keeps Dividend Steady; Ups Share Buyback Plan, from 5:04PM ET on Friday Sep 20, 2024 by MT Newswires

  5:04PM ET on Friday Sep 20, 2024 by MT Newswires
  Companies Mentioned: GPMT
  05:04 PM EDT, 09/20/2024 (MT Newswires) -- Granite Point Mortgage Trust (GPMT) said late Friday its board kept its quarterly dividend at $0.05 per share, payable on Oct. 15 to shareholders of record on Oct. 1. Additionally, the board authorized the ...

• Granite Point Mortgage Trust Inc. Announces Third Quarter 2024 Common and Preferred Stock Dividends and Business Update, from 4:33PM ET on Friday Sep 20, 2024 by Dow Jones

  4:33PM ET on Friday Sep 20, 2024 by Dow Jones
  Companies Mentioned: GPMT
  office and retail asset located in Los Angeles, CA. The loan was previously risk-rated "5" and was on nonaccrual status. As a result of this transaction, the Company expects to realize a write-off of approximately $(22) million, which had been reserved for through a previously recorded allowance for credit losses. -- During the quarter, the Company funded approximately $10 million on existing loan commitments and realized about $190 million in principal repayments and paydowns, excluding the nonaccrual loan resolutions referenced above. -- A mixed-use office and retail property located in New York, NY, securing the Company's $94 million senior loan, is currently under contract to be sold. The loan was previously risk-rated "5" and was on nonaccrual status. The potential transaction is expected to close during the fourth quarter of 2024. -- During the quarter, the Company repurchased 0.7 million shares of its common stock at an average price of $2.73 per share for a total of approximately $2 million. Consistent with its flexible capital return strategy and the goal of supporting long-term shareholder value, since June of 2021, the Company has repurchased approximately 6.1 million common shares representing approximately 11% of its common shares outstanding. -- Granite Point today announced that its Board of Directors has authorized the Company to repurchase up to an additional 3 million shares of its common stock, which increased the number of shares available for repurchase to 5.9 million, including the shares remaining under the prior authorization. The shares are expected to be repurchased from time to time through privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or by any combination of such methods. The manner, price, number and timing of share repurchases will be subject to a variety of factors, including market conditions and applicable U.S. Securities and Exchange Commission rules. -- As of September 20th, the Company carried approximately $110 million in unrestricted cash and about $54 million in unlevered REO assets.
  

• Press Release: Granite Point Mortgage Trust Inc. Announces Third Quarter 2024 Common and Preferred Stock Dividends and Business Update, from 4:33PM ET on Friday Sep 20, 2024 by Dow Jones

  4:33PM ET on Friday Sep 20, 2024 by Dow Jones
  Companies Mentioned: GPMT
  office and retail asset located in Los Angeles, CA. The loan was previously risk-rated "5" and was on nonaccrual status. As a result of this transaction, the Company expects to realize a write-off of approximately $(22) million, which had been reserved for through a previously recorded allowance for credit losses. -- During the quarter, the Company funded approximately $10 million on existing loan commitments and realized about $190 million in principal repayments and paydowns, excluding the nonaccrual loan resolutions referenced above. -- A mixed-use office and retail property located in New York, NY, securing the Company's $94 million senior loan, is currently under contract to be sold. The loan was previously risk-rated "5" and was on nonaccrual status. The potential transaction is expected to close during the fourth quarter of 2024. -- During the quarter, the Company repurchased 0.7 million shares of its common stock at an average price of $2.73 per share for a total of approximately $2 million. Consistent with its flexible capital return strategy and the goal of supporting long-term shareholder value, since June of 2021, the Company has repurchased approximately 6.1 million common shares representing approximately 11% of its common shares outstanding. -- Granite Point today announced that its Board of Directors has authorized the Company to repurchase up to an additional 3 million shares of its common stock, which increased the number of shares available for repurchase to 5.9 million, including the shares remaining under the prior authorization. The shares are expected to be repurchased from time to time through privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or by any combination of such methods. The manner, price, number and timing of share repurchases will be subject to a variety of factors, including market conditions and applicable U.S. Securities and Exchange Commission rules. -- As of September 20th, the Company carried approximately $110 million in unrestricted cash and about $54 million in unlevered REO assets.