Granite Point Mortgage Trust Inc. Announces Third Quarter 2024 Common and Preferred Stock Dividends and Business Update
2024年9月21日 - 5:33AM
ビジネスワイヤ(英語)
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 $0.05 per share
of common stock for the third quarter of 2024. This dividend is
payable on October 15, 2024, to holders of record of common stock
at the close of business on October 1, 2024.
The Company’s Board of Directors also declared a quarterly cash
dividend of $0.4375 per share of the 7.00% Series A
Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock for
the third quarter of 2024. This dividend is payable on October 15,
2024, to the holders of record of the Series A Preferred Stock at
the close of business on October 1, 2024.
“We are pleased to report continued progress addressing our
nonearning assets having resolved three nonaccrual loans during the
third quarter totaling over $120 million in principal balance,”
said Jack Taylor, President and Chief Executive Officer of Granite
Point. “We anticipate resolving additional nonperforming loans
through the remainder of the year, as the real estate markets
continue their bottoming process, and the volume of transactions
improves. While we continue to actively asset manage our portfolio
and emphasize higher liquidity, we also have remained opportunistic
with respect to driving economic returns for our shareholders. As
such, we repurchased 0.7 million common shares during the quarter
generating book value accretion. To provide us with additional
flexibility to actively manage our capital over time, our Board has
increased our buyback authorization by an additional 3 million
common shares.”
Third Quarter Business Update
- In September, the Company resolved a $33 million loan secured
by a multifamily property located in Chicago, IL. 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 $(4) million, which had been reserved for through a
previously recorded allowance for credit losses.
- In July, the Company modified a $51 million loan secured by a
mixed-use multifamily, event space and office property located in
Pittsburgh, PA. The loan was previously risk-rated “5” and was on
nonaccrual status. As a result of the modification, the Company
expects to realize a write-off of approximately $(19) million,
which had been reserved for through a previously recorded allowance
for credit losses.
- In July, the Company resolved a $37 million loan secured by a
mixed-use 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.
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.
Forward-Looking Statements This press release contains,
or incorporates by reference, not only historical information, but
also forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are not historical in nature and can be identified by
words such as “anticipate,” “estimate,” “will,” “should,” “expect,”
“target,” “believe,” “outlook,” “potential,” “continue,” “intend,”
“seek,” “plan,” “goals,” “future,” “likely,” “may” and similar
expressions or their negative forms, or by references to strategy,
plans or intentions. The illustrative examples herein are
forward-looking statements. Our expectations, beliefs and estimates
are expressed in good faith, and we believe there is a reasonable
basis for them. However, there can be no assurance that
management's expectations, beliefs and estimates will prove to be
correct or be achieved, and actual results may vary materially from
what is expressed in or indicated by the forward-looking
statements.
These forward-looking statements are subject to risks and
uncertainties, including, among other things, those described in
our Annual Report on Form 10-K for the year ended December 31,
2023, under the caption “Risk Factors,” and our subsequent filings
made with the SEC. Forward-looking statements speak only as of the
date they are made, and we undertake no obligation to update or
revise any such forward-looking statements, whether as a result of
new information, future events or otherwise.
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, 24th floor, New York, NY 10036,
telephone (212) 364-5500.
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version on businesswire.com: https://www.businesswire.com/news/home/20240920243412/en/
Investors: Chris Petta, Investor Relations, Granite Point
Mortgage Trust Inc., (212) 364-5500, investors@gpmtreit.com
Granite Point Mortgage (NYSE:GPMT)
過去 株価チャート
から 11 2024 まで 12 2024
Granite Point Mortgage (NYSE:GPMT)
過去 株価チャート
から 12 2023 まで 12 2024