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NEW YORK, March 13, 2025--(BUSINESS WIRE)--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 first quarter of 2025. This dividend is payable on April 15, 2025, to holders of record of common stock at the close of business on April 1, 2025.
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 first quarter of 2025. This dividend is payable on April 15, 2025, to the holders of record of the Series A Preferred Stock at the close of business on April 1, 2025.
"When setting the current level our common stock dividend, the board considered a number of factors, including run-rate earnings and book value," said Jack Taylor, President and Chief Executive Officer of Granite Point. "Additionally, during the quarter we repurchased 0.8 million shares of our common stock at a compelling valuation relative to its intrinsic value. We continued to make progress on our nonaccrual loan resolutions, with two recently resolved and others well underway, all of which should contribute to position the company well for long-term success."
First Quarter Business Update
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In January, took as REO an office property in Miami Beach, FL via a negotiated transaction with an expected net carrying value of approximately $71.0 million. As of December 31, 2024, the loan was on nonaccrual status with an unpaid principal balance of $71.3 million and risk rating of "5". The Company expects to realize a write-off of approximately $(7.9) million, reserved for through previously recorded allowance for credit losses.
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In February, resolved a loan secured by an office property in Boston, MA via a property sale. As of December 31, 2024, the loan was on nonaccrual status with an unpaid principal balance of $26.1 million and risk rating of "5". The Company expects to realize a write-off of approximately $(16.6) million, reserved for through a previously recorded allowance for credit losses.
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During the quarter, the Company repurchased 0.8 million shares of its common stock at an average price of $2.85 per share, for a total of approximately $2.3 million.
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During the quarter, the Company has funded approximately $5.9 million in unpaid principal balance on existing loans and has realized about $72.6 million in full and partial principal repayments, excluding the nonaccrual loan resolutions referenced above.
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As of March 11th, the Company carried approximately $82.4 million in unrestricted cash.