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NEW YORK, December 19, 2024--(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 fourth quarter of 2024. This dividend is payable on January 15, 2025, to holders of record of common stock at the close of business on December 31, 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 fourth quarter of 2024. This dividend is payable on January 15, 2025, to the holders of record of the Series A Preferred Stock at the close of business on December 31, 2024.
"We have maintained our strong momentum to reposition our portfolio during the fourth quarter with $146 million of nonaccrual loan resolutions closed and an additional $135 million in the closing process," said Jack Taylor, President and Chief Executive Officer of Granite Point. "We continue to believe that our stock presents a compelling total return opportunity for investors. As such, and consistent with our goal of supporting long-term shareholder value, we have repurchased 1.2 million of our common shares during the quarter generating book value accretion."
Fourth Quarter Business Update
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In December, the Company resolved a $20.1 million loan secured by an office property located in Denver, CO. As of September 30th, the loan had a risk-rating of "5," was on nonaccrual status and had an allowance for credit losses of $(8.1) million. As a result of this transaction, the Company expects to incur an incremental $(4.1) million provision for credit losses, realizing a total write-off of approximately $(12.2) million.
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In November, the Company resolved a $93.7 million loan secured by a mixed-use office and retail property located in New York, NY. As of September 30th, the loan had a risk-rating of "5" and was on nonaccrual status. As a result of this transaction, the Company expects to realize a write-off of approximately $(47.2) million, which had been reserved for through a previously recorded allowance for credit losses.
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In October, the Company resolved a $32.9 million loan secured by an office property located in Fort Lee, NJ. As of September 30th, the loan had a risk-rating of "5" and was on nonaccrual status. As a result of this transaction, the Company expects to realize a write-off of approximately $(16.7) million, which had been reserved for through a previously recorded allowance for credit losses.
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In the coming months the Company anticipates resolving three additional loans totaling over $135 million in principal balance, all of which have had risk ratings of "5" and have been on nonaccrual status.
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During the quarter, the Company repurchased 1.2 million shares of its common stock at an average price of $3.45 per share, for a total of approximately $4.0 million, bringing total repurchases during 2024 to approximately 2.4 million common shares, representing approximately 4.7% of its common shares outstanding.
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During the quarter, the Company has funded approximately $10.0 million on existing loan commitments and has realized about $124.3 million in full principal repayments, excluding the nonaccrual loan resolutions referenced above.
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As of December 18th, the Company carried approximately $91.7 million in unrestricted cash.