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 second quarter of 2025. This dividend is payable on July 15, 2025, to holders of record of common stock at the close of business on July 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 second quarter of 2025. This dividend is payable on July 15, 2025, to the holders of record of the Series A Preferred Stock at the close of business on July 1, 2025.
“We have maintained strong momentum repositioning our portfolio with the completion of two more loan resolutions in the second quarter and the anticipated near-term sale of an REO office property,” 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 repurchased 1.25 million of our common shares during the quarter, generating book value accretion.”
Second Quarter Business Update
- In May, resolved a loan secured by a mixed-use office and retail property located in Baton Rouge, LA.
- As of March 31, 2025, the loan was on nonaccrual status with an unpaid principal balance of $79.9 million and risk rating of “5”. As previously announced, as a result of the property sale, the Company expects to realize a write-off of approximately $(20.8) million, which had been reserved for through a previously recorded allowance for credit losses.
- In May, resolved a loan secured by a hotel property located in Minneapolis, MN.
- As of March 31, 2025, the loan was on nonaccrual status with an unpaid principal balance of $52.2 million and risk rating of “5”. The loan was bifurcated into a senior and subordinate note structure and, as previously announced, the Company expects to realize a write-off of approximately $(15.4) million, which had been reserved for through a previously recorded allowance for credit losses.
- Anticipate selling an REO office property located in Phoenix, AZ, in the near-term near the GAAP carrying value.
- In April, extended the maturities of all repurchase facilities by approximately one year.
- During the quarter, repurchased 1.25 million shares of its common stock at an average price of $2.48 per share, for a total of approximately $3.1 million.
- During the quarter, the Company has funded approximately $10.7 million in unpaid principal balance on existing loans and has realized about $32.4 million in full and partial principal repayments, excluding the nonaccrual loan resolutions referenced above.
- As of June 16, the Company carried approximately $70.0 million in unrestricted cash.
