Granite Point Mortgage Trust Resolves $146M in Troubled Loans, Declares Q4 Dividend Amid Portfolio Restructuring

Granite Point Mortgage Trust Resolves $146M in Troubled Loans, Declares Q4 Dividend Amid Portfolio Restructuring

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Granite Point Mortgage Trust (NYSE: GPMT) has declared a quarterly cash dividend of $0.05 per common share and $0.4375 per Series A Preferred Stock share for Q4 2024, both payable on January 15, 2025. The company has resolved $146 million in nonaccrual loans and has an additional $135 million in the closing process.

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During Q4, GPMT repurchased 1.2 million common shares at an average price of $3.45, totaling $4.0 million. The company resolved three nonaccrual loans: a $20.1 million Denver office property loan with a $(12.2) million write-off, a $93.7 million New York mixed-use property loan with a $(47.2) million write-off, and a $32.9 million Fort Lee office property loan with a $(16.7) million write-off. The company has funded $10.0 million in existing loan commitments and received $124.3 million in full principal repayments, maintaining $91.7 million in unrestricted cash.

Granite Point Mortgage Trust (NYSE: GPMT) ha dichiarato un dividendo in contante trimestrale di $0,05 per azione ordinaria e $0,4375 per azione di azioni privilegiate di Serie A per il quarto trimestre del 2024, entrambi pagabili il 15 gennaio 2025. L’azienda ha risolto prestiti non accrual per un totale di $146 milioni e ha ulteriori $135 milioni in fase di chiusura.

Durante il quarto trimestre, GPMT ha riacquistato 1,2 milioni di azioni ordinarie a un prezzo medio di $3,45, per un totale di $4,0 milioni. L’azienda ha risolto tre prestiti non accrual: un prestito per una proprietà per uffici a Denver di $20,1 milioni con una cancellazione di $(12,2) milioni, un prestito per una proprietà ad uso misto a New York di $93,7 milioni con una cancellazione di $(47,2) milioni, e un prestito per una proprietà per uffici a Fort Lee di $32,9 milioni con una cancellazione di $(16,7) milioni. L’azienda ha finanziato $10,0 milioni di impegni di prestito esistenti e ha ricevuto $124,3 milioni in rimborsi totali della somma capitale, mantenendo $91,7 milioni in contante non vincolato.

Granite Point Mortgage Trust (NYSE: GPMT) ha declarado un dividendo en efectivo trimestral de $0.05 por acción ordinaria y $0.4375 por acción de las acciones preferidas de la Serie A para el cuarto trimestre de 2024, ambos pagaderos el 15 de enero de 2025. La empresa ha resuelto $146 millones en préstamos no devengados y tiene otros $135 millones en proceso de cierre.

Durante el cuarto trimestre, GPMT recompró 1.2 millones de acciones ordinarias a un precio promedio de $3.45, totalizando $4.0 millones. La compañía resolvió tres préstamos no devengados: un préstamo de $20.1 millones para una propiedad de oficinas en Denver con una cancelación de $(12.2) millones, un préstamo de $93.7 millones para una propiedad de uso mixto en Nueva York con una cancelación de $(47.2) millones, y un préstamo de $32.9 millones para una propiedad de oficinas en Fort Lee con una cancelación de $(16.7) millones. La empresa ha financiado $10.0 millones en compromisos de préstamos existentes y ha recibido $124.3 millones en pagos del capital principal, manteniendo $91.7 millones en efectivo no restringido.

Granite Point Mortgage Trust (NYSE: GPMT)는 2024년 4분기에 보통주 1주당 $0.05, A 시리즈 우선주 1주당 $0.4375의 분기 현금 배당금을 선언했으며, 두 배당금 모두 2025년 1월 15일에 지급될 예정입니다. 회사는 비이자 연체 대출 $1억 4,600만 달러를 해결했으며, 추가로 $1억 3,500만 달러가 마무리 단계에 있습니다.

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4분기 동안 GPMT는 평균 가격 $3.45에 120만 주의 보통주를 재매입하여 총 $400만 달러를 지출했습니다. 회사는 세 건의 비이자 연체 대출을 해결했습니다: $2,010만 달러의 덴버 오피스 부동산 대출과 $(1,220만) 달러의 상각, $9,370만 달러의 뉴욕 혼합 용도 부동산 대출과 $(4,720만) 달러의 상각, $3,290만 달러의 포트 리 오피스 부동산 대출과 $(1,670만) 달러의 상각입니다. 회사는 기존 대출 약정에 $1,000만 달러를 자금 지원했으며, 총 원금 상환으로 $1억 2,430만 달러를 수령하여 $9,170만 달러의 유동 자금을 유지하고 있습니다.

Granite Point Mortgage Trust (NYSE: GPMT) a déclaré un dividende en espèces trimestriel de 0,05 $ par action ordinaire et de 0,4375 $ par action de la série A de fonds privilégiés pour le quatrième trimestre de 2024, les deux versés le 15 janvier 2025. La société a résolu des prêts non accrual de 146 millions de dollars et a 135 millions de dollars supplémentaires en cours de clôture.

Au cours du quatrième trimestre, GPMT a racheté 1,2 million d’actions ordinaires à un prix moyen de 3,45 $, pour un total de 4 millions de dollars. L’entreprise a résolu trois prêts non accrual : un prêt de 20,1 millions de dollars pour un bien immobilier de bureau à Denver avec une annulation de (12,2) millions de dollars, un prêt de 93,7 millions de dollars pour un bien immobilier à usage mixte à New York avec une annulation de (47,2) millions de dollars, et un prêt de 32,9 millions de dollars pour un bien immobilier de bureau à Fort Lee avec une annulation de (16,7) millions de dollars. L’entreprise a financé 10,0 millions de dollars de ses engagements de prêts existants et a reçu 124,3 millions de dollars en remboursements du capital intégral, maintenant ainsi 91,7 millions de dollars en liquidités non restreintes.

Granite Point Mortgage Trust (NYSE: GPMT) hat eine vierteljährliche Bardividende von $0,05 pro Stammaktie und $0,4375 pro Aktie der Serie A bevorzugte Aktien für das 4. Quartal 2024 erklärt, die beide am 15. Januar 2025 zahlbar sind. Das Unternehmen hat $146 Millionen an nicht aufgelaufenen Krediten gelöst und hat weitere $135 Millionen im Abschlussprozess.

Im 4. Quartal hat GPMT 1,2 Millionen Stammaktien zu einem durchschnittlichen Preis von $3,45 zurückgekauft, was insgesamt $4,0 Millionen ausmacht. Das Unternehmen hat drei nicht aufgelaufene Kredite gelöst: einen $20,1 Millionen Kredit für ein Bürogebäude in Denver mit einem Abschreibungsbetrag von $(12,2) Millionen, einen $93,7 Millionen Kredit für ein gemischt genutztes Grundstück in New York mit einem Abschreibungsbetrag von $(47,2) Millionen und einen $32,9 Millionen Kredit für ein Bürogebäude in Fort Lee mit einem Abschreibungsbetrag von $(16,7) Millionen. Das Unternehmen hat $10,0 Millionen in bestehenden Kreditverpflichtungen finanziert und $124,3 Millionen an vollständigen Haupttilgungen erhalten, wobei $91,7 Millionen in unbeschränkten Geldmitteln verbleiben.

Positive


  • Repurchased 1.2 million shares in Q4, generating book value accretion


  • Received $124.3 million in full principal repayments


  • Maintains strong liquidity with $91.7 million in unrestricted cash


  • Successfully resolved $146 million in nonaccrual loans


Negative


  • Significant write-offs totaling $76.1 million from three resolved loans


  • Additional $135 million in troubled loans (rated ‘5’) pending resolution


  • Reduced quarterly common stock dividend of $0.05 per share


Insights


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GPMT’s Q4 update reveals significant portfolio restructuring efforts, with $146 million in nonaccrual loan resolutions completed and another $135 million in process. The resolution of three major troubled loans resulted in substantial write-offs: $12.2 million for the Denver office property, $47.2 million for the New York mixed-use property and $16.7 million for the Fort Lee office property. The company’s proactive share buyback program, purchasing 1.2 million shares at $3.45 per share, demonstrates management’s confidence but also reflects the stock’s significant discount to book value. The reduced quarterly dividend of $0.05 per share indicates ongoing balance sheet pressure.

The $124.3 million in loan repayments, combined with $91.7 million in unrestricted cash, provides some liquidity buffer, but the substantial write-offs and continued presence of troubled assets suggest persistent challenges in the commercial real estate portfolio, particularly in the office sector.

The resolution pattern of GPMT’s troubled assets reflects broader challenges in the commercial real estate market, particularly in the office sector. The significant write-offs on properties in major markets like New York and Denver underscore the ongoing valuation pressures facing office assets. The mixed-use property loss in New York, resulting in a $47.2 million write-off, is particularly telling of the market stress in urban centers. The company’s aggressive approach to resolving nonaccrual loans suggests an acknowledgment of the structural changes in office demand and a strategic pivot to strengthen the balance sheet, albeit at significant cost to book value.












NEW YORK–(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

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • As of December 18th, the Company carried approximately $91.7 million in unrestricted cash.

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.

Investors: Chris Petta, Investor Relations, Granite Point Mortgage Trust Inc., (212) 364-5500, [email protected].

Source: Granite Point Mortgage Trust Inc.








FAQ



What is GPMT’s Q4 2024 dividend payment for common and preferred stock?


GPMT declared a quarterly dividend of $0.05 per common share and $0.4375 per Series A Preferred Stock share, both payable on January 15, 2025.


How many shares did GPMT repurchase in Q4 2024 and at what price?


GPMT repurchased 1.2 million shares at an average price of $3.45 per share, totaling approximately $4.0 million.


What is the total value of nonaccrual loans GPMT resolved in Q4 2024?


GPMT resolved $146 million in nonaccrual loans during Q4 2024, with an additional $135 million in the closing process.


What is the total write-off amount from GPMT’s resolved loans in Q4 2024?


The total write-off amount from the three resolved loans is approximately $76.1 million, comprising write-offs of $12.2 million, $47.2 million, and $16.7 million.


How much unrestricted cash does GPMT have as of December 18th?


GPMT carried approximately $91.7 million in unrestricted cash as of December 18th.





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