Granite Point Mortgage Trust Inc. Announces Fourth Quarter 2023 Common and Preferred Stock Dividends and Business Update

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 $0.20 per share of common stock for the fourth quarter of 2023. This dividend is payable on January 16, 2024, to holders of record of common stock at the close of business on December 29, 2023.

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 2023. This dividend is payable on January 16, 2024, to the holders of record of the Series A Preferred Stock at the close of business on December 29, 2023.

“Our recent resolution of the $93 million San Diego, CA office loan represents our continued efforts to address our nonaccrual loans, where appropriate, turning them to earning assets and, over time, improving our run-rate profitability,” said Jack Taylor, President and Chief Executive Officer of Granite Point. “At the same time, consistent with our prevailing view that our stock represents an attractive value opportunity for investors, we repurchased 1 million shares of our common stock during the quarter at a compelling valuation versus our book value. We believe that our strategy of protecting both sides of the balance sheet through emphasizing liquidity and proactive portfolio management will position us well for long-term success and creating value for our stockholders.”

Fourth Quarter Business Update

• In December, the Company resolved a $93 million senior loan that was on nonaccrual status. The resolution involved a coordinated sale of the collateral property, a San Diego, CA office property, and the Company provided the new ownership group with a $49 million senior floating rate loan supported by meaningful fresh cash equity capital invested in the property by the new sponsor. As a result of these transactions, the Company expects to realize a loss of approximately $(30) million, which had been largely reserved for through the previously recorded allowance for credit loss on this loan and will be reflected in the Company’s financial results for the fourth quarter of 2023.
• During the quarter, the Company repurchased 1 million shares of common stock at an average price of $5.15 per share for a total of approximately $5.2 million.
• The Company funded approximately $15 million on existing loan commitments during the quarter and realized over $275 million in loan repayments, paydowns and resolutions, over 60% of which were office assets, including the nonaccrual resolution described above.
• As of December 18th, the Company carried over $190 million in unrestricted cash.

About Granite Point Mortgage Trust Inc.