Granite Point Extends Citibank Facility, Details $30M Loan Write-Off
GPMT is trading near its 52-week low of $1.24 (14% above the low).
Summary
Granite Point Mortgage Trust declared its Q2 common stock dividend of $0.05 per share and preferred stock dividend of $0.4375 per share. The company also extended its Citibank financing facility to April 2027, a positive development for its liquidity profile. This update follows the April announcement of a $76.0 million loan resolution, now detailing a $30.2 million write-off that was previously reserved for, removing uncertainty around a significant troubled asset.
At the time of this announcement, GPMT was trading at $1.41 on NYSE in the Finance sector, with a market capitalization of approximately $67.6M. The 52-week trading range was $1.24 to $3.12. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.