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Granite Point Mortgage Trust Inc | 7.0% Ser A Fix/Float Cumul Prrd Stock (GPMT.PRA)
Prospectus excerpt: We are offering to the 4,000,000 public shares of our 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, which we refer to in this prospectus supplement as the Series A Preferred Stock. This is the initial issuance of the Series A Preferred Stock. Holders of the Series A Preferred Stock will be entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, January 15, 2027 at a fixed rate equal to 7.00% per annum of the $25.00 per share liquidation preference (equivalent to $1.75 per annum per share) and (ii) from and including January 15, 2027 at a floating rate equal to a benchmark rate (which is expected to be Three-Month Term SOFR (as defined below)) plus a spread of 5.83% per annum of the $25.00 per share liquidation preference, or the Floating Rate; provided, however, that in no event shall the Floating Rate be lower than the Dividend Floor (as defined herein). Dividends will be payable quarterly in arrears, on or about the 15th day of April, July, October and January of each year, when and as declared. Dividends will accumulate and be cumulative from and including the date of original issuance of the Series A Preferred Stock. Dividends will be payable, when, as and if authorized by our board of directors and declared by us, to holders of record as they appear in our stock records for the Series A Preferred Stock at the close of business on the applicable record date, which will be such date as designated by our board of directors for the payment of dividends that is not more than 90 days nor fewer than 10 days prior to the dividend payment date. The first dividend on the Series A Preferred Stock sold in this offering will be payable on January 15, 2022 and will be in the amount of $0.15069 per share. Full Prospectus PDF », Secondary Prospectus PDF », GPMT Page »
Series: | A | Alternate symbology: | GPMT-A, GPMT-PA, GPMTprA | Redeemable?: | Yes | Call Date: | 11/30/2026 | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 4,000,000 | Overallotment: | 600,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $16.91 | Discount to Liquidation Preference: (More Preferreds Trading at a Discount ») | $-8.09 (-32.36%) | Annualized Dividend: | 1.75 | Recent Ex-Date: | 3/28/2024 | Current Yield: | 10.35% | Original Coupon: | 7.00% untl 01/15/2027, then dividends will be paid at a floating rate of the Three-Month SOFR plus 5.83% per annum, provided, however, that in no event shall the Floating Rate be lower than 7.00% per annum | Pay Period: | Quarterly | Pay Dates: | 15-Jan, 15-Apr, 15-Jul, 15-Oct | CDx3 Compliance Rating: |
Learn GPMT.PRA's Rating
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Granite Point Mortgage Trust is a holding company. Through its subsidiaries, Co. is a real estate finance company that focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. These investments are capitalized by accessing a variety of funding options, including borrowing under Co.'s bank credit facilities or other asset-specific financings, issuing commercial real estate collateralized loan obligations, entering into term financing agreements, and issuing other forms of secured and unsecured debt and equity securities. Co. operates as a real estate investment trust. Preferreds: GPMT.PRA, GRBK.PRA Open the GPMT Information Page »
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Name: |
Granite Point Mortgage Trust Inc |
Website: |
www.gpmtreit.com |
Sector: |
REITs |
Number of ETFs Holding GPMT: |
17 (see which ones) |
Total Market Value Held by ETFs: |
$25,427,552 |
Total Market Capitalization: |
$226,000,000 |
% of Market Cap. Held by ETFs: |
11.25% |
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