Granite Point declares Q2 2026 dividends and resolves $76m loan
Granite Point Mortgage Trust Inc. declared Q2 2026 dividends of $0.05 for common stock and $0.4375 for Series A Preferred Stock, payable July 15. The company resolved a $76.0 million Chicago loan, expecting a $(30.2) million write-off, and held $58.3 million in unrestricted cash as of June 12, 2026.
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Granite Point Mortgage Trust Inc. announced that its Board of Directors declared quarterly cash dividends for the second quarter of 2026, payable on July 15, 2026, to holders of record on July 1, 2026. The company declared a dividend of $0.05 per share of common stock and $0.4375 per share of its 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock. Additionally, the company resolved a $76.0 million loan secured by a Chicago, IL, retail property during the quarter, which had been risk-rated "5" and was on nonaccrual status.
Second Quarter Business Update
During the second quarter, Granite Point funded approximately $6.8 million in unpaid principal balance on existing loans. The resolution of the Chicago loan, which previously included an office component, is expected to result in a write-off of approximately $(30.2) million. This amount had been reserved for through a previously recorded allowance for credit losses. The company also sold two interests in debt secured by a Dallas, TX, office property during the quarter.
Financial Position and Financing
Granite Point extended the maturity of its Citibank financing facility to April 2027. As of June 12, 2026, the company reported approximately $58.3 million in unrestricted cash. The company focuses on directly originating, investing in, and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments.
Dividend Details
| Stock Type | Dividend Per Share | Record Date | Payable Date |
|---|---|---|---|
| Common Stock | $0.05 | July 1, 2026 | July 15, 2026 |
| Series A Preferred Stock | $0.4375 | July 1, 2026 | July 15, 2026 |
How will the resolution of the Chicago loan impact Granite Point's future risk appetite for retail and mixed-use properties?
What are the company's plans for deploying its $58.3 million in unrestricted cash given the current market conditions?
Will the extension of the Citibank facility to April 2027 lead to further refinancing or restructuring of other debt obligations?
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