Granite Point Mortgage Trust Inc.
- Market Cap (Float-Adj) (Float-adjusted market cap computed by the low-float screener — matches the screener row. May differ from the standard cap (price × all shares outstanding) reported elsewhere.)
- $53.7M
- Price
- $1.12
- % Change (Daily % change from the live per-ticker quote feed.)
- -4.27%
- Volume
- 91.7K
About
Granite Point Mortgage Trust Inc., a real estate investment trust, originates, invests in, and manages senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments in the United States. The company offers intermediate-term bridge or transitional financing for various purposes, including acquisitions, recapitalizations, and refinancing, as well as a range of business plans, such as lease-up, renovation, repositioning, and repurposing of the commercial property. It also originates and invests in mezzanine loans, subordinated mortgage interests, and other real estate securities, as well as preferred equity investments, unsecured notes, and other investments that are subordinated or otherwise junior in an issuer’s capital structure. The company was founded in 2015 and is headquartered in New York, New York.
Quick stats
Shares outstanding47.9M
Computed float44.8M
Float / shares93.4%
Key info
SectorReal Estate
IndustryREIT - Mortgage
CIK (Central Index Key — the unique ID the SEC assigns to every filer. Use it to look up the company's filings on EDGAR.)0001703644
Websitehttps://www.gpmtreit.com
AI Summary
AI-generated1/14
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Palogic Value Fund Sends Letter to the Board of Granite Point Mortgage Trust
Activist investor Palogic Value Fund, owning over one million shares, sent a scathing letter to the Granite Point Mortgage Trust board, highlighting a five-year collapse in GAAP book value from $17.27 to $5.70 per share alongside an 89.8% stock price decline.
The fund criticized the company's deteriorating credit metrics across multiple property types and an 'excessive' corporate cost structure that has risen to 1.3% of assets despite the asset base shrinking to $1.4 billion.
Palogic urged the board to halt all new loan originations, aggressively reduce overhead, and expedite the resolution of legacy assets to preserve remaining shareholder value.
Red flags
- Book value collapsed from $17.27 to $5.70 over five years
- Stock price trading at approximately 21% of reported book value
- Corporate cost ratio increased to 1.3% of assets from 0.51% while asset base shrank
- Credit deterioration expanded to Hotel, Mixed-Use, and Multifamily property classes
- Net interest income plummeted from $22.7M to $4.7M