Granite Point Mortgage Trust Inc. announced a quarterly cash dividend of $0.05 per share of common stock for the fourth quarter of 2024, payable on January 15, 2025. The company also declared a quarterly cash dividend of $0.4375 per share for its 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, also payable on January 15, 2025.
The company reported strong momentum in repositioning its portfolio, with $146 million of nonaccrual loan resolutions closed during the fourth quarter. An additional $135 million in nonaccrual loan resolutions were in the closing process as of the announcement date, indicating continued progress in addressing problematic assets.
Consistent with its goal of supporting long-term shareholder value, Granite Point repurchased 1.2 million of its common shares during the quarter. These share repurchases generated book value accretion, reflecting management's belief that the stock presents a compelling total return opportunity for investors.
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