GRANITE POINT MORTGAGE TRUST INC.

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GRANITE POINT MORTGAGE TRUST INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

01/19/2022 | 06:06am EDT

Item 1.01. Entry into a Material Definitive Agreement.

On January 18, 2022, Granite Point Mortgage Trust Inc., a Maryland corporation (the "Company"), entered into an underwriting agreement (the "Underwriting Agreement") with Raymond James & Associates, Inc., as representative of the several underwriters named therein (the "Underwriters"), for the issuance and sale by the Company of 3,200,000 additional shares of its 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock"), at a public offering price of $25.00 per share, equal to the liquidation preference. The Underwriters agreed to purchase the Series A Preferred Stock from the Company at a price of $24.2125 per share, resulting in $77,480,000 of total net proceeds, before deducting the estimated expenses of this offering, to the Company. In addition, the Company granted the Underwriters an option for 30 days to purchase up to an additional 480,000 shares of the Series A Preferred Stock, solely to cover over-allotments, if any.

The additional shares of Series A Preferred Stock constitute an additional issuance of shares of Series A Preferred Stock, with 4,596,500 shares of Series A Preferred Stock previously issued (the "Outstanding Series A Preferred Stock"). The Series A Preferred Stock will be treated as a single series with and have the same terms as the Outstanding Series A Preferred Stock.

The Series A Preferred Stock is being offered pursuant to an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on August 11, 2021 (Registration No. 333-258719), a base prospectus, dated August 11, 2021, included as part of the registration statement, and a prospectus supplement, dated January 18, 2022, relating to the Series A Preferred Stock filed with the Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended.

The Underwriting Agreement includes customary representations, warranties, covenants and closing conditions. It also provides for customary indemnification by the Company and the Underwriters against certain liabilities and customary contribution provisions in respect of those liabilities.

A copy of the Underwriting Agreement is attached hereto as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated by reference herein. The above description of the material terms of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to such Exhibit.

Item 9.01. Financial Statements and Exhibits.




(d) Exhibits.



Exhibit                                 Description
No.
  1.1       Underwriting Agreement, dated January 18, 2022, by and between the
          Company and Raymond James & Associates, Inc., as representative of the
          several underwriters named therein.
104       Cover Page Interactive Data File, formatted in Inline XBRL.

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Financials (USD)
Sales 2022 97,1 M - -
Net income 2022 26,3 M - -
Net Debt 2022 - - -
P/E ratio 2022 24,0x
Yield 2022 9,17%
Capitalization 587 M 587 M -
Capi. / Sales 2022 6,05x
Capi. / Sales 2023 5,41x
Nbr of Employees 33
Free-Float 98,4%
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Number of Analysts 4
Last Close Price 10,90 $
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Managers and Directors
John A. Taylor President, Chief Executive Officer & Director
Marcin Urbaszek Chief Financial Officer, Treasurer & VP
Stephen Garfield Kasnet Chairman
Steven J. Plust Chief Operating Officer & Vice President
Stephen Alpart Chief Investment Officer, VP & Head-Originations