Granite Point cuts dividend to one cent and resolves troubled loan
Granite Point ($GPMT) Mortgage Trust reduced its quarterly common dividend to $0.01 per share to preserve capital and improve financial flexibility. The company also resolved a $52.4 million non-accrual loan secured by a Georgia multifamily property. It expects a write-off of approximately $19.9 million, covered by a previously recorded credit-loss allowance. The resolution was at the loan’s carrying value, which is not the same as recovering its full unpaid principal. Granite Point also receive
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