Granite Point Mortgage Trust Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Granite Point Mortgage Trust Inc. has submitted its annual 10-K filing for the fiscal year ending December 31, 2023.</b>

AI Summary

Granite Point Mortgage Trust Inc. (GPMT-PA) filed a Annual Report (10-K) with the SEC on March 1, 2024. Granite Point Mortgage Trust Inc. filed its 2023 10-K report on March 1, 2024. The company is incorporated in Maryland and operates within the Real Estate Investment Trusts sector. Its principal executive offices are located at 3 Bryant Park, Suite 2400A, New York, NY 10036. The filing covers the fiscal year ending December 31, 2023. The SEC file number for this report is 001-38124.

Why It Matters

For investors and stakeholders tracking Granite Point Mortgage Trust Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Granite Point Mortgage Trust Inc.'s financial performance, operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. As a Real Estate Investment Trust (REIT), understanding the details within this filing is essential for investors interested in the real estate and mortgage sectors, offering insights into the company's portfolio and market positioning.

Risk Assessment

Risk Level: medium — Granite Point Mortgage Trust Inc. shows moderate risk based on this filing. The company operates in the real estate investment trusts sector, which is subject to market fluctuations and interest rate sensitivity, as indicated by its business classification and the nature of its operations.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Granite Point Mortgage Trust Inc.'s performance and potential challenges in the current market environment.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-01 — Filing Date (Filed as of date)
• 109 — Public Document Count (Number of documents in the filing)
• 6798 — SIC Code (Standard Industrial Classification for Real Estate Investment Trusts)

Key Players & Entities

• Granite Point Mortgage Trust Inc. (company) — Filer name
• 3 BRYANT PARK (location) — Business address street 1
• NEW YORK (location) — Business address city
• 10036 (location) — Business address zip
• 20231231 (date) — Fiscal year end
• 20240301 (date) — Filing date
• 001-38124 (other) — SEC file number
• MD (location) — State of incorporation

FAQ

Industry Context

Granite Point Mortgage Trust Inc. operates as a Real Estate Investment Trust (REIT), a sector focused on owning, operating, or financing income-producing real estate.

Regulatory Implications

The company is subject to SEC regulations governing public companies and specific rules applicable to REITs, including disclosure requirements outlined in the 10-K filing.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the 'Risk Factors' section to understand potential challenges and uncertainties.
3. Examine management's discussion and analysis of financial condition and results of operations.

Key Dates

• 2024-03-01: 10-K Filing — Submission of the annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 10-K.

Year-Over-Year Comparison

This is the 2023 10-K filing, providing the latest annual financial and operational data for Granite Point Mortgage Trust Inc.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share GPMT NYSE 7.00% Series A Fix
• $2.7 billion — with an aggregate principal balance of $2.7 billion and an additional $0.2 billion of futur
• $0.2 billion — lance of $2.7 billion and an additional $0.2 billion of future funding obligations. As of De
• $1.9 billion — aggregate maximum borrowing capacity of $1.9 billion. We also finance pools of commercial r
• $1.0 billion — due on securitized debt obligations was $1.0 billion. We are not required to maintain any p
• $300 million — directors; any investment in excess of $300 million in an individual asset requires the pri

Filing Documents

• gpmt-20231231.htm (10-K) — 3648KB
• gpmtexh123123211.htm (EX-21.1) — 17KB
• gpmtexh123123231.htm (EX-23.1) — 5KB
• gpmtexh123123311.htm (EX-31.1) — 11KB
• gpmtexh123123312.htm (EX-31.2) — 11KB
• gpmtexh123123321.htm (EX-32.1) — 6KB
• gpmtexh123123322.htm (EX-32.2) — 6KB
• gpmtexh12312397.htm (EX-97) — 38KB
• gpmt-20231231_g1.jpg (GRAPHIC) — 203KB
• gpmt-20231231_g2.jpg (GRAPHIC) — 28KB
• gpmt-20231231_g3.jpg (GRAPHIC) — 29KB
• gpmt-20231231_g4.jpg (GRAPHIC) — 140KB
• 0001703644-24-000032.txt (&nbsp;) — 15936KB
• gpmt-20231231.xsd (EX-101.SCH) — 102KB
• gpmt-20231231_cal.xml (EX-101.CAL) — 102KB
• gpmt-20231231_def.xml (EX-101.DEF) — 439KB
• gpmt-20231231_lab.xml (EX-101.LAB) — 1096KB
• gpmt-20231231_pre.xml (EX-101.PRE) — 717KB
• gpmt-20231231_htm.xml (XML) — 2642KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 34 Item 1C. Cybersecurity 34 Item 2.

Properties

Properties 35 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 35 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 Item 6. [Reserved] 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 61 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 64 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 100 Item 9A.

Controls and Procedures

Controls and Procedures 100 Item 9B. Other Information 103 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 103 PART III Item 10. Directors, Executive Officers and Corporate Governance 104 Item 11.

Executive Compensation

Executive Compensation 104 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 104 Item 13. Certain Relationships and Related Transactions, and Director Independence 104 Item 14. Principal Accountant Fees and Services 104 PART IV Item 15. Exhibits, Financial Statement Schedules 105 Item 16. Form 10-K Summary 112

Signatures

Signatures 113 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and that are subject to the safe harbors created by such sections. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "expect," "target," "believe," "outlook," "potential," "continue," "intend," "seek," "plan," "goals," "future," "likely," "may" and similar expressions or their negative forms, or by references to strategy, plans or intentions. By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical facts or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs and estimates are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and estimates will prove to be correct or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including, among other things, those described in this Annual Report on Form 10-K under the caption " Risk Factors ." Other risks, uncertainties and facto

Business

Item 1. Business Our Company Granite Point Mortgage Trust Inc. is an internally-managed real estate finance company that focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Our investment objective is to preserve our stockholders' capital while generating attractive risk-adjusted returns over the long term, primarily through dividends derived from current income produced by our investment portfolio. We operate as a REIT, as defined under the Internal Revenue Code of 1986, as amended, or the Code. We were incorporated in Maryland on April 7, 2017, and commenced operations as a publicly traded company on June 28, 2017. The terms "Granite Point," "we," "our," "us" and the "Company" refer to Granite Point Mortgage Trust Inc. and its subsidiaries as a consolidated entity. We have elected to be treated as a REIT for U.S. federal income tax purposes. To qualify as a REIT, we are required to meet certain investment and operating tests and annual distribution requirements. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders, do not participate in prohibited transactions and maintain our intended qualification as a REIT. However, certain activities that we may perform may cause us to earn income which will not be qualifying income for REIT purposes. We have designated one of our subsidiaries as a taxable REIT subsidiary, or TRS, as defined in the Code, to engage in such activities, and we may form additional TRSs in the future. We also operate our business in a manner intended to maintain our exclusion from registration under the Investment Company Act. We are organized as a holding company and operate our business primarily through various subsidiaries in a single reporting segment that originates, acquires and finances our

View Full Filing

View this 10-K filing on SEC EDGAR