Granite Point Mortgage Trust Inc. Announces Board and Executive Changes
Ticker: GPMT-PA · Form: 8-K · Filed: Jun 21, 2024 · CIK: 1703644
| Field | Detail |
|---|---|
| Company | Granite Point Mortgage Trust Inc. (GPMT-PA) |
| Form Type | 8-K |
| Filed Date | Jun 21, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $3 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, executive-compensation, board-of-directors
Related Tickers: GPMT
TL;DR
GPMT board shakeup and exec comp changes filed 6/21.
AI Summary
Granite Point Mortgage Trust Inc. announced on June 21, 2024, changes in its board of directors and executive compensation arrangements. Specifically, the company reported the departure of certain officers and directors, the election of new directors, and updates to compensatory arrangements for its named executive officers.
Why It Matters
Changes in a company's board and executive compensation can signal shifts in strategy, governance, or financial outlook, impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can indicate internal shifts that may affect the company's future direction and stability.
Key Players & Entities
- Granite Point Mortgage Trust Inc. (company) — Registrant
- June 21, 2024 (date) — Date of Earliest Event Reported
FAQ
What specific roles have seen departures of officers or directors?
The filing indicates the departure of certain officers and directors but does not specify the exact roles in this summary section.
When were the new directors elected?
The filing reports the election of directors as an event occurring on or before June 21, 2024.
What is the nature of the changes in compensatory arrangements?
The filing states there are updates to compensatory arrangements for certain officers, but the specific details are not provided in this summary.
What is Granite Point Mortgage Trust Inc.'s state of incorporation?
Granite Point Mortgage Trust Inc. is incorporated in Maryland.
What is the company's Central Index Key (CIK)?
The CIK for Granite Point Mortgage Trust Inc. is 0001703644.
Filing Stats: 639 words · 3 min read · ~2 pages · Grade level 11.4 · Accepted 2024-06-21 16:16:53
Key Financial Figures
- $0.01 — h registered: Common Stock, par value $0.01 per share GPMT NYSE 7.00% Series
- $3 — day period ending on June 18, 2024, or $3.12, to determine the number of RSUs to
Filing Documents
- tm2417727d1_8k.htm (8-K) — 26KB
- 0001104659-24-073937.txt ( ) — 244KB
- gpmt-20240621.xsd (EX-101.SCH) — 4KB
- gpmt-20240621_def.xml (EX-101.DEF) — 27KB
- gpmt-20240621_lab.xml (EX-101.LAB) — 36KB
- gpmt-20240621_pre.xml (EX-101.PRE) — 25KB
- tm2417727d1_8k_htm.xml (XML) — 6KB
02 Departure of Directors or Certain Officers; Election of
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 21, 2024, the Compensation Committee (the "Committee") of our Board of Directors approved the granting of restricted stock units ("RSUs") under the Granite Point Mortgage Trust Inc. 2022 Omnibus Incentive Plan to our executive officers and certain other employees. The RSUs were granted on June 21, 2024, and will cliff vest on the third anniversary of the grant date, subject to the other terms and conditions approved by the Committee. The number of RSUs awarded to each of our named executive officers is as follows: John ("Jack") A. Taylor, 256,410; Stephen Alpart, 160,256; Marcin Urbaszek, 160,256; Peter Morral, 80,128; and Steven Plust, 80,128. The Committee used the average closing share price of the Company's common stock over the 20-trading day period ending on June 18, 2024, or $3.12, to determine the number of RSUs to grant. The aggregate number of RSUs approved by the Committee on June 21, 2024, for the named executive officers is 737,178, and for other employees is 588,141, totaling 1,325,319. These RSUs were granted following the Committee's review of our compensation program, with the assistance of its independent compensation consultant, which the Committee initiated because of the unprecedented challenges facing the commercial real estate sector. After exploring a range of options in the review process, the Committee determined that it was prudent to grant one-time awards to our executive officers and other key personnel to further align their interests with those of our stockholders and to bolster the Company's ability to retain those individuals. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: June 21, 2024 GRANITE POINT MORTGAGE TRUS