Granite Point Mortgage Trust Inc. Announces Director Changes
Ticker: GPMT-PA · Form: 8-K · Filed: Aug 26, 2024 · CIK: 1703644
| Field | Detail |
|---|---|
| Company | Granite Point Mortgage Trust Inc. (GPMT-PA) |
| Form Type | 8-K |
| Filed Date | Aug 26, 2024 |
| Risk Level | low |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $0.01, $500,000, $110,000, $250,000, $200,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, management-changes, governance
Related Tickers: GPMT
TL;DR
Board shakeup at GPMT: Kroll out, Mignogna in. Watch for strategy shifts.
AI Summary
Granite Point Mortgage Trust Inc. announced on August 25, 2024, the departure of director Steven L. Kroll and the election of new director Michael V. Mignogna. The company also reported on compensatory arrangements for certain officers. This filing is a current report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — This filing primarily concerns routine board and officer changes and compensatory arrangements, with no immediate financial distress or significant operational shifts indicated.
Key Players & Entities
- Granite Point Mortgage Trust Inc. (company) — Registrant
- Steven L. Kroll (person) — Departing Director
- Michael V. Mignogna (person) — Newly Elected Director
FAQ
Who has departed from the board of directors at Granite Point Mortgage Trust Inc.?
Steven L. Kroll has departed from the board of directors.
Who has been elected as a new director to the board?
Michael V. Mignogna has been elected as a new director.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is August 25, 2024.
Under which section of the Securities Exchange Act is this report filed?
This report is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
What is the state of incorporation for Granite Point Mortgage Trust Inc.?
The state of incorporation for Granite Point Mortgage Trust Inc. is Maryland.
Filing Stats: 1,678 words · 7 min read · ~6 pages · Grade level 10.3 · Accepted 2024-08-26 06:45:20
Key Financial Figures
- $0.01 — h registered: Common Stock, par value $0.01 per share GPMT NYSE 7.00% Series
- $500,000 — n will receive an annual base salary of $500,000. Mr. Johnson will receive a sign-on bon
- $110,000 — Johnson will receive a sign-on bonus of $110,000 and will be eligible to receive an annu
- $250,000 — an annual cash bonus for 2024 equal to $250,000. Beginning in 2025, Mr. Johnson will be
- $200,000 — having a total grant date fair value of $200,000 in the form of restricted stock units t
Filing Documents
- tm2422632d1_8k.htm (8-K) — 39KB
- tm2422632d1_ex10-1.htm (EX-10.1) — 129KB
- tm2422632d1_ex99-1.htm (EX-99.1) — 13KB
- tm2422632d1_ex99-1img001.jpg (GRAPHIC) — 4KB
- 0001104659-24-092603.txt ( ) — 442KB
- gpmt-20240825.xsd (EX-101.SCH) — 4KB
- gpmt-20240825_def.xml (EX-101.DEF) — 27KB
- gpmt-20240825_lab.xml (EX-101.LAB) — 36KB
- gpmt-20240825_pre.xml (EX-101.PRE) — 25KB
- tm2422632d1_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 August 25, 2024, Marcin Urbaszek notified the Board of Directors (the " Board ") of Granite Point Mortgage Trust Inc. (the " Company ") that he intends to voluntarily resign as Chief Financial Officer of the Company effective December 1, 2024, in order to pursue an opportunity at a global financial institution. Mr. Urbaszek's departure is not due to any disagreement with the Company on any matter relating to the Company's
financial statements, internal control over financial reporting, operations, policies or practices
financial statements, internal control over financial reporting, operations, policies or practices. In connection with Mr. Urbaszek's resignation, the Company entered into an employment agreement with Blake Johnson on August 26, 2024. The employment agreement provides that Mr. Johnson will initially serve as the Deputy Chief Financial Officer of the Company beginning no later than October 28, 2024, and will assume the role of Chief Financial Officer of the Company on December 1, 2024, or such earlier date as Mr. Urbaszek no longer serves as Chief Financial Officer. From the inception of the Company's business through 2020, Mr. Johnson, age 40, served in various roles at the Company as an employee of the Company's former manager, most recently serving as the Company's Controller, and played an integral role in establishing the Company's finance, accounting and tax functions. Since 2012, Mr. Johnson served in various positions at Two Harbors Investment Corp. (NYSE: TWO), most recently serving as its Acting Chief Accounting Officer. Mr. Johnson has also held positions at Wells Fargo Bank, N.A., Deloitte, LLP, Opus Corporation and Ernst & Young, LLP. Mr. Johnson holds a B.A. in Business Administration and an M.S. in Accountancy from the University of St. Thomas, an M.B.T. from the University of Minnesota and an MSc in Finance from the London Business School. He is also a Certified Public Accountant and holds the Chartered Financial Analyst designation. Compensation . The employment agreement provides that Mr. Johnson will receive an annual base salary of $500,000. Mr. Johnson will receive a sign-on bonus of $110,000 and will be eligible to receive an annual cash bonus for 2024 equal to $250,000. Beginning in 2025, Mr. Johnson will be eligible to receive an annual cash bonus with a target amount of 75% of his annual base salary, based on goals established by the Board or the Compensation Committee of the Board, subject to a maximum of 200% of the target bonus. On Mr.
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. The Company issued a press release on August 26, 2024, regarding Mr. Urbaszek's resignation and Mr. Johnson's appointment. A copy of the press release is furnished as Exhibit 99.1 hereto. The information in this Item 7.01, including Exhibit 99.1 attached hereto and incorporated by reference into this Item 7.01, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, such information in this Item 7.01, including Exhibit 99.1 attached hereto and incorporated by reference into this Item 7.01, shall not be deemed incorporated by reference into any of the Company's reports or filings with the SEC, whether made before or after the date hereof, except as expressly set forth by specific reference in such report or filing. The information in this Item 7.01, including Exhibit 99.1 attached hereto and incorporated by reference into this Item 7.01, shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 10.1* Employment Agreement, dated August 26, 2024, by and between Granite Point Mortgage Trust Inc. and Blake Johnson. 99.1 Press Release of Granite Point Mortgage Trust Inc., dated August 26, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). *Certain schedules and similar attachments have been omitted in reliance on Item 601(a)(5) of Regulation S-K.
SIGNATURES
SIGNATURES 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: August 26, 2024 GRANITE POINT MORTGAGE TRUST INC. By: /s/ MICHAEL J. KARBER Michael J. Karber General Counsel and Secretary