Granite Point Mortgage Trust Enters Material Agreement

TL;DR

GPMT inked a big deal 9/30, expect financial obligations.

AI Summary

Granite Point Mortgage Trust Inc. entered into a material definitive agreement on September 30, 2024. This agreement involves a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. The filing also includes financial statements and exhibits related to this event.

Why It Matters

This filing indicates a significant new financial commitment or arrangement for Granite Point Mortgage Trust, which could impact its future financial obligations and operations.

Risk Assessment

Risk Level: medium — The nature of the material definitive agreement and its financial implications are not fully detailed, requiring further analysis to assess the risk.

Key Players & Entities

• Granite Point Mortgage Trust Inc. (company) — Registrant
• September 30, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — ch registered: Common Stock, par value $0.01 per share GPMT NYSE 7.00% Series A Fix

Filing Documents

• gpmt-20240930.htm (8-K) — 43KB
• a101msfifthamendment_93020.htm (EX-10.1) — 36KB
• a102jpmsixthamendment_9302.htm (EX-10.2) — 31KB
• a103citibanksecondamendmen.htm (EX-10.3) — 49KB
• 0001703644-24-000128.txt ( ) — 353KB
• gpmt-20240930.xsd (EX-101.SCH) — 2KB
• gpmt-20240930_def.xml (EX-101.DEF) — 17KB
• gpmt-20240930_lab.xml (EX-101.LAB) — 29KB
• gpmt-20240930_pre.xml (EX-101.PRE) — 17KB
• gpmt-20240930_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Previously, certain indirect subsidiaries of Granite Point Mortgage Trust Inc. (the "Company") entered into master repurchase agreements, as the same have been or may be further amended, modified and/or restated from time to time, with each of Morgan Stanley Bank, N.A., JPMorgan Chase Bank, National Association and Citibank, N.A. (collectively, the "Repurchase Facilities"). In connection with each Repurchase Facility, the Company entered into a limited guaranty pursuant to which the Company guarantees certain payment and performance obligations of its indirect subsidiaries under the applicable Repurchase Facility (collectively, the "Limited Guaranties"). On September 30, 2024, the Company entered into an amendment to each Limited Guaranty (collectively, the "Amendments") to, among other things, modify the "Minimum Tangible Net Worth" and "Minimum Interest Expense Coverage Ratio" (each as defined in such Limited Guaranty) financial covenants in such Limited Guaranty. The foregoing summary of the Amendments does not purport to be complete and is qualified in its entirety by reference to the full and complete text thereof, copies of which are attached hereto as Exhibits 10.1, 10.2 and 10.3 and are incorporated by reference herein. Item 2.03 Creating of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Fifth Amendment to Guaranty, dated as of September 30, 2024, by and between Morgan Stanley Bank, N.A. and Granite Point Mortgage Trust Inc. and acknowledged and agreed to by GP Commercial MS LLC . 10.2 Sixth Amendment to Amended and Restated Guaranty, dated as of September 30, 2024, by and between JPMorgan Chase Bank, National Association and Granite Point Mortgage Trust Inc. and acknowledged and agreed to by GP Commercial JPM LLC. 10.3 Second Amendment to Amended and Restated Guaranty, dated as of September 30, 2024, by and between Citibank, N.A. and Granite Point Mortgage Trust Inc. and acknowledged and agreed to by GP Commercial CB LLC and GP Commercial CB SL Sub LLC. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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. GRANITE POINT MORTGAGE TRUST INC. By: /s/ MICHAEL J. KARBER Michael J. Karber General Counsel and Secretary Date: October 2, 2024

View Full Filing

View this 8-K filing on SEC EDGAR