Granite Point Mortgage Slashes Dividend Amid Loan Write-Offs

The revised payout, totaling 4 cents annually, translates to a yield of 4.4% based on the stock's Tuesday closing price of 90 cents. Alongside the common stock adjustment, the company declared a quarterly dividend of approximately 44 cents per share on its 7% Series A fixed-to-floating rate cumulative redeemable preferred stock.

Financial stress within the firm’s holdings remains evident. Granite Point recently resolved a $52.4 million loan tied to a multifamily property that had fallen into nonaccrual status. This resolution forces a $19.9 million write-off loss. Conversely, the company saw two full loan repayments totaling $19.5 million from office properties located in Ohio and California, while funding $7.1 million in unpaid principal balances on its existing loan book.