Granite Point Mortgage Trust Refinances $651 Million JPMorgan CLO Facility, Cuts Dividend as It Resolves Stockbridge Multifamily Loan
NEW YORK — Granite Point Mortgage Trust (NYSE: GPMT) disclosed a series of balance sheet actions in its third-quarter 2026 business update, including the refinancing of two legacy collateralized loan obligation portfolios into a $651 million JPMorgan financing facility, the resolution of a high-risk multifamily loan in Stockbridge, Georgia, and a sharp reduction in its common stock dividend.
JPMorgan Facility Replaces Two Legacy CLOs
In July 2026, Granite Point refinanced the assets held in GPMT 2021-FL3 and GPMT 2021-FL4 by extending and upsizing a JPMorgan financing facility. As of June 30, the two CLOs carried a combined outstanding balance of $521 million at a weighted average cost of SOFR plus 2.38%. The refinancing reduced that cost by 38 basis points to SOFR plus 2.00%.
The resulting JPMorgan financing facility carries a total outstanding balance of approximately $651 million, a weighted average cost of SOFR plus 2.17%, a two-year term, and three one-year extension options. The upsizing of the facility accounts for the difference between the prior CLO balances and the new facility total.
Stockbridge Multifamily Loan Resolved at Carrying Value
In September 2026, Granite Point resolved a $52.4 million loan secured by a multifamily property in Stockbridge, Georgia. The loan had been assigned a risk rating of 5 — the company's highest risk category — and had been placed on nonaccrual status. The resolution is expected to result in a write-off of approximately $19.9 million, an amount that had already been reserved through a previously recorded allowance for credit losses.
"In addition, we resolved a risk-rated 5 loan at our carrying value and realized two office loan repayments at par," said Jack Taylor, Chief Executive Officer, President and Director of Granite Point.
Because the write-off was pre-reserved, the transaction functions primarily as a balance sheet clean-up rather than a new charge against capital.
Office Loan Repayments Add to Deleveraging
During the third quarter, Granite Point also received two full loan repayments totaling approximately $19.5 million, secured by office properties located in Ohio and California. Both repayments came at par. The company also funded approximately $7.1 million in unpaid principal balance on existing loans during the period.
As of September 14, 2026, Granite Point reported approximately $32.4 million in unrestricted cash.
Dividend Cut to $0.01 Per Share
Granite Point's board of directors declared a quarterly cash dividend of $0.01 per share of common stock for the third quarter of 2026, payable October 15, 2026, to holders of record as of October 1, 2026. The common dividend was $0.05 per share in the prior quarter.
"In order to preserve capital and enhance financial flexibility for capital allocation decisions, this quarter the Board of Directors has elected to reduce the quarterly dividend to $0.01 per share," Taylor said.
The board separately declared a quarterly cash dividend of $0.4375 per share on the company's 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, also payable October 15, 2026, to holders of record as of October 1, 2026.
Financial Backdrop
The third-quarter actions follow a difficult second quarter for Granite Point. The company reported a net loss attributable to common stockholders of $62.0 million in Q2 2026, compared with a loss of $16.96 million in the same period a year earlier. Diluted loss per share was $1.29, versus $0.35 in Q2 2025. Interest income fell to $21.8 million from $33.8 million in Q2 2025. A $47.0 million provision for credit losses and a $6.1 million real estate impairment were primary drivers of the quarterly loss.
Distributable earnings before realized gains and losses came in at a loss of $4.9 million, or $0.10 per share, in Q2 2026.
The combination of the JPMorgan facility refinancing, the Stockbridge loan resolution, and the office repayments reflects a continued effort by Granite Point to reduce problem-loan exposure and lower funding costs across its commercial real estate portfolio.
Granite Point Mortgage Trust is a Maryland corporation focused on originating, investing in, and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. The company is headquartered in New York. Investor relations inquiries may be directed to Chris Petta, Head of Investor Relations, at (212) 364-5500.
Sources
Granite Point Mortgage Trust Inc. — Press Release, September 15, 2026