Granite Point Mortgage Trust Inc. Announces Closing of $824 Million Commercial Real Estate CLO | Business

NEW YORK – (BUSINESS WIRE) – May 14, 2021–

Granite Point Mortgage Trust Inc. (NYSE: GPMT) (“GPMT”, “Granite Point” or the “Company”) today announced the completion of GPMT 2021-FL3, a commercial property secured loan commitment of $ 824 million (“CRE CLO”). ) in a private offer to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”). Investment grade securities valued at $ 686 million were placed with institutional investors, providing GPMT with no-market, no-recourse, fixed-term funding. GPMT 2021-FL3 has an initial advance rate of 83.25% and a weighted average rate on issue of LIBOR + 1.62% before taking transaction costs into account.

“We are very pleased with the completion of our third CRE CLO transaction, which offers us credit at attractive rates while further diversifying our funding sources,” said Jack Taylor, president, chief executive officer and director of Granite Point. “This transaction confirms Granite Point’s status as an established repeat issuer in the CRE CLO market. At the same time, the financing of our loan portfolio will be optimized and additional liquidity will be released to support the growth of new loan origins. This CLO transaction lowers our financing costs and, in conjunction with our recent term financing facility, increases our proportion of off-market loan financing to approximately 70%. “

JP Morgan Securities LLC acted as sole structuring agent, co-lead manager and joint bookrunner. Citigroup Global Capital Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC acted as co-lead managers and joint bookrunners.

This press release does not constitute an offer to sell or a solicitation of an offer to buy these or any other securities, nor may a sale of the Company’s securities take place in any state or jurisdiction in which such offer, solicitation or sale may be made occurred prior to registration or qualification under the securities laws of such state or jurisdiction.

About Granite Point Mortgage Trust Inc.

Granite Point Mortgage Trust Inc. is a Maryland company focused on the direct issuance, investment and management of senior adjustable rate commercial mortgage loans and other debt and debt equivalent commercial real estate investments. Granite Point is headquartered in New York, NY. Further information is available at www.gpmtreit.com.

Forward-Looking Statements

This press release may contain statements and information that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, and we intend to cover such forward-looking statements by the safe contained therein -Harbor Terms and are included in this statement for the purpose of invoking these Safe Harbor Terms. Forward-looking statements include statements about our beliefs, plans, goals, goals, expectations, expectations, assumptions, estimates, intentions and future performance. The forward-looking statements made in this press release include, but are not limited to, expectations regarding the use of the proceeds from the offering.

Forward-looking statements involve numerous risks and uncertainties. Our actual results could differ from our beliefs, expectations, estimates and projections. Therefore, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as “anticipate”, “estimate”, “will”, “should”, “expect”, “aim”, “believe”, “outlook”, “outlook”. Potential, “further”, “intend”, “seek”, “plan”, “goals”, “future”, “likely”, “may” and similar expressions or their negative forms or through references to strategy, plans or intentions. By their very nature, forward-looking statements apply only as they are made, are not statements of historical facts or guarantees of future performance, and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. particularly in connection with the COVID-19 pandemic, including the ultimate impact of COVID-19 on our business, financial and earnings position. Our expectations, beliefs and estimates are expressed in good faith and we believe there is a reasonable basis for them to be. However, there can be no assurance that management’s expectations, beliefs and estimates will prove to be correct or achieved, and actual results could differ materially from those expressed or expressed in any forward-looking statements.

These forward-looking statements are subject to risks and uncertainties, including but not limited to those described in our Annual Report on Form 10-K for the year ended December 31, 2020 and all subsequent Forms 10-Q and Form 8-K filings with the SEC under the heading ” Risk Factors “. These risks can also be further exacerbated by the ongoing and evolving effects of the COVID-19 pandemic. Forward-looking statements speak only as of the date of their publication and we assume no obligation to update or revise such forward-looking statements as a result of new information, future events or for any other reason.

Granite Point shareholders and other interested parties can find additional information about the company on the Securities and Exchange Commission website at www.sec.gov or by contacting: Granite Point Mortgage Trust Inc., 3rd Bryant Park, 24th floor, New York , NY 10036, phone (212) 364-5500.

Investors: Marcin Urbaszek, Chief Financial Officer of Granite Point Mortgage Trust Inc., (212) 364-5500, Investors @ gpmtreit.com.

KEYWORD: MINNESOTA NEW YORK UNITED STATES NORTH AMERICA

KEYWORD IN INDUSTRY: COMMERCIAL BUILDING & REAL ESTATE & REAL ESTATE RIDING

SOURCE: Granite Point Mortgage Trust Inc.

Copyright Business Wire 2021.

PUB: 05/14/2021 4:25 p.m. / DISC: 05/14/2021 4:25 p.m.

Copyright Business Wire 2021.