Granite Point Mortgage Trust Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Results of Operations and Financial Condition, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
$GPMT
Real Estate Investment Trusts
Real Estate
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 25, 2025
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Item 1.01 Entry into a Material Definitive Agreement.
JPMorgan Repurchase Facility
On April 25, 2025, Granite Point Mortgage Trust Inc. (the “Company”) entered into an amendment (the “JPMorgan Guaranty Amendment”) to that certain Amended and Restated Guarantee Agreement, dated as of June 28, 2017, with JPMorgan Chase Bank, National Association (“JPMorgan”) (as amended from time to time, the “JPMorgan Guaranty”) in connection with that certain Uncommitted Master Repurchase Agreement, dated as of December 3, 2015, between the Company’s wholly-owned subsidiary, GP Commercial JPM LLC, and JPMorgan (as amended, the “JPMorgan MRA”). The JPMorgan Guaranty Amendment, among other things, acknowledges that the maturity date of the JPMorgan MRA has been extended to July 28, 2026, and modifies the “Minimum Interest Expense Coverage Ratio” financial covenant contained in the JPMorgan Guaranty.
Morgan Stanley Repurchase Facility
On April 25, 2025, GP Commercial MS LLC, a wholly owned subsidiary of the Company, entered into an amendment (the “Morgan Stanley MRA Amendment”) to that certain Master Repurchase and Securities Contract Agreement, dated as of February 18, 2016, with Morgan Stanley Bank, N.A. The Morgan Stanley MRA Amendment, among other things, extends the facility’s termination date to June 28, 2026 (with an option to extend the facility’s termination an additional year – to June 28, 2027).
Citibank Repurchase Facility
On April 28, 2025, GP Commercial CB LLC and GP Commercial CB SL Sub LLC, wholly owned subsidiaries of the Company, entered into an amendment (the “Citibank MRA Amendment”) to that certain Amended and Restated Master Repurchase Agreement, dated as May 25, 2022, with Citibank, N.A. The Citibank MRA Amendment, among other things, extends the facility’s termination date to April 27, 2026, adds two 364-day extension options and adjusts the maximum facility amount to $250 million.
The foregoing description of the JPMorgan Guaranty Amendment, Morgan Stanley MRA Amendment and Citi MRA Amendment do not purport to be complete and are qualified in their entirety by reference to the full text of the JPMorgan Guaranty Amendment, Morgan Stanley MRA Amendment and Citi MRA Amendment which are filed herewith as Exhibits 10.1, 10.2 and 10.3, respectively, and are incorporated herein by reference.
Item 2.02 Results of Operations and Financial Condition.
On April 29, 2025, the Company issued a press release announcing recent business developments and certain preliminary estimates of its financial results for the fiscal quarter ended March 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Current Report, including Exhibit 99.1 attached hereto, is furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for any other purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in Item 2.02 of this Current Report, including Exhibits 99.1 shall not be deemed incorporated by reference into any filing of the registrant under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filings (unless the registrant specifically states that the information or exhibits in this Item 2.02 are incorporated by reference).
Item 2.03 Creation 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.
| Item 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 10.1 | ||||||||
| 10.2 | ||||||||
| 10.3* | ||||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
*Certain schedules and similar attachments have been omitted in reliance on Instruction 4 of Item 1.01 of Form 8-K and Item 601(a)(5) of Regulation S-K.
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: April 29, 2025 | ||||||||