Granite Point Mortgage Trust Business Update

12/6/17

NEW YORK--(BUSINESS WIRE)--Granite Point Mortgage Trust Inc. (NYSE: GPMT) a commercial real estate investment trust (REIT) focused on directly originating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments, today provided an update on its activities subsequent to the end of the third quarter of 2017.

Activity Post Quarter-End

  • Since the end of the third quarter of 2017 through December 1, 2017, the company has closed additional senior floating rate commercial real estate loans representing total commitments of approximately $252 million, comprised of approximately $193 million of initial fundings and $59 million of future fundings. During this time, the company has also funded approximately $16 million of its existing loan commitments, bringing total funded loan amounts to approximately $209 million, as of December 1, 2017.
  • As of December 1, 2017, the company had an additional pipeline of senior floating rate commercial real estate loans representing total loan commitment amounts of approximately $137 million, comprised of approximately $104 million of initial fundings and $33 million of future fundings. The company expects that certain of these loans will close by the end of the fourth quarter of 2017, with the remainder closing early in 2018, all subject to customary closing conditions and fallout.
  • Since the end of the third quarter of 2017 through December 1, 2017, the company has collected approximately $75 million of loan prepayments and anticipates, based on the company’s current estimates, collecting approximately $24 million of additional loan prepayments by the end of the fourth quarter of 2017; however, the amount ultimately collected may be higher or lower.
  • Since the end of the third quarter of 2017 through December 1, 2017, the company amended one of its financing facilities to increase the borrowing capacity thereunder by $100 million and the company amended another one of its financing facilities to increase the borrowing capacity thereunder by $250 million, bringing the company’s total borrowing capacity to approximately $2.3 billion.


About Granite Point Mortgage Trust Inc.

Granite Point Mortgage Trust Inc. is a Maryland corporation focused on directly originating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point intends to elect and qualify to be taxed as a REIT. Granite Point is headquartered in New York, New York, and is externally managed by Pine River Capital Management L.P. Additional information is available at www.gpmortgagetrust.com.

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