Granite Point Mortgage Trust Extends Maturity Date and Tightens Financial Covenants

Granite Point Mortgage Trust Inc. (NYSE: GPMT) has made significant amendments to its credit facilities, including an extension of the maturity date and updates to key financial covenants.

The company has entered into Amendment No. 14 to its Master Repurchase Agreement with JPMorgan Chase Bank, National Association, and also amended and restated its Uncommitted Master Repurchase Facility.

The maturity date of the principal facility has been extended to July 28, 2028, with a final maturity date not to exceed July 28, 2031. This extension provides increased visibility and stability for Granite Point's capital structure.

Updated financial covenants include a minimum tangible net worth requirement of at least $500 million, plus 75% of net cash proceeds from equity issuances after the amendment date. The company must also maintain a total debt to total assets ratio within specified limits and an interest expense coverage ratio of at least 1.30x.

The amendments also introduce enhanced reporting requirements, including quarterly and annual reporting packages to JPMorgan, as well as federal income tax returns upon request.