Granite Point Mortgage Trust Says, In December, It Resolved $93M Senior Loan That Was On Nonaccrual Status
Portfolio Pulse from Benzinga Newsdesk
Granite Point Mortgage Trust (GPMT) resolved a $93M nonaccrual senior loan through a sale of the collateral San Diego office property. They provided a $49M senior floating rate loan to the new owners. GPMT expects a $30M loss, largely covered by prior reserves, impacting Q4 2023 results.
December 19, 2023 | 9:51 pm
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GPMT resolved a $93M nonaccrual loan, resulting in a $30M loss, largely reserved for, affecting Q4 2023 financials.
The resolution of the nonaccrual loan and the subsequent loss of $30M, although largely reserved for, is likely to be viewed negatively by investors in the short term. The impact on Q4 2023 earnings could lead to a decrease in investor confidence and a potential drop in stock price.
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IMPORTANCE 75
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