Granite Point Mortgage's Improved Liquidity Brings Its 10% Yielding Preferreds Into Focus
Portfolio Pulse from
Granite Point Mortgage Trust's common equity has decreased by 36% in 2024, trading at a significant discount due to office property loan exposure. Despite a dip in book value, the company improved its liquidity with substantial cash reserves and a focus on reducing office property exposure.
November 18, 2024 | 2:00 am
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NEUTRAL IMPACT
Granite Point Mortgage Trust's stock is down 36% in 2024, trading at a 65% discount to book value due to office property loan exposure. Liquidity improved with $113.46 million in cash, driven by loan repayments and reduced office property exposure.
The stock is trading at a significant discount due to office property loan exposure, but improved liquidity and focus on reducing this exposure could stabilize the stock price. The impact is neutral as the positive liquidity news balances the negative stock performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100