Granite Point Mortgage lifts conversion rate on 5.625% convertibles

By Sarah Lizee

Olympia, Wash., Oct. 1 – Granite Point Mortgage Trust Inc. announced it adjusted the conversion rate for its 5.625% convertible senior notes due 2022.

The conversion rate was increased to 50.1610 shares of common stock per $1,000 principal amount of notes from 50.0548 shares per $1,000 principal amount, according to a press release.

The new conversion rate is effective immediately after the close of business on Oct. 2.

The adjustment is due to a cash dividend of $0.42 per share.

Granite Point is a New York-based real estate investment trust focused on the origination, investment and management of senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments.

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