GPMT amends repurchase facility guaranties; eases tangible net worth and interest coverage covenants

Granite Point Mortgage Trust Inc.

Revised tangible net worth minimum to $816.9M + 75% of net equity proceeds after Aug 3, 2023.
Minimum interest coverage ratio lowered to 1.30x for 2023-2024; steps up to 1.40x-1.50x thereafter.
New total debt-to-total assets covenant of 77.5% for target investments; up to 80% overall.
Amendments executed with Morgan Stanley, JPMorgan, Goldman Sachs, and Citibank.
CECL reserve and VIE consolidation adjustments excluded from covenant calculations.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Granite Point Mortgage Trust Inc. amended Amendments to Limited Guaranties for Repurchase Facilities with Morgan Stanley Bank, N.A.; JPMorgan Chase Bank, National Association; Goldman Sachs Bank USA; Citibank, N.A. valued at Modified Minimum Tangible Net Worth and Minimum Interest Expense Coverage Ratio financial covenants (effective 2023-08-03).

Action: amendment
Agreement: credit facility
Counterparty: Morgan Stanley Bank, N.A.; JPMorgan Chase Bank, National Association; Goldman Sachs Bank USA; Citibank, N.A.
Value: Modified Minimum Tangible Net Worth and Minimum Interest Expense Coverage Ratio financial covenants
Effective: 2023-08-03

Exact text from the filing

On August 3, 2023, the Company entered into an amendment to each Limited Guaranty (collectively, the "Amendments") to, among other things, modify the "Minimum Tangible Net Worth" and "Minimum Interest Expense Coverage Ratio" (each as defined in such Limited Guaranty) financial covenants in such Limited Guaranty.

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Granite Point Mortgage Trust Inc. filing history →

Source: SEC EDGAR

accession 0001703644-23-000101

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