secwatch.observer — SEC 8-K summary
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Issuer:     Granite Point Mortgage Trust Inc. (GPMT)
CIK:        0001703644
Form:       8-K
Filed at:   2023-08-04T23:59:59+00:00
Accession:  0001703644-23-000101
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1703644/000170364423000101/0001703644-23-000101-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1703644/000170364423000101/gpmt-20230803.htm
  HTML page:      https://secwatch.observer/filing/0001703644-23-000101

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