GPMT renegotiates repurchase-facility covenants; lowers tangible net worth floor to $600M

Granite Point Mortgage Trust Inc.

Minimum Tangible Net Worth reduced to $600M plus 75% of net equity proceeds after Sep 30, 2024.
Interest coverage ratio requirement drops to 1.10x for Q4 2024, then steps up to 1.30x by 2026.
Amendments cover three repurchase facilities with Morgan Stanley, JPMorgan, and Citibank.
Modifications signal lender concessions amid rising interest expense and potential earnings pressure.

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