mREIT Granite Point Mortgage Trust (GPMT) has sold more shares of their 7.00% fixed to floating rate preferred (GPMT-A).
The company had sold 4.6 million shares on 11/22/2021. They are now offering another 3.2 million shares plus 480,000 for over allotment. The offering price is $25/share.
Shares of this issue which had been trading at almost $26.00 before today closed today at $25.30.
The offering paperwork can be found here.
about $14mil/y in divs now assuming no over allotment with original and new shares..I will hold for now as share price to NAV of common is about 70% according to Colorado Wealth on SA (he is not long) but I want to see what they say when they report year end about spreads, how they are using etc. Is this the right time to be ‘levering up’..not sure. B
So that’s why it fell today. i thought it just fell with the tide.
I’m ready for a moratorium on new shares of preferreds. Unfair to their existing investors. Just issue a new one if they want more.