Granite Point Mortgage Trust Inc. (NYSE: GPMT) announced that its board of directors has approved a one-for-10 reverse stock split of the company's common shares.
The reverse split will take effect at 5:00 p.m. Eastern Time on Oct. 5, 2026. Trading under the new post-split terms is scheduled to begin at market open on Oct. 6, 2026, under the same GPMT symbol. The company assigned a new CUSIP number—38741L404—to reflect the change.
Following the split, outstanding shares will drop from approximately 48.2 million to roughly 4.8 million. The par value per share will remain unchanged. Stockholders who would be left with fractional shares will receive cash in lieu of fractions, calculated using the NYSE closing price on Oct. 5, 2026.
The board approved the action pursuant to Maryland General Corporation Law, and no stockholder vote was required. The reverse split applies solely to common stock and will not alter the terms or outstanding count of the company's 7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock.
A previously declared common stock dividend of $0.01 per pre-split share will remain in effect and is payable on Oct. 15, 2026, to shareholders of record at the close of business on Oct. 1.
Granite Point Mortgage, a Maryland-based corporation focused on commercial mortgage loans and commercial real estate investments, said the board is currently reviewing alternatives to enhance stockholder value. Among the options under consideration are a business combination, a sale of all or part of the company's assets, or a capital raise transaction. The board cautioned that there is no formal timetable and no assurance the review will result in any transaction.
