Granite Point Mortgage Trust Inc.'s board of directors has decided to suspend its first quarter 2020 common stock dividend, as a result of the financial strain brought upon by the COVID-19 pandemic. In a Yahoo Finance release, the company revealed that the coronavirus has negatively impacted its overall level of liquidity across capital and the commercial real estate loan markets.
"The board of directors will continue to evaluate the company’s dividend policy in respect of future quarters based upon customary considerations, including market conditions," according to the release. "The company will also continue to monitor its taxable income and take measures, if necessary, to ensure that it meets the minimum distribution requirements to maintain its status as a REIT."
As for the company's operations, Jack Taylor, Granite Point’s president and CEO, says they are trying to approach the COVID-19 threat as best as possible.
"As we navigate this unprecedented and uncertain environment caused by the COVID-19 pandemic, our paramount concern is the health and well-being of our personnel and all of our stakeholders and business partners," said Taylor.
"As an organization, we continue to conduct our business activities with minimal interruption and remain engaged in active dialogue with our borrowers regarding their properties and business operations. In addition, we have no outstanding new loan commitments and continue to primarily focus on actively managing our liquidity and existing investments."
To learn more about Granite Point Mortgage Trust, click here.