In trading on Thursday, shares of Granite Point Mortgage Trust Inc’s 7.0% Series A Fixed/Float Cumulative Preferred Stock (Symbol: GPMT.PRA) yielded over 10.5%, attributed to a quarterly dividend annualized at $1.75. The shares traded as low as $16.12, marking a 33.04% discount to their liquidation preference, compared to a 32.14% average discount within the REITs preferred stock category, which generally averages a yield of 13.88%.
On the same day, GPMT.PRA experienced a decline of approximately 3.7%, while the common shares (Symbol: GPMT) fell by about 1.8%.
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