Organization and Operations

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Operations

Organization and Operations

Granite Point Mortgage Trust Inc., or the Company, is a Maryland corporation that focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. The Company’s common stock is listed on the New York Stock Exchange, or NYSE, under the symbol “GPMT.”

Although the Company is currently externally managed by Pine River Capital Management L.P., or the Manager, subsequent to September 30, 2020, the Company entered into an internalization agreement with the Manager pursuant to which the Company will become an internally managed real estate investment trust, or REIT, as of 11:59 p.m. on December 31, 2020. See Note 21 – Subsequent Events for additional discussion of the Company’s internalization.

The Company has elected to be treated as a REIT, as defined under the Internal Revenue Code of 1986, as amended, or the Code, for U.S. federal income tax purposes. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income which will not be qualifying income for REIT purposes. The Company has designated one of its subsidiaries as a taxable REIT subsidiary, or TRS, as defined in the Code, to engage in such activities.