Granite Point Mortgage Trust: completes 1-for-10 reverse stock split

What happened Granite Point Mortgage Trust Inc. filed an 8-K reporting that it completed the previously announced 1-for-10 reverse stock split of its common stock, effective at 5:00 p.m. Eastern Time on Oct 5, 2026. The reverse stock split automatically converted every ten shares of common stock into one share, reducing shares issued and outstanding from 48,198,166 to approximately 4,819,100. The company also filed two articles of amendment with the State Department of Assessments and Taxation of Maryland on Oct 2, 2026 to implement the split and related par value adjustments.

Key details

• Reverse split ratio: 1-for-10, effective Oct 5, 2026 at 5:00 p.m. Eastern Time.
• Shares outstanding: decreased from 48,198,166 to approximately 4,819,100 as of the effective time.
• Fractional shares: any fractional share resulting from the split will be settled in cash based on the closing price of the common stock on Oct 5, 2026.
• Charter amendments: First Amendment effected the reverse split, payment of fractional shares in cash, and increased par value from $0.01 to $0.10 per share; Second Amendment restored par value to $0.01 per share immediately following the First Amendment.
• Trading and identifiers: trading on the New York Stock Exchange began on a split-adjusted basis on Oct 6, 2026 under the existing symbol "GPMT"; new CUSIP following the split is 38741L 404.
• Other items: holders were not required to take action and accounts were automatically adjusted; awards under the Amended and Restated 2022 Omnibus Incentive Plan were ratably adjusted; the reverse split did not affect the company’s 7.00% Series A fixed-to-floating rate cumulative redeemable preferred stock.
• Dividend: the previously announced common stock dividend remains payable on Oct 15, 2026 to stockholders of record at the close of business on Oct 1, 2026, at the rate of $0.01 per pre-split share.

Why it may matter The filing reports Item 5.03 (amendments to articles of incorporation or bylaws) to implement the reverse stock split and related charter changes, and Item 3.03 (material modification to rights of security holders), to the extent required. The filing does not show why the insider traded or why the company acted.