Granite Point Mortgage Trust, a Pine River-managed mortgage REIT focused on commercial real estate debt, announced terms for its IPO on Thursday.
The New York, NY-based company plans to raise $205 million by offering 10 million shares at a price range of $20 to $21. At the midpoint of the proposed range, Granite Point Mortgage Trust would command a market value of $886 million.
Granite Point Mortgage Trust was formed in 2017 and booked $58 million in revenue for the 12 months ended March 31, 2017. It plans to list on the NYSE under the symbol GPMT. J.P. Morgan, Morgan Stanley, Citi and BofA Merrill Lynch are the joint bookrunners on the deal. It is expected to price during the week of June 19, 2017.
