Granite Point Mortgage Trust Inc. (NYSE: GPMT) (“GPMT,” “Granite Point” or the “Company”) today announced the tax treatment of common and preferred stock dividends declared in 2023. This information is provided to assist stockholders with tax reporting requirements related to dividend distribution of taxable income by Granite Point. Stockholders should review the 2023 tax statements received from their brokerage firms or other institutions to ensure that the statements agree with the information provided below. Additionally, as each stockholder’s tax situation may be different, stockholders are encouraged to consult with their own professional tax advisor with respect to their individual tax consequences.
Tax Treatment of the Distributions
The Federal income tax classification of Granite Point’s 2023 common and preferred stock distributions as it is expected to be reported on Form 1099-DIV is set forth in the following tables.
Granite Point is required to report the portion of its 2023 dividends that are treated as excess inclusion income for federal income tax purposes, which may be treated as unrelated business taxable income (UBTI) and subject to special tax reporting for certain tax-exempt investors. No portion of Granite Point’s 2023 dividend distributions consist of excess inclusion income.
2023 FORM 1099 – Common Stock (CUSIP #38741L107) |
Box 1a Total |
Box 1b Total |
Box 2a Total |
Box 3 Total |
Box 5 Total |
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Distribution Type |
Declaration Date |
Record Date |
Payable Date |
2023 Total Distribution Per Share |
Adjustments |
2023 Ordinary Dividends |
2023 Qualified Dividends(3) |
2023 Capital Gain Distributions |
2023 Nondividend Distributions |
Section 199A Dividends(4) |
Cash |
12/20/2022 |
12/30/2022 |
1/17/2023 |
$0.000000 |
$0.200000(1) |
$0.000000 |
$0.000000 |
$0.000000 |
$0.200000 |
$0.000000 |
Cash |
3/16/2023 |
4/3/2023 |
4/17/2023 |
$0.200000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.200000 |
$0.000000 |
Cash |
6/22/2023 |
7/3/2023 |
7/17/2023 |
$0.200000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.200000 |
$0.000000 |
Cash |
9/20/2023 |
10/2/2023 |
10/16/2023 |
$0.200000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.200000 |
$0.000000 |
Cash |
12/19/2023 |
12/29/2023 |
1/16/2024 |
$0.200000 |
$(0.200000)(2) |
$0.000000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.000000 |
Totals |
$0.800000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.800000 |
$0.000000 |
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(1) Pursuant to Section 857(b)(9) of the Internal Revenue Code of 1986, as amended (the "IRC"), cash distributions made on January 17, 2023, with a record date of December 30, 2022, are treated as received by stockholders on December 31, 2022, to the extent of 2022 earnings and profits. As Granite Point's aggregate 2022 cash distributions exceeded its 2022 earnings and profits, the January 2023 cash distribution declared in the fourth quarter of 2022 is treated as a 2023 distribution for federal income tax purposes and was not included on the 2022 Form 1099. If you were a stockholder of record as of December 30, 2022, the $0.200000 dividend payable on January 17, 2023, is reported on your 2023 Form 1099. |
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(2) Pursuant to Section 857(b)(9) of the IRC, cash distributions made on January 16, 2024, with a record date of December 29, 2023, are treated as received by stockholders on December 31, 2023, to the extent of 2023 earnings and profits. As Granite Point's aggregate 2023 cash distributions exceeded its 2023 earnings and profits, the January 2024 cash distribution declared in the fourth quarter of 2023 is treated as a 2024 distribution for federal income tax purposes and is not included on the 2023 Form 1099. If you were a stockholder of record as of December 29, 2023, the $0.200000 dividend payable on January 16, 2024, will be reported on your 2024 Form 1099. |
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(3) Qualified Dividends shows the portion of the amount in Box 1a that may be eligible for capital gains tax rates. |
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(4) Section 199A Dividends shows the portion of the amount in Box 1a that may be eligible for the 20% qualified business income deduction under Section 199. |
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2023 FORM 1099 – Preferred Series A (CUSIP #38741l305) |
Box 1a Total |
Box 1b Total |
Box 2a Total |
Box 3 Total |
Box 5 Total |
|||||
Distribution Type |
Declaration Date |
Record Date |
Payable Date |
2023 Total Distribution Per Share |
Adjustments |
2023 Ordinary Dividends |
2023 Qualified Dividends(3) |
2023 Capital Gain Distributions |
2023 Nondividend Distributions |
Section 199A Dividends(4) |
Cash |
12/20/2022 |
12/30/2022 |
1/17/2023 |
$0.000000 |
$0.437500(1) |
$0.000000 |
$0.000000 |
$0.000000 |
$0.437500 |
$0.000000 |
Cash |
3/16/2023 |
4/3/2023 |
4/17/2023 |
$0.437500 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.437500 |
$0.000000 |
Cash |
6/22/2023 |
7/3/2023 |
7/17/2023 |
$0.437500 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.437500 |
$0.000000 |
Cash |
9/20/2023 |
10/2/2023 |
10/16/2023 |
$0.437500 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.437500 |
$0.000000 |
Cash |
12/19/2023 |
12/29/2023 |
1/16/2024 |
$0.437500 |
$(0.437500)(2) |
$0.000000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.000000 |
Totals |
$1.750000 |
$0.000000 |
$0.000000 |
$0.000000 |
$0.000000 |
$1.750000 |
$0.000000 |
|||
(1) Pursuant to Section 857(b)(9) of the IRC, cash distributions made on January 17, 2023, with a record date of December 30, 2022, are treated as received by stockholders on December 31, 2022, to the extent of 2022 earnings and profits. As Granite Point's aggregate 2022 cash distributions exceeded its 2022 earnings and profits, the January 2023 cash distribution declared in the fourth quarter of 2022 is treated as a 2023 distribution for federal income tax purposes and was not included on the 2022 Form 1099. If you were a stockholder of record as of December 30, 2022, the $0.437500 dividend payable on January 17, 2023, is reported on your 2023 Form 1099. |
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(2) Pursuant to Section 857(b)(9) of the IRC, cash distributions made on January 16, 2024, with a record date of December 29, 2023, are treated as received by stockholders on December 31, 2023, to the extent of 2023 earnings and profits. As Granite Point's aggregate 2023 cash distributions exceeded its 2023 earnings and profits, the January 2024 cash distribution declared in the fourth quarter of 2023 is treated as a 2024 distribution for federal income tax purposes and is not included on the 2023 Form 1099. If you were a stockholder of record as of December 29, 2023, the $0.437500 dividend payable on January 16, 2024, will be reported on your 2024 Form 1099. |
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(3) Qualified Dividends shows the portion of the amount in Box 1a that may be eligible for capital gains tax rates. |
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(4) Section 199A Dividends shows the portion of the amount in Box 1a that may be eligible for the 20% qualified business income deduction under Section 199. |
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Pursuant to the IRC of 1986, dividends declared by a real estate investment trust (REIT) during the last three months of a calendar year that are payable to stockholders of record on a specified date in such three-month period, but which are actually paid during January of the following calendar year, are considered paid on December 31st of the calendar year in which the dividends were declared, to the extent of the REIT’s distributable earnings and profits.
Consult Your Tax Advisor
Stockholders may have additional reporting obligations to the Internal Revenue Service and/or other tax authorities.
The U.S. federal income tax treatment of holding Granite Point common and preferred stock to any particular stockholder will depend on the stockholder’s particular tax circumstances. You are urged to consult your tax advisor regarding the U.S. federal, state, local and foreign income and other tax consequences to you, in light of your particular investment or tax circumstances, of acquiring, holding and disposing of Granite Point common and preferred stock.
Granite Point does not provide tax, accounting or legal advice. Any tax statements contained herein were not intended or written to be used, and cannot be used for the purpose of avoiding U.S., federal, state or local tax penalties. Please consult your advisor as to any tax, accounting or legal statements made herein.
About Granite Point Mortgage Trust Inc.
Granite Point Mortgage Trust Inc. is a Maryland corporation focused on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Granite Point is headquartered in New York, NY. Additional information is available at www.gpmtreit.com.
Additional Information
Stockholders of Granite Point and other interested persons may find additional information regarding the Company at the Securities and Exchange Commission’s Internet site at www.sec.gov or by directing requests to: Granite Point Mortgage Trust Inc., 3 Bryant Park, 24th floor, New York, NY 10036, telephone (212) 364-5500.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240131519496/en/
Contacts
Investors: Chris Petta, Investor Relations, Granite Point Mortgage Trust Inc., (212) 364-5500, investors@gpmtreit.com.
