GPMT CEO: Successful Repayment of Large Legacy Loans
"We have continued our progress in legacy loan repayments and resolutions," said Jack Taylor, President and Chief Executive Officer of GPMT, "as demonstrated by recent repayments of two large legacy loans, the sale of a junior hotel note above par, the sale of a subordinate interest in debt secured by an office property, and the final resolution of the Chicago retail loan at an amount above our carrying value, which meaningfully decreased our quarter end CECL reserve by over 150 basis points to 7.9% shortly after quarter end. We also improved our net interest spread by further reducing our higher cost debt by bringing our repo financing spread down by 61 basis points since the end of last year. As we continue to resolve legacy loans and remain focused on optimizing our balance sheet, we are positioning the company for future growth."
