Stinson Advises Two Harbors on Contribution of $1.8 Billion Portfolio and Granite Point Mortgage Trust IPO

07.07.2017

Stinson Leonard Street LLP represented Two Harbors Investment Corp. (NYSE: TWO) in the $195 million IPO of Two Harbors' subsidiary, Granite Point Mortgage Trust Inc. (NYSE: GPMT). Concurrent with the closing of the offering, Two Harbors contributed to Granite Point a $1.8 billion portfolio of commercial real estate loans and other commercial real estate debt investments, in exchange for equity interests in Granite Point.

Granite Point was formed by Two Harbors in order to continue and expand the commercial real estate lending business established by Two Harbors. Granite Point will focus on directly originating, investing in and managing a portfolio of commercial real estate loans and other debt and debt-like instruments. Granite Point will be externally managed by Pine River Capital Management L.P., which is the parent company of Two Harbors’ external manager.

Two Harbors is a real estate investment trust that invests in residential mortgage-backed securities, mortgage servicing rights, commercial real estate and other financial assets. Two Harbors is headquartered in New York, New York, and is externally managed and advised by a wholly owned subsidiary of Pine River Capital Management L.P.

Stinson attorneys included Steve Quinlivan, David Jenson, Bryan Pitko and Andrew Kuettel.