Cash conversion quality is currently compromised, as evidenced by a negative $2.4 million in operating cash flow during 2026Q1 despite a $6.0 million net loss.
Granite Point Mortgage Trust Inc. (GPMT) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Cash from Operations | 364K | 2.67M | 8.76M | 52.1M | 58.9M | 60.3M | 20.25M | 61.86M | 62.37M | 30.5M | 35.51M | 3.23M |
| Operating CF Growth % | 5426.64% | -69.54% | -83.19% | -11.55% | -2.33% | 197.71% | -67.26% | -0.81% | 104.51% | -14.11% | 1000.25% | - |
| Operating CF / Revenue % | 0.34% | 1.84% | 4.49% | -229.77% | 75.26% | 68.89% | 19.3% | 57.91% | 68.08% | 25.88% | 58.18% | 36.74% |
| Net Income | -141.3M | -41.15M | -207.05M | -63.2M | -40.83M | 68.35M | -40.44M | 70.21M | 63.08M | 53.3M | 35.36M | 138K |
| Depreciation & Amortization | 4.34M | 0 | 6.51M | 3.49M | 0 | 16.56M | 0 | 266K | 19K | 0 | 0 | 0 |
| Stock-Based Compensation | 3.97M | 1.05M | 6.57M | 6.98M | 7.03M | 7.59M | 5.28M | 4.78M | 3.5M | 1.09M | 0 | 0 |
| Other Non-Cash Items | 122.93M | 44.9M | 204.98M | 104.76M | 90.63M | -36.22M | 61.13M | -8.1M | -9.09M | -3.39M | -5.87M | -596K |
| Working Capital Changes | 10.41M | -2.13M | -2.25M | 60K | 2.07M | 4.02M | -5.72M | -5.31M | 4.86M | -20.51M | 6.02M | 3.69M |
| Cash from Investing | 355.8M | 299M | 435.24M | 561.43M | 408.63M | 139.77M | 341.62M | -1.03B | -835.32M | -925.68M | -757.39M | -660.3M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | -730K | 0 | 0 | 0 | 0 | 0 | -1.32B | -1.03B | -15M | -78.5M |
| Sale of Investments | 12.87M | 0 | 0 | 0 | 0 | 0 | 30.87M | 8.62M | 15.47M | 6.08M | 18.59M | 240K |
| Other Investing | 342.92M | 299M | 438.73M | 561.43M | 408.63M | 139.77M | 310.74M | -1.04B | 468.73M | 100.72M | -760.98M | -582.04M |
| Cash from Financing | -384.26M | -336.07M | -528.74M | -554.47M | -531.66M | -324.97M | -192.44M | 1.01B | 790.61M | 949.62M | 721.83M | 713.41M |
| Dividends Paid | -24.71M | -24.77M | -38.41M | -57.35M | -65.87M | -66.76M | -34.18M | -86.41M | -68.67M | -13.86M | 0 | 0 |
| Common Dividends | -10.31M | -10.37M | -24.01M | -42.9M | -54.28M | -66.66M | -34.08M | -86.31M | -68.57M | -13.86M | -104.2M | 0 |
| Debt Issuance (Net) | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | -306K | -5.66M | -7.62M | -11.26M | -15.71M | -17.8M | 0 | 0 | 0 | 0 | -104.2M | 0 |
| Other Financing | 427.56M | -4.32M | -281M | -145.47M | 326.99M | -48.78M | -4.96M | 423.48M | -16.12M | 425.69M | -2.16M | 546.15M |
| Net Change in Cash | -28.1M | -34.4M | -84.75M | 59.05M | -64.13M | -124.9M | 169.43M | 36.34M | 12.71M | 54.44M | -59K | 56.34M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 107.47M | 114.47M | 199.22M | 140.16M | 204.29M | 329.19M | 159.76M | 123.42M | 110.72M | 56.28M | 56.34M | 0 |
| Cash at End | 45.8M | 80.07M | 114.47M | 199.22M | 140.16M | 204.29M | 329.19M | 159.76M | 123.42M | 110.72M | 56.28M | 56.34M |
| Free Cash Flow | -1.97M | 2.67M | 5.99M | 52.1M | 58.9M | 60.3M | 20.25M | 61.86M | 57.42M | 19.44M | 35.51M | 3.23M |
| FCF Growth % | 39.53% | -55.47% | -88.5% | -11.55% | -2.33% | 197.71% | -67.26% | 7.74% | 195.33% | -45.24% | 1000.25% | - |
| FCF / Revenue % | -1.83% | 1.84% | 3.07% | -229.77% | 75.26% | 68.89% | 19.3% | 57.91% | 62.68% | 16.5% | 58.18% | 36.74% |
Quick answers to the most common questions about buying GPMT stock.
Granite Point Mortgage Trust Inc. (GPMT) generated $2.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Granite Point Mortgage Trust Inc. (GPMT) generated $2.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Granite Point Mortgage Trust Inc. (GPMT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Granite Point Mortgage Trust Inc. (GPMT) returned $24.8M to shareholders via cash dividends and spent $5.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Transitional office loan impairments
Metrics are mathematically derived from official filings.
Persistent AFFO Deficits Threaten Distributions
As reported in recent financial filings, GPMT has consistently failed to generate positive AFFO, with the 2025Q4 and 2026Q1 periods showing a complete absence of distributable cash flow, rendering the dividend payout unsustainable based on the company's current operational performance and credit loss trajectory.
The lack of positive AFFO suggests that the company is effectively paying dividends out of capital rather than recurring earnings. Investors should monitor whether management continues to prioritize these distributions, as the persistent shortfall indicates a structural inability to cover obligations from core lending activities.
FFO Volatility Masks Underlying Cash Erosion
Based on the provided quarterly data, GPMT's FFO frequently diverges from GAAP net income, with the 2024Q4 period showing a massive FFO deficit of -$36.9M, which highlights how non-cash impairments and CECL provisions create significant noise in the company's reported earnings metrics.
The wide variance between GAAP net income and FFO suggests that accounting adjustments for credit losses are the primary driver of the firm's bottom line. This volatility makes it difficult to ascertain a normalized earnings baseline, implying that the company's true cash-generating capacity remains obscured by ongoing portfolio deterioration.
Operating Cash Flow Disconnects From Earnings
According to the cash flow statements, GPMT's operating cash flow has remained largely disconnected from its net income, with the 2026Q1 period reporting a negative $2.4M in OCF despite a $6.0M net loss, suggesting that cash conversion quality is currently compromised by non-accrual loan events.
The inability to convert interest income into positive operating cash flow appears to be a direct consequence of the firm's transitional office loan exposure. This trend warrants further investigation into whether the company is accruing interest on loans that are no longer providing actual cash inflows.
Maintenance Capital Outlays Signal Asset Stress
As indicated by the financial statements, GPMT incurred $2.3M in capital expenditures during 2025Q4, a significant outlay for a mortgage REIT that typically does not carry heavy property-level maintenance costs, suggesting the firm may be forced into direct asset management roles due to borrower defaults.
The emergence of property-level capex is a concerning indicator that the company is transitioning from a passive lender to an active property owner. This shift may imply that the firm is absorbing operational burdens that were not part of its original investment thesis, potentially further straining liquidity.