Revenue volatility remains high, with a 157.8% increase in 2026Q1 failing to offset the underlying margin compression that saw NOI margins collapse to 0.8% in 2025Q2.
| Revenue | 131.71M | 145.28M | -165.53M | -22.67M | 78.26M | 87.53M | 104.93M | 106.81M | 91.61M | 117.84M | 61.03M | 8.78M |
| Revenue Growth % | 249.62% | 187.77% | -630.07% | -128.97% | -10.6% | -16.57% | -1.77% | 16.6% | -22.26% | 93.08% | 594.8% | - |
| Property Operating Expenses | 69.41M | 24.66M | 5.35M | 5.31M | 0 | 0 | 0 | 0 | 16.02M | 10.98M | 7.78M | 73K |
| Net Operating Income (NOI) | 62.3M | 120.62M | -170.88M | -27.99M | 78.26M | 87.53M | 104.93M | 106.81M | 75.58M | 106.86M | 53.25M | 8.71M |
| NOI Margin % | 47.3% | 83.03% | 103.23% | 123.43% | 100% | 100% | 100% | 100% | 82.51% | 90.68% | 87.26% | 99.17% |
| Operating Expenses | 46.41M | 57.29M | 19.46M | 21.71M | 78.26M | 87.53M | 104.93M | 106.81M | 30.73M | 9.74M | 3.02M | 8.28M |
| G&A Expenses | 9.79M | 19.86M | 0 | 0 | 20.23M | 21.46M | 29.05M | 29.16M | 12.51M | 9.74M | 7.17M | 1.18M |
| EBITDA | -8.08M | 56.88M | -190.34M | -49.7M | 0 | 0 | 0 | 0 | 154.6M | 95.76M | 46.38M | 323K |
| EBITDA Margin % | -6.14% | 39.15% | 114.99% | 219.19% | 0% | 0% | 0% | 0% | 168.76% | 81.27% | 75.99% | 3.68% |
| Depreciation & Amortization | 4.38M | 0 | 0 | 0 | 0 | 0 | 0 | 266K | 19K | 0 | 0 | -181K |
| D&A / Revenue % | 3.32% | 0% | 0% | 0% | 0% | 0% | 0% | 0.25% | 0.02% | 0% | 0% | -2.06% |
| Operating Income | -5.71M | 63.33M | -190.34M | -49.7M | 0 | 0 | 0 | 0 | 154.58M | 95.76M | 46.38M | 504K |
| Operating Margin % | -4.33% | 43.59% | 114.99% | 219.19% | 0% | 0% | 0% | 0% | 168.74% | 81.27% | 75.99% | 5.74% |
| Interest Expense | 4M | 97.88M | 149.67M | 181.74M | 126.13M | 105.58M | 112.94M | 136.98M | 91.52M | 42.46M | 11.03M | 477K |
| Interest Coverage | - | 0.58x | -1.27x | -0.27x | - | - | - | -0.00x | 1.69x | 2.26x | 4.20x | 1.44x |
| Non-Operating Income | 6.75M | 6.45M | -190.34M | -49.7M | 0 | 0 | 0 | 266K | -19K | 0 | 0 | -181K |
| Pretax Income | -36.48M | -41M | 207.06M | -63.1M | -40.81M | 68.55M | -39.85M | 70.21M | 63.07M | 53.3M | 35.35M | 208K |
| Pretax Margin % | -27.7% | -28.22% | -125.09% | 278.32% | -52.14% | 78.31% | -37.98% | 65.73% | 68.85% | 45.23% | 57.91% | 2.37% |
| Income Tax | 78K | 149K | 10K | 95K | 17K | 192K | 593K | -4K | -2K | -4K | -11K | 70K |
| Effective Tax Rate % | -0.21% | -0.36% | 0% | -0.15% | -0.04% | 0.28% | -1.49% | -0.01% | -0% | -0.01% | -0.03% | 33.65% |
| Net Income | -40.16M | -41.15M | -207.05M | -63.2M | -40.83M | 68.35M | -40.44M | 70.21M | 63.08M | 53.3M | 35.36M | 138K |
| Net Margin % | -30.49% | -28.33% | 125.08% | 278.74% | -52.17% | 78.09% | -38.54% | 65.73% | 68.85% | 45.24% | 57.93% | 1.57% |
| Net Income Growth % | 71.3% | 80.12% | -227.62% | -54.8% | -159.73% | 269.03% | -157.59% | 11.32% | 18.33% | 50.76% | 25521.01% | - |
| Funds From Operations (FFO) | -14.93M | -41.15M | -200.54M | -59.71M | -40.83M | 84.91M | -40.44M | 70.48M | 63.09M | 53.3M | 35.36M | -43K |
| FFO Margin % | -11.34% | -28.33% | 121.15% | 263.34% | -52.17% | 97% | -38.54% | 65.98% | 68.87% | 45.24% | 57.93% | -0.49% |
| FFO Growth % | 205.54% | - | -235.88% | - | - | - | - | 11.71% | - | - | - | - |
| FFO per Share | -0.31 | -0.86 | -4.09 | -1.16 | -0.77 | 1.55 | -0.73 | 1.33 | 1.21 | 1.23 | 0.82 | -0.00 |
| FFO Payout Ratio % | -51.9% | -25.2% | -11.97% | -71.84% | -132.95% | 78.5% | -84.27% | 122.46% | 108.68% | 26% | 294.7% | 0% |
| EPS (Diluted) | -0.84 | -1.16 | -4.41 | -1.50 | -1.04 | 1.23 | -0.73 | 1.32 | 1.21 | 0.60 | 0.82 | 0.00 |
| EPS Growth % | 64.94% | 73.7% | -194% | -44.23% | -184.55% | 268.49% | -155.3% | 9.09% | 101.67% | -26.83% | - | - |
| EPS (Basic) | - | -1.16 | -4.41 | -1.50 | -1.04 | 1.24 | -0.73 | 1.32 | 1.45 | 0.60 | 0.82 | 0.00 |
| Diluted Shares Outstanding | 47.67M | 47.87M | 49.08M | 51.64M | 53.01M | 54.93M | 55.16M | 53.09M | 52.04M | 43.23M | 43.24M | 44.74M |
Transitional office loan impairments
According to reported financial statements, GPMT experienced a 157.8% revenue increase in 2026Q1, yet this growth appears largely disconnected from core operational expansion, as the firm struggles to deploy capital into new originations while managing a legacy portfolio heavily weighted toward distressed transitional office assets.
The sharp revenue spike suggests a temporary repricing effect rather than sustainable growth in the loan book. Investors should monitor whether this revenue can be sustained or if it represents a final collection of interest before further non-accrual events occur.
As reported in recent filings, GPMT continues to post negative FFO per share, with the 2026Q1 figure of -$0.11 highlighting a persistent inability to generate sufficient cash flow to cover operational costs, let alone support a meaningful dividend payout for common shareholders.
The recurring negative FFO suggests that the company's cost of capital and credit loss provisions are consistently outpacing interest income. This trend warrants further investigation into whether the current dividend yield is supported by capital recycling or if it is effectively eroding the firm's book value.
Based on GPMT's reported figures, the NOI margin has exhibited extreme volatility, swinging from 100% in early 2024 to a low of 0.8% in 2025Q2, which indicates that property-level profitability is being severely undermined by the rising costs of managing non-performing loan collateral.
The collapse in NOI margins suggests that the company is increasingly forced to absorb operating expenses on properties where borrowers have defaulted. This shift implies that GPMT is effectively transitioning from a passive lender to an active, and likely inefficient, property manager.
Financial data indicates that GPMT's net margin remains deeply negative at -28.33%, a figure that appears driven by aggressive CECL provisioning that may be necessary to account for the deteriorating credit quality of the firm's transitional office-heavy loan portfolio.
The reliance on non-cash impairment charges suggests that the reported net income is a poor proxy for the actual cash-generating capacity of the business. Analysts should be wary that these provisions may continue to drag on earnings until the underlying collateral is either successfully repositioned or liquidated.
Quick answers to the most common questions about buying GPMT stock.
For fiscal year 2025, Granite Point Mortgage Trust Inc. (GPMT) reported total revenue of $145.3M. This represents a 1554.0% increase compared to $8.8M in 2015.
Granite Point Mortgage Trust Inc. (GPMT) reported a net loss of $41.2M for the fiscal year ending 2025.
Granite Point Mortgage Trust Inc. (GPMT) reported an operating income of $63.3M, resulting in an operating profit margin of 43.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Granite Point Mortgage Trust Inc. (GPMT) generated $120.6M in gross profit for the year, representing a gross profit margin of 83.0%. This demonstrates the company's core pricing power and production efficiency.