GPMT earnings analysis
What we found in GPMT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Granite Point Mortgage Trust reported a Q1 2026 net loss of $6.0 million, with a diluted EPS of -$0.13, a notable improvement from a loss of $10.6 million or -$0.22 in Q1 2025. Revenue decreased to $26.0 million from $34.0 million in the previous year, missing estimates. Management expects continued volatility in the capital markets, with elevated interest rates likely impacting borrowers’ performance in the near term.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Reduced Net Loss Compared to Last Year
- GAAP net loss improved to $(6.0) million from $(10.6) million in Q1 2025.
- Decline in Revenue
- Q1 2026 revenue was $26.0 million, down from $34.0 million in Q1 2025.
- Decrease in Provision for Credit Losses
- Q1 2026 recorded a benefit from credit losses of $0.2 million compared to a $(3.8) million provision in Q1 2025.
- Dividends Declared
- Common stock dividends declared were $2.6 million, maintaining at $0.05 per share.
- Cash Position
- Unrestricted cash decreased to $43.6 million, but liquidity covenants were maintained.
- Improvement in Book Value per Share
- Book value per share increased to $7.05 from $7.29 as of December 31, 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Credit Risk Exposure
- Allowance for credit losses totaled $148.5 million, representing 9.4% of total loan commitments of $1.6 billion.
- Increased Interest Expenses
- Total interest expense rose to $18.0 million in Q1 2026 from $27.1 million in Q1 2025 due to elevated borrowing cost.
- Impact of High Inflation and Interest Rates
- Continued elevated interest rates may further impair borrower performance and lead to non-performances.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.13
What they said about what is next.
No forward revenue or EPS guidance was provided.
The filing reads worse than the one before it.
What came before.
- 10-Q · August 5, 2024
- Granite Point reported a sharply weaker quarter driven by large credit provisions and resulting losses: total interest income fell to $48,479 (thousands) and the company recorded a net loss attributable to common…
- 10-Q · November 7, 2023
- Granite Point reported narrowing losses in Q3 2023 with net loss of $20,937,000 for the quarter (versus $25,504,000 in Q3 2022) and net interest income of $19,915,000 (up from $18,294,000). The company reduced its loan…
- 10-Q · November 8, 2022
- Granite Point reported a quarterly net loss driven by a sharp increase in credit loss provisions: net (loss) attributable to common stockholders was $(29,130) thousand for the three months ended September 30, 2022, vs.…
- 10-Q · May 6, 2021
- Granite Point reported a strong quarter with net income of $27,991,000 and diluted EPS of $0.45 for the three months ended March 31, 2021, reversing a $37,191,000 loss and $(0.68) diluted EPS in Q1 2020. Interest income…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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