J.P. Morgan Real Estate Income Trust earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026
Q3 2026 Revenue up 59% year over year to $35.9M · 1¢ of every $1 of revenue kept as net profit · operating margin 76.7%
J.P. Morgan Real Estate Income Trust made $35.9M in Q3 2026 (+59% Y/Y). Operating margin 76.7%, net earnings $363K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Revenue$35.9M
Year over year+59%
Operating margin76.7%
Net earnings$363K
Operating cash flow$17.7M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $35.9M in Q3 2026, up 59% year over year and up 22% from the previous quarter.
Operating profit was $27.5M, a 76.7% margin (down 2.4 points year over year). Of the extra revenue versus Q3 2025, 73% reached operating profit, below the 79% margin then. Total costs grew 77% against revenue growth of 59%. The fastest-growing cost line was Other operating costs (+181%). Net earnings were $363K ($286K including minority interests, which bore $77K of losses). The effective tax rate was 0.0%.
Operating cash flow was $17.7M (up 30% year over year), 6193% of net income including minority interests. Non-cash charges added back $16.6M of depreciation and amortization. Capital expenditures of −$21K left free cash flow of $17.7M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 6, 2026
$35.9M
+59%
76.7%
$363K
$17.7M
Q2 2026
10-Q
Aug 12, 2026
$29.3M
+122%
78.1%
$1.1M
$15.9M
Q1 2026
10-Q
May 15, 2026
$29.7M
+259%
79.5%
−$3.0M
$11.7M
Q4 2025
10-K
Mar 16, 2026
$27.3M
+266%
84.8%
−$5.3M
$11.0M
Q3 2025
10-Q
Nov 13, 2025
$22.6M
+229%
79.1%
−$6.7M
$13.6M
Q2 2025
10-Q
Aug 11, 2025
$13.2M
+125%
90.2%
−$60K
$8.9M
Q1 2025
10-Q
May 9, 2025
$8.3M
+63%
94.3%
$1.7M
$5.5M
Charts
Latest (Q3 2026): Y/Y +59%, Q/Q +22%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $286K, Operating cash flow $17.7M.+133.2% since FY2022: more shares outstanding (issuance, stock pay); earlier years scaled for the 4-for-1 split before FY2025, 10-for-1 split before FY2023.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
J.P. Morgan Real Estate Income Trust, Inc. (the “Company” or “JPMREIT”) was formed on November 5, 2021 as a Maryland corporation and qualifies as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company invests primarily in stabilized, income-generating real estate properties, and to a lesser extent, real estate debt, real estate-related securities and other securities. The Company is the sole general partner of J.P. Morgan REIT Operating Partnership, L.P., a Delaware limited partnership (“Operating Partnership”). J.P. Morgan REIT OP Special Limited Partner, L.P. (the “Special Limited Partner”), an affiliate of J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM” and together with its affiliates “J.P. Morgan”), owns a special limited partner interest in the Operating Partnership.
In its own words, from its 10-Q, filed Aug 12, 2026.
J.P. Morgan Real Estate Income Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +59% against the peers' median +14%. Operating margin: 76.7% against the peers' median 20.6%.