A proposal for the gravitational energy–momentum tensor, known in the literature as the square root of Bel–Robinson tensor (SQBR), is analyzed in detail. Being constructed exclusively from the Weyl part of the Riemann tensor, such tensor encapsulates the geometric properties of free gravitational fields in terms of optical scalars of null congruences: making use of the general decomposition of any energy–momentum tensor, we explore the thermodynamic interpretation of such geometric quantities. While the matter energy–momentum is identically conserved due to Einstein's field equations, the SQBR is not necessarily conserved and dissipative terms could arise in its vacuum continuity equation. We discuss the possible physical interpretations of such mathematical properties.