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CMTG

Claros Mortgage Trust, Inc.

CMTG

Claros Mortgage Trust, Inc. • NYSE
$3.33 ▼ -0.89% (-0.03)
Market Cap $465.94 M
52w High $6.87
52w Low $2.13
Dividend Yield 0.10%
P/E -1.26
Volume 180.77K
Outstanding Shares 139.92M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $59.349M ▼ $18.489M ▼ $-9.528M ▲ -16.054% ▲ $-0.068 ▲ $-5.788M ▲
Q2-2025 $133.627M ▲ $42.7M ▲ $-181.707M ▼ -135.981% ▼ $-1.3 ▼ $-179.378M ▼
Q1-2025 $132.602M ▲ $37.648M ▲ $-78.623M ▲ -59.292% ▲ $-0.56 ▲ $-34.604M ▼
Q4-2024 $23.582M ▲ $17.047M ▼ $-100.698M ▼ -427.012% ▼ $-0.72 ▼ $0
Q3-2024 $-20.779M $17.696M $-56.218M 270.552% $-0.4 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $339.518M ▲ $5.442B ▼ $3.693B ▼ $1.749B ▼
Q2-2025 $209.204M ▲ $5.823B ▼ $4.066B ▼ $1.757B ▼
Q1-2025 $127.829M ▲ $6.656B ▼ $4.722B ▼ $1.935B ▼
Q4-2024 $99.075M ▼ $6.967B ▼ $4.959B ▼ $2.008B ▼
Q3-2024 $144.386M $7.308B $5.204B $2.104B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-9.528M ▲ $8.775M ▲ $505.111M ▼ $-385.545M ▲ $128.341M ▲ $7.868M ▲
Q2-2025 $-181.707M ▼ $-5.848M ▲ $749.176M ▲ $-664.28M ▼ $79.048M ▲ $-6.005M ▲
Q1-2025 $-78.623M ▲ $-35.785M ▼ $274.795M ▲ $-223.638M ▲ $15.372M ▲ $-35.834M ▼
Q4-2024 $-100.698M ▼ $18.329M ▼ $233.132M ▲ $-262.347M ▼ $-10.886M ▲ $17.696M ▼
Q3-2024 $-56.218M $39.175M $179.733M $-243.919M $-25.011M $39.04M

Revenue by Products

Product Q3-2021Q4-2021
Loan
Loan
 $60.00M ▲$60.00M ▲
Corporate And Other
Corporate And Other
 $10.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Earnings have clearly weakened. A few years ago the trust was consistently profitable, with solid interest income and positive earnings per share. Most recently, profitability has swung to a noticeable loss, with operating income and net income both turning negative. That suggests higher credit costs, pressure from funding expenses, or problem loans weighing on results. The revenue line itself hasn’t collapsed, but the margin between what the trust earns on its loans and what it pays out has tightened, and credit-related charges appear to be eroding earnings power. Overall, the income statement now reflects a more stressed environment than in the early years after listing.

Balance Sheet

Balance Sheet The balance sheet is sizable but fairly typical for a mortgage REIT: a large loan book funded mainly with debt, supported by a moderate equity base. Over the past several years, total assets have grown modestly and then edged down, while debt levels rose and only recently began to ease. Equity has slowly drifted lower, hinting at some book value pressure from losses or portfolio marks. Cash remains a small slice of total assets, so liquidity depends heavily on access to credit facilities and capital markets. Leverage is meaningful, which amplifies both upside in good markets and downside if loan performance deteriorates.

Cash Flow

Cash Flow Despite the recent accounting loss, cash generation from operations has remained positive and relatively steady over the past few years. Free cash flow closely tracks operating cash flow because capital spending is minimal, which is normal for a mortgage REIT that primarily holds financial assets rather than physical properties. This pattern suggests that non-cash charges and provisions are a key driver of reported earnings volatility. The ability to consistently produce cash, even when reported profit dips, is a positive, but it still depends on ongoing loan repayments and stable funding conditions.

Competitive Edge

Competitive Edge Claros Mortgage Trust operates in a specialized corner of commercial real estate lending, focusing on transitional properties that require more complex underwriting. Its main edge comes from its close relationship with Mack Real Estate Group, which brings deep real estate experience, a strong network, and an “owner’s mindset” to evaluating deals. This can help with sourcing attractive loans, structuring flexible financing, and actively managing riskier, more complex assets. However, the niche is also inherently higher risk and highly exposed to the broader commercial property and interest rate cycles. Competition from other private credit and real estate lenders remains intense, and as an externally managed REIT, CMTG also relies heavily on the ongoing skill and alignment of its manager.

Innovation and R&D

Innovation and R&D The company is not an innovation leader in a technology sense, and it does not rely on classic research and development. Instead, its “innovation” is mainly in structuring and underwriting: using experience, relationships, and deal creativity to finance transitional properties that many traditional lenders avoid. The affiliation with Mack Real Estate Group is the core platform advantage, offering market intelligence and structuring expertise rather than proprietary software. Future innovation is likely to show up in new loan structures, partnerships, and selective expansion into new markets or property types, rather than in visible tech investments or product launches.

Summary

Claros Mortgage Trust has evolved from a steadily profitable mortgage REIT to one now facing clear earnings pressure and a recent net loss, even as its cash flows remain positive. The balance sheet is sizable and leveraged, with some gradual erosion in equity and book value that reflects the tougher environment in commercial real estate. Its main strength is a focused, relationship-driven lending strategy backed by an experienced real estate sponsor, which provides an edge in complex, transitional assets. The flip side is exposure to a challenging part of the property market and meaningful sensitivity to credit quality and interest rates. Going forward, the key themes to watch are loan performance, credit losses, leverage and liquidity management, and how effectively the platform can use its niche specialization to navigate a more volatile real estate cycle.

NEWS

November 5, 2025 · 4:19 PM UTC

Claros Mortgage Trust, Inc. Reports Third Quarter 2025 Results

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October 22, 2025 · 4:27 PM UTC

Claros Mortgage Trust, Inc. Announces Dates for Third Quarter 2025 Earnings Release and Conference Call

Read more