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olivLaw · US equity research

Claros Mortgage Trust, Inc. CMTG

Real Estate · SIC 6500 · Vertical: Real Estate (SIC 6500)

1.85USD+66.67% · 1 dayClose 04 Nov 2026

Claros Mortgage Trust (CMTG) is a REIT that originates senior and subordinate commercial loans on transitional properties in major U.S. markets, with a loan portfolio of about 3.7 billion USD at the end of 2025. It matters now because asset quality has become the centre of the debate: at June 30, 2026 the held-for-investment loan portfolio stood at 2.8 billion USD, and the risk profile and accounting losses have moved to the foreground.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Claros Mortgage Trust, Inc. (CMTG) stock was 1.85 USD (+66.67% on the day), with market capitalisation 261.0 m USD, dividend yield 32.43%, beta 1.35, 52-week range 1.11–3.56 USD. Latest reported quarter (Q3 2026): revenue of 32.6 m USD (−29.2% YoY), net income of -14.3 m USD, diluted EPS -0.10 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
261.0 m USD
shares as of 02 Nov 2026
P/E (TTM)
unavailable
Diluted EPS TTM -3.86 · TTM to 30 Sept 2026
E/P (TTM)
-208.70%
TTM to 30 Sept 2026
Dividend yield
32.43%
DPS 12m 0.60
Beta (2y)
1.35
Volatility (1y) 80%
52-week range
1.113.56

Price history

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Technical reading

RSI (14)
77.3
overbought (≥ 70)
Bollinger (20, 2)
0.91 – 1.51
above the upper band · %B 1.55 · band width 50.0%
SMA 50 / 200
1.35 / 2.12
mixed trend
MACD (12, 26, 9)
0.00 / -0.05
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+56.8%−1.1%+57.9 pp—
3 months+8.8%−0.5%+9.3 pp—
6 months−29.7%+4.4%−34.1 pp—
Year to date−39.5%+12.3%−51.9 pp—
1 year−40.7%+13.5%−54.2 pp−11.2%
3 years−83.0%+76.4%−159.4 pp−2.5%
5 years−89.1%+63.7%−152.8 pp—
Max drawdown (1y)
−68.8%
11 Dec 2025 → 19 Oct 2026
Max drawdown (5y)
−94.6%
03 Jun 2022 → 19 Oct 2026
Compound annual growth (5y)
−35.9%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
32.6 m USD
−29.2% YoY
Net income
-14.3 m USD
unavailable YoY
Diluted EPS
-0.10
unavailable YoY
net / operating
-43.7% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue60.2 m43.4 m51.6 m46.1 m46.7 m29.5 m29.7 m32.6 m
Depreciation & amortisation2.6 m438.0 k845.0 k3.7 m5.7 m6.4 m6.1 m4.5 m
Interest expense100.1 m89.2 m82.0 m71.8 m61.9 m50.9 m46.6 m40.3 m
Net income-100.7 m-78.6 m-181.7 m-9.5 m-219.2 m-54.3 m-255.4 m-14.3 m
Diluted EPS-0.72 ≈-0.56-1.30-0.07-1.56 ≈-0.39-1.81-0.10
Operating cash flow18.3 m-35.8 m-5.8 m ≈8.8 m ≈2.4 m-6.5 m-12.1 m ≈8.0 m ≈
Dividends paid14.2 m———————

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2019202020212022202320242025
Revenue249.6 m273.7 m262.7 m287.2 m306.6 m248.4 m187.8 m
Revenue YoYunavailable+9.7%−4.0%+9.3%+6.7%−19.0%−24.4%
Net income163.2 m194.6 m161.2 m112.2 m6.0 m-221.3 m-489.1 m
Net income YoYunavailable+19.2%−17.2%−30.4%−94.6%−3,771.2%unavailable
Diluted EPS1.511.521.270.790.02-1.60-3.49
Diluted EPS YoYunavailable+0.7%−16.4%−37.8%−97.5%−8,100.0%unavailable
net %65.4%71.1%61.4%39.1%2.0%-89.1%-260.4%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
173.2 m USD
Financial debt
3.2 bn USD
Net debt
3.0 bn USD
Equity
1.5 bn USD
Total assets
4.7 bn USD
Debt / equity
2.06x
Current ratio
unavailable
ROE
-27.6%
ROA
-8.4%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
306.6 m
2024
248.4 m
2025
187.8 m

SEC (XBRL)· 18 Feb 2026verified

Depreciation & amortisation
2023
9.3 m
2024
10.5 m
2025
10.8 m

SEC (XBRL)· 18 Feb 2026verified

Interest expense
2023
470.5 m
2024
440.3 m
2025
305.0 m

SEC (XBRL)· 18 Feb 2026verified

Net income
2023
6.0 m
2024
-221.3 m
2025
-489.1 m

SEC (XBRL)· 18 Feb 2026verified

Diluted EPS
2023
0.02
2024
-1.60
2025
-3.49

SEC (XBRL)· 18 Feb 2026verified

Weighted average diluted shares
2023
138.6 m
2024
139.2 m
2025
140.1 m

SEC (XBRL)· 18 Feb 2026verified

Dividend per share
2023
—
2024
0.60
2025
—

SEC (XBRL)· 19 Feb 2025verified

Balance sheet · USD

Cash
2023
187.3 m
2024
99.1 m
2025
173.2 m

SEC (XBRL)· 18 Feb 2026verified

Total assets
2023
8.1 bn
2024
7.0 bn
2025
4.7 bn

SEC (XBRL)· 18 Feb 2026verified

Long-term debt
2023
5.7 bn
2024
4.9 bn
2025
3.2 bn

SEC (XBRL)· 18 Feb 2026verified

Total liabilities
2023
5.8 bn
2024
5.0 bn
2025
3.2 bn

SEC (XBRL)· 18 Feb 2026verified

Equity
2023
2.3 bn
2024
2.0 bn
2025
1.5 bn

SEC (XBRL)· 18 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
111.1 m
2024
84.5 m
2025
-30.5 m

SEC (XBRL)· 18 Feb 2026verified

Investing cash flow
2023
-39.3 m
2024
779.9 m
2025
1.9 bn

SEC (XBRL)· 18 Feb 2026verified

Financing cash flow
2023
-205.1 m
2024
-945.8 m
2025
-1.8 bn

SEC (XBRL)· 18 Feb 2026verified

Dividends paid
2023
192.2 m
2024
120.7 m
2025
0

SEC (XBRL)· 18 Feb 2026verified

Share repurchases
2023
—
2024
—
2025
—

SEC (XBRL)· 16 Feb 2023verified

Computed indicators

Growth

Revenue growth (YoY)
-24.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
-13.2%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-7.3%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-391.9%
computed by olivLawTTM to 30 Sept 2026
FCF margin
unavailable
input data missing

Returns

ROE
-36.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
-12.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
2.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.9x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
-8.2 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
Cash conversion
unavailable
input data missing

Market and valuation

Market capitalisation
261.0 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
2.4 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-208.7%
computed by olivLawTTM to 30 Sept 2026
P/B
0.2x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
1.9x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
17.3x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
32.4%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
0.0%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 50.0% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.85 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 261.0 m USD

Key indicators

Market capitalisation
261.0 m USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.2x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
-36.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
-391.9%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
-24.4%
computed by olivLawFY 2025
Dividend yield
32.4%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

17/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 02 Nov 2026
Source: SEC (XBRL)published 03 Nov 2026
verified 608derived 48

Score by group

50% · Insufficient data

Estimated value range

Low
6.51
USD per share
Mid
8.36
USD per share
High
12.40
USD per share
Price: 1.85 USD
The price is below the range
Potential to the central value: 352.1% (value / price − 1)
Margin of safety: 77.9% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.13 – 14.20 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Net asset value (NAV)unavailable · input data missing
  • Dividend discount (DDM)7.88 – 10.60 (Mid 9.04)
  • Peers: P/B5.13 – 14.20 (Mid 7.68)
    18 companies used · median multiple 0.9x · quartiles 0.6x – 1.6x
    AEI, AHRT, AIRE, BEEP, CHCI, CIGI, CURB, CWK, FOR, FRPH, GTY, HPP, IIPR, LPA, OPI, TRC, TRNO, UE
Multiple comparisons use the SIC vertical: Real Estate (SIC 6500)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 50.0% of at least 60%

FactorValueScoreWeight used
ROE · Quality-36.5%10 (vs peers)13%
EBITDA margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-13.2%0 (on a fixed band)17%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
P/B · Valuation0.2x84 (vs peers)39%
P/E (TTM) · Valuationunavailableunavailable—
Dividend yield · Returns32.4%100 (vs peers)30%
Payout ratio (EPS) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/2 factors with a value
  • Growth0/100 · 1/1 factors with a value
  • Quality· partial10/100 · 1/2 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partial84/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Claros Mortgage Trust, Inc. (CMTG). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 187.8 m USD in 2025; YoY growth -24.4%; net margin -391.9%; ROE -36.5%.

The estimated value range is 6.51–12.40 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 8.36 USD, the price of 1.85 USD leaves a potential of 352.1% (value / price − 1) and a margin of safety of 77.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 50.0% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • P/B: 0.2x
  • Dividend yield: 32.4%
  • The price is below the estimated value range

What contradicts it

  • ROE: -36.5%
  • Revenue CAGR 3Y: -13.2%

Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage, P/E (TTM), Payout ratio (EPS).

Versus the vertical median

Real Estate (SIC 6500) · same industry (4-digit SIC) · compared with 31 companies

Multiples and returns vs the median

P/E
—
vertical median 27.4x
EV/EBITDA
—
vertical median 13.3x
P/S
1.9x
vertical median 2.3x
below median (−19.8%)
P/B
0.2x
vertical median 1.0x
below median (−78.2%)
ROE
-36.5%
vertical median 1.3%
below median (−2,881.1%)
Net margin
-391.9%
vertical median 3.1%
below median (−12,870.9%)
EBIT margin
—
vertical median 6.1%
Revenue YoY
-24.4%
vertical median 9.0%
below median (−372.1%)
Net debt/EBITDA
—
vertical median 2.6x
Dividend yield
32.4%
vertical median 3.4%
above median (+850.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
CBRECbre Group, Inc.40.7 bn30.216.1%3.1%+13.4%−13% / +79%
VTMXVesta Real Estate Corporation, S.A.B. de C.V.32.7 bn131.89.1%85.4%+12.2%+19% / −2%
TRNOTerreno Realty Corporation7.5 bn20.38.3%68.1%+24.5%+8% / +19%
FSVFirstService Corporation7.1 bn49.014.9%3.5%+5.4%−1% / −1%
CIGIColliers International Group Inc.4.0 bn48.815.7%4.0%+15.3%−32% / −5%
CURBCurbline Properties Corp.3.7 bn125.41.3%11.2%+51.3%+26% / unavailable
CWKCushman & Wakefield Ltd.3.5 bn50.53.4%0.6%+8.9%−11% / +82%
UEUrban Edge Properties2.7 bn24.67.9%22.2%+6.1%+10% / +26%
GTYGetty Realty Corp.1.9 bn17.48.9%42.4%+9.0%+1% / −2%
IIPRInnovative Industrial Properties, Inc.1.6 bn12.57.6%53.2%−13.8%+14% / −31%
FORForestar Group Inc.1.3 bn7.59.6%9.9%+10.1%−2% / −18%
HPPHudson Pacific Properties, Inc.572.8 m—-19.8%-69.1%−1.3%−24% / −74%
DUOFangdd Network Group Ltd.548.5 m—-17.9%-23.9%+9.2%−68% / −96%
AHRTAh Realty Trust, Inc.500.6 m—-6.7%-18.2%+4.1%+3% / −38%
TRCTejon Ranch Co.439.9 m71.31.3%10.6%+18.4%+0% / +3%
FRPHFrp Holdings, Inc.360.7 m2,041,655.00.0%0.2%+2.6%−19% / −32%
MLPMaui Land & Pineapple Co Inc289.5 m—-16.1%-28.6%+68.2%−8% / −2%
OPIOffice Properties Income Trust285.6 m—-40.5%-73.0%−11.8%unavailable / unavailable
CMTGClaros Mortgage Trust, Inc.261.0 m—-36.5%-391.9%−24.4%−41% / −83%
CHCIComstock Holding Companies, Inc.165.7 m6.736.4%32.2%+22.6%+46% / +352%
BEEPMobile Infrastructure Corporation100.4 m—-16.1%-67.2%−5.2%−22% / −54%
LPALogistic Properties of the Americas78.1 m7.54.3%20.9%+14.3%−27% / unavailable
OZBelpointe PREP, LLC47.6 m——-212.1%+243.4%−41% / −50%
AEIAlset Inc.21.1 m—-43.4%-951.4%−78.8%−80% / −54%
CWDCalibercos Inc.4.7 m——-117.3%−60.7%−80% / −98%

1- and 3-year price returns: for CMTG from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).

    In brief

    Claros Mortgage Trust (CMTG) is a REIT that originates senior and subordinate commercial loans on transitional properties in major U.S. markets, with a loan portfolio of about 3.7 billion USD at the end of 2025 1. It matters now because asset quality has become the centre of the debate: at June 30, 2026 the held-for-investment loan portfolio stood at 2.8 billion USD 3, and the risk profile and accounting losses have moved to the foreground.

    SWOT

    Strengths

    • The company benefits from its sponsor's experience in developing and managing properties, an advantage when assessing execution risk on transitional projects 1.
    • The portfolio has turned over meaningfully, with loan resolutions in recent quarters reducing exposure to watchlist loans 3.
    • A diversified financing structure with several counterparties gives a liquidity base less dependent on any single source 1.

    Weaknesses

    • A significant part of the portfolio is non-performing, and accounting losses in recent periods have been substantial 13.
    • Concentration in a few property types and a handful of large borrowers makes results sensitive to individual events 1.
    • Dividends have been paused and book value per share has fallen considerably, limiting capital flexibility 13.

    Opportunities

    • If capital markets normalise, refinancing for borrowers and a return of new originations could improve portfolio returns 1.
    • Disposing of REO assets near carrying values could free capital for new investments or debt reduction 3.
    • Reduced leverage could create room for capital allocation decisions that management regards as accretive 3.

    Threats

    • If rates stay high, more borrowers may be unable to pay their debts, affecting revenue and capital 1.
    • Competitive pressure from larger and cheaper-funded lenders could reduce origination volumes 1.
    • Deterioration in office and multifamily markets could generate further credit losses and additional provision adjustments 13.

    Risks

    • Credit qualityhigh

      A significant share of the portfolio is non-performing and provisions have risen; further deterioration could weigh on capital.

    • Portfolio concentrationhigh

      Exposure to a few property types and large borrowers means results are sensitive to individual events.

    • Refinancing and maturitiesmedium

      Loans have short maturities, and difficulty refinancing could force sales below carrying value or restructurings.

    • Cost of fundingmedium

      High funding costs and possible covenant breaches in financing agreements could limit access to capital.

    • Regulation and REIT statuslow

      Legislative changes or the obligation to distribute income could constrain flexibility and investment strategy.

    Investment thesis

    What would need to be true (bull case)

    • If loan resolutions and REO disposals continue, the balance sheet could become less leveraged and book value could be better supported.
    • The sponsor's experience with transitional properties could let the company manage recoveries more effectively than other lenders.
    • If the commercial lending market stabilises, new originations could return to levels supporting returns and dividends.

    What would break the thesis

    • If non-performance keeps rising, further provisions could continue to erode book value per share.
    • If rates stay high, borrowers may be unable to refinance and losses could exceed current estimates.
    • Concentration in a few properties and large borrowers could magnify the impact of a single foreclosure on results.

    What to watch

    • Development of watchlist loans and the level of CECL provisionsQ3 2026
    • Disposal of REO assets classified as held-for-saleQ3 2026
    • Reduction in leverage and the net debt-to-equity ratioQ3 2026
    • Board decision on resuming dividends and capital allocation2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).

    The business

    CMTG is an externally managed REIT, advised by a manager affiliated with the sponsor Mack Real Estate Credit Strategies, focused on loans secured by commercial properties that require repositioning, renovation, development or other value-added work 1. The company aims to hold loans to maturity and to generate risk-adjusted returns, primarily through dividends, with typical loans ranging from 50 to 300 million USD 1.

    Its financing combines common equity, repurchase agreements, a term participation facility, asset-specific financings and a secured term loan 1. At December 31, 2025 the net debt-to-equity ratio was 1.9x and the Total Leverage Ratio 2.5x, with an expected range of 2.0x to 3.0x 1. In July 2026 the company reported reduced leverage through loan resolutions and deleveraging payments 3.

    The portfolio is concentrated: multifamily, hospitality and office loans form most of the book, and the 15 largest loans represented 68% of the held-for-investment portfolio at year-end 2025 1. The company also holds real estate owned assets that it took over through foreclosure 1.

    Segments

    Senior and subordinate loans on transitional properties

    The core segment includes first-priority or subordinate mortgage loans and mezzanine loans secured by pledges of equity in the property owner, generally floating rate and non-amortizing 1. These make up the bulk of the 2.8 billion USD book at June 30, 2026 3.

    Real estate owned (REO)

    REO assets include hotels, a mixed-use property and a land parcel in New York, taken over after foreclosure to maximise recovery 1. At June 30, 2026 the REO portfolio comprised nine investments, two of them classified as held-for-sale 3.

    Market context

    The company operates in the U.S. commercial real estate lending market, where elevated borrowing costs and uncertainty in office leasing have reduced transitional loan volumes and raised default risk 1. Results for 2026 show provisions and yields shaped by a market in which refinancing transitional properties remains difficult 3.

    Competition comes from other commercial mortgage REITs, specialty finance companies, public and private funds, and commercial and investment banks 1. Some competitors have lower funding costs and higher risk tolerances 1.

    Trends

    • Elevated borrowing costsheadwind

      Interest rates above recent historical standards have reduced the volume of transitional CRE loans and increased borrower default risk 1. If rates stay high, pressure on the portfolio could persist.

    • Loan resolutions and deleveragingmixed

      In 2025 the company resolved 2.6 billion USD of unpaid principal, and in the second quarter of 2026 it reported further resolutions and deleveraging payments 13. If this continues, the balance sheet could become less leveraged.

    • Rising CECL reservesheadwind

      Credit loss provisions rose sharply in 2025 and 2026, and CECL reserves on UPB reached 567.4 million USD at June 30, 2026 13. This reflects deterioration in credit quality.

    • Asset sales and REO disposalstailwind

      The company sold loans and a multifamily REO asset, and had another sale agreement in progress at the reporting date 3. If disposals approach carrying values, they could support capital.

    Competitive position

    The company notes that many competitors are significantly larger and have far greater financial, technical and marketing resources 1. Some entities are not subject to REIT constraints and may offer more aggressive financing structures 1.

    Increased competition could reduce origination volumes and investment returns, particularly when CRE transaction volume is low 1. Regulatory changes could allow banks to compete for opportunities previously unavailable to them 1.

    • Other commercial mortgage REITs

      Direct competitors for commercial real estate loans, cited generically in the annual report without naming companies.

    • Specialty finance companies

      Non-bank lenders active in the same types of loans on transitional properties.

    • Public and private real estate credit funds

      Investors that may pursue similar strategies and offer capital with more flexible terms.

    • Commercial and investment banks

      Institutions that can participate in property finance and may benefit from regulatory changes.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Claros Mortgage Trust, Inc. · 18 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Claros Mortgage Trust, Inc. · 29 Jul 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Claros Mortgage Trust, Inc. · 29 Jul 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.