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    Claros Mortgage Trust (CMTG)

    Market Price (9/21/2026): $1.41 | Market Cap: $199.4 MilSector: Financials | Industry: Mortgage REITs

    Claros Mortgage Trust (CMTG)

    Market Price (9/21/2026): $1.41
    Market Cap: $199.4 Mil
    Sector: Financials
    Industry: Mortgage REITs

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 601%

    Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, and Sustainable & Green Buildings. Themes include Private Credit, and Sustainable Real Estate Finance.

    Weak multi-year price returns
    2Y Excs Rtn is -118%, 3Y Excs Rtn is -157%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 464%

    Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -146%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -27%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -270%

    Key risks
    CMTG key risks include [1] deteriorating credit quality in its loan portfolio, Show more.

    0 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 601%
    1 Megatrend and thematic drivers
    Megatrends include Digital & Alternative Assets, and Sustainable & Green Buildings. Themes include Private Credit, and Sustainable Real Estate Finance.
    2 Weak multi-year price returns
    2Y Excs Rtn is -118%, 3Y Excs Rtn is -157%
    3 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 464%
    4 Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -146%
    5 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16%
    6 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -27%
    7 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -270%
    8 Key risks
    CMTG key risks include [1] deteriorating credit quality in its loan portfolio, Show more.

    CMTG in ETFs

    Weight = CMTG's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.00%
    FNDA0.02%
    VTWO0.00%
    SCHA0.00%
    IWN0.00%
    SCHB0.00%
    +1 more covered ETF

    Valuation & Metrics

    FYE: 12/31CMTG [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$53.2 Mil—
    FY 2026 Sales$111.4 Mil—
    FY 2027 Sales$103.3 Mil—
    FY 2026 Sales Growth109.3%—
    FY 2027 Sales Growth-7.3%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$-538.5 Mil—
    FY 2026 Net Income (Non-GAAP)$-267.6 Mil—
    FY 2027 Net Income (Non-GAAP)$-112.1 Mil—
    FY 2027 Net Income Growth—18.1%
    FY 2026 EPS (Non-GAAP)$-1.77—
    FY 2027 EPS (Non-GAAP)$-0.81—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S1.81.6
    FY 2027 P/S1.9—
    FY 2026 P/E—7.4
    FY 2027 P/E——

    [1] CMTG forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    CMTGS&P 500
    REVENUE GROWTH 
    Rev LTM ($ Bil)0.1
    Rev Chg Q-145.7%9.1%
    Rev Chg LTM601.4%8.3%
    Rev Chg 3Y Avg161.4%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)-0.0
    Net Inc LTM ($ Bil)-0.5
    CFO/Rev LTM-13.9%21.8%
    Net Inc Mgn-1,011.9%13.1%
    VALUATIONMODERATE
    P/S3.73.1
    P/CFO-27.014.7
    P/FCF-13.919.1
    P/E-0.422.4

    AI Analysis | Feedback

    MetricValueDateSource
    Loan Portfolio Size (Unpaid Principal Balance)4.52 billion9302025Link
    Number of Loans379302025Link
    Weighted Average All-In Yield of Loan Portfolio6.7%9302025Link
    Real Estate Owned (REO) Portfolio Value662 million9302025Link
    Number of Assets in REO Portfolio79302025Link
    Total Liquidity353 million9302025Link
    Unencumbered Assets502 million9302025Link
    CECL Reserves to Unpaid Principal Balance (UPB) Ratio6.8%9302025Link
    Loan Resolutions of Unpaid Principal Balance (UPB)716.0 million9302025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/16/2026

    Claros Mortgage Trust (CMTG) stock has lost about 40% since 5/31/2026 because of the following key factors:

    1. Claros Mortgage Trust reported a substantial GAAP net loss and distributable loss for fiscal Q2 2026 (ended June 30, 2026), significantly missing analyst expectations. The company announced a GAAP net loss of $255.4 million, or $1.81 per share, for the quarter, which was considerably higher than the anticipated loss of $0.19 per share. This significant loss was primarily driven by an "eye-watering" $208.8 million provision for Current Expected Credit Losses (CECL) reserves, equating to $1.45 per share. This provision largely reflected increased reserves to align with anticipated near-term resolution levels for distressed assets. Revenue for the quarter also fell short, coming in at $29.7 million against analyst estimates.

    2. The company experienced a deterioration in its loan portfolio asset quality, particularly within its exposure to the challenging commercial real estate market. During fiscal Q2 2026, Claros Mortgage Trust downgraded four loans totaling $447 million of unpaid principal balance (UPB) to risk-rated 5, necessitating specific CECL reserves of $114 million. Additionally, specific CECL reserves were increased by $74 million on three other existing risk-rated 5 loans. By June 30, 2026, total CECL reserves reached $567.4 million, or $3.93 per share, representing approximately 16.9% of the UPB, underscoring significant distress within its commercial real estate holdings. The company is actively engaged in "portfolio cleanup and de-leveraging efforts" in this environment.

    Show more
    Updated on 9/16/2026

    Claros Mortgage Trust (CMTG) stock has lost about 40% since 5/31/2026 because of the following key factors:

    1. Claros Mortgage Trust reported a substantial GAAP net loss and distributable loss for fiscal Q2 2026 (ended June 30, 2026), significantly missing analyst expectations. The company announced a GAAP net loss of $255.4 million, or $1.81 per share, for the quarter, which was considerably higher than the anticipated loss of $0.19 per share. This significant loss was primarily driven by an "eye-watering" $208.8 million provision for Current Expected Credit Losses (CECL) reserves, equating to $1.45 per share. This provision largely reflected increased reserves to align with anticipated near-term resolution levels for distressed assets. Revenue for the quarter also fell short, coming in at $29.7 million against analyst estimates.

    2. The company experienced a deterioration in its loan portfolio asset quality, particularly within its exposure to the challenging commercial real estate market. During fiscal Q2 2026, Claros Mortgage Trust downgraded four loans totaling $447 million of unpaid principal balance (UPB) to risk-rated 5, necessitating specific CECL reserves of $114 million. Additionally, specific CECL reserves were increased by $74 million on three other existing risk-rated 5 loans. By June 30, 2026, total CECL reserves reached $567.4 million, or $3.93 per share, representing approximately 16.9% of the UPB, underscoring significant distress within its commercial real estate holdings. The company is actively engaged in "portfolio cleanup and de-leveraging efforts" in this environment.

    3. Analyst sentiment turned increasingly negative, leading to downgrades and a "Strong Sell" consensus rating for CMTG. Following the disappointing Q2 2026 financial results and ongoing challenges, Wall Street analysts adopted a bearish stance, with a consensus rating of "Strong Sell" from 4 analysts (3 recommending "Sell" and 1 recommending "Hold"). The average analyst price target was set at $2.22. UBS, for example, downgraded Claros Mortgage Trust from "Buy" to "Neutral" in July 2026, and other firms also trimmed price targets. Forecast losses for fiscal year 2026 also significantly increased from -US$0.377 to -US$0.945 per share, reflecting a more cautious outlook on the company's future profitability.

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    Stock Movement Drivers

    Fundamental Drivers

    The -41.2% change in CMTG stock from 5/31/2026 to 9/20/2026 was primarily driven by a -48.3% change in the company's Total Revenues ($ Mil).
    (LTM values as of)53120269202026Change
    Stock Price ($)2.431.43-41.2%
    Change Contribution By: 
    Total Revenues ($ Mil)10353-48.3%
    P/S Multiple3.33.814.6%
    Shares Outstanding (Mil)140141-0.7%
    Cumulative Contribution-41.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/20/2026
    ReturnCorrelation
    CMTG-41.2% 
    Market (SPY)0.9%19.5%
    Sector (XLF)8.3%27.0%

    Fundamental Drivers

    The -40.2% change in CMTG stock from 2/28/2026 to 9/20/2026 was primarily driven by a -29.7% change in the company's Total Revenues ($ Mil).
    (LTM values as of)22820269202026Change
    Stock Price ($)2.391.43-40.2%
    Change Contribution By: 
    Total Revenues ($ Mil)7653-29.7%
    P/S Multiple4.43.8-14.3%
    Shares Outstanding (Mil)140141-0.7%
    Cumulative Contribution-40.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/20/2026
    ReturnCorrelation
    CMTG-40.2% 
    Market (SPY)11.6%23.4%
    Sector (XLF)9.2%28.7%

    Fundamental Drivers

    The -61.4% change in CMTG stock from 8/31/2025 to 9/20/2026 was primarily driven by a -94.4% change in the company's P/S Multiple.
    (LTM values as of)83120259202026Change
    Stock Price ($)3.701.43-61.4%
    Change Contribution By: 
    Total Revenues ($ Mil)853601.4%
    P/S Multiple68.33.8-94.4%
    Shares Outstanding (Mil)140141-0.9%
    Cumulative Contribution-61.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/20/2026
    ReturnCorrelation
    CMTG-61.4% 
    Market (SPY)19.4%23.6%
    Sector (XLF)4.7%27.3%

    Fundamental Drivers

    The -86.0% change in CMTG stock from 8/31/2023 to 9/20/2026 was primarily driven by a -79.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120239202026Change
    Stock Price ($)10.191.43-86.0%
    Change Contribution By: 
    Total Revenues ($ Mil)25453-79.0%
    P/S Multiple5.63.8-31.6%
    Shares Outstanding (Mil)138141-2.1%
    Cumulative Contribution-86.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/20/2026
    ReturnCorrelation
    CMTG-86.0% 
    Market (SPY)75.6%29.1%
    Sector (XLF)69.8%31.2%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    CMTG Return-1%-1%3%-64%-32%-52%-88%
    Peers Return30%-19%21%-8%1%-16%0%
    S&P 500 Return27%-19%24%23%16%12%103%

    Monthly Win Rates [3]
    CMTG Win Rate50%58%50%33%42%11% 
    Peers Win Rate65%48%53%55%48%40% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    CMTG Max Drawdown--40%-38%-68%-51%-53% 
    Peers Max Drawdown-15%-31%-30%-21%-23%-27% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: STWD, BXMT, ARI, ABR, KREF.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/18/2026 (YTD)

    How Low Can It Go

    EventCMTGS&P 500
    2025 US Tariff Shock
      % Loss-23.5%-18.8%
      % Gain to Breakeven30.8%23.1%
      Time to Breakeven4 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-18.9%-9.5%
      % Gain to Breakeven23.3%10.5%
      Time to Breakeven30 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-23.9%-24.5%
      % Gain to Breakeven31.4%32.4%
      Time to Breakeven27 days427 days

    Compare to STWD, BXMT, ARI, ABR, KREF

    In The Past

    Claros Mortgage Trust's stock fell -23.5% during the 2025 US Tariff Shock. Such a loss loss requires a 30.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventCMTGS&P 500
    2025 US Tariff Shock
      % Loss-23.5%-18.8%
      % Gain to Breakeven30.8%23.1%
      Time to Breakeven4 days79 days
    2022 Inflation Shock & Fed Tightening
      % Loss-23.9%-24.5%
      % Gain to Breakeven31.4%32.4%
      Time to Breakeven27 days427 days

    Compare to STWD, BXMT, ARI, ABR, KREF

    In The Past

    Claros Mortgage Trust's stock fell -23.5% during the 2025 US Tariff Shock. Such a loss loss requires a 30.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Claros Mortgage Trust (CMTG)

    ```html

    Claros Mortgage Trust (CMTG) operates as a real estate investment trust (REIT) primarily focused on commercial real estate lending. The company's core business involves originating loans for various commercial properties located in principal markets across the United States. Incorporated in 2015 and based in New York, CMTG serves as a specialized lender within the commercial real estate finance sector.

    CMTG's main products are senior and subordinate loans. These debt financing solutions are specifically tailored for "transitional" commercial real estate assets, which typically include properties undergoing redevelopment, repositioning, or stabilization. As a REIT, Claros Mortgage Trust benefits from a federal tax exemption on its net income, provided it distributes a substantial portion of its earnings as dividends to its shareholders, making it an attractive vehicle for investors seeking income from real estate debt investments.

    ```

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Claros Mortgage Trust (CMTG):

    • Like **Goldman Sachs**, but specializing exclusively in lending for commercial real estate development and repositioning, structured as a REIT.
    • Imagine **Prologis**, but instead of owning commercial properties, it provides loans for their development and renovation.

    AI Analysis | Feedback

    • Senior Loans: Providing primary financing that holds the senior lien position on transitional commercial real estate assets.
    • Subordinate Loans: Providing secondary or mezzanine financing that holds a lien position junior to senior debt on transitional commercial real estate assets.

    AI Analysis | Feedback

    Claros Mortgage Trust (CMTG) operates as a commercial real estate investment trust (REIT) that focuses primarily on originating senior and subordinate loans on transitional commercial real estate assets. As such, its "customers" are the borrowers who secure these loans rather than companies purchasing a product or service in the traditional sense.

    Due to the nature of commercial lending and client confidentiality, CMTG does not publicly disclose the names of its specific borrowers. However, its customer base primarily consists of various types of entities within the commercial real estate sector that seek financing. These typically include:

    • Real Estate Developers: Companies and firms focused on the acquisition, development, and redevelopment of commercial properties, such as office buildings, multi-family residential complexes, hotels, industrial facilities, and retail centers.
    • Real Estate Investors and Sponsors: Institutional investors, private equity funds, and other professional entities that acquire commercial properties with the intent to operate, improve, or manage them for investment returns.
    • Commercial Property Owners: Entities that own existing commercial real estate assets and seek financing for purposes such as refinancing existing debt, funding capital improvements, or facilitating property acquisitions.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Richard Mack - Chief Executive Officer and Chairman

    Richard Mack co-founded Mack Real Estate Group (MREG) in 2013 and Mack Real Estate Credit Strategies (MRECS) in 2014, serving as CEO and a Managing Partner for both since their inception. Before founding MREG, he was the Chief Executive Officer of AREA Property Partners' North American business (formerly Apollo Real Estate Advisors), which he joined in 1993 as one of its initial employees. During his two decades at AREA, he was involved in billions of dollars of equity capital investments in real estate transactions and was responsible for creating new business lines, including a subordinate debt business. Mr. Mack previously worked in the Real Estate Investment Banking Department at Shearson Lehman Hutton.

    Jai Agarwal - Chief Financial Officer

    Jai Agarwal was appointed Chief Financial Officer of Claros Mortgage Trust in February 2022. Before joining CMTG, he served as the Chief Financial Officer, Treasurer, and Secretary of Apollo Commercial Real Estate Finance, Inc. from May 2016 to January 2022. Prior to Apollo, he was the Chief Financial Officer and Treasurer of CM Finance Inc. for two years. Mr. Agarwal also held several senior roles at Blackstone's real estate finance group and Capital Trust, Inc., which was the predecessor to Blackstone Mortgage Trust. Earlier in his career, he held positions in finance and investments at iStar Inc.

    J. Michael McGillis - President

    J. Michael McGillis serves as President of Claros Mortgage Trust and previously held the roles of Chief Financial Officer, Principal Financial and Accounting Officer, and Director. He joined Mack Real Estate Credit Strategies (MRECS) in 2015 and has served CMTG in various capacities since then. Mr. McGillis is also the President of Mack Real Estate Group (MREG) and a member of its debt and equity Investment Committees. Prior to MRECS, he worked at J.E. Robert Companies (JER) from 2006 to 2015, where he was the Managing Director, Head of U.S. Funds, and Chief Financial Officer, and served as a board member for JER Investors Trust, a publicly-traded mortgage REIT. His professional background includes senior finance and investment management roles at Freddie Mac, Starcom Holdings, AEW Capital Management, Robertson-Ceco, and Price Waterhouse.

    J.D. Siegel - Executive Vice President—General Counsel and Secretary

    J.D. Siegel is the Executive Vice President—General Counsel and Secretary of Claros Mortgage Trust (CMTG) and also serves as General Counsel and Chief Operating Officer of Mack Real Estate Group (MREG). He joined MREG in 2015, following senior legal positions at Aetos Capital Real Estate and Centerbridge Partners. Mr. Siegel began his legal career at Shearman & Sterling and also worked in consulting at ZEFER.

    Priyanka Garg - Executive Vice President – Portfolio and Asset Management

    Priyanka Garg is the Executive Vice President – Portfolio and Asset Management at Claros Mortgage Trust, and also a Managing Director of Mack Real Estate Credit Strategies (MRECS) and Head of Credit Strategies. She joined MRECS in 2020 and is a member of its Investment Committee. Ms. Garg brings over 20 years of real estate investment management experience, including leadership roles at Treeview Real Estate Advisors and Westbrook Partners. Before MRECS, she served as Chief Operating Officer of Treeview Real Estate Advisors from February 2011 to March 2020. Her previous professional experience includes positions with Perry Capital Real Estate Partners and Goldman Sachs, specifically in its Whitehall Real Estate Funds group.

    AI Analysis | Feedback

    The key risks to Claros Mortgage Trust (CMTG) include:

    1. Credit Quality Deterioration and Loan Losses

      Claros Mortgage Trust faces significant risks associated with the credit quality of its commercial real estate (CRE) loan portfolio. The company has experienced negative credit migration within its portfolio, leading to loan principal losses and increased provisions for current expected credit losses (CECL). Deterioration in asset quality has resulted in downgrades of loans to higher risk ratings, and there's a likelihood of continued nominal losses in the short-to-medium term as the company may need to foreclose on distressed borrowers, with the collateral value potentially not covering principal payments. This directly impacts earnings and book value.

    2. Elevated Interest Rate Environment and Market Risks

      The prevailing elevated interest rate environment continues to be a major headwind for the commercial real estate market, impacting property valuations and the capacity of borrowers to refinance their obligations. Claros Mortgage Trust is exposed to market risks, particularly interest rate fluctuations, which can affect the value of its assets and the cost of its liabilities. The uncertain timing of future interest rate cuts by the Federal Reserve also poses a risk, potentially prolonging the challenging environment for distressed property owners and, consequently, for CMTG as a lender.

    3. Liquidity Risks

      The company's investments in commercial real estate loans are relatively illiquid, which can make it challenging to quickly adjust its portfolio in response to market changes. Claros Mortgage Trust has experienced a decline in available liquidity and may need to engage in opportunistic asset sales, which could result in losses if loans are sold at a significant discount. Further, there is a risk of needing to post additional cash or collateral for margin calls and a need to fund unfunded commitments, which could further strain its liquidity position.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Claros Mortgage Trust (CMTG) focuses on originating senior and subordinate loans on transitional commercial real estate assets in principal markets across the United States. While a precise, up-to-date market size for this highly specific niche is not readily available, estimates from 2017 suggest the U.S. transitional lending market was approximately $50 billion and growing. For broader context within the U.S. commercial real estate (CRE) debt landscape, the total CRE debt outstanding was estimated at $5.9 trillion as of the fourth quarter of 2023. More recently, total outstanding commercial real estate debt stood at $4.80 trillion through the second quarter of 2025. Regarding new lending, the total commercial real estate mortgage borrowing and lending in the U.S. was estimated to be $498 billion in 2024. This indicates the annual volume of new CRE loan originations within the United States.

    AI Analysis | Feedback

    Here are the expected drivers of future revenue growth for Claros Mortgage Trust (CMTG) over the next 2-3 years:

    1. Resumption of New Loan Originations and Portfolio Growth: After a period focused on asset management and deleveraging, Claros Mortgage Trust aims to begin evaluating new lending opportunities towards the end of 2026 and lay the groundwork for portfolio growth in subsequent years. This return to originating loans on transitional commercial real estate assets will be a primary driver of increased interest income.
    2. Improving Commercial Real Estate (CRE) Market Conditions: The company anticipates a constructive backdrop for commercial real estate in the coming years. This improvement is expected to be driven by factors such as reduced new supply, tightening credit spreads, and more favorable financing costs. A healthier CRE market will facilitate new lending activity and support the performance of the company's loan portfolio.
    3. Strong Borrower Demand for Flexible Capital: Claros Mortgage Trust is positioned to capitalize on an expected strong borrower demand for transitional and flexible capital within the commercial real estate sector. This demand, coupled with an improving market, is anticipated to support increased originations and the growth of its income-producing loan portfolio.
    4. Enhanced Liquidity and Disciplined Credit Management: The company has significantly improved its liquidity and reduced its net debt-to-equity ratio, establishing a stronger financial footing. This enhanced liquidity and a disciplined approach to credit management are expected to reduce risk and enable the company to pursue new high-yield originations, contributing to revenue growth.
    5. Strategic Portfolio Repositioning: Claros Mortgage Trust is actively shifting its portfolio towards more resilient multifamily assets and engaging in active Real Estate Owned (REO) repositioning. This strategic focus is expected to support earnings stability, improved recoveries from existing assets, and margin expansion, particularly driven by demand in urban housing.

    AI Analysis | Feedback

    Share Repurchases

    • Claros Mortgage Trust has prioritized preserving and maintaining liquidity and protecting the portfolio, rather than engaging in significant share buybacks.
    • The company's 3-year average share buyback ratio is 0.1, indicating minimal corporate share repurchase activity.
    • Richard Mack, CEO, purchased 115,000 shares for $367,218 in March 2025 and 50,000 shares for $120,500 in February 2026, demonstrating insider confidence.

    Share Issuance

    • Claros Mortgage Trust completed its Initial Public Offering (IPO) on November 3, 2021, issuing 5,524,934 shares of common stock at $18.65 per share, resulting in net proceeds of approximately $92.5 million.
    • In May 2024, the company filed a follow-on equity offering in the amount of $150 million.

    Inbound Investments

    • Through June 30, 2021 (prior to its IPO), Claros Mortgage Trust had raised approximately $2.6 billion of equity capital since its inception in 2015.
    • Significant institutional investors in CMTG include Hyundai Investments Co. Ltd. (14.63%), Charles Schwab Investment Management Inc. (2.58%), Geode Capital Management LLC (1.87%), and State Street Corp (1.49%).

    Outbound Investments

    • In the fourth quarter of 2021, CMTG originated and acquired approximately $1.8 billion of loan commitments, bringing total originations for 2021 to $2.9 billion.
    • The held-for-investment loan portfolio decreased to $5.9 billion at March 31, 2025, from $6.1 billion at December 31, 2024, and further to $3.7 billion at December 31, 2025, due to loan resolutions and repayments.
    • The company plans to evaluate new lending opportunities and lay the groundwork for portfolio growth towards the end of 2026 and in subsequent years.

    Capital Expenditures

    • Capital expenditures on real estate owned were ($581) thousand for the six months ended June 30, 2024, and ($49) thousand for the three months ended March 31, 2025.
    • These expenditures are primarily focused on REO (Real Estate Owned) assets acquired through foreclosure, including rebranding, enhancing curb appeal, and minor unit renovations.
    • In March 2025, CMTG closed on a $214 million financing facility, which was upsized to $664 million in Q2 2025, specifically for financing nonperforming loans and holding collateral as REO assets to facilitate foreclosures.

    Peer Outperformance in Mortgage REITs

    null
    Share of Mortgage REITs constituents that CMTG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    6%
    of 36 industry peers · -61.9% return
    3Y
    0%
    of 35 industry peers · -85.7% return
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Financials sector, ranked by 5Y. Mortgage REITs is CMTG's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 24.2%70.6%133.7% SPNT 170% · RGA 154% · RNR 140%
    Investment Banking & Brokerage 13 -1.7%105.1%116.5% IBKR 527% · SNEX 257% · HOOD 183%
    Diversified Banks 12 27.5%129.8%116.3% CM 161% · JPM 159% · RY 149%
    Life & Health Insurance 20 8.6%57.6%105.8% JXN 534% · UNM 373% · FG 207%
    Multi-Sector Holdings 4 6.8%50.2%87.3% JONE 361% · VOYA 88% · BRK-B 87%
    Property & Casualty Insurance 42 9.6%67.5%67.8% ASIC 2760900% · HRTG 445% · UVE 331%
    Regional Banks 265 23.9%91.7%67.1% ESQ 391% · GCBC 340% · VBNK 335%
    Multi-line Insurance 9 8.8%71.2%64.1% GNW 201% · L 112% · SLF 104%
    Financial Exchanges & Data 15 -0.1%17.4%32.7% VIRT 184% · CBOE 135% · CME 83%
    Diversified Financial Services 4 -7.3%22.1%32.6% FRHC 168% · EQH 119% · TMS -54%
    Consumer Finance 30 1.7%89.6%26.9% ENVA 447% · EZPW 319% · FCFS 168%
    Insurance Brokers 16 -15.1%-6.3%20.3% LIFE 200% · ARX 87% · AJG 70%
    Commercial & Residential Mortgage Finance 14 -50.2%32.8%13.9% FNMA 454% · FMCC 436% · ACT 204%
    Asset Management & Custody Banks 84 -11.7%17.6%12.0% WT 348% · SII 279% · VCTR 274%
    Specialized Finance 3 14.0%42.2%-2.8% EFC 27% · CACC -3% · HASI -16%
    Mortgage REITs ← 33 -13.0%7.4%-16.5% NREF 53% · RITM 42% · DX 34%
    Transaction & Payment Processing Services 15 -1.0%-5.9%-42.9% V 74% · MA 73% · CPAY 58%
    Diversified Capital Markets 20 -36.3%20.7%-48.1% OPY 196% · LPLA 136% · GOLD 90%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    Title
    0ARTICLES

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    FWDIForward Industries0.755.9%16.5%
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    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
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    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    CMTGSTWDBXMTARIABRKREFMedian
    NameClaros M.Starwood.Blacksto.Apollo C.Arbor Re.KKR Real. 
    Mkt Price1.4314.9413.276.424.286.796.61
    Mkt Cap0.25.52.20.80.80.40.8
    Rev LTM53812609-8547253263
    Op Inc LTM-------
    FCF LTM-144813532131234173
    FCF 3Y Avg325313675637391229
    CFO LTM-71,0913538631263199
    CFO 3Y Avg35752367168373104267

    Growth & Margins

    CMTGSTWDBXMTARIABRKREFMedian
    NameClaros M.Starwood.Blacksto.Apollo C.Arbor Re.KKR Real. 
    Rev Chg LTM601.4%1.8%25.7%-154.5%-17.0%-61.0%-7.6%
    Rev Chg 3Y Avg161.4%-10.0%-2.6%-67.0%-11.4%-29.4%-10.7%
    Rev Chg Q-145.7%-5.7%18.1%-551.4%-10.1%-191.7%-77.9%
    QoQ Delta Rev Chg LTM-48.3%-1.2%4.1%-132.4%-2.7%-52.7%-25.5%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM-13.9%134.4%57.9%-66.0%119.2%66.0%
    CFO/Rev 3Y Avg81.1%89.9%65.6%-64.7%94.2%81.1%
    FCF/Rev LTM-26.9%59.3%57.9%-66.0%64.9%59.3%
    FCF/Rev 3Y Avg70.6%62.8%65.6%-64.7%73.9%65.6%

    Valuation

    CMTGSTWDBXMTARIABRKREFMedian
    NameClaros M.Starwood.Blacksto.Apollo C.Arbor Re.KKR Real. 
    Mkt Cap0.25.52.20.80.80.40.8
    P/S3.86.73.7-1.78.03.8
    P/Op Inc-------
    P/EBIT-------
    P/E-0.424.0145.26.414.2-2.310.3
    P/CFO-27.35.06.49.72.66.75.7
    Total Yield-266.3%16.9%14.9%32.4%39.7%-28.3%15.9%
    Dividend Yield0.0%12.8%14.2%16.8%32.6%15.3%14.8%
    FCF Yield 3Y Avg2.6%8.5%12.0%4.1%21.3%15.6%10.2%
    D/E5.12.57.10.47.010.96.0
    Net D/E4.62.56.9-1.06.710.75.6

    Returns

    CMTGSTWDBXMTARIABRKREFMedian
    NameClaros M.Starwood.Blacksto.Apollo C.Arbor Re.KKR Real. 
    1M Rtn-20.1%-8.8%-7.0%-7.4%-17.5%-10.4%-9.6%
    3M Rtn-47.6%-7.9%-24.6%-9.1%-14.9%-2.4%-12.0%
    6M Rtn-31.2%-7.4%-23.3%0.2%-39.4%12.4%-15.4%
    12M Rtn-61.9%-17.8%-24.3%0.5%-58.9%-20.2%-22.2%
    3Y Rtn-85.7%1.3%-17.6%31.3%-58.1%-22.8%-20.2%
    1M Excs Rtn-16.1%-9.0%-7.5%-6.2%-16.5%-8.8%-8.9%
    3M Excs Rtn-49.6%-9.9%-26.6%-11.1%-16.9%-4.4%-14.0%
    6M Excs Rtn-51.4%-26.4%-42.2%-18.8%-57.6%-5.9%-34.3%
    12M Excs Rtn-76.5%-33.9%-40.0%-15.0%-74.5%-36.1%-38.0%
    3Y Excs Rtn-157.0%-73.2%-90.6%-43.2%-131.5%-95.8%-93.2%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date7/29/20265/6/20262/18/202611/5/20258/6/20255/7/20252/19/202511/7/20248/5/20245/6/20242/20/202410/31/2023
    Key Financials Quarterly            
    Total Revenue-161345234-14-705849433475
    Net Income-255-54-219-10-182-79-101-56-12-5334-69
    EPS-1.81-0.39-1.56-0.07-1.30-0.56-0.72-0.40-0.09-0.390.24-0.50
    Key Financials TTM            
    Total Revenue TTM5310376182280184201219228264
    Net Income TTM-538-465-489-371-417-247-221-87-99-836-51
    Growth Rates Quarterly            
    Total Revenue Growth-145.7%191.4%106.0%-10.9%-29.9%-133.0%-305.7%-22.8%-26.9%-17.4%-51.0%14.8%
    Net Income Growth-40.6%30.9%-117.7%83.1%-1472.7%-48.9%-395.8%18.5%-371.7%-243.9%250.3%-263.9%
    Margins Quarterly            
    Net Income Margin--417.8%-5172.5%-18.5%-532.2%---97.1%-23.7%-122.3%99.7%-91.9%
    Cash & Debt            
    Total Cash9011717334020912899114148233187307
    Total Debt1,0291,0361,2871,4611,5791,6371,6991,6801,7051,8491,8721,835
    Net Debt / (Cash)9399201,1141,1211,3701,5091,6001,5661,5571,6171,6841,528
    Cash Flows Quarterly            
    FCF from Operations-12-629-6-3618396212742
    Cash Flows TTM            
    FCF from Operations TTM-7-1-30-151627859396113111104
    Returns to Shareholders Quarterly            
    Dividends000000143636353552
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-04
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-27.5%-5.9%-22.7%-1.0%-17.6%-7.4%-9.3%-5.2%-1.1%-4.9%3.1%-6.5%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-14.5%-12.6%-12.6%-9.6%-10.1%-5.8%-5.1%-2.0%-2.3%-1.9%0.1%-1.2%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Investing in income-producing loans collateralized by institutional quality commercial real estate9298249270209
    Total9298249270209


    Net Income by Segment
    $ Mil20212020
    Loan243267
    Other-73-61
    Total170206


    Assets by Segment
    $ Mil20212020
    Loan7,0166,953
    Other439 
    Total7,4556,953


    Price Behavior

    Price Behavior
    Market Price$1.43 
    Market Cap ($ Bil)0.2 
    First Trading Date11/03/2021 
    Distance from 52W High-61.9% 
       50 Days200 Days
    DMA Price$1.83$2.43
    DMA Trenddowndown
    Distance from DMA-21.7%-41.3%
     3M1YR
    Volatility54.8%60.9%
    Downside Capture367.39190.98
    Upside Capture-12.1345.35
    Correlation (SPY)12.4%23.1%
    CMTG Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta1.060.030.610.971.061.13
    Up Beta-0.75-2.96-1.210.120.801.34
    Down Beta-5.39-0.280.350.351.141.02
    Up Capture150%-45%29%82%34%24%
    Bmk +ve Days10213268138427
    Stock +ve Days9162755109349
    Down Capture499%317%216%182%143%109%
    Bmk -ve Days11213259113324
    Stock -ve Days12263666133385

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CMTG
    CMTG-60.8%61.4%-1.28-
    Sector ETF (XLF)4.5%14.6%0.0828.6%
    Equity (SPY)16.9%12.9%0.9423.5%
    Gold (GLD)19.1%29.3%0.605.2%
    Commodities (DBC)46.3%20.6%1.73-16.6%
    Real Estate (VNQ)4.9%13.6%0.1029.9%
    Bitcoin (BTCUSD)-30.6%44.3%-0.7013.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CMTG
    CMTG-35.3%52.8%-0.66-
    Sector ETF (XLF)10.1%18.4%0.4131.7%
    Equity (SPY)12.9%17.2%0.5729.6%
    Gold (GLD)19.1%18.8%0.835.4%
    Commodities (DBC)11.2%19.5%0.453.6%
    Real Estate (VNQ)1.1%18.8%-0.0538.4%
    Bitcoin (BTCUSD)12.5%52.5%0.4210.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CMTG
    CMTG-19.6%52.8%-0.66-
    Sector ETF (XLF)12.9%22.1%0.5331.7%
    Equity (SPY)15.1%18.0%0.7229.6%
    Gold (GLD)12.1%16.4%0.615.4%
    Commodities (DBC)8.3%18.1%0.373.6%
    Real Estate (VNQ)4.4%20.7%0.1838.4%
    Bitcoin (BTCUSD)62.6%66.2%1.0210.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity4.4 Mil
    Short Interest: % Change Since 81520263.2%
    Average Daily Volume0.5 Mil
    Days-to-Cover Short Interest8.4 days
    Basic Shares Quantity141.4 Mil
    Short % of Basic Shares3.1%

    Returns Analyses

    Earnings Returns History

    Updated 8/31/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/29/2026-12.1%-17.9%-20.3%
    5/6/2026-4.2%-20.2%-8.0%
    2/18/20266.1%-5.3%-9.4%
    11/5/20255.1%-6.9%2.4%
    8/6/202516.4%22.0%34.6%
    5/7/2025-9.0%-8.2%9.0%
    2/19/20253.8%-13.8%43.6%
    11/7/20246.7%-1.1%-7.4%
    ...
    SUMMARY STATS   
    # Positive858
    # Negative121512
    Median Positive5.6%4.3%11.2%
    Median Negative-4.0%-7.5%-8.2%
    Max Positive16.4%22.0%43.6%
    Max Negative-12.1%-20.2%-26.3%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/29/2026-12.1%-17.9%-20.3%
    5/6/2026-4.2%-20.2%-8.0%
    2/18/20266.1%-5.3%-9.4%
    11/5/20255.1%-6.9%2.4%
    8/6/202516.4%22.0%34.6%
    5/7/2025-9.0%-8.2%9.0%
    2/19/20253.8%-13.8%43.6%
    11/7/20246.7%-1.1%-7.4%
    8/5/2024-1.5%-13.1%-13.9%
    5/6/2024-5.3%-9.2%-8.0%
    2/20/2024-3.1%-6.3%-0.8%
    10/31/2023-3.5%1.2%17.1%
    8/1/2023-7.4%-7.5%-8.2%
    5/2/2023-3.8%-2.2%-10.9%
    2/16/2023-6.0%-10.6%-26.3%
    11/9/20229.9%10.4%6.6%
    8/2/2022-0.2%-0.4%-8.3%
    5/10/20222.6%2.2%-3.4%
    3/15/2022-0.9%4.3%6.5%
    12/13/20210.7%-3.0%13.3%
    SUMMARY STATS   
    # Positive858
    # Negative121512
    Median Positive5.6%4.3%11.2%
    Median Negative-4.0%-7.5%-8.2%
    Max Positive16.4%22.0%43.6%
    Max Negative-12.1%-20.2%-26.3%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202607/29/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/18/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/19/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/05/202410-Q
    03/31/202405/06/202410-Q
    12/31/202302/20/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/01/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/16/202310-K
    09/30/202211/09/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202607/29/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/18/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/07/202510-Q
    12/31/202402/19/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/05/202410-Q
    03/31/202405/06/202410-Q
    12/31/202302/20/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/01/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/16/202310-K
    09/30/202211/09/202210-Q
    06/30/202208/02/202210-Q
    03/31/202205/10/202210-Q
    12/31/202103/16/202210-K
    09/30/202112/16/202110-Q
    06/30/202111/04/2021424B4

    Insider Activity

    Updated 9/8/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Mack, RichardCEO AND CHAIRMANDirectBuy90820261.5920,60332,7614,946,660Form
    2Mack, RichardCEO AND CHAIRMANDirectBuy90820261.59200,000318,4804,921,006Form
    3McGillis, MikePRESIDENT AND CFODirectBuy81020261.7125,00042,7301,280,191Form
    4McGillis, MikePRESIDENT AND CFODirectBuy30320262.3420,00046,7921,410,795Form
    5Mack, RichardCEO AND CHAIRMANDirectBuy30320262.4150,000120,3556,540,885Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Mack, RichardCEO AND CHAIRMANDirectBuy90820261.5920,60332,7614,946,660Form
    2Mack, RichardCEO AND CHAIRMANDirectBuy90820261.59200,000318,4804,921,006Form
    3McGillis, MikePRESIDENT AND CFODirectBuy81020261.7125,00042,7301,280,191Form
    4McGillis, MikePRESIDENT AND CFODirectBuy30320262.3420,00046,7921,410,795Form
    5Mack, RichardCEO AND CHAIRMANDirectBuy30320262.4150,000120,3556,540,885Form
    6Walter, W Edward LLC 2Buy22620262.2825,00056,89572,826Form

    Investor Activity (13F)

    Updated Sep 21, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Koch, Inc.$36.0 Mil3.9%8Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Koch, Inc.$36.0 Mil3.9%8Hold13F

    Industry Resources

    External Quote Links


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