Claros Mortgage Trust, Inc. (CMTG)
NYSE:CMTG
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Claros Mortgage Trust
(NYSE:CMTG)
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Rating:43Neutral
Price Target:
$2.50
▼(-1.57% Downside)
Action:ReiteratedDate:03/05/26
The score is held down primarily by weak financial performance (large recent losses, negative returns, and sharply weaker reported cash flow). Technicals also remain bearish with the stock below key long-term averages and negative MACD. Offsetting these risks, management’s earnings-call commentary points to meaningful balance-sheet cleanup and liquidity/deleveraging progress, but guidance still indicates pressured near-term earnings and ongoing credit stress.
Positive Factors
Material deleveraging and improved leverage ratio
Management executed meaningful balance-sheet cleanup, delevering roughly $2.0 billion of financings and improving net debt-to-equity to 1.9x. This materially reduces refinancing risk, improves solvency metrics and creates structural flexibility to manage credit stress and pursue selective capital allocation over the coming 6–24 months.
Negative Factors
Large GAAP and distributable losses
Sustained GAAP and distributable losses erode equity and distributable capacity, undermining the REIT’s core cash-return model. Persistent losses reduce retained capital, limit dividend prospects, constrain access to new capital markets and extend the timeline to restore pre-stress profitability.
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Positive Factors
Negative Factors
Material deleveraging and improved leverage ratio
Management executed meaningful balance-sheet cleanup, delevering roughly $2.0 billion of financings and improving net debt-to-equity to 1.9x. This materially reduces refinancing risk, improves solvency metrics and creates structural flexibility to manage credit stress and pursue selective capital allocation over the coming 6–24 months.
Read all positive factors
Claros Mortgage Trust (CMTG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$356.16M
Dividend YieldN/A
Average Volume (3M)418.27K
Price to Earnings (P/E)―
Beta (1Y)0.78
Revenue Growth-65.32%
EPS Growth-325.73%
CountryUS
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Mortgage
Share Statistics
EPS (TTM)-0.71
Shares Outstanding140,218,770
10 Day Avg. Volume417,564
30 Day Avg. Volume418,274
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.28
Price to Sales (P/S)2.13
P/FCF Ratio-12.96
Enterprise Value/Market Cap9.34
Enterprise Value/Revenue8.03
Enterprise Value/Gross Profit-52.91
Enterprise Value/Ebitda309.47
Forecast
1Y Price Target
$2.50Price Target Upside-1.57% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)-0.65
Revenue Forecast (FY)$181.67M
Claros Mortgage Trust Business Overview & Revenue Model
Company Description
Claros Mortgage Trust, Inc. is a real estate investment trust that focuses primarily on originating senior and subordinate loans on transitional commercial real estate assets located in principal markets across the United States. The company is qu...
How the Company Makes Money
CMTG primarily makes money from net interest income generated on its loan portfolio: it earns interest (and, when applicable, origination fees and other loan-related income) from commercial real estate loans it originates or acquires, and it pays ...
Claros Mortgage Trust Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The call conveyed meaningful progress on execution: CMTG materially exceeded its 2025 resolution target, generated liquidity, delevered the balance sheet (~$2.0 billion), extended corporate debt maturity, and continued early 2026 loan resolutions and REO monetizations (e.g., $67M NYC sale and ~14% hotel NOI growth). However, results remain weighed down by a GAAP net loss, sizable CECL provisioning and specific credit charges, multiple loan downgrades/nonaccruals, compressed net interest income, and continued market valuation pressure. Overall the company appears to be mid-turnaround: substantial balance-sheet and portfolio improvement, but near-term earnings and credit risk remain material.Positive Updates
Exceeded 2025 Resolution Target
CMTG set a $2.0 billion UPB resolution target for 2025 and closed the year with $2.5 billion of total resolutions (exceeding target by $0.5 billion). This included the resolution of 11 watchlist loans representing $1.3 billion of UPB.
Negative Updates
GAAP and Distributable Losses
Reported a GAAP net loss of $1.56 per share and a distributable loss of $0.71 per share for Q4 2025. Distributable earnings prior to realized gains/losses were only $0.02 per share, highlighting ongoing earnings pressure.
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Q4-2025 Updates
Positive
Negative
Exceeded 2025 Resolution Target
CMTG set a $2.0 billion UPB resolution target for 2025 and closed the year with $2.5 billion of total resolutions (exceeding target by $0.5 billion). This included the resolution of 11 watchlist loans representing $1.3 billion of UPB.
Read all positive updates
Company Guidance
Management guided that 2026 will remain focused on asset management and decisive execution — continuing to resolve watchlist loans and work through REO while positioning the company to evaluate new originations toward the end of 2026. They noted they exceeded their 2025 $2.0 billion UPB resolution target, achieving $2.5 billion of resolutions (including 11 watchlist loans totaling $1.3 billion) and have already completed $389 million of additional UPB resolutions in 2026 across four loans (e.g., $67M NYC land, $174M Salt Lake multifamily, $77M Dallas multifamily, $71M Seattle office). Portfolio UPB declined to $3.7 billion at 12/31/25 (from $6.1B a year earlier), with office exposure down to $589M (from $859M), land to $187M (from $489M) and no standalone life science; net debt-to-equity improved to 1.9x (from 2.4x), liquidity is $153M (up $51M YoY), and total CECL reserves rose to $443M (10.9% of UPB). They also closed a refinancing replacing the prior ~$718M Term Loan B with a $500M senior secured loan from HPS (matures Jan 2030, priced at SOFR+675bp) and issued ~7.5M detachable warrants at $4 (46% premium). Finally, management warned Q1–Q2 net interest income may remain pressured (Q4 NII was ~ $12.5M) as the book delevers, signaled expectations for fewer extensions and more regular repayments, and said year-end capital allocation could include new originations, further deleveraging or other alternatives.Claros Mortgage Trust Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
24
Negative
Cash Flow
15
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 201.65M | 170.67M | 129.83M | 270.20M | 215.02M |
| Gross Profit | 77.16M | -48.81M | 80.33M | 270.20M | 215.02M |
| EBITDA | 10.75M | -178.46M | 185.65M | 0.00 | 0.00 |
| Net Income | -489.07M | -221.26M | 6.03M | 112.06M | 170.55M |
Balance Sheet | |||||
| Total Assets | 4.72B | 6.97B | 8.07B | 8.24B | 7.46B |
| Cash, Cash Equivalents and Short-Term Investments | 173.19M | 99.08M | 188.20M | 306.46M | 310.19M |
| Total Debt | 3.15B | 4.89B | 5.56B | 5.40B | 4.57B |
| Total Liabilities | 3.19B | 4.96B | 5.77B | 5.79B | 4.85B |
| Stockholders Equity | 1.53B | 2.01B | 2.30B | 2.46B | 2.57B |
Cash Flow | |||||
| Free Cash Flow | -33.18M | 83.17M | 109.05M | 108.69M | 202.09M |
| Operating Cash Flow | -30.46M | 84.52M | 111.14M | 111.03M | 213.56M |
| Investing Cash Flow | 1.87B | 779.91M | -39.34M | -773.30M | -373.20M |
| Financing Cash Flow | -1.78B | -945.82M | -205.07M | 676.30M | 62.80M |
Claros Mortgage Trust Technical Analysis
Positive
2.54
Price Trends
2.46
Positive
2.78
Negative
3.05
Negative
Market Momentum
>-0.01
Negative
58.71
Neutral
80.67
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CMTG, the sentiment is Positive. The current price of 2.54 is above the 20-day moving average (MA) of 2.30, above the 50-day MA of 2.46, and below the 200-day MA of 3.05, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 58.71 is Neutral, neither overbought nor oversold. The STOCH value of 80.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CMTG.
Claros Mortgage Trust Risk Analysis
Claros Mortgage Trust disclosed 95 risk factors in its most recent earnings report. Claros Mortgage Trust reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Claros Mortgage Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | $732.09M | 2.71 | 13.35% | 16.08% | -53.20% | 97.96% | |
59 Neutral | $632.32M | 42.40 | 5.52% | 10.48% | -10.86% | -5.90% | |
52 Neutral | $277.95M | -16.99 | -0.17% | 13.75% | -30.60% | 87.95% | |
49 Neutral | $411.31M | -11.67 | -3.80% | 11.33% | -24.37% | -19.19% | |
45 Neutral | $64.21M | -2.79 | -7.12% | 7.97% | -28.13% | 62.49% | |
43 Neutral | $356.16M | -0.88 | -28.06% | ― | -65.32% | -325.73% |
* Real Estate Sector Average
CMTG
Claros Mortgage Trust
2.54
0.06
2.42%
ACRE
Ares Commercial
5.02
1.77
54.65%
IVR
Invesco Mortgage
8.42
2.99
55.06%
KREF
Kkr Real Estate Finance
6.36
-1.56
-19.72%
GPMT
Granite Point Mortgage
1.35
-0.27
-16.72%
TRTX
Tpg Re Finance
8.07
1.80
28.79%
Claros Mortgage Trust Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Claros Mortgage Trust Reports Large Losses, Restructures Portfolio
Negative
Feb 18, 2026
Claros Mortgage Trust reported a GAAP net loss of $219.2 million for the fourth quarter and $489.1 million for full-year 2025, reflecting significant credit provisioning and stress across parts of its transitional commercial real estate loan book....
Executive/Board Changes
Claros Mortgage Trust Adds Veteran Independent Director to Board
Positive
Feb 10, 2026
On February 5, 2026, Claros Mortgage Trust disclosed that director Vincent Tese will retire from its board at the end of his current term and will not stand for re-election at the 2026 annual shareholders meeting, with the company emphasizing that...
Business Operations and StrategyPrivate Placements and Financing
Claros Mortgage Trust Secures New $500 Million Loan
Positive
Feb 2, 2026
On January 30, 2026, Claros Mortgage Trust, Inc. entered into a new secured term loan credit facility totaling $500 million with investment funds and accounts managed by HPS Investment Partners, LLC, bearing interest at SOFR plus 6.75% and maturin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.