Claros Mortgage Trust, Inc.

Listed Company

CMTGCIK 0001666291NYSEAcceleratedReal EstateMarylandFY ends Dec 31

Period

FY 2025

Revenue

$187.83M

Net Income

$-489.07M

Total Assets

$4.72B

Equity

$1.53B

Shares Out

140.22M

Op. Cash Flow

$-30.46M

Business

Claros Mortgage Trust, Inc. is a commercial real estate (CRE) finance company that originates, co‑originates and acquires senior and subordinate loans secured by transitional CRE assets. It offers mortgage loans, mezzanine and subordinate loans, participations in mortgage loans, and asset management services focused on underwriting, originating, monitoring and resolving loan investments. The company is externally managed by an affiliated Manager leveraging its Sponsor’s real estate development, ownership and asset management platform to execute origination, capital markets and portfolio management activities. It targets transitional CRE assets primarily in major U.S. markets and distributes loan participations and financings through institutional financing counterparties and syndicated structures.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest and related income	390	601	698	471	415
Less: interest and related expense	305	440	471	247	181
Net interest income	85	161	227	224	235
Revenue from real estate owned	103	87	79	63	28
Total net revenue	188	248	307	287	263
Management fees - affiliate	32	36	38	39	39
Incentive fees - affiliate	—	—	2	—	—
General and administrative expenses	20	16	17	19	13
Stock-based compensation expense	14	18	17	7	9
Operating expenses	68	58	50	42	25
Interest expense	33	27	24	14	16
Depreciation and amortization	11	10	9	8	7
Total expenses	179	165	155	130	108
Proceeds from interest rate cap	0	1	6	495,000	—
Unrealized loss on interest rate cap	−71,000	−1	−5	—	—
Loss on partial sales of real estate owned, net	−1	—	—	—	—
Gain on foreclosure of real estate owned	—	0	4	—	1
(Loss) income from equity method investment	−124,000	−154,000	594,000	2	—
(Loss) gain on extinguishment of debt	−1	−4	2	—	—
Valuation adjustment for real estate owned held-for-sale	13	−80	—	—	—
Provision for current expected credit loss reserve	−467	−213	−154	−84	9
Valuation adjustment for loans receivable held-for-sale	−42	−7	—	—	—
Gain on sale of loan	0	—	575,000	30	−141,000
Net (loss) income	−489	−221	6	112	170
Basic (per share)	−3.49	−1.6	0.02	0.79	1.27
Diluted (per share)	−3.49	−1.6	0.02	0.79	1.27
Basic (shares)	140	139	139	139	135
Diluted (shares)	140	139	139	139	135

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	173	99	187	306	310
Restricted cash	18	34	28	42	24
Loans receivable held-for-investment	4,054	6,190	7,020	7,489	—
Less: current expected credit loss reserve	−439	−243	−143	−129	—
Loans receivable held-for-investment, net	3,615	5,947	6,877	7,360	—
Loans receivable held-for-sale	0	277	262	—	—
Equity method investment	42	42	42	42	—
Real estate owned held-for-investment, net	730	127	523	401	407
Real estate owned held-for-sale	—	307	—	—	—
Other assets	143	133	139	90	58
Total assets	4,722	6,967	8,069	8,242	7,455
Repurchase agreements	1,858	3,190	3,806	3,967	3,490
Term participation facility	329	478	465	258	—
Notes payable, net	178	237	283	150	48
Secured term loan, net	549	710	713	737	740
Debt related to real estate owned hotel portfolio, net	231	275	—	—	—
Other liabilities	37	43	47	59	54
Management fee payable - affiliate	8	27	9	10	10
Total liabilities	3,190	4,959	5,769	5,785	4,851
Commitments and Contingencies - Note 14	—	—	—	—	—
Common stock, $0.01 par value, 500,000,000 shares authorized, 140,218,764 and 139,362,657 shares issued and 140,218,764 and 139,362,657 shares outstanding at December 31, 2025 and 2024, respectively	1	1	1	1	1
Additional paid-in capital	2,753	2,740	2,725	2,712	2,726
Accumulated deficit	−1,222	−733	−427	−257	−161
Total equity	1,532	2,008	2,300	2,456	2,604
Total liabilities and equity	4,722	6,967	8,069	8,242	7,455

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Accretion of fees and discounts on loans receivable	−11	−20	−23	−25	—
Amortization of deferred financing costs on secured financings	24	20	22	—	—
Amortization of deferred financing costs on debt related to real estate owned hotel portfolio	2	4	524,000	—	—
Non-cash stock-based compensation expense	14	18	17	8	9
Depreciation and amortization on real estate owned, in-place lease values, and deferred leasing costs	11	10	9	8	7
Amortization of above and below market lease values, net	1	1	708,000	—	—
Straight-line rent adjustment	−560,000	−127,000	−87,000	—	—
Valuation adjustment for real estate owned held-for-sale	−13	80	—	—	—
Non-cash advances on loans receivable in lieu of interest	−48	−41	−64	−78	−69
Non-cash advances on secured financings in lieu of interest	8	8	4	529,000	18
Non-cash advances on debt related to real estate owned hotel portfolio	1	—	—	—	—
Repayment of non-cash advances on loans receivable in lieu of interest	36	23	24	22	127
Repayment of non-cash advances on interests in loans receivable in lieu of interest	−1	—	—	13	28
Valuation adjustment for loans receivable held-for-sale	42	7	—	—	—
Other assets	−47	−42	−36	−26	−602,000
Other liabilities	−11	−279,000	−564,000	13	5
Management fee payable - affiliate	−19	18	−552,000	−51,000	134,000
Net cash (used in) provided by operating activities	−30	85	111	111	214
Loan originations, acquisitions and advances, net of fees	−121	−505	−770	−2,598	−2,925
Advances on loans receivable held-for-sale	−12	−3	—	—	—
Repayments of loans receivable	1,605	647	550	1,539	2,312
Proceeds from sales of loans receivable	332	637	187	132	48
Extension and exit fees received from loans receivable	4	5	2	7	9
Reserves and deposits held for loans receivable	0	−5,000	−1,000	−2	15
Proceeds from partial sales of real estate owned	60	—	—	—	—
Capital expenditures on real estate owned	−2	−1	−2	−2	—
Capital expenditures on real estate owned held-for-sale	−362,000	—	—	—	—
Payment of deferred leasing costs	−725,000	—	—	—	—
Cash and restricted cash acquired from foreclosures on real estate owned	4	—	256,000	—	—
Payment of transaction costs from foreclosures on real estate owned	−2	—	−7	—	—
Net cash provided by (used in) investing activities	1,868	780	−39	−773	−373
Dividends paid	0	−121	−192	−208	−205
Payments for withholding taxes upon delivery of stock-based awards	−1	−3	−4	—	—
Proceeds from secured financings	696	1,465	1,028	2,248	1,998
Proceeds from debt related to real estate owned hotel portfolio	235	—	—	—	—
Payment of deferred financing costs	−26	−17	−14	−24	−23
Payment of exit fees on secured financings	−1	—	−13,000	—	−864,000
Purchase of interest rate cap	−71,000	−521,000	—	—	—
Repayments of secured financings	−2,246	−2,247	−996	−1,311	−1,779
Repayments of secured term loan	−162	−8	−27	−8	−6
Repayments of debt related to real estate owned hotel portfolio	−275	−15	—	—	−10
Net cash (used in) provided by financing activities	−1,780	−946	−205	676	63
Net increase (decrease) in cash, cash equivalents and restricted cash	57	−81	−133	14	−97
Cash paid for interest	313	439	466	228	159
Dividends accrued	0	—	35	52	52
Loan principal payments held by servicer	—	—	11	—	155
Accrued deferred financing costs	0	648,000	—	4	6
Accrued loan Sale transaction costs	—	44,000	—	—	—
Accrued loans receivable held-for-investment extension fees	—	—	341,000	—	—
Real estate acquired in assignment-in-lieu of foreclosure	345	—	129	—	414
Lease intangibles, net acquired in assignment-in-lieu of foreclosure	7	—	20	—	—
Working capital acquired in assignment-in-lieu of foreclosure	−8	—	−7	—	—
Accrued real estate foreclosure costs	55,000	—	—	—	—
Settlement of loans receivable in foreclosures on real estate owned	393	—	209	—	—
Settlement of accrued interest receivable in foreclosures on real estate owned	2	—	—	—	—

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