10-K · February 18, 2026
Claros Mortgage Trust positions itself as a specialist CRE lender focused on senior and subordinate loans for transitional commercial real estate, leveraging its Sponsor’s platform and ~25+ years of experience. The 2025…
Earnings analysis · 10-Q
CMTG earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Claros Mortgage Trust reported a significant reduction in revenue and an improvement in net loss during Q1 2026. Revenue decreased to $29.5 million from $46.7 million in the previous quarter, attributed mainly to lower…
Read full summary
Claros Mortgage Trust reported a significant reduction in revenue and an improvement in net loss during Q1 2026. Revenue decreased to $29.5 million from $46.7 million in the previous quarter, attributed mainly to lower interest income and revenue from real estate owned, while net loss improved to $54.3 million from $219.2 million in the previous quarter. Total CECL reserves remain substantial, indicating ongoing credit risk management.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.39
What stood out
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Net Revenue Decline
Total net revenue decreased by $17.2 million to $29.5 million compared to Q4 2025.
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Improvement in Loss
Net loss shrank to $54.3 million from $219.2 million in the previous quarter, a significant improvement.
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Revenue Sources
Revenue from real estate owned dropped $12.8 million mainly due to lower occupancy rates.
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Operational Expenses Reduction
Total expenses reduced by $5.5 million to $46.5 million, due to lower operating expenses from real estate owned.
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CECL Provisions
Provisions for expected credit losses decreased significantly to $31.4 million from $211.7 million in Q4 2025.
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Strong Loan Portfolio Performance
Resolved $608.8 million of unpaid principal balance; management indicates proactive monitoring of asset performance.
What to watch
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High CECL Reserves
Total CECL reserves as of Q1 2026 were $439.4 million, representing 11.4% of total unpaid principal balance.
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Sector Risk
The market value of loans and CRE assets remains highly volatile, impacted by rising interest rates and economic conditions.
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Revenue Dependency on Real Estate
Dependence on revenue generated from real estate owned, which saw significant declines due to lower occupancy rates.
Management's outlook
Management did not provide explicit numeric forecasts for future periods; outlook depends on market conditions.
Earlier filings 4
10-Q · November 5, 2025
Claros Mortgage Trust reported total net revenue of $46,074,000 for the three months ended September 30, 2025 and a quarterly net loss per share of $(0.07). The quarter showed narrower per-share losses versus the…
10-Q · May 7, 2025
Claros Mortgage Trust's Q1 2025 results show a decline in net revenue and a significant net loss, driven by high provisioning for credit losses. Despite a slight revenue surprise, the company's operating cash flow…
10-K · February 19, 2025
Claros Mortgage Trust positions itself as a specialist CRE lender focused on senior and subordinate loans for transitional commercial real estate, targeting loans generally between $50 million and $300 million and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.