CMTG
Claros Mortgage Trust, Inc.3.3900
-0.0900-2.59%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
NII dips; year-end capital options loom
Q&A largely reaffirmed the prepared remarks' focus on accelerating watchlist resolutions and delevering, but pinpointed net interest income declining further in Q1/Q2 2026 as repayments compress topline revenue. Management demurred on quantifying reserve drawdown timing, insisting levels suit their pace while noting healthier markets spur more regular-way payoffs over extensions. By year-end, excess liquidity may fund new loans, more delevering, or other allocations. NII stays choppy. On shareholder value queries, they prioritize a clean book first. Watch resolution speed and REO exits amid mixed NOIs.
Key Stats
Market Cap
475.34MP/E (TTM)
-Basic EPS (TTM)
-2.65Dividend Yield
0%Recent Filings
10-K
FY2025 results
Claros Mortgage Trust ended FY2025 with a $3.7B loan portfolio (down from $6.2B UPB at FY2024-end) after resolving $2.6B UPB prior to charge-offs, including $864M full repayments and $812M discounted payoffs; Q4 saw $388M post-year-end resolutions with $241M repayments. Net loss hit $489M ($3.49/share) versus $221M prior year, driven by $466M CECL provision (specific reserves up to 26% of risk-5 UPB) and $312M principal charge-offs, while Distributable Earnings prior to realized losses were $0.24/share. Portfolio yield slipped to 6.2% with 0.5-year average term; net debt-to-equity fell to 1.9x via $580M deleveraging. REO assets grew to $747M carrying value (six foreclosures), but liquidity held at $185M. Loans on transitional assets risk execution failures if borrowers miss business plans.
8-K
Q4 loss, resolutions advance
Claros Mortgage Trust posted Q4 GAAP net loss of $219.2M ($1.56/share) driven by $211.7M CECL provision, yet resolved $483.9M UPB in loans including watchlist assets. Portfolio shrank to $3.7B at 6.2% yield; net debt/equity held 1.9x with $185M liquidity. Watchlists dropped 45% yearly. Deleveraging accelerates.
8-K
Director retires; Olsen joins
Claros Mortgage Trust director Vincent Tese retires at the 2026 Annual Meeting end, with no disagreements. Board elected Denise Olsen as independent director effective March 2, 2026, adding her to the Audit Committee; board temporarily expands to ten. Olsen brings 30+ years in real estate investment. New blood bolsters governance.
8-K
Claros refinances $556M term loan
Claros Mortgage Trust closed a $500M four-year term loan from HPS-managed funds at SOFR+6.75% (2.50% floor), maturing January 30, 2030, using proceeds plus cash to repay a $556.2M prior term loan due August 2026. Lenders received warrants for 7,542,227 shares (5% fully diluted) at $4.00 strike, a 46% premium to closing price; bylaws amended for lender board observers and manager review rights on Material Default. Yet covenants eased through mid-2027. Secured liquidity.
8-K
Amendment mandates $150M prepayment
Claros Mortgage Trust entered Amendment No. 6 to its term loan credit agreement on November 5, 2025, mandating a $150 million prepayment of Term B-1 Loans within three business days. Lenders waived the Interest Coverage Ratio covenant for quarters ending September 30, 2025 through March 31, 2026, while easing the Tangible Net Worth test to $1.4 billion until March 31, 2026. Compliance hinges on timely prepayment and fees.
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