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Claros Mortgage Trust (CMTG) investor relations material
Claros Mortgage Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Reported a GAAP net loss of $9.5 million ($0.07 per share) for Q3 2025 and a distributable loss of $21.5 million ($0.15 per share); distributable earnings before realized gains/losses were $5.9 million ($0.04 per share).
Book value per share was $12.24 and adjusted book value per share was $13.28 as of September 30, 2025.
Achieved $2.3 billion in total loan resolutions year-to-date, surpassing the $2 billion target, including $716 million resolved in Q3 and nine watchlist loans resolved.
Portfolio transition continues, with a focus on resolving risk 4 and 5 loans, monetizing REO assets, and preparing for the August 2026 term loan B maturity.
Significant deleveraging and asset sales, including $304 million in loan sales and $38.7 million from partial sales of real estate owned assets.
Financial highlights
Interest and related income for Q3 2025 was $88.9 million, with net interest income of $17.1 million; total net revenue was $46.1 million and expenses were $46.3 million.
Provision for CECL reserves was $24.2 million ($0.17 per share) in Q3; total CECL reserves on loans were $307.7 million (6.8% of UPB).
Loan portfolio decreased to $4.3 billion from $5 billion quarter-over-quarter, with a weighted average all-in yield of 6.7%.
Net debt-to-equity ratio improved to 1.9x at September 30, 2025; total leverage ratio was 2.4x.
Liquidity increased to $385 million as of November 4, 2025, up $283 million since year-end 2024.
Outlook and guidance
Expect continued monetization of REO assets and further improvement in liquidity.
Anticipates foreclosure on $640.3 million UPB in watchlist multifamily loans and ongoing conversion of risk rated 5 loans to REO.
Actively evaluating refinancing or extension options for the August 2026 term loan B maturity.
No current plans to issue preferred equity or dividends, but may consider if market conditions change.
Management highlighted ongoing macroeconomic headwinds, high interest rates, and continued stress in commercial real estate markets.
Term Loan B refinancing timeline and strategy
REO portfolio growth and monetization strategy
NII trough expectation and drivers
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Next Claros Mortgage Trust earnings date
Q4 202519 Feb, 2026
Next Claros Mortgage Trust earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Claros Mortgage Trust Inc. is a real estate investment trust (REIT) that focuses on originating and managing commercial real estate loans. The company primarily provides senior and mezzanine loans for properties across sectors such as office, multifamily, industrial, and hospitality. The company is headquartered in New York, New York, and its shares are listed on the NYSE.
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