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Claros Mortgage Trust
Claros Mortgage Trust (CMTG) investor relations material
Claros Mortgage Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Reported a GAAP net loss of $219.2 million ($1.56 per share) for Q4 2025 and $489.1 million ($3.49 per share) for the full year; distributable loss was $101.7 million for Q4 and $269.0 million for the year.
Distributable earnings prior to realized gains/losses were $2.9 million ($0.02 per share) for Q4 and $35.2 million ($0.24 per share) for the year.
Resolved 21 loans totaling $2.5 billion UPB in 2025, including 11 watch list loans with $1.3 billion UPB.
Retired $718 million Term Loan B, replacing it with a $500 million senior secured loan from HPS, extending debt maturity to 2030.
Focus remains on resolving watch list loans, asset management, and preparing for new lending opportunities in late 2026.
Financial highlights
Provision for CECL reserves was $211.7 million in Q4; year-end CECL reserves were $443.1 million (10.9% of UPB).
Book value per share at year-end was $10.69, with adjusted book value at $11.33.
Loan portfolio declined to $3.7 billion at year-end 2025 from $6.1 billion at year-end 2024, with a weighted average all-in yield of 6.2%.
Net debt-to-equity ratio decreased to 1.9x at year-end.
Liquidity at year-end was $185 million, including $173 million in cash; as of February 17, 2026, liquidity was $153 million.
Outlook and guidance
Watch list loans declined 45% year-over-year to $1.5 billion (13 loans) pro-forma for Q1 2026 resolutions.
Anticipates gradual improvement in real estate markets, with no single catalyst for recovery.
Focused on accelerating loan and REO asset dispositions in 2026, with a goal to clean up the portfolio and prepare for growth.
Evaluating capital allocation options for available liquidity, including new originations and further deleveraging.
Entering 2026 with momentum to advance strategy and reposition the portfolio.
CECL reserve conversion to realized losses timeline?
How does 45% watchlist loan reduction impact future risk?
What is the target net debt/equity ratio?
What's the path to new lending opportunities?
How will NII trajectory impact future earnings?
Assess the cost of the new HPS term loan.
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Next Claros Mortgage Trust earnings date
Q1 20267 May, 2026
Claros Mortgage Trust
Next Claros Mortgage Trust earnings date
Q1 20267 May, 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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