Claros Mortgage Trust (CMTG) Q3 2026 earnings summary

Executive summary

• Q3 GAAP net loss was $14.3M, or $0.10/share; distributable loss was $12.1M, or $0.08/share.

• Priorities remained watchlist resolution, REO dispositions and deleveraging; since January 2025, 33 loans totaling $3.8B UPB were resolved.

• After post-quarter resolutions, the portfolio comprised 21 loans with $2.3B carrying value and eight REO investments valued at $701M.

• September 30 book value was $8.49/share; management said market pricing did not reflect de-risking progress and balance-sheet transparency.

Financial highlights

• Q3 total net revenue was $32.6M, including $1.2M net interest income and $31.4M REO revenue; net interest income was down from $17.1M in Q3 2025.

• Distributable loss was $12.1M, or $0.08/share; before realized gains and losses, it was $7.9M, or $0.05/share.

• Nine-month net loss was $324.0M, including a $240.6M CECL provision and $29.6M held-for-sale valuation loss.

• Q3 through November 2 resolutions totaled $702M, including $492M full loan repayments, $186M watchlist resolutions before principal charge-offs and $24M REO sales.

Outlook and guidance

• Binding agreements cover two risk-rated 5 loan sales for $310.7M, or 97% of carrying value; expected Q4 incremental losses total $10.4M, or ~$0.07/share.

• Two hotel sales for $44.5M, slightly above allocated carrying value, are expected to close by Q1 2027.

• Near-term sale proceeds are expected to fund deleveraging, with repayment of the high-cost secured term loan prioritized.

• Watchlist outcomes depend on asset-level decisions and market conditions; management will weigh holding for value creation against sales at market-clearing prices.