Claros Mortgage Trust
Originates and manages transitional commercial real estate loans while resolving stressed collateral.
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Profile
Runs an externally managed commercial mortgage REIT focused on senior and subordinate loans for transitional U.S. real estate. Revenue is tied to loan-portfolio income and real-estate-owned operations, with the current operating focus on resolving watchlist loans, managing foreclosed assets, and reducing leverage.
Originates and acquires senior and subordinate loans backed by transitional commercial real estate in major U.S. markets. The core loan-portfolio segment earns interest and related income from financing properties whose sponsors are executing business plans.
Real-estate-owned operations became a separate reportable segment after the company took title to collateral and began operating owned assets, including hotel and mixed-use property exposure. The portfolio is concentrated in U.S. commercial real estate credit and depends on collateral performance, borrower execution, and access to secured financing.
External management is central to the model: Claros REIT Management LP runs investment and operating policies, and executives also sit inside the Mack Real Estate credit platform. Recent disclosures emphasize watchlist-loan resolution, REO-asset management, and deleveraging before renewed origination activity.
Company facts
Categories
Key statistics
Year to date −47.4% · Average volume (30d) 631.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 16, 2026 | UBS | Downgrade | Buy | Neutral | $17.50 | $2.75 |
| Jan 10, 2025 | UBS | Upgrade | Neutral | Buy | ||
| Sep 20, 2024 | Wells Fargo | Downgrade | Equal Weight | Underweight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | −$0.25 | −$0.63 | −156.0% | $33.5M | $30.0M | −10.6% | −12.08% |
| May 6, 2026Q1 FY26 | −$0.24 | −$0.52 | −118.1% | $36.9M | $30.0M | −18.8% | −4.18% |
| Feb 18, 2026Q4 FY25 | −$0.14 | −$0.71 | −407.1% | $45.7M | $43.8M | −4.1% | +6.12% |
| Nov 5, 2025Q3 FY25 | −$0.01 | −$0.15 | −1,400.0% | $48.0M | $59.3M | +23.6% | +5.14% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $132.6M | $133.6M | $132.8M | $75.2M | $29.8M | $310.0K | |
| Gross profit | $2.3M | −$137.9M | $27.3M | −$207.4M | −$9.0M | −$40.0M | |
| Operating income | −$35.4M | −$180.6M | −$9.5M | −$219.2M | −$39.2M | −$246.8M | |
| Net income | −$78.6M | −$181.7M | −$9.5M | −$219.2M | −$54.3M | −$255.4M | |
| Diluted EPS | −$0.56 | −$1.30 | −$0.07 | −$1.56 | −$0.39 | −$1.81 | |
| Gross margin | 1.7% | -103.2% | 20.6% | -275.9% | -30.1% | -12,917.7% | |
| Operating margin | -26.7% | -135.1% | -7.2% | -291.5% | -131.4% | -79,607.1% |
Fiscal years (4-quarter sums)FY21 $254.2M · FY22 $210.2M · FY23 $240.0M · FY24 $111.0M · FY25 $474.3M
Balance sheet, Jun 30, 2026Cash & short-term investments $90.3M · Total debt $2.57B · Total assets $3.84B · Shareholders' equity $1.24B
Dividends
Last cut to $0.10 from $0.25 in Sep 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.10 | cut from $0.25 |
| Jun 28, 2024 | Jun 28 | Jul 15 | $0.25 | |
| Mar 27, 2024 | Mar 29 | Apr 15 | $0.25 | |
| Dec 28, 2023 | Dec 29 | Jan 12 | $0.25 | |
| Sep 28, 2023 | Sep 29 | Oct 13 | $0.25 | cut from $0.37 |
| Jun 29, 2023 | Jun 30 | Jul 14 | $0.37 | |
| Mar 30, 2023 | Mar 31 | Apr 14 | $0.37 | |
| Dec 29, 2022 | Dec 30 | Jan 13 | $0.37 |
Ownership
Shares outstanding 141.08M · Float 129.27M · 91.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Hyundai Investments Co., Ltd. | 20.47M | 14.51% | 13F | May 15, 2026 |
| Koch, Inc. | 15.13M | 10.72% | 13F | May 12, 2026 |
| Neuberger Berman Group LLC | 8.76M | 6.21% | 13F | May 14, 2026 |
| BlackRock, Inc. | 7.93M | 5.62% | 13F | May 13, 2026 |
| Vanguard Capital Management LLC | 5.37M | 3.81% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 6, 2026 | Mike McGillis | director, officer: PRESIDENT AND CFO | +25,000 | $1.71 |
| Mar 2, 2026 | Mike McGillis | director, officer: PRESIDENT AND CFO | +20,000 | $2.34 |
| Feb 27, 2026 | Richard Mack | director, officer: CEO AND CHAIRMAN | +50,000 | $2.41 |
| Feb 24, 2026 | W. Edward Walter | director | +25,000 | $2.28 |
Peers
- Blackstone Mortgage Trust
Large pure-play senior CRE loan platform backed by Blackstone
- KKR Real Estate Finance Trust
KKR-backed senior transitional CRE lender with REO exposure
- TPG RE Finance Trust
TPG-sponsored first-mortgage lender for transitional CRE assets
- Starwood Property Trust
Scaled diversified real estate lender with major commercial lending arm
- Ares Commercial Real Estate
Ares-managed commercial mortgage lender focused on senior loans
- BrightSpire Capital
Commercial real estate credit REIT with senior and mezzanine loans
- Granite Point Mortgage Trust
Smaller pure-play senior floating-rate CRE mortgage platform
- Ladder Capital
Middle-market CRE finance company with loans and owned real estate
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Claros Mortgage Trust | $1.70 | +4.57% | $228.6M | — | — | 1.0 | −77.6% |
| Blackstone Mortgage Trust | $13.75 | +0.18% | $2.31B | 171.6 | 10.9 | 1.5 | +18.1% |
| KKR Real Estate Finance Trust | $7.59 | +0.20% | $488.0M | — | — | 1.2 | −82.3% |
| TPG RE Finance Trust | $7.73 | −0.06% | $593.4M | 14.3 | 7.2 | 2.2 | −58.7% |
| Starwood Property Trust | $15.85 | +0.27% | $5.86B | 23.2 | 9.4 | 2.9 | +7.9% |
| Ares Commercial Real Estate | $4.65 | +0.11% | $258.0M | — | 50.3 | 2.6 | — |
| BrightSpire Capital | $4.75 | 0.00% | $601.0M | — | 7.8 | 1.8 | −0.9% |
| Granite Point Mortgage Trust | $1.08 | −0.46% | $51.8M | — | — | 0.4 | −87.2% |
| Ladder Capital | $9.82 | +0.10% | $1.25B | 23.4 | 9.0 | 3.3 | −40.9% |
| Median | 23.3 | 9.2 | 2.0 | −40.9% |