What is Claros Mortgage Trust's operating income?

Claros Mortgage Trust's total operating income in 2025 was -$75.31 million, based on the following breakdown: Total Gross Profit: $103.31 million Total Operating Expenses: $178.62 million

Claros Mortgage Trust (CMTG) Financials

$1.76 -0.01 (-0.28%)

Closing price 07/31/2026 03:59 PM Eastern

Extended Trading

$1.76 0.00 (0.00%)

As of 07/31/2026 07:34 PM Eastern

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Annual Income Statements for Claros Mortgage Trust

This table shows Claros Mortgage Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	169	202	171	112	6.03	-221	-489
Consolidated Net Income / (Loss)	174	206	170	112	6.03	-221	-489
Net Income / (Loss) Continuing Operations	174	206	170	112	156	-8.65	-22
Total Pre-Tax Income	174	206	170	112	155	-8.49	-21
Total Operating Income	174	212	154	157	-76	-78	-75
Total Gross Profit	250	274	263	287	78	87	103
Total Revenue	250	274	263	287	78	87	103
Operating Revenue	250	274	263	287	78	87	103
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	76	61	108	130	154	165	179
Selling, General & Admin Expense	3.39	9.00	13	19	17	16	20
Depreciation Expense	-	0.00	7.11	8.04	9.29	10	11
Other Operating Expenses / (Income)	72	52	89	103	128	139	148
Total Other Income / (Expense), net	0.00	-6.64	16	-45	231	69	54
Interest Expense	-	0.00	0.00	-6.04	468	444	306
Interest & Investment Income	-	-6.00	8.96	-82	698	601	390
Other Income / (Expense), net	0.00	-0.64	7.14	31	1.52	-88	-29
Other Gains / (Losses), net	-	-	-	-	0.59	-0.15	-0.12
Other Adjustments to Consolidated Net Income / (Loss)	0.14	-	-	-	-150	-213	-468
Basic Earnings per Share	$1.51	$1.52	$1.27	$0.79	$0.02	($1.60)	($3.49)
Weighted Average Basic Shares Outstanding	111.46M	132.98M	134.54M	139.31M	138.62M	139.23M	140.15M
Diluted Earnings per Share	$1.51	$1.52	$1.27	$0.79	$0.02	($1.60)	($3.49)
Weighted Average Diluted Shares Outstanding	111.46M	132.98M	134.54M	139.31M	138.62M	139.23M	140.15M
Weighted Average Basic & Diluted Shares Outstanding	-	-	139.69M	139.38M	138.75M	139.36M	140.22M

This table shows Claros Mortgage Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	34	-53	-12	-56	-101	-79	-182	-9.53	-219	-54	-255
Consolidated Net Income / (Loss)	34	-53	-12	-56	-101	-79	-182	-9.53	-219	-54	-255
Net Income / (Loss) Continuing Operations	34	-53	-12	-56	112	-79	-180	15	182	-54	-258
Total Pre-Tax Income	34	-53	-12	-56	112	-79	-180	13	184	-54	-258
Total Operating Income	35	20	23	23	-143	5.73	8.93	-17	-44	-17	-19
Total Gross Profit	76	59	64	65	-101	43	52	29	8.11	30	30
Total Revenue	76	59	64	65	-101	43	52	29	8.11	30	30
Operating Revenue	76	59	64	65	-101	43	52	29	8.11	30	30
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	41	39	41	42	43	38	43	46	52	47	49
Selling, General & Admin Expense	3.63	3.88	4.85	3.65	3.34	4.27	5.04	4.81	5.87	3.21	4.72
Depreciation Expense	2.58	2.60	2.62	2.63	2.64	0.44	0.85	3.74	5.73	6.40	6.14
Other Operating Expenses / (Income)	34	33	34	36	37	33	37	38	40	37	38
Total Other Income / (Expense), net	-1.23	-72	-35	-79	255	-84	-189	30	228	-37	-239
Interest Expense	1.84	3.24	1.09	0.26	440	0.55	0.00	72	145	5.90	0.00
Interest & Investment Income	-5.29	-70	-34	-79	784	-41	-190	89	372	-31	-209
Other Income / (Expense), net	5.89	0.87	0.23	0.20	-89	-43	0.51	13	0.51	0.00	-30
Basic Earnings per Share	$0.24	($0.39)	($0.09)	($0.40)	($0.72)	($0.56)	($1.30)	($0.07)	($1.56)	($0.39)	($1.81)
Weighted Average Basic Shares Outstanding	138.62M	138.79M	139.08M	139.56M	139.23M	139.48M	140.11M	140.56M	140.15M	140.46M	141.42M
Diluted Earnings per Share	$0.24	($0.39)	($0.09)	($0.40)	($0.72)	($0.56)	($1.30)	($0.07)	($1.56)	($0.39)	($1.81)
Weighted Average Diluted Shares Outstanding	138.62M	138.79M	139.08M	139.56M	139.23M	139.48M	140.11M	140.56M	140.15M	140.46M	141.42M
Weighted Average Basic & Diluted Shares Outstanding	138.75M	138.75M	138.95M	139.36M	139.36M	139.36M	139.82M	140.22M	140.22M	140.22M	141.08M

This table details how cash moves in and out of Claros Mortgage Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	266	93	-97	14	-133	-81	57
Net Cash From Operating Activities	130	140	214	111	111	85	-30
Net Cash From Continuing Operating Activities	130	140	214	111	111	85	-30
Net Income / (Loss) Continuing Operations	174	206	170	112	6.03	-221	-489
Consolidated Net Income / (Loss)	174	206	170	112	6.03	-221	-489
Depreciation Expense	0.00	0.00	7.11	8.04	9.29	10	11
Amortization Expense	13	20	21	20	24	25	27
Non-Cash Adjustments To Reconcile Net Income	-50	-86	10	-16	104	311	478
Changes in Operating Assets and Liabilities, net	-7.84	1.13	4.26	-13	-31	-41	-57
Net Cash From Investing Activities	-2,311	-209	-373	-773	-39	780	1,868
Net Cash From Continuing Investing Activities	-2,311	-209	-373	-773	-39	780	1,868
Purchase of Property, Plant & Equipment	0.00	0.00	0.00	-2.34	-2.09	-1.35	-2.72
Sale and/or Maturity of Investments	343	151	48	132	187	637	332
Other Investing Activities, net	-2,653	-360	-421	-903	-224	144	1,538
Net Cash From Financing Activities	2,447	161	63	676	-205	-946	-1,780
Net Cash From Continuing Financing Activities	2,447	161	63	676	-205	-946	-1,780
Repayment of Debt	-192	-490	-1,795	-1,319	-1,023	-2,270	-2,447
Payment of Dividends	-18	-28	-205	-208	-192	-121	0.00
Issuance of Debt	2,296	817	1,998	2,248	1,028	1,465	696
Other Financing Activities, net	-173	-208	-24	-24	-17	-21	-29
Cash Interest Paid	119	132	159	228	466	439	313

This table details how cash moves in and out of Claros Mortgage Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-116	37	-82	-25	-11	15	79	128	-165	-60	-28
Net Cash From Operating Activities	27	21	5.53	39	18	-36	-5.85	8.78	2.40	-6.48	-12
Net Cash From Continuing Operating Activities	27	21	5.53	39	18	-36	-5.85	8.78	2.40	-6.48	-12
Net Income / (Loss) Continuing Operations	34	-53	-12	-56	-101	-79	-182	-9.53	-219	-54	-255
Consolidated Net Income / (Loss)	34	-53	-12	-56	-101	-79	-182	-9.53	-219	-54	-255
Depreciation Expense	2.58	2.60	2.62	2.63	2.64	0.44	0.85	3.74	5.73	6.40	6.14
Amortization Expense	5.76	5.66	6.10	7.07	6.49	6.52	5.83	7.04	7.69	8.02	7.16
Non-Cash Adjustments To Reconcile Net Income	-6.01	65	26	101	121	58	196	8.88	215	56	238
Changes in Operating Assets and Liabilities, net	-9.07	1.21	-17	-15	-11	-22	-27	-1.36	-6.70	-23	-8.18
Net Cash From Investing Activities	-132	287	80	180	233	275	749	505	339	401	51
Net Cash From Continuing Investing Activities	-132	287	80	180	233	275	749	505	339	401	51
Purchase of Property, Plant & Equipment	-0.61	-0.47	-0.12	-0.14	-0.63	-0.05	-0.52	-0.91	-1.25	-2.26	-2.48
Sale and/or Maturity of Investments	-0.76	262	174	-	201	101	201	1.55	28	198	-7.03
Other Investing Activities, net	-130	25	-93	180	33	174	548	504	312	205	14
Net Cash From Financing Activities	-11	-271	-168	-244	-262	-224	-664	-386	-507	-454	-67
Net Cash From Continuing Financing Activities	-11	-271	-169	-244	-262	-224	-664	-386	-507	-454	-67
Repayment of Debt	-266	-385	-1,078	-438	-369	-441	-1,107	-393	-507	-944	-67
Repurchase of Common Equity	-	-	-	-	-	0.00	-	-	-	-0.49	-0.01
Issuance of Debt	292	155	948	239	123	223	453	15	5.72	511	0.95
Other Financing Activities, net	-1.24	-6.49	-2.66	-9.29	-2.62	-5.71	-10.00	-7.63	-5.48	-21	-1.23
Cash Interest Paid	120	117	116	109	97	92	85	73	63	54	49

This table presents Claros Mortgage Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	6,953	7,455	8,242	8,069	6,967	4,722
Total Current Assets	6,553	6,650	178	44	-144	-266
Cash & Equivalents	428	310	306	187	99	173
Other Current Assets	-	-	-129	-143	-	-439
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	399	805	8,064	8,025	7,111	4,987
Long-Term Investments	-	0.00	42	42	42	42
Noncurrent Note & Lease Receivables	338	162	7,489	7,282	6,467	4,054
Other Noncurrent Operating Assets	61	643	533	700	601	891
Total Liabilities & Shareholders' Equity	6,953	7,455	8,242	8,069	6,967	4,722
Total Liabilities	4,330	4,851	5,785	5,769	4,959	3,190
Total Current Liabilities	5.16	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	4,325	4,851	5,785	5,769	4,959	3,190
Long-Term Debt	1,566	956	1,150	1,116	947	727
Other Noncurrent Operating Liabilities	2,759	3,895	4,635	4,653	4,012	2,463
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,481	2,604	2,456	2,300	2,008	1,532
Total Preferred & Common Equity	2,446	2,567	0.00	0.00	0.00	1,532
Total Common Equity	3,593	2,567	2,456	2,300	2,008	1,532
Common Stock	2,493	2,728	2,714	2,727	2,741	2,754
Retained Earnings	526	-161	-257	-427	-733	-1,222

This table presents Claros Mortgage Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	8,484	8,401	8,048	7,756	7,585	7,308	6,656	5,823	5,442	4,164	3,835
Total Current Assets	299	149	166	61	-56	-115	-110	-117	38	-280	-475
Cash & Equivalents	427	253	307	233	148	114	128	209	340	117	90
Other Current Assets	-128	-104	-142	-171	-204	-	-237	-326	-302	-396	-566
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	8,186	8,251	7,883	7,695	7,640	7,423	6,766	5,940	5,404	4,444	4,311
Long-Term Investments	43	43	43	42	42	42	42	42	42	42	42
Noncurrent Note & Lease Receivables	7,611	7,520	7,155	6,979	6,913	6,696	5,976	5,208	4,515	3,504	3,356
Other Noncurrent Operating Assets	531	689	685	673	684	685	747	690	847	898	913
Total Liabilities & Shareholders' Equity	8,484	8,401	8,048	7,756	7,585	7,308	6,656	5,823	5,442	4,164	3,835
Total Liabilities	6,040	6,000	5,752	5,540	5,413	5,204	4,722	4,066	3,693	2,672	2,597
Total Current Liabilities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	6,040	6,000	5,752	5,540	5,413	5,204	4,722	4,066	3,693	2,672	2,597
Long-Term Debt	1,177	1,196	1,199	1,075	1,056	1,294	875	877	883	466	468
Other Noncurrent Operating Liabilities	4,863	4,804	4,552	4,465	4,357	3,910	3,847	3,189	2,809	2,206	2,130
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,444	2,400	2,297	2,216	2,171	2,104	1,935	1,757	1,749	1,493	1,238
Total Preferred & Common Equity	0.00	0.00	0.00	0.00	2,171	2,104	1,935	1,757	1,749	1,493	1,238
Total Common Equity	2,444	2,400	2,297	2,216	2,171	2,104	1,935	1,757	1,749	1,493	1,238
Common Stock	2,717	2,722	2,722	2,731	2,734	2,737	2,747	2,751	2,752	2,770	2,770
Retained Earnings	-273	-321	-425	-515	-562	-633	-812	-994	-1,003	-1,277	-1,532

This table displays calculated financial ratios and metrics derived from Claros Mortgage Trust's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	0.00	133,433,487.00	-	-	-	140,218,764.00
DEI Adjusted Shares Outstanding	0.00	0.00	133,433,487.00	-	-	-	140,218,764.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	1.28	-	-	-	-3.49
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	9.65%	-4.04%	9.34%	6.74%	-71.51%	18.27%
EBITDA Growth	0.00%	23.49%	-17.92%	14.03%	-9.91%	-166.46%	48.54%
EBIT Growth	0.00%	21.72%	-23.74%	16.45%	-13.80%	-202.08%	36.81%
NOPAT Growth	0.00%	22.08%	-27.33%	2.02%	-3.93%	-135.93%	2.99%
Net Income Growth	0.00%	18.17%	-17.15%	-34.18%	-94.63%	-3,771.23%	-121.03%
EPS Growth	0.00%	0.66%	-16.45%	-37.80%	-97.47%	-8,100.00%	-118.13%
Operating Cash Flow Growth	0.00%	8.45%	52.00%	-48.01%	0.10%	-23.95%	-136.04%
Free Cash Flow Firm Growth	0.00%	0.00%	118.76%	-77.67%	49.97%	43.02%	124.87%
Invested Capital Growth	0.00%	0.00%	-13.60%	0.27%	-2.20%	-11.71%	-27.36%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	-1.43%	3.10%	-66.93%	1,933.71%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-0.53%	6.69%	-190.47%	74.36%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-1.06%	7.80%	-252.83%	64.40%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.08%	46.29%	-176.81%	56.92%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-26.12%	111.89%	-155.73%	-31.98%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-26.85%	105.13%	-150.00%	-31.70%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	12.88%	-30.62%	7.01%	-9.60%	-109.65%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-36.50%	1,377.54%	-17.48%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-4.00%	1.28%	-13.22%	-9.20%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	75.04%	84.51%	72.28%	75.38%	63.62%	-148.38%	-64.56%
Operating Margin	69.67%	77.57%	58.74%	54.81%	49.33%	-88.87%	-72.89%
EBIT Margin	69.67%	77.33%	61.46%	65.46%	52.86%	-189.38%	-101.18%
Profit (Net Income) Margin	69.73%	75.14%	64.87%	39.05%	1.97%	-253.31%	-473.39%
Tax Burden Percent	100.08%	100.00%	100.00%	100.00%	100.00%	2,605.88%	2,285.16%
Interest Burden Percent	100.00%	97.17%	105.55%	59.66%	3.72%	5.13%	20.48%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	11.29%	4.40%	4.84%	4.69%	-1.81%	-2.17%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	10.12%	6.21%	-1.42%	-12.51%	-21.54%	-68.45%
Return on Net Nonoperating Assets (RNNOA)	0.00%	4.40%	2.12%	-0.41%	-4.44%	-8.46%	-25.46%
Return on Equity (ROE)	0.00%	15.69%	6.52%	4.43%	0.25%	-10.27%	-27.63%
Cash Return on Invested Capital (CROIC)	0.00%	-188.71%	18.99%	4.57%	6.92%	10.63%	29.53%
Operating Return on Assets (OROA)	0.00%	3.04%	2.24%	2.40%	1.99%	-2.20%	-1.79%
Return on Assets (ROA)	0.00%	2.96%	2.37%	1.43%	0.07%	-2.94%	-8.37%
Return on Common Equity (ROCE)	0.00%	21.49%	7.68%	4.40%	0.25%	-10.27%	-27.63%
Return on Equity Simple (ROE_SIMPLE)	0.00%	8.41%	6.64%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	174	212	154	157	151	-54	-53
NOPAT Margin	69.67%	77.57%	58.74%	54.81%	49.33%	-62.21%	-51.02%
Net Nonoperating Expense Percent (NNEP)	0.00%	1.17%	-1.81%	6.25%	17.20%	19.73%	66.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	4.36%	4.43%	-1.84%	-2.33%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	1.36%	3.29%	4.79%	6.51%	5.42%	17.98%	19.35%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.33%	22.43%	41.26%	45.19%	50.67%	188.87%	172.89%
Earnings before Interest and Taxes (EBIT)	174	212	161	188	162	-165	-105
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	187	231	190	216	195	-130	-67
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.03	0.66	0.70	0.77	0.31	0.28
Price to Tangible Book Value (P/TBV)	0.00	0.03	0.66	0.70	0.77	0.31	0.28
Price to Revenue (P/Rev)	0.41	0.38	6.44	5.95	5.74	7.21	4.15
Price to Earnings (P/E)	0.61	0.51	9.92	15.24	292.14	0.00	0.00
Dividend Yield	0.00%	0.00%	2.92%	11.99%	9.77%	18.81%	0.00%
Earnings Yield	163.75%	196.41%	10.08%	6.56%	0.34%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.38	0.73	0.77	0.83	0.51	0.46
Enterprise Value to Revenue (EV/Rev)	0.00	5.18	9.04	8.74	8.64	16.43	9.11
Enterprise Value to EBITDA (EV/EBITDA)	0.00	6.13	12.51	11.59	13.57	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	6.70	14.71	13.35	16.34	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	6.68	15.39	15.95	17.51	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	10.10	11.12	22.61	23.82	16.98	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	3.57	16.88	11.87	4.50	1.31
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.60	0.37	0.47	0.49	0.47	0.47
Long-Term Debt to Equity	0.00	0.60	0.37	0.47	0.49	0.47	0.47
Financial Leverage	0.00	0.43	0.34	0.29	0.36	0.39	0.37
Leverage Ratio	0.00	2.65	2.76	3.10	3.43	3.49	3.30
Compound Leverage Factor	0.00	2.58	2.91	1.85	0.13	0.18	0.68
Debt to Total Capital	0.00%	37.39%	26.84%	31.89%	32.68%	32.04%	32.18%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	37.39%	26.84%	31.89%	32.68%	32.04%	32.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	4.22%	1.06%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	85.78%	72.10%	68.11%	67.32%	67.96%	67.82%
Debt to EBITDA	0.00	6.77	5.03	5.31	5.72	-7.30	-10.90
Net Debt to EBITDA	0.00	4.92	3.40	3.70	4.55	-6.21	-7.67
Long-Term Debt to EBITDA	0.00	6.77	5.03	5.31	5.72	-7.30	-10.90
Debt to NOPAT	0.00	7.38	6.19	7.31	7.38	-17.42	-13.79
Net Debt to NOPAT	0.00	5.36	4.18	5.09	5.86	-14.82	-9.71
Long-Term Debt to NOPAT	0.00	7.38	6.19	7.31	7.38	-17.42	-13.79
Altman Z-Score	0.00	1.39	1.36	0.27	0.22	-0.16	-0.40
Noncontrolling Interest Sharing Ratio	0.00%	-37.01%	-17.85%	0.74%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1,269.04	0.00	0.00	0.00	0.00	0.00
Quick Ratio	0.00	1,269.04	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-3,549	666	149	223	319	717
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	4,738.71%	5,310.08%	6,265.16%	-1,119.03%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	75.84	0.72	2.34
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	37.80	0.19	-0.10
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	37.09	0.19	-0.11
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.04	0.04	0.04	0.04	0.01	0.02
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	3,761	3,250	3,258	3,187	2,813	2,043
Invested Capital Turnover	0.00	0.15	0.07	0.09	0.10	0.03	0.04
Increase / (Decrease) in Invested Capital	0.00	3,761	-511	8.73	-72	-373	-770
Enterprise Value (EV)	0.00	1,418	2,375	2,510	2,647	1,435	941
Market Capitalization	103	103	1,692	1,708	1,761	630	429
Book Value per Share	$0.00	$27.02	$19.24	$17.75	$16.58	$14.41	$10.93
Tangible Book Value per Share	$0.00	$27.02	$19.24	$17.75	$16.58	$14.41	$10.93
Total Capital	0.00	4,188	3,560	3,607	3,416	2,955	2,259
Total Debt	0.00	1,566	956	1,150	1,116	947	727
Total Long-Term Debt	0.00	1,566	956	1,150	1,116	947	727
Net Debt	0.00	1,139	645	802	887	805	512
Capital Expenditures (CapEx)	0.00	0.00	0.00	2.34	2.09	1.35	2.72
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	6,121	6,340	-129	-143	-243	-439
Debt-free Net Working Capital (DFNWC)	0.00	6,548	6,650	178	44	-144	-266
Net Working Capital (NWC)	0.00	6,548	6,650	178	44	-144	-266
Net Nonoperating Expense (NNE)	-0.14	6.64	-16	45	145	167	436
Net Nonoperating Obligations (NNO)	0.00	1,139	645	802	887	805	512
Total Depreciation and Amortization (D&A)	13	20	28	28	33	36	38
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	2,236.20%	2,413.90%	-44.79%	-46.63%	-278.23%	-424.69%
Debt-free Net Working Capital to Revenue	0.00%	2,392.39%	2,532.00%	61.91%	14.47%	-164.80%	-257.05%
Net Working Capital to Revenue	0.00%	2,392.39%	2,532.00%	61.91%	14.47%	-164.80%	-257.05%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.27	$0.79	$0.02	($1.60)	($3.49)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	134.54M	139.31M	138.62M	139.23M	140.15M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.27	$0.79	$0.02	($1.60)	($3.49)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	134.54M	139.31M	138.62M	139.23M	140.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	139.69M	139.38M	138.75M	139.36M	140.22M
Normalized Net Operating Profit after Tax (NOPAT)	122	149	108	110	106	-54	-53
Normalized NOPAT Margin	48.77%	54.30%	41.12%	38.36%	34.53%	-62.21%	-51.02%
Pre Tax Income Margin	69.67%	75.14%	64.87%	39.05%	1.97%	-9.72%	-20.72%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	55.12	-0.37	-0.34
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	51.43	-0.12	-0.17
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	54.41	-0.38	-0.35
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	50.72	-0.13	-0.18
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	10.38%	13.61%	120.28%	185.54%	3,188.30%	-54.54%	0.00%
Augmented Payout Ratio	13.16%	14.08%	130.06%	204.88%	3,188.30%	-54.54%	0.00%

This table displays calculated financial ratios and metrics derived from Claros Mortgage Trust's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	139,362,657.00	139,362,657.00	139,822,001.00	140,218,764.00	140,218,764.00	140,218,764.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	139,362,657.00	139,362,657.00	139,822,001.00	140,218,764.00	140,218,764.00	140,218,764.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-0.56	-1.30	-0.07	-1.56	-0.39	-1.82
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.82%	-14.87%	-20.31%	-19.46%	-232.73%	-26.26%	-19.93%	-55.29%	108.04%	-31.94%	-42.45%
EBITDA Growth	32.78%	-30.51%	-38.91%	-36.21%	-551.15%	-204.22%	-51.58%	-80.35%	86.58%	91.42%	-320.44%
EBIT Growth	39.81%	-38.58%	-47.37%	-46.15%	-664.76%	-280.35%	-62.01%	-118.74%	81.33%	53.93%	-617.03%
NOPAT Growth	58.83%	-57.30%	-62.25%	-43.64%	-506.57%	-70.75%	-61.63%	-207.44%	69.38%	-396.60%	-315.14%
Net Income Growth	250.28%	-243.94%	-371.67%	18.46%	-395.80%	-48.92%	-1,472.68%	83.05%	-117.69%	30.94%	-40.57%
EPS Growth	241.18%	-250.00%	-550.00%	20.00%	-400.00%	-43.59%	-1,344.44%	82.50%	-116.67%	30.36%	-39.23%
Operating Cash Flow Growth	36.36%	10.16%	-75.34%	-6.56%	-32.87%	-266.53%	-205.85%	-77.60%	-86.92%	81.90%	-106.75%
Free Cash Flow Firm Growth	694.02%	123.70%	1,585.34%	-128.84%	114.73%	155.15%	135.06%	1,322.95%	215.85%	117.49%	20.64%
Invested Capital Growth	-2.20%	-4.30%	-8.01%	3.04%	-11.71%	-12.49%	-21.53%	-30.58%	-27.36%	-31.81%	-33.98%
Revenue Q/Q Growth	-5.69%	223.48%	9.63%	0.60%	-255.43%	143.01%	254.52%	-43.82%	-72.06%	264.16%	0.66%
EBITDA Q/Q Growth	-3.76%	-27.24%	12.30%	1.82%	-780.60%	86.61%	126.55%	-58.67%	-564.76%	91.44%	-1,284.84%
EBIT Q/Q Growth	-4.14%	-34.28%	15.00%	-1.64%	-1,105.43%	84.14%	113.59%	-148.51%	-901.55%	60.86%	-187.53%
NOPAT Q/Q Growth	23.88%	-37.31%	18.92%	-1.52%	-993.61%	102.80%	138.69%	-375.77%	-154.67%	72.92%	-13.13%
Net Income Q/Q Growth	149.38%	-255.08%	78.12%	-386.57%	-79.12%	21.92%	-131.11%	94.76%	-2,200.70%	75.23%	-370.46%
EPS Q/Q Growth	148.00%	-262.50%	76.92%	-344.44%	-80.00%	22.22%	-132.14%	94.62%	-2,128.57%	75.00%	-364.10%
Operating Cash Flow Q/Q Growth	-34.87%	-21.30%	-74.29%	609.05%	-53.21%	-295.24%	83.66%	250.05%	-72.67%	-370.14%	-86.65%
Free Cash Flow Firm Q/Q Growth	-61.25%	-30.34%	88.27%	-128.37%	388.53%	65.58%	83.15%	47.58%	-25.48%	14.02%	-3.80%
Invested Capital Q/Q Growth	1.28%	-1.65%	0.70%	6.75%	-13.22%	-6.19%	-9.70%	-5.56%	-9.20%	-11.94%	-12.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	65.17%	48.79%	49.98%	50.59%	0.00%	-68.97%	30.23%	22.23%	-369.81%	-8.69%	-119.59%
Operating Margin	46.43%	33.28%	36.10%	35.34%	0.00%	13.20%	17.30%	-59.44%	-541.71%	-57.54%	-64.67%
EBIT Margin	54.19%	34.75%	36.46%	35.64%	0.00%	-85.00%	17.30%	-14.94%	-535.37%	-57.54%	-164.37%
Profit (Net Income) Margin	44.81%	-89.75%	-17.92%	-86.65%	0.00%	-181.26%	-351.93%	-32.85%	-2,704.31%	-183.93%	-859.66%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	-89.85%	100.06%	100.62%	-74.84%	-119.19%	100.00%	99.11%
Interest Burden Percent	82.69%	-258.27%	-49.15%	-243.12%	-48.21%	213.13%	-2,021.73%	-293.84%	-423.79%	319.64%	527.70%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	4.42%	2.24%	2.23%	2.05%	0.00%	0.24%	0.14%	0.00%	-23.05%	-1.62%	-1.55%
ROIC Less NNEP Spread (ROIC-NNEP)	4.27%	-6.59%	-0.92%	-5.23%	0.00%	-10.75%	-25.07%	0.00%	-49.67%	-10.01%	-51.90%
Return on Net Nonoperating Assets (RNNOA)	1.52%	-2.13%	-0.36%	-2.36%	0.00%	-3.90%	-9.52%	0.00%	-18.48%	-2.95%	-16.65%
Return on Equity (ROE)	5.93%	0.11%	1.88%	-0.31%	0.00%	-3.66%	-9.38%	-19.24%	-41.52%	-4.58%	-18.20%
Cash Return on Invested Capital (CROIC)	6.92%	7.54%	10.97%	-0.78%	10.63%	11.05%	20.65%	31.64%	29.53%	33.41%	36.47%
Operating Return on Assets (OROA)	2.04%	1.27%	1.28%	1.23%	0.00%	-0.85%	0.08%	0.00%	-9.46%	-0.95%	-2.30%
Return on Assets (ROA)	1.68%	-3.27%	-0.63%	-2.98%	0.00%	-1.81%	-1.59%	0.00%	-47.80%	-3.04%	-12.02%
Return on Common Equity (ROCE)	5.93%	0.11%	1.88%	-0.31%	0.00%	-3.66%	-9.38%	-19.24%	-41.52%	-4.58%	-18.20%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-4.57%	-4.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	35	14	16	16	-143	4.01	6.25	-17	-44	-12	-13
NOPAT Margin	46.43%	23.30%	25.27%	24.74%	0.00%	9.24%	12.11%	-59.44%	-541.71%	-40.28%	-45.27%
Net Nonoperating Expense Percent (NNEP)	0.15%	8.83%	3.15%	7.27%	-5.05%	10.99%	25.21%	-0.94%	26.62%	8.39%	50.35%
Return On Investment Capital (ROIC_SIMPLE)	1.03%	-	-	-	-4.85%	0.14%	0.24%	-0.66%	-1.94%	-0.61%	-0.79%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	4.77%	6.59%	7.51%	5.62%	0.00%	9.84%	9.75%	16.59%	72.40%	10.88%	15.89%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	53.57%	66.72%	63.90%	64.66%	0.00%	86.80%	82.70%	159.44%	641.71%	157.54%	164.67%
Earnings before Interest and Taxes (EBIT)	41	20	24	23	-232	-37	8.93	-4.33	-43	-17	-49
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	50	29	32	33	-223	-30	16	6.45	-30	-2.57	-36
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.77	0.59	0.51	0.49	0.31	0.27	0.23	0.27	0.28	0.22	0.27
Price to Tangible Book Value (P/TBV)	0.77	0.59	0.51	0.49	0.31	0.27	0.23	0.27	0.28	0.22	0.27
Price to Revenue (P/Rev)	5.74	4.43	3.98	3.94	7.21	7.23	13.14	0.00	4.15	3.73	4.88
Price to Earnings (P/E)	292.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	9.77%	11.84%	12.47%	11.35%	18.81%	22.79%	29.82%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.83	0.70	0.65	0.67	0.51	0.46	0.43	0.43	0.46	0.36	0.42
Enterprise Value to Revenue (EV/Rev)	8.64	7.13	7.07	8.25	16.43	17.03	33.84	0.00	9.11	7.16	9.84
Enterprise Value to EBITDA (EV/EBITDA)	13.57	11.58	12.22	15.21	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	16.34	14.15	15.45	20.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	17.51	21.75	23.79	30.80	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	23.82	18.67	20.55	23.30	16.98	44.94	64.46	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	11.87	9.08	5.69	0.00	4.50	3.92	1.83	1.11	1.31	0.86	0.92
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.49	0.49	0.49	0.62	0.47	0.45	0.50	0.51	0.47	0.31	0.38
Long-Term Debt to Equity	0.49	0.49	0.49	0.62	0.47	0.45	0.50	0.51	0.47	0.31	0.38
Financial Leverage	0.36	0.32	0.39	0.45	0.39	0.36	0.38	0.43	0.37	0.30	0.32
Leverage Ratio	3.43	3.49	3.50	3.49	3.49	3.47	3.41	3.31	3.30	3.16	3.22
Compound Leverage Factor	2.84	-9.00	-1.72	-8.48	-1.68	7.40	-69.00	-9.72	-13.99	10.09	17.02
Debt to Total Capital	32.68%	32.66%	32.72%	38.09%	32.04%	31.13%	33.30%	33.56%	32.18%	23.77%	27.42%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	32.68%	32.66%	32.72%	38.09%	32.04%	31.13%	33.30%	33.56%	32.18%	23.77%	27.42%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	67.32%	67.34%	67.28%	61.91%	67.96%	68.87%	66.70%	66.44%	67.82%	76.23%	72.58%
Debt to EBITDA	5.72	5.89	6.52	9.03	-7.30	-4.65	-3.75	-3.40	-10.90	-11.83	-5.14
Net Debt to EBITDA	4.55	4.38	5.35	7.94	-6.21	-3.74	-2.68	-1.93	-7.67	-7.79	-3.68
Long-Term Debt to EBITDA	5.72	5.89	6.52	9.03	-7.30	-4.65	-3.75	-3.40	-10.90	-11.83	-5.14
Debt to NOPAT	7.38	11.07	12.70	18.30	-17.42	-13.66	-9.31	-7.22	-13.79	-4.75	-5.30
Net Debt to NOPAT	5.86	8.24	10.41	16.09	-14.82	-11.00	-6.64	-4.10	-9.71	-3.13	-3.80
Long-Term Debt to NOPAT	7.38	11.07	12.70	18.30	-17.42	-13.66	-9.31	-7.22	-13.79	-4.75	-5.30
Altman Z-Score	0.17	0.11	0.06	0.03	-0.19	-0.13	-0.19	-0.18	-0.36	-0.43	-0.66
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	107	149	281	-80	230	381	660	974	726	828	796
Operating Cash Flow to CapEx	4,505.78%	4,621.08%	4,762.93%	29,018.52%	2,895.58%	-73,030.61%	-1,126.78%	967.48%	192.30%	-286.13%	-486.95%
Free Cash Flow to Firm to Interest Expense	58.33	46.01	256.91	-145.09	0.52	695.71	0.00	13.56	5.01	140.33	0.00
Operating Cash Flow to Interest Expense	14.88	6.63	5.05	71.36	0.04	-65.42	0.00	0.12	0.02	-1.10	0.00
Operating Cash Flow Less CapEx to Interest Expense	14.55	6.48	4.95	71.11	0.04	-65.51	0.00	0.11	0.01	-1.48	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.03	0.01	0.01	0.00	0.00	0.02	0.02	0.01
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,187	3,016	3,037	3,242	2,813	2,639	2,383	2,250	2,043	1,799	1,573
Invested Capital Turnover	0.10	0.10	0.09	0.08	0.03	0.03	0.01	0.00	0.04	0.04	0.03
Increase / (Decrease) in Invested Capital	-72	-135	-265	96	-373	-377	-654	-991	-770	-840	-810
Enterprise Value (EV)	2,647	2,112	1,978	2,179	1,435	1,224	1,023	966	941	640	665
Market Capitalization	1,761	1,312	1,113	1,041	630	520	397	464	429	334	330
Book Value per Share	$16.58	$15.97	$15.65	$15.14	$14.41	$13.88	$12.61	$12.51	$10.93	$10.65	$8.83
Tangible Book Value per Share	$16.58	$15.97	$15.65	$15.14	$14.41	$13.88	$12.61	$12.51	$10.93	$10.65	$8.83
Total Capital	3,416	3,291	3,227	3,398	2,955	2,809	2,634	2,632	2,259	1,958	1,706
Total Debt	1,116	1,075	1,056	1,294	947	875	877	883	727	466	468
Total Long-Term Debt	1,116	1,075	1,056	1,294	947	875	877	883	727	466	468
Net Debt	887	800	865	1,138	805	704	626	502	512	307	335
Capital Expenditures (CapEx)	0.61	0.47	0.12	0.14	0.63	0.05	0.52	0.91	1.25	2.26	2.48
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-143	-171	-204	-229	-243	-237	-326	-302	-439	-396	-566
Debt-free Net Working Capital (DFNWC)	44	61	-56	-115	-144	-110	-117	38	-266	-280	-475
Net Working Capital (NWC)	44	61	-56	-115	-144	-110	-117	38	-266	-280	-475
Net Nonoperating Expense (NNE)	1.23	66	28	72	-43	83	188	-7.71	175	42	242
Net Nonoperating Obligations (NNO)	887	800	865	1,138	805	704	626	502	512	307	335
Total Depreciation and Amortization (D&A)	8.34	8.26	8.72	9.70	9.13	6.95	6.67	11	13	14	13
Debt-free, Cash-free Net Working Capital to Revenue	-46.63%	-57.83%	-72.81%	-86.79%	-278.23%	-330.18%	-1,078.49%	0.00%	-424.69%	-443.16%	-837.41%
Debt-free Net Working Capital to Revenue	14.47%	20.65%	-19.85%	-43.67%	-164.80%	-152.39%	-386.54%	0.00%	-257.05%	-312.62%	-703.66%
Net Working Capital to Revenue	14.47%	20.65%	-19.85%	-43.67%	-164.80%	-152.39%	-386.54%	0.00%	-257.05%	-312.62%	-703.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.24	($0.39)	($0.09)	($0.40)	($0.72)	($0.56)	($1.30)	($0.07)	($1.56)	($0.39)	($1.81)
Adjusted Weighted Average Basic Shares Outstanding	138.62M	138.79M	139.08M	139.56M	139.23M	139.48M	140.11M	140.56M	140.15M	140.46M	141.42M
Adjusted Diluted Earnings per Share	$0.24	($0.39)	($0.09)	($0.40)	($0.72)	($0.56)	($1.30)	($0.07)	($1.56)	($0.39)	($1.81)
Adjusted Weighted Average Diluted Shares Outstanding	138.62M	138.79M	139.08M	139.56M	139.23M	139.48M	140.11M	140.56M	140.15M	140.46M	141.42M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	138.75M	138.75M	138.95M	139.36M	139.36M	139.36M	139.82M	140.22M	140.22M	140.22M	141.08M
Normalized Net Operating Profit after Tax (NOPAT)	25	14	16	16	-100	4.01	6.25	-12	-31	-12	-13
Normalized NOPAT Margin	32.50%	23.30%	25.27%	24.74%	0.00%	9.24%	12.11%	-41.61%	-379.20%	-40.28%	-45.27%
Pre Tax Income Margin	44.81%	-89.75%	-17.92%	-86.65%	0.00%	-181.15%	-349.75%	43.89%	2,268.81%	-183.93%	-867.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	22.43	6.31	21.51	42.12	-0.53	-67.40	0.00	-0.06	-0.30	-2.88	0.00
NOPAT to Interest Expense	19.22	4.23	14.91	29.23	-0.33	7.33	0.00	-0.24	-0.30	-2.02	0.00
EBIT Less CapEx to Interest Expense	22.10	6.16	21.40	41.87	-0.53	-67.49	0.00	-0.07	-0.31	-3.26	0.00
NOPAT Less CapEx to Interest Expense	18.89	4.08	14.80	28.99	-0.33	7.24	0.00	-0.25	-0.31	-2.40	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	3,188.30%	-210.30%	-159.90%	-163.91%	-54.54%	0.00%	-11.92%	-3.83%	0.00%	0.00%	0.00%
Augmented Payout Ratio	3,188.30%	-210.30%	-159.90%	-163.91%	-54.54%	0.00%	-11.92%	-3.83%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Claros Mortgage Trust (NYSE: CMTG) has seen a dramatic deterioration in fundamentals over the last few years, with the latest quarter showing only partial stabilization after a very weak 2025. The company remains highly levered, profitability is inconsistent, and book equity has been pressured by recurring losses and balance sheet changes. While Q1 2026 showed a much smaller loss than late 2025, the broader trend still looks fragile.

Q1 2026 operating revenue improved slightly year over year, rising to $29.5 million from $29.0 million in Q3 2025 and above the very weak Q4 2025 level of $8.1 million.
Operating cash flow turned better in Q1 2026 than in the prior quarter, with net cash from operating activities at a negative $6.5 million versus positive $2.4 million in Q4 2025, but still far better than the deeply negative periods seen in early 2025.
Cash and equivalents increased sharply from the end of 2025, reaching $116.8 million versus $20.9 million at Q4 2025, suggesting the company entered 2026 with improved liquidity.
Total equity held up at $1.49 billion in Q1 2026, giving the company a meaningful equity cushion despite ongoing volatility.
Interest expense was materially lower in Q1 2026 at $5.9 million compared with $144.8 million in Q4 2025, reflecting a major normalization from the prior quarter’s unusually heavy interest burden.
Asset composition is dominated by noncurrent note and lease receivables, which totaled $3.50 billion in Q1 2026. For mortgage trusts, that concentration can support earnings when credit conditions are stable, but it also leaves the company exposed to valuation and credit-risk swings.
The balance sheet no longer shows current liabilities, which may indicate a simplified near-term working-capital profile, though the filing data also appears unusual in places and should be interpreted cautiously.
Share count has been relatively stable, with weighted average basic shares around 140.5 million in Q1 2026 versus 139.2 million in Q1 2025, so dilution has not been the primary issue recently.
Q1 2026 net loss was still substantial at $54.3 million, or $0.39 per share, showing the business is not yet consistently profitable.
Operating income remained negative in Q1 2026 at a loss of $17.0 million, meaning core operations still did not cover expenses.
Long-term debt remained significant at $465.6 million in Q1 2026, and the broader leverage burden remains a major risk for shareholders.
Retained earnings stayed deeply negative at $1.28 billion, underscoring years of accumulated losses.
The longer-term trend is clearly unfavorable: total assets fell from $8.49 billion in Q1 2023 to $4.16 billion in Q1 2026, while total liabilities have remained elevated relative to equity.
2025 was especially weak, with Q4 2025 posting a $219.2 million net loss and Q2 2025 a $181.7 million loss, highlighting how volatile results can be quarter to quarter.

Bottom line: CMTG appears to have stabilized somewhat in early 2026, but the company is still operating with thin profitability, meaningful leverage, and a history of very uneven cash generation. Investors should view the latest quarter as a modest improvement, not yet a turnaround.

08/03/26 01:02 AM ETAI Generated. May Contain Errors.

Claros Mortgage Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Claros Mortgage Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Claros Mortgage Trust's net income appears to be on an upward trend, with a most recent value of -$489.07 million in 2025, falling from $174.05 million in 2019. The previous period was -$221.27 million in 2024. View Claros Mortgage Trust's forecast to see where analysts expect Claros Mortgage Trust to go next.

Claros Mortgage Trust's total operating income in 2025 was -$75.31 million, based on the following breakdown:

Total Gross Profit: $103.31 million
Total Operating Expenses: $178.62 million

Over the last 6 years, Claros Mortgage Trust's total revenue changed from $249.61 million in 2019 to $103.31 million in 2025, a change of -58.6%.

Claros Mortgage Trust's total liabilities were at $3.19 billion at the end of 2025, a 35.7% decrease from 2024, and a 26.3% decrease since 2020.

In the past 5 years, Claros Mortgage Trust's cash and equivalents has ranged from $99.08 million in 2024 to $427.51 million in 2020, and is currently $173.19 million as of their latest financial filing in 2025.

Over the last 6 years, Claros Mortgage Trust's book value per share changed from 0.00 in 2019 to 10.93 in 2025, a change of 1,092.5%.

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Financial statements for NYSE:CMTG last updated on 7/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Claros Mortgage Trust (CMTG) Financials

Financials Breakdown Chart

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Claros Mortgage Trust Financials - Frequently Asked Questions

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Claros Mortgage Trust (CMTG) Financials

Annual Income Statements for Claros Mortgage Trust

Quarterly Income Statements for Claros Mortgage Trust

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Quarterly Cash Flow Statements for Claros Mortgage Trust

Annual Balance Sheets for Claros Mortgage Trust

Quarterly Balance Sheets for Claros Mortgage Trust

Annual Metrics And Ratios for Claros Mortgage Trust

Quarterly Metrics And Ratios for Claros Mortgage Trust

Financials Breakdown Chart

Key Financial Trends

Claros Mortgage Trust Financials - Frequently Asked Questions

When does Claros Mortgage Trust's fiscal year end?

How has Claros Mortgage Trust's net income changed over the last 6 years?

What is Claros Mortgage Trust's operating income?

How has Claros Mortgage Trust's revenue changed over the last 6 years?

How much debt does Claros Mortgage Trust have?

How much cash does Claros Mortgage Trust have?

How has Claros Mortgage Trust's book value per share changed over the last 6 years?

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