Claros Mortgage Trust

What Claros Mortgage Trust does

Claros Mortgage Trust, Inc. (NYSE: CMTG) is a publicly traded real estate investment trust founded in 2016 and taken public via IPO in 2018. The company is externally managed and advised by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P. (MRECS), which itself is affiliated with Mack Real Estate Group, LLC (MREG). CMTG originates and holds senior and subordinate loans secured by transitional commercial real estate assets in major U.S. markets, with origination tickets ranging from $50 million to $300 million aimed at experienced, well-capitalized sponsors executing complex repositioning or business plans. The company's stated differentiator is an 'ownership mindset' underwriting approach, treating each loan as a direct capital partnership rather than a transactional extension of credit.

The business model is fundamentally that of a leveraged, externally managed CRE debt vehicle. Revenue is generated primarily through interest income on the loan portfolio (with a weighted average all-in yield of 5.6% as of Q1 2026) supplemented by origination and exit fees, plus earnings from real estate owned (REO) assets taken back through foreclosure. The company is required as a REIT to distribute at least 90% of REIT taxable income as dividends, though distributions were suspended throughout 2025 due to losses. CMTG is listed on NYSE with six sell-side analysts providing coverage and has only 1-10 direct employees given its external management structure. As of Q1 2026 the loan portfolio stood at $3.2 billion against $10.33 book value per share, $132 million of total liquidity, and 1.7x net debt/equity. Recent operating history is dominated by credit deterioration: a $489.1 million net loss in 2025 driven by CECL provisions and resolutions of 21 loans totaling $2.5 billion of unpaid principal balance, followed by a $500 million refinancing from HPS Investment Partners (now part of BlackRock) in February 2026 that retired the prior Term Loan B and issued detachable warrants on 7.5 million shares at $4.00.

Name

Claros Mortgage Trust

Legal name

Claros Mortgage Trust, Inc.

Website

https://clarosmortgage.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Claros Mortgage Trust (NYSE: CMTG) is a publicly traded REIT that originates and holds senior and subordinate loans on transitional commercial real estate assets in major U.S. markets, serving experienced and well-capitalized property sponsors with $50M-$300M financing tickets.

Ownership category

akta.pro rank

Product category

Commercial Mortgage REIT

NAICS

Real Estate Credit (522292), Credit Intermediation and Related Activities (522), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Balance-Sheet / Portfolio CRE Lending (FSALADAG)

akta.pro secondary industry

CRE Bridge & Transitional Lending (FSALADAC)

Keywords

• Commercial real estate lending
• Transitional CRE loans
• Senior mortgage loans
• Subordinate debt origination
• Commercial mortgage REIT

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Technology or R&D

Revenue model

1. Interest Income on Loans: CMTG generates revenue primarily through interest income from its portfolio of senior and subordinate loans on transitional commercial real estate assets. The weighted average all-in yield on the loan portfolio was 5.6% as of March 31, 2026.
2. Loan Origination Fees: The company earns fees from originating commercial real estate loans, including potential exit fees upon loan resolution or payoff.
3. Real Estate Owned Operations: CMTG generates earnings from REO assets obtained through foreclosures, with the hotel portfolio producing distributable losses due to expected seasonality.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Claros Mortgage Trust originates and holds senior and subordinate loans on transitional commercial real estate assets located in major U.S. markets. The company targets individual loan opportunities ranging from $50 million to $300 million, secured by high-quality CRE assets underwritten to complex business plans sponsored by experienced and well-capitalized real estate operators. The trust is externally managed by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies.

Product overview

Claros Mortgage Trust operates as a single focused REIT product — a real estate investment trust that originates senior and subordinate loans on transitional commercial real estate assets in major U.S. markets. The company is externally managed by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P. The primary offering is the CMTG stock (NYSE: CMTG), which represents an investment vehicle for investors seeking exposure to commercial real estate debt.

Differentiator

Problem solved

Functional benefit

Products and services

• Claros Mortgage Trust (CMTG) - Transitional CRE Loan Origination REIT that originates and holds senior and subordinate loans on transitional commercial real estate assets in major U.S. markets, with individual loan sizes ranging from $50 million to $300 million, targeted at experienced and well-capitalized CRE sponsors with complex business plans. Externally managed by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P.

Quantifiable outcome

• $2.5 billion in loan resolutions in 2025, exceeding $2 billion target
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators12 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Ladder Capital: NYSE-listed internally-managed CRE finance REIT (LADR) originating senior loans, transitional first mortgages, and CRE mezzanine debt. Comparable in CRE loan focus, though internally rather than externally managed.
• Starwood Property Trust: NYSE-listed CRE finance REIT (STWD) managed by Starwood Capital, with a significant transitional and senior CRE mortgage business alongside CMBS and real estate equity. Comparable as a publicly traded CRE mortgage REIT with sponsor alignment.
• BrightSpire Capital: NYSE-listed externally-managed CRE finance REIT (BRSP) with a senior transitional mortgage loan book alongside CRE equity and mezzanine debt. Comparable to CMTG in product set and external manager structure.
• Ares Commercial Real Estate: NYSE-listed CRE finance REIT (ACRE) externally managed by an Ares affiliate, originating senior and subordinate loans on transitional, value-add, and stabilized CRE. Comparable in loan size and CRE debt strategy.
• TPG RE Finance Trust: NYSE-listed CRE mortgage REIT (TRTX) externally managed by a TPG affiliate, focused on senior loans on transitional CRE. Closely comparable to CMTG in target borrowers, loan size ($50–300M+), and 'ownership mindset' orientation.
• KKR Real Estate Finance Trust: NYSE-listed CRE mortgage REIT (KREF) externally managed by a KKR affiliate, originating senior loans on transitional CRE. Highly comparable to CMTG in loan size, asset class focus, and sponsor-backed origination model.
• Apollo Commercial Real Estate Finance: NYSE-listed CRE mortgage REIT (ARI) externally managed by an Apollo affiliate, originating senior and subordinate loans on transitional CRE. Comparable in product mix, sponsor structure, and loan profile to CMTG.
• Blackstone Mortgage Trust: NYSE-listed CRE mortgage REIT (BXMT) externally managed by a Blackstone affiliate, originating senior loans on transitional and stabilized institutional-quality CRE in major U.S. and European markets. Closest comparable to CMTG in business model, asset focus, and externally-managed structure.

Emerging players

• Capital Trust: Private CRE credit investment manager and former public mortgage REIT with a focus on transitional senior loans and structured CRE credit. Comparable product overlap with CMTG's transitional CRE lending strategy.

Others

• Sculptor Capital Management: Alternative asset manager with multi-strategy credit capabilities including structured CRE credit. Adjacent rather than direct — comparable as a credit-led alternative platform with structural CRE exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Claros Mortgage Trust