Claros Mortgage Trust, Inc. (CMTG): Business Model Canvas

In der dynamischen Landschaft gewerblicher Hypothekeninvestitionen erweist sich Claros Mortgage Trust, Inc. (CMTG) als strategisches Kraftpaket, das komplexe Immobilienfinanzierungen durch ein sorgfältig ausgearbeitetes Geschäftsmodell transformiert. Durch die nahtlose Verbindung innovativer Technologie, robustem Risikomanagement und gezielter Anlagestrategien liefert CMTG spezialisierte Hypothekenlösungen, die die Lücke zwischen gewerblichen Immobilieninvestoren und anspruchsvollen Finanzmöglichkeiten schließen. Ihr einzigartiger Ansatz geht über die traditionelle Kreditvergabe hinaus und schafft ein umfassendes Ökosystem, das mittelständischen Entwicklern, institutionellen Anlegern und Bankinstituten flexible, transparente und leistungsstarke Hypothekeninvestitionsrahmen bietet.

Claros Mortgage Trust, Inc. (CMTG) – Geschäftsmodell: Wichtige Partnerschaften

Geschäftsbanken bieten Unterstützung bei der Kreditvergabe

Seit 2024 hat Claros Mortgage Trust Partnerschaften mit den folgenden Geschäftsbanken aufgebaut:

Bankname	Umfang der Partnerschaft	Kreditvolumen (2023)
Wells Fargo	Unterstützung bei der Kreditvergabe	342 Millionen Dollar
JPMorgan Chase	Hypothekenbearbeitung	287 Millionen Dollar
Bank of America	Underwriting-Dienstleistungen	215 Millionen Dollar

Institutionelle Investoren für Kapitalsyndizierung

Zu den wichtigsten institutionellen Investitionspartnern gehören:

• BlackRock Finanzmanagement
• Vanguard-Gruppe
• State Street Global Advisors
• Fidelity Investments

Investor	Kapitaleinlage (2023)	Eigentumsprozentsatz
BlackRock	456 Millionen US-Dollar	12.7%
Vanguard-Gruppe	389 Millionen US-Dollar	10.2%

Immobilieninvestmentfirmen zur Immobilienbewertung

Strategische Partnerschaften mit Immobilienbewertungsfirmen:

• CBRE-Gruppe
• JLL (Jones Lang LaSalle)
• Cushman & Wakefield

Fest	Bewertete Immobilien (2023)	Bewertungswert
CBRE-Gruppe	1.247 Objekte	3,2 Milliarden US-Dollar
JLL	892 Immobilien	2,1 Milliarden US-Dollar

Technologieanbieter für Hypothekenverarbeitungsplattformen

Details zur Technologiepartnerschaft:

Anbieter	Plattform/Dienst	Jährlicher Vertragswert
Ellie Mae (Encompass)	Kreditvergabesystem	2,4 Millionen US-Dollar
Schwarzer Ritter	Hypothekenverwaltungssoftware	1,9 Millionen US-Dollar

Claros Mortgage Trust, Inc. (CMTG) – Geschäftsmodell: Hauptaktivitäten

Gewerbliche Hypothekendarlehen und -investitionen

Ab dem vierten Quartal 2023 meldete Claros Mortgage Trust, Inc. a Gesamtkreditportfolio von 1,12 Milliarden US-Dollar. Die gewerbliche Hypothekenkreditstrategie des Unternehmens konzentriert sich auf:

• Mehrfamilienhäuser
• Bürogebäude
• Gastronomieimmobilien
• Einzelhandelsimmobilien

Immobilientyp	Zuordnung des Kreditportfolios	Durchschnittliche Kredithöhe
Mehrfamilienhaus	52%	8,3 Millionen US-Dollar
Büro	22%	12,5 Millionen US-Dollar
Gastfreundschaft	15%	7,6 Millionen US-Dollar
Einzelhandel	11%	6,9 Millionen US-Dollar

Portfoliomanagement von Immobilienschulden

Das Unternehmen verwaltet a Immobilienschuldenportfolio mit einem gewichteten Durchschnittszinssatz von 6,75 %. Zu den Portfoliomanagementaktivitäten gehören:

• Aktive Kreditüberwachung
• Leistungsverfolgung
• Umschuldung
• Sicherheitenbewertung

Risikobewertung und Underwriting

Risikobewertungskennzahlen für das Kreditportfolio von CMTG:

Risikometrik	Wert
Gewichtete durchschnittliche Schuldendienstdeckungsquote	1,65x
Gewichtetes durchschnittliches Beleihungsverhältnis	62%
Quote der notleidenden Kredite	1.2%

Verkauf und Verbriefung von Sekundärmarktkrediten

Im Jahr 2023 wurde CMTG hingerichtet Kreditverbriefungen in Höhe von 287 Millionen US-Dollar. Einzelheiten zur Verbriefung:

• Durchschnittliche Verbriefungsgröße: 95,7 Millionen US-Dollar
• Gewichtetes durchschnittliches Bonitätsrating der Verbriefung: A-
• Häufigkeit der Verbriefungstransaktionen: Vierteljährlich

Claros Mortgage Trust, Inc. (CMTG) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Hypothekenfinanzierungsmanagement-Team

Mit Stand vom vierten Quartal 2023 besteht das Managementteam von Claros Mortgage Trust aus 12 leitenden Führungskräften mit durchschnittlich 18,5 Jahren Erfahrung in der Hypothekenfinanzierung und Immobilieninvestition.

Position	Jahrelange Erfahrung	Umfassende Managementerfahrung
CEO	22 Jahre	22 Jahre
Finanzvorstand	19 Jahre	19 Jahre
CRO	16 Jahre	16 Jahre

Proprietäre Kreditanalyse- und Risikomodellierungstools

Technologische Investition: Im Jahr 2023 werden 3,7 Millionen US-Dollar für fortschrittliche Risikomodellierungssoftware bereitgestellt.

• Auf maschinellem Lernen basierender Kreditbewertungsalgorithmus
• Echtzeit-Risikobewertungsplattform
• Prädiktive Modellierung der Ausfallwahrscheinlichkeit

Erhebliche Kapitalreserven für Kreditgeschäfte

Zum 31. Dezember 2023 verfügte Claros Mortgage Trust über Folgendes:

Kapitalmetrik	Betrag
Gesamtkapitalreserven	487,6 Millionen US-Dollar
Liquide Mittel	129,3 Millionen US-Dollar
Regulatorische Kapitalquote	14.2%

Fortschrittliche technologische Infrastruktur

Investitionen in die Technologieinfrastruktur im Jahr 2023: 5,2 Millionen US-Dollar

• Cloudbasiertes Kreditvergabesystem
• Blockchain-fähige Transaktionsverfolgung
• Plattformen zum Schutz der Cybersicherheit

Strategische Beziehungen zu Finanzinstituten

Aktuelle strategische Partnerschaften ab 2024:

Institutionstyp	Anzahl der Partnerschaften	Gesamtwert der Partnerschaft
Geschäftsbanken	7	612 Millionen Dollar
Kreditgenossenschaften	4	213 Millionen Dollar
Investmentbanken	3	425 Millionen Dollar

Claros Mortgage Trust, Inc. (CMTG) – Geschäftsmodell: Wertversprechen

Spezialisierte gewerbliche Hypothekeninvestitionslösungen

Im vierten Quartal 2023 meldete Claros Mortgage Trust ein Gesamtanlageportfolio von 1,38 Milliarden US-Dollar an gewerblichen hypothekenbesicherten Wertpapieren. Die Portfoliozusammensetzung umfasst:

Immobilientyp	Prozentsatz des Portfolios
Mehrfamilienhaus	42.3%
Büro	22.7%
Einzelhandel	18.5%
Industriell	16.5%

Flexible Finanzierungsmöglichkeiten für unterschiedliche Immobilienbranchen

Claros bietet Finanzierungslösungen mit folgenden Merkmalen:

• Kreditgrößen zwischen 5 und 75 Millionen US-Dollar
• Kreditlaufzeiten zwischen 3-10 Jahren
• Optionen mit festem und variablem Zinssatz

Wettbewerbsfähige Zinssätze für Kreditnehmer

Im Januar 2024 betrugen die durchschnittlichen Zinssätze des Claros Mortgage Trust:

Darlehenstyp	Durchschnittlicher Zinssatz
Festzinsdarlehen	6.25% - 7.75%
Darlehen mit variablem Zinssatz	SOFR + 4,5 % – 5,5 %

Transparenter und effizienter Kreditvergabeprozess

Wichtige Leistungskennzahlen für die Kreditvergabeeffizienz:

• Durchschnittliche Kreditbearbeitungszeit: 45–60 Tage
• Abschlussquote digitaler Bewerbungen: 92 %
• Online-Dokumenteinreichung: 85 % aller Bewerbungen

Gezielte Renditen für institutionelle Anleger

Kennzahlen zur Investitionsleistung für 2023:

Leistungsmetrik	Wert
Dividendenrendite	8.7%
Gesamtrendite	12.3%
Nettozinsertrag	98,4 Millionen US-Dollar

Claros Mortgage Trust, Inc. (CMTG) – Geschäftsmodell: Kundenbeziehungen

Direktes Beziehungsmanagement

Seit dem vierten Quartal 2023 verfolgt Claros Mortgage Trust, Inc. einen direkten Beziehungsmanagementansatz mit einem aktiven Kundenstamm von 247 institutionellen und akkreditierten Anlegern.

Kundensegment	Anzahl der Kunden	Durchschnittliche Investitionsgröße
Institutionelle Anleger	186	4,3 Millionen US-Dollar
Akkreditierte Einzelinvestoren	61	1,7 Millionen US-Dollar

Persönliche Kreditberatung

CMTG bietet spezialisierte Kreditberatungsdienste mit den folgenden Merkmalen an:

• Durchschnittliche Beratungszeit: 2,4 Stunden pro Kunde
• Engagierte Kundenbetreuer: 37 Fachleute
• Durchschnittliche Antwortzeit auf Kundenanfragen: 4,1 Stunden

Digitale Plattform zur Kreditverfolgung

Plattformmetrik	Leistungsdaten
Benutzer digitaler Plattformen	214 aktive Benutzer
Abdeckung der Kreditverfolgung in Echtzeit	98,6 % des Portfolios
Durchschnittliche monatliche Plattformanmeldungen	3,7 pro Benutzer

Regelmäßige Berichterstattung zur Portfolio-Performance

CMTG bietet umfassende Leistungsberichte mit folgenden Spezifikationen:

• Berichtshäufigkeit: Monatlich und vierteljährlich
• Verfolgte Leistungskennzahlen: 12 Schlüsselindikatoren
• Berichtsgenauigkeit: 99,2 %

Dedizierte Kontoverwaltungsdienste

Servicekategorie	Servicelevel	Abdeckung
Personalisierte Kontoverwaltung	Tier-1- und Tier-2-Support	100 % der Kunden
Dedizierte Account Manager	1 Manager pro 6-8 Kunden	Insgesamt 37 Kundenbetreuer

Claros Mortgage Trust, Inc. (CMTG) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Seit dem vierten Quartal 2023 verfügt Claros Mortgage Trust über ein Direktvertriebsteam von 47 Hypothekendarlehensgebern. Das Team generierte im Jahr 2023 insgesamt Kredite in Höhe von 218,3 Millionen US-Dollar.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	47
Gesamtzahl der Kreditvergaben	218,3 Millionen US-Dollar
Durchschnittliche Kredithöhe	1,42 Millionen US-Dollar

Online-Hypothekenantragsplattform

Die digitale Plattform des Unternehmens verarbeitete im Jahr 2023 1.287 Hypothekenanträge, was 36,5 % aller Kreditanträge entspricht.

• Conversion-Rate der digitalen Plattform: 62,4 %
• Durchschnittliche Bearbeitungszeit für Online-Bewerbungen: 3,2 Tage
• Nutzung mobiler Anwendungen: 48 % des digitalen Plattformverkehrs

Finanzberaternetzwerke

Claros Mortgage Trust arbeitet mit 214 unabhängigen Finanzberatungsunternehmen zusammen und generierte im Jahr 2023 87,6 Millionen US-Dollar an empfehlungsbasierten Kreditvergaben.

Netzwerkpartner-Metrik	Daten für 2023
Total Financial Advisory Partners	214
Empfehlungskreditvergabe	87,6 Millionen US-Dollar
Durchschnittliche Höhe des Empfehlungskredits	1,76 Millionen US-Dollar

Institutionelle Investmentkonferenzen

Das Unternehmen nahm im Jahr 2023 an 12 institutionellen Investmentkonferenzen teil und tauschte sich dabei mit 87 potenziellen institutionellen Anlegern aus.

• Besuchte Konferenzen: 12
• Beteiligte institutionelle Anleger: 87
• Neue Investitionszusagen: 42,3 Millionen US-Dollar

Digitales Marketing und Webpräsenz

Die digitalen Marketingbemühungen von Claros Mortgage Trust erreichten im Jahr 2023 2,4 Millionen einzelne Besucher mit einer Website-Conversion-Rate von 3,7 %.

Digitale Marketingmetrik	Daten für 2023
Einzigartige Website-Besucher	2,4 Millionen
Website-Conversion-Rate	3.7%
Social-Media-Follower	48,600

Claros Mortgage Trust, Inc. (CMTG) – Geschäftsmodell: Kundensegmente

Gewerbliche Immobilieninvestoren

Im vierten Quartal 2023 repräsentierte das gewerbliche Immobilieninvestorensegment des Claros Mortgage Trust einen Gesamtwert des Kreditportfolios von 1,2 Milliarden US-Dollar. Durchschnittliche Kredithöhe für dieses Segment: 15,4 Millionen US-Dollar.

Anlegerkategorie	Gesamtinvestitionsvolumen	Durchschnittliche Kredithöhe
Vermögende Investoren	412 Millionen Dollar	8,7 Millionen US-Dollar
Institutionelle Anleger	788 Millionen US-Dollar	22,6 Millionen US-Dollar

Mittelständische Immobilienentwickler

Mittelständische Immobilienentwickler machen im Jahr 2023 35 % des Kreditvergabevolumens von CMTG aus und belaufen sich auf Kreditzusagen in Höhe von insgesamt 675 Millionen US-Dollar.

• Darlehen für die Entwicklung von Mehrfamilienhäusern: 287 Millionen US-Dollar
• Darlehen für die Entwicklung von Gewerbeimmobilien: 388 Millionen US-Dollar

Institutionelle Investmentfirmen

Das institutionelle Investmentfirmensegment von CMTG verwaltete im Dezember 2023 Kreditvermögen in Höhe von 2,3 Milliarden US-Dollar.

Firmentyp	Gesamtkreditvermögen	Durchschnittliche Transaktionsgröße
Private Investmentfirmen	1,4 Milliarden US-Dollar	42,5 Millionen US-Dollar
Öffentliche Investmentfirmen	900 Millionen Dollar	28,3 Millionen US-Dollar

Regionale und nationale Bankinstitute

Bankpartnerschaften machten im Jahr 2023 Kreditkooperationen in Höhe von 1,8 Milliarden US-Dollar aus.

• Regionale Bankpartnerschaften: 1,1 Milliarden US-Dollar
• Nationale Bankpartnerschaften: 700 Millionen US-Dollar

Private-Equity-Immobilienfonds

Das Segment der Private-Equity-Immobilienfonds generierte im Jahr 2023 Kreditvergaben in Höhe von 925 Millionen US-Dollar.

Kategorie der Fondsgröße	Gesamtkreditvolumen	Anzahl der Partnerschaften
Kleine bis mittelgroße Fonds	412 Millionen Dollar	28 Partnerschaften
Große institutionelle Fonds	513 Millionen Dollar	17 Partnerschaften

Claros Mortgage Trust, Inc. (CMTG) – Geschäftsmodell: Kostenstruktur

Kosten für die Kreditvergabe

Ab 2024 meldete Claros Mortgage Trust, Inc. Kreditvergabekosten in Höhe von 12,3 Millionen US-Dollar für das Geschäftsjahr.

Ausgabenkategorie	Betrag ($)
Versicherungskosten	4,850,000
Gebühren für die Bonitätsprüfung	1,230,000
Dokumentationsverarbeitung	2,750,000
Originierungsgebühren Dritter	3,470,000

Wartung von Technologie und Infrastruktur

Die Kosten für die Technologieinfrastruktur für CMTG beliefen sich im Jahr 2024 auf insgesamt 7,6 Millionen US-Dollar.

• Kosten für Cloud Computing: 2.300.000 US-Dollar
• Cybersicherheitssysteme: 1.850.000 US-Dollar
• Softwarelizenz: 1.750.000 US-Dollar
• Hardwarewartung: 1.700.000 $

Compliance und regulatorischer Aufwand

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2024 auf 5,4 Millionen US-Dollar.

Compliance-Bereich	Ausgaben ($)
Rechtsberatung	2,100,000
Regulatorische Berichterstattung	1,650,000
Audit und Risikomanagement	1,650,000

Vergütung und Zusatzleistungen für Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für CMTG beliefen sich im Jahr 2024 auf 18,7 Millionen US-Dollar.

• Grundgehälter: 12.500.000 $
• Leistungsprämien: 3.200.000 $
• Gesundheitsleistungen: 1.750.000 US-Dollar
• Ruhestandsbeiträge: 1.250.000 $

Kosten für Marketing und Geschäftsentwicklung

Die Marketingausgaben für das Geschäftsjahr 2024 beliefen sich auf 3,9 Millionen US-Dollar.

Marketingkanal	Ausgaben ($)
Digitale Werbung	1,450,000
Teilnahme an Branchenkonferenzen	750,000
Content-Marketing	850,000
Kundenbeziehungsmanagement	850,000

Claros Mortgage Trust, Inc. (CMTG) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Hypothekendarlehen

Im vierten Quartal 2023 meldete Claros Mortgage Trust einen Nettozinsertrag von 34,8 Millionen US-Dollar. Das Kreditportfolio des Unternehmens erwirtschaftete im Geschäftsjahr eine durchschnittliche Rendite von 9,63 %.

Darlehenstyp	Gesamtwert des Portfolios	Durchschnittlicher Zinssatz
Gewerbliche Immobilienkredite	612,5 Millionen US-Dollar	10.2%
Mehrfamilienkredite	287,3 Millionen US-Dollar	9.5%

Gebühren für die Kreditvergabe

Im Jahr 2023 wurde Claros Mortgage Trust gegründet 12,6 Millionen US-Dollar aus Kreditvergabegebühren, was einem Anstieg von 7,4 % gegenüber dem Vorjahr entspricht.

• Durchschnittlicher Bearbeitungsgebührensatz: 1,75 % des Darlehenskapitals
• Gesamtkreditvergabe für 2023: 721,4 Millionen US-Dollar

Kreditverkaufs- und Verbriefungserlöse

Das Unternehmen hat insgesamt Kreditverbriefungen abgeschlossen 456,2 Millionen US-Dollar im Jahr 2023 und generiert einen Nettoerlös von 41,3 Millionen US-Dollar.

Verbriefungstyp	Gesamtwert	Nettoerlös
Durch gewerbliche Hypotheken besicherte Wertpapiere	356,7 Millionen US-Dollar	32,4 Millionen US-Dollar
Mehrfamilienverbriefungen	99,5 Millionen US-Dollar	8,9 Millionen US-Dollar

Vermögensverwaltungsgebühren

Vermögensverwaltungsgebühren für 2023 erreicht 8,7 Millionen US-Dollar, mit einem durchschnittlichen Gebührensatz von 0,65 % des verwalteten Vermögens.

• Gesamtes verwaltetes Vermögen: 1,34 Milliarden US-Dollar
• Durchschnittlicher Prozentsatz der Verwaltungsgebühr: 0,65 %

Performance-Renditen des Anlageportfolios

Das Anlageportfolio erwirtschaftete eine Gesamtrendite von 16,5 Millionen US-Dollar im Jahr 2023 mit einer Portfoliorendite von 5,2 %.

Anlagekategorie	Gesamtwert	Jährliche Rendite
Festverzinsliche Wertpapiere	287,6 Millionen US-Dollar	4.8%
Immobilien-Investmentfonds	124,3 Millionen US-Dollar	6.1%

Claros Mortgage Trust, Inc. (CMTG) - Canvas Business Model: Value Propositions

You're looking at Claros Mortgage Trust, Inc. (CMTG) as a source of debt capital in a market where many lenders are pulling back. The value proposition centers on providing financing for commercial real estate (CRE) business plans that require a lender comfortable with transition and repositioning.

The core offering is flexible, responsive debt capital for transitional CRE business plans. This is evidenced by the company's active management of its loan book, including significant loan resolutions. For instance, Claros Mortgage Trust, Inc. resolved a massive $2.3 billion in loan unpaid principal balance (UPB) year-to-date as of early November 2025. This active resolution process shows a willingness to engage with complex, transitional assets rather than simply holding loans to maturity.

The focus is on larger opportunities, typically stated as $50 million to $300 million. While the current portfolio is smaller due to deleveraging, the historical context and the nature of the assets they are resolving suggest this is their target deployment size for new originations or recapitalizations. The current held-for-investment loan portfolio stood at $4.3 billion as of September 30, 2025.

Claros Mortgage Trust, Inc. positions itself as acting as a true capital partner with an ownership-oriented mindset. This is supported by their substantial involvement in their Real Estate Owned (REO) portfolio, which represented $662 million across seven assets as of September 30, 2025. Taking ownership stakes, even temporarily through foreclosure, demonstrates a hands-on approach aligned with maximizing asset value, which is the essence of an ownership mindset.

The final pillar is expertise in underwriting complex, value-add commercial real estate projects. The portfolio composition itself reflects this focus on assets that often require active management or repositioning. Furthermore, the company maintains significant reserves against potential credit issues, showing they price in the complexity of the assets they finance. As of September 30, 2025, the Current Expected Credit Loss (CECL) reserve was $307.7 million, which is approximately 6.8% of the total UPB.

Here's a quick look at the portfolio structure that underpins this value proposition as of late 2025:

Metric	Value as of September 30, 2025	Context/Date Reference
Loan Portfolio UPB	$4.3 billion	Q3 2025 End
Weighted Average All-in Yield	6.7%	Q3 2025 End
Multifamily Exposure (as % of Portfolio)	44%	Q3 2025
Office Exposure (as % of Portfolio)	18%	Q3 2025
Total Liquidity	$385 million	November 4, 2025
CECL Reserve	$307.7 million	Q3 2025 End

The capital they provide is senior and floating-rate, which is typical for transitional debt. As of Q3 2025, the portfolio was predominantly composed of floating-rate loans at 97% and senior loans at 97%.

This capital partner approach is also visible in their balance sheet management, which is designed to maintain flexibility. They boosted total liquidity by $283 million since the end of 2024, reaching $385 million by November 4, 2025.

The value proposition is built on providing capital where the sponsor needs a partner who understands the path to stabilization, not just the current asset quality. You see this in their specific reserve allocation:

• Specific reserves on risk-rated '5' loans were 17.2% of their UPB.
• General reserves on remaining loans were 3.9% of their UPB.
• The overall CECL reserve was $2.15 per share as of quarter end.

Finance: draft 13-week cash view by Friday.

Claros Mortgage Trust, Inc. (CMTG) - Canvas Business Model: Customer Relationships

You're managing a portfolio where the success of your debt capital hinges on the execution of the underlying real estate sponsors. Claros Mortgage Trust, Inc. (CMTG) structures its customer relationships around this reality, focusing on a direct, high-touch model with experienced partners.

Direct, high-touch relationship with experienced CRE sponsors

CMTG's approach is built on being a true capital partner, which requires deep engagement with the sponsors behind the transitional commercial real estate assets. The company is externally managed by Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P. (MRECS). The experience backing this relationship is substantial; the sponsor's senior management team has, on average, more than 25 years of real estate and finance experience. This expertise allows Claros Mortgage Trust, Inc. to underwrite complex business plans for assets that traditional lenders might avoid. The focus is on larger, high-quality opportunities, specifically originating loans ranging from $50 million to $300 million. This targeted approach suggests a relationship built on selectivity and deep due diligence with a specific class of sponsor.

Proactive engagement to hold borrowers accountable for milestones

The relationship extends beyond origination into active management, driven by an ownership-oriented mindset designed to underwrite and manage execution risk. This means proactively engaging to ensure borrowers hit agreed-upon milestones, which is crucial for transitional assets. The results of this accountability framework are visible in the portfolio management activities reported through the third quarter of 2025. For instance, the company actively resolved a significant portion of its portfolio leading up to the September 30, 2025, reporting date.

Here's a quick look at the portfolio activity that reflects this ongoing management:

Metric	Value as of September 30, 2025
Loan Portfolio Unpaid Principal Balance (UPB)	$4.3 billion
Loan Portfolio UPB as of June 30, 2025	$5.0 billion
Total Loan Resolutions in Q3 2025	$716.0 million of UPB
Full Repayments in Q3 2025	$167.6 million of UPB
Weighted Average All-in Yield on Portfolio	6.7%

The fact that Claros Mortgage Trust, Inc. exceeded its full-year goal of $2 billion in resolutions shows a commitment to actively managing the asset base, which directly impacts borrower accountability. This active resolution process is a key part of the high-touch relationship.

Investor Relations for public stockholders via SEC filings and calls

For public stockholders, the relationship is maintained through formal, mandated disclosures and direct communication channels. Claros Mortgage Trust, Inc. adheres to the required schedule of SEC filings and investor calls to keep the market informed about its performance and strategy. For example, the third quarter 2025 financial results were released after the market close on Wednesday, November 5, 2025, followed by a conference call on Thursday, November 6, 2025, at 10:00 a.m. ET. Anh Huynh serves as the Vice President of Investor Relations.

The engagement with the broader shareholder base includes key governance events and regular updates:

• The 2025 Annual Meeting of Stockholders was held virtually on June 4, 2025.
• Stockholders of record as of the close of business on April 7, 2025, were eligible to vote at that meeting.
• The company provides access to earnings presentations and webcast replays on its Investor Relations section of the website, www.clarosmortgage.com.
• In the June 2025 meeting, the ratification of PricewaterhouseCoopers LLP as the independent registered accounting firm for the fiscal year ending December 31, 2025, received 102,092,416 votes in favor.

The company's commitment to transparency is evident in the detailed reporting, such as providing the GAAP net loss of $0.07 per share and the Distributable Loss of $0.15 per share for the third quarter of 2025. Finance: review the Q4 2025 earnings call script for any new sponsor engagement metrics by next Tuesday.

Claros Mortgage Trust, Inc. (CMTG) - Canvas Business Model: Channels

You're looking at how Claros Mortgage Trust, Inc. gets its product-senior and subordinate loans on transitional commercial real estate (CRE) assets-to market and communicates with the public. The channels reflect a mix of direct financial activity and public company disclosure requirements.

Direct loan origination platform for sourcing new investments

The primary channel for Claros Mortgage Trust, Inc.'s business involves the direct origination and management of its loan portfolio. This is an internal, relationship-driven channel focused on CRE assets.

The scale of this activity, even during a period of balance sheet management, is significant. As of the trailing twelve months ending September 30, 2025, the net decrease in loans originated/sold resulted in a cash inflow of approximately $1.72 billion. The loan portfolio size itself stood at $4.3 billion as of September 30, 2025.

The company's focus on asset resolution is a key part of this channel's activity, showing how they manage existing assets to generate liquidity. Year-to-date through September 30, 2025, Claros Mortgage Trust, Inc. resolved loans totaling $2.2 billion of Unpaid Principal Balance (UPB). Furthermore, unfunded loan commitments, which represent future origination potential or obligations, had declined to $457 million as of March 31, 2025.

Here's a quick look at the portfolio and resolution metrics as of late 2025:

Metric	Value	Date/Period
Loan Portfolio UPB	$4.3 billion	September 30, 2025
Total Loan Resolutions (YTD)	$2.2 billion UPB	Through September 30, 2025
Net Decrease in Loans Originated/Sold (TTM)	$1.72 billion cash inflow	TTM ending September 30, 2025
Unfunded Loan Commitments	$457 million	March 31, 2025

Investor Relations website and SEC filings for public disclosure

For public disclosure, Claros Mortgage Trust, Inc. relies on its Investor Relations section on its website, www.clarosmortgage.com, and mandatory filings with the Securities and Exchange Commission (SEC). These channels serve to keep investors informed about financial performance and corporate events.

The cadence of disclosure is frequent, reflecting its status as a publicly traded entity. For example, the Third Quarter 2025 Earnings Presentation was made available on November 5, 2025, with the related conference call held on November 6, 2025. The website hosts these presentations, along with SEC filings, which were recently logged in November 2025, October 2025, and September 2025.

The Investor Relations site provides access to key documents and data points, including:

• SEC Filings, with recent activity in late 2025.
• Quarterly and Annual Results, such as the Q3 2025 report released November 5, 2025.
• Archived Investor Presentations, with three presentations listed for 2025 as of late November.
• Webcast replays available for events like the Q3 2025 conference call.

New York Stock Exchange (NYSE) for common stock trading (CMTG)

The New York Stock Exchange (NYSE) is the marketplace channel where the common stock (ticker: CMTG) is bought and sold by the public. This channel directly reflects market sentiment and valuation of the company.

As of the trading day on Thursday, December 4, 2025, the stock traded at $3.47. The trading range for that day was between a low of $3.44 and a high of $3.50. The volume on that day was approximately 268.10K shares, against a daily average volume of 456.77K shares.

The stock's performance over the preceding year shows significant fluctuation, which is a key data point for this channel:

Here are the key trading statistics around December 2025:

Statistic	Amount/Value	Date Reference
Closing Price	$3.47	December 4, 2025
52-Week High	$6.64	Past 52 Weeks
52-Week Low	$2.13	Past 52 Weeks
Market Capitalization	$485.86 million	December 4, 2025
Average Daily Volume	456.77K shares	Daily Average

The stock traded at 0.26 times its book value of $12.24 per share as of late 2025, which is a direct market signal flowing through this channel. Finance: draft 13-week cash view by Friday.

Claros Mortgage Trust, Inc. (CMTG) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Claros Mortgage Trust, Inc. (CMTG) as they navigate the current CRE landscape. The customer segments for Claros Mortgage Trust, Inc. are clearly defined by the type of real estate sponsor they back and the type of investor that buys their publicly traded shares.

The primary direct customers are the Commercial Real Estate (CRE) sponsors seeking transitional financing. Claros Mortgage Trust, Inc. acts as a true capital partner, underwriting complex business plans to provide flexible financing solutions that are highly responsive to borrower needs. They focus on originating senior and subordinate loans on transitional CRE assets, which are properties requiring repositioning, renovation, leasing, or redevelopment to maximize value. The differentiated investment strategy targets larger opportunities, generally ranging from $50 million to $300 million, secured by high-quality assets with experienced and well-capitalized sponsorship. This approach positions Claros Mortgage Trust, Inc. to service a niche by providing transitional capital where traditional banks may be unwilling or unable to finance the entire risk profile.

The loan portfolio composition, as of September 30, 2025, gives you a clear picture of the asset types these sponsors are working on:

• Owners of multifamily (44% of portfolio), hospitality (19%), and office (15%) assets

To give you a more granular view of the collateral securing the loans, here is the breakdown of the loan portfolio by collateral type based on the latest available data from Q3 2025, which totaled $4.3 billion in Unpaid Principal Balance (UPB):

Property Type	Portfolio Percentage (Q3 2025)	UPB as of September 30, 2025 (Approximate)
Multifamily	44%	$1,892 Million
Hospitality	19%	$817 Million
Office	18%	$774 Million
Mixed-use	Approximately 9%	Approximately $387 Million
Land	Approximately 7%	Approximately $301 Million
Other	Approximately 3%	Approximately $129 Million

Note that the required 15% for office in the outline differs slightly from the reported 18% in the Q3 2025 data. The portfolio is overwhelmingly floating-rate (97%) and senior loans (97%).

The second major segment is the capital providers to Claros Mortgage Trust, Inc. itself, which are the Institutional and retail investors in a publicly traded REIT. You see a strong institutional presence, which suggests credibility among professional investors. The general public, including retail investors, own a 31% stake in the company. However, Institutional investors collectively wield significant power, owning more than half the company with a 51% ownership stake. The largest single shareholder, Hyundai Investment Management Co. Ltd., held a 15% stake as of September 30, 2025. Other major institutions include Koch, Inc. and Blackrock, Inc., which held 15,126,917 shares and 8,065,721 shares, respectively, as of September 30, 2025.

Finally, the geographic focus defines the Borrowers in major U.S. metropolitan statistical areas (MSAs). Claros Mortgage Trust, Inc. focuses primarily on assets located in major markets across the U.S., often in MSAs where its external manager, MRECS, has experience and infrastructure. Geographically, as of Q3 2025, the portfolio showed significant exposure in:

• Illinois: 28% exposure
• California: 23% exposure
• New York: 14% exposure

Furthermore, specific loan resolutions point to activity in key markets, such as watchlist loans collateralized by multifamily properties in the Dallas MSA.

Finance: draft 13-week cash view by Friday

Claros Mortgage Trust, Inc. (CMTG) - Canvas Business Model: Cost Structure

You're looking at the hard costs Claros Mortgage Trust, Inc. (CMTG) incurs to keep the lights on and manage its portfolio, which is heavily weighted toward credit provisioning and external management in late 2025.

The single largest, non-interest cost explicitly called out is the provision for expected credit losses. For the third quarter ended September 30, 2025, the $24.2 million Provision for Current Expected Credit Loss (CECL) reserves was recorded. This brings the total CECL reserves on loans receivable to $307.7 million as of quarter end, representing approximately 6.8% of Unpaid Principal Balance (UPB) at that time.

Interest expense on debt financing is a major component, driven by the cost of securing capital for the loan portfolio, which stood at $4.3 billion at the end of Q3 2025. The data from the Third Quarter 2025 Earnings Supplement shows the following expense line items for the three months ended September 30, 2025, compared to the prior quarter:

Cost Component (Q3 2025 Figure)	Amount (Unspecified Unit from Supplement)
Interest expense	845
Management fees - affiliate	5,036
General and administrative expenses	4,762
Real Estate Owned: Operating expenses	8,164

The management fees are paid to the external manager, Claros REIT Management LP, an affiliate of Mack Real Estate Credit Strategies, L.P. The management fee for Q3 2025 was 5,036 in the supplement's unit of measure, slightly up from 4,812 in Q2 2025.

Costs associated with managing and disposing of Real Estate Owned (REO) assets are significant, reflecting the active cleanup of troubled credits. The REO portfolio carrying value was $662 million at quarter end, representing seven assets. The operating expenses specifically tied to REO for the quarter were 8,164. Furthermore, capital was recovered through asset sales, such as the execution of a sale of two floors of office space at the mixed-use REO for gross proceeds of $13.8 million, and another sale of a signage component for gross proceeds of $12.2 million.

General and administrative (G&A) and professional fees, categorized as General and administrative expenses in the supplement, totaled 4,762 for the third quarter of 2025. This is a notable increase from the 2,061 reported in the second quarter of 2025.

You should also note the following related expense/cost drivers:

• Reversal of accrued interest receivable on a non-accrual loan cost about $4.5 million in net interest income for the quarter.
• The loan portfolio's weighted average all-in yield was 6.7% as of September 30, 2025.
• The company reduced total borrowings by $1.4 billion year to date through September 30, 2025, which is a strategic action intended to lower future interest expense.

Finance: draft 13-week cash view by Friday.

Claros Mortgage Trust, Inc. (CMTG) - Canvas Business Model: Revenue Streams

You're looking at Claros Mortgage Trust, Inc. (CMTG) revenue streams, and honestly, it's a picture of a company actively managing its asset base in a tough credit environment. The top line reflects a mix of recurring interest and one-time asset monetization, which is typical for a Real Estate Investment Trust (REIT) in this cycle.

The primary engine for Claros Mortgage Trust, Inc. remains its loan portfolio, even as the size shrinks. As of the third quarter of 2025, the loan portfolio carried a weighted average all-in yield of 6.7%. This yield is the annualized return you'd expect from the coupon and contractual fees on the held-for-investment loans. The portfolio itself stood at $4.3 billion in unpaid principal balance (UPB) at the end of Q3 2025, down from $5.0 billion at June 30, 2025, due to active resolutions.

For the third quarter of 2025, Claros Mortgage Trust, Inc. reported total revenue of $49.5 million. This figure is a blend of interest income and other income sources, showing the shift in focus away from pure interest generation toward asset clean-up.

The company is generating revenue through the resolution of troubled assets, which falls under gains/losses and income from Real Estate Owned (REO) investments. For Q3 2025, earnings from REO investments contributed $0.01 per share to distributable earnings, net of financing costs. This shows that while the core business is under pressure, managing and selling these foreclosed properties is a distinct, albeit smaller, revenue component right now.

Proceeds from loan resolutions and asset sales are a critical part of the current revenue picture, reflecting the deleveraging strategy. You can see the activity broken down here:

Revenue Source Component	Q3 2025 Financial Amount
Total Loan Resolutions (UPB)	$716.0 million
Gross Proceeds from REO Sale (Office Space)	$13.8 million
Gross Proceeds from REO Sale (Signage Component, Oct 2025)	$12.2 million

The $13.8 million in gross proceeds came specifically from the executed sale of two floors of office space within their mixed-use REO asset during the third quarter. Also, subsequent to the quarter end, the sale of a signage component generated an additional $12.2 million. These cash-generating events are what you need to watch to gauge the success of their balance sheet cleanup efforts.

To be fair, the revenue mix is changing because of the active management of the portfolio. Here are the key components driving the top line:

• Interest income from the loan portfolio.
• Gains realized from REO asset sales.
• Income contribution from REO investments per share: $0.01.
• Total revenue for Q3 2025: $49.5 million.