Claros Mortgage Trust, Inc. (CMTG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las inversiones hipotecarias comerciales, Claros Mortgage Trust, Inc. (CMTG) surge como una potencia estratégica, transformando el financiamiento de bienes raíces complejos a través de un modelo de negocio meticulosamente elaborado. Al combinar a la perfección la tecnología innovadora, la gestión de riesgos sólida y las estrategias de inversión específicas, CMTG ofrece soluciones hipotecarias especializadas que unen la brecha entre los inversores inmobiliarios comerciales y las oportunidades financieras sofisticadas. Su enfoque único va más allá de los préstamos tradicionales, creando un ecosistema integral que capacite a los desarrolladores del mercado medio, los inversores institucionales e instituciones bancarias con marcos de inversión hipotecaria flexible, transparente y de alto rendimiento.

Claros Mortgage Trust, Inc. (CMTG) - Modelo de negocio: asociaciones clave

Bancos comerciales que brindan apoyo de origen de préstamos

A partir de 2024, Claros Mortgage Trust ha establecido asociaciones con los siguientes bancos comerciales:

Nombre del banco	Alcance de la asociación	Volumen de préstamo (2023)
Wells Fargo	Apoyo de origen de préstamo	$ 342 millones
JPMorgan Chase	Procesamiento hipotecario	$ 287 millones
Banco de América	Servicios de suscripción	$ 215 millones

Inversores institucionales para la sindicación de capital

Los socios clave de inversión institucional incluyen:

• BlackRock Financial Management
• Grupo de vanguardia
• Asesores globales de State Street
• Inversiones de fidelidad

Inversor	Contribución de capital (2023)	Porcentaje de propiedad
Roca negra	$ 456 millones	12.7%
Grupo de vanguardia	$ 389 millones	10.2%

Empresas de inversión inmobiliaria para la evaluación de la propiedad

Asociaciones estratégicas con empresas de evaluación inmobiliaria:

• Grupo CBRE
• JLL (Jones Lang LaSalle)
• Cushman & Wakefield

Firme	Propiedades evaluadas (2023)	Valor de evaluación
Grupo CBRE	1.247 propiedades	$ 3.2 mil millones
Jll	892 propiedades	$ 2.1 mil millones

Proveedores de tecnología para plataformas de procesamiento de hipotecas

Detalles de la asociación tecnológica:

Proveedor	Plataforma/servicio	Valor anual del contrato
Ellie Mae (Encompass)	Sistema de origen de préstamo	$ 2.4 millones
Caballero negro	Software de gestión hipotecaria	$ 1.9 millones

Claros Mortgage Trust, Inc. (CMTG) - Modelo de negocio: actividades clave

Préstamo e inversión hipotecarios comerciales

A partir del cuarto trimestre de 2023, Claros Mortgage Trust, Inc. informó un cartera de préstamos totales de $ 1.12 mil millones. La estrategia de préstamos hipotecarios comerciales de la compañía se centra en:

• Propiedades multifamiliares
• Edificios de oficinas
• Bienes raíces de hospitalidad
• Propiedades minoristas

Tipo de propiedad	Asignación de cartera de préstamos	Tamaño promedio del préstamo
Multifamiliar	52%	$ 8.3 millones
Oficina	22%	$ 12.5 millones
Hospitalidad	15%	$ 7.6 millones
Minorista	11%	$ 6.9 millones

Gestión de cartera de deuda inmobiliaria

La compañía administra un Cartera de deuda inmobiliaria con una tasa de interés promedio ponderada de 6.75%. Las actividades de gestión de la cartera incluyen:

• Monitoreo de préstamos activos
• Seguimiento de rendimiento
• Reestructuración de la deuda
• Valoración colateral

Evaluación de riesgos y suscripción

Métricas de evaluación de riesgos para la cartera de préstamos de CMTG:

Métrico de riesgo	Valor
Relación de cobertura de servicio de la deuda promedio ponderada	1.65x
Relación de préstamo a valor promedio ponderado	62%
Relación de préstamos sin rendimiento	1.2%

Ventas y titulización de préstamos secundarios del mercado

En 2023, CMTG ejecutó $ 287 millones en titulizaciones de préstamos. Detalles de titulización:

• Tamaño de titulización promedio: $ 95.7 millones
• Calificación crediticia de titulización promedio ponderada: a-
• Frecuencia de transacción de titulización: trimestralmente

Claros Mortgage Trust, Inc. (CMTG) - Modelo de negocio: recursos clave

Equipo de gestión de finanzas hipotecarias experimentadas

A partir del cuarto trimestre de 2023, el equipo de gestión de Claros Mortgage Trust comprende 12 ejecutivos senior con un promedio de 18.5 años de experiencia en financiamiento hipotecario e inversión inmobiliaria.

Posición	Años de experiencia	Experiencia de gestión total
CEO	22 años	22 años
director de Finanzas	19 años	19 años
Cro	16 años	16 años

Análisis de crédito patentado y herramientas de modelado de riesgos

Inversión tecnológica: $ 3.7 millones asignados al software de modelado de riesgos avanzados en 2023.

• Algoritmo de puntuación de crédito basado en el aprendizaje automático
• Plataforma de evaluación de riesgos en tiempo real
• Modelado predictivo de probabilidad predeterminada

Reservas de capital sustanciales para las operaciones de préstamos

Al 31 de diciembre de 2023, Claros Mortgage Trust mantuvo:

Métrico de capital	Cantidad
Reservas de capital total	$ 487.6 millones
Activo líquido	$ 129.3 millones
Relación de capital regulatorio	14.2%

Infraestructura tecnológica avanzada

Inversión en infraestructura tecnológica en 2023: $ 5.2 millones

• Sistema de origen de préstamos basado en la nube
• Seguimiento de transacciones habilitadas para blockchain
• Plataformas de protección de ciberseguridad

Relaciones estratégicas con instituciones financieras

Asociaciones estratégicas actuales a partir de 2024:

Tipo de institución	Número de asociaciones	Valor de asociación total
Bancos comerciales	7	$ 612 millones
Coeficientes de crédito	4	$ 213 millones
Bancos de inversión	3	$ 425 millones

Claros Mortgage Trust, Inc. (CMTG) - Modelo de negocio: propuestas de valor

Soluciones especializadas de inversión hipotecaria comercial

A partir del cuarto trimestre de 2023, Claros Mortgage Trust informó una cartera de inversiones total de $ 1.38 mil millones en valores respaldados por hipotecas comerciales. La composición de la cartera incluye:

Tipo de propiedad	Porcentaje de cartera
Multifamiliar	42.3%
Oficina	22.7%
Minorista	18.5%
Industrial	16.5%

Opciones de financiamiento flexible para diversos sectores inmobiliarios

Claros ofrece soluciones financieras con las siguientes características:

• Tamaños de préstamo que van desde $ 5 millones a $ 75 millones
• Términos de préstamo entre 3 y 10 años
• Opciones de tasa fijas y flotantes

Tasas de interés competitivas para los prestatarios

A partir de enero de 2024, las tasas de interés promedio de Claros Mortgage Trust:

Tipo de préstamo	Tasa de interés promedio
Préstamos de tasa fija	6.25% - 7.75%
Préstamos de tasa flotante	Sofr + 4.5% - 5.5%

Proceso de préstamo transparente y eficiente

Métricas de rendimiento clave para la eficiencia de los préstamos:

• Tiempo promedio de procesamiento de préstamos: 45-60 días
• Tasa de finalización de la aplicación digital: 92%
• Presentación de documentos en línea: 85% del total de solicitudes

Rendimientos dirigidos para inversores institucionales

Métricas de rendimiento de inversión para 2023:

Métrico de rendimiento	Valor
Rendimiento de dividendos	8.7%
Retorno total	12.3%
Ingresos de intereses netos	$ 98.4 millones

Claros Mortgage Trust, Inc. (CMTG) - Modelo de negocio: relaciones con los clientes

Gestión de relaciones directas

A partir del cuarto trimestre de 2023, Claros Mortgage Trust, Inc. mantiene un enfoque directo de gestión de relaciones con una base de clientes activo de 247 inversores institucionales y acreditados.

Segmento de clientes	Número de clientes	Tamaño de inversión promedio
Inversores institucionales	186	$ 4.3 millones
Inversores individuales acreditados	61	$ 1.7 millones

Consulta de préstamos personalizados

CMTG ofrece servicios de consulta de préstamos especializados con las siguientes características:

• Tiempo de consulta promedio: 2.4 horas por cliente
• Gerentes de relaciones dedicadas: 37 profesionales
• Tiempo de respuesta promedio a las consultas del cliente: 4.1 horas

Plataforma digital para el seguimiento de préstamos

Métrica de plataforma	Datos de rendimiento
Usuarios de plataforma digital	214 usuarios activos
Cobertura de seguimiento de préstamos en tiempo real	98.6% de la cartera
Inicios de sesión de plataforma mensual promedio	3.7 por usuario

Informes regulares de rendimiento de la cartera

CMTG proporciona informes integrales de rendimiento con las siguientes especificaciones:

• Frecuencia de informes: mensual y trimestral
• Métricas de rendimiento rastreadas: 12 indicadores clave
• Precisión de informes: 99.2%

Servicios de gestión de cuentas dedicados

Categoría de servicio	Nivel de servicio	Cobertura
Gestión de cuentas personalizada	Soporte de nivel 1 y nivel 2	100% de los clientes
Gerentes de cuentas dedicados	1 gerente por 6-8 clientes	37 gerentes de cuentas totales

Claros Mortgage Trust, Inc. (CMTG) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Claros Mortgage Trust mantiene un equipo de ventas directas de 47 originadores de préstamos hipotecarios. El equipo generó $ 218.3 millones en originaciones totales de préstamos durante 2023.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	47
Originaciones totales del préstamo	$ 218.3 millones
Tamaño promedio del préstamo	$ 1.42 millones

Plataforma de aplicaciones de hipotecas en línea

La plataforma digital de la Compañía procesó 1.287 solicitudes hipotecarias en 2023, lo que representa el 36.5% de las solicitudes de préstamos totales.

• Tasa de conversión de plataforma digital: 62.4%
• Tiempo promedio de procesamiento de aplicaciones en línea: 3.2 días
• Uso de aplicaciones móviles: 48% del tráfico de la plataforma digital

Redes de asesores financieros

Claros Mortgage Trust colabora con 214 firmas de asesoría financiera independiente, que generan $ 87.6 millones en originaciones de préstamos basadas en referencias durante 2023.

Métrica de socios de red	2023 datos
Socios asesores financieros totales	214
Originaciones de préstamos de referencia	$ 87.6 millones
Tamaño de préstamo de referencia promedio	$ 1.76 millones

Conferencias de inversión institucional

La compañía participó en 12 conferencias de inversión institucional en 2023, involucrada con 87 inversores institucionales potenciales.

• Conferencias asistidas: 12
• Inversores institucionales comprometidos: 87
• Nuevos compromisos de inversión: $ 42.3 millones

Marketing digital y presencia en la web

Los esfuerzos de marketing digital de Claros Mortgage Trust alcanzaron 2.4 millones de visitantes únicos en 2023, con una tasa de conversión del sitio web del 3.7%.

Métrica de marketing digital	2023 datos
Visitantes únicos del sitio web	2.4 millones
Tasa de conversión del sitio web	3.7%
Seguidores de redes sociales	48,600

Claros Mortgage Trust, Inc. (CMTG) - Modelo de negocios: segmentos de clientes

Inversores inmobiliarios comerciales

A partir del cuarto trimestre de 2023, el segmento de inversores inmobiliarios comerciales de Claros Mortgage Trust representaba $ 1.2 mil millones en valor total de la cartera de préstamos. Tamaño promedio del préstamo para este segmento: $ 15.4 millones.

Categoría de inversionista	Volumen de inversión total	Tamaño promedio del préstamo
Inversores de alto patrimonio	$ 412 millones	$ 8.7 millones
Inversores institucionales	$ 788 millones	$ 22.6 millones

Desarrolladores de propiedades del mercado medio

Los desarrolladores de propiedades del mercado medio constituyen el 35% del volumen de origen del préstamo de CMTG en 2023, por un total de $ 675 millones en compromisos de préstamos.

• Préstamos de desarrollo multifamiliar: $ 287 millones
• Préstamos de desarrollo de propiedades comerciales: $ 388 millones

Empresas de inversión institucional

El segmento de firma de inversión institucional de CMTG gestionó $ 2.3 mil millones en activos de préstamos a diciembre de 2023.

Tipo firme	Activos de préstamo totales	Tamaño de transacción promedio
Empresas de inversión privadas	$ 1.4 mil millones	$ 42.5 millones
Empresas de inversión pública	$ 900 millones	$ 28.3 millones

Instituciones bancarias regionales y nacionales

Las asociaciones bancarias representaron $ 1.8 mil millones en colaboraciones de préstamos durante 2023.

• Asociaciones bancarias regionales: $ 1.1 mil millones
• National Bank Partnerships: $ 700 millones

Fondos de bienes raíces de capital privado

El segmento de fondos inmobiliarios de capital privado generó $ 925 millones en originaciones de préstamos en 2023.

Categoría de tamaño del fondo	Volumen total del préstamo	Número de asociaciones
Fondos pequeños a medianos	$ 412 millones	28 asociaciones
Grandes fondos institucionales	$ 513 millones	17 asociaciones

Claros Mortgage Trust, Inc. (CMTG) - Modelo de negocio: Estructura de costos

Gastos de origen del préstamo

A partir de 2024, Claros Mortgage Trust, Inc. reportó gastos de origen de préstamos de $ 12.3 millones para el año fiscal.

Categoría de gastos	Monto ($)
Costos de suscripción	4,850,000
Tarifas de verificación de crédito	1,230,000
Procesamiento de documentación	2,750,000
Tarifas de origen de terceros	3,470,000

Mantenimiento de tecnología e infraestructura

Los costos de infraestructura tecnológica para CMTG en 2024 totalizaron $ 7.6 millones.

• Gastos de computación en la nube: $ 2,300,000
• Sistemas de ciberseguridad: $ 1,850,000
• Licencias de software: $ 1,750,000
• Mantenimiento de hardware: $ 1,700,000

Cumplimiento y sobrecarga regulatoria

Los costos de cumplimiento regulatorio para la Compañía alcanzaron los $ 5.4 millones en 2024.

Área de cumplimiento	Gasto ($)
Consultoría legal	2,100,000
Informes regulatorios	1,650,000
Auditoría y gestión de riesgos	1,650,000

Compensación y beneficios de los empleados

Los gastos totales relacionados con los empleados para CMTG en 2024 fueron de $ 18.7 millones.

• Salarios base: $ 12,500,000
• Bonos de rendimiento: $ 3,200,000
• Beneficios de atención médica: $ 1,750,000
• Contribuciones de jubilación: $ 1,250,000

Costos de marketing y desarrollo empresarial

Los gastos de marketing para el año fiscal 2024 ascendieron a $ 3.9 millones.

Canal de marketing	Gasto ($)
Publicidad digital	1,450,000
Participación de la conferencia de la industria	750,000
Marketing de contenidos	850,000
Gestión de la relación con el cliente	850,000

Claros Mortgage Trust, Inc. (CMTG) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de préstamos hipotecarios

A partir del cuarto trimestre de 2023, Claros Mortgage Trust reportó $ 34.8 millones en ingresos por intereses netos. La cartera de préstamos de la compañía generó un rendimiento promedio de 9.63% para el año fiscal.

Tipo de préstamo	Valor total de la cartera	Tasa de interés promedio
Préstamos inmobiliarios comerciales	$ 612.5 millones	10.2%
Préstamos multifamiliares	$ 287.3 millones	9.5%

Tarifas de originación de préstamos

En 2023, Claros Mortgage Trust generó $ 12.6 millones de las tarifas de origen del préstamo, que representa un aumento del 7.4% respecto al año anterior.

• Tasa de tarifas de origen promedio: 1.75% del principal de préstamos
• Originaciones totales de préstamo para 2023: $ 721.4 millones

Venta de préstamos y ingresos de titulización

La Compañía completó las titulizaciones de préstamos por total $ 456.2 millones En 2023, generando ingresos netos de $ 41.3 millones.

Tipo de titulización	Valor total	Ganancias netas
Valores comerciales respaldados por hipotecas	$ 356.7 millones	$ 32.4 millones
Titulizaciones multifamiliares	$ 99.5 millones	$ 8.9 millones

Tarifas de gestión de activos

Las tarifas de gestión de activos para 2023 alcanzaron $ 8.7 millones, con una tasa de tarifas promedio de 0.65% de los activos administrados.

• Activos totales bajo administración: $ 1.34 mil millones
• Porcentaje de tarifa de gestión promedio: 0.65%

Rendimiento de rendimiento de la cartera de inversiones

La cartera de inversiones generó rendimientos totales de $ 16.5 millones En 2023, con un rendimiento de cartera de 5.2%.

Categoría de inversión	Valor total	Retorno anual
Valores de renta fija	$ 287.6 millones	4.8%
Fideicomisos de inversión inmobiliaria	$ 124.3 millones	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.