Claros Mortgage Trust, Inc. (CMTG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des investissements hypothécaires commerciaux, Claros Mortgage Trust, Inc. (CMTG) apparaît comme une puissance stratégique, transformant un financement immobilier complexe grâce à un modèle commercial méticuleusement conçu. En mélangeant de manière transparente une technologie innovante, une gestion des risques robuste et des stratégies d'investissement ciblées, CMTG offre des solutions hypothécaires spécialisées qui comblent l'écart entre les investisseurs immobiliers commerciaux et les opportunités financières sophistiquées. Leur approche unique va au-delà des prêts traditionnels, créant un écosystème complet qui permet aux développeurs de mi-marketing, aux investisseurs institutionnels et aux institutions bancaires de cadres d'investissement hypothécaire flexible, transparent et haute performance.

Claros Mortgage Trust, Inc. (CMTG) - Modèle commercial: partenariats clés

Les banques commerciales fournissent un soutien à l'origine du prêt

En 2024, Claros Mortgage Trust a établi des partenariats avec les banques commerciales suivantes:

Nom de banque	Portée du partenariat	Volume de prêt (2023)
Wells Fargo	Soutien à l'origine du prêt	342 millions de dollars
JPMorgan Chase	Traitement hypothécaire	287 millions de dollars
Banque d'Amérique	Services de souscription	215 millions de dollars

Investisseurs institutionnels pour la syndication des capitaux

Les principaux partenaires d'investissement institutionnels comprennent:

• BlackRock Financial Management
• Groupe d'avant-garde
• Conseillers mondiaux de la rue State
• Investissements de fidélité

Investisseur	Contribution en capital (2023)	Pourcentage de propriété
Blackrock	456 millions de dollars	12.7%
Groupe d'avant-garde	389 millions de dollars	10.2%

Sociétés d'investissement immobilier pour l'évaluation des biens

Partenariats stratégiques avec les sociétés d'évaluation immobilière:

• Groupe CBRE
• Jll (Jones Lang Lasalle)
• Cushman & Wakefield

Ferme	Propriétés évaluées (2023)	Valeur d'évaluation
Groupe CBRE	1 247 propriétés	3,2 milliards de dollars
Jll	892 propriétés	2,1 milliards de dollars

Vendeurs technologiques pour les plateformes de traitement hypothécaire

Détails du partenariat technologique:

Fournisseur	Plate-forme / service	Valeur du contrat annuel
Ellie Mae (englober)	Système de création de prêt	2,4 millions de dollars
Chevalier noir	Logiciel de gestion des hypothèques	1,9 million de dollars

Claros Mortgage Trust, Inc. (CMTG) - Modèle d'entreprise: Activités clés

Prêts hypothécaires commerciaux et investissement

Au quatrième trimestre 2023, Claros Mortgage Trust, Inc. Portefeuille de prêts totaux de 1,12 milliard de dollars. La stratégie de prêt hypothécaire commercial de la société se concentre sur:

• Propriétés multifamiliales
• Immeubles de bureaux
• Immobilier hospitalier
• Propriétés de vente au détail

Type de propriété	Allocation du portefeuille de prêts	Taille moyenne du prêt
Multifamilial	52%	8,3 millions de dollars
Bureau	22%	12,5 millions de dollars
Hospitalité	15%	7,6 millions de dollars
Vente au détail	11%	6,9 millions de dollars

Gestion du portefeuille de la dette immobilière

L'entreprise gère un portefeuille de dettes immobilières avec un taux d'intérêt moyen pondéré de 6,75%. Les activités de gestion du portefeuille comprennent:

• Surveillance des prêts actifs
• Suivi des performances
• Restructuration de la dette
• Évaluation collatérale

Évaluation des risques et souscription

Métriques d'évaluation des risques pour le portefeuille de prêts de CMTG:

Métrique à risque	Valeur
Ratio de couverture du service de la dette moyen pondéré	1,65x
Ratio de prêt / valeur pondéré	62%
Ratio de prêts non performants	1.2%

Ventes et titrisation des prêts du marché secondaire

En 2023, CMTG a exécuté 287 millions de dollars de titrisations de prêt. Détails de titrisation:

• Taille moyenne de titrisation: 95,7 millions de dollars
• Note de crédit de titrisation moyenne pondérée: a-
• Fréquence des transactions de titrisation: trimestriel

Claros Mortgage Trust, Inc. (CMTG) - Modèle d'entreprise: Ressources clés

Équipe de gestion des finances hypothécaires expérimentées

Au quatrième trimestre 2023, l'équipe de gestion de Claros Mortgage Trust comprend 12 cadres supérieurs avec une moyenne de 18,5 ans d'expérience en financement hypothécaire et en investissement immobilier.

Position	Années d'expérience	Expérience de gestion totale
PDG	22 ans	22 ans
Directeur financier	19 ans	19 ans
Cro	16 ans	16 ans

Outils d'analyse de crédit et de modélisation des risques propriétaires

Investissement technologique: 3,7 millions de dollars alloués au logiciel avancé de modélisation des risques en 2023.

• Algorithme de notation de crédit basé sur l'apprentissage automatique
• Plateforme d'évaluation des risques en temps réel
• Modélisation de probabilité par défaut prédictive

Réserves de capital substantielles pour les opérations de prêt

Au 31 décembre 2023, Claros Mortgage Trust a maintenu:

Métrique capitale	Montant
Total des réserves de capital	487,6 millions de dollars
Actifs liquides	129,3 millions de dollars
Ratio de capital réglementaire	14.2%

Infrastructure technologique avancée

Investissement dans l'infrastructure technologique en 2023: 5,2 millions de dollars

• Système de création de prêts basé sur le cloud
• Suivi des transactions compatibles avec la blockchain
• Plates-formes de protection de la cybersécurité

Relations stratégiques avec les institutions financières

Partenariats stratégiques actuels à partir de 2024:

Type d'institution	Nombre de partenariats	Valeur du partenariat total
Banques commerciales	7	612 millions de dollars
Coopératives de crédit	4	213 millions de dollars
Banques d'investissement	3	425 millions de dollars

Claros Mortgage Trust, Inc. (CMTG) - Modèle d'entreprise: propositions de valeur

Solutions d'investissement hypothécaire commerciales spécialisées

Au quatrième trimestre 2023, Claros Mortgage Trust a déclaré un portefeuille d'investissement total de 1,38 milliard de dollars en titres adossés à des créances hypothécaires commerciaux. La composition du portefeuille comprend:

Type de propriété	Pourcentage de portefeuille
Multifamilial	42.3%
Bureau	22.7%
Vente au détail	18.5%
Industriel	16.5%

Options de financement flexibles pour divers secteurs immobiliers

Claros propose des solutions de financement avec les caractéristiques suivantes:

• Tailles de prêt allant de 5 millions de dollars à 75 millions de dollars
• Conditions de prêt entre 3 et 10 ans
• Options de taux fixe et flottant

Taux d'intérêt concurrentiels pour les emprunteurs

En janvier 2024, les taux d'intérêt moyens de Claros Mortgage Trust:

Type de prêt	Taux d'intérêt moyen
Prêts à taux fixe	6.25% - 7.75%
Prêts à taux flottant	SOFR + 4,5% - 5,5%

Processus de prêt transparent et efficace

Mesures de performance clés pour l'efficacité des prêts:

• Temps de traitement des prêts moyens: 45-60 jours
• Taux d'achèvement de l'application numérique: 92%
• Soumission de documents en ligne: 85% du total des applications

Rendements ciblés pour les investisseurs institutionnels

Mesures de performance d'investissement pour 2023:

Métrique de performance	Valeur
Rendement des dividendes	8.7%
Rendement total	12.3%
Revenu net d'intérêt	98,4 millions de dollars

Claros Mortgage Trust, Inc. (CMTG) - Modèle d'entreprise: relations avec les clients

Gestion directe des relations

Depuis le quatrième trimestre 2023, Claros Mortgage Trust, Inc. maintient une approche directe de gestion des relations avec une clientèle active de 247 investisseurs institutionnels et accrédités.

Segment de clientèle	Nombre de clients	Taille moyenne de l'investissement
Investisseurs institutionnels	186	4,3 millions de dollars
Investisseurs individuels accrédités	61	1,7 million de dollars

Consultation de prêt personnalisé

CMTG fournit des services de consultation de prêt spécialisés avec les caractéristiques suivantes:

• Temps de consultation moyen: 2,4 heures par client
• Gestionnaires des relations dédiées: 37 professionnels
• Temps de réponse moyen aux demandes des clients: 4,1 heures

Plateforme numérique pour le suivi des prêts

Métrique de la plate-forme	Données de performance
Utilisateurs de plate-forme numérique	214 utilisateurs actifs
Couverture de suivi des prêts en temps réel	98,6% du portefeuille
Connects de plate-forme mensuels moyens	3.7 par utilisateur

Rapports de performance de portefeuille réguliers

CMTG fournit des rapports de performances complets avec les spécifications suivantes:

• Fréquence de rapports: mensuelle et trimestrielle
• Métriques de performance suivies: 12 indicateurs clés
• Précision des rapports: 99,2%

Services de gestion des comptes dédiés

Catégorie de service	Niveau de service	Couverture
Gestion de compte personnalisée	Support de niveau 1 et de niveau 2	100% des clients
Gestionnaires de compte dédiés	1 gestionnaire par 6-8 clients	37 gestionnaires de compte total

Claros Mortgage Trust, Inc. (CMTG) - Modèle d'entreprise: canaux

Équipe de vente directe

Au quatrième trimestre 2023, Claros Mortgage Trust maintient une équipe de vente directe de 47 créateurs de prêts hypothécaires. L'équipe a généré 218,3 millions de dollars de créations de prêts totales au cours de 2023.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	47
Originations totales du prêt	218,3 millions de dollars
Taille moyenne du prêt	1,42 million de dollars

Plateforme de candidature hypothécaire en ligne

La plate-forme numérique de la société a traité 1 287 demandes hypothécaires en 2023, ce qui représente 36,5% du total des demandes de prêt.

• Taux de conversion de la plate-forme numérique: 62,4%
• Temps de traitement des applications en ligne moyen: 3,2 jours
• Utilisation des applications mobiles: 48% du trafic de plate-forme numérique

Réseaux de conseillers financiers

Claros Mortgage Trust collabore avec 214 cabinets de conseil financier indépendants, générant 87,6 millions de dollars de créations de prêts basées sur l'orientation en 2023.

Métrique du partenaire de réseau	2023 données
Partenaires consultatifs financiers totaux	214
Originations de prêt de référence	87,6 millions de dollars
Taille moyenne du prêt de référence	1,76 million de dollars

Conférences d'investissement institutionnelles

L'entreprise a participé à 12 conférences d'investissement institutionnelles en 2023, se livrant à 87 investisseurs institutionnels potentiels.

• Conférences assistées: 12
• Investisseurs institutionnels engagés: 87
• Nouveaux engagements d'investissement: 42,3 millions de dollars

Marketing numérique et présence sur le Web

Les efforts de marketing numérique de Claros Mortgage Trust ont atteint 2,4 millions de visiteurs uniques en 2023, avec un taux de conversion de site Web de 3,7%.

Métrique du marketing numérique	2023 données
Visiteurs de site Web unique	2,4 millions
Taux de conversion du site Web	3.7%
Abonnés des médias sociaux	48,600

Claros Mortgage Trust, Inc. (CMTG) - Modèle d'entreprise: segments de clientèle

Investisseurs immobiliers commerciaux

Au quatrième trimestre 2023, le segment des investisseurs immobiliers commerciaux de Claros Mortgage Trust représentait 1,2 milliard de dollars de valeur totale de portefeuille de prêts. Taille moyenne du prêt pour ce segment: 15,4 millions de dollars.

Catégorie d'investisseurs	Volume total d'investissement	Taille moyenne du prêt
Investisseurs à valeur nette élevée	412 millions de dollars	8,7 millions de dollars
Investisseurs institutionnels	788 millions de dollars	22,6 millions de dollars

Promoteurs immobiliers de marché intermédiaire

Les promoteurs immobiliers du marché intermédiaire représentent 35% du volume d'origine du prêt de CMTG en 2023, totalisant 675 millions de dollars d'engagements de prêt.

• Prêts de développement multifamilial: 287 millions de dollars
• Prêts de développement immobilier commercial: 388 millions de dollars

Entreprises d'investissement institutionnelles

Le segment de la société d'investissement institutionnelle de CMTG a géré 2,3 milliards de dollars d'actifs de prêt en décembre 2023.

Type d'entreprise	Actif total des prêts	Taille moyenne des transactions
Entreprises d'investissement privées	1,4 milliard de dollars	42,5 millions de dollars
Sociétés d'investissement public	900 millions de dollars	28,3 millions de dollars

Institutions bancaires régionales et nationales

Les partenariats bancaires ont représenté 1,8 milliard de dollars en collaborations de prêts au cours de 2023.

• Partenariats des banques régionales: 1,1 milliard de dollars
• Partenariats de la banque nationale: 700 millions de dollars

Fonds immobiliers de capital-investissement

Le segment des fonds immobiliers de capital-investissement a généré 925 millions de dollars de créations de prêts en 2023.

Catégorie de taille de fonds	Volume total des prêts	Nombre de partenariats
Fonds de petite à moyenne	412 millions de dollars	28 partenariats
Fonds institutionnels	513 millions de dollars	17 partenariats

Claros Mortgage Trust, Inc. (CMTG) - Modèle d'entreprise: Structure des coûts

Frais d'origine du prêt

En 2024, Claros Mortgage Trust, Inc. a déclaré des frais de création de prêt de 12,3 millions de dollars pour l'exercice.

Catégorie de dépenses	Montant ($)
Coûts de souscription	4,850,000
Frais de vérification de crédit	1,230,000
Traitement de la documentation	2,750,000
Frais d'origine tiers	3,470,000

Maintenance de technologie et d'infrastructure

Les coûts d'infrastructure technologique pour CMTG en 2024 ont totalisé 7,6 millions de dollars.

• Dépenses de cloud computing: 2 300 000 $
• Systèmes de cybersécurité: 1 850 000 $
• Licence de logiciel: 1 750 000 $
• Maintenance matérielle: 1 700 000 $

Conformité et frais généraux réglementaires

Les frais de conformité réglementaire pour la société ont atteint 5,4 millions de dollars en 2024.

Zone de conformité	Dépenses ($)
Conseil juridique	2,100,000
Représentation réglementaire	1,650,000
Audit et gestion des risques	1,650,000

Compensation et avantages sociaux des employés

Les dépenses totales liées aux employés pour CMTG en 2024 étaient de 18,7 millions de dollars.

• Salaires de base: 12 500 000 $
• Bonus de performance: 3 200 000 $
• Avantages en santé: 1 750 000 $
• Contributions de retraite: 1 250 000 $

Coûts de marketing et de développement commercial

Les dépenses de marketing pour l'exercice 2024 s'élevaient à 3,9 millions de dollars.

Canal de marketing	Dépenses ($)
Publicité numérique	1,450,000
Participation de la conférence de l'industrie	750,000
Marketing de contenu	850,000
Gestion des relations avec les clients	850,000

Claros Mortgage Trust, Inc. (CMTG) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts hypothécaires

Au quatrième trimestre 2023, Claros Mortgage Trust a déclaré 34,8 millions de dollars en revenus d'intérêts nets. Le portefeuille de prêts de la société a généré un rendement moyen de 9,63% pour l'exercice.

Type de prêt	Valeur totale du portefeuille	Taux d'intérêt moyen
Prêts immobiliers commerciaux	612,5 millions de dollars	10.2%
Prêts multifamiliaux	287,3 millions de dollars	9.5%

Frais d'origine du prêt

En 2023, Claros Mortgage Trust a généré 12,6 millions de dollars des frais d'origine du prêt, représentant une augmentation de 7,4% par rapport à l'année précédente.

• Taux de frais de création moyen: 1,75% du principal prêt
• Originations totales de prêt pour 2023: 721,4 millions de dollars

Produits de vente et de titrisation des prêts

La société a terminé les titrisations de prêt totalisant 456,2 millions de dollars En 2023, générant des produits nets de 41,3 millions de dollars.

Type de titrisation	Valeur totale	Net Proceds
Titres adossés à des créances hypothécaires commerciaux	356,7 millions de dollars	32,4 millions de dollars
Titrisations multifamiliales	99,5 millions de dollars	8,9 millions de dollars

Frais de gestion des actifs

Les frais de gestion des actifs pour 2023 ont atteint 8,7 millions de dollars, avec un taux moyen de frais de 0,65% des actifs gérés.

• Total des actifs sous gestion: 1,34 milliard de dollars
• Pourcentage moyen de frais de gestion: 0,65%

Returns de performance du portefeuille d'investissement

Le portefeuille d'investissement a généré des rendements totaux de 16,5 millions de dollars en 2023, avec un portefeuille de 5,2%.

Catégorie d'investissement	Valeur totale	Retour annuel
Titres à revenu fixe	287,6 millions de dollars	4.8%
Fiducies d'investissement immobilier	124,3 millions de dollars	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.