Key Highlights

  • Net interest income was USD 1.2 million versus 17.1 million; total net Revenue was USD 32.6 million versus 46.1 million.
  • Revenue from real estate owned was USD 31.4 million versus 29.0 million, and its operating expenses were USD 22.2 million.
  • Net loss was USD 14.3 million versus 9.5 million, and net loss per share was USD 0.10 versus USD 0.07.
  • Book value per share was USD 8.49, adjusted Book Value per share was USD 9.00, and no Dividend was declared.

Net Interest Income and Revenue

Claros Mortgage Trust, Inc. (NYSE:CMTG), a Commercial Real Estate Credit REIT managed by Claros REIT Management LP, filed its Quarterly Report for the period ended September 30, 2026. Net interest income was USD 1,245 thousand, compared with USD 17,065 thousand in the third quarter of 2025. Interest expense and related expense was USD 40,291 thousand versus USD 71,839 thousand.

Revenue from real estate owned was USD 31,394 thousand versus USD 29,009 thousand, and total net revenue was USD 32,639 thousand versus USD 46,074 thousand. For the nine months, net interest income was USD 8,998 thousand versus USD 72,019 thousand, and total net revenue was USD 91,871 thousand versus USD 141,081 thousand.

Management fees to the affiliate were USD 6,822 thousand versus USD 7,733 thousand, general and administrative expenses were USD 3,582 thousand versus USD 4,812 thousand, and stock-based compensation expense was USD 1,442 thousand versus USD 2,061 thousand. Real estate owned operating expenses were USD 22,216 thousand versus USD 18,489 thousand, and real estate owned interest expense was USD 8,688 thousand versus USD 9,416 thousand.

Analyst estimates were EPS of negative USD 0.39 against reported EPS of negative USD 0.08, and revenue of USD 24.2 million against reported revenue of USD 24.8 million.

Net Loss and Distributable Loss

The net loss was USD 14,257 thousand versus USD 9,528 thousand, and the basic and diluted net loss per share was USD 0.10 versus USD 0.07, on 141,380,300 weighted average shares. For the nine months, the net loss was USD 323,982 thousand versus USD 269,858 thousand, or USD 2.30 per share versus USD 1.93.

Distributable loss was USD 12,054 thousand versus USD 90,824 thousand. Diluted distributable loss per share was USD 0.08 versus USD 0.63, and diluted distributable loss per share prior to realized gains and losses was USD 0.05 versus USD 0.07. Principal charge-offs were USD 4,884 thousand versus USD 43,983 thousand.

The company stated that its Board did not declare any dividends for the quarter. Book value per share was USD 8.49 and adjusted book value per share was USD 9.00 as of September 30, 2026. The Net Debt-to-Equity Ratio was 1.7x, and the Total Leverage Ratio was 2.4x.

Loan Portfolio, Capital and Debt

Loans receivable held-for-investment were USD 3,055,051 thousand at September 30, 2026, compared with USD 4,054,152 thousand at December 31, 2025. The current expected credit Loss Reserve was USD 564,428 thousand versus USD 438,751 thousand. The Loan table showed total commitments of USD 3,226,199 thousand and an unpaid principal balance of USD 3,055,182 thousand across 23 loans.

Cash and cash equivalents were USD 133,764 thousand versus USD 173,186 thousand. The company had 141,085,961 shares outstanding, representing USD 1.2 billion of equity, and 7,542,227 warrants outstanding with an exercise price of USD 4.00 per share, issued in connection with its January 2026 secured term loan.

Outstanding borrowings were USD 2.3 billion. Three repurchase agreements with capacity of USD 2.9 billion had a combined outstanding balance of USD 1.3 billion, a term participation Facility had an outstanding balance of USD 212.0 million against capacity of USD 218.5 million, the real estate owned hotel portfolio debt was USD 235.0 million, and the secured term loan was USD 500.0 million.

Items to Follow

Investors can follow the current expected credit loss reserve of USD 564,428 thousand, net interest income, and the real estate owned portfolio, which generated revenue of USD 31,394 thousand in the quarter.

Other items include the Maturity schedule in the loan table, in which several loans show fully extended maturities in the fourth quarter of 2026, and the company's Net Debt-to-Equity Ratio of 1.7x.