Claros Mortgage Trust (CMTG) Q1 2026 earnings summary

Executive summary

• Reported a GAAP net loss of $54.3 million ($0.39 per share) and distributable loss of $75.2 million ($0.52 per share) for Q1 2026; distributable loss prior to realized losses was $7.5 million ($0.05 per share).

• Book value per share at quarter-end was $10.33, with adjusted book value per share at $10.83.

• Resolved five loans totaling $609 million UPB, including repayments, loan sale, foreclosure, and assignment.

• Closed a new $500 million secured term loan maturing in 2030, retiring prior secured term loan.

• No dividends were declared for Q1 2026 as the board paused quarterly dividends in December 2024 to preserve capital.

Financial highlights

• Loan portfolio at quarter-end was $3.2 billion, with a weighted average all-in yield of 5.6%.

• Hospitality exposure reduced from $807 million to $592 million; land exposure from $187 million to $120 million.

• Total liquidity at quarter-end was $132 million, including $117 million in cash; liquidity decreased to $116 million by May 5, 2026.

• Net debt-to-equity ratio was 1.7x and total leverage ratio was 2.2x at quarter-end.

• Total assets were $4.16 billion and total equity was $1.49 billion as of March 31, 2026.

Outlook and guidance

• Strategic priorities remain focused on resolving watchlist and risk-rated 5 loans, deleveraging, and repositioning REO assets.

• Plans to evaluate new capital deployment opportunities, including originations and share repurchases, later in the year.

• Expect continued reduction in non-accrual and watchlist loans through active sale processes.

• Management expects continued pressure on credit quality and loan performance due to elevated interest rates and challenging CRE market conditions.