Continued deterioration in book value and liquidity suggests further downside risk. Monitor upcoming loan resolutions and potential dividend adjustment. The new term loan provides some near-term financing stability, but credit losses remain elevated.
Price Chart
Executive Summary
Claros Mortgage Trust reported a Q1 2026 GAAP net loss of $54.3M ($0.39/share) and a Distributable Loss of $75.2M ($0.52/share), missing the Street consensus of -$0.42 by 23.8%. Book value fell to $10.33, liquidity dropped to $132M, and CECL reserves rose to $398.9M as the company continues to work through a stressed loan portfolio.
Key Financial Metrics
Key Facts
- GAAP net loss of $54.3M in Q1 2026 vs $219.2M loss in Q4 2025
- Distributable Loss per share of $0.52 vs consensus of $0.42 (miss)
- Total net revenue of $29.5M missed consensus of $32.0M by 7.8%
- Book value per share declined to $10.33 from $10.69 at Q4 2025
- CECL reserves increased to $398.9M, representing 11.4% of UPB
- Total liquidity fell to $132M from $353M at Q3 2025
- Loan portfolio reduced to $3.2B with $608.8M in resolutions during Q1
- Closed a new $500M secured term loan to replace prior facility
Financial Impact
Distributable loss per share of $0.52 vs consensus $0.42; revenue miss of $2.5M
Risk Factors
- Further credit losses from watchlist loans ($1.4B UPB risk-rated 4/5)
- Liquidity constraints if loan resolutions slow
- Potential dividend reduction or suspension
- Equity dilution if capital raise becomes necessary
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-208962 |
| Document: cmtg-ex99_2.htm | 0001193125-26-208962 |
| Document: cmtg-20260506.htm | 0001193125-26-208962 |
| Document: 0001193125-26-208962-index-headers.html | 0001193125-26-208962 |
| Document: 0001193125-26-208962-index.html | 0001193125-26-208962 |
| Document: 0001193125-26-208962.txt | 0001193125-26-208962 |
| 8-K Data (Synthetic) | 0001193125-26-208962 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 5, 2026 20w ago | 8-K | $2.34 | awaiting T+60 | — | $1.22 (−47.86%) |
May 20, 2026 22w ago | 3 | $2.18 $1.75 | ▼ −19.72% | ▼ −24.03% | $1.22 (−44.04%) |
May 19, 2026 22w ago | DEFA14A | $2.25 $1.82 | ▼ −19.11% | ▼ −24.11% | $1.22 (−45.78%) |
May 6, 2026 24w ago | 8-K | $2.52 $1.78 | ▲ +29.37% | ▲ +33.20% | $1.22 (+51.59%) |
Apr 22, 2026 26w ago | DEFA14A | $2.55 $2.25 | ▼ −11.76% | ▼ −16.78% | $1.22 (−52.16%) |
US Market Status
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