Revenue volatility remains a primary concern, with the firm reporting a 77.5% year-over-year decline in 2026Q1 alongside a negative NOI margin of -30.1%.
| Revenue | 371.46M | 430.48M | 170.67M | 129.83M | 270.2M | 215.02M | 267.71M | 249.61M | 167.17M |
| Revenue Growth % | 85.29% | 152.23% | 31.45% | -51.95% | 25.66% | -19.68% | 7.25% | 49.32% | - |
| Property Operating Expenses | 698.4M | 804.68M | 105.97M | 49.5M | 0 | 0 | 0 | 0 | 28.07M |
| Net Operating Income (NOI) | -326.94M | -374.2M | 64.7M | 80.33M | 270.2M | 215.02M | 267.71M | 249.61M | 139.1M |
| NOI Margin % | -88.01% | -86.93% | 37.91% | 61.87% | 100% | 100% | 100% | 100% | 83.21% |
| Operating Expenses | 121.54M | 114.87M | 70.04M | 72.92M | 270.2M | 215.02M | 61.4M | 75.71M | 28.25M |
| G&A Expenses | 20.02M | 34.13M | 15.71M | 33.2M | 26.14M | 21.4M | 61.4M | 75.71M | 32.43M |
| EBITDA | -440.09M | -487.87M | -178.46M | 116.82M | 0 | 0 | 206.31M | 173.9M | 134.74M |
| EBITDA Margin % | -118.47% | -113.33% | -104.57% | 89.97% | 0% | 0% | 77.06% | 69.67% | 80.6% |
| Depreciation & Amortization | 8.39M | 1.2M | 11.9M | 9.29M | 0 | 0 | 0 | 0 | 0 |
| D&A / Revenue % | 2.26% | 0.28% | 6.98% | 7.15% | 0% | 0% | 0% | 0% | 0% |
| Operating Income | -448.48M | -489.07M | -190.36M | 107.53M | 0 | 0 | 206.31M | 173.9M | 134.74M |
| Operating Margin % | -120.73% | -113.61% | -111.54% | 82.82% | 0% | 0% | 77.06% | 69.67% | 80.6% |
| Interest Expense | 4M | 338.15M | 466.96M | 494.14M | 261.11M | 196.23M | 172.23M | 139.75M | 0 |
| Interest Coverage | - | -1.45x | -0.41x | 0.36x | - | - | 1.20x | 1.24x | - |
| Non-Operating Income | 5.94M | 0 | 0 | 0 | 0 | 0 | 206.31M | 173.9M | 0 |
| Pretax Income | -464.74M | -489.07M | -221.26M | 6.03M | 112.16M | 170.39M | 205.67M | 174.05M | 138.92M |
| Pretax Margin % | -125.11% | -113.61% | -129.65% | 4.64% | 41.51% | 79.24% | 76.83% | 69.73% | 83.1% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -464.74M | -489.07M | -221.26M | 6.03M | 112.06M | 170.55M | 202.41M | 168.76M | 131.45M |
| Net Margin % | -125.11% | -113.61% | -129.65% | 4.64% | 41.47% | 79.32% | 75.61% | 67.61% | 78.63% |
| Net Income Growth % | -88.08% | -121.03% | -3771.23% | -94.62% | -34.29% | -15.74% | 19.94% | 28.38% | - |
| Funds From Operations (FFO) | -456.35M | -487.87M | -209.36M | 15.31M | 120.11M | 177.67M | 202.41M | 168.76M | 137.81M |
| FFO Margin % | -122.85% | -113.33% | -122.67% | 11.8% | 44.45% | 82.63% | 75.61% | 67.61% | 82.44% |
| FFO Growth % | -2001.57% | -133.03% | -1467.12% | -87.25% | -32.4% | - | - | - | - |
| FFO per Share | -3.25 | -3.47 | -1.50 | 0.11 | 0.86 | 1.32 | 1.44 | 1.20 | 0.98 |
| FFO Payout Ratio % | 0% | 0% | -57.64% | 1254.79% | 173.26% | 115.35% | 108.69% | 109.86% | 79.4% |
| EPS (Diluted) | -3.31 | -3.48 | -1.60 | 0.02 | 0.80 | 1.27 | 1.44 | 1.20 | 0.93 |
| EPS Growth % | -87.45% | -117.5% | -9567.46% | -97.89% | -37.01% | -11.81% | 20% | 28.64% | - |
| EPS (Basic) | - | -3.48 | -1.60 | 0.02 | 0.80 | 1.27 | 1.44 | 1.20 | 0.93 |
| Diluted Shares Outstanding | 140.56M | 140.56M | 139.22M | 138.62M | 139.31M | 134.54M | 140.88M | 140.88M | 140.88M |
Credit loss provision volatility
According to quarterly financial disclosures, CMTG experienced a 77.5% revenue decline in 2026Q1, following a period of erratic growth, which suggests that the firm's reliance on transactional fee income and interest accruals is failing to provide a stable foundation for long-term operational expansion.
The extreme swings in top-line performance indicate that the company is struggling to maintain a consistent origination pipeline in a high-rate environment. Investors should monitor whether this revenue contraction reflects a strategic pivot toward portfolio preservation or an inability to compete for new, high-quality transitional loan opportunities.
As reported in recent income statements, the company's NOI margin plummeted to -30.1% in 2026Q1, a stark reversal from the 100% margin levels observed in late 2023, highlighting the severe impact of credit loss provisions on property-level profitability within the current transitional loan portfolio.
The erosion of NOI margins suggests that the cost of risk and financing is systematically outpacing interest income. This trend implies that the underlying collateral is failing to generate sufficient cash flow to cover the REIT's cost of capital, necessitating a deeper look at the sustainability of current loss reserves.
Based on the company's reported figures, FFO per share has remained consistently negative since 2024Q1, reaching -$0.34 in 2026Q1, which indicates that the REIT is currently unable to generate sufficient operational earnings to support dividend distributions or provide a buffer for shareholders.
The persistent negative FFO trajectory suggests that the company's earnings power is being fundamentally impaired by the need to absorb credit losses. Analysts should be wary of the disconnect between the REIT's historical dividend yield and its current inability to produce positive distributable earnings.
Financial data indicates that the company's net income of -$54.3M in 2026Q1 is heavily influenced by non-cash provisions, raising concerns that the reported earnings may not fully capture the economic reality of the portfolio's credit deterioration or the potential for future non-accrual events.
The reliance on significant credit loss provisions suggests that management is actively adjusting for expected defaults, yet the continued negative net income implies these measures may be insufficient. Investors should investigate whether the current accounting treatment of interest income is masking a deeper liquidity crisis within the loan book.
Quick answers to the most common questions about buying CMTG stock.
For fiscal year 2025, Claros Mortgage Trust, Inc. (CMTG) reported total revenue of $430.5M. This represents a 157.5% increase compared to $167.2M in 2018.
Claros Mortgage Trust, Inc. (CMTG) reported a net loss of $489.1M for the fiscal year ending 2025.
Claros Mortgage Trust, Inc. (CMTG) reported an operating income of $-489.1M, resulting in an operating profit margin of -113.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Claros Mortgage Trust, Inc. (CMTG) generated $-374.2M in gross profit for the year, representing a gross profit margin of -86.9%. This demonstrates the company's core pricing power and production efficiency.