Claros Mortgage Trust (CMTG) is a commercial real estate mortgage REIT that originates senior and subordinate loans on transitional CRE assets — properties undergoing renovation, repositioning, lease-up, or redevelopment — primarily in major U.S. markets. CMTG targets loans in the $50M–$300M range, typically structured as floating-rate, non-amortizing first mortgage or mezzanine loans, and generally holds them to maturity. The company earns interest income on its floating-rate portfolio and uses leverage to amplify returns, with the spread between loan yields and borrowing costs as the core profitability driver. CMTG is externally managed by an affiliate of Mack Real Estate Group, whose development, ownership, and property management expertise underpins CMTG's ability to underwrite complex transitional assets. As of year-end 2025, CMTG held a $3.7B loan portfolio across 33 loans, concentrated in multifamily with meaningful office and hospitality exposure. CMTG is currently in an active workout phase, having built up a large portfolio of problem loans as rising rates stressed borrowers' ability to refinance. A growing portion of the balance sheet consists of REO assets — properties acquired through foreclosure — with a carrying value of roughly $747M, including a portfolio of Manhattan limited-service hotels and several multifamily properties. CMTG resolved $2.6B of loans in 2025 and has paused its dividend to preserve liquidity while prioritizing deleveraging and addressing its ~$556M Term Loan B maturing in August 2026.