
Claros Mortgage Trust, Inc. is a real estate investment trust originating senior and subordinate loans on transitional commercial real estate.
Claros Mortgage Trust lends against transitional commercial real estate where borrowers require bridge and transitional capital that traditional bank lenders often cannot provide. Its loan portfolio is concentrated in major United States metropolitan markets across multiple property types.
The company reported a $3.7 billion loan portfolio with a weighted-average all-in yield of 6.2 percent as of December 31, 2025, alongside total liquidity of $185 million. Its results reflect broader conditions in commercial real estate credit, including current expected credit loss provisioning on challenged loans.
The company originates first-mortgage senior and subordinate loans ranging from $50 million to $300 million on transitional commercial real estate assets in major United States markets. Its lending platform targets experienced sponsors and high-quality properties, with loans generally held to maturity rather than sold.
An affiliate of Mack Real Estate Credit Strategies externally manages the company and its loan portfolio. This structure gives the company access to the origination, underwriting, and asset-management capabilities of the broader Mack Real Estate Group platform.
The company reported a GAAP net loss of $489.1 million for fiscal year 2025, driven by current expected credit loss reserves of $466.5 million against its loan book. These reserves reflect stress on a portion of the portfolio rather than realized principal losses.
A watchlist of 13 loans representing $1.5 billion in unpaid principal balance remained under monitoring as of February 2026. Exposure to transitional commercial real estate means portfolio performance is sensitive to property-level cash flow and refinancing conditions.