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Claros Mortgage Trust cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$8.0M in Q3 2026 · −$8.2M over twelve months

Operating cash flow$8.0M
Free cash flow+$8.0M

Analysis

In Q3 2026, Claros Mortgage Trust generated $8.0M of operating cash flow. That is $771K less than in Q3 2025 ($8.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$8.2M; the largest uses were net borrowing (+) / repaid (−) ($1.1B), other financing ($244M), operating cash flow ($8.2M); besides operations, cash came from other investing ($1.2B); the cash balance fell by $207M.

Operating cash flow was $8.0M against net income of −$14.3M. The largest differences: depreciation & amortization +$4.5M, stock-based pay +$1.5M, other liabilities +$690K.

Free cash flow

Claros Mortgage Trust: free cash flow by quarterClaros Mortgage Trust: free cash flow by quarter$18.3MQ4 2024−$35.8MQ1 2025−$5.8MQ2 2025$8.8MQ3 2025$2.4MQ4 2025−$6.5MQ1 2026−$12.1MQ2 2026$8.0MQ3 2026
Operating cash flow less capital spending.
Claros Mortgage Trust: operating cash flow against capital spendingClaros Mortgage Trust: operating cash flow against capital spendingOperating cash flowCapital spending$18.3M$0Q4 2024−$35.8M$0Q1 2025−$5.8M$0Q2 2025$8.8M$0Q3 2025$2.4M$0Q4 2025−$6.5M$0Q1 2026−$12.1M$0Q2 2026$8.0M$0Q3 2026
Latest (Q3 2026): Operating cash flow $8.0M, Capital spending $0.

Capital allocation, year by year

Claros Mortgage Trust: where the cash came from (up) and went (down), by fiscal yearClaros Mortgage Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedBuybacksDividendsFY2021: Operating cash flow $214MFY2021: Net borrowing $218MFY2021: Shares issued $103MFY2021: Buybacks −$3.6MFY2021: Dividends −$205M$535MFY2021FY2022: Operating cash flow $111MFY2022: Net borrowing $937MFY2022: Buybacks −$21.4MFY2022: Dividends −$208M$1.0BFY2022FY2023: Operating cash flow $111MFY2023: Net borrowing $31.4MFY2023: Dividends −$192M$143MFY2023FY2024: Operating cash flow $84.5MFY2024: Net borrowing −$782MFY2024: Dividends −$121M$84.5MFY2024FY2025: Operating cash flow −$30.5MFY2025: Net borrowing −$1.5BFY2025
Over these 5 years operating cash flow totalled $490M; the largest uses were net borrowing ($2.3B) and dividends ($726M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$134M
Debt$2.3B
Net debt$2.1B
Due within a year$1.9B
Cash runwaymore than 10 years

Claros Mortgage Trust is burning cash: its operations consume cash, a free cash flow of −$8.2M a year at the current rate against $134M of cash and investments: a runway of more than ten years at that rate; $1.9B of debt also comes due within a year, which would need refinancing or new money before any new financing.

Claros Mortgage Trust: debt maturities by year (FY2025)Claros Mortgage Trust: debt maturities by year (FY2025)$1.9BYear 1$563MYear 2$292MYear 3$430MYear 5
Principal due in each year as disclosed in the annual report, against $134M of cash and investments now.

Where the cash came from and went

Claros Mortgage Trust: sources (+) and uses (−) of cash, Q3 2026Claros Mortgage Trust: sources (+) and uses (−) of cash, Q3 2026Other investing$374MNet borrowing (+) / repaid (−)−$330MCash drawn (+) / kept (−)−$47.1MOperating cash flow$8.0MOther financing−$4.7MTaxes on employees’ shares−$2K
Claros Mortgage Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Claros Mortgage Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing$1.2BNet borrowing (+) / repaid (−)−$1.1BOther financing−$244MCash drawn (+) / kept (−)$207MOperating cash flow−$8.2MTaxes on employees’ shares−$998K

From profit to cash

Claros Mortgage Trust: net income to operating cash flow, Q3 2026Claros Mortgage Trust: net income to operating cash flow, Q3 2026Net income−$14.3MDepreciation & amortization$4.5MStock-based pay$1.5MPrepaid and other assets$135KOther liabilities$690KOperating cash flow$8.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$8.0M—−$330M−$47.1M$8.0M
Q2 2026−$12.1M—−$67.2M$28.2M−$12.1M
Q1 2026−$6.5M—−$377M$60.3M−$6.5M
Q4 2025$2.4M—−$345M$165M$2.4M
Q3 2025$8.8M—−$376M−$128M$8.8M
Q2 2025−$5.8M—−$612M−$79.0M−$5.8M
Q1 2025−$35.8M—−$216M−$15.4M−$35.8M
Q4 2024$18.3M−$14.2M−$239M$10.9M$18.3M

Claros Mortgage Trust: income statement and cash flow

Claros Mortgage Trust, Q3 2026: revenue $32.6M (-29% year over year), operating margin -43.7%. The chart follows the revenue to costs, profit and cash.

Claros Mortgage Trust: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.