Filing Flows › Claros Mortgage Trust (CMTG) › Q4 2025
Claros Mortgage Trust (CMTG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Claros Mortgage Trust (CMTG) reported revenue of $46.7M for the fourth quarter 2025 (Q4 2025), -22% from a year earlier and +1% from the quarter before. Operating margin was -468.9%, net loss $219M (468.9% of revenue).
Claros Mortgage Trust, Q4 2025: revenue $46.7M (-22% year over year), operating margin -468.9%, net loss $219M, operating cash flow $2.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $46.7M | +1% | -22% |
| Operating profit | −$219M | — | — |
| Net earnings | −$219M | — | — |
| Operating cash flow | $2.4M | -73% | -87% |
What changed
Revenue was $46.7M in Q4 2025, down 22% year over year and up 1% from the previous quarter.
Operating costs exceeded revenue by $219.2M, an operating margin of -468.9%. Total costs grew 65% against a revenue fall of 22%. The fastest-growing cost line was General & admin (+76%). The quarter ended with a net loss of $219.2M, wider than the previous quarter's $9.5M loss.
Operating cash flow was $2.4M (down 87% year over year). Non-cash charges added back $5.7M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $213.6M.
Questions
What was Claros Mortgage Trust's revenue in the fourth quarter 2025?
Claros Mortgage Trust (CMTG) reported revenue of $46.7M for the fourth quarter 2025 (Q4 2025), -22% from a year earlier and +1% from the quarter before.
Was Claros Mortgage Trust profitable in the fourth quarter 2025?
Operating loss was $219M (-468.9% of revenue) and net loss $219M.