Claros Mortgage Trust: 75% Discount To Book Could Narrow On Expansion Of Cash

2026-01-01 04:11:09 ET

Claros Mortgage Trust ( CMTG ) continues to trade at a deep discount to its book value per share as loan repayments and resolutions swell its liquidity balance and position the externally managed mortgage REIT to possibly narrow its current discount to book value next year. This is not an income play, as the mREIT suspended its quarterly cash dividends in the third quarter of 2024. The opportunity here is liquidations that look set to help narrow the current gap between the commons at $3.06 per share and book value at $12.24 per share . CMTG has built a diversified portfolio of credit collateralized by U.S. commercial real estate ("CRE") that was valued at $4.3 billion as of the end of its fiscal 2025 third quarter. This portfolio with loan commitments was higher by $600 million at $4.9 billion, with the mREIT concentrated in multifamily housing and hospitality CRE. Multifamily formed 44% of its loan portfolio, with hospitality at 18% as of the end of its third quarter....

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