Claros Mortgage Trust, Inc. Files 2023 Annual Report (10-K)

Ticker: CMTG · Form: 10-K · Filed: Feb 20, 2024 · CIK: 1666291

Claros Mortgage Trust, Inc. 10-K Filing Summary
FieldDetail
CompanyClaros Mortgage Trust, Inc. (CMTG)
Form Type10-K
Filed DateFeb 20, 2024
Risk Level
Pages15
Reading Time18 min
Key Dollar Amounts$0.01, $50 million, $300 million, $6.9 billion, $72.6 m
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Claros Mortgage Trust, Real Estate Finance, Annual Report, Financials

TL;DR

<b>Claros Mortgage Trust, Inc. has filed its 2023 10-K annual report, detailing its financial position and operations.</b>

AI Summary

Claros Mortgage Trust, Inc. (CMTG) filed a Annual Report (10-K) with the SEC on February 20, 2024. Claros Mortgage Trust, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes data related to various loan types such as Land Loans, Mezzanine Loans, and Fixed Loans. The company's business address is C/O Mack Real Estate Group, 60 Columbus Circle, 20th Floor, New York, NY 10023. Key financial elements like Additional Paid In Capital and Allowance for Loan and Lease Losses are reported as of December 31, 2022 and December 31, 2023 respectively. The report references specific financial instruments and agreements, including repurchase agreements and variable loans.

Why It Matters

For investors and stakeholders tracking Claros Mortgage Trust, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Claros Mortgage Trust's financial health, investment portfolio, and operational risks for the fiscal year 2023, crucial for investors assessing the company's performance and future outlook. The detailed breakdown of loan types, financial assets, and liabilities offers insights into the company's core business activities in the real estate finance sector and its exposure to market conditions.

Risk Assessment

Risk Level: — Claros Mortgage Trust, Inc. shows moderate risk based on this filing. The company's business is concentrated in real estate finance, which is subject to significant market and economic risks, as indicated by the various loan types and financial instruments mentioned in the filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's exposure to real estate market fluctuations and interest rate changes.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Report period)
  • 2024-02-20 — Filing Date (Date of submission)
  • 001-40993 — SEC File Number (Company's SEC registration number)

Key Players & Entities

  • Claros Mortgage Trust, Inc. (company) — Filer name
  • Mack Real Estate Group (company) — Business and mailing address provider
  • New York (location) — Business and mailing address city
  • Morgan Stanley Bank NA (company) — Financial asset counterparty
  • JPMorgan Chase Bank NA (company) — Financial asset counterparty

FAQ

When did Claros Mortgage Trust, Inc. file this 10-K?

Claros Mortgage Trust, Inc. filed this Annual Report (10-K) with the SEC on February 20, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Claros Mortgage Trust, Inc. (CMTG).

Where can I read the original 10-K filing from Claros Mortgage Trust, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Claros Mortgage Trust, Inc..

What are the key takeaways from Claros Mortgage Trust, Inc.'s 10-K?

Claros Mortgage Trust, Inc. filed this 10-K on February 20, 2024. Key takeaways: Claros Mortgage Trust, Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The filing includes data related to various loan types such as Land Loans, Mezzanine Loans, and Fixed Loans.. The company's business address is C/O Mack Real Estate Group, 60 Columbus Circle, 20th Floor, New York, NY 10023..

Is Claros Mortgage Trust, Inc. a risky investment based on this filing?

Based on this 10-K, Claros Mortgage Trust, Inc. presents a moderate-risk profile. The company's business is concentrated in real estate finance, which is subject to significant market and economic risks, as indicated by the various loan types and financial instruments mentioned in the filing.

What should investors do after reading Claros Mortgage Trust, Inc.'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's exposure to real estate market fluctuations and interest rate changes. The overall sentiment from this filing is neutral.

Risk Factors

  • Concentration of Risk [medium — financial]: The company faces concentration of risk related to property types, including multifamily and office buildings, as detailed in the filing for the period ending December 31, 2023.
  • Credit Risk [medium — financial]: The company manages credit risk through various allowances, including Specific Current Expected Credit Loss Allowance and General CECL Reserve, as of December 31, 2023.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
  • 2024-02-20: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

Repurchase Agreements
Transactions where securities are sold with an agreement to repurchase them at a later date. (Indicates a source of funding or investment activity for the company.)
Variable Loans
Loans where the interest rate can fluctuate over time. (Highlights exposure to interest rate risk and changes in borrowing costs.)
CECL
Current Expected Credit Losses, a methodology for estimating credit losses. (Relevant for understanding how the company accounts for potential loan defaults.)

Filing Stats: 4,505 words · 18 min read · ~15 pages · Grade level 15.4 · Accepted 2024-02-20 16:13:13

Key Financial Figures

  • $0.01 — nge on which registered Common Stock, $0.01 par value per share CMTG New York S
  • $50 million — arily on originating loans ranging from $50 million to $300 million on transitional CRE ass
  • $300 million — ating loans ranging from $50 million to $300 million on transitional CRE assets located in m
  • $6.9 billion — 015 and, as of December 31, 2023, had a $6.9 billion diversified loan portfolio, based on ca
  • $72.6 m — . (2) Net of specific CECL reserve of $72.6 milli

Filing Documents

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 50 Item 1C. Cybersecurity 50 Item 2.

Properties

Properties 51 Item 3.

Legal Proceedings

Legal Proceedings 51 Item 4. Mine Safety Disclosures 51 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52 Item 6. Reserved 53 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 71 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F- 1 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 75 Item 9A.

Controls and Procedures

Controls and Procedures 75 Item 9B. Other Information 75 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 PART III Item 10. Directors, Executive Officers and Corporate Governance 76 Item 11.

Executive Compensation

Executive Compensation 76 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 76 Item 13. Certain Relationships and Related Transactions, and Director Independence 76 Item 14. Principal Accounting Fees and Services 76 PART IV Item 15. Exhibits, Financial Statement Schedules 77 Item 16. Form 10-K Summary 83 2 EXPLANATORY NOTE Except where the context suggests otherwise, the terms the "Company," "we," "us," "our" and "CMTG" refer to Claros Mortgage Trust, Inc., a Maryland corporation, individually and together with its subsidiaries as the context may require; our "Manager" refers to Claros REIT Management LP, a Delaware limited partnership, our external manager and an affiliate of MRECS; and "MRECS" refers to Mack Real Estate Credit Strategies, L.P., the CRE lending and debt investment business affiliated with Mack Real Estate Group, LLC, which we refer to as the "Mack Real Estate Group" or "MREG." Although MRECS and MREG are distinct legal entities, for convenience, references to our "Sponsor" in this Annual Report on Form 10-K are deemed to include reference to MRECS and MREG, individually or collectively, as appropriate for the context and unless otherwise indicated. References to "CRE" throughout this Annual Report on Form 10-K means commercial real estate. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS We make forward-looking statements in this annual report that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; changes

B usiness

Item 1. B usiness. Our Company We are a CRE finance company focused primarily on originating senior and subordinate loans on transitional CRE assets located in major U.S. markets, including mortgage loans secured by a first priority or subordinate mortgage on transitional CRE assets, and subordinate loans including mezzanine loans secured by a pledge of equity ownership interests in the direct or indirect property owner rather than directly in the underlying commercial properties. These loans are subordinate to a mortgage loan but senior to the property owner's equity ownership interests. Transitional CRE assets are properties that require repositioning, renovation, rehabilitation, leasing, development or redevelopment or other value-added elements in order to maximize value. We believe our Sponsor's real estate development, ownership and operations experience, and infrastructure differentiates us in lending on these transitional CRE assets. Our objective is to be a premier provider of debt capital for transitional CRE assets and, in doing so, to generate attractive risk-adjusted returns for our stockholders over time, primarily through dividends. We strive to create a diversified investment portfolio of CRE loans that we generally intend to hold to maturity. We focus primarily on originating loans ranging from $50 million to $300 million on transitional CRE assets located in major U.S. markets with attractive fundamental characteristics supported by macroeconomic tailwinds. Our loan origination and repayment volume may fluctuate based on market conditions or other conditions inherent in our portfolio. As such, we may modify our investment strategy from time to time by shifting focus to optimizing outcomes within our existing portfolio, which may include actions such as selling a loan or syndicating a portion of a loan, and working with our borrowers to enhance the value of underlying properties that constitute our collateral. We were organized as a Maryland

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