Claros Mortgage Trust, Inc.

CMTG

Real EstateREIT - MortgageNYSE

$2.32

Market Cap: $325.31M

Claros Mortgage Trust, Inc. (CMTG) Valuation Summary

Updated Apr 28, 2026 22:22

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.32 – $275,325,704,596,746,620.00	$0.32	-88.1%
Revenue DCF 10Y	—	N/A	—
▸ Trading Multiples
EV/Revenue	-$14.55 – -$4.12	$2.64	-1.5%

Valuation History

DCF Analysis

Claros Mortgage Trust, Inc. (CMTG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.32

Market Price

$2.32

Upside / Downside

-86.2%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -224.8% to a target of 28.5% over 5 years, discounted at a WACC of 5.0%, Claros Mortgage Trust, Inc. (CMTG) has an intrinsic value of $0.32 per share (range: $0.32 – $275,325,704,596,746,620.00).

Key Assumptions

Current Operating Margin

-224.8%

Target Operating Margin

28.5%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.0%

Target CapEx/Rev

6.0%

D&A/Revenue

1.5%

Tax Rate

0.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	157	-21.9%	-174.2%	-274	-274	2	(4)	1,551	-1,827	-1,783
2027	142	-10.1%	-123.5%	-175	-175	2	(5)	-520	342	318
2028	185	30.6%	-72.8%	-135	-135	3	(8)	1,422	-1,562	-1,383
2029	182	-1.6%	-22.2%	-40	-40	3	(9)	-97	50	42
2030	179	-1.6%	28.5%	51	51	3	(11)	-95	138	111

Enterprise Value Bridge

Sum of PV(FCFF)-2,696

Terminal Value (Gordon Growth at 3.0%)7,115

PV of Terminal Value5,712

Enterprise Value3,017

(–) Net Debt2,972

Equity Value45

(÷) Shares Outstanding141

Fair Value per Share$0.32

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.5%	25.5%	28.5%	31.5%	34.5%
3.0%	$235574802999447808	$245512528398772416	$255450253798097088	$265387979197421888	$275325704596746624
4.0%	$38	$41	$44	$48	$51
5.0%	$-3	$-1	$0	$2	$4
6.0%	$-16	$-15	$-14	$-13	$-12
7.0%	$-23	$-22	$-21	$-20	$-20

Current price: $2.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 3280.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$11.55

Market Price

$2.32

Upside / Downside

+397.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Claros Mortgage Trust, Inc. (CMTG) has a fair value of $11.55 based on 9 comparable companies in the REIT - Mortgage industry.

EV/Revenue Valuation — REIT - Mortgage

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Claros Mortgage Trust, Inc.CMTG	326	7.7x	13.1x
Peakstone Realty TrustPKST	780	11.2x	8.9x
National Healthcare Properties, Inc.NHPAP	594	4.6x	—
Universal Health Realty Income TrustUHT	566	9.5x	9.5x
Invesco Mortgage Capital Inc.IVR	554	18.0x	30.1x
KKR Real Estate Finance Trust Inc.KREF	401	10.9x	28.8x
Ready Capital CorporationRC	309	11.9x	26.2x
SITE Centers Corp.SITC	294	2.0x	0.7x
NexPoint Real Estate Finance, Inc.NREF	256	43.1x	141.5x
Net Lease Office PropertiesNLOP	196	0.8x	0.7x
Industry Median		10.9x	17.8x
(*) Revenue		430	251
= Enterprise Value		4,710	4,480
(-) Net Debt		2,972	2,972
Equity Value		1,738	1,508
(/) Outstanding shares		141	141
Fair Price		$12	$11

Selected Fair Value (avg of trailing + forward)

$11.55

+397.7%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.32 – $275,325,704,596,746,620.00

$0.32

-88.1%

Revenue DCF 10Y

—

N/A

—

▸ Trading Multiples

EV/Revenue

-$14.55 – -$4.12

$2.64

-1.5%

DCF Analysis

Claros Mortgage Trust, Inc. (CMTG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.32

Market Price

$2.32

Upside / Downside

-86.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-224.8%

Target Operating Margin

28.5%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.0%

Target CapEx/Rev

6.0%

D&A/Revenue

1.5%

Tax Rate

0.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	157	-21.9%	-174.2%	-274	-274	2	(4)	1,551	-1,827	-1,783
2027	142	-10.1%	-123.5%	-175	-175	2	(5)	-520	342	318
2028	185	30.6%	-72.8%	-135	-135	3	(8)	1,422	-1,562	-1,383
2029	182	-1.6%	-22.2%	-40	-40	3	(9)	-97	50	42
2030	179	-1.6%	28.5%	51	51	3	(11)	-95	138	111

Enterprise Value Bridge

Sum of PV(FCFF)-2,696

Terminal Value (Gordon Growth at 3.0%)7,115

PV of Terminal Value5,712

Enterprise Value3,017

(–) Net Debt2,972

Equity Value45

(÷) Shares Outstanding141

Fair Value per Share$0.32

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.5%	25.5%	28.5%	31.5%	34.5%
3.0%	$235574802999447808	$245512528398772416	$255450253798097088	$265387979197421888	$275325704596746624
4.0%	$38	$41	$44	$48	$51
5.0%	$-3	$-1	$0	$2	$4
6.0%	$-16	$-15	$-14	$-13	$-12
7.0%	$-23	$-22	$-21	$-20	$-20

Current price: $2.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$11.55

Market Price

$2.32

Upside / Downside

+397.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Claros Mortgage Trust, Inc. (CMTG) has a fair value of $11.55 based on 9 comparable companies in the REIT - Mortgage industry.

EV/Revenue Valuation — REIT - Mortgage

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Claros Mortgage Trust, Inc.CMTG	326	7.7x	13.1x
Peakstone Realty TrustPKST	780	11.2x	8.9x
National Healthcare Properties, Inc.NHPAP	594	4.6x	—
Universal Health Realty Income TrustUHT	566	9.5x	9.5x
Invesco Mortgage Capital Inc.IVR	554	18.0x	30.1x
KKR Real Estate Finance Trust Inc.KREF	401	10.9x	28.8x
Ready Capital CorporationRC	309	11.9x	26.2x
SITE Centers Corp.SITC	294	2.0x	0.7x
NexPoint Real Estate Finance, Inc.NREF	256	43.1x	141.5x
Net Lease Office PropertiesNLOP	196	0.8x	0.7x
Industry Median		10.9x	17.8x
(*) Revenue		430	251
= Enterprise Value		4,710	4,480
(-) Net Debt		2,972	2,972
Equity Value		1,738	1,508
(/) Outstanding shares		141	141
Fair Price		$12	$11

Selected Fair Value (avg of trailing + forward)

$11.55

+397.7%