Operational liquidity is under pressure, as evidenced by the divergence between GAAP operating cash flow of -$6.5M and negative FFO of -$47.6M in 2026Q1.
| Cash from Operations | -1.15M | -30.46M | 84.52M | 111.14M | 111.03M | 213.56M | 140.5M | 129.55M | 111.56M |
| Operating CF Growth % | -288.47% | -136.04% | -23.95% | 0.1% | -48.01% | 52% | 8.45% | 16.13% | - |
| Operating CF / Revenue % | -0.31% | -7.08% | 49.52% | 85.6% | 41.09% | 99.32% | 52.48% | 51.9% | 66.73% |
| Net Income | -464.74M | 0 | -221.26M | 6.03M | 112.16M | 170.39M | 205.67M | 174.05M | 131.45M |
| Depreciation & Amortization | 5.9M | 0 | 1.42M | 708K | 8.04M | 7.11M | 0 | 0 | 6.36M |
| Stock-Based Compensation | -5.12M | 0 | 18.29M | 16.78M | 7.55M | 8.81M | 5.67M | 25.5M | 0 |
| Other Non-Cash Items | -43.68M | 46.32M | 310.81M | 124.88M | -3.52M | 38.97M | -69.9M | -64.9M | -19.97M |
| Working Capital Changes | 17.42M | -76.78M | -24.73M | -37.26M | -13.21M | 4.21M | -945K | -5.09M | -8.95M |
| Cash from Investing | 1.99B | 1.87B | 779.91M | -39.34M | -773.3M | -373.2M | -208.86M | -2.31B | -2.19B |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | -515K | 0 | 0 | 0 | -150.35M |
| Purchase of Investments | -269K | 0 | 0 | 0 | -906K | 0 | 0 | 0 | 0 |
| Sale of Investments | 1.93M | 0 | 0 | 0 | 906K | 2.51M | 0 | 0 | 38.1M |
| Other Investing | 1.99B | 1.87B | 779.91M | -37.24M | -770.44M | -364.25M | -208.86M | -2.31B | -2.08B |
| Cash from Financing | -2.01B | -1.78B | -945.82M | -205.07M | 676.3M | 62.8M | 161.32M | 2.45B | 1.71B |
| Dividends Paid | 0 | 0 | -120.68M | -192.16M | -208.09M | -204.94M | -220.03M | -185.43M | -109.43M |
| Common Dividends | 0 | 0 | -120.68M | -192.16M | -208.09M | -204.94M | -220M | -185.4M | -109.43M |
| Debt Issuance (Net) | -2M | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | 0 | 0 | -3.49M | -3.9M | -21.4M | -3.73M | -125K | 0 | 0 |
| Other Financing | -1.77B | -1.54M | -17.07M | -13.52M | -23.5M | -34.07M | -45.72M | -35.92M | -90.8M |
| Net Change in Cash | -18.43M | 57.28M | -81.39M | -133.27M | 14.02M | -96.84M | 92.96M | 266.08M | -370.41M |
| Exchange Rate Effect | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 190.78M | 133.5M | 214.89M | 348.16M | 334.14M | 430.97M | 338.02M | 71.94M | 442.35M |
| Cash at End | 130.44M | 190.78M | 133.5M | 214.89M | 348.16M | 334.14M | 430.97M | 338.02M | 71.94M |
| Free Cash Flow | -6.09M | -33.18M | 83.17M | 109.05M | 108.69M | 202.09M | 140.5M | 129.55M | 111.56M |
| FCF Growth % | -123.04% | -139.9% | -23.73% | 0.33% | -46.22% | 43.84% | 8.45% | 16.13% | - |
| FCF / Revenue % | -1.64% | -7.71% | 48.73% | 83.99% | 40.22% | 93.99% | 52.48% | 51.9% | 66.73% |
Persistent negative distributable cash
As reported in quarterly financial filings, the persistent gap between GAAP operating cash flow and FFO, exemplified by the -$47.6M FFO against -$6.5M OCF in 2026Q1, suggests that non-cash credit provisions are significantly distorting the firm's ability to generate actual liquidity from its lending operations.
The consistent inability of FFO to track with operating cash flow indicates that the REIT's earnings are heavily impacted by non-cash accounting adjustments rather than core interest collection. Investors should monitor whether this divergence reflects a structural impairment of the loan book that will eventually manifest as a permanent loss of cash-generating capacity.
Based on the company's reported figures, the cessation of dividend payments since 2025Q1 aligns with the sustained negative AFFO, which reached -$49.9M in 2026Q1, indicating that the REIT currently lacks the operational cash flow required to support any meaningful distribution to its common shareholders.
The transition from a dividend-paying entity in 2024 to a cash-burning structure highlights the severity of the current credit cycle on the firm's bottom line. Without a return to positive AFFO, the company appears to be in a defensive posture focused on capital preservation rather than shareholder returns.
According to recent SEC filings, the magnitude of the negative FFO relative to GAAP net income, such as the -$219M FFO reported in 2025Q4, suggests that non-cash credit loss provisions are the primary driver of the firm's reported losses, masking the underlying cash-on-cash yield of the performing portfolio.
The heavy reliance on non-cash charges makes GAAP net income an unreliable proxy for the firm's actual financial health. Analysts should focus on the reconciliation between these provisions and actual loan defaults to determine if the current accounting treatment is overly conservative or merely reflecting inevitable asset value erosion.
Financial data indicates that the company's cash flow statement may obscure the true extent of credit deterioration, as the lack of transparency regarding capitalized interest and non-accrual loan status warrants further investigation into whether the reported cash flows are sustainable or merely temporary accounting artifacts.
The volatility in operating cash flow suggests that the firm may be relying on non-recurring items or interest deferrals to maintain liquidity. Investors should be wary of the potential for future cash flow shocks if these transitional assets fail to reach stabilization and require further capital injections or write-downs.
Quick answers to the most common questions about buying CMTG stock.
Claros Mortgage Trust, Inc. (CMTG) generated $-30.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Claros Mortgage Trust, Inc. (CMTG) reported negative free cash flow of $33.2M in 2025, indicating capital requirements exceeded cash from operations.
Claros Mortgage Trust, Inc. (CMTG) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.