Claros Mortgage Trust is a commercial real estate finance company that originates senior and subordinate mortgage loans on transitional CRE properties—assets requiring repositioning, renovation, leasing, or development—primarily in major U.S. markets. The company typically structures loans ranging from $50 million to $300 million, secured by first or subordinate mortgages or equity pledges, with floating rates and balloon payments, often including contingent future funding tied to borrower milestones. It operates as a REIT and intends to hold loans to maturity, generating returns for shareholders primarily through dividend distributions derived from interest income and portfolio management activities including loan sales and foreclosure resolutions. The company leverages its sponsor's deep real estate development and operations expertise to underwrite higher-execution-risk transitional assets that traditional lenders typically avoid.