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 "markdown": "Book Value per Share Roll-Forward\n\n\nCMTG\nCLAROS\nMORTGAGE\nTRUST\n\n\n<figure type=\"CHART\">\n\n<description>This is a waterfall chart showing the reconciliation of 'Book Value' per share from 12/31/25 to 3/31/26. The chart starts with a Book Value of $11.33 on the left and ends with $10.83 on the right. Positive adjustments are shown as green bars, and negative adjustments are shown as grey bars. The primary bars at the beginning and end are dark blue, with dashed-line boxes on top representing 'Depreciation/Amortization' and 'General CECL'.</description> <table><tr><th>Category</th><th>Value/Adjustment</th></tr><tr><td>Book Value 12/31/25</td><td>$11.33 (Total)</td></tr><tr><td>- Depreciation/Amortization (Start)</td><td>$0.10</td></tr><tr><td>- General CECL (Start)</td><td>$0.54</td></tr><tr><td>- Base Book Value (Start)</td><td>$10.69</td></tr><tr><td>+ Distributable Loss Prior to Realized Losses</td><td>$0.05</td></tr><tr><td>- Realized Losses and Non-Cash Items</td><td>$0.34</td></tr><tr><td>- RSUs, Warrants, and Other</td><td>$0.03</td></tr><tr><td>+ Depreciation/Amortization (End)</td><td>$0.15</td></tr><tr><td>+ General CECL (End)</td><td>$0.35</td></tr><tr><td>Book Value 3/31/26</td><td>$10.83 (Total)</td></tr></table></figure>\n\nTotals may not foot due to rounding.\n\n\nCLAROS MORTGAGE TRUST, INC. FIRST QUARTER 2026 EARNINGS SUPPLEMENT\n\n\nPAGE 12\n\n<!-- doc_id=parse-01m3d760d875gxax4aqz3vjwhf -->",
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