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Side-by-side financial comparison of Claros Mortgage Trust, Inc. (CMTG) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
Velocity Financial, Inc. is the larger business by last-quarter revenue ($51.6M vs $46.7M, roughly 1.1× Claros Mortgage Trust, Inc.). Velocity Financial, Inc. runs the higher net margin — 67.3% vs -468.9%, a 536.3% gap on every dollar of revenue. On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs -22.4%). Over the past eight quarters, Velocity Financial, Inc.'s revenue compounded faster (32.3% CAGR vs -10.9%).
Claros Mortgage Trust, Inc. is a U.S.-based real estate investment trust that invests in diversified mortgage-related assets, including residential and commercial mortgage loans and mortgage-backed securities. It pursues stable, risk-adjusted long-term returns for shareholders via rigorous asset evaluation and active portfolio management.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
CMTG vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $46.7M | $51.6M |
| Net Profit | $-219.2M | $34.8M |
| Gross Margin | — | — |
| Operating Margin | — | 97.0% |
| Net Margin | -468.9% | 67.3% |
| Revenue YoY | -22.4% | 32.8% |
| Net Profit YoY | -117.7% | 67.0% |
| EPS (diluted) | $-1.56 | $0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $46.7M | $51.6M | ||
| Q3 25 | $46.1M | $49.1M | ||
| Q2 25 | $51.6M | $47.6M | ||
| Q1 25 | $43.4M | $37.5M | ||
| Q4 24 | $60.2M | $38.9M | ||
| Q3 24 | $64.9M | $35.1M | ||
| Q2 24 | $64.5M | $32.4M | ||
| Q1 24 | $58.8M | $29.5M |
| Q4 25 | $-219.2M | $34.8M | ||
| Q3 25 | $-9.5M | $25.4M | ||
| Q2 25 | $-181.7M | $26.0M | ||
| Q1 25 | $-78.6M | $18.9M | ||
| Q4 24 | $-100.7M | $20.8M | ||
| Q3 24 | $-56.2M | $15.8M | ||
| Q2 24 | $-11.6M | $14.8M | ||
| Q1 24 | $-52.8M | $17.3M |
| Q4 25 | — | 97.0% | ||
| Q3 25 | — | 72.1% | ||
| Q2 25 | — | 71.3% | ||
| Q1 25 | — | 71.7% | ||
| Q4 24 | — | 82.5% | ||
| Q3 24 | — | 60.6% | ||
| Q2 24 | — | 61.3% | ||
| Q1 24 | — | 78.8% |
| Q4 25 | -468.9% | 67.3% | ||
| Q3 25 | -20.7% | 51.7% | ||
| Q2 25 | -351.9% | 54.6% | ||
| Q1 25 | -181.3% | 50.4% | ||
| Q4 24 | -167.2% | 53.5% | ||
| Q3 24 | -86.7% | 45.1% | ||
| Q2 24 | -17.9% | 45.6% | ||
| Q1 24 | -89.7% | 58.5% |
| Q4 25 | $-1.56 | $0.90 | ||
| Q3 25 | $-0.07 | $0.65 | ||
| Q2 25 | $-1.30 | $0.69 | ||
| Q1 25 | $-0.56 | $0.51 | ||
| Q4 24 | $-0.72 | $0.56 | ||
| Q3 24 | $-0.40 | $0.44 | ||
| Q2 24 | $-0.09 | $0.42 | ||
| Q1 24 | $-0.39 | $0.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $173.2M | $92.1M |
| Total DebtLower is stronger | $3.2B | — |
| Stockholders' EquityBook value | $1.5B | $672.5M |
| Total Assets | $4.7B | $7.4B |
| Debt / EquityLower = less leverage | 2.06× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $173.2M | $92.1M | ||
| Q3 25 | $339.5M | $99.0M | ||
| Q2 25 | $209.2M | $79.6M | ||
| Q1 25 | $127.8M | $51.7M | ||
| Q4 24 | $99.1M | $49.9M | ||
| Q3 24 | $113.9M | $44.1M | ||
| Q2 24 | $148.2M | $47.4M | ||
| Q1 24 | $232.5M | $34.8M |
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.7B | — | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $5.5B | — |
| Q4 25 | $1.5B | $672.5M | ||
| Q3 25 | $1.7B | $634.3M | ||
| Q2 25 | $1.8B | $597.9M | ||
| Q1 25 | $1.9B | $563.2M | ||
| Q4 24 | $2.0B | $516.9M | ||
| Q3 24 | $2.1B | $484.6M | ||
| Q2 24 | $2.2B | $471.3M | ||
| Q1 24 | $2.2B | $452.9M |
| Q4 25 | $4.7B | $7.4B | ||
| Q3 25 | $5.4B | $7.0B | ||
| Q2 25 | $5.8B | $6.5B | ||
| Q1 25 | $6.7B | $6.0B | ||
| Q4 24 | $7.0B | $5.5B | ||
| Q3 24 | $7.3B | $5.2B | ||
| Q2 24 | $7.6B | $4.9B | ||
| Q1 24 | $7.8B | $4.6B |
| Q4 25 | 2.06× | — | ||
| Q3 25 | 2.09× | — | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.42× | — | ||
| Q4 24 | 2.44× | — | ||
| Q3 24 | 2.44× | — | ||
| Q2 24 | 2.46× | — | ||
| Q1 24 | 2.47× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-30.5M | $18.2M |
| Free Cash FlowOCF − Capex | — | $17.9M |
| FCF MarginFCF / Revenue | — | 34.6% |
| Capex IntensityCapex / Revenue | — | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-30.5M | $18.2M | ||
| Q3 25 | $8.8M | $11.5M | ||
| Q2 25 | $-5.8M | $7.7M | ||
| Q1 25 | $-35.8M | $3.5M | ||
| Q4 24 | $84.5M | $37.8M | ||
| Q3 24 | $39.2M | $-17.6M | ||
| Q2 24 | $5.5M | $11.5M | ||
| Q1 24 | $21.5M | $10.6M |
| Q4 25 | — | $17.9M | ||
| Q3 25 | — | $11.4M | ||
| Q2 25 | — | $7.6M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | — | $37.5M | ||
| Q3 24 | — | $-17.6M | ||
| Q2 24 | — | $11.4M | ||
| Q1 24 | — | $10.5M |
| Q4 25 | — | 34.6% | ||
| Q3 25 | — | 23.2% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | 96.4% | ||
| Q3 24 | — | -50.3% | ||
| Q2 24 | — | 35.1% | ||
| Q1 24 | — | 35.8% |
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | -1.11× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.61× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CMTG
| Real Estate Owned Portfolio | $34.2M | 73% |
| Other | $11.1M | 24% |
| Mixed Use Property Fixed Rents | $1.4M | 3% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
