CMTG Collar Strategy
CMTG (Claros Mortgage Trust, Inc.), in the Real Estate sector, (REIT - Mortgage industry), listed on NYSE.
Claros Mortgage Trust, Inc. is a real estate investment trust that focuses primarily on originating senior and subordinate loans on transitional commercial real estate assets located in principal markets across the United States. The company is qualified as a real estate investment trust (REIT) under the Internal Revenue Code. As a REIT, its net income would be exempt from federal taxation to the extent that it is distributed as dividends to shareholders. The company was incorporated in 2015 and is based in New York, New York.
CMTG (Claros Mortgage Trust, Inc.) trades in the Real Estate sector, specifically REIT - Mortgage, with a market capitalization of approximately $294.5M, a beta of 1.18 versus the broader market, a 52-week range of 2.045-3.99, average daily share volume of 547K, a public-listing history dating back to 2021. These structural characteristics shape how CMTG stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.18 places CMTG roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. CMTG pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on CMTG?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current CMTG snapshot
As of May 15, 2026, spot at $2.13, ATM IV 267.30%, IV rank 49.51%, expected move 76.63%. The collar on CMTG below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this collar structure on CMTG specifically: IV regime affects collar pricing on both sides; mid-range CMTG IV at 267.30% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 76.63% (roughly $1.63 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CMTG expiries trade a higher absolute premium for lower per-day decay. Position sizing on CMTG should anchor to the underlying notional of $2.13 per share and to the trader's directional view on CMTG stock.
CMTG collar setup
The CMTG collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CMTG near $2.13, the first option leg uses a $2.24 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CMTG chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 CMTG shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $2.13 | long |
| Sell 1 | Call | $2.24 | N/A |
| Buy 1 | Put | $2.02 | N/A |
CMTG collar risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
CMTG collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CMTG. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use collar on CMTG
Collars on CMTG hedge an existing long CMTG stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
CMTG thesis for this collar
The market-implied 1-standard-deviation range for CMTG extends from approximately $0.50 on the downside to $3.76 on the upside. A CMTG collar hedges an existing long CMTG position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current CMTG IV rank near 49.51% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on CMTG should anchor more to the directional view and the expected-move geometry. As a Real Estate name, CMTG options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CMTG-specific events.
CMTG collar positions are structurally neutral (protective); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. CMTG positions also carry Real Estate sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CMTG alongside the broader basket even when CMTG-specific fundamentals are unchanged. Always rebuild the position from current CMTG chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CMTG?
- A collar on CMTG is the collar strategy applied to CMTG (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With CMTG stock trading near $2.13, the strikes shown on this page are snapped to the nearest listed CMTG chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CMTG collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the CMTG collar priced from the end-of-day chain at a 30-day expiry (ATM IV 267.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CMTG collar?
- The breakeven for the CMTG collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CMTG market-implied 1-standard-deviation expected move is approximately 76.63%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CMTG?
- Collars on CMTG hedge an existing long CMTG stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current CMTG implied volatility affect this collar?
- CMTG ATM IV is at 267.30% with IV rank near 49.51%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.