Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-05

Claros Mortgage Trust, Inc. (CMTG)

CEO Richard Mack was paid $757,249 in fiscal year 2025, ↓ down 70.4% from fiscal year 2024, the 25th percentile of its disclosed peer group (SEC filing 0001193125-26-170371 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$944,965
J. Darryl Siegel total, FY2025
Executive Vice President, General Counsel and Secretary — highest-paid officer; CEO Richard Mack: $757,249
25th
CEO (Richard Mack) pay percentile vs peers
—
CEO-to-median pay ratio
66.33%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Richard Mack (Chief Executive Officer and Chairman), FY2025 total compensation $757,249 (base salary $0) [exec_comp, SEC accession 0001193125-26-170371, filed 2026-04-22]

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CMTG's next annual pay disclosure, estimated April 22, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
J. Darryl Siegel$188,531$503,714$252,720$0$0$0$0$944,965
Executive Vice President, General Counsel and Secretary
Richard Mack00757,2490000757,249
Chief Executive Officer and Chairman
Priyanka Garg00473,8500000473,850
Executive Vice President, Portfolio and Asset Management
Michael McGillis00377,8650000377,865
President and Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
J. Darryl Siegel$944,965$910,221$782,750↑ +34,744
Richard Mack757,2492,556,9143,354,032↓ −1,799,665
Priyanka Garg473,8501,205,0001,130,000↓ −731,150
Michael McGillis377,865836,270903,661↓ −458,405

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$944,965 J. Darryl Siegel total, FY2025

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Data as of October 5, 2026 · Source: 0001193125-26-170371 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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Companies that benchmark against CMTG
1 company names CMTG as a compensation peer

Each company listed discloses CMTG in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CMTG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Andrew SilbersteinDirector—
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Richard MackDirector2026-05-21D162,018$2$364,541CommonForm 4 ↗
Michael McGillisDirector2026-05-21D46,1702103,883CommonForm 4 ↗
J. Darryl SiegelSEE REMARKS2026-05-21D33,093274,459CommonForm 4 ↗
Priyanka GargSEE REMARKS2026-05-21D76,5482172,233CommonForm 4 ↗
Pamela LiebmanDirector2026-06-03A53,41800CommonForm 4 ↗
Vincent TeseDirector2026-06-03A9,58000Derivative, Class A CommonForm 4 ↗
Mary HaggertyDirector2026-06-03A53,41800CommonForm 4 ↗
Denise OlsenDirector2026-06-03A53,41800Derivative, Class A CommonForm 4 ↗
Steven L. RichmanDirector2026-06-03A53,41800Derivative, Class A CommonForm 4 ↗
Derrick D. CephasDirector2026-06-03A53,41800Derivative, Class A CommonForm 4 ↗
W. Edward Walter IIIDirector2026-06-03A53,41800Derivative, Class A CommonForm 4 ↗
Steven L. RichmanDirector2026-07-01A8,74400Derivative, Class A CommonForm 4 ↗
Steven L. RichmanDirector2026-07-01A17,56100Derivative, Class A CommonForm 4 ↗
Michael McGillisDirector2026-08-06A25,000242,730CommonForm 4 ↗
Richard MackDirector2026-09-03A200,0002318,480CommonForm 4 ↗
Richard MackDirector2026-09-04A20,603232,761CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Priyanka GargRSU2025-04-27——195,000—$473,850
Michael McGillisRSU2025-04-27——155,500—377,865
Richard MackRSU2025-04-27——311,625—757,249
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Priyanka Garg$473,850$0$00.0%
Michael McGillis377,865000.0%
Richard Mack757,249000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Richard MackRSU587,391—$1,797,416
Michael McGillisRSU239,991—734,372
Priyanka GargRSU311,668—953,704
J. Darryl SiegelRSU147,334—450,842
05

Incentive-plan design — the Compensation Discussion & Analysis

Our Manager and its affiliates compensate their employees, including our named executive officers, in accordance with MRECS and MREG's, as applicable, compensation practices.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFarient Advisors
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0370,326,27135,691,5488,06866.33%Passed
20252025-06-0469,191,75124,379,5247,53573.95%Passed
20242024-06-0482,123,91417,148,5584,16182.73%Passed
20232023-06-0182,285,5612,812,50719,891,59296.69%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0366.33%a
20252025-06-0473.95%b
20242024-06-0482.73%c

a. Approved under the standard stated in the filing — “Abstentions will not be counted as votes cast and will have no effect on the result of the vote, although they will be considered present for the purpose of determining the presence of a quorum.”.

b. Approved under the standard stated in the filing — “Abstentions will have no effect on the voting results for any of the proposals.”.

c. Approved under the standard stated in the filing — “Abstentions will have no effect on the voting results for any of the proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
W. Edward Walter IIIIndependent · Lead Independent Director · Audit$137,500$125,000—$0—$262,500
Vincent TeseIndependent · Audit · Compensation (Chair) · Nominating and Corporate Governance · Not standing for re-election127,500125,000—0—252,500
Derrick D. CephasIndependent · Compensation · Nominating and Corporate Governance (Chair)115,000125,000—0—240,000
Mary HaggertyIndependent · Audit (Chair)110,000125,000—0—235,000
Pamela LiebmanIndependent · Compensation · Nominating and Corporate Governance105,000125,000—0—230,000
Steven L. RichmanIndependent85,000125,000—0—210,000
Michael McGillisEmployee director000—00
Andrew SilbersteinNot independent000000
Richard MackEmployee director · Board Chair000—00
Denise OlsenIndependent · Audit · Partial-year service———0——
09

Board fee structure and ownership guideline

Annual cash retainer$85,000
Annual equity retainer—
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline$255,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$680,000
Equity awards (grant-date value)$750,000
All other compensation$0
Total cost of the board$1,430,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Claros Mortgage Trust, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Claros Mortgage Trust, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Ladder Capital Corp2025Brian Harris$1,000,000$8,816,833$0$4,124,700$13,944,233
2BrightSpire Capital2025Michael Mazzei800,0003,182,20901,701,0005,699,383
3TPG RE Finance Trust2025Doug Bouquard03,915,423003,915,423
4Granite Point Mortgage Trust2025John Taylor1,000,0002,166,7410576,5003,757,041
5Blackstone Mortgage Trust2025Timothy Johnson01,130,503001,130,503
6Apollo Commercial Real Estate Finance2025Stuart Rothstein01,085,764001,085,764
7Claros Mortgage Trust, Inc.2025Richard Mack0757,24900757,249
8KKR Real Estate Finance Trust2025Matthew Salem0688,18800688,188
9Ares Commercial Real Estate Corporation2025Bryan Donohoe0263,34000263,340
10Ready Capital Corporation2025Thomas Capasse0———0
11Starwood Property Trust2025Barry Sternlicht00000

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Claros Mortgage Trust, Inc.not disclosedRSU 100not disclosedFarient Advisors
Apollo Commercial Real Estate Financenot disclosedRSU 100not disclosednot disclosed
Ares Commercial Real Estate Corporationnot disclosedRSU 100not disclosedFerguson Partners Consulting, L.P.
Blackstone Mortgage Trustnot disclosedRSU 100not disclosedFPL Associates, L.P.
BrightSpire Capital97.2%RSU 50 · PRSU 50YesFerguson Partners
Granite Point Mortgage Trust57.7%PSU 50 · RSU 50NoSemler Brossy Consulting Group LLC
KKR Real Estate Finance Trustnot disclosedRSU 100not disclosedFerguson Partners Consulting, L.P. (FPL)
Ladder Capital Corpnot disclosedRSU 50 · PSU 50NoFTI Consulting, Inc.
Ready Capital Corporationnot disclosedRSU 50 · PSU 50Yes — Relative TSRFarient
Starwood Property Trustnot disclosedRSU 100not disclosedMeridian Compensation Partners
TPG RE Finance Trustnot disclosedRSU 100not disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Claros Mortgage Trust, Inc. in fiscal 2025?
As disclosed, J. Darryl Siegel (Executive Vice President, General Counsel and Secretary) was the highest-paid executive at Claros Mortgage Trust, Inc. in fiscal 2025, with total compensation of $944,965.
How does Claros Mortgage Trust, Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, Richard Mack's total compensation ranked at the 25th percentile of Claros Mortgage Trust, Inc.'s disclosed peer group.
How did shareholders vote on Claros Mortgage Trust, Inc.'s executive compensation?
As disclosed, 66.33% of shareholders supported Claros Mortgage Trust, Inc.'s executive compensation in the latest say-on-pay vote.
How much does Claros Mortgage Trust, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, Claros Mortgage Trust, Inc. reported total board compensation of $1,430,000 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, J. Darryl SiegelDEF 14A2026-04-220001193125-26-170371Section “SUMMARY COMPENSATION TABLE”. As printed: 944,965. Filing ↗machine: span 242709–242716
2Section 01, Richard MackDEF 14A2026-04-220001193125-26-170371Section “SUMMARY COMPENSATION TABLE”. As printed: 757,249. Filing ↗machine: t40 · r2 · c15 · span 225620–225627
3Section 01, Priyanka GargDEF 14A2026-04-220001193125-26-170371Section “SUMMARY COMPENSATION TABLE” · page 38. As printed: 473,850. Filing ↗machine: span 236655–236662
4Section 01, Michael McGillisDEF 14A2026-04-220001193125-26-170371Section “SUMMARY COMPENSATION TABLE” · page 38. As printed: 377,865. Filing ↗machine: span 231159–231166
5Section 03, Priyanka Garg RSUDEF 14A2026-04-220001193125-26-170371Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t44 · r4 · c11 · span 254120–254127
6Section 03, Michael McGillis RSUDEF 14A2026-04-220001193125-26-170371Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t44 · r3 · c11 · span 253027–253034
7Section 03, Richard Mack RSUDEF 14A2026-04-220001193125-26-170371Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t44 · r2 · c11 · span 251956–251963
8Section 07, pay ratioDEF 14A2026-04-220001193125-26-170371Section “CEO Pay Ratio”. As printed: —. Filing ↗
9Section 08, W. Edward Walter IIIDEF 14A2026-04-220001193125-26-170371Section “Director Compensation”. As printed: 262,500. Filing ↗machine: span 140177–140184
10Section 08, Vincent TeseDEF 14A2026-04-220001193125-26-170371Section “Director Compensation”. As printed: 252,500. Filing ↗machine: span 139074–139081
11Section 08, Derrick D. CephasDEF 14A2026-04-220001193125-26-170371Section “Director Compensation”. As printed: 240,000. Filing ↗machine: span 137948–137955
12Section 08, Mary HaggertyDEF 14A2026-04-220001193125-26-170371Section “Director Compensation”. As printed: 235,000. Filing ↗machine: span 135776–135783
13Section 08, Pamela LiebmanDEF 14A2026-04-220001193125-26-170371Section “Director Compensation”. As printed: 230,000. Filing ↗machine: span 136848–136855
14Section 08, Steven L. RichmanDEF 14A2026-04-220001193125-26-170371Section “Director Compensation”. As printed: 210,000. Filing ↗machine: span 141251–141258
15Section 08, Michael McGillisDEF 14A2026-04-220001193125-26-170371Section “Director Compensation”. As printed: 0. Filing ↗
16Section 08, Andrew SilbersteinDEF 14A2026-04-220001193125-26-170371Section “Director Compensation”. As printed: 0. Filing ↗machine: t21 · r8 · c11 · span 142422–142429
17Section 08, Richard MackDEF 14A2026-04-220001193125-26-170371Section “Director Compensation”. As printed: 0. Filing ↗
18Section 08, Denise OlsenDEF 14A2026-04-220001193125-26-170371Section “Director Compensation”. As printed: —. Filing ↗
19Section 02, Richard Mack 2026-05-21Form 42026-05-260001193125-26-239662Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Michael McGillis 2026-05-21Form 42026-05-260001193125-26-239639Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, J. Darryl Siegel 2026-05-21Form 42026-05-260001193125-26-239641Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Priyanka Garg 2026-05-21Form 42026-05-260001193125-26-239637Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Pamela Liebman 2026-06-03Form 42026-06-050001193125-26-260219Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Vincent Tese 2026-06-03Form 42026-06-050001193125-26-260181Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Mary Haggerty 2026-06-03Form 42026-06-050001193125-26-260189Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Denise Olsen 2026-06-03Form 42026-06-050001193125-26-260195Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Steven L. Richman 2026-06-03Form 42026-06-050001193125-26-260208Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Derrick D. Cephas 2026-06-03Form 42026-06-050001193125-26-260215Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, W. Edward Walter III 2026-06-03Form 42026-06-050001193125-26-260199Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Steven L. Richman 2026-07-01Form 42026-07-060001193125-26-296413Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Steven L. Richman 2026-07-01Form 42026-10-050001193125-26-414615Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Michael McGillis 2026-08-06Form 42026-08-100001193125-26-342708Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Richard Mack 2026-09-03Form 42026-09-080001193125-26-385306Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Richard Mack 2026-09-04Form 42026-09-080001193125-26-385306Insider equity transaction reported since the proxy statement. Filing ↗
35Section 06, 2026 voteForm 8-K2026-06-050001193125-26-259579Item 5.07 · say-on-pay result. As reported: 66.33% (votes for as printed: 70,326,271). Filing ↗
36Section 06, 2025 voteForm 8-K2025-06-050000950170-25-082016Item 5.07 · say-on-pay result. As reported: 73.95% (votes for as printed: 69,191,751). Filing ↗
37Section 06, 2024 voteForm 8-K2024-06-110000950170-24-071503Item 5.07 · say-on-pay result. As reported: 82.73% (votes for as printed: 82,123,914). Filing ↗
38Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
39Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
40Section 09b board cost (computed)Computed——Cash 680,000 + equity 750,000 + all other 0 = 1,430,000, summed across the director compensation table rows.machine: formula: Σ = 1,430,000
41Ladder Capital Corp, Section 10b CEO totalDEF 14A2026-04-210001577670-26-000018CEO total compensation as printed in Ladder Capital Corp's own proxy. As printed: 13,944,233. Filing ↗machine: r3 · c36 · span 603013–603023
42BrightSpire Capital, Section 10b CEO totalDEF 14A2026-04-010001717547-26-000026CEO total compensation as printed in BrightSpire Capital's own proxy. As printed: 5,699,383. Filing ↗machine: t89 · r7 · c18 · span 543725–543734
43TPG RE Finance Trust, Section 10b CEO totalDEF 14A2026-04-080001193125-26-147949CEO total compensation as printed in TPG RE Finance Trust's own proxy. As printed: 3,915,423. Filing ↗machine: t54 · r2 · c15 · span 261628–261637
44Granite Point Mortgage Trust, Section 10b CEO totalDEF 14A2026-04-200001104659-26-045496CEO total compensation as printed in Granite Point Mortgage Trust's own proxy. As printed: 3,757,041. Filing ↗machine: r1 · c41 · span 1477032–1477041
45Blackstone Mortgage Trust, Section 10b CEO totalDEF 14A2026-04-290001193125-26-191913CEO total compensation as printed in Blackstone Mortgage Trust's own proxy. As printed: 1,130,503. Filing ↗machine: r4 · c27 · span 349508–349517
46Apollo Commercial Real Estate Finance, Section 10b CEO totalDEF 14A2026-05-290001193125-26-248362CEO total compensation as printed in Apollo Commercial Real Estate Finance's own proxy. As printed: 1,085,764. Filing ↗machine: r2 · c23 · span 262498–262507
47Claros Mortgage Trust, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-220001193125-26-170371CEO total compensation as printed in Claros Mortgage Trust, Inc.'s own proxy. As printed: 757,249. Filing ↗machine: t40 · r2 · c15 · span 225620–225627
48KKR Real Estate Finance Trust, Section 10b CEO totalDEF 14A2026-03-030001140361-26-007573CEO total compensation as printed in KKR Real Estate Finance Trust's own proxy. As printed: 688,188. Filing ↗machine: r2 · c27 · span 361601–361608
49Ares Commercial Real Estate Corporation, Section 10b CEO totalDEF 14A2026-04-010001628280-26-022805CEO total compensation as printed in Ares Commercial Real Estate Corporation's own proxy. As printed: 263,340. Filing ↗machine: r2 · c36 · span 324597–324604
50Ready Capital Corporation, Section 10b CEO totalDEF 14A2026-06-010001628280-26-039531CEO total compensation as printed in Ready Capital Corporation's own proxy. As printed: 0. Filing ↗
51Starwood Property Trust, Section 10b CEO totalDEF 14A2026-03-130001140361-26-009388CEO total compensation as printed in Starwood Property Trust's own proxy. As printed: 0. Filing ↗
52Section 10a, BrightSpire Capital reciprocityDEF 14A—0001717547-26-000026BrightSpire Capital's most recent proxy was read; its disclosed peer group does not include Claros Mortgage Trust, Inc.. Filing ↗
53Section 10a, Granite Point Mortgage Trust reciprocityDEF 14A—0001104659-26-045496Granite Point Mortgage Trust's most recent proxy was read; its disclosed peer group does not include Claros Mortgage Trust, Inc.. Filing ↗
54Section 10a, Ladder Capital Corp reciprocityDEF 14A—0001577670-26-000018Ladder Capital Corp's most recent proxy was read; its disclosed peer group does not include Claros Mortgage Trust, Inc.. Filing ↗
55Section 10a, Ready Capital Corporation reciprocityDEF 14A—0001628280-26-039531Ready Capital Corporation's most recent proxy was read; its disclosed peer group does not include Claros Mortgage Trust, Inc.. Filing ↗
56Section 10a, Starwood Property Trust reciprocityDEF 14A—0001140361-26-009388Starwood Property Trust's most recent proxy was read; its disclosed peer group does not include Claros Mortgage Trust, Inc.. Filing ↗

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CMTG Peer Teardown Report