Financial Data and Key Metrics - The company reported a GAAP net loss of $0.40 per share and a distributable loss of $0.17 per share for Q3 2024 [19] - Distributable earnings per share prior to realized losses were $0.22 per share [19] - The loan held for investment portfolio decreased to $6.3 billion at September 30, down from $6.8 billion at June 30 [19] - The company received $374 million in loan repayments during the quarter, including full repayment of 4 loans totaling $354 million of UPB [20] - Future funding commitments decreased to $584 million at September 30 from $749 million at June 30 [22] Business Line Data and Key Metrics - Multifamily remains the largest portfolio exposure at 42% of the portfolio at quarter-end [27] - Office exposure is relatively small at 14% of the portfolio, with pre-COVID negative sentiment towards the sector proving beneficial [21] - The company reclassified three loans to held for sale, including a $30 million loan secured by land in Miami, a $211 million California condo loan, and a $115 million multifamily loan in Colorado [23][24][26] - Credit migration has been concentrated within the multifamily book, with two loans moved to a four-risk rating and three loans moved to a five-risk rating [28][29] Market Data and Key Metrics - The company anticipates transaction volume to pick up momentum in 2025 as sponsors access capital markets more favorably [14] - Multifamily developers may capitalize on supply-demand imbalances in certain markets, especially as new inventory is absorbed [14] - The company has identified select multifamily properties as compelling REO assets, leveraging sponsors' deep multifamily real estate experience [17] Company Strategy and Industry Competition - The company is transitioning its portfolio over the medium to long term, including selling watch list loans, pursuing REO opportunities, and paying down high-cost debt [15] - The company remains optimistic on multifamily, citing supply constraints and strong pricing trends in major urban markets [16] - The company is focused on proactive asset management and reducing nominal leverage levels during the elevated rate environment [15] Management Commentary on Operating Environment and Future Outlook - Management believes the market is recovering, with expectations of better fundamentals and lower borrowing costs driving transaction volumes [12] - The company sees a Goldilocks environment with inflation under control, job market resilience, and deflationary pressures from China [10] - Management expects rates to continue trending downward, which will promote confidence and restart a virtuous valuation cycle in commercial real estate [13] Other Important Information - The company reported $116 million in total liquidity at September 30, including cash and undrawn credit capacity [31] - Unencumbered assets totaled $459 million of UPB, including $213 million of loans classified as held for sale [31] Q&A Session Summary Question: Big picture on 4-rated loan bucket and carrying value [32] - Half of the 4-rated and 5-rated loans are multifamily, which the company is most constructive on due to strengthening fundamentals and value-add opportunities [33] - The company has made progress on non-multifamily assets, with a third of realizations year-to-date coming from 4-rated loans [34] Question: Increase in reserves and credit migration [36] - Reserves are subjective and depend on the company's ultimate plan to resolve assets, with decisions driven by facts and circumstances [38] - The company will continue to be opportunistic in an improving environment [39] Question: Paths to resolving loans (REO vs. loan sale) [42] - The decision between REO and loan sale is a capital allocation decision, with multifamily assets offering the best return on invested capital [43] - The company tests the market and considers reinvestment analysis and risks before making decisions [44] Question: Emerging new vintage bridge loan market [50] - Returns on a levered basis have not moved much, but the quality of assets, sponsors, and business plans has improved, reducing risk [51] - Back leverage at cost is coming in slowly, with financing costs and spreads on loans holding pricing steady [52] Question: Distress in the market and loan sales [53] - Private capital, including family offices and high net worth individuals, is actively bidding on distressed loans, offering certainty of execution [56] Question: Relative value spectrum and attractive returns [60] - Construction lending offers the best risk-adjusted return, with debt returns making more sense in the current environment [61] - Equity deals require more assumptions, with negative to slightly positive leverage for multifamily purchases [61] Question: Capital availability and needs [63] - The company has reduced unfunded commitments to $584 million, with $185 million in equity required over a couple of years [64] - The company may access incremental capital through private lenders for REO assets, but does not expect to tap the term loan market [67] Closing Remarks [70] - Management believes the market is stabilizing and recovering, with the company well-positioned to execute on future opportunities [70]

Claros Mortgage Trust, Inc. (CMTG) came out with quarterly earnings of $0.22 per share, beating the Zacks Consensus Estimate of $0.13 per share. This compares to loss of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 69.23%. A quarter ago, it was expected that this company would post earnings of $0.10 per share when it actually produced earnings of $0.20, delivering a surprise of 100%.Over the last four quarters, the co ...

Claros Mortgage Trust, Inc. Reports Third Quarter 2024 Results New York, NY, November 7, 2024 – Claros Mortgage Trust, Inc. (NYSE: CMTG) (the "Company" or "CMTG") today reported its financial results for the quarter ended September 30, 2024. The Company's third quarter 2024 GAAP net loss was $56.2 million, or $0.40 per share. Distributable Loss (a non-GAAP financial measure defined below) was $24.6 million, or $0.17 per share. Distributable Earnings prior to realized losses was $31.0 million, or $0.22 per s ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Securities registered pursuant to Section 12(b) of the Act: FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40993 Claros Mortgage Trust, Inc. (Exact Name of Registrant as Sp ...

REITer's Digest is a discussion forum for my thoughts on investments. I spent more than ten years working in the real estate industry, including an S&P500 REIT. My area of expertise is valuation including time working with a Big Four company's consulting group where I supported the audit of listed and non-listed REITs, valued real estate around the world, and advised clients through strategic change. I am light-hearted, open-minded, and a student of the game. Investing is not for the faint of heart and we'r ...

Claros Mortgage Trust, Inc. (NYSE:CMTG) Q2 2024 Earnings Conference Call August 6, 2024 10:00 AM ET Company Participants Anh Huynh - VP, IR Richard Mack - CEO and Chairman Mike McGillis - President and CFO Priyanka Garg - EVP, Portfolio and Asset Management Conference Call Participants Rick Shane - JPMorgan Doug Harter - UBS Tom Catherwood - BTIG Jade Rahmani - KBW Operator Welcome to the Claros Mortgage Trust Second Quarter 2024 Earnings Conference Call. My name is Jacquetta and I will be your conference f ...

Claros Mortgage Trust, Inc. Reports Second Quarter 2024 Results New York, NY, August 5, 2024 – Claros Mortgage Trust, Inc. (NYSE: CMTG) (the "Company" or "CMTG") today reported its financial results for the quarter ended June 30, 2024. The Company's second quarter 2024 GAAP net loss was ($11.6 million), or ($0.09) per diluted share. Distributable Earnings (a non-GAAP financial measure defined below) was $28.9 million, or $0.20 per diluted share. Distributable Earnings prior to realized losses was $30.4 mill ...

Let's start with a 6.4% dividend that had four of its big bosses buying in May. Recent Noteworthy Buys: getty But when these guys and gals buy, it's for one reason. They believe their stock's price is undervalued, and that it's due to pop. That said, I've had my eye on a handful of recent insider buys in some of Wall Street's top payers. These companies are yielding 6.4% to 12.3%. These insider buyers are not only confident that their stock price is heading higher. They also believe in the dividend. Sunoco ...

Claros Mortgage Trust, Inc. (NYSE:CMTG) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET Company Participants Anh Huynh - VP, IR Richard Mack - CEO and Chairman Mike McGillis - President, CFO and Director Priyanka Garg - EVP, Portfolio and Asset Management Conference Call Participants Rick Shane - JPMorgan Doug Harter - UBS Don Fandetti - Wells Fargo Steve Delaney - JMP Securities Jade Rahmani - KBW Operator Welcome to Claros Mortgage Trust's First Quarter 2024 Earnings Conference Call. My name is E ...

New York, NY, May 6, 2024 – Claros Mortgage Trust, Inc. (NYSE: CMTG) (the "Company" or "CMTG") today reported its financial results for the quarter ended March 31, 2024. The Company's first quarter 2024 GAAP net loss was ($52.8 million), or ($0.39) per diluted share. Distributable Loss (a non-GAAP financial measure defined below) was ($16.8 million), or ($0.12) per diluted share. Distributable Earnings prior to realized losses was $27.7 million, or $0.20 per diluted share. Definitions For those unable to li ...