Claros Mortgage Trust(US:CMTG)2025-05-08 12:18Financial Performance - The company reported a GAAP net loss of $78.6 million, or $0.56 per share, and a distributable loss of $35.7 million, or $0.25 per share, for Q1 2025[2] - Distributable earnings prior to realized losses were $11.6 million, or $0.08 per share[2] - A provision for CECL reserves of $41.1 million, or $0.29 per share, was recorded for the quarter, bringing total CECL reserves to $260.8 million, or $1.83 per share, as of quarter end[2] - A valuation adjustment for a loan receivable held-for-sale of ($42.6) million, or ($0.30) per share, was recorded for the quarter[2] - The book value per share stood at $13.60[2] Loan Portfolio - The held-for-investment loan portfolio totaled $5.9 billion, with 98% being floating-rate and 98% being senior loans[2,4] - $316 million of loan repayment and sale proceeds were received during the quarter, while $42 million was funded on existing loan commitments[2] - Subsequent to quarter-end, $291 million of loan repayment proceeds were received[2] - Loans with a risk rating of 4 or higher constituted 46% of the loan portfolio as of March 31, 2025, compared to 45% at December 31, 2024[2] - The CECL reserve stood at 4.4% of UPB at March 31, 2025, with specific reserves of 16.4% on risk rated 5 loans and general reserves of 2.7%[2] Liquidity and Capitalization - Total liquidity was $136 million, including $128 million of cash, as of March 31, 2025[2] - Unencumbered loan UPB was $468 million, including $223 million classified as held-for-sale[2] - Net unfunded loan commitments decreased to $132 million[2] - Warehouse financing capacity totaled $5.1 billion, with $3.0 billion outstanding at March 31, 2025[2] - Outstanding financings decreased by $216 million during the quarter, including $35 million of deleveraging payments[2] - The net debt / equity ratio was 2.4x and the total leverage ratio was 2.8x as of March 31, 2025[2]