Claros Mortgage Trust, Inc. reported a GAAP net loss of $181.7 million, or $1.30 per share, for the second quarter of 2025. The Distributable Loss for the quarter was $110.1 million, or $0.77 per share. Distributable Earnings prior to realized losses were $14.8 million, or $0.10 per share.
The company noted a meaningful uptick in portfolio activity during the quarter, including the realization of eight loans. This activity contributed to the liquidity position more than doubling since year-end. However, the quarter also saw a substantial provision for CECL reserves of $189.489 million and principal charge-offs of $120.817 million.
CEO Richard Mack stated that the company is seeing signs of a more constructive capital markets environment in commercial real estate, despite prolonged elevated interest rates. He expressed confidence in the company's position to continue positive progress into the second half of 2025, leveraging the increased liquidity from portfolio realizations.
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