Claros Mortgage Trust, Inc. reported a GAAP net loss of $56.2 million, or $0.40 per share, for the third quarter ended September 30, 2024. The company also posted a Distributable Loss of $24.6 million, or $0.17 per share, while Distributable Earnings prior to realized losses stood at $31.0 million, or $0.22 per share. Year-to-date realizations reached $1.2 billion, and book value per share was $14.83 as of September 30, 2024.
The financial results included a significant provision for current expected credit loss reserve of $78.756 million for the quarter. Additionally, principal charge-offs amounted to $55.352 million during the same period. Total available liquidity for the company was $116 million at September 30, 2024.
CEO Richard Mack commented on an increase in positive momentum across commercial real estate, anticipating liquidity and borrowing cost relief. He stated expectations for transaction volumes to accelerate in 2025. The company's loan portfolio was $6.3 billion (unpaid principal balance) at quarter-end, with a weighted average all-in yield of 8.4%.
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