Claros Mortgage Trust, Inc. Reports Fourth Quarter and Full Year 2024 Results
Claros Mortgage Trust (NYSE: CMTG) reported significant losses for Q4 and full-year 2024. The company posted a GAAP net loss of $100.7 million ($0.72 per share) for Q4 and $221.3 million ($1.60 per share) for the full year. Distributable Loss was $83.2 million in Q4 and $95.7 million for 2024.
Key highlights include a $6.1 billion loan portfolio with 7.6% weighted average yield, $300 million in loan repayment and sale proceeds in Q4, and total liquidity of $102 million. The company reduced outstanding financings by $244 million in Q4, including $81 million in deleveraging payments. For the full year, CMTG achieved $1.3 billion in loan repayment and sale proceeds, a 68% increase from 2023, and reduced total unfunded loan commitment by over 50%.
The company recorded a provision for CECL reserves of approximately $30 million ($0.21 per share) for Q4, with total CECL reserve at 4.3% of unpaid principal balance. Book value stands at $14.12 per share.
Claros Mortgage Trust (NYSE: CMTG) ha riportato perdite significative per il quarto trimestre e l'intero anno 2024. L'azienda ha registrato una perdita netta GAAP di 100,7 milioni di dollari (0,72 dollari per azione) per il Q4 e di 221,3 milioni di dollari (1,60 dollari per azione) per l'anno intero. La perdita distribuibile è stata di 83,2 milioni di dollari nel Q4 e di 95,7 milioni di dollari per il 2024.
I punti salienti includono un portafoglio prestiti di 6,1 miliardi di dollari con un rendimento medio ponderato del 7,6%, 300 milioni di dollari in rimborsi di prestiti e proventi da vendite nel Q4, e una liquidità totale di 102 milioni di dollari. L'azienda ha ridotto i finanziamenti in sospeso di 244 milioni di dollari nel Q4, inclusi 81 milioni di dollari in pagamenti di deleveraging. Per l'intero anno, CMTG ha raggiunto 1,3 miliardi di dollari in rimborsi di prestiti e proventi da vendite, con un aumento del 68% rispetto al 2023, e ha ridotto l'impegno totale di prestiti non finanziati di oltre il 50%.
L'azienda ha registrato una riserva per CECL di circa 30 milioni di dollari (0,21 dollari per azione) per il Q4, con una riserva CECL totale pari al 4,3% del saldo principale non pagato. Il valore contabile è fissato a 14,12 dollari per azione.
Claros Mortgage Trust (NYSE: CMTG) reportó pérdidas significativas para el cuarto trimestre y el año completo de 2024. La compañía registró una pérdida neta GAAP de 100.7 millones de dólares (0.72 dólares por acción) para el Q4 y de 221.3 millones de dólares (1.60 dólares por acción) para el año completo. La pérdida distribuible fue de 83.2 millones de dólares en el Q4 y de 95.7 millones de dólares para 2024.
Los aspectos más destacados incluyen una cartera de préstamos de 6.1 mil millones de dólares con un rendimiento promedio ponderado del 7.6%, 300 millones de dólares en reembolsos de préstamos y ganancias por ventas en el Q4, y una liquidez total de 102 millones de dólares. La compañía redujo los financiamientos pendientes en 244 millones de dólares en el Q4, incluidos 81 millones de dólares en pagos de desapalancamiento. Para el año completo, CMTG logró 1.3 mil millones de dólares en reembolsos de préstamos y ganancias por ventas, un aumento del 68% en comparación con 2023, y redujo el compromiso total de préstamos no financiados en más del 50%.
La compañía registró una provisión para reservas CECL de aproximadamente 30 millones de dólares (0.21 dólares por acción) para el Q4, con una reserva CECL total del 4.3% del saldo principal no pagado. El valor contable se sitúa en 14.12 dólares por acción.
Claros Mortgage Trust (NYSE: CMTG)는 2024년 4분기 및 전체 연도에 대해 상당한 손실을 보고했습니다. 회사는 4분기에 1억 7백만 달러(주당 0.72달러)의 GAAP 순손실을 기록했으며, 전체 연도에는 2억 2천1백만 달러(주당 1.60달러)의 손실을 보였습니다. 배당 가능한 손실은 4분기에 8천3백20만 달러, 2024년에는 9천5백70만 달러였습니다.
주요 하이라이트로는 61억 달러 규모의 대출 포트폴리오와 7.6%의 가중 평균 수익률, 4분기 동안 3억 달러의 대출 상환 및 매각 수익, 총 유동성 1억 2천만 달러가 포함됩니다. 회사는 4분기 동안 2억 4천4백만 달러의 미결제 금융을 줄였고, 그중 8천1백만 달러는 부채 축소 지불에 해당합니다. 전체 연도 동안 CMTG는 13억 달러의 대출 상환 및 매각 수익을 달성했으며, 이는 2023년 대비 68% 증가한 수치이며, 총 미지급 대출 약정은 50% 이상 감소했습니다.
회사는 4분기에 약 3천만 달러(주당 0.21달러)의 CECL 준비금을 기록했으며, 총 CECL 준비금은 미지급 원금 잔액의 4.3%에 해당합니다. 장부 가치는 주당 14.12달러입니다.
Claros Mortgage Trust (NYSE: CMTG) a signalé des pertes significatives pour le quatrième trimestre et l'année entière 2024. L'entreprise a affiché une perte nette GAAP de 100,7 millions de dollars (0,72 dollar par action) pour le Q4 et de 221,3 millions de dollars (1,60 dollar par action) pour l'année complète. La perte distribuable s'élevait à 83,2 millions de dollars au Q4 et à 95,7 millions de dollars pour 2024.
Les points forts incluent un portefeuille de prêts de 6,1 milliards de dollars avec un rendement moyen pondéré de 7,6 %, 300 millions de dollars en remboursements de prêts et en produits de vente au Q4, et une liquidité totale de 102 millions de dollars. L'entreprise a réduit les financements en cours de 244 millions de dollars au Q4, dont 81 millions de dollars en paiements de désendettement. Pour l'année entière, CMTG a atteint 1,3 milliard de dollars en remboursements de prêts et en produits de vente, soit une augmentation de 68 % par rapport à 2023, et a réduit son engagement total en prêts non financés de plus de 50 %.
L'entreprise a enregistré une provision pour réserves CECL d'environ 30 millions de dollars (0,21 dollar par action) pour le Q4, avec une réserve CECL totale de 4,3 % du solde principal impayé. La valeur comptable est fixée à 14,12 dollars par action.
Claros Mortgage Trust (NYSE: CMTG) berichtete von erheblichen Verlusten im vierten Quartal und im gesamten Jahr 2024. Das Unternehmen wies einen GAAP-Nettoverlust von 100,7 Millionen US-Dollar (0,72 US-Dollar pro Aktie) für das Q4 und von 221,3 Millionen US-Dollar (1,60 US-Dollar pro Aktie) für das gesamte Jahr aus. Der distributable Verlust betrug 83,2 Millionen US-Dollar im Q4 und 95,7 Millionen US-Dollar für 2024.
Zu den wichtigsten Highlights gehören ein Darlehensportfolio von 6,1 Milliarden US-Dollar mit einer gewichteten durchschnittlichen Rendite von 7,6%, 300 Millionen US-Dollar an Darlehensrückzahlungen und Verkaufserlösen im Q4 sowie eine Gesamtl liquidität von 102 Millionen US-Dollar. Das Unternehmen reduzierte die ausstehenden Finanzierungen im Q4 um 244 Millionen US-Dollar, einschließlich 81 Millionen US-Dollar an Schuldenabbauzahlungen. Für das gesamte Jahr erzielte CMTG 1,3 Milliarden US-Dollar an Darlehensrückzahlungen und Verkaufserlösen, was einem Anstieg von 68% im Vergleich zu 2023 entspricht, und reduzierte das gesamte nicht finanzierte Darlehensengagement um mehr als 50%.
Das Unternehmen verzeichnete eine Rückstellung für CECL-Reserven von etwa 30 Millionen US-Dollar (0,21 US-Dollar pro Aktie) für das Q4, wobei die gesamte CECL-Reserve 4,3% des ausstehenden Hauptbetrags beträgt. Der Buchwert beträgt 14,12 US-Dollar pro Aktie.
- Loan repayment and sale proceeds increased 68% to $1.3 billion in 2024
- Reduced unfunded loan commitment by over 50% from 2023
- Decreased outstanding financings by $794 million, including $286 million in deleveraging payments
- $6.1 billion loan portfolio with 7.6% weighted average yield
- Q4 GAAP net loss of $100.7 million ($0.72 per share)
- Full-year 2024 GAAP net loss of $221.3 million ($1.60 per share)
- Q4 Distributable Loss of $83.2 million ($0.59 per share)
- CECL reserves provision of $30 million in Q4
Insights
The Q4 and FY2024 results for Claros Mortgage Trust paint a concerning picture of a company grappling with significant portfolio challenges. The GAAP net loss of
The total CECL reserve of
However, management is taking decisive action through aggressive deleveraging, reducing outstanding financings by
The company's liquidity position of
Management's stated focus on accelerating watchlist loan resolutions indicates a realistic approach to portfolio challenges, but this strategy may lead to additional losses as troubled assets are worked out. The weighted average yield of
Fourth Quarter 2024 Highlights
-
$6.1 billion 7.6% . -
$300 million -
$101 million
-
-
Total liquidity of
$102 million $99 million -
Unencumbered loan UPB of
$456 million $211 million - Reclassified hotel portfolio real estate owned asset to held-for-sale.
-
Outstanding financings decreased by
$244 million $81 million -
Provision for CECL reserves approximated
$30 million $0.21 $1.02 $0.85 -
Total CECL reserve stands at
4.3% of unpaid principal balance, comprised of (i) specific reserves of18.2% on 5 rated loans and (ii) general reserve of2.6% on 3 and 4 rated loans.
-
Total CECL reserve stands at
-
Book value of
$14.12
Full Year 2024 Highlights
-
$1.3 billion $435 million 68% from 2023. -
Reduced total unfunded loan commitment by over
50% from 2023;$158 million -
Outstanding financings decreased by
$794 million $286 million $643 million
“As we closed out 2024, our team’s continued focus on asset management drove transaction and repayment activity for the year. Looking ahead, we expect to accelerate the resolution of our watchlist loans in order to recapture and redeploy that capital to more accretive uses,” said Richard Mack, Chief Executive Officer and Chairman of CMTG.
Teleconference Details
A conference call to discuss CMTG’s financial results will be held on Thursday, February 20, 2025, at 10:00 a.m. ET. The conference call may be accessed by dialing 1-833-470-1428 and referencing the Claros Mortgage Trust, Inc. teleconference call; access code 138857.
The conference call will also be broadcast live over the internet and may be accessed through the Investor Relations section of CMTG’s website at www.clarosmortgage.com. An earnings presentation accompanying the earnings release and containing supplemental information about the Company’s financial results may also be accessed through this website in advance of the call.
For those unable to listen to the live broadcast, a webcast replay will be available on CMTG’s website or by dialing 1-866-813-9403, access code 569832, beginning approximately two hours after the event.
About Claros Mortgage Trust, Inc.
CMTG is a real estate investment trust that is focused primarily on originating senior and subordinate loans on transitional commercial real estate assets located in major markets across the
Forward-Looking Statements
Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CMTG intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements can generally be identified by CMTG’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Such statements are subject to certain risks and uncertainties, including known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of CMTG’s performance in future periods. Except as required by law, CMTG does not undertake any obligation to update or revise any forward-looking statements contained in this release.
Definitions
Distributable Earnings (Loss):
Distributable Earnings (Loss) is a non-GAAP measure used to evaluate our performance excluding the effects of certain transactions, non-cash items and GAAP adjustments, as determined by our Manager. Distributable Earnings (Loss) is a non-GAAP measure, which the Company defines as net income (loss) in accordance with GAAP, excluding (i) non-cash stock-based compensation expense, (ii) real estate owned held-for-investment depreciation and amortization, (iii) any unrealized gains or losses from mark-to-market valuation changes (other than permanent impairments) that are included in net income (loss) for the applicable period, (iv) one-time events pursuant to changes in GAAP and (v) certain non-cash items, which in the judgment of our Manager, should not be included in Distributable Earnings (Loss). Furthermore, the Company presents Distributable Earnings prior to realized gains and losses, which such gains and losses include charge-offs of principal and/or accrued interest receivable, as the Company believes this more easily allows our Board, Manager, and investors to compare our operating performance to our peers, to assess our ability to declare and pay dividends, and to determine our compliance with certain financial covenants. Pursuant to the Management Agreement, we use Core Earnings, which is substantially the same as Distributable Earnings (Loss) excluding incentive fees, to determine the incentive fees we pay our Manager.
The Company believes that Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses provide meaningful information to consider in addition to our net income (loss) and cash flows from operating activities in accordance with GAAP. Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses do not represent net income (loss) or cash flows from operating activities in accordance with GAAP and should not be considered as an alternative to GAAP net income (loss), an indication of our cash flows from operating activities, a measure of our liquidity or an indication of funds available for our cash needs. In addition, the Company’s methodology for calculating these non-GAAP measures may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures and, accordingly, the Company’s reported Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses may not be comparable to the Distributable Earnings (Loss) and Distributable Earnings prior to realized gains and losses reported by other companies.
In order to maintain the Company’s status as a REIT, the Company is required to distribute at least
While Distributable Earnings (Loss) excludes the impact of our provision for or reversal of current expected credit loss reserve, charge-offs of principal and/or accrued interest receivable are recognized through Distributable Earnings (Loss) when deemed non-recoverable. Non-recoverability is determined (i) upon the resolution of a loan (i.e., when the loan is repaid, fully or partially, when the Company acquires title in the case of foreclosure, deed-in-lieu of foreclosure, or assignment-in-lieu of foreclosure, or when the loan is sold or anticipated to be sold for an amount less than its carrying value), or (ii) with respect to any amount due under any loan, when such amount is determined to be uncollectible.
Claros Mortgage Trust, Inc. |
||||||||
Reconciliation of Net Loss to Distributable Loss |
||||||||
(Amounts in thousands, except share and per share data) |
||||||||
|
|
Three Months
|
|
Year
|
||||
|
|
December 31, 2024 |
|
December 31, 2024 |
||||
Net loss: |
|
$ |
(100,698 |
) |
|
$ |
(221,265 |
) |
Adjustments: |
|
|
|
|
|
|
||
Non-cash stock-based compensation expense |
|
|
4,777 |
|
|
|
18,101 |
|
Provision for current expected credit loss reserve |
|
|
29,976 |
|
|
|
212,620 |
|
Depreciation and amortization expense |
|
|
2,639 |
|
|
|
10,489 |
|
Amortization of above and below market lease values, net |
|
|
354 |
|
|
|
1,416 |
|
Unrealized loss on interest rate cap |
|
|
27 |
|
|
|
1,406 |
|
Loss on extinguishment of debt |
|
|
630 |
|
|
|
4,135 |
|
Valuation adjustment for loan receivable held-for-sale |
|
|
7,227 |
|
|
|
7,227 |
|
Loss on real estate owned held-for-sale |
|
|
80,461 |
|
|
|
80,461 |
|
Distributable Earnings prior to realized gains and losses |
|
$ |
25,393 |
|
|
$ |
114,590 |
|
Loss on extinguishment of debt |
|
|
(630 |
) |
|
|
(4,135 |
) |
Principal charge-offs (1) |
|
|
(756 |
) |
|
|
(98,934 |
) |
Previously recognized gain on foreclosure of real estate owned held-for-sale (2) |
|
|
5,592 |
|
|
|
5,592 |
|
Loss on real estate owned held-for-sale |
|
|
(80,461 |
) |
|
|
(80,461 |
) |
Previously recognized depreciation on real estate owned held-for-sale (3) |
|
|
(32,302 |
) |
|
|
(32,302 |
) |
Distributable Loss |
|
$ |
(83,164 |
) |
|
$ |
(95,650 |
) |
Weighted average diluted shares - Distributable Loss |
|
|
141,955,621 |
|
|
|
141,914,643 |
|
Diluted Distributable Earnings per share prior to realized gains and losses |
|
$ |
0.18 |
|
|
$ |
0.81 |
|
Diluted Distributable Loss per share |
|
$ |
(0.58 |
) |
|
$ |
(0.67 |
) |
-
For the year ended December 31, 2024, amount includes a
$23.2 million - Reflects total gain on foreclosure of our hotel portfolio real estate owned asset, which is classified as real estate owned held-for-sale as of December 31, 2024. Amount not previously recognized in Distributable Loss.
- Reflects previously recognized depreciation on real estate owned classified as held-for-sale as of December 31, 2024. Amount not previously recognized in Distributable Loss.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219369508/en/
Investor Relations:
Claros Mortgage Trust, Inc.
Anh Huynh
212-484-0090
cmtgIR@mackregroup.com
Media Relations:
Financial Profiles
Kelly McAndrew
203-613-1552
Kmcandrew@finprofiles.com
Source: Claros Mortgage Trust, Inc.
FAQ
What was CMTG's net loss for Q4 2024?
How much did CMTG reduce its outstanding financings in 2024?
What is CMTG's current loan portfolio yield?
How much were CMTG's loan repayment and sale proceeds in 2024?
What is CMTG's current book value per share?
