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 million, or $0.21 per diluted
share.
Second Quarter 2024 Highlights
- $6.8 billion held-for-investment loan portfolio with a weighted
average all-in yield of 9.0%.
- Funded approximately $143 million of follow-on fundings related
to the existing loan portfolio.
- Received loan repayment proceeds of $41 million.
- Reduced outstanding financing by $128 million.
- Provision for CECL reserves approximated $34 million, or
($0.24) per share, for the second quarter; overall general CECL
reserve per share of $0.95.
- Total liquidity of $191 million consisting of $148 million of
cash and $43 million of approved and undrawn credit capacity.
- Book value per share of $15.27.
Subsequent Events
- The Company declared a dividend of $0.10 per share of common
stock with respect to the third quarter of 2024. The dividend is
payable on October 15, 2024 to stockholders of record as of the
close of business on September 30, 2024.
- Subsequent to quarter end, received full loan repayments of
three loans representing unpaid principal balance of $244 million:
- $22 million loan secured by a build-to-rent property in
Georgia.
- $99 million loan secured by an industrial property in
Nevada.
- $123 million loan secured by an office building in New
York.
“During the first half of 2024, we continued to make progress
resolving watch list loans,” said Richard Mack, Chief Executive
Officer and Chairman of CMTG. “Given a higher likelihood of the
Federal Reserve reducing rates, we expect capital markets to
continue to improve. This should allow for an environment that
facilitates increased repayment activity and accelerated positive
momentum in loan resolutions.”
Mack continued, “In light of this shifting macro environment,
the Company declared a quarterly dividend of $0.10 per share for
the third quarter 2024, in order to allow us to more
opportunistically redirect capital into strategies to preserve and
enhance book value, and better position our portfolio for long term
earnings growth.”
Teleconference Details A
conference call to discuss CMTG’s financial results will be held on
Tuesday, August 6, 2024, at 9:00 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 172243.
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 130740, 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 U.S. CMTG is externally managed and advised by Claros
REIT Management LP, an affiliate of Mack Real Estate Credit
Strategies, L.P. Additional information can be found on the
Company’s website at www.clarosmortgage.com.
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 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 includes principal charge-offs, 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 90% of its REIT taxable income,
determined without regard to the deduction for dividends paid and
excluding net capital gain, as dividends. Distributable Earnings
(Loss), Distributable Earnings prior to realized gains and losses,
and other similar measures, have historically been a useful
indicator over time of a mortgage REIT’s ability to cover its
dividends, and to mortgage REITs themselves in determining the
amount of any dividends to declare. Distributable Earnings (Loss)
and Distributable Earnings prior to realized gains and losses are
key factors, among others, considered by the Board in determining
the dividend each quarter and as such the Company believes
Distributable Earnings (Loss) and Distributable Earnings prior to
realized gains and losses are also useful to investors.
While Distributable Earnings (Loss) excludes the impact of our
provision for or reversal of current expected credit loss reserve,
principal charge-offs 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, or when the Company acquires title
in the case of foreclosure, deed-in-lieu of foreclosure, or
assignment-in-lieu of foreclosure), 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 Earnings (Loss)
(Amounts in thousands, except
share and per share data)
Three Months Ended
June 30, 2024
March 31, 2024
Net loss:
$
(11,554
)
$
(52,795
)
Adjustments:
Non-cash stock-based compensation
expense
3,999
4,353
Provision for current expected credit loss
reserve
33,928
69,960
Depreciation and amortization expense
2,623
2,599
Amortization of above and below market
lease values, net
354
354
Unrealized loss on interest rate cap
94
998
Loss on extinguishment of debt
999
2,244
Distributable Earnings prior to realized
losses
$
30,443
$
27,713
Loss on extinguishment of debt
(999
)
(2,244
)
Principal charge-offs
(561
)
(42,266
)
Distributable Earnings (Loss)
$
28,883
$
(16,797
)
Weighted average diluted shares -
Distributable Earnings (Loss)
142,276,031
141,403,825
Diluted Distributable Earnings per share
prior to realized losses
$
0.21
$
0.20
Diluted Distributable Earnings (Loss) per
share
$
0.20
$
(0.12
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240805498592/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
Claros Mortgage (NYSE:CMTG)
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