Claros Mortgage Trust, Inc. reported a GAAP net loss of $78.6 million, or $0.56 per share, for the first quarter of 2025. The Distributable Loss was $35.7 million, or $0.25 per share, while Distributable Earnings prior to realized losses were $11.6 million, or $0.08 per share. The book value per share decreased to $13.60 at March 31, 2025.
The company made progress on its strategic objectives, resolving or receiving payment on $607 million of loans during and subsequent to the first quarter. This activity reduced exposure to land, office, and hospitality assets. Total liquidity increased to $135.6 million at March 31, 2025, including $128 million in cash. A new financing facility with $214 million capacity was closed to finance non-performing loans through the REO stage.
Outstanding financings decreased by $216 million, including $35 million of deleveraging payments. The provision for CECL reserves was $41.1 million, and a valuation adjustment for loan receivable held-for-sale was $42.6 million. Principal charge-offs totaled $46.653 million, including $3.5 million for accrued interest and $0.5 million for an exit fee on a land loan. Loans with a risk rating of 4 or higher constituted 46% of the portfolio at quarter-end.
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