The following is a summary of the Claros Mortgage Trust, Inc. (CMTG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Claros Mortgage Trust reported a Q1 2024 GAAP net loss of $0.39 per share and a distributable loss of $0.12 per share, primarily impacted by seasonality on the New York City area hotel portfolio and three loans placed on non-accrual.

• Distributable earnings prior to realized losses were $0.20 per share, compared to $0.31 per share in the prior quarter.

• Loans held for investment fell to $6.7 billion at the end of Q1 from $6.9 billion at the end of Q4, with the company reporting $265 million in total liquidity.

• There has been a significant discount sale to a family office with a developer in a low transaction volume market.

Business Progress:

• The company is tackling an uncertain environment, especially with regards to interest rates affecting real estate capital markets, expecting further challenges in the high rate environment through the year and into 2025.

• Recent discussions indicate the company's focus on managing liabilities and maintaining book value amidst performance concerns.

• It has shown commitment to liquidity management and loan resolutions in a challenging environment, and has received repayments on two construction loans in Q1.

• The company is close to extending a mature loan tied to a Connecticut office and is optimistic about modification for future maturities and extension tests.

• Plans to reduce debt and resume origination are being put in place to navigate the ongoing cyclical downturn in the real estate market.

More details: Claros Mortgage Trust IR

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