CMTG Q3 GAAP net loss $56.2M; cuts dividend to $0.10 from $0.25; CECL charge $79M

Claros Mortgage Trust, Inc.

2024-Q3 EPS reported -$0.88 revenue$188,189,000

GAAP net loss $56.2M ($0.40/sh); distributable loss $24.6M ($0.17/sh); distributable earnings prior to realized losses $31.0M ($0.22/sh).
Dividend cut to $0.10/sh from $0.25/sh in prior quarter.
Loan portfolio $6.3B; received $374M repayments; reclassified three loans ($356M UPB) to held-for-sale.
Provision for CECL reserves ~$79M ($0.56/sh); total CECL reserve 3.7% of UPB (21.4% specific on 5 rated loans).
Book value $14.83/sh, down from $15.27; subsequent sale of two HFS loans for $142M generated $51M net liquidity.

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