Claros Mortgage Trust Inc
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
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Schedule IV - Mortgage Loans on Real Estate
As of December 31, 2023
($ in thousands, except for number of loans)
| Type of Loan · Description/Location · NumberofInvestments · InterestPayment Rates(2) · MaximumMaturityDate (3) · PeriodicPaymentTerms (4) · PriorLiens (5) · FaceAmountofLoans · CarryingAmountofLoans (6) (7) · PrincipalAmount ofLoansSubject toDelinquentPrincipalor Interest | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Senior Mortgage Loans | |||||||||||||
| Senior loans in excess of 3% of the carrying amount of total loans | |||||||||||||
| Senior mortgage loan | Multifamily/West | + 3.01% | 2027 | I/O | N/A | $401,157 | $399,441 | $ | - | ||||
| Senior mortgage loan | Multifamily/Northeast | + 2.75% | 2026 | I/O | N/A | 390,000 | 389,508 | - | |||||
| Senior mortgage loan | Hospitality/Northeast | + 6.25% | 2028 | I/O | N/A | 265,000 | 266,350 | - | |||||
| Senior mortgage loan | Hospitality/Southeast | + 4.91% | 2026 | I/O | N/A | 225,000 | 224,789 | - | |||||
| N/A | 1,281,157 | 1,280,088 | - | ||||||||||
| Senior loans less than 3% of the carrying amount of total loans | |||||||||||||
| Senior mortgage loans(1) | Various | 61 | Floating: + 2.75% - 10.50% | 2020 - 2028 | I/O | N/A | 5,878,814 | 5,774,287 | 772,864 | ||||
| Fixed: 10.00% - 15.00% | |||||||||||||
| Subordinate Loans | |||||||||||||
| Subordinate loans less than 3% of the carrying amount of total loans | |||||||||||||
| Mezzanine loans | Various | 3 | Floating: 12.86% | 2022 - 2027 | I/O | N/A | 156,086 | 155,130 | 886 | ||||
| Fixed: 7.35% - 8.50% | |||||||||||||
| Total loans | N/A | $7,316,057 | $7,209,505 | $773,750 | |||||||||
| General CECL reserve | N/A | N/A | $(70,371) | N/A | |||||||||
| Total loans after general CECL reserves | N/A | $7,316,057 | $7,139,134 | $773,750 | |||||||||
(1)
Table includes loans receivable classified as held-for-sale as of December 31, 2023. See Note 3 - Loan Portfolio for further detail.
(2)
As a spread over one month SOFR. SOFR as of December 31, 2023 was 5.35%.
(3)
Maximum maturity date assumes all extension options are exercised.
(4)
I/O = interest only until final maturity unless otherwise noted, P = Loans are subject to spread maintenance premiums or other prepayment penalty if paid before date specified within the loan agreement.
(5)
Represents third-party liens only.
(6)
The tax basis of the loans included above is$7,021,850 as of December 31, 2023.
(7)
Includes specific CECL reserve of$72.6 million.
Reconciliation of Mortgage Loans on Real Estate(1)($ in thousands)
| 2023 | 2022(3) | |||
| Balance at January 1, | $7,360,427 | $6,502,145 | ||
|---|---|---|---|---|
| Additions during period: | ||||
| Fundings on new and existing loans | 769,710 | 2,647,363 | ||
| Non-cash advances in lieu of interest | 63,632 | 80,878 | ||
| Accretion of fees | 22,809 | 24,967 | ||
| Gain on sale of loan | - | 30,701 | ||
| Deductions during period: | ||||
| Repayments of loans, including proceeds from loan sales | (771,077) | (1,810,438) | ||
| Origination fees, extension fees, and exit fees received | (2,833) | (42,039) | ||
| Transfer to real estate owned | (141,862) | - | ||
| Transfer to loans held-for-sale | (261,709) | - | ||
| Provision for current expected credit losses (2) | (161,672) | (73,150) | ||
| Balance at December 31, | $6,877,425 | $7,360,427 | ||
(1)
Includes Mortgage and Mezzanine loans.
(2)
See Note 3 – Loan Portfolio of the consolidated financial statements for information on current expected credit losses.
(3)
Includes interest in loans receivable held-for-investment.
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