Claros Mortgage Trust Inc
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
CMTG$1.70-1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
(unaudited, in thousands)
| Three Months Ended | ||
|---|---|---|
| March 31, 2024 | March 31, 2023 | |
| Cash flows from operating activities | ||
| Net (loss) income | $(52,795) | $36,678 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Accretion of fees on loans receivable | (4,633) | (5,247) |
| Amortization of deferred financing costs | 5,307 | 5,967 |
| Non-cash stock-based compensation expense | 4,400 | 3,409 |
| Depreciation and amortization on real estate owned and in-place lease values | 2,599 | 2,058 |
| Amortization of above and below market lease values, net | 354 | - |
| Unrealized loss on interest rate cap | 998 | 1,404 |
| Loss (income) from equity method investment | 35 | (1,563) |
| Loss on extinguishment of debt | 2,244 | - |
| Non-cash advances on loans receivable in lieu of interest | (11,434) | (22,376) |
| Non-cash advances on secured financings in lieu of interest | 1,979 | 478 |
| Repayment of non-cash advances on loans receivable in lieu of interest | 1,371 | 2,114 |
| Provision for (reversal of) current expected credit loss reserve | 69,960 | (3,239) |
| Changes in operating assets and liabilities: | ||
| Other assets | 3,407 | (2,648) |
| Other liabilities | (2,199) | 1,125 |
| Management fee payable - affiliate | (105) | (211) |
| Incentive fee payable - affiliate | - | 1,558 |
| Net cash provided by operating activities | 21,488 | 19,507 |
| Cash flows from investing activities | ||
| Loan originations, acquisitions and advances, net of fees | (131,920) | (305,658) |
| Repayments of loans receivable | 155,789 | 207,761 |
| Proceeds from sales of loans receivable | 261,709 | - |
| Extension and exit fees received from loans receivable | 1,502 | 948 |
| Reserves and deposits held for loans receivable | (5) | - |
| Capital expenditures on real estate owned | (465) | (676) |
| Net cash provided by (used in) investing activities | 286,610 | (97,625) |
Consolidated Statements of Cash Flows
(unaudited, in thousands)
| Three Months Ended | |||
|---|---|---|---|
| March 31, 2024 · March 31, 2023 | |||
| Cash flows from financing activities | |||
| Dividends paid | (35,328) | (52,001) | |
| Proceeds from secured financings | 155,487 | 603,173 | |
| Payment of deferred financing costs | (5,981) | (4,215) | |
| Purchase of interest rate cap | (508) | - | |
| Repayments of secured financings | (372,980) | (348,990) | |
| Repayments of secured term loan | (1,907) | (1,907) | |
| Repayments of debt related to real estate owned | (10,000) | - | |
| Net cash (used in) provided by financing activities | (271,217) | 196,060 | |
| Net increase in cash, cash equivalents and restricted cash | 36,881 | 117,942 | |
| Cash, cash equivalents and restricted cash, beginning of period | 214,889 | 348,159 | |
| Cash, cash equivalents and restricted cash, end of period | $251,770 | $466,101 | |
| Cash and cash equivalents, end of period | $232,514 | $426,503 | |
| Restricted cash, end of period | 19,256 | 39,598 | |
| Cash, cash equivalents and restricted cash, end of period | $251,770 | $466,101 | |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $116,590 | $102,755 | |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Dividends accrued | $35,622 | $52,404 | |
| Loan principal payments held by servicer | $ | - | $912 |
| Accrued deferred financing costs | $ | - | $3,750 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.