Claros Mortgage Trust Inc
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 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)
| Nine Months Ended | ||
|---|---|---|
| September 30, 2024 | September 30, 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(120,567) | $(28,016) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Accretion of fees and discounts on loans receivable | (15,711) | (17,943) |
| Amortization of deferred financing costs | 17,766 | 17,564 |
| Non-cash stock-based compensation expense | 13,461 | 12,269 |
| Depreciation and amortization on real estate owned and in-place lease values | 7,850 | 6,708 |
| Amortization of above and below market lease values, net | 1,062 | 354 |
| Unrealized loss on interest rate cap | 1,379 | 3,321 |
| Loss (income) from equity method investment | 114 | (635) |
| Loss (gain) on extinguishment of debt | 3,505 | (2,217) |
| Gain on sale of loan | - | (575) |
| Non-cash advances on loans receivable in lieu of interest | (30,536) | (52,862) |
| Non-cash advances on secured financings in lieu of interest | 6,557 | 2,279 |
| Repayment of non-cash advances on loans receivable in lieu of interest | 21,042 | 23,111 |
| Provision for current expected credit loss reserve | 182,644 | 148,435 |
| Changes in operating assets and liabilities: | ||
| Other assets | (27,593) | (28,873) |
| Other liabilities | (3,560) | 1,241 |
| Management fee payable - affiliate | 8,775 | (326) |
| Net cash provided by operating activities | 66,188 | 83,835 |
| Cash flows from investing activities | ||
| Loan originations, acquisitions and advances, net of fees | (440,139) | (611,985) |
| Advances on loans receivable held-for-sale | (2,320) | - |
| Repayments of loans receivable | 550,525 | 523,267 |
| Proceeds from sales of loans receivable | 435,645 | 187,440 |
| Extension and exit fees received from loans receivable | 3,789 | 1,704 |
| Cash and restricted cash acquired from assignment-in-lieu of foreclosure of real estate owned | - | 256 |
| Payment of transaction costs from assignment-in-lieu of foreclosure of real estate owned | - | (7,024) |
| Reserves and deposits held for loans receivable | (5) | 300 |
| Capital expenditures on real estate owned | (716) | (1,487) |
| Net cash provided by investing activities | 546,779 | 92,471 |
Consolidated Statements of Cash Flows
(unaudited, in thousands)
| Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, 2024 · September 30, 2023 | ||||
| Cash flows from financing activities | ||||
| Payments for withholding taxes upon delivery of stock-based awards | (3,489) | (3,897) | ||
| Dividends paid | (106,491) | (156,829) | ||
| Proceeds from secured financings | 1,342,266 | 736,146 | ||
| Payment of deferred financing costs | (13,937) | (12,281) | ||
| Purchase of interest rate cap | (508) | - | ||
| Repayments of secured financings | (1,885,591) | (732,024) | ||
| Repayments of secured term loan | (5,720) | (25,030) | ||
| Repayments of debt related to real estate owned | (10,000) | - | ||
| Net cash used in financing activities | (683,470) | (193,915) | ||
| Net decrease in cash, cash equivalents and restricted cash | (70,503) | (17,609) | ||
| Cash, cash equivalents and restricted cash, beginning of period | 214,889 | 348,159 | ||
| Cash, cash equivalents and restricted cash, end of period | $144,386 | $330,550 | ||
| Cash and cash equivalents, end of period | $113,920 | $307,367 | ||
| Restricted cash, end of period | 30,466 | 23,183 | ||
| Cash, cash equivalents and restricted cash, end of period | $144,386 | $330,550 | ||
| Supplemental disclosure of cash flow information: | ||||
| Cash paid for interest | $341,971 | $345,771 | ||
| Supplemental disclosure of non-cash investing and financing activities: | ||||
| Dividends accrued | $14,190 | $35,330 | ||
| Loan principal payments held by servicer | $ | - | $689 | |
| Accrued deferred financing costs | $161 | $ | - | |
| Accrued loan sale transaction costs | $ | - | $757 | |
| Real estate acquired in assignment-in-lieu of foreclosure | $ | - | $124,332 | |
| Lease intangibles, net acquired in assignment-in-lieu of foreclosure | $ | - | $20,080 | |
| Working capital acquired in assignment-in-lieu of foreclosure | $ | - | $(2,392) | |
| Settlement of loans receivable in assignment-in-lieu of foreclosure | $ | - | $(208,797) | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.