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"markdown": "First Quarter 2026 Highlights\n\n\nCMTG\nCLAROS\nMORTGAGE\nTRUST\n\n\nFinancial\n- GAAP net loss of $54.3 million, or $0.39 per share; distributable loss of $75.2 million, or $0.52 per share; and distributable loss prior to\nrealized losses of $7.5 million, or $0.05 per share 1, 14\n- Provision for CECL reserves of $31.4 million, or $0.22 per share, for the quarter\n- Book value of $10.33 per share\n- REO assets generated distributable loss of $0.04 per share for the quarter, net of financing costs, primarily due to expected seasonality of\nREO hotel portfolio\n\n\nLoan and REO\nPortfolio 3, 4\n\n\n- Loan resolutions year-to-date of $634.2 million of UPB 2, 3 and partial loan repayments of $12.0 million of UPB\n- Resolved five watchlist loans totaling $460.4 million of UPB 2, 3\n- Subsequent to quarter-end, entered into a binding agreement to sell a multifamily REO asset for a gross sales price of $48.0 million\n- $3.2 billion loan portfolio 4, of which 96% are floating-rate and 96% are senior loans 4, 6\n- Watchlist loans of $1.4 billion 4 (13 loans) at March 31, 2026, **representing a 15% decline from year-end 4**\n- CECL reserves of $398.9 million on UPB, or $2.76 per share at quarter-end 20\n- Approximately 11.4% of UPB at quarter-end, comprised of (i) specific reserves of 26.8% of UPB of risk rated 5 loans and (ii) general\nreserves of 2.3% of UPB (7.7% of UPB of risk rated 4 loans and 0.9% of UPB on remaining loans) 20\n\n\nLiquidity and\nCapitalization\n\n\nClosed a new $500 million secured term loan maturing in 2030; proceeds used to fully retire prior secured term loan\nAt March 31, 2026:\n - Total liquidity of $132 million, including $117 million of cash7\n - Unencumbered assets of $538 million, consisting of $363 million of loan UPB and $175 million of REO carrying value8\n - Net unfunded loan commitments decreased to $5 million9\n - Net financings outstanding decreased by $489 million, including $142 million of deleveraging payments\n - Net debt / equity ratio of 1.7x10, 14\n - Total leverage ratio of 2.2x11, 14\nAt May 5, 2026, total liquidity of $116 million, including $103 million of cash7\n\n\nSee Endnotes in the Appendix.\n\n\nCLAROS MORTGAGE TRUST, INC. FIRST QUARTER 2026 EARNINGS SUPPLEMENT\n\n\nPAGE 1\n\n",
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