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Distributable Earnings by Segment
Measures how much cash each business segment generates that can be paid out as dividends or reinvested, highlighting which parts of the business produce steady, coverable income and which depend on volatile credit or rate conditions. For Claros Mortgage Trust, segment-level distributable earnings point to dividend sustainability, concentration risks, and sensitivity to funding costs and loan performance — helping investors see which segments drive growth and which could pressure payouts if markets or credit quality deteriorate.Loan-portfolio distributable earnings have become a sustained negative drag since mid‑2025, driven by realized credit losses and sale haircuts (including the hotel sale), while REO shows episodic spikes tied to discrete dispositions/write‑offs. Management’s active turnover and deleveraging have materially reduced watch‑list exposure and leverage, improving medium‑term distributable capacity, but the large non‑accrual book, modest liquidity and CECL volatility keep near‑term payouts uncertain. Crucially, distributable results before realized losses were near break‑even, implying operating cash flow could recover once sales processes conclude.
Date | Loan Portfolio | REO Portfolio |
|---|---|---|
Jun 30, 2026 | -$53.38M | -$37.44M |
Mar 31, 2026 | -$69.68M | -$5.56M |
Dec 31, 2025 | -$104.25M | $2.58M |
Sep 30, 2025 | -$37.84M | $16.29M |
Jun 30, 2025 | -$107.93M | -$2.13M |
Mar 31, 2025 | -$31.09M | -$4.60M |
Dec 31, 2024 | $18.70M | -$101.86M |
Sep 30, 2024 | -$26.60M | $2.03M |
Jun 30, 2024 | $26.49M | $2.39M |
Mar 31, 2024 | -$12.68M | -$4.11M |