Claros Mortgage Trust (CMTG) 8 Nov 242024 Q3 Earnings call transcript

Welcome to the Claros Mortgage Trust Third Quarter 2024 Earnings Conference Call. My name is Bridget, and I will be your conference facilitator today. [Operator Instructions] I would now like to hand the call over to Anh Huynh, Vice President of Investor Relations for Claros Mortgage Trust. Please proceed.

Thank you. Trust. Mack, and Officer Financial Mike Director Claros Richard Claros Chairman Officer by of Trust; Mortgage McGillis, Mortgage joined Chief and Executive of and I'm President, Chief

President, today's We in the who Management. Prior also conjunction this distributed We with and we call. information earnings call, Garg, reference encourage have Executive you to leads Portfolio to and Priyanka MRECS' Asset release supplement. on CMTG's presented Vice these documents

SEC. today's represent Act that we undertake important as may If including the of forward-looking statements and differ in like Actual by result any to our of indicated as made today, statements you the include results these to those questions, me. I'd obligation those factors, a on within everyone this forward-looking have forward-looking views Any statements with contact Private only please remind Securities of may call our them. call update meaning of from various Litigation materially the Reform no discussed other filings XXXX.

will believe non-GAAP such which operating be earnings, measures to distributable as on today's we call, performance. We to be to financial assess referring investors our important may certain also

equivalent, of over would to measures reconciliations nearest refer the their supplement. I For the to to earnings now GAAP turn non-GAAP to like please call Richard.

White question, is, the boon stated more proposals? thank and If not quipped In be would escalated years. or XXXX, Clinton has that commercial in Democratic "It's him Thank to will that inflationary the us and many has it president-elect's this might interest stupid," which XXXX, for brought Carville for The it famously policies Donald the "inflation, prosperity, to it other in however, if disproportionately that those earnings last few the unseat and everyone, real favor how you, to Trump's that both, to policies? Right tough morning Street than Anh, say quarter will run one promise the elder will be joining can the you, James it actually by party stupid" for that proposals CMTG's call. third impacted did as was are back a Wall tame bring new bring see previous Bush. actions. economy he anti-inflation Like Fed's will continue more seems president deflation. sectors, business-friendly to Or of estate, believes been down and had now, a rate-sensitive our House.

for being to estate are this growth And while cost stabilizing, finally pundits curve. it's and that we job so point while of the helpful the ahead the now and think job which now, come. Right is an seems stay will slowing Fed resilient. oil be on unclear dependent prices declines control, inflection for With CPI, pressures time shelter deflationary Fed seemingly the to in to for very easing, will the market under was property be cut inflation assets, also accounted transitional environment. Goldilocks market real China, the Inflation is from appears much many values, of cut how a to action seeing what

who this. Trump count cannot However, president, rates, short-term as Donald even has lower we force with to to Fed on the the promised

broadly. for of a is normalized stay there prudent one patient recognize to rate SOFR expected to challenging CRE curve. Having aggressive for and yield is and that transitory several in it the has experienced industry it so been CMTG period phase tightening And be cycles most remain the a a should until decades, in reflects

ahead considered to rates who by transaction be are may volumes However, of downward what expectations raise drive new will investors supply be asset normalized move that want lack that will reinflation. value likely construction rents, that costs not starting to the to levels are reset to and of

better while that need is anticipation providing the to that The downwards. liquidity margin this. costs, seeing transaction a volumes on tailwinds positive cap could becoming lower lower to rates fundamentals trend rates prophecy with believe already recover, borrowing values also is truly and lead self-fulfilling continue we and But for are enhanced to to coupled We This to sign. a valuations. will

a confidence in improved this increase owned As assets. transaction offers We see cycle floor has volume for unsolicited will on more potential our believe we occurs, importantly, to and market which real the commercial estate. in basis valuations leasing confidence in promote and participants and, from resetting, valuation sponsors' this restart virtuous

CMTG's portfolio, in of Additionally, amount the has increasing. been activity transaction

in we year, realizations. So have $X.X this had far billion

to to access favorably in out once momentum for on as or uptick also look an again. construction as have see markets volume sponsors we projects revisit anticipate XXXX, could pick placed the been hold capital to up that developers transaction more. years X we As begin We

years, the persistent there the on opportunities is we've couple our Additionally, on be multifamily management certain the on portfolio we asset highly will imbalances while can to heels markets, needs over and levels. our to development. With curtailed for inventory of borrowers' pragmatic reducing the in supply-demand capitalize been managing proactive regard absorbed this We've as especially rate being business, of elevated and past in been focused to as new developers prominent environment. nominal careful as leverage during responsive

to more there's now prudent paying this the long process of watch to future improving bidding high-cost started pursuing our believe debt. to down that view the include that to recover, may transitioning we that transitory over are selling list in inherent the them opportunities While that values an medium in This line loans and realized. In into defensive maintain strongly, term. during portfolio it's a REO market is period, have we with posture portfolio be underlying value also the asset we believe

portfolio remains the noted have in we themes. As high multifamily our conviction of continues our largest represent past, one to exposure and

we drivers will multifamily ahead, support see we believe thesis. Looking to several investment the continue that

muted economy construction. supply the strong availability Foremost overall that to to and is new continue due housing U.S. a constraints challenge of

that the economy trends as a urban and been remains As we've strong believe it stable, long in the relatively growth come. observing support NOI pricing result, markets will so to in years major

benefit poised these to will when their portfolio to As to generally believe support unable we is opportunistic from we are assets. be borrowers our well trends, multifamily look

We management under is deep can and into feel select multifamily for create that we multifamily also sponsors' real be believe long-term REO can our we to we and our class. value our think compelling Therefore, value If in shareholders our would select assets that property bring investors. this estate will the to confidence have speak it done prudent. be for lever right, multifamily experience we another by properties assets to to leveraging extract identified REO we seek when when

joining I the now always, for and will us, to you As Mike. I turn thank call over

you, Thank Richard.

compared share per distributable For per loss earnings for $X.X at September decrease XXXX, third billion CMTG's several moving quarter $X.XX $X.X per net result XX were investment prior to to share share. XX. of portfolio held of loan the June share. reported quarter-over-quarter loss parts. of The a Distributable GAAP $X.XX at decreased realized to per CMTG and billion $X.XX was the of losses

XX% of including future translated on loans. reduction the loan a The a to loans construction an total New of of $XXX repayment repayments, million First, the types, funding small of a a the impact loans, Included Nevada sentiment fundings received in Life exposure X project the during has a commitment was quarter also also X the relatively repayment through repayments been was an and million regard class loan. CMTG's loan, out third we $XXX million historically build-to-rent million York period previously property $XXX office our $XXX the throughout more received a end, million were Georgia. Partially loan life UPB. Boston $XXX quarter in loan beneficial total in of including in million totaling towards challenging Science quarter during repayment has and to of X-rated under on of sector an industrial office $XXX full while only repayments. full We million and reducing portfolio at quarter's loan repayments the science, offsetting quarter relatively on on repayments, active with repaid we office new existing asset and this in pre-COVID our repayments, $XX has the total this loan at on the that commitments. been on million X loan $XX repaid project proven pressure. We in construction were Rounding cycle. negative

our of As our $XXX June at commitments a loans, result to course the we construction circumstances. end, and million a to and for years. At $XXX which loans of million, net outcome reclassified The of future variety CMTG sale commitment million of decision million, for quarter the sale. is we September at equity facts of repayment the funding patterns distinct the fund over expect the each and the about our fact for fundings sell represents view held to $XXX of expected future $XXX our X X decreased held from XX. loans XX surrounding are given to optimal Of X

fully order level pivoted XX.X% loan reached date an The extend requested maturity date, with refinancing. early exercised to additional to initial July par. in investment first the loan July to date the the sell closed a execution The is maturity a agreed XXXX, the quarter the extend above XX%. October, gross the we refinancing. In the in $XX in to right reaching of impact we modification its our sale to-be-developed able we borrower as was subordinate at and borrower July its we're loan, extended land IRR time loan unencumbered borrower to the in to minimize the XXXX to Miami, working When further strategy secured execute towards September to maturity by of loan the its to and the realizing of risk, of In July million a XXXX. XXXX. Upon September XXXX, borrower originated the subsequent XXXX

$XXX been the of to unencumbered XXXX in from The received was million X October under senior just the quarter and million in second for-sale UPB year. in repayments, loan, From our summer had through rated second of XXXX reducing and $XX $XXX risk originated this loan, condo California we a loan XXXX, million. downgraded

for capital on determined options, loan the in pricing As sale. for on last the accrued our in borrower's loan $XX the call, relied to offshore interest plan. most based and a assessing the initial we charge-off recorded resulted reclassifying held mentioned upon and we business our sale on which disruption receivable our earnings charge-off a sources, principal million was After feedback, path, borrower that a appropriate

This a building with in a was rated in for secured The third senior $XXX origination been summer. million multifamily XXXX. risk which since set initial loan an originated has August maturity date loan, by performing next X of is a Colorado, loan

loan to During small at approximated an that we a our general CECL the UPB reserve. offer quarter, to sell received this discount

which the financings, will made Given our margin the repositioning light biggest exposure sale sales XX% enabling portfolio and and on rates. in environment, advance view end. we as net the continues at important pivot and us and our line the this to to interest all financings quarter. the increase relatively of average execute our activity, steps composition existing We loan offense over the prior to capital to be reduce remained time. In the in towards decision the portfolio portfolio's quarter Multifamily selective repurpose with and at of this similar deleverage related

we Richard optimistic remain mentioned, on multifamily. As

However, has for and been our this rate continue the see elevated environment in to we borrowers, portfolio. theme multifamily persist challenging

third year-to-date, has within have As we seen concentrated and quarter what a during book. with been the result, multifamily migration our credit consistent

was These total we located loans UPB moved X sponsor a in are representing sponsor in The quarter, with collateralized proactively a markets. capital Denver downgrade loans X to the to on by the And are these risk prudent million. assets these markets, have we outlook experienced multifamily the During of housing accessing Phoenix. same we $XXX and a and positive long-term rating, it believe difficulties has loans. while

next the was decision moved and taking Dallas. X anticipation quarter in the These the Vegas, a or of and further loans assets of made to are risk downgrade and million $XXX of Las have These X and the multifamily rating. also X were collateralized first X by quarter the combined loans status X. to UPB Phoenix placed ownership in in We nonaccrual on sponsor loans over located a assets same

to XX% does As we cash result, assets this process, valuation under reflect of important of improve experience of leveraging representing loans, note plan to part these believe We enable sponsors' view flow our recorded time, value a value. us extensive these long-term that assets a that million $XX of over our the reserves value-add UPB. the multifamily as and execute assets specific current of management. and will successfully as to collectively not what reflects It's this we against these

September capacity UPB, At million. I'll Unencumbered sale and loans with over totaling of on liquidity. XX, of existing total of to which assets the were liquidity, $XXX cash the value includes REO we classified based loans carrying now our reported million million for credit a Turning approved including comprised collateral. $XXX in million call undrawn turn operator. mixed-use as held in $XXX to of $XXX and

from [Operator comes with Instructions] The Harter the question UBS. Doug line first of

bucket that Hoping picture see talk big bucket? how think you resolution loan X downgraded? through of rated and either about progressing could you kind those carrying the about of through how the kind of And value of you kind or potentially sale,

multifamily. Yes. said. Xs be and Of I'll Xs aggregate. -- repetitive half our to to is a what and in Priyanka. going Richard that Mike Doug, I'm about bit it's About little exposure and of talk both

that list, assets we would say. constructive our But successful multifamily one their sponsors Xs going to We where want There's business be we have multifamily And we to about of asset that's watch opportunities. if cash always are most plans. want class. the they're if assets Xs those and are I So are the or excited all is our that value-add exposure. -- the are most are and flowing that on shift There's sector secular not, on, no were in in strengthening. have fundamentals

a and by more ultimately of alongside broader those rate creating So do inherently. assets, normalized environment, with platform, we a we particularly value job better leveraging that, know can managing the

progress we not, have to the loans, and moved ready billion the that excludes out X indicated we the that sale. had work this to that half hope Xs, by the held those So great Xs, we're something with take if I of other think moved we I X-rated of our but one, that Xs as been say assets, of making borrowers, and assets X we've the REOs $X.X realizations year-to-date. would of we're to Xs multifamily a to asset and for X/X quarter. Of

if really foreclose So progress it And think of good are -- or resolution we're come we there long-term going capital we we allocation making I down should really think that to assets. The sell should do, non-multifamily a Is creation? we the on good is to use think then a is have? value -- I analytics the we decision demonstrated last quarters take that we to And lot of seriously not on. great and use behind assets? going it's quite move a it. we over few discount and that And we've at put capital, we're there's a sell of

So that's kind of the broad big picture answer.

comes from of with line The next the question Rick Shane JPMorgan.

is able the in are At reserve kind that be the but portfolio. take reserve reserve reserve -- not increase quarter charge-off grow that terms is because of surprising of quarter's the you're to But to recognizing that you challenges the the third reserves big -- have trying of when prior we're loans XX%. Obviously, it's that's when of at time, higher quarter, to reserves. point sort and I the of That's for. same used -- there curious, to of continued in again, you yet. of a building Look, if have you don't it and And take to the when where continued extent losses. in this what taking to there mechanical going you used you're migration dimensionalize we're the that's another suggests migrate, you at the the aspects some right builds, because this kind am to some a you know much wonder start XX% going the I term, the In point important down.

Mike... is this Rick,

you pick ahead. me that? Go do to Mike, want

-- I got on I'm it. No,

is of of a establishing a reserves to migrates lot these assets. obviously, our it and of on I process some depends subjective pretty sort ultimate think, these plan what Rick, to, resolve

And under recover to mentioned, the So as think over we assets down some to scenarios, there obviously, resolution may with specific I with then I expect of path decide management. time fundamental our -- where particularly, in loan. assets, go we on a think REO of sale form on other charge-offs scenarios some that other loan strengthening. And would could in where be I or we some go those

are be driven circumstances those environment, or to in free an when else to are much charge-offs think anything improving very to decisions continue I those going the helpful. making would -- through think be look by that I be But going we'll taken to we feel these reserves think -- you to ultimate be the road. are medium decisions and we're term. Priyanka, opportunistic loans work over as to term down near add medium

dynamic, mean make points just to that think data that time. very it's that on we're I -- in it. it's I quarter No, at going based and decisions covers

to that So Rick, I sort out. of think it's hard project

but motivation or this have sale playing loan Got Selling challenging difference for a outcomes. but it. resolving loan. essentially the might there might -- the optics Fair Look, term, loan long-term drags a -- to or a a what aspect resolving between potentially resolving those might probably enhance short on long-term and the is selling between of situation as the are are a point? to two incentive loan distributable earnings, in loan that at better earnings through term short are distributable What redeploying several paths Like you there this a impact. positive the capital, and REO enough. between REO lead not actually distributable through the income choices? other is or But -- a in

is... this Rick,

I... don't Why

You question. want a ahead. to It's go, Mike? great Go

go first. So you

assets, it's do -- to best positioned we like well minimal all in capital going a a great opportunity these with invested a decision. and feel we return capital we capital? that are And multifamily with take about it's these on work the as our Where over that the what extremely one allocation great advantage And -- into deliberate question, obviously, requirements it's it's our Rick, assets term. is it's question of we near get scenarios. No, through we

think kind capital to accretive capital look hard yielding that I these into plays, of much on at get capital or decision got are term sell that and opportunities. loans redeploy today loan, to of turnaround longer we've really higher the versus more bigger more the some invest

stuff. of part that's evaluating day So as we're this decision our every

So Richard, feel free to...

But looking certainly is as the Rick, with sure. Yes, terrific that's these a as business inherent decisions, risks the something. at answer, a also making -- executing situation. a was is we're And that we this dynamic a are Mike. where well when market plan bidding

may enough we market few on the test not of is determination a things strong hold. for sell or as the quite So whether us to make to and opposed a price

So you a and at spend look this. tough look it risks the the associated lot let are with speak, time decision. And at market the these very to at have dynamic. make very, reinvestment We of a analysis,

have bid to aggressive over the things. our in bids One that we'll be plans more there's of on asset aggressive that even add that business much as value market having for that this things loan to and because are, so. "distress" been sales. -- capacity people to those -- -- on make the distressed just have change. right sell relatively moment, at -- And could seem take the the seem and behavior do see, really the is have situations we not And likely not we'll strong look, to to But move be to influencing how is where will we where the the to market opposed who in bids more as are decision they these

Hey, that...

could I if add... And just

ahead. go Yes,

Sorry.

Sorry, Rick.

Richard Just Mike what I one and thing more said. to add would

cash we're value-add that see flowing decision, the focus And that finance of position. can can that multifamily part the we that the component. when making efficiently has allocation is, on capital REO You is

in So role the decision. that obviously plays allocation a heavy capital

to Got the thinking I it. appreciate it's trees. take a Look, really And questions. of your terms decision tough answer insightful always the willingness in about

line comes the next Steve question from The Citizens Delaney with of JMP.

data Just X% -- up morning. vintage of loan if bridge what are your you vintage evolving? for XXXX there terms see how the loan or XXXX XXXX, quality when are transactions this curious know and have the market I you've but a new XXXX? points stock transactions -- in to versus in if the don't seeing at I market bridge seen yet, sense is Richard, you terms the enough emerging look to Nice and enough there's of loans guess

Yes. Sure.

because part would generally senior values. I the not say very I the the That basis expanded much levered a think capital is on of what returns has stack out. have that has moved reduced what is of cost very most

flight a business look at what we higher, time when lower bit this is assets, the aren't in better even conservatism sponsors better is really going and our So better so plans. is much what values market, on quality, but more returns and to in

down they And so to the relatively before. risk is though the equivalent were are returns where even

rates has certainly that, and and at lower Now is, -- at leverage, projections, what the absolute we are on indicator it's over lower a it to enough. more financing Right come projections back better question in. the return. conservative for in that's of see now, pricing certainly lower but to quality held sure as cost meaningful is think it of replacement of cost goes. risk But coming that coming where cost, not sponsors seeing in slowly, costs And kind time feels is the assets loans? that kind spreads or where coming interestingly it's the have and it's anymore, we'll what's And but I going in relative been, -- decline, more to same

And That's the lot the we this playing a can of off actors very bad helpful. hopefully, field. keep time

the A wrap-up of So do it in question. the you competitors. quick want market don't to hot, you, because brings too worst

correct. Absolutely

Okay.

to are funds Is you coming the underperforming moved from are you -- And seeing primarily? you you are that sell loans funds HFS? loan, described debt private that bid ability seeing... that there Your to

It is.

for money being kind I'm formed distressed funds -- with Private it? more of being where this purpose? these Is is created there buy loans, to money going

this go Priyanka. sideline ahead, on been -- I had think money that's there's mandate the

Sorry.

No.

Sorry, ahead. Richard. Go

one I'm do to money to periods has or moment. to in So It patience as patient. their seeing raised what Priyanka investment it deals. start to distressed hand we're But shorten. But opportunistic is that to is really was revalued do going been that kind waning of

for as assets in the well market. As there's competition

and "Look, let's take So sector. in going -- the of loan -- know basically coming just rates this. return Cap that market because buyers people to to" rents And low sale it saying, and stayed been anticipation down." buying to going so Priyanka, here, on who's growing multifamily rates take I philosophy and around low are we're on to have are the really is and the talking moving are "We into say have hand capital. I'll people something saying, are a cash-on-cash the will to [indiscernible] low private

Priyanka. Sorry,

well you. the to add it capital great a other aggressive at we're engaged And making net we I it to that seeing didn't bucket pocket more The capital gives quickly, no, are to only move because doing which mean really have us certainty No, thing really worth as that execution. of really with I of they're offices is of tends capital that's and basis. of because would interrupt family high bets more

like execution committees like while stuck funds active don't dynamics, don't you the investment And those in things and certainty all important. becomes really things working So -- through of that. we're get

would that's other So been that's pretty active. bucket, the say, I

the But suggested. really answer you capital, is though, Yes. private it's as

the Jade KBW. with comes from line question next Rahmani [Operator of Instructions] The

I was curious.

REIT CMBS. this are about hasn't the XX% preponderance, nonperforming mortgage You of but And say portfolios is XX%, and been thereabouts, distress office. there course, of plus in cycle, in much about

maybe outside change? loans mean to particularly these the have So really let of do hasn't you that office, much that distress? lenders there do go, been you starting and not banks, mean that's Or

and hitting distress perhaps there. there it nose. the lot bids office. out to on it is tell their And traded. you're deciding, with probably fact distress. sell as not large, by are uncertainty lot that I've conversations banks banks it a may of a assets. had there given Jade, that the That to Certainly, about is relates out is few the much has not correct, relates I be very distress can there you office, office that office, than of Yes. the to and Not different as that are

at And could the you've asset value I it into an said and increasing I get own declining prices. we and into see thing slowly into distressed we out come do think it its We about. continues see could correctly. But get back cycle, cycle. market be could value a distress We office market. Certainly, if so come dribble and behavior could think will improving a

what we But distressed a seeing correctly. moment at not we're that this just see think feeling of Just right trades. lot are I you categorizing it

returns then attractive? you be right you how equity think between about as value it most also lending, on and now spectrum transitional developer, assets, look whether the relative And lending where are which as across construction ] a construction, flowing in cash [ Mac is, do or

Yes.

very to tell just see risk-adjusted best lending out I we the So there. is concisely, would you that, probably answer construction return

you better little don't As is feels a -- bit a to the assumptions. make lot of general statement, to because a business lending me have

returns a world lot make So it debt is, if sense. more as you take the

were are the because that a you're they're perspective, lot in that can cap out go to going to If strong when believe then -- business. get to leverage actually getting from markets going -- make getting X% we negative of time buy cash-on-cash to to a as thing, returns return you've slightly the previous to Recession, back call Today, wide could -- Great fundamentals be you But rate you about maybe that's X% talking getting compression where quite and the was to as a they slightly the buy. are, let's to healthy when negative it, a you're XX%, well, assumptions -- wanted you equity that. In better got willing to to but things stay that economy multifamily. positive dramatically see that do better is to assets, we you to forecast buy

equity getting do in have it you're of is wait Great think as And Recession. to to deals, if opposed one ways -- we which the is about to wait, you the to want what to saw paid to so paying you

the therefore, general a business. so are a lot And better statement, in debt unique equity opportunities always the now. Naturally, there market, looks as

on And so around there Taiwan it investment our opportunity that's are of a relates categorize I Certainly, what has trend. the you side unique as a kind dynamics equity own its would But really that doing really almost -- as there or business. to to say opportunity are an a distressed always unique that of on can't be going unique that of development isolated we kind are an Semiconductor basis.

be fund commitments to really All it level period confidence also, about And needed articulated unfunded I ask Over what next to in macro view, be is and aggregate I year. for there needs debt really terms to wanted will will think the repayments that? -- your equity you that the the sufficient required to be availability your capital the is are there well. required? helpful of CMTG's unfunded -- that in over and help fund financing that And commitments? of

pretty to place and couple significantly to Yes, in Hey as the we've that level million. worked down down where I'm that, Jade, we've the existing last -- happy to down -- of years, see, over fund leverage Mike. before $XXX it's this now so level one. unfunded take commitment it's about you to can

money. is important good it's about news recognize think X/X of I to that

of that financing think commitments. other if it's deals. And you would those the XX% range to that XX%, asset those we'll about in -- already -- So the of fund in financing use we've got for about that's value then kind we've leasing in-place or improve into activities place, already in place the the we got tied

million, $XXX is over time required equity couple going happens. good of about year business frame assume plans. what based the And know that's all news about to a this be our So on borrowers' we

So of them. it's funding to manageable future of construction been have come loans you've a with course seen level. down the And year, really this our very still have that commitments over repayments some a as lot associated

projects as reduce as continue So activity that there I to future funding also commitments. repayment think we'll those along, to well move our see will continue

manageable point, reasonable a level. we're pretty like feel this we So at at level

if an expanded of access capital, were to or with term additional bank credit you through going or it would incremental relationship your loan another perhaps lenders? facility one And be

so be REO cash as -- we a on over a The given financing is tap we take on look assets ultimate private over assets cash-neutral in be these will taking we that very But low lender advance think probably we that can, very some probably those they're -- rates, transitional flow execution capital additional refinance It's on as we where probably and -- are is basis, those we those. multifamily to -- place have place as the REO. time we'll some improving those. of that

So that loan for would don't probably term I at be the source yes. market like this be entering the of But point, something expect we'll capital that.

You don't not the entering be loan term -- do market? expect to

Correct.

questions would additional waiting the are remarks. like time. at the There no I to for this closing conference over management to pass team

just I for everyone thank joining to us. again want

be might said I think at thought we are we bottom. market a Last quarter, recovering. we to is we starting the like feel

and a much Take we've are come like that to appreciate in I to think think in everything has how it going happen be support, more position all are execute feel unclear but does the care. us your And to much better about bottom, for for joining you a off us. we bright on that manner. We order we things the in thank future to stabilizing. it's

Trust, Claros That Mortgage Inc. concludes the

Thank Quarter you Conference your participation, Third Earnings rest and enjoy XXXX the Call. of your for day.