Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Investor Presentation (March 2023)
23 slides from Claros Mortgage Trust's investor presentation, Mar 3, 2023
Slide 1: Investor Presentation Claros Mortgage Trust, Inc. (CMTG) March 2023
Investor Presentation Claros Mortgage Trust, Inc. (CMTG) March 2023 The properties above are not representative of all transactions.
Slide 2: Important Notices
The information herein generally speaks as of the date hereof or such earlier date referred to on specific pages herein. In furnishing this document, Claros Mortgage Trust, Inc. and its consolidated subsidiaries (the “Company” or “CMTG”) do not undertake to update the information herein. No legal co
Slide 3: Important Notices (cont'd)
Important Notices (cont’d) Determinations of Loan-to-Value / Loan-to-Cost LTV represents “loan-to-value” or “loan-to-cost”, which is calculated as our total loan commitment from time to time, as if fully funded, plus any financings that are pari passu with or senior to our loan, divided by our estim
Slide 4: CMTG Snapshot
CMTG Snapshot See Endnotes in the Appendix. $7.4 billion Loan Portfolio1 $2.5 billion Equity Book Value 8.5% Dividend Yield2 8.6% Weighted Average All-In Yield3 97% Senior Loans1,4 98% Floating Rate Loans1 68.2% Weighted Average Portfolio LTV5 2.2x Net Debt / Equity Ratio6
Slide 5: Mack Family Real Estate History
AREA is sold to ARES Management. The Macks retain a number of AREA businesses, employees, and associated infrastructure William, Richard and Stephen Mack form Mack Real Estate Group (MREG). MREG principals assume operational and strategic control of Mack Property Management L.P. (MPM) (formerly know
Slide 6: Mack Real Estate Group Profile
Integrated real estate investor, lender, operator and developer Principals and members of senior management have decades of global real estate investing experience CMTG is externally managed and advised by Claros REIT Management LP, an affiliate of MRECS, the CRE lending and debt investment business
Slide 7: MREG Regional Office and Investment Platform
MREG Regional Office and Investment Platform Integrated platform with approximately 275 employees across the United States in investment, development, property management and lending UT WA NV CA AZ CO TX IL MI TN NC FL GA VA PA New York, NY NY Mack Real Estate Group, LLC Office MREG / MRECS Investme
Slide 8: CMTG Overview
CMTG Overview KEY DIFFERENTIATORS “Ownership mindset” investment approach Well-capitalized, institutional borrowers Markets with local intelligence / experience / expertise Proactive asset management with a focus on staying ahead of the borrower Focus on downside protection; highly structured loans
Slide 9: Loan Portfolio Overview
Loan Portfolio Overview Key Portfolio Metrics8 December 31, 2022 September 30, 2022 Loan Portfolio1 $7.4Bn $7.4Bn Total Loan Commitments9 $9.4Bn $9.2Bn Number of Loans 77 77 LTV5 68.2% 67.8% Average Commitment Size ~$120MM ~$120MM Weighted Average All-In Yield3 8.6% 7.7% Floating Rate Loans1 98% 98%
Slide 10: Loan Portfolio Overview (cont'd)
$ amounts in millions Region Exposure by Carrying Value and as a % of Total Carrying Value Collateral Type Number of Loans Carrying Value $ % of Total Carrying Value West Northeast Southeast Mid Atlantic Southwest Midwest Other Multi-family 26 3,045 41% $1,378 / 19% $389 / 5% $162 / 2% $351 / 5% $48
Slide 11: Financial Overview
Financial Overview Key Financial Metrics 4Q-2022 YE 2022 GAAP Net (Loss) Income ($MM) Per Share $(22.7) $(0.17) $112.1 $0.79 Distributable Earnings (Including Realized Losses) ($MM)10 Per Share Distributable Earnings (Excluding Realized Losses) ($MM)10 Per Share $53.7 $0.38 $53.8 $0.38 $194.4 $1.38
Slide 12: Conservative and Diversified Funding Strategy
Conservative and Diversified Funding Strategy Total financing capacity of $7.8 billion with approximately $2.1 billion of undrawn capacity at December 31, 2022; compared to $6.7 billion and $1.2 billion respectively at September 30, 202213 Unencumbered loan assets totaled $365 million Continually mo
Slide 13: Capital Structure Overview
Capital Structure Overview Conservative Capital Structure Capital Structure Composition ($ amounts in millions) 2.2x Net Debt / Equity Ratio6 $6.0 billion total warehouse and participation financing capacity across six counterparties with $4.2 billion outstanding13 Weighted average advance rate of 6
Slide 14: Appendix A
Appendix A The properties above are not representative of all transactions.
Slide 15: CMTG and MRECS Leadership
Richard Mack15 CEO and Chairman, CMTG; Co-Founder and CEO, MREG Mike McGillis15 President, CMTG; President and COO, MREG Jai Agarwal15 CFO, CMTG; CFO, MREG Kevin Cullinan15 Executive Vice President, CMTG; MD, Co-Head of Credit Strategies, Head of Originations, MREG Priyanka Garg15 Executive Vice Pre
Slide 16: Portfolio Overview
Portfolio Overview Investment Carrying Value Unpaid Principal Balance Loan Commitment9 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 1 396.9 399.5 405.0 Dec-21 Multifamily CA Senior N 3 Investment 2 388.9 390.0 390.0 Nov-19 Multifamily NY Senior N 3 Investment
Slide 17: Portfolio Overview
Portfolio Overview Investment Carrying Value Unpaid Principal Balance Loan Commitment9 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 21 131.6 133.1 151.7 Apr-22 Multifamily TX Senior N 3 Investment 22 129.3 130.0 130.0 Dec-21 Multifamily VA Senior N 3 Investme
Slide 18: Portfolio Overview
Portfolio Overview Investment Carrying Value Unpaid Principal Balance Loan Commitment9 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 41 75.5 75.5 75.5 Apr-19 Mixed-Use NY Senior N 3 Investment 42 75.0 75.0 75.0 Dec-18 Multifamily DC Senior N 3 Investment 43 73
Slide 19: Portfolio Overview
Portfolio Overview Investment Carrying Value Unpaid Principal Balance Loan Commitment9 Origination Date Property Type Location Loan Type Construction Risk Rating Investment 61 28.9 28.9 30.2 Jul-21 Land FL Subordinate N 3 Investment 62 25.4 26.0 60.3 Nov-21 Multifamily NV Senior Y 3 Investment 63 24
Slide 20: Balance Sheet
($ amounts in thousands) December 31, 2022 March 31, 2022 December 31, 2021 December 31, 2021 Assets Cash and cash equivalents $ 306,456 $ 310,194 Restricted cash 41,703 23,942 Loan principal payments held by servicer - 154,600 Loans receivable held-for-investment 7,489,074 6,407,305 Less: current e
Slide 21: Income Statement
Income Statement For the Three Months Ended December 31, 2022 and 2021 Source: CMTG financials. Three Months Ended Three Months Ended Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) December 31, 2022 March 31, 2022 December 31, 2021 March 31, 2021 Reve
Slide 22: Reconciliation of GAAP Net Income to Distributable Earnings
($ amounts in thousands) GAAP Net (Loss) Income Attributable to Common Stock Adjustments Distributable Earnings Interest and related income $154,461 - $154,461 Interest and related expense (92,501) - (92,501) Revenue less expenses from real estate owned 4,393 - 4,393 Depreciation on real estate owne
Slide 23: Endnotes
Endnotes Based on carrying value. Calculated as the annualized quarterly dividend per share divided by book value per share. All-in yield represents the weighted average annualized yield to initial maturity of each loan, inclusive of coupon and contractual fees, based on the applicable floating benc
Claros Mortgage Trust — Investor Presentation (March 2023) on 6ix