Claros Mortgage Trust, Inc. · NYSE:CMTG
Claros Mortgage Trust — Q1 2024 Earnings Presentation
24 slides from Claros Mortgage Trust's earnings presentation, May 7, 2024
Slide 1: First Quarter 2024 Earnings Supplement
First Quarter 2024 Earnings Supplement Claros Mortgage Trust, Inc. (CMTG) May 6, 2024 The properties above are not representative of all transactions. The information provided herein is as of March 31, 2024 unless otherwise noted.
Slide 2: First Quarter 2024 Highlights
First Quarter 2024 Highlights $6.7 billion $2.2 billion $265 million 2.4x Net Debt / Equity Loan Portfolio 3 Equity Book Value Total Liquidity 1 Ratio 5 9.1% 98% 98% 69.2% Weighted Average Weighted Average Floating Rate Loans 3 Senior Loans 3,14 All-In Yield 2 Portfolio LTV 4 See Endnotes in the App
Slide 3: First Quarter 2024 Highlights (cont'd)
First Quarter 2024 Highlights (cont’d) Financial ⚫ GAAP net loss of $52.8 million, or $0.39 per share; distributable loss of $16.8 million, or $0.12 per share; and distributable earnings prior to realized losses of $27.7 million, or $0.20 per share 6 ⚫ Paid a cash dividend of $0.25 per share for the
Slide 4: Loan Portfolio Overview
Loan Portfolio Overview Collateral Diversification3,7 100% March 31, December 31, Key Portfolio Metrics7,b 2024 2023 80% 40% 41% Multi-family Hospitality Loan Portfolio3 $6.7Bn $6.9Bn 60% Office 18% 19% a Mixed-use 40% Total Loan Commitments10 $7.7Bn $8.1Bn 14% 14% Land For Sale Condo 9% 9% 20% 8% O
Slide 5: Loan Portfolio Overview (cont'd)
Loan Portfolio Overview (cont’d) $ amounts in millions Region Exposure by Carrying Value and as a % of Total Carrying Value Carrying % of Total Collateral Type Number of Loans West Northeast Southeast Mid Atlantic Southwest Midwest Other Value3 Carrying Value Multifamily 21 2,669 40% $1,221 / 18% $3
Slide 6: Liquidity Overview & Unfunded Commitments
Liquidity Overview & Unfunded Commitments Available Liquidity at March 31, 2024 and May 3, 2024 Unfunded Commitments and Source of Funds b ($ in millions) ($ in millions) $300 $890 As of March 31, 2024 As of May 3, 2024 $32 $16 $265 $265 a $249 $250 $233 $321 Equity Required $200 $73 Not Expected to
Slide 7: Financial Overview
Financial Overview ⚫ GAAP net loss of $52.8 million, or $0.39 per share; distributable loss of $16.8 million, or $0.12 per share; and distributable earnings prior to realized losses of $27.7 million, or $0.20 per share 6 ⚫ Paid a cash dividend of $0.25 per share for the first quarter of 2024 Key Fin
Slide 8: Book Value per Share Roll-Forward
Book Value per Share Roll-Forward Book Value per Share $18.00 $17.03 $16.47 Adjusted BV per Adjusted BV per Share Share Depreciation, $0.18 $17.00 Depreciation, $0.20 General CECL, $0.57 $0.20 $0.59 $16.00 General CECL, $0.72 $0.25 $0.09 $15.00 $14.00 $16.28 $13.00 $15.55 $12.00 $11.00 $10.00 Book V
Slide 9: Real Estate Owned
Real Estate Owned Hospitality Portfolio Mixed-Use ⚫ In Q1 2021, we acquired legal title to a portfolio of seven limited ⚫ In Q2 2023, we acquired legal title to a mixed-use property located in service hotels located in New York, NY New York, NY ⚫ Generally, the first quarter of each year is historic
Slide 10: Portfolio Activity, Leverage and Loan Maturity
Portfolio Activity, Leverage and Loan Maturity Q1 2024 – Loan Activity Loan Maturity Schedule11,a $10,000 $3,000 Total Commitments Total Commitments $2,669 $8,121 $7,716 $9,000 $2,500 $8,000 $2,000 $1,858 Unfunded Advances on Commitments Existing Loans Transfer to Held-for-sale $216 Unfunded $1,077
Slide 11: Defensive Capital Management
Defensive Capital Management ➢ Since Q1 2023, we have made $439 million in voluntary delevering payments Voluntary Delevering Paydowns $250 $200 $150 $221 $100 $50 $82 $67 $43 $26 $0 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 CLAROS MORTGAGE TRUST, INC. FIRST QUARTER 2024 EARNINGS SUPPLEMENT PAGE 10
Slide 12: Financing Mix
Financing Mix ⚫ Total financing capacity of $7.2 billion decreased from $7.3 billion at December 31, 2023; undrawn capacity increased to $1.7 billion from $1.6 billion at December 31, 202312 ⚫ Weighted average spread of 3.03% at March 31, 2024, unchanged from December 31, 2023 Summary of Outstanding
Slide 13: Appendix A
Appendix A STRICTLY CONFIDENTIAL The properties above are not representative of all transactions.
Slide 14: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of March 31, 2024 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 1 399.7 401.2 405.0 Dec-21 Mu
Slide 15: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of March 31, 2024 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 21 122.6 123.3 127.3 Jun-22 M
Slide 16: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of March 31, 2024 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 41 75.4 75.5 76.0 Jul-22 Mult
Slide 17: Portfolio Overview
Portfolio Overview CMTG Portfolio Summary by Unpaid Principal Balance as of March 31, 2024 ($ amounts in millions) Unpaid Principal Loan Investment Carrying Value3 Origination Date Property Type Location Loan Type Construction Risk Rating Balance Commitment10 Investment 61 1.9 1.9 1.9 Jul-19 Other O
Slide 18: Consolidated Balance Sheets
Consolidated Balance Sheets March 31, 2024 and December 31, 2023 ($ amounts in thousands) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 232,514 $ 187,301 Restricted cash 19,256 27,588 Loan principal payments held by servicer - 11,000 Loans receivable held-for-investment 6,806,6
Slide 19: Consolidated Statements of Operations
Consolidated Statements of Operations For the Three Months Ended March 31, 2024 and December 31, 2023 Three Months Ended Three Months Ended ($ amounts in thousands, except share and per share data) March 31, 2024 December 31, 2023 Revenue Interest and related income $ 160,845 $ 170,929 Less: interes
Slide 20: Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss)
Reconciliation of GAAP Net Income (Loss) to Distributable Earnings (Loss) Distributable Earnings (Loss) Reconciliation Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Total 2023 (2) Net income (loss): $(52,795) $34,043 $(68,947) $4,253 $36,678 $6,027 Adjustments: Non-cash stock-based compensation expense 4,
Slide 21: Adjusted Book Value per share, Debt-to-Equity and Total Leverage Calculations
Adjusted Book Value per share, Debt-to-Equity and Total Leverage Calculations Book Value per share Reconciliation Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 ($ in 000’s except for per share data) Equity $ 2,215,883 $ 2,299,900 $ 2,296,669 $ 2,400,426 $ 2,444,154 Number of shares of common stock outstan
Slide 22: Important Notices
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 h
Slide 23: Important Notices (cont'd)
Important Notices (cont’d) Forward-Looking Statements This document and oral statements made in connection therewith contain forward-looking statements within the meaning of U.S. federal securities laws. Forward-looking statements express CMTG’s views regarding future plans and expectations. They in
Slide 24: Endnotes
Endnotes 1. Total Liquidity includes cash and approved and undrawn credit capacity based on existing collateral. 2. All-in yield represents the weighted average annualized yield to initial maturity of each loan held-for-investment, inclusive of coupon and contractual fees, based on the applicable fl
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